10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001140361-23-024691`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	brhc20052553_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 28 Cash Flow Statement 42 Stockholders Equity 18 Comprehensive Income 10

Balance Sheet 64 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
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$97.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$86.56M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$52.37M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$65.46M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	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
Accounts receivables	`AccountsReceivableNetCurrent`	$14.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivables	`AccountsReceivableNetCurrent`	$4.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$614.00K	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`	$224.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$150.03M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$152.26M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	71.42M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$703.00K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$614.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	71.42M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$10.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	71.42M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	71.42M	shares	Point-in-time
Total assets	`Assets`	$150.66M	USD	Point-in-time
Total assets	`Assets`	$152.97M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$373.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.69M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$365.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$311.00K	USD	Point-in-time
Accrued dividends	`DividendsPayableCurrent`	$71.43M	USD	Point-in-time
Accrued dividends	`DividendsPayableCurrent`	-	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$47.00K	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$37.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$731.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$73.52M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$731.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$73.52M	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, 2023 and December 31, 2022; Issued and outstanding: 0 shares at March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2023 and December 31, 2022; Issued and outstanding: 0 shares at March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2023 and December 31, 2022; Issued and outstanding: 71,424,650 shares at March 31, 2023 and 71,424,650 at December 31, 2022	`CommonStockValue`	$7.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2023 and December 31, 2022; Issued and outstanding: 71,424,650 shares at March 31, 2023 and 71,424,650 at December 31, 2022	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$239.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$240.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-87.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-163.09M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-208.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-314.00K	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`	$152.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$77.14M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$152.97M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$150.66M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.00K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.00K	USD	1 Quarter
Licensing costs	`LicensingCosts`	-	USD	1 Quarter
Licensing costs	`LicensingCosts`	$-4.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.23M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.37M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.55M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.19M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$5.92M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$4.41M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-4.40M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-5.91M	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncome`	$1.37M	USD	1 Quarter
Interest and other income, net	`InterestAndOtherIncome`	$24.00K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.38M	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.54M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$-78.00K	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$-1.06M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.32M	USD	1 Quarter
Basic income (loss) per share (in dollars per share)	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Basic income (loss) per share (in dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Diluted income (loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter
Diluted income (loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	71.42M	shares	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	71.23M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	71.42M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	71.23M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-3.32M	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$1.06M	USD	1 Quarter
Bad debt	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Bad debt	`ProvisionForDoubtfulAccounts`	$10.00K	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$682.00K	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$778.00K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	-	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`	$301.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$313.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.32M	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`	$-355.00K	USD	1 Quarter
Accrued licensing costs	`IncreaseDecreaseInAccruedLicensingCosts`	-	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-17.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-10.00K	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.96M	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.71M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$16.64M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$4.06M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$29.84M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$2.41M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$13.20M	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`	$10.49M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-5.61M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$97.05M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$136.41M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.56M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$142.02M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$97.05M	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`	$86.56M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$142.02M	USD	Point-in-time
Dividends approved and accrued on March 30, 2023, paid in April 2023	`DividendsCash`	-	USD	1 Quarter
Dividends approved and accrued on March 30, 2023, paid in April 2023	`DividendsCash`	$71.43M	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Dividends per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	-	USD	1 Quarter
Dividends per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$1.00	USD	1 Quarter
Balance	`StockholdersEquity`	$185.45M	USD	Point-in-time
Balance	`StockholdersEquity`	$182.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$152.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$77.14M	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-3.32M	USD	1 Quarter
Dividends	`DividendsCash`	-	USD	1 Quarter
Dividends	`DividendsCash`	$71.43M	USD	1 Quarter
Change in unrealized investment gain/loss, net	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$107.00K	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`	$-1.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$185.45M	USD	Point-in-time
Balance	`StockholdersEquity`	$182.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$152.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$77.14M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.32M	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$107.00K	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`	$-1.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$106.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-174.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-3.49M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-4.36M	USD	1 Quarter

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