10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001140361-22-019125`
Period End Date	20220331
Filing Date	20220513
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	brhc10036985_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 28 Cash Flow Statement 46 Stockholders Equity 14 Comprehensive Income 10

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$142.02M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$136.41M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$27.25M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$28.73M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivables	`AccountsReceivableNetCurrent`	$12.00K	USD	Point-in-time
Accounts receivables	`AccountsReceivableNetCurrent`	$17.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$203.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$660.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$169.49M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$165.81M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$968.00K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$1.06M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	71.23M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	71.23M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$18.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	71.23M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	71.23M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$16.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$17.01M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$15.95M	USD	Point-in-time
Total assets	`Assets`	$183.80M	USD	Point-in-time
Total assets	`Assets`	$186.52M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$651.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$338.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$270.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$330.00K	USD	Point-in-time
Accrued licensing costs	`AccruedLicensingCosts`	$355.00K	USD	Point-in-time
Accrued licensing costs	`AccruedLicensingCosts`	-	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$3.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$6.00K	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$52.00K	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$53.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.02M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.04M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$31.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$46.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.07M	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2022 and December 31, 2021; Issued and outstanding: 0 shares at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2022 and December 31, 2021; Issued and outstanding: 0 shares at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2022 and December 31, 2021; Issued and outstanding: 71,232,856 shares at March 31, 2022 and December 31, 2021	`CommonStockValue`	$7.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2022 and December 31, 2021; Issued and outstanding: 71,232,856 shares at March 31, 2022 and December 31, 2021	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$236.44M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$237.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-54.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-50.94M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-242.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-68.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$198.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$185.45M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$182.73M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$224.44M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$183.80M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$186.52M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.00K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.00K	USD	1 Quarter
Licensing costs	`LicensingCosts`	$-9.44M	USD	1 Quarter
Licensing costs	`LicensingCosts`	$-4.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.15M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.23M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.19M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$41.94M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$4.41M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$33.66M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-33.65M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.40M	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncome`	$16.00K	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncome`	$24.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.38M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-33.64M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-7.19M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-1.06M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-26.44M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-3.32M	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.37	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.37	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	71.06M	shares	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	71.23M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	71.23M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	71.06M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-26.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.32M	USD	1 Quarter
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$7.20M	USD	1 Quarter
Deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$1.06M	USD	1 Quarter
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuanceCosts`	-	USD	1 Quarter
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuanceCosts`	$26.00K	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$778.00K	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$879.00K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-2.00K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-5.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$369.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$261.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$313.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-122.00K	USD	1 Quarter
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$54.00K	USD	1 Quarter
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$60.00K	USD	1 Quarter
Accrued licensing costs	`IncreaseDecreaseInAccruedLicensingCosts`	$-9.44M	USD	1 Quarter
Accrued licensing costs	`IncreaseDecreaseInAccruedLicensingCosts`	$-355.00K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-3.00K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-13.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-14.00K	USD	1 Quarter
Accrued licensing	`IncreaseDecreaseInAccruedLegalExpenses`	$38.28M	USD	1 Quarter
Accrued licensing	`IncreaseDecreaseInAccruedLegalExpenses`	-	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.96M	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.22M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$2.48M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$4.06M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$2.41M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$10.99M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$8.52M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.65M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$4.29M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-5.61M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$136.41M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$142.02M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$192.91M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$197.20M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$136.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$142.02M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$192.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$197.20M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$2.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$198.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$185.45M	USD	Point-in-time
Balance	`StockholdersEquity`	$182.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$224.44M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-26.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.32M	USD	1 Quarter
Change in unrealized investment gain (loss), net	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$5.00K	USD	1 Quarter
Change in unrealized investment gain (loss), net	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-171.00K	USD	1 Quarter
Change in foreign currency translation, net	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.00K	USD	1 Quarter
Change in foreign currency translation, net	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$198.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$185.45M	USD	Point-in-time
Balance	`StockholdersEquity`	$182.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$224.44M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-26.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.32M	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$5.00K	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-171.00K	USD	1 Quarter
Change in foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.00K	USD	1 Quarter
Change in foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$2.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-174.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.49M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-26.44M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.