VirnetX Holding Corp
VHCNasdaqFinancials · Patent Owners & Lessors · DE · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $162,000 | $5,000 | $7,000 | $48,000 | $35,000 | $302.6M |
| Operating income | −$19.4M | −$20.4M | −$31.4M | −$22.1M | −$49.2M | $157.9M |
| Net income | −$18.2M | −$18.2M | −$27.9M | −$36.3M | −$42.9M | $280.4M |
| Total assets | $31.1M | $49.6M | $60.4M | $153.0M | $186.5M | $234.8M |
| Total liabilities | $8.6M | $10.0M | $4.4M | $731,000 | $1.1M | $10.4M |
| Equity | $22.5M | $39.6M | $56.0M | $152.2M | $185.4M | $224.4M |
| EPS (diluted) | $-5.00 | $-5.05 | $-7.79 | $-10.17 | $-0.60 | $3.92 |
| Shares out. | 4.2M | 3.7M | 71.4M | 71.2M | 71.1M | 70.8M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −12000.0%
- Net margin
- −11250.0%
- Return on equity
- −81.1%
- Return on assets
- −58.7%
- Return on capital (ROCE)
- −66.9%
- Liabilities / assets
- 27.6%
- Debt / equity
- 0.38×
- Book value / share
- $5.30
- Revenue growth (YoY)
- 3140.0%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -20.70distress
- Accruals / assets
- −8.3%clean
- Piotroski F-Score
- 4/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 2 severe● 3 warning● 3 good- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Negative operating cash flow
- Revenue is growing year-over-year
- Conservative leverage (liabilities < 50% of assets)
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗May 10, 2022
- NT 10-Qmissed a reporting deadline ↗Nov 15, 2007
- NT 10-Qmissed a reporting deadline ↗Aug 14, 2007
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Larsen KendallActivist (13D)Nov 26, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 159,852 | 9.6 | -1.4% |
| Apr 30, 2026 | 162,148 | 7.1 | -1.0% |
| Apr 15, 2026 | 163,795 | 3.8 | +2.4% |
| Mar 31, 2026 | 160,037 | 12.7 | -1.1% |
| Mar 13, 2026 | 161,820 | 10.9 | -1.0% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Regulation FD disclosureOct 17, 2025
- Delisting / listing-standard notice · Regulation FD disclosureSep 11, 2025
- Shareholder voteJun 17, 2025
- Delisting / listing-standard notice · Regulation FD disclosureSep 4, 2024
- Director / officer change · Shareholder voteJun 18, 2024
- Director / officer changeDec 6, 2023
- Modified shareholder rights · Amended charter or bylaws · Shareholder voteOct 25, 2023
- Shareholder voteJun 20, 2023
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.