VHC VirnetX Holding Corp - Common Stock
NASDAQ · Technology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 14, 2026
$10.48
· of 52w range
· above low
· to high
$8.4152w low
$29.0052w high
Market Cap (MRQ)
$44M
P/E (TTM)
-2.0
EPS (TTM)
$-5.36
Revenue (TTM)
$114.0K
your badges
52W Range
$8–$29
Analyst Rating
·
Price Target
·
P/E
-2.0
ROE
-82.1%
Net Profit Margin
-17373.7%
Your badge strip is empty — pin a metric anywhere on this page.
VHC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$10.48
Market Cap (MRQ)
$44M
P/E (TTM)
-2.0
EPS (TTM)
$-5.36
Revenue (TTM)
$114.0K
ROE (TTM)
-82.1%
52W Range
$8–$29
VHC Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
range
bars
Bar granularity adapts to the selected period — hover the chart to see open/high/low/close for a bar.
Stock splits
| Ex-date | Split | Type |
|---|---|---|
| Oct. 26, 2023 | 1-for-20 | Reverse |
| Oct. 30, 2007 | 1-for-3 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$162.0K2016-12-31 → 2025-12-31
EPS$-5.002019-12-31 → 2025-12-31
Free Cash Flow$-16M2016-12-31 → 2025-12-31
Net margin-17373.7%2018-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | VHC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -2.05Y avg ≈-19.0 | ≈-19.0 | · | · | |
| P/S (TTM) | 387.75Y avg ≈15258.6 | ≈15258.6 | 15.2 | Overvalued | |
| P/B (MRQ) | 2.95Y avg ≈5.4 | ≈5.4 | 3.6 | Fair value | |
| Price / FCF | -2.85Y avg ≈-38.9 | ≈-38.9 | · | · | |
| Price / Cash Flow | -2.85Y avg ≈-38.9 | ≈-38.9 | · | · | |
| Price / Tangible Book | 2.05Y avg ≈7.3 | ≈7.3 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | VHC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -18078.1%5Y avg ≈-151607.2% | ≈-151607.2% | -102.4% | Weak | |
| EBITDA Margin | -12000.0%5Y avg ≈-151607.2% | ≈-151607.2% | -84.5% | Weak | |
| Pretax Margin (TTM) | -17377.2%5Y avg ≈-139298.2% | ≈-139298.2% | -119.4% | Weak | |
| Net Profit Margin (TTM) | -17373.7%5Y avg ≈-143230.8% | ≈-143230.8% | -119.9% | Weak | |
| ROA (TTM) | -61.1%5Y avg ≈-33.2% | ≈-33.2% | -23.6% | Weak | |
| ROE (TTM) | -82.1%5Y avg ≈-43.4% | ≈-43.4% | -38.5% | Below avg | |
| ROIC | -86.5%5Y avg ≈-54.7% | ≈-54.7% | -32.1% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | VHC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 6.25Y avg ≈74.8 | ≈74.8 | 6.2 | In line | |
| Quick Ratio | 7.75Y avg ≈43.1 | ≈43.1 | 4.7 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | VHC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 3140.0%5Y avg ≈592.6% | ≈592.6% | · | · | |
| Revenue CAGR 3Y | 50.0%5Y avg ≈-31.6% | ≈-31.6% | · | · | |
| Revenue CAGR 5Y | -77.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | VHC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | 0.3 | Weak | |
| Receivables Turnover | 17.15Y avg ≈8.4 | ≈8.4 | 6.1 | Top tier | |
| Revenue / Employee | ≈$7.7K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Annualized Payout≈$20.00
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Apr 18, 2023 | $20.00 | USD | ≈158.7% |
| May 15, 2020 | $20.00 | USD | ≈17.2% |
| Jun 29, 2010 | $10.00 | USD | ≈8.4% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-97.0%
Next Report
Nov 12, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2025 | $-0.99 | — | — | |
| Dec. 31, 2015 | $-3.00 | $4.04 | -174.3% | |
| Sept. 30, 2015 | $-2.40 | $-2.02 | -18.8% | |
| June 30, 2015 | $-3.60 | $-1.82 | -98.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $162.0K | $5.0K | $7.0K | $48.0K | $35.0K | $303M | $85.0K | $63.0K | $2M | $2M | |
| R&D Expense | $6M | $6M | $10M | $6M | $6M | $9M | $4M | $5M | $4M | $4M | |
| SG&A Expense | $13M | $14M | $22M | $16M | $53M | $46M | $16M | $21M | $15M | $25M | |
| Operating Expenses | $20M | $20M | $31M | $22M | $49M | $145M | $20M | $26M | $19M | $30M | |
| Operating Income | $-19M | $-20M | $-31M | $-22M | $-49M | $158M | $-20M | $-25M | $-17M | $-29M | |
| Other Non-op | · | · | · | · | · | · | · | · | $46.0K | $69.0K | |
| Pretax Income | $-18M | $-18M | $-28M | $-20M | $-49M | $307M | $-20M | $-25M | $-17M | $-28M | |
| Income Tax | $-2.0K | $3.0K | $-79.0K | $16M | $-6M | $27M | $-393.0K | $3.0K | $3.0K | $133.0K | |
| Net Income | $-18M | $-18M | $-28M | $-36M | $-43M | $280M | $-19M | $-25M | $-17M | $-29M | |
| EPS (Basic) | $-5.00 | $-5.05 | $-7.79 | $-10.17 | $-0.60 | $3.96 | $-0.28 | · | · | · | |
| EPS (Diluted) | $-5.00 | $-5.05 | $-7.79 | $-10.17 | $-0.60 | $3.92 | $-0.28 | · | · | · | |
| Shares (Basic) | 3,647 | 3,596 | 3,579 | 3,565 | 71,159,458 | 70,850,311 | 68,564,321 | · | · | · | |
| Shares (Diluted) | 3,647 | 3,596 | 3,579 | 3,565 | 71,159,458 | 71,615,843 | 68,564,321 | · | · | · | |
| EBITDA | $-19M | $-20M | · | $-22M | $-49M | $158M | $-20M | $-25M | $-17M | $-29M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16M | $23M | $26M | $87M | $142M | $193M | $3M | $8M | $3M | $7M | |
| Receivables | $19.0K | $0 | $2.0K | $14.0K | $17.0K | $8.0K | $5.0K | $6.0K | $0 | · | |
| Prepaid Expense | $120.0K | $122.0K | $282.0K | $224.0K | $203.0K | $263.0K | $237.0K | $718.0K | $591.0K | $588.0K | |
| Current Assets | $22M | $38M | $54M | $152M | $169M | $224M | $6M | $10M | $5M | $16M | |
| PP&E (Net) | $61.0K | $67.0K | $67.0K | $11.0K | $18.0K | $11.0K | $16.0K | $9.0K | $7.0K | $33.0K | |
| PP&E (Gross) | $274.0K | $257.0K | $235.0K | $171.0K | $171.0K | $160.0K | $160.0K | $146.0K | $251.0K | $251.0K | |
| Accum. Depreciation | $213.0K | $190.0K | $168.0K | $160.0K | $153.0K | $149.0K | $144.0K | $137.0K | $244.0K | $218.0K | |
| Other Non-current Assets | · | · | · | · | · | · | · | $2M | · | · | |
| Total Assets | $31M | $50M | $60M | $153M | $187M | $235M | $7M | $12M | $7M | $19M | |
| Accounts Payable | $388.0K | $336.0K | $440.0K | $373.0K | $338.0K | $654.0K | $1M | $1M | $414.0K | $2M | |
| Current Liabilities | $2M | $7M | $1M | $731.0K | $1M | $10M | $2M | $2M | $4M | $5M | |
| Other Non-current Liabilities | $7M | $3M | $3M | $0 | $46.0K | $0 | $44.0K | $0 | $140.0K | $0 | |
| Total Liabilities | $9M | $10M | $4M | $731.0K | $1M | $10M | $2M | $2M | $6M | $8M | |
| Common Stock | $0 | $0 | $0 | $0 | $7.0K | $7.0K | $7.0K | $7.0K | $6.0K | $6.0K | |
| Paid-in Capital | $245M | $244M | $243M | $240M | $236M | $232M | $223M | $208M | $177M | $169M | |
| Retained Earnings | $-223M | $-205M | $-186M | $-87M | $-51M | $-8M | $-218M | $-198M | $-176M | $-158M | |
| AOCI | $-21.0K | $0 | $-12.0K | $-314.0K | $-68.0K | $-13.0K | $-14.0K | $-14.0K | $-13.0K | $-12.0K | |
| Stockholders' Equity | $22M | $40M | $56M | $152M | $185M | $224M | $6M | $10M | $2M | $11M | |
| Liabilities + Equity | $31M | $50M | $60M | $153M | $187M | $235M | $7M | $12M | $7M | $19M | |
| Shares Outstanding | 4,201,948 | 4,238,581 | 3,618,431 | 3,571,232 | 71,232,856 | 71,058,570 | 69,586,764 | 66,879,847 | 59,051,978 | 58,144,888 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred Tax | $0 | $0 | $-81.0K | $16M | $-7M | $-9M | $0 | · | · | · | |
| Operating Cash Flow | $-16M | $-15M | $-25M | $-17M | $-52M | $281M | $-15M | $-22M | $-15M | $-22M | |
| CapEx | $17.0K | $22.0K | $65.0K | $0 | $11.0K | $0 | $14.0K | $0 | $0 | $13.0K | |
| Investing Cash Flow | $9M | $12M | $36M | $-39M | $1M | $-26M | $-606.0K | $-370.0K | $8M | $700.0K | |
| Stock Issued | · | · | · | $0 | $0 | $4M | $11M | $27M | $4M | $19M | |
| Net Stock Activity | · | · | · | $0 | $0 | $4M | $11M | $27M | $4M | $19M | |
| Dividends Paid | · | $0 | $71M | $0 | $0 | $71M | $0 | · | · | · | |
| Financing Cash Flow | $-873.0K | $-129.0K | $-71M | $-29.0K | $-196.0K | $-66M | $11M | $27M | $4M | $19M | |
| Net Change in Cash | · | · | · | · | · | · | · | $4M | $-3M | $-2M | |
| Taxes Paid | $1.0K | $3.0K | $0 | $2.0K | $2.0K | $39M | $4.0K | · | · | · | |
| Free Cash Flow | $-16M | $-15M | · | $-17M | $-52M | $281M | $-15M | $-22M | $-15M | $-22M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -12000.0% | -407940.0% | · | -45991.7% | -140497.1% | 52.2% | -23135.3% | -40407.9% | · | · | |
| Net Margin | -11250.0% | -363500.0% | · | -75541.7% | -122631.4% | 92.7% | -22564.7% | -40327.0% | · | · | |
| Pretax Margin | -11251.2% | -363440.0% | · | -42141.7% | -140360.0% | 101.6% | -23027.1% | -40322.2% | · | · | |
| EBITDA Margin | -12000.0% | -407940.0% | · | -45991.7% | -140497.1% | 52.2% | -23135.3% | -40407.9% | · | · | |
| ROA | -45.2% | -33.0% | · | -21.4% | · | 231.5% | -199.3% | -268.5% | -132.7% | -139.2% | |
| ROE | -65.5% | -42.7% | · | -22.1% | · | 123.2% | -340.4% | -218.5% | -272.1% | -217.7% | |
| ROIC | -86.5% | -51.5% | · | -26.0% | · | 64.2% | -342.4% | -257.5% | -1115.5% | -256.9% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.7 | 5.3 | · | 208.3 | · | 21.7 | 3.2 | 5.4 | 1.2 | 3.2 | |
| Quick Ratio | 7.7 | 3.2 | · | 118.4 | · | 18.6 | 1.7 | 4.1 | 0.7 | 1.3 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | · | 2.5 | 0.0 | 0.0 | · | · | |
| Receivables Turnover | 17.1 | 5.0 | · | 3.1 | · | 46559.4 | 15.5 | 21.0 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $5.35 | $9.35 | · | $2.13 | · | $3.16 | $0.08 | $0.15 | $0.03 | $0.19 | |
| Revenue / Share | $44.42 | $1.39 | · | $0.00 | $0.00 | $4.23 | · | · | · | · | |
| Cash Flow / Share | $-4289.55 | $-4262.24 | · | $-0.24 | $-0.73 | $3.93 | · | · | · | · | |
| Cash / Share | $3.70 | $5.50 | · | $1.21 | · | $2.71 | $0.05 | $0.11 | $0.05 | $0.11 | |
| Dividend Paid / Share | · | $0.00 | $20.00 | $0.00 | $0.00 | $1.00 | $0.00 | · | · | · | |
| EPS (TTM) | $-5.00 | $-5.05 | $-7.79 | $-10.17 | $-0.60 | $3.92 | $-0.28 | $-0.30 | $-0.30 | $-0.51 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3140.0% | -28.6% | -85.4% | 37.1% | -100.0% | · | · | · | · | · | |
| Revenue CAGR 3Y | 50.0% | -47.7% | -97.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -77.8% | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $162.0K | $5.0K | $7.0K | $48.0K | $35.0K | $303M | $85.0K | $63.0K | $2M | $2M | |
| Net Income TTM | $-18M | $-18M | $-28M | $-36M | $-43M | $280M | $-19M | $-25M | $-17M | $-29M | |
| Market Cap | $70M | $33M | · | $1.86B | · | $7.16B | $5.29B | $3.21B | $4.37B | $2.56B | |
| P/E | -3.3 | -1.6 | -0.9 | -2.6 | -86.7 | 25.7 | -271.4 | -160.0 | -246.7 | -86.3 | |
| P/S | 432.9 | 6654.6 | · | 38688.4 | · | 23.7 | 62218.8 | 50956.1 | 2824.7 | 1650.6 | |
| P/B | 3.1 | 0.8 | · | 12.2 | · | 31.9 | 939.7 | 324.7 | 2813.8 | 229.5 | |
| P / Tangible Book | 3.1 | 0.8 | 0.5 | 12.2 | 20.0 | 31.9 | · | · | · | · | |
| P / Cash Flow | -4.5 | -2.2 | · | -109.9 | · | 25.5 | -350.7 | -144.0 | -292.4 | -116.2 | |
| P / FCF | -4.5 | -2.2 | · | -109.9 | · | 25.5 | -350.4 | -144.0 | -292.4 | -116.1 | |
| Dividend Yield | · | 0.00% | · | 0.00% | · | 0.99% | 0.00% | · | · | · | |
| Earnings Yield | -30.0% | -64.3% | -111.3% | -39.1% | -1.1% | 3.9% | -0.37% | -0.63% | -0.41% | -1.2% | |
| Payout Ratio | · | 0.00% | · | 0.00% | 0.00% | 25.3% | · | · | · | · | |
| Annual Payout | · | $0 | $71M | $0 | $0 | $71M | $0 | · | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $56.0K | $58.0K | $48.0K | $0 | $0 | $2.0K | $1.0K | $2.0K | $0 | $3.0K | $2.0K | $2.0K | $5.0K | $4.0K | |
| R&D Expense | $1M | $1M | $2M | $1M | $1M | $1M | $2M | $1M | $1M | $1M | $2M | $1M | $5M | $1M | $3M | $1M | |
| SG&A Expense | $4M | $3M | $5M | $3M | $3M | $3M | $4M | $3M | $3M | $4M | $5M | $4M | $7M | $5M | $5M | $4M | |
| Operating Expenses | $5M | $5M | $7M | $5M | $4M | $4M | $7M | $4M | $4M | $5M | $8M | $6M | $12M | $6M | $8M | $5M | |
| Operating Income | $-5M | $-5M | $-7M | $-5M | $-4M | $-4M | $-7M | $-4M | $-4M | $-5M | $-8M | $-6M | $-12M | $-6M | $-8M | $-5M | |
| Pretax Income | $-5M | $-4M | $-7M | $-4M | $-4M | $-4M | $-6M | $-4M | $-4M | $-4M | $-7M | $-5M | $-11M | $-5M | $-7M | $-5M | |
| Income Tax | $0 | $0 | $-4.0K | $0 | $0 | $2.0K | $0 | $0 | $3.0K | $0 | $0 | $-1.0K | $0 | $-78.0K | $17M | $-486.0K | |
| Net Income | $-5M | $-4M | $-7M | $-4M | $-4M | $-4M | $-6M | $-4M | $-4M | $-4M | $-7M | $-5M | $-11M | $-4M | $-24M | $-4M | |
| EPS (Basic) | $-1.20 | $-1.16 | $-1.82 | $-1.18 | $-0.99 | $-1.01 | $-1.72 | $-1.07 | $-1.07 | $-1.19 | $-2.00 | $-1.36 | $-3.18 | $-1.25 | $-8.86 | $-1.20 | |
| EPS (Diluted) | $-1.20 | $-1.16 | $-1.82 | $-1.18 | $-0.99 | $-1.01 | $-1.72 | $-1.07 | $-1.07 | $-1.19 | $-2.00 | $-1.36 | $-3.18 | $-1.25 | $-8.86 | $-1.20 | |
| Shares (Basic) | 3,770,000 | 3,754,000 | · | 3,673,000 | 3,660,000 | 3,627,000 | · | 3,603,000 | 3,593,000 | 3,616,000 | · | 3,612,000 | 3,573,000 | 3,571,000 | · | 3,571,000 | |
| Shares (Diluted) | 3,770,000 | 3,754,000 | · | 3,673,000 | 3,660,000 | 3,627,000 | · | 3,603,000 | 3,593,000 | 3,616,000 | · | 3,612,000 | 3,573,000 | 3,571,000 | · | 3,571,000 | |
| EBITDA | $-5M | $-5M | · | $-5M | $-4M | $-4M | · | $-4M | $-4M | $-5M | · | $-6M | $-12M | $-6M | · | $-5M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13M | $15M | $16M | $17M | $17M | $23M | $23M | $25M | $26M | $28M | $26M | $28M | $26M | $97M | $87M | $106M | |
| Receivables | $0 | $0 | $19.0K | $19.0K | $48.0K | · | $0 | $0 | $0 | $0 | $2.0K | $2.0K | $4.0K | $4.0K | $14.0K | $20.0K | |
| Prepaid Expense | $217.0K | $337.0K | $120.0K | $223.0K | $261.0K | $399.0K | $122.0K | $266.0K | $299.0K | $367.0K | $282.0K | $439.0K | $480.0K | $614.0K | $224.0K | $370.0K | |
| Current Assets | $14M | $18M | $22M | $28M | $32M | $35M | $38M | $44M | $47M | $50M | $54M | $61M | $67M | $150M | $152M | $159M | |
| PP&E (Net) | $56.0K | $55.0K | $61.0K | $68.0K | $57.0K | $62.0K | $67.0K | $62.0K | $68.0K | $62.0K | $67.0K | $6.0K | $8.0K | $10.0K | $11.0K | $13.0K | |
| PP&E (Gross) | · | · | $274.0K | · | · | · | $257.0K | · | · | · | $235.0K | · | · | · | $171.0K | · | |
| Accum. Depreciation | · | · | $213.0K | · | · | · | $190.0K | · | · | · | $168.0K | · | · | · | $160.0K | · | |
| Total Assets | $23M | $27M | $31M | $38M | $42M | $45M | $50M | $56M | $59M | $62M | $60M | $64M | $67M | $151M | $153M | $177M | |
| Accounts Payable | $498.0K | $354.0K | $388.0K | $377.0K | $286.0K | $329.0K | $336.0K | $280.0K | $325.0K | $490.0K | $440.0K | $1M | $397.0K | $2M | $373.0K | $1M | |
| Current Liabilities | $2M | $2M | $2M | $2M | $2M | $2M | $7M | $7M | $7M | $7M | $1M | $2M | $813.0K | $74M | $731.0K | $2M | |
| Other Non-current Liabilities | $6M | $6M | $7M | $7M | $7M | $7M | $3M | $3M | $3M | $3M | $3M | $0 | $0 | $0 | $0 | $4.0K | |
| Total Liabilities | $8M | $8M | $9M | $9M | $9M | $9M | $10M | $10M | $10M | $10M | $4M | $2M | $813.0K | $74M | $731.0K | $2M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7.0K | $7.0K | $0 | $7.0K | |
| Paid-in Capital | $247M | $246M | $245M | $246M | $245M | $245M | $244M | $244M | $243M | $243M | $243M | $242M | $241M | $240M | $240M | $239M | |
| Retained Earnings | $-232M | $-227M | $-223M | $-216M | $-212M | $-208M | $-205M | $-198M | $-195M | $-191M | $-186M | $-179M | $-174M | $-163M | $-87M | $-63M | |
| AOCI | $-28.0K | $-26.0K | $-21.0K | $-17.0K | $-17.0K | $-12.0K | $0 | $32.0K | $-40.0K | $-35.0K | $-12.0K | $-112.0K | $-208.0K | $-208.0K | $-314.0K | $-503.0K | |
| Stockholders' Equity | $15M | $19M | $22M | $29M | $33M | $36M | $40M | $45M | $49M | $52M | $56M | $62M | $66M | $77M | $152M | $175M | |
| Liabilities + Equity | $23M | $27M | $31M | $38M | $42M | $45M | $50M | $56M | $59M | $62M | $60M | $64M | $67M | $151M | $153M | $177M | |
| Shares Outstanding | 4,217,203 | 4,185,852 | 4,201,948 | 4,270,840 | 4,271,739 | 4,238,581 | 4,238,581 | 3,729,122 | 3,735,270 | 3,680,661 | 3,618,431 | 3,618,431 | 71,639,905 | 71,424,650 | 3,571,232 | 71,424,650 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-3M | $-4M | $-6M | $-3M | $-3M | $-4M | $-6M | $-3M | $-3M | $-4M | $-7M | $-3M | $-12M | $-3M | $-7M | $-3M | |
| CapEx | · | · | $0 | $17.0K | · | · | $11.0K | $0 | · | · | $65.0K | $0 | · | · | · | · | |
| Investing Cash Flow | $2M | $4M | $5M | $3M | $-3M | $4M | $4M | $2M | $2M | $5M | $5M | $5M | $12M | $13M | $-12M | $-19M | |
| Dividends Paid | · | · | · | · | · | · | · | $0 | · | · | $0 | $0 | · | · | $0 | $0 | |
| Financing Cash Flow | $-5.0K | $-1.0K | $-854.0K | $-12.0K | $-7.0K | $0 | $-120.0K | $-6.0K | $0 | $-3.0K | $0 | $-6.0K | $-71M | $0 | $0 | $0 | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | $0 | $0 | · | · | $0 | $0 |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | -8006.9% | -8216.7% | · | · | -219350.0% | -441500.0% | -246300.0% | · | -187833.3% | -605950.0% | -295700.0% | · | -133875.0% | |
| Net Margin | · | · | · | -7496.6% | -7543.8% | · | · | -191950.0% | -383000.0% | -214550.0% | · | -163933.3% | -568950.0% | -223350.0% | · | -107000.0% | |
| Pretax Margin | · | · | · | -7496.6% | -7543.8% | · | · | -191950.0% | -382700.0% | -214550.0% | · | -163966.7% | -568950.0% | -227250.0% | · | -119150.0% | |
| EBITDA Margin | · | · | · | -8006.9% | -8216.7% | · | · | -219350.0% | -441500.0% | -246300.0% | · | -187833.3% | -605950.0% | -295700.0% | · | -133875.0% | |
| ROA | -14.0% | -12.1% | · | -9.3% | -7.2% | -6.9% | · | -6.4% | -6.1% | -4.0% | · | -4.1% | -9.2% | -2.7% | · | -2.3% | |
| ROE | -18.8% | -15.8% | · | -11.6% | -8.8% | -8.3% | · | -7.1% | -6.7% | -6.6% | · | -4.1% | -9.3% | -3.4% | · | -2.3% | |
| ROIC | -30.9% | -23.9% | · | -15.8% | -11.9% | -11.1% | · | -9.6% | -9.0% | -9.4% | · | -9.0% | -18.2% | -7.5% | · | -2.7% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.2 | 8.5 | · | 13.7 | 16.3 | 17.7 | · | 6.2 | 6.7 | 7.2 | · | 38.4 | 82.1 | 2.0 | · | 83.9 | |
| Quick Ratio | 5.8 | 7.2 | · | 8.3 | 8.9 | 11.9 | · | 3.5 | 3.8 | 3.9 | · | 17.4 | 31.9 | 1.3 | · | 55.7 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | 0.0 | · | · | 6.1 | 2.0 | · | · | 2.0 | 0.5 | 1.0 | · | 0.3 | 0.2 | 0.2 | · | 0.2 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $3.57 | $4.50 | · | $6.86 | $7.77 | $8.58 | · | $12.20 | $13.07 | $14.18 | · | $17.22 | $0.93 | $1.08 | · | $2.46 | |
| Revenue / Share | $0.00 | $0.00 | · | $0.02 | $0.01 | $0.00 | · | $0.00 | $0.00 | $0.00 | · | $0.00 | $0.00 | $0.00 | · | $0.00 | |
| Cash Flow / Share | · | $-1.14 | · | · | · | $-1.07 | · | · | · | $-0.97 | · | · | · | $-0.04 | · | · | |
| Cash / Share | $3.10 | $3.53 | · | $4.01 | $4.05 | $5.48 | · | $6.74 | $7.04 | $7.50 | · | $7.70 | $0.36 | $1.36 | · | $1.48 | |
| Dividend Paid / Share | · | · | · | · | · | · | · | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $20.00 | $0.00 | $0.00 | |
| EPS (TTM) | $-5.36 | $-5.15 | · | $-4.90 | $-4.79 | $-4.87 | · | $-5.33 | $-5.62 | $-7.73 | · | $-14.65 | $-14.49 | $-11.37 | · | $-1.39 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $114.0K | $162.0K | · | $106.0K | $50.0K | $3.0K | · | $5.0K | $6.0K | $7.0K | · | $12.0K | $13.0K | $45.0K | · | $54.0K | |
| Net Income TTM | $-20M | $-19M | · | $-18M | $-17M | $-18M | · | $-19M | $-20M | $-28M | · | $-45M | $-44M | $-37M | · | $-18M | |
| Market Cap | $54M | $59M | · | $77M | $46M | $31M | · | $26M | $25M | $23M | · | $18M | $673M | $1.87B | · | $1.67B | |
| P/E | -2.4 | -2.7 | · | -3.7 | -2.3 | -1.5 | · | -1.3 | -1.2 | -0.8 | · | -0.3 | -0.6 | -2.3 | · | -16.8 | |
| P/S | 469.8 | 364.6 | · | 724.8 | 927.0 | 10441.0 | · | 5258.1 | 4233.3 | 3333.6 | · | 1507.7 | 51801.2 | 41585.0 | · | 30950.7 | |
| P/B | 3.6 | 3.1 | · | 2.6 | 1.4 | 0.9 | · | 0.6 | 0.5 | 0.4 | · | 0.3 | 10.1 | 24.3 | · | 9.5 | |
| P / Tangible Book | 3.6 | 3.1 | · | 2.6 | 1.4 | 0.9 | · | 0.6 | 0.5 | 0.4 | · | 0.3 | 10.1 | 24.3 | · | 9.5 | |
| P / Cash Flow | · | -13.7 | · | · | · | -8.0 | · | · | · | -6.6 | · | · | · | -690.3 | · | · | |
| Earnings Yield | -42.2% | -36.5% | · | -27.2% | -44.1% | -65.9% | · | -75.6% | -82.7% | -121.9% | · | -293.0% | -154.2% | -43.4% | · | -5.9% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $162.0K | $5.0K | $7.0K | $48.0K | $35.0K |
| Operating Margin % | -12000.0% | -407940.0% | · | -45991.7% | -140497.1% |
| Net Income | $-18M | $-18M | $-28M | $-36M | $-43M |
| Diluted EPS | $-5.00 | $-5.05 | $-7.79 | $-10.17 | $-0.60 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 10.7 | 5.3 | · | 208.3 | · |
| Quick Ratio | 7.7 | 3.2 | · | 118.4 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-16M | $-15M | · | $-17M | $-52M |
Institutional owners (13F) 31 filers · $10.4M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
31
Value held
$10.4M
New positions
3
Exited positions
3
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 3 (-3 vs prior Q) | 3 (0 vs prior Q) | 4 (-1 vs prior Q) | 8 (+1 vs prior Q) | +46K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $2,933,301 | 175,752 | 28.32% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $2,002,600 | 157,685 | 19.34% | Shares |
| Williams Jones Wealth Management, LLC. | $1,260,742 | 99,271 | 12.17% | Shares |
| Csenge Advisory Group | $868,172 | 68,360 | 8.38% | Shares |
| BlackRock, Inc. | $840,092 | 66,149 | 8.11% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $549,370 | 43,214 | 5.30% | Shares |
| Baird Financial Group, Inc. | $356,121 | 28,041 | 3.44% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $289,306 | 22,780 | 2.79% | Shares |
| CITADEL ADVISORS LLC | $267,005 | 21,024 | 2.58% | Shares |
| HighTower Advisors, LLC | $261,252 | 20,571 | 2.52% | Shares |
| Forum Financial Management, LP | $219,977 | 17,321 | 2.12% | Shares |
| STATE STREET CORP | $191,097 | 15,047 | 1.85% | Shares |
| BARCLAYS PLC | $130,861 | 10,304 | 1.26% | Shares |
| JPMORGAN CHASE & CO | $51,846 | 4,092 | 0.50% | Shares |
| UBS Group AG | $36,170 | 2,848 | 0.35% | Shares |
| ROYAL BANK OF CANADA | $24,000 | 1,875 | 0.23% | Shares |
| OSAIC HOLDINGS, INC. | $19,506 | 1,536 | 0.19% | Shares |
| Cornerstone National Bank & Trust Co | $14,988 | 1,200 | 0.14% | Shares |
| Vanguard Global Advisers, LLC | $14,262 | 1,123 | 0.14% | Shares |
| MORGAN STANLEY | $11,164 | 879 | 0.11% | Shares |
| CWM, LLC | $3,880 | 275 | 0.04% | Shares |
| WELLS FARGO & COMPANY/MN | $3,784 | 298 | 0.04% | Shares |
| LANARK FINANCIAL, INC. | $2,565 | 202 | 0.02% | Shares |
| Global Retirement Partners, LLC | $1,676 | 132 | 0.02% | Shares |
| GROUP ONE TRADING LLC | $635 | 50 | 0.01% | Shares |
| SBI Securities Co., Ltd. | $559 | 44 | 0.01% | Shares |
| SHP Wealth Management | $457 | 36 | 0.00% | Shares |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | $275 | 22 | 0.00% | Shares |
| FMR LLC | $165 | 13 | 0.00% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $152 | 12 | 0.00% | Shares |
| Smartleaf Asset Management LLC | $101 | 8 | 0.00% | Shares |
Activists & 5%+ owners 9 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Larsen Kendall | Nov. 26, 2025 | 0.00% | Amendment | · | SEC |
| Kendall Larsen ×7 filings | Nov. 14, 2024 | · | Initial filing | · | SEC |
| The Radoff Family Foundation, Bradley L. Radoff, JEC II Associates, LLC, Michael Torok ×3 filings | March 31, 2023 | · | Initial filing | Board campaign | SEC |
| Gregory H. Bailey 2) | March 16, 2010 | · | Initial filing | · | SEC |
| Robert M. Levande ×2 filings | March 1, 2010 | · | Initial filing | · | SEC |
| Gregory H. Bailey ×4 filings | Feb. 16, 2010 | · | Initial filing | · | SEC |
| Christopher A. Marlett I.D. No., Christopher A. Marlett Living Trust I.D. No., Nicaragua Initiative for Community Advancement I.D. No. | July 19, 2007 | · | Initial filing | Passive investment | SEC |
| Justin Yorke, San Gabriel Fund L.L.C., JMW Fund, L.L.C. | July 16, 2007 | · | Initial filing | · | SEC |
| Glenn P. Russell, Russell Trust Dated June 23, 1999 ×2 filings | Feb. 21, 2007 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 13 insiders · 7 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Larsen Kendall | President & CEO | Sept. 14, 2026 S | 339,633 | 0 | 7 | $-395,732 |
| Katherine Allanson | Chief Financial Officer | July 6, 2026 F | 31,205 | 0 | 0 | $0 |
| Richard H Nance | Chief Financial Officer | June 14, 2021 A | 40,509 | 0 | 0 | $0 |
| William E Sliney | Chief Financial Officer | Aug. 30, 2011 M | 0 | 0 | 0 | $0 |
| VirnetX Holding Corp | Chief Financial Officer | Dec. 31, 2007 A | · | 0 | 0 | $0 |
| Darl C Mcbride | Chief Operating Officer | Jan. 31, 2024 F | 5,834 | 0 | 0 | $0 |
| Robert D Short III | Chief Scientist | July 7, 2025 F | 31,848 | 0 | 0 | $0 |
| Michael F Angelo | Director | Sept. 30, 2026 S | 28,209 | 0 | 2 | $-23,316 |
| Gary Feiner | Director | Sept. 1, 2026 S | 16,874 | 0 | 4 | $-125,700 |
| Heidy Kingwan Chow | Director | June 11, 2026 A | 37,500 | 0 | 0 | $0 |
| Thomas M O'Brien | Director | June 11, 2026 A | 35,457 | 0 | 0 | $0 |
| Scott C Taylor | Director | June 6, 2013 A | 16,666 | 0 | 0 | $0 |
| Edmund C Munger | Director | July 2, 2010 M | 1,152,833 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 6 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IWC · iShares Trust | 0.01% | 12,200 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.00% | 335 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 39,376 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 113,293 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 7 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 9 NS | July 31, 2026 | N-PORT |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| VHC | $70M | -3.3 | 3140.0% | -11250.0% | -65.5% | · |
| REKR | $188M | -3.0 | 5.3% | -64.9% | -80.4% | · |
| IDN | $135M | 111.3 | 13.4% | 5.6% | 6.6% | 90.4% |
| SAIH | · | -3.3 | · | -106.2% | -37.8% | -18.2% |
| PHUN | $37M | -3.2 | -19.9% | -446.6% | -11.6% | 50.6% |
| TAOX | $27M | -0.4 | · | -9609.2% | -150.1% | · |
| BGDE | · | · | · | · | · | · |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
Latest News Recent headlines mentioning this company
My Metrics Your personal watchlist — selected rows from Full Fundamentals
Pick the metrics that matter to you — click the + next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Source: SEC 10-Q filed Aug 14, 2026