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Virnetx Holding (VHC)

VirnetX Holding Corporation is an Internet security software and technology company with patented technology for secure communications including 4G LTE and 5G security. The Company's software and technology solutions, including its secure domain name registry and Gabriel Connection Technology™, are designed to facilitate secure communications and to create a secure environment for real-time communication applications such as instant messaging, VoIP, smart phones, e-Readers and video conferencing. The Company's patent portfolio includes over 190 U.S. and foreign granted patents/validations and pending applications.

Company profile

Ticker
VHC
Exchange
Website
CEO
Kendall Larsen
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
PACIFIC SOFTWORKS INC, PASW INC
SEC CIK
Subsidiaries
VirnetX Japan Corporation • VirnetX Inc. ...
IRS number
770390628

VHC stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

9 Aug 22
3 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 127.18M 127.18M 127.18M 127.18M 127.18M 127.18M
Cash burn (monthly) 3.08M 2.2M 1.42M 1.67M 1.11M 1.12M
Cash used (since last report) 9.62M 6.89M 4.45M 5.22M 3.47M 3.52M
Cash remaining 117.56M 120.29M 122.73M 121.95M 123.7M 123.66M
Runway (months of cash) 38.2 54.6 86.3 73.0 111.3 109.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
7 Jun 22 Larsen Kendall Common Stock Grant Acquire A Yes No 0 13,336 0 667,993
7 Jun 22 Larsen Kendall Common Stock Grant Acquire A No No 0 26,668 0 6,436,379
7 Jun 22 Larsen Kendall Stock Option Common Stock Grant Acquire A Yes No 1.49 45,000 67.05K 45,000
7 Jun 22 Larsen Kendall Stock Option Common Stock Grant Acquire A No No 1.49 90,000 134.1K 90,000
7 Jun 22 Short Robert D III Common Stock Grant Acquire A No No 0 13,336 0 46,670
7 Jun 22 Short Robert D III Stock Option(Right to Buy) Common Stock Grant Acquire A No No 1.49 45,000 67.05K 45,000
3 Jun 22 Angelo Michael F Common Stock Grant Acquire A No No 0 8,333 0 115,392
3 Jun 22 Angelo Michael F Stock Option Common Stock Grant Acquire A No No 1.22 12,500 15.25K 12,500
3 Jun 22 Feiner Gary Common Stock Grant Acquire A No No 0 8,333 0 66,664
3 Jun 22 Feiner Gary Stock Option Common Stock Grant Acquire A No No 1.22 12,500 15.25K 12,500
11.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 87 105 -17.1%
Opened positions 15 20 -25.0%
Closed positions 33 22 +50.0%
Increased positions 20 25 -20.0%
Reduced positions 31 27 +14.8%
13F shares Current Prev Q Change
Total value 24.11M 36.75M -34.4%
Total shares 15.55M 22.52M -30.9%
Total puts 0 25.4K EXIT
Total calls 121K 153.7K -21.3%
Total put/call ratio 0.2
Largest owners Shares Value Change
Vanguard 3.19M $3.73M -7.7%
Clear Harbor Asset Management 1.39M $1.63M +40.3%
MS Morgan Stanley 1.33M $1.55M +42.5%
BLK Blackrock 1.27M $1.49M -70.9%
Millennium Management 1.21M $1.41M NEW
Renaissance Technologies 860.5K $1.01M +115.9%
Cannell Peter B & Co 795.88K $931K 0.0%
Marshall Wace 536.92K $628K +11.4%
Geode Capital Management 528.66K $618K -48.3%
Ergoteles 305.87K $358K NEW
Largest transactions Shares Bought/sold Change
BLK Blackrock 1.27M -3.09M -70.9%
Millennium Management 1.21M +1.21M NEW
Mirae Asset Global Investments 0 -974.69K EXIT
STT State Street 235.82K -918.29K -79.6%
Davy Global Fund Management 0 -501.29K EXIT
C Citigroup 1.12K -495.93K -99.8%
Geode Capital Management 528.66K -492.95K -48.3%
BNP Paribas Arbitrage 5.07K -461.96K -98.9%
Renaissance Technologies 860.5K +461.86K +115.9%
NTRS Northern Trust 115.35K -422.58K -78.6%

Financial report summary

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Risks
  • Risks Related to Our Business and Our Financial Reporting
  • We are involved and will continue to be involved in litigation defending our patent portfolio, which can be time-consuming and costly, and we cannot anticipate the results.
  • We may not be able to capitalize on market opportunities related to our licensing strategy or our patent portfolio.
  • If we are not able to adequately protect our patent rights, our business would be negatively impacted.
  • Because our business is conducted or expected to be conducted in an environment that is subject to rapid change, we may be subject to various developments in regulation, law, and consumer preferences to which we may not be able to adapt successfully.
  • Our exposure to outside influences beyond our control, including new legislation, court rulings or actions by the United States Patent and Trademark Office, could adversely affect our licensing and enforcement activities and results of operations.
  • New legislation, regulations or court rulings related to enforcing patents could harm our business and operating results.
  • If we experience security breaches or incidents, we could be exposed to liability and our reputation and business could suffer.
  • Privacy and data security concerns, and data collection and transfer restrictions and related domestic or foreign regulations may limit the use and adoption of our solutions and adversely affect our business.
  • We expect that we will experience long and unpredictable sales cycles, which may impact our operating results.
  • If we are unable to expand our revenue sources or establish, sustain, grow, or replace relationships with a diversified customer base, our revenues may be limited.
  • We have limited technical resources and are at an early stage in commercialization of our VirnetX One platform and software products.
  • Our products are highly technical and may contain undetected errors, which could cause harm to our reputation and adversely affect our business.
  • Malfunctions of third-party communications infrastructure, hardware and software expose us to a variety of risks that we cannot control.
  • System failure or interruption or our failure to meet increasing demands on our systems could harm our business.
  • Our ability to sell our solutions will be dependent on the quality of our technical support, and our failure to deliver high-quality technical support services could have a material adverse effect on our sales and results of operations.
  • Our international expansion will subject us to additional costs and risks, and our plans may not be successful.
  • The global COVID-19 pandemic may harm our business, financial condition, and results of operations.
  • We do not regularly pay dividends on our common stock and thus stockholders must look to appreciation of our common stock to realize a gain on their investments.
  • The exercise of our outstanding stock options, warrants, and RSUs and issuance of new shares would result in a dilution of our current stockholders’ voting power and an increase in the number of shares eligible for future resale in the public market which may negatively impact the market price of our stock.
  • Because ownership of our common stock is concentrated, investors may have limited influence on stockholder decisions.
  • We have incurred and will continue to incur significant costs as a result of operating as a public company, and our management will be required to continue to devote substantial time to various compliance initiatives.
  • War, terrorism, other acts of violence, or natural or manmade disasters may affect the markets in which we operate, our clients and our service delivery.
  • Trading in our common stock is limited and the price of our common shares may be subject to substantial volatility.
  • The market price of our common stock has been and may continue to be volatile, and you could lose all or part of your investment.
  • We have broad discretion in how we apply our funds, and we may not use these funds effectively, which could affect our results of operations and cause our stock price to decline.
  • The market price of our common stock may decline because our operating results may not be consistent and may be difficult to predict.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Good
New words: accurate, accurately, corrected, Farber, formatted, Hass, Hurley, Ineffective, inline, invoking, knowledge, Label, Linkbase, LLP, notified, OneTM, ordinary, overstatement, Page, relied, revised, Schema, Taxonomy, understanding, unexercised, XBRL
Removed: NOL