VHC — what changed in the latest 10-Q
A section-by-section comparison of VHC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-14 vs the prior 10-Q · 2026-05-15
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +7 | −5 | ~3 | 13 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 3 |
| Controls & procedures | Text added/removed | 0 | 0 | ~4 | 0 |
| Risk factors | Some risk factors updated | 0 | 0 | ~10 | 99 |
| Other information | Text added/removed | +5 | −1 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-14
VirnetX iSCOUT (IoT System for Connected Object Understanding and Telemetry) leverages a common, secure IoT and data infrastructure to fuse sensor, geospatial, and agency data into a unified operating picture, including in disaster response and smart city environments. It is designed to support miss…
We recognized revenue $48 in the three months and six months ended June 30, 2025 and no revenue during the same periods in 2026.
Our research and development expenses decreased slightly in 2026 compared to 2025, totaling $1,126 and $1,215 for the three months ended June 30, 2026 and 2025, and totaling $2,288 and $2,474 for the six months ended June 30, 2026 and 2025. The decrease was related to compensation.
Our selling, general and administrative expenses increased $749 and $1,308 in the three and six months ended June 30, 2026 compared to 2025. The variance was primarily related to increases of $388 in legal expenses, $362 in equity compensation, and $395 in travel expense.
As of June 30, 2026, our cash and cash equivalents totaled approximately $13,090 and our short-term investments totaled approximately $799, compared to cash and cash equivalents of approximately $15,548 and short-term investments of approximately $5,979 at December 31, 2025, respectively. Working ca…
Text removed vs the prior filing · source: 10-Q · 2026-05-15
We recognized no revenue in the three months ended March 31, 2026 and 2025.
Our research and development expenses remained steady between 2026 and 2025 totaling $1,162 and $1,259 for the three months ended March 31, 2026 and 2025, respectively.
Our selling, general and administrative expenses increased from $2,788 to $3,346 for the three months ended March 31, 2026, primarily related to compensation expense and corporate travel.
As of March 31, 2026, the Company held approximately $17.2 million in cash, cash equivalents and short-term investments.
Our effective tax rate is 0% for income tax for the three months ended March 31, 2026 and 2025, and we expect our effective tax rate for the full year will be 0%. Our effective tax rate is less than the 21% statutory tax rate primarily due to our valuation allowance. Based on the weight of available…
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-14
During our last fiscal quarter, the following directors and officers, as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, as follows:
On May 29, 2026, Kendall Larsen, our Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of 35,000 shares of our common stock, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligat…
On May 29, 2026, Gary Feiner, a member of our board of directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of 7,500 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The dura…
On May 20, 2026, Michael F. Angelo, a member of our board of directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of 5,000 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). Th…
No other officers or directors, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, during the last fiscal quarter.
Text removed vs the prior filing · source: 10-Q · 2026-05-15
During the three months ended March 31, 2026, the Company did not adopt, modify or terminate and no directors or officers, as defined in Rule 16a-1(f), adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K It…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice