A jury in the U.S. District Court in Tyler, Texas, awarded VirnetX Holding Corp. (VHC), the patent licensing company run by CEO Kendall Larsen, $302.4 million in damages in its patent infringement dispute with Apple Inc. (APPL).

The award is the third won by VirnetX against Apple following a $625.6 million award in February and a $368.2 million award in 2012. Apple convinced the court to throw out the $625.6 million award in August and the $368.2 million award in September 2014.

Shares of VirnetX soared 34% or $1.04 to 4.10 in trading today. They soared as high as $5.13 in early trading and have traded between $1.95 and $9.64 over the past year.

"The numbers are too big," said Mark Gober, a senior director at 3LP Advisors in an email.  "A near-term settlement seems unlikely. VirnetX has waited all these years and probably won’t take a small number. If that is the case, then Apple has every incentive to continue fighting. Why not spend a few million dollars per year in litigation costs to avoid paying hundreds of millions? Unless VirnetX drops its settlement expectations, it could be many more years in court before they receive a penny."

Officials from Apple said all four patents in the suit currently stand invalidated by the U.S. Patent and Trademark Office's Patent Trial and Appeal Board.

Apple confirmed it plans to appeal.

Zephyr Cove, Nevada-based VirnetX said the verdict includes royalties awarded to VirnetX, for unresolved issues in the Apple I case, remanded back from the U. S. Court of Appeals for the Federal Circuit, related to damages owed to VirnetX for infringement by Apple's original VPN-on-Demand (VOD) and the alleged infringement by Apple's original FaceTime product, under the new claim construction of "secure communication link" pertaining to the '504 and '211 patents by the Federal Circuit, and the damages associated with that infringement.

"We are extremely pleased with the jury verdict announced today," Larsen said in a statement. "This is the third time a jury has confirmed that Apple has been using the technology developed by our inventors."

VirnetX has two currently-pending patent infringement lawsuits against Apple in U.S. District Court in Tyler, Texas, including the Apple I case and Case No. 6:12-cv-00855, also known as Apple II, which covers issues of alleged infringement, damages and willfulness by Apple's redesigned VOD in iOS 7 and 8, the redesigned FaceTime in iOS 7 and 8 and OS X 10.9 and 10.10 and iMessage.

A jury trial in Apple II case is expected to be scheduled by the court shortly after the conclusion of the Apple I case.

—To reach the reporter responsible for this story, please contact Dan Lonkevich at 707 318-7899 or at dan@thepatentinvestor.com