RE:VirnetxInteresting. It may indeed be the case that VirnetX is an amazing buy and in some ways the picture appears similar to that of Wilan where investors essentially refuse to accord any value to IP awards until they're actually in the bank.
From their Q3 report (September 30) their book value is US$2.70 per share and cash per share is $2.05. And there's essentially no intangibles and their IP portfolio seems to be on the books for a thoroughly conservative zero.
Against that the share price of $2.33 does look quite reasonable. But this is without including the amount that could be coming from Apple. From page 2 of that Q3 report:
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In the VirnetX Inc. v. Apple, Inc. (Case Nos. 6:11-cv-00563-RWS, 6:12-cv-00855-RWS) (“Apple II”) litigation, the United States Court of Appeals for the Federal Circuit (the “Federal Circuit”) in November 2019, affirmed-in-part and reversed-in-part the judgment issued by the United States District Court for the Eastern District of Texas (the “district court”) in the case awarding VirnetX damages of $595.9 million. On October 30, 2020, after a trial in the district court, a jury returned a verdict in favor of VirnetX, awarding VirnetX with over $502 million in damages. On January 15, 2021, the district court denied Apple’s motion for judgment as a matter of law and affirmed the jury findings. This may imply that VirnetX may soon receive over $500 million in cash, however, Apple has appealed to the Federal Circuit with regards to the judgement from the district court and this appeal is awaiting calendaring for oral arguments. In addition, the patents in this case are being challenged in the United States Patent and Trademark Office. If those challenges are successful, the award in the case may be reduced, eliminated and/or delayed for a lengthy period. The continuation of this litigation is distracting to our management, expensive, and these distractions and expenses may continue.
That $595 million works out to over $8 per share. It does seem a little weird to me that the market doesn't seem to want to include ANY of that in the share price.
Note that there has also been some recent insider buying.