0001140361-21-036975 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 05, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-33852
Entity Registrant Name	VirnetX Holding Corp
Entity Central Index Key	0001082324
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0390628
Entity Address, Address Line One	308 Dorla Court
Entity Address, Address Line Two	Suite 206
Entity Address, City or Town	Zephyr Cove
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89448
City Area Code	775
Local Phone Number	548-1785
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	VHC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,232,856

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 148,042	$ 192,908
Investments available for sale	24,450	28,348
Accounts receivables	15	8
Prepaid income tax	2,903	2,905
Prepaid expenses and other current assets	324	263
Total current assets	175,734	224,432
Prepaid expenses and other assets	1,037	1,301
Property and equipment, net	19	11
Deferred tax assets	17,749	9,049
Total assets	194,539	234,793
Current liabilities:
Accounts payable and accrued liabilities	247	654
Accrued payroll and related expenses	319	220
Accrued licensing costs	0	9,438
Other liabilities, current	4	44
Total current liabilities	570	10,356
Commitments and contingencies (Note 4)
Stockholders' equity:
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at September 30, 2021 and December 31, 2020, Issued and outstanding: 0 shares at September 30, 2021 and December 31, 2020	0	0
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at September 30, 2021 and December 31, 2020, Issued and outstanding: 71,232,856 shares and 71,058,570 shares, at September 30, 2021 and December 31, 2020, respectively	7	7
Additional paid-in capital	235,290	232,457
Accumulated deficit	(41,311)	(8,014)
Accumulated other comprehensive loss	(17)	(13)
Total stockholders' equity	193,969	224,437
Total liabilities and stockholders' equity	$ 194,539	$ 234,793

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	71,232,856	71,058,570
Common stock, shares outstanding (in shares)	71,232,856	71,058,570

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]
Revenue	$ 4	$ 26	$ 24	$ 302,620
Operating expense:
Licensing costs	0	0	(9,438)	90,101
Research and development	1,151	1,091	3,452	6,799
Selling, general and administrative	3,089	4,270	48,040	38,347
Total operating expense	4,240	5,361	42,054	135,247
Income (loss) from operations	(4,236)	(5,335)	(42,030)	167,373
Gain	0	0	0	41,271
Interest and other income, net	10	17	36	108,272
Income (loss) before taxes	(4,226)	(5,318)	(41,994)	316,916
Income tax (expense) benefit	895	1,293	8,697	(29,036)
Net income (loss)	$ (3,331)	$ (4,025)	$ (33,297)	$ 287,880
Basic income (loss) per share (in dollars per share)	$ (0.05)	$ (0.06)	$ (0.47)	$ 4.07
Diluted income (loss) per share (in dollars per share)	$ (0.05)	$ (0.06)	$ (0.47)	$ 4.02
Weighted average shares outstanding - basic (in shares)	71,233	71,059	71,135	70,780
Weighted average shares outstanding - diluted (in shares)	71,233	71,059	71,135	71,663

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract]
Net income (loss)	$ (3,331)	$ (4,025)	$ (33,297)	$ 287,880
Other comprehensive income (loss):
Change in unrealized gain (loss) on investments, net of tax	(3)	0	(1)	1
Change in foreign currency translation, net of tax	0	0	(3)	1
Total other comprehensive income (loss)	(3)	0	(4)	2
Comprehensive income (loss)	$ (3,334)	$ (4,025)	$ (33,301)	$ 287,882

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock and Additional Paid-in Capital [Member]	Accumulated Deficit (Retained Earnings) [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Dec. 31, 2019	$ 223,244	$ (217,602)	$ (14)	$ 5,628
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for cash, net	4,488
Common stock issued for options/RSUs, net	690
Warrants issued for services	104
Stock-based compensation	2,803
Net (loss) income		287,880		287,880
Dividends		(70,841)
Change in unrealized investment gain/loss, net			1	1
Change in foreign currency translation, net			1	1
Balance at Sep. 30, 2020	231,329	(563)	(12)	230,754
Balance at Jun. 30, 2020	230,257	3,462	(12)	233,707
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for cash, net	0
Common stock issued for options/RSUs, net	0
Warrants issued for services	0
Stock-based compensation	1,072
Net (loss) income		(4,025)		(4,025)
Dividends		0
Change in unrealized investment gain/loss, net			0	0
Change in foreign currency translation, net			0	0
Balance at Sep. 30, 2020	231,329	(563)	(12)	230,754
Balance at Dec. 31, 2020	232,464	(8,014)	(13)	224,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for cash, net	0
Common stock issued for options/RSUs, net	(196)
Warrants issued for services	0
Stock-based compensation	3,029
Net (loss) income		(33,297)		(33,297)
Dividends		0
Change in unrealized investment gain/loss, net			(1)	(1)
Change in foreign currency translation, net			(3)	(3)
Balance at Sep. 30, 2021	235,297	(41,311)	(17)	193,969
Balance at Jun. 30, 2021	234,121	(37,980)	(14)	196,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for cash, net	0
Common stock issued for options/RSUs, net	0
Warrants issued for services	0
Stock-based compensation	1,176
Net (loss) income		(3,331)		(3,331)
Dividends		0
Change in unrealized investment gain/loss, net			(3)	(3)
Change in foreign currency translation, net			0	0
Balance at Sep. 30, 2021	$ 235,297	$ (41,311)	$ (17)	$ 193,969

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net (loss) income	$ (33,297)	$ 287,880
Adjustments to reconcile net (loss) income to cash flows from operating activities:
Depreciation	3	4
Deferred tax assets	(8,700)	(8,754)
Amortization of warrant issuance costs	34	43
Stock-based compensation	3,029	2,803
Changes in assets and liabilities:
Accounts receivables	(7)	(1)
Prepaid expenses and other assets	169	224
Other liabilities	(40)	(180)
Accounts payable	(407)	(763)
Accrued licensing costs	(9,438)	9,438
Accrued payroll and related expenses	99	12
Income tax payable	2	17,414
Net cash (used in) provided by operating activities	(48,553)	308,120
Cash flows from investing activities:
Purchase of property and equipment	(11)	0
Purchase of investments	(18,735)	(22,519)
Proceeds from sale or maturity of investments	22,629	2,838
Net cash provided by (used in) investing activities	3,883	(19,681)
Cash flows from financing activities:
Proceeds from exercise of options	0	1,046
Proceeds from sale of common stock	0	4,488
Dividend paid	0	(70,841)
Payment of payroll taxes on vested restricted stock units	(196)	(356)
Net cash used in financing activities	(196)	(65,663)
Net change in cash and cash equivalents	(44,866)	222,776
Cash and cash equivalents, beginning of period	192,908	3,135
Cash and cash equivalents, end of period	148,042	225,911
Cash paid for income taxes	$ 2	$ 20,237

Business Description and Basis of Presentation	9 Months Ended
Business Description and Basis of Presentation	Sep. 30, 2021
Business Description and Basis of Presentation [Abstract]
Business Description and Basis of Presentation	Note 1 — Business Description and Basis of Presentation VirnetX Holding Corporation, which we refer to as “we”, “us”, “our”, “the Company” or “VirnetX”, is engaged in the business of commercializing a portfolio of patents. We derive revenue licensing technology, including GABRIEL Connection Technology™, to various original equipment manufacturers (“OEMs”), that use our technologies in the development and manufacturing of their own products within the IP-telephony, mobility, fixed-mobile convergence, and unified communications markets. During 2020, we had revenues from settlement of a patent infringement dispute whereby we received consideration for past sales of licensee that utilized our technology, where there was no prior patent license agreement (see “Revenue Recognition”). Our portfolio of intellectual property is the foundation of our business model. We currently own approximately 201 total patents and pending applications, including 70 U.S. patents/patent applications and 131 foreign patents/validations/pending applications. Our patent portfolio is primarily focused on securing real-time communications over the Internet, as well as related services such as the establishment and maintenance of a secure domain name registry. Our patented methods also have additional applications in the key areas of device operating systems and network security for Cloud services, M2M communications in areas of Smart City, Connected Car and Connected Home. The subject matter of all our U.S and foreign patents and pending applications relates generally to securing communications over the Internet and such covers all our technology and other products. Some of our issued U.S. and foreign patents expire at various times during the period from 2021 to 2034.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Unaudited Interim Financial Information

The accompanying Condensed Consolidated Balance Sheet as of September 30, 2021, the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020, the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020, the Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2021 and 2020, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In our opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position as of September 30, 2021, our results of operations for the three and nine months ended September 30, 2021 and 2020, and our cash flows for the nine months ended September 30, 2021 and 2020. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year.

These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 16, 2021.

Use of Estimates

We prepare our consolidated financial statements in accordance with U.S. GAAP. In doing so, we have to make estimates and assumptions that affect our reported amounts of assets, liabilities, revenues, and expenses, as well as related disclosure of contingent assets and liabilities. In some cases, we could reasonably have used different accounting policies and estimates. In some cases, changes in the accounting estimates are reasonably likely to occur from period to period. Accordingly, actual results could differ materially from our estimates. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations will be affected. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. We refer to accounting estimates of this type as critical accounting policies and estimates, which we discuss further below. We have reviewed our critical accounting policies and estimates with the audit committee of our Board of Directors.

Basis of Consolidation

The consolidated financial statements include the accounts of VirnetX Holding Corporation and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.

Leases

The Company determines if an arrangement is a lease at inception in accordance with Accounting Standards Codification (“ASC”) Topic 842. Operating lease right-of-use (“ROU”) assets are included in Prepaid expenses, and other assets on the Condensed Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term (see Note 8 – Leases).

Revenue Recognition

The Company derives revenue from licensing and royalty fees from contracts with customers which often span several years. We account for this revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Our revenue arrangements may consist of multiple-element arrangements, with revenue for each unit of accounting recognized as the product or service is delivered to the customer.

With the licensing of our patents, performance obligations are generally satisfied at a point in time as work is complete when our patent rights are transferred to our customers. We generally have no further obligation to our customers regarding our technology.

Certain contracts may require our customers to enter into a hosting arrangement with us and for these arrangements, revenue is recognized over time, generally over the life of the servicing contract.

The Company actively monitors and enforces its intellectual property rights, including seeking appropriate compensation from third parties that utilize the Company’s intellectual property without a license. As a result, the Company may, from time to time, receive payments as part of a settlement or compensation for a patent infringement dispute. Proceeds received are allocated to each element identified in the settlement or compensation, based on the fair value of each element. Generally, settlements and compensation may include the following elements: the value of a license or royalty agreement, cost reimbursement, damages, and interest. Elements identified related to licensing and royalty are recognized as revenue. Elements identified as reimbursed costs are generally recorded as a reduction to the reported expenses. Elements identified as damages or interest are generally recorded in other income in the condensed consolidated statement of operations.

Licensing Costs

Included in operating expenses are licensing costs we incurred in conjunction with the proceeds received from Apple Inc., pursuant to a favorable court decision relating to a patent infringement case.

Contingent Gains

ASC Topic 450-30-25, Contingent Gains, prohibits recognition of contingent gains until realized. Accordingly, we do not record contingent gains ahead of such realization. Management generally considers any such gains as realized only upon the collection of cash.

Cash and Cash Equivalents

We consider all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these investments.

Investments

Investments are classified as available-for-sale and are recorded at fair market value. Unrealized gains and losses are reported as other comprehensive income. Realized gains and losses are recorded in income in the period they are realized using specific identification of each security’s cost basis. We invest our excess cash primarily in highly liquid debt instruments including corporate, government and federal agency securities, with contractual maturities less than two years. By policy, we limit the amount of credit exposure to any one issuer.

Property and Equipment

Property and equipment are stated at historical cost, less accumulated depreciation, and amortization. Depreciation and amortization are computed using the accelerated and straight-line methods over the estimated useful lives of the assets, which range from five to seven years. Repair and maintenance costs are charged to expense as incurred.

Concentration of Credit Risk and Other Risks and Uncertainties

Our cash and cash equivalents are primarily maintained at two major financial institutions in the United States. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits. A portion of those balances are insured by the Federal Deposit Insurance Corporation, or FDIC. During the nine months ended September 30, 2021, we had, at times, funds that were uninsured. We do not believe that we are subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships. We have not experienced any losses on our deposits of cash and cash equivalents.

Fair Value

The carrying amounts of our financial instruments, including cash equivalents, accounts payable, and accrued liabilities, approximate fair value because of their generally short maturities.

Intangible Assets

We record intangible assets at cost, less accumulated amortization. Amortization of intangible assets is provided over their estimated useful lives, which can range from 3 to 15 years, on either a straight-line basis or as revenue is generated by the assets.

Impairment of Long-Lived Assets

We identify and record impairment losses on long-lived assets used in operations when events and changes in circumstances indicate that the carrying amount of an asset might not be recoverable, but not less than annually. Recoverability is measured by comparison of the anticipated future net undiscounted cash flows to the related assets’ carrying value. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset.

Research and Development

Research and development costs include expenses paid to outside development consultants and compensation related expenses for our engineering staff. Research and development costs are expensed as incurred.

Income Taxes

We account for income taxes using the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. We calculate current and deferred tax provisions based on estimates and assumptions that could differ from actual results reflected on the income tax returns filed during the following years. Adjustments based on filed returns are recorded when identified in the subsequent years. The effect on deferred taxes for a change in tax rates is recognized in income in the period that the tax rate change is enacted. In assessing our deferred tax assets, we consider whether it is more likely than not that all or some portion of the deferred tax assets will not be realized.

A valuation allowance is provided for deferred income tax assets when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination of the need for a valuation allowance is based on an on-going evaluation of current information including, among other things, historical operating results, estimates of future earnings in different taxing jurisdictions and the expected timing of the reversals of temporary differences. We believe the determination to record a valuation allowance to reduce a deferred income tax asset is a significant accounting estimate because it is based, among other things, on an estimate of future taxable income in the United States and certain other jurisdictions, which is susceptible to change and may or may not occur, and because the impact of adjusting a valuation allowance may be material. In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. We continually assess our ability to generate sufficient taxable income during future periods in which our deferred tax assets may be realized. If and when we believe it is more likely than not that we will recover our deferred tax assets, we will reverse the valuation allowance as an income tax benefit in our statements of operations.

We account for our uncertain tax positions in accordance with U.S. GAAP, which utilizes a two-step approach to evaluate tax positions. Step one, recognition, requires evaluation of the tax position to determine if based solely on technical merits it is more likely than not to be sustained upon examination. Step two, measurement, is addressed only if a position is more likely than not to be sustained. In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement with tax authorities. If a position does not meet the more likely than not threshold for recognition in step one, no benefit is recorded until the first subsequent period in which the more likely than not standard is met, the issue is resolved with the taxing authority, or the statute of limitations expires. Positions previously recognized are derecognized when we subsequently determine the position no longer is more likely than not to be sustained. Evaluation of tax positions, their technical merits, and measurements using cumulative probability are highly subjective management estimates. Actual results could differ materially from these estimates.

Stock-Based Compensation

We account for stock-based compensation using the fair value recognition method in accordance with U.S. GAAP. We recognize these compensation costs on a straight-line basis over the requisite service period of the award, which is generally a vesting term of 4 years. We recognize forfeitures, if any, when they occur. In addition, we record stock-based compensation expense for awards granted to non-employees at fair value of the consideration received or the fair value of the equity instruments issued, as they vest, over the performance period (See Note 5 - Stock-Based Compensation).

Earnings per Share

Basic earnings per share are computed by dividing earnings available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued.

Fair Value of Financial Instruments

Fair value is the price that would result from an orderly transaction between market participants at the measurement date. A fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Level 2 measurements utilize either directly or indirectly observable inputs in markets other than quoted prices in active markets.

Our financial instruments are stated at amounts that equal, or approximate, fair value. When we estimate fair value, we utilize market data or assumptions that we believe market participants would use in pricing the financial instrument, including assumptions about risk and inputs to the valuation technique. We use valuation techniques, primarily the income and market approach, which maximizes the use of observable inputs and minimize the use of unobservable inputs for recurring fair value measurements.

Mutual funds: Valued at the quoted net asset value of shares held.

U.S. agency and treasury securities: Fair value measured at the closing price reported on the active market on which the individual securities are traded.

The following tables show the adjusted cost, gross unrealized gains, gross unrealized losses, and fair value of our securities by significant investment category as of September 30, 2021 and December 31, 2020.

	September 30, 2021
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalents		Investments Available for Sale
Cash	$	38,607	$	—	$	—		$	38,607	$	38,607	$	—
Level 1:
Mutual funds		109,435		—		—			109,435		109,435		—
U.S. agency securities		16,373		1		(2	)		16,372		—		16,372
U.S. treasury securities		8,077		2		(1	)		8,078		—		8,078
		133,885		3		(3	)		133,885		109,435		24,450
Total	$	172,492	$	3	$	(3	)	$	172,492	$	148,042	$	24,450

	December 31, 2020
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalents		Investments Available for Sale
Cash	$	121,785	$	—	$	—		$	121,785	$	121,785	$	—
Level 1:
Mutual funds		70,996		—		—			70,996		70,996		—
U.S. agency securities		13,767		2		—			13,769		127		13,642
U.S. treasury securities		14,707		—		(1	)		14,706		—		14,706
		99,470		2		(1	)		99,471		71,123		28,348
Total	$	221,255	$	2	$	(1	)	$	221,256	$	192,908	$	28,348

New Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12 Income Taxes (Topic 740). The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U. S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We adopted this ASU on January 1, 2021 and there was no material impact on our financial position or cash flows as a result.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2021
Income Taxes [Abstract]
Income Taxes	Note 3 — Income Taxes For the three months ended September 30, 2021, we recognized income tax benefit of $895 on loss before income taxes of $4,226, which is an effective tax rate of 21.18%. For the nine months ended September 30, 2021, we recognized income tax benefit of $8,697 on loss before income taxes of $41,994 which is an effective tax rate of 20.71%. For the three and nine months ended September 30, 2020, we had an income tax benefit of $1,293 and an income tax expense of $29,036, respectively. The effective tax rate for the three-month period ended September 30, 2021, was favorably impacted by the net operating loss (“NOL”) generated in the quarter. As of December 31, 2020, we had deferred tax assets of $9,049. As of September 30, 2021, we had net deferred tax assets of $17,749. A valuation allowance is provided for deferred tax assets when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination of the need for a valuation allowance is based on an on-going evaluation of current information including, among other things, historical operating results, estimates of future earnings in different taxing jurisdictions and the expected timing of the reversals of temporary differences. We believe the determination to record, or reduce, a valuation allowance associated with a deferred income tax asset is a significant accounting estimate because it is based, among other things, on an estimate of future taxable income in the United States and certain other jurisdictions, which is susceptible to change and may or may not occur, and because the impact of adjusting a valuation allowance may be material. In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. Internal Revenue Code Section 382 places a limitation on the amount of NOL carryforwards that can be used to offset taxable income after a change in control (generally greater than 50% change in ownership) of a loss corporation. California, the state in which our headquarters was once located, has similar rules. Since we did not have a greater than 50% change of control as defined under the Internal Revenue Code, no limitation applies to our NOLs. Our tax years for 2005 and forward are subject to examination by the U.S. tax authority and various state tax authorities. These years are open due to NOLs, and tax credits generated in these years were utilized in 2020. The statute of limitation for these years shall expire three years after the date of filing 2020 income tax returns. We are required to recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. At December 31, 2020 and September 30, 2021, we have no uncertain tax positions. Our policy is to recognize interest and penalties accrued on uncertain tax positions as a component of income tax expense. As of December 31, 2020 and September 30, 2021, we had no accrued interest or penalties related to the uncertain tax positions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Commitments and Related Party Transactions	9 Months Ended
Commitments and Related Party Transactions	Sep. 30, 2021
Commitments and Related Party Transactions [Abstract]
Commitments and Related Party Transactions	Note 4 — Commitments and Related Party Transactions We lease our offices under an operating lease with a third party which expires on October 31, 2023 (see Note 8 - Leases). We entered into a service agreement for the use of an aircraft from K2 Investment Fund LLC (“LLC”) for business travel for employees of the Company. We incurred approximately $280 and $454 compared to $67 and $157 in fees and reimbursements to the LLC during the three and nine months ended September 30, 2021 and 2020, respectively. We pay for the Company’s usage of the aircraft and have no rights to purchase. Our Chief Executive Officer and Chief Administrative Officer are the managing partners of the LLC and control the equity interests of the LLC. We entered into a 12-month non-exclusive agreement with the LLC for use of the plane at a rate of $8 per flight hour, with no minimum usage requirement. The agreement contains other terms and conditions and can be cancelled by either us or the LLC with 30 days’ notice. The agreement renews on an annual basis unless terminated by either party. Neither party has exercised their termination rights.

Stock Based Compensation	9 Months Ended
Stock Based Compensation	Sep. 30, 2021
Stock Based Compensation [Abstract]
Stock Based Compensation	Note 5 — Stock Based Compensation We have a stock incentive plan for employees and others called the VirnetX Holding Corporation 2013 Equity Incentive Plan (the “2013 Plan”), which has been approved by our stockholders. To the extent that any award should expire, become un-exercisable or is otherwise forfeited, the shares subject to such award will again become available for issuance under the 2013 Plan. The 2013 Plan provides for the granting of stock options and restricted stock units purchase rights (“RSUs”) to our employees and consultants. Stock options granted under the 2013 Plan may be incentive stock options or nonqualified stock options. Incentive stock options (“ISOs”) may only be granted to our employees (including officers and directors). Nonqualified stock options (“NSOs”) and stock purchase rights may be granted to our employees and consultants. The 2013 Plan expires in 2023. In April 2021, the Board approved an amendment and restatement of the 2013 Plan to, among other things, increase the shares reserved under the Plan by 2,500,000 shares (the “Plan Amendment”). Our stockholders approved the Plan Amendment at the 2021 Annual Meeting of the Stockholders held on June 3, 2021. The 2013 Plan generally provides for the granting of shares of our common stock, including stock options and stock purchase rights (“RSUs”). Options may be granted under the 2013 Plan with an exercise price determined by our Board of Directors, or a duly appointed committee thereof, provided, however, that the exercise price of an option granted to any employee shall be not less than 100% of the fair market value at the date of grant in the case of ISOs or 85% of the fair market value at the date of grant in the case of an NSO. The exercise price of an ISO or NSO granted to one of our Named Executive Officers shall not be less than 100% fair market value of the shares at the date of grant and the exercise price of an ISO granted to a 10% shareholder shall not be less than 110% of the fair market value of the shares on the date of grant. Stock options granted under the 2013 Plan typically vest over four years and have a 10-year term. All RSUs are considered to be granted at the fair value of our stock on the date of grant because they have no exercise price. RSUs typically vest over four years. As of September 30, 2021, there were 2,265,712 shares available for grant under the 2013 Plan. Stock-based compensation expense included in general and administrative expense was $703 and $576, and in research and development expense was $473 and $496, for the three months ended September 30, 2021 and 2020, respectively. Stock-based compensation expense included in general and administrative expense was $1,549 and $1,399, and in research and development expense was $1,480 and $1,404, for the nine months ended September 30, 2021 and 2020, respectively. During the three months ended September 30, 2021, we granted options for a total of 170,000 shares with a weighted average grant date fair value of $3.10 per option. During the three months ended September 30, 2020, we granted zero options. During the nine months ended September 30, 2021, we granted options for a total of 949,500 shares with a weighted average grant date fair value of $3.39 per option. We estimated the fair value of the options on the date of grant utilizing the Black-Scholes valuation model with the following assumptions: (i) 0 percent dividend yield, (ii) 90 percent volatility, (iii) 1 percent risk free rate and (iv) 6 years expected term. During the nine months ended September 30, 2020, we granted options for a total of 617,500 shares with a weighted average grant date fair value of $4.77 per option. We estimated the fair value of the options on the date of grant utilizing the Black-Scholes valuation model with the following assumptions: (i) 0 percent dividend yield, (ii) 94 percent volatility, (iii) 0.65 percent risk free rate and (iv) 6 years expected term. During the three months ended September 30, 2021 and 2020, we did not grant any RSUs. During the nine months ended September 30, 2021 and 2020, we granted 236,661 and 218,329 RSUs respectively, with weighted average fair values at the date of grant of $4.61 and $6.89, respectively. RSUs, which are subject to forfeiture if service terminates prior to the shares vesting, are expensed ratably over the vesting period. During the nine months ended September 30, 2021 and 2020, we paid $196 and $356 in withholding taxes on shares issued upon conversion of RSUs, respectively. The underlying shares were cancelled. The amounts are reflected as financing costs in the accompanying statement of cash flows. As of September 30, 2021, the unrecognized stock-based compensation expense related to non-vested stock options and RSUs was $6,249 and $2,491, respectively, which will be amortized over an estimated weighted average period of approximately 2.98 and 2.63 years, respectively. During the three and nine months ended September 30, 2021, no options were exercised. During the nine months ended September 30, 2020, we issued 262,031 shares as a result of the exercise of options.

Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Equity

Note 6 — Equity

Common Stock

On July 30, 2018 we filed a $100,000 universal shelf registration statement on SEC Form S-3 which was declared effective by the SEC on August 16, 2018. We also entered an at-the-market equity offering sales agreement (“ATM”) with Cowen & Company, LLC on August 31, 2018, under which we can offer and sell shares of our common stock having an aggregate value of up to $50,000.

We use the ATM proceeds for GABRIEL product development, marketing, and general corporate purposes, which may include working capital, capital expenditures, other corporate expenses, and acquisitions of complementary products, technologies, or businesses. This registration statement expired on August 13, 2021.

We sold no shares under the ATM during the three and nine months ended September 30, 2021.

We sold no shares under the ATM during the three months ended September 30, 2020. We sold 1,049,382 shares under the ATM during the nine months ended September 30, 2020, with an average sales price per common share of $4.41 and the aggregate proceeds from the sales totaled $4,627. Sales commissions, fees and other costs associated with the ATM totaled $139.

We issued no shares for options during the three and nine months ended September 30, 2021. We issued zero and 262,031 shares of common stock for options during the three and nine months ended September 30, 2020, respectively.

We issued no shares as a result of vesting RSUs during the three months ended September 30, 2021 or 2020 respectively. We issued 174,285 and 160,393 shares as a result of vesting RSUs during the nine months ended September 30, 2021 and 2020, respectively.

Warrants

In 2020, we issued warrants for the purchase of 25,000 shares of common stock at an exercise price of $5.75 per share, exercisable on the date of grant expiring in April 2025. The weighted average fair value at the grant date was $4.16 per warrant. The fair value at the grant date was estimated utilizing the Black-Scholes valuation model with the following weighted average assumptions (i) dividend yield on our common stock of 0 percent (ii) expected stock price volatility of 97 percent (iii) a risk-free interest rate of 0.27 percent and (iv) and expected option term of 5 years.

Warrants Issued				Exercise Price				Outstanding and Exercisable December 31, 2020				Issued				Exercised				Terminated / Cancelled				Outstanding and Exercisable September 30, 2021			Expiration Date
	25,000			$	5.75				25,000				—				—				—				25,000		April 30, 2025

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Litigation	9 Months Ended
Litigation	Sep. 30, 2021
Litigation [Abstract]
Litigation	Note 7 — Litigation We have several intellectual property infringement lawsuits pending in the United States Court of Appeals for the Federal Circuit (“USCAFC”). VirnetX Inc. v. Apple, Inc. (Case 6:12-CV-00855-LED) (“Apple II”) This case began on November 6, 2012, when we had filed a complaint against Apple in United States District Court (“USDC”) in which we alleged that Apple infringed on certain of our patents, (U.S. Patent Nos. 6,502,135, 7,418,504, 7,921,211 and 7,490,151). We sought damages and injunctive relief. The accused products include the iPhone 5, iPod Touch 5th Generation, iPad 4th Generation, iPad mini, and the latest Macintosh computers; these products were not included in the Apple I case because they were released after the Apple I case was initiated. Post-trial motions hearing was held on July 18, 2018. On August 31, 2018, the USDC entered a Final Judgment and issued its Memorandum Opinion and Order regarding post-trial motions, affirming the jury’s verdict of $502,600 and granting VirnetX motions for supplemental damages, a sunset royalty, and the royalty rate of $1.20 per infringing iPhone, iPad and Mac products, pre-judgment and post-judgment interest and costs. Apple filed a notice of appeal with the USCAFC in the Apple II case. On October 9, 2018, USCAFC docketed the appeal as Case No. 19-1050 - VirnetX Inc. v. Apple Inc . On January 24, 2019 Apple filed its opening brief. We filed our response brief on March 1, 2019. Apple filed its reply brief on April 5, 2019. The oral arguments were heard on October 4, 2019. On November 22, 2019, the USCAFC issued an opinion affirming the district court’s findings that Apple is precluded from making certain invalidity arguments and that Apple infringed the ’135 and ’151 patents; reversing the USDC’s finding that Apple infringed the ’504 and ’211 patents; and remanding the case for proceedings on damages. Apple sought panel and en banc rehearing, which the USCAFC denied on February 10, 2020. On February 22, 2020, the USDC issued a scheduling order for the parties to brief the court about the need for a new trial for recalculating the damages. We filed our motion for entry of judgment on February 28, 2020. The arguments on this matter were heard on April 14, 2020. In its order, unsealed on May 1, 2020, the USDC denied VirnetX’s motion for entry of a new judgment based on the prior jury verdict and ordered a new jury trial on damages. On August 10, 2020, the USDC granted Apple’s motion for continuance and reset the date to October 26, 2020. On October 30, 2020, a jury returned a $502,800 verdict in favor of VirnetX based on Apple’s infringement of two network security patents: VirnetX US Patents No. 6,502,135 and No. 7,490,151. The jury verdict called for damages of $0.84 per accused device since the 2013 launch of Apple’s iOS 7 operating system and represents 598,629,580 infringing units from US sales only. On January 15, 2021, the district court denied Apple’s motion for judgment as a matter of law, and on February 4, 2021, Apple filed a notice of appeal to the USCAFC. On February 22, 2021, USCAFC docketed the appeal as Case No. 19-1672. Apple’s opening brief was filed on June 2, 2021. VirnetX filed its responsive brief on July 26, 2021. Apple filed its reply brief on September 13, 2021. The briefing is complete, and the appeal is awaiting calendaring for oral argument. VirnetX Inc. v. Mangrove Partners Master Fund, Ltd., Apple Inc. (USCAFC Case 20-2271) and VirnetX Inc. v. Mangrove Partners Master Fund, Ltd., Apple Inc., and Black Swamp, LLC (USCAFC Case 20-2272) On September 15, 2020, we filed with the USCAFC an appeal of the invalidity findings by the Patent Trial and Appeal Board (“PTAB”) in inter-partes review proceedings IPR2015-01046 and IPR2016-00062 involving our U.S. Patent No. 6,502,135, and an appeal of the invalidity findings by the PTAB in inter partes review proceedings IPR2015-1047, IPR2016- 00063, and IPR2016-00167 involving our U.S. Patent No. 7,490,151. On September 25, 2020, the USCAFC issued an order consolidating the two appeals. On December 15, 2020, we filed a motion to vacate the PTAB decisions below and to remand these appeals to the PTAB. On March 16, 2021, the USCAFC denied the motion without prejudice to us raising the challenges made in the motion in our opening brief. Our opening brief was filed on June 7, 2021. On June 23, 2021, the USCAFC entered an order directing us (and parties in other appeals that raised Appointments Clause challenges) to file a brief explaining how they believe their cases should proceed in light of the Supreme Court’s decision in United States v. Arthrex, Inc., 141 S. Ct. 1970 (2021). On July 7, 2021, we filed a brief in response to the court’s order. Other parties, including the U.S. Patent and Trademark Office (“PTO”) filed their responses on July 21, 2021. On August 19, 2021, USCAFC issued an order remanding these appeals for the limited purpose of allowing VirnetX the opportunity to request rehearing of the PTAB’s final written decisions by the Director of the USPTO. The USCAFC retained jurisdiction over the appeals in the meantime. On September 20, 2021, we filed our requests for Director rehearing with the PTO. On October 29, 2021, our requests for Director rehearing were denied. VirnetX Inc. v. Hirshfeld (USCAFC Case 17-2593, -2594) On September 22, 2017, we filed with the USCAFC an appeal of the invalidity findings by the PTAB in inter-partes review proceeding IPR2016-00693 involving our U.S. Patent No. 7,418,504, and an appeal of the invalidity findings by the PTAB in inter partes review proceeding IPR2016-00957 involving our U.S. Patent No. 7,921,211. On September 16, 2021, USCAFC issued an order remanding these appeals for the limited purpose of allowing VirnetX the opportunity to request rehearing of the PTAB’s final written decisions by the Director of the PTO. The USCAFC retained jurisdiction over the appeals in the meantime. On October 18, 2021, we filed our requests for Director rehearing with the PTO. VirnetX Inc. v. Cisco Systems, Inc. (USCAFC Case 19-1671) On March 18, 2019, we filed with the USCAFC an appeal of the invalidity findings by the PTAB in inter-partes reexamination proceeding 95/001,679 involving our U.S. Patent No. 6,502,135. On October 5, 2021, USCAFC issued an order remanding these appeals for the limited purpose of allowing VirnetX the opportunity to request rehearing of the PTAB’s final written decisions by the Director of the PTO. The USCAFC retained jurisdiction over the appeals in the meantime. Our request for Director rehearing with the PTO is due on November 5, 2021. McKool Smith P.C. v. VirnetX, Inc., AAA Case No. 01-20-0003-7975 On March 23, 2020, the law firm of McKool Smith, P.C. (“McKool”) filed a Demand for Arbitration against VirnetX, Inc. with the American Arbitration Association (“AAA”). In its demand, McKool claimed that a retention agreement it entered into in 2010 with VirnetX entitled it to a contingency fee arising from the recent 2020 payment made in the Apple I case. McKool claimed it was owed approximately $36,300 (or 8% of the Apple I payment). We filed a general response with the AAA denying McKool’s claim and contested the matter vigorously. An evidentiary hearing was held on the matter during the week of February 22, 2021 and the parties submitted additional briefings. On April 19, 2021, the arbitrator awarded McKool $36,323 in damages, plus pre-judgment interest in the amount of 5% simple interest from March 23, 2020 to April 18, 2021, and post-judgment interest in the amount of 5%, compounded annually, until payment of the award. We accrued the resulting $38,284 as of March 31, 2021 and paid that amount to McKool on April 20, 2021. This matter is now closed. Other Legal Matters One or more potential intellectual property infringement claims may also be available to us against certain other companies who have the resources to defend against any such claims. Although we believe these potential claims are likely valid, commencing a lawsuit can be expensive and time-consuming, and there is no assurance that we could prevail on such potential claims if we made them. In addition, bringing a lawsuit may lead to potential counterclaims which may distract our management and our other resources, including capital resources, from efforts to successfully commercialize our products. Currently, we are not a party to any other pending legal proceedings and are not aware of any proceeding threatened or contemplated against us.

Leases	9 Months Ended
Leases	Sep. 30, 2021
Leases [Abstract]
Leases	Note 8 — Leases We lease office space under an operating lease which expired on October 31, 2021. This lease was extended until October 31, 2023. On September 30, 2021, the underlying ROU asset and lease liability totaled $4. On December 31, 2020, the underlying ROU asset and lease liability totaled $44. For the three and nine months ended September 30, 2021, lease expense totaled $14 and $42, respectively. For the three and nine months ended September 30, 2020, the lease expense totaled $14 and $42, respectively. We also lease a facility for corporate promotional and marketing purposes which was prepaid at inception and expires in 2025, as amended. On September 30, 2021 and December 31, 2020, the ROU asset totaled $1,023 and $1,248, respectively. For the three and nine months ended September 30, 2021, lease expense totaled $75 and $225, respectively. For the three and nine months ended September 30, 2020, lease expense totaled $89 and $282, respectively.

Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 9 — Earnings Per Share

Basic earnings per share are based on the weighted average number of common shares outstanding for the period. Diluted earnings per share are based on the weighted average number of common shares and potentially dilutive common shares outstanding. Potential common shares outstanding principally include stock options, RSUs and warrants, excluding any potentially dilutive shares convertible at a price higher than the closing price of our stock at the end of each reporting period. The following table shows the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Numerator:
Net (loss) income	$	(3,331	)	$	(4,025	)	$	(33,297	)	$	287,880

Denominator:
Weighted-average basic shares outstanding		71,233			71,059			71,135			70,780
Effect of dilutive securities		—			—			—			883
Weighted-average diluted shares		71,233			71,059			71,135			71,663

Basic (loss) earnings per share	$	(0.05	)	$	(0.06	)	$	(0.47	)	$	4.07
Diluted (loss) earnings per share	$	(0.05	)	$	(0.06	)	$	(0.47	)	$	4.02

We incurred a net loss for the three and nine months ended September 30, 2021; therefore, all 6,906,176 potentially dilutive securities representing shares of common stock were excluded from the computation of diluted earnings per share, because their effect would have been antidilutive. We incurred a net loss for the three months ended September 30, 2020; therefore, all 6,211,844 potentially dilutive securities representing shares of common stock were excluded from the computation of diluted earnings per share, because their effect would have been antidilutive. For the nine months ended September 30, 2020, potentially dilutive securities representing 2,814,179 shares of common stock were excluded from the computation of diluted earnings per share, because their effect would have been antidilutive.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 10 — Subsequent Events We lease office space under an operating lease which expired on October 31, 2021. This lease was extended until October 31,2023.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Unaudited Interim Financial Information

Use of Estimates

Basis of Consolidation

The consolidated financial statements include the accounts of VirnetX Holding Corporation and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.

Leases

Revenue Recognition

Certain contracts may require our customers to enter into a hosting arrangement with us and for these arrangements, revenue is recognized over time, generally over the life of the servicing contract.

Licensing Costs

Contingent Gains

Cash and Cash Equivalents

Investments

Property and Equipment

Concentration of Credit Risk and Other Risks and Uncertainties

Fair Value

The carrying amounts of our financial instruments, including cash equivalents, accounts payable, and accrued liabilities, approximate fair value because of their generally short maturities.

Intangible Assets

Impairment of Long-Lived Assets

Research and Development

Income Taxes

Stock-Based Compensation

Earnings per Share

Fair Value of Financial Instruments

Mutual funds: Valued at the quoted net asset value of shares held.

U.S. agency and treasury securities: Fair value measured at the closing price reported on the active market on which the individual securities are traded.

	September 30, 2021
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalents		Investments Available for Sale
Cash	$	38,607	$	—	$	—		$	38,607	$	38,607	$	—
Level 1:
Mutual funds		109,435		—		—			109,435		109,435		—
U.S. agency securities		16,373		1		(2	)		16,372		—		16,372
U.S. treasury securities		8,077		2		(1	)		8,078		—		8,078
		133,885		3		(3	)		133,885		109,435		24,450
Total	$	172,492	$	3	$	(3	)	$	172,492	$	148,042	$	24,450

	December 31, 2020
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalents		Investments Available for Sale
Cash	$	121,785	$	—	$	—		$	121,785	$	121,785	$	—
Level 1:
Mutual funds		70,996		—		—			70,996		70,996		—
U.S. agency securities		13,767		2		—			13,769		127		13,642
U.S. treasury securities		14,707		—		(1	)		14,706		—		14,706
		99,470		2		(1	)		99,471		71,123		28,348
Total	$	221,255	$	2	$	(1	)	$	221,256	$	192,908	$	28,348

New Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets

	September 30, 2021
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalents		Investments Available for Sale
Cash	$	38,607	$	—	$	—		$	38,607	$	38,607	$	—
Level 1:
Mutual funds		109,435		—		—			109,435		109,435		—
U.S. agency securities		16,373		1		(2	)		16,372		—		16,372
U.S. treasury securities		8,077		2		(1	)		8,078		—		8,078
		133,885		3		(3	)		133,885		109,435		24,450
Total	$	172,492	$	3	$	(3	)	$	172,492	$	148,042	$	24,450

	December 31, 2020
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalents		Investments Available for Sale
Cash	$	121,785	$	—	$	—		$	121,785	$	121,785	$	—
Level 1:
Mutual funds		70,996		—		—			70,996		70,996		—
U.S. agency securities		13,767		2		—			13,769		127		13,642
U.S. treasury securities		14,707		—		(1	)		14,706		—		14,706
		99,470		2		(1	)		99,471		71,123		28,348
Total	$	221,255	$	2	$	(1	)	$	221,256	$	192,908	$	28,348

Equity (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Information about Warrants Outstanding

Warrants Issued				Exercise Price				Outstanding and Exercisable December 31, 2020				Issued				Exercised				Terminated / Cancelled				Outstanding and Exercisable September 30, 2021			Expiration Date
	25,000			$	5.75				25,000				—				—				—				25,000		April 30, 2025

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table shows the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Numerator:
Net (loss) income	$	(3,331	)	$	(4,025	)	$	(33,297	)	$	287,880

Denominator:
Weighted-average basic shares outstanding		71,233			71,059			71,135			70,780
Effect of dilutive securities		—			—			—			883
Weighted-average diluted shares		71,233			71,059			71,135			71,663

Basic (loss) earnings per share	$	(0.05	)	$	(0.06	)	$	(0.47	)	$	4.07
Diluted (loss) earnings per share	$	(0.05	)	$	(0.06	)	$	(0.47	)	$	4.02

Business Description and Basis of Presentation (Details) - Patents [Member]	Sep. 30, 2021 Patent
Business Description [Abstract]
Number of patents and pending applications	201
U.S. [Member]
Business Description [Abstract]
Number of patents and pending applications	70
Foreign [Member]
Business Description [Abstract]
Number of patents and pending applications	131

Summary of Significant Accounting Policies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) Institution	Dec. 31, 2020 USD ($)
Concentration of Credit Risk and Others Risks and Uncertainties [Abstract]
Number of financial institutions holding company's cash \| Institution	2
Stock-Based Compensation [Abstract]
Option vesting term	4 years
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Adjusted Cost	$ 172,492	$ 221,255
Fair Value	172,492	221,256
Cash [Member]
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Adjusted Cost	38,607	121,785
Fair Value	38,607	121,785
Total Investment Securities [Member]
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Adjusted Cost	133,885	99,470
Unrealized Gains	3	2
Unrealized Losses	(3)	(1)
Fair Value	133,885	99,471
Mutual Funds [Member]
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Adjusted Cost	109,435	70,996
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	109,435	70,996
U. S. Agency Securities [Member]
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Adjusted Cost	16,373	13,767
Unrealized Gains	1	2
Unrealized Losses	(2)	0
Fair Value	16,372	13,769
U.S. Treasury Securities [Member]
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Adjusted Cost	8,077	14,707
Unrealized Gains	2	0
Unrealized Losses	(1)	(1)
Fair Value	$ 8,078	14,706
Minimum [Member]
Property and Equipment [Abstract]
Useful lives	5 years
Intangible Assets [Abstract]
Estimated useful lives	3 years
Maximum [Member]
Property and Equipment [Abstract]
Useful lives	7 years
Intangible Assets [Abstract]
Estimated useful lives	15 years
Recurring [Member]
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Cash and Cash Equivalents	$ 148,042	192,908
Investments Available for Sale	24,450	28,348
Recurring [Member] \| Cash [Member]
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Cash and Cash Equivalents	38,607	121,785
Recurring [Member] \| Level 1 [Member] \| Total Investment Securities [Member]
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Cash and Cash Equivalents	109,435	71,123
Investments Available for Sale	24,450	28,348
Recurring [Member] \| Level 1 [Member] \| Mutual Funds [Member]
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Cash and Cash Equivalents	109,435	70,996
Investments Available for Sale	0	0
Recurring [Member] \| Level 1 [Member] \| U. S. Agency Securities [Member]
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Cash and Cash Equivalents	0	127
Investments Available for Sale	16,372	13,642
Recurring [Member] \| Level 1 [Member] \| U.S. Treasury Securities [Member]
Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Financial Assets [Abstract]
Cash and Cash Equivalents	0	0
Investments Available for Sale	$ 8,078	$ 14,706
Highly Liquid Debt Investments [Member] \| Maximum [Member]
Investments [Abstract]
Contractual maturities of investment securities	2 years

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Taxes [Abstract]
Income tax benefit (expense)	$ 895	$ 1,293	$ 8,697	$ (29,036)
(Loss) income before income taxes	$ (4,226)	$ (5,318)	$ (41,994)	$ 316,916
Effective tax rate	21.18%		20.71%
Deferred tax assets	$ 17,749		$ 17,749		$ 9,049
Uncertain tax positions	0		0		0
Accrued interest	0		0		0
Accrued penalties	$ 0		$ 0		$ 0

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
-Section 25
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-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 944
-SubTopic 220
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-Subparagraph (SX 210.7-04(8))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments and Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Offices [Member]
Commitments, Contingencies and Related Party Transactions [Abstract]
Operating lease, expiration date			Oct. 31, 2023
K2 Investment Fund LLC [Member] \| Aircraft [Member]
Commitments, Contingencies and Related Party Transactions [Abstract]
Rental fees incurred for use of aircraft	$ 280	$ 67	$ 454	$ 157
Term of lease	12 months		12 months
Rate of aircraft lease (in dollars per flight hour)			$ 8
Term of notice for cancellation of lease			30 days

Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation [Abstract]
Vesting period				4 years
Stock-based compensation expense				$ 3,029	$ 2,803
Payment of withholding taxes on shares issued upon conversion of RSUs				196	356
General and Administrative Expense [Member]
Share-based Compensation [Abstract]
Stock-based compensation expense		$ 703	$ 576	1,549	1,399
Research and Development Expense [Member]
Share-based Compensation [Abstract]
Stock-based compensation expense		$ 473	$ 496	$ 1,480	$ 1,404
Stock Options [Member]
Share-based Compensation [Abstract]
Options granted (in shares)		170,000	0	949,500	617,500
Options granted, weighted average grant date fair value (in dollars per share)		$ 3.10		$ 3.39	$ 4.77
Dividend yield				0.00%	0.00%
Volatility				90.00%	94.00%
Risk-free rate				1.00%	0.65%
Expected term				6 years	6 years
Unrecognized stock-based compensation expense expected to be recognized related to non-vested stock options		$ 6,249		$ 6,249
Weighted average amortization period				2 years 11 months 23 days
Common stock issued upon exercise of options (in shares)		0		0	262,031
Restricted Stock Units (RSUs) [Member]
Share-based Compensation [Abstract]
RSUs granted (in shares)		0	0	236,661	218,329
RSUs granted, weighted average fair values (in dollars per share)				$ 4.61	$ 6.89
Payment of withholding taxes on shares issued upon conversion of RSUs				$ 196	$ 356
Unrecognized stock-based compensation expense expected to be recognized related to non-vested RSUs		$ 2,491		$ 2,491
Weighted average amortization period				2 years 7 months 17 days
2013 Plan [Member]
Share-based Compensation [Abstract]
Shares available for grant (in shares)		2,265,712		2,265,712
Increase of shares authorized (in shares)	2,500,000
2013 Plan [Member] \| Stock Options [Member]
Share-based Compensation [Abstract]
Vesting period				4 years
Term of award				10 years
2013 Plan [Member] \| Incentive Stock Options [Member] \| Minimum [Member]
Share-based Compensation [Abstract]
Exercise price of option granted as percentage of fair market value of shares at date of grant				100.00%
2013 Plan [Member] \| Incentive Stock Options [Member] \| Named Executive Officers [Member] \| Minimum [Member]
Share-based Compensation [Abstract]
Exercise price of option granted as percentage of fair market value of shares at date of grant				100.00%
2013 Plan [Member] \| Incentive Stock Options [Member] \| 10% Shareholder [Member] \| Minimum [Member]
Share-based Compensation [Abstract]
Exercise price of option granted as percentage of fair market value of shares at date of grant				110.00%
2013 Plan [Member] \| Nonqualified Stock Options [Member] \| Minimum [Member]
Share-based Compensation [Abstract]
Exercise price of option granted as percentage of fair market value of shares at date of grant				85.00%
2013 Plan [Member] \| Nonqualified Stock Options [Member] \| Named Executive Officers [Member] \| Minimum [Member]
Share-based Compensation [Abstract]
Exercise price of option granted as percentage of fair market value of shares at date of grant				100.00%
2013 Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation [Abstract]
Vesting period				4 years

Equity, Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Aug. 31, 2018	Jul. 30, 2018
Restricted Stock Units (RSUs) [Member]
Common Stock [Abstract]
Common stock issued upon vesting RSUs (in shares)	0	0	174,285	160,393
Universal Shelf Registration Statement [Member] \| Common Stock [Member] \| Maximum [Member]
Common Stock [Abstract]
Securities offered for sale, aggregate value						$ 100,000
ATM Agreement [Member] \| Common Stock [Member]
Common Stock [Abstract]
Number of shares of common stock sold (in shares)	0	0	0	1,049,382
Average sales price per common share (in dollars per share)				$ 4.41
Aggregate proceeds from sales of common stock				$ 4,627
Sales commissions, fees and other costs associated with issuance of common stock				$ 139
Number of shares of common stock issued for options (in shares)	0	0	0	262,031
ATM Agreement [Member] \| Common Stock [Member] \| Maximum [Member]
Common Stock [Abstract]
Securities offered for sale, aggregate value					$ 50,000

Equity, Warrants (Details) - Warrants [Member] - Warrants Issued in 2020 [Member]	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Warrants [Abstract]
Weighted average fair value of warrants at grant date (in dollars per share) \| $ / shares	$ 4.16
Dividend yield	0.00%
Volatility	97.00%
Risk-free rate	0.27%
Expected option term	5 years
Warrants issued (in shares)	25,000
Exercise price (in dollars per share) \| $ / shares	$ 5.75
Outstanding and exercisable (in shares)	25,000
Issued (in shares)	0
Exercised (in shares)	0
Terminated/ cancelled (in shares)	0
Outstanding and exercisable (in shares)	25,000
Expiration date	Apr. 30, 2025

Litigation (Details) $ in Thousands						1 Months Ended
Litigation (Details) $ in Thousands	Apr. 20, 2021 USD ($)	Apr. 19, 2021 USD ($)	Oct. 30, 2020 USD ($) Patent Infringment $ / Device	Mar. 23, 2020 USD ($)	Aug. 31, 2018 USD ($) $ / Device	Apr. 18, 2021	Sep. 30, 2021 USD ($)
VirnetX Inc. v. Apple, Inc. (Case 6:12-CV-00855-LED) ("Apple II") [Member]
Litigation [Abstract]
Amount of damages awarded in patent infringement case			$ 502,800
Number of patents allegedly infringed upon by Apple, Inc. \| Patent			2
Damages awarded per accused device \| $ / Device			0.84
Number of infringing units \| Infringment			598,629,580
McKool Smith P.C. v. VirnetX, Inc., AAA (Case No. 01-20-0003-7975) [Member]
Litigation [Abstract]
Amount of damages awarded in patent infringement case		$ 36,323
Contingency fee sought by plaintiff				$ 36,300
Contingency fee as percentage of payment				8.00%
Pre-judgment interest percentage						5.00%
Post-judgment interest percentage		5.00%
Contingency accrued amount							$ 38,284
Contingency accrued amount paid	$ 38,284
Positive Outcome of Litigation [Member] \| VirnetX Inc. v. Cisco Systems, Inc. et al. (Case 6:10-CV-00417-LED) ("Apple I") [Member]
Litigation [Abstract]
Amount of damages awarded in patent infringement case					$ 502,600
Royalty rate per device used in calculating infringement damages \| $ / Device					1.20

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Office [Member]
Leases [Abstract]
Operating lease ROU assets	$ 4		$ 4		$ 44
Lease liability	4		4		44
Lease expense	14	$ 14	42	$ 42
Corporate Promotional and Marketing Facility [Member]
Leases [Abstract]
Operating lease ROU assets	1,023		1,023		$ 1,248
Lease expense	$ 75	$ 89	$ 225	$ 282

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator [Abstract]
Net (loss) income	$ (3,331)	$ (4,025)	$ (33,297)	$ 287,880
Denominator [Abstract]
Weighted-average basic shares outstanding (in shares)	71,233,000	71,059,000	71,135,000	70,780,000
Effect of dilutive securities (in shares)	0	0	0	883,000
Weighted-average diluted shares (in shares)	71,233,000	71,059,000	71,135,000	71,663,000
Basic (loss) earnings per share (in dollars per share)	$ (0.05)	$ (0.06)	$ (0.47)	$ 4.07
Diluted (loss) earnings per share (in dollars per share)	$ (0.05)	$ (0.06)	$ (0.47)	$ 4.02
Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	6,906,176	6,211,844	6,906,176	2,814,179

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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