VHC on Nasdaq

VirnetX

Company described as a patent troll

VirnetX (NYSE: VHC) is a publicly traded Internet security software and technology company based in Zephyr Cove, Nevada. Founded in 2005, its patent portfolio includes U.S. and international patents in areas such as DNS and network communication. Since 2010, VirnetX has been in patent licensing and intellectual property litigation with companies, including Apple, Cisco, and Microsoft.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 20, 2026.

Overview

Jan 1, 2005Founded1

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  • TickerVHC on Nasdaq1
  • Industryinternet security1
  • HeadquartersZephyr Cove1
  • Websitewww.virnetx.com
  • Legal formCorporation4
  • LEI529900GEQQ3ACACKKD254
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressc/o CORPORATION SERVICE COMPANY, 251 LITTLE FALLS DRIVE, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 43274854

VirnetX (NYSE: VHC) is a publicly traded Internet security software and technology company based in Zephyr Cove, Nevada. Founded in 2005, its patent portfolio includes U.S. and international patents in areas such as DNS and network communication.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-12000.0%Operating margin6
-11250.0%Net margin6
3140.0%Revenue growth, 20256
-81.1%Return on equity6
-$15.7MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development30¢$5.7M
  • Selling, general and admin70¢$13.4M
  • Income tax0¢$2.0K

Out of $162.0K in revenue.6 The company lost money this year.

Financial statements

Revenue789106$162.0K in 2025+91% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $85.0K$85.0K20192020: $302.6M$302.6M2020+355942%2021: $35.0K$35.0K2021−100%2022: $48.0K$48.0K2022+37%2023: $7.0K$7.0K2023−85%2024: $5.0K$5.0K2024−29%2025: $162.0K$162.0K2025+3140%
Operating income789106-$19.4M in 2025−1% since 2019
-$100.0M0$100.0M$200.0M2019: -$19.7M-$19.7M20192020: $157.9M$157.9M20202021: -$49.2M-$49.2M20212022: -$22.1M-$22.1M2022−55%2023: -$31.4M-$31.4M2023+42%2024: -$20.4M-$20.4M2024−35%2025: -$19.4M-$19.4M2025−5%
Net income789106-$18.2M in 2025−5% since 2019
-$100.0M0$100.0M$200.0M$300.0M2019: -$19.2M-$19.2M20192020: $280.4M$280.4M20202021: -$42.9M-$42.9M20212022: -$36.3M-$36.3M2022−16%2023: -$27.9M-$27.9M2023−23%2024: -$18.2M-$18.2M2024−35%2025: -$18.2M-$18.2M2025+0%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Revenue$162.0K$5.0K
Research and development$5.7M$6.0M
Selling, general and administrative expenses$13.4M$14.4M
Impairment loss on investment$500.0K$0
Total operating expense$19.6M$20.4M
(Loss) from operations-$19.4M-$20.4M
Interest and other income, net$1.2M$2.2M
(Loss) before taxes-$18.2M-$18.2M
Income tax (provision) benefit$2.0K-$3.0K
Net (loss)-$18.2M-$18.2M
Basic (loss) per share (in Dollars per share)-$5.00-$5.05
Diluted (loss) per share (in Dollars per share)-$5.00-$5.05
Weighted average shares outstanding basic (in Shares)3.6K shares3.6K shares
Weighted average shares outstanding diluted (in Shares)3.6K shares3.6K shares

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Corporate structure

VirnetX sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of VirnetX

  • Kendall Larsen Filed SCHEDULE 13D/A on VirnetX, latest Nov 26, 2025 (2 filings since Nov 14, 2024)
  • Radoff Bradley Louis Filed SC 13D/A on VirnetX, latest Mar 31, 2023 (3 filings since Dec 29, 2022)
  • VANGUARD GROUP INC Filed SC 13G/A on VirnetX, latest Feb 10, 2022
  • VirnetX Zephyr Cove, Nevada, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

The story

Robert Dunham Short and Victor Larson co-invented a protocol in 1998 that encrypts real-time audio and video transmissions, which was then sought by Apple for their FaceTime app.

In 1999, Dr. Short, Edward Munger, Vic Larson, and Mike Williamson invented a protocol to automatically create hidden Internet connections using DNS.

In December 2002, Short, Munger, Larson, Williamson, and Douglas Schmidt invented a method for assigning unique IP addresses to form secure connections with biometric verification.

VirnetX was incorporated in 2005.

In 2007, Short became Chief Scientist, and the company went public on the American Stock Exchange in December of that year.

In May 2010, Microsoft and VirnetX settled patent disputes for $200M. The following month, Short took over as Chief Technology Officer (CTO).

In 2014, Microsoft and VirnetX settled patent disputes over Skype technology for $23 million. In their Apple case, VirnetX worked together with SAIC, and was awarded $368 million in damages for FaceTime infringement. That ruling was partially vacated in August 2014, but two patents were confirmed to be infringed by the United States Court of Appeals for the Federal Circuit.

In December 2014, VirnetX opened access to their Gabriel platform, which builds upon their patents, and is implemented as small to medium-sized business enterprise collaboration software.

Read the full text

In February 2016, an East Texas jury unanimously ruled in federal court that Apple had willfully violated 13 VirnetX patents. The jury said Apple must pay VirnetX $625.6 million for infringing four of the patents, and the court was considering ongoing royalty rates and punitive damages. The first retrial, conducted from September 26 to September 30, 2016, resulted in another unanimous jury verdict for VirnetX. The verdict re-affirmed patent violations enabling FaceTime and iMessage and awarded $439.7 million to VirnetX. The remaining two patents were tried separately.

In 2018, Apple was ordered to pay $502.6 million to VirnetX. That order was vacated in 2019, but Apple was still found by the jury to be infringing two patents. In February 2020, the U.S. Supreme Court did not consider an appeal made by Apple. The jury awarded VirnetX $502.8 million in 2020 after a separate jury determined that Apple's iPhones and iPads infringed patents related to virtual private networks. Apple's request for a new trial was overturned in January 2021.

In July 2020, VirnetX transferred the listing of its common stock from NYSE American to the New York Stock Exchange (NYSE).

Victor Larson was appointed as CTO in 2021. In March 2021, the patent and trial appeal board ruled that two of VirnetX's patents were invalid in its dispute with Apple.

VirnetX Matrix, which secures private access to Internet applications and infrastructure, and War Room, a security video conferencing product, were both launched in 2022.

In March 2023, the city of Bridgeport, West Virginia, deployed VirnetX's Matrix to secure internet-based applications and infrastructure after the city experienced a ransomware attack. On March 31, 2023, the U.S. Court of Appeals for the Federal Circuit overturned the 2018 verdict following the U.S. Patent Trial and Appeal Board's cancellation of the patents that VirnetX had accused Apple of infringing.

VirnetX announced a partnership with Samsung in May 2023 to resell Samsung's digital display products, including the Samsung Interactive Pro, for hybrid workspaces using the VirnetX One family suite, including War Room and VirnetX Matrix.

In March 2024, VirnetX and Samsung announced an extension of their partnership, working together to provide technology to scientifically document and analyze unidentified aerial phenomena for History Channel’s The Secret of Skinwalker Ranch.

From Wikipedia’s article on VirnetX, shared under CC BY-SA 4.0.5

Leadership

Who has led VirnetX, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (11)

Products and brands

VirnetX has developed products including VirnetX One, War Room, VirnetX Matrix and Gabriel Connection Technology.

VirnetX One is a secure communication platform which utilizes Zero Trust Network Access (ZTNA) to enable private, encrypted networks between user and devices. The VirnetX One Security Platform secures HTTPS, HTTP, RDP, VNC, and SSH. VirnetX One is cross-platform and runs on Microsoft Windows, Mac, iOS, Android and Linux.

War Room is a security product which validates and certifies access to select users, securing domains and authenticated devices prior to enabling access to a secure video conferencing platform. The product is backed by over 194 patents to protect critical data.

Launched in 2022, VirnetX Matrix was originally designed to protect and secure communications for the United States Intelligence Community. VirnetX’s Secure Domain Name Technology removes users’ public internet communications from the public domain, making applications protected by VirnetX Matrix only visible and accessible to authorized users and their authenticated devices

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Gabriel Connection Technology facilitates communications on Internet-based applications, such as instant messaging, Voice over IP, and file transfers, using secure domain names.

From Wikipedia’s article on VirnetX, shared under CC BY-SA 4.0.5

Timeline

  1. Oct 1, 20268-K Entered a material agreement31
  2. Jun 16, 20268-K Executive or director change; Shareholder vote32
  3. Oct 17, 20258-K Regulation FD disclosure33
  4. Sep 11, 20258-K Listing notice or transfer; Regulation FD disclosure34
  5. Jun 17, 20258-K Shareholder vote35
  6. Sep 4, 20248-K Listing notice or transfer; Regulation FD disclosure36
  7. Jun 18, 20248-K Executive or director change; Shareholder vote37
  8. Dec 6, 20238-K Executive or director change38
  9. Oct 25, 20238-K Change to shareholders' rights; Bylaws or fiscal year changed; Shareholder vote39
  10. Jun 20, 20238-K Shareholder vote40
  11. Mar 30, 20238-K Entered a material agreement; Other events41
  12. Jan 27, 20238-K Bylaws or fiscal year changed42
  13. Jul 16, 2007New chief executive Kendall Larsen becomes CEO15
  14. Jan 10, 2007New chief executive Glenn P. Russell becomes CEO14
  15. Jan 1, 2005Founded Founded1

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/202643

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

134 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 15 major events, 55 insider forms, 8 large holders, 34 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Oct 1, 20268-K EDGAR
  3. Oct 1, 2026424B5 EDGAR
  4. Sep 29, 2026144 EDGAR
  5. Sep 14, 20264 EDGAR
  6. Sep 2, 20264 EDGAR
  7. Sep 2, 20264 EDGAR
  8. Aug 27, 2026144 EDGAR
  9. Aug 27, 2026144 EDGAR
  10. Aug 14, 202610-Q EDGAR
  11. Jul 13, 20264 EDGAR
  12. Jun 17, 2026S-8 EDGAR
  13. Jun 16, 20268-K EDGAR
  14. Jun 15, 20264 EDGAR
  15. Jun 15, 20264 EDGAR
  16. Jun 15, 20264 EDGAR
  17. Jun 15, 20264 EDGAR
  18. Jun 2, 2026EFFECT EDGAR
  19. May 27, 2026CORRESP EDGAR
  20. May 21, 2026UPLOAD EDGAR

The 134 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Kendall LarsenChief Executive Officer, President and Chairman69$854.3K$2.6M47
2025Katherine AllansonChief Financial Officer65$338.5K$1.2M47
2025Robert D. Short III, Ph.D.Chief Scientist (former)$531.4K47
2024Kendall LarsenChief Executive Officer, President and Chairman69$821.5K$1.8M47
2024Robert D. Short III, Ph.D.Chief Scientist (former)$522.7K$980.2K47
2024Katherine AllansonChief Financial Officer65$325.5K$684.0K47

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 30. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC157,685$2.0M0.0%+2,144
Williams Jones Wealth Management, LLC.99,271$1.3M0.0%−869
Csenge Advisory Group68,360$868.2K0.0%No change
BlackRock, Inc.66,149$840.1K0.0%+2,841
Geode Capital Management, LLC43,214$549.4K0.0%−4,719
Baird Financial Group, Inc.28,041$356.1K0.0%New
Vanguard Fiduciary Trust Co22,780$289.3K0.0%+148
Citadel Advisors LLC21,024$267.0K0.0%New
HighTower Advisors, LLC20,571$261.3K0.0%No change
Forum Financial Management, LP17,321$220.0K0.0%No change
State Street Corp15,047$191.1K0.0%No change
Barclays PLC10,304$130.9K0.0%New
Jpmorgan Chase & Co4,092$51.8K0.0%−665
UBS Group AG2,848$36.2K0.0%−3
Royal Bank Of Canada1,875$24.0K0.0%No change
Osaic Holdings, Inc.1,536$19.5K0.0%−500
Cornerstone National Bank & Trust Co1,200$15.0K0.0%No change
Vanguard Global Advisers, LLC1,123$14.3K0.0%No change
Morgan Stanley879$11.2K0.0%−547
Integrated Wealth Concepts LLC581$7.4K0.0%New
Wells Fargo & Company/mn298$3.8K0.0%−96
Lanark Financial, Inc.202$2.6K0.0%No change
Global Retirement Partners, LLC132$1.7K0.0%New
Group One Trading LLC50$6350.0%No change
SBI Securities Co., Ltd.44$5590.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How VirnetX is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVIRNETX INC2
  • CIK0001358873
  • Business address157 Provincetown Court, Aptos, CA 950032
  • Phone831-685-01172
  • On EDGAR sinceMar 28, 20062
  • Filings4 in all: REGDEX (3), REGDEX/A (1)2

Sources

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