VirnetX Inc.

VirnetX Holding Corporation (NASDAQ: VHC) is a publicly traded internet security software and technology company founded in 2005 and headquartered in Zephyr Cove, Nevada. VirnetX is a small company, reporting 21 employees as of December 2025 and annual revenue of $162,000 for the same year. Its market capitalization was approximately $56 million as of April 2026.

The company's business model is centered on commercializing its patent portfolio, which relates to secure communications, Zero Trust Network Access (ZTNA), and secure domain name technology. While VirnetX markets security products such as the VirnetX One platform, VirnetX Matrix, and the War Room secure video conferencing application, its revenue from operations is minimal compared to the income generated from patent litigation and licensing. The company's primary business activity has been described as the licensing and litigation of its intellectual property, which was developed in-house and acquired from Science Applications International Corporation (SAIC).

Consistent with a patent-assertion business model, VirnetX is almost exclusively a plaintiff in litigation. The provided case data shows the company as a plaintiff in three out of four tracked cases, with all district court suits filed in the patent-friendly U.S. District Court for the Eastern District of Texas. This reflects a strategy of aggressively enforcing its patent rights against major technology companies. The single case where VirnetX is listed as a defendant is an action at the Patent Trial and Appeal Board (PTAB), a common venue where companies accused of infringement challenge the validity of asserted patents.

VirnetX is known for its long-running and high-stakes patent infringement lawsuits against major technology corporations. Its most notable cases have been against Apple, where juries awarded VirnetX hundreds of millions of dollars in damages for the infringement of its patents by features like FaceTime and VPN on Demand. The company also engaged in litigation with Microsoft, which resulted in a $200 million settlement, and has sued other major firms, including Cisco. While VirnetX has secured significant verdicts and settlements, some of its patents have subsequently been invalidated in PTAB proceedings.