Finjan Holdings Inc. (FNJN), the cybersecurity technology and licensing company run by CEO Phil Hartstein, said it posted a wider net loss in 2015, compared with a year ago on higher litigation costs and other expenses.
East Palo Alto, California-based Finjan said its net loss increased to $12.6 million, or 56 cents a share, from $10.48 million, or 38 cents a share, in 2014.
The company’s operating expenses increased to $17.75 million from $13.8 million during the year, which included an enforcement action against Blue Coat Systems that led to a $40 million jury verdict in Finjan’s favor. Finjan has filed for $7.8 million in exceptional case fees against Blue Coat citing the company's unfair delay tactics in the case. Blue Coast is appealing the award.
Licensing revenue fell to $4.7 million in 2015 from $5 million in 2014.
The company said it ended the year with $6.1 million in cash and cash equivalents, and with an additional $5 million in licensing fees under contract with scheduled collections in 2016.
“In 2015 we focused on executing on our core licensing and enforcement strategy, securing a $40 million jury award and Judgment against Blue Coat Systems and collecting nearly $5 million in licensing revenue from three new licensees,” Hartstein said in a statement on Monday March 28.
Hartstein also noted that in addition to its litigation and licensing successes, Finjan also launched a cyber risk and advisory services firm, CybeRisk, the return to product development with the formation of Finjan Mobile and with the release of our Mobile Secure Browser application, and through an investment in next generation cyber technologies through JVP.
"Entering 2016, we have several catalysts that will help drive future growth including a strong licensing pipeline and approximately $5 million of licensing revenue already under contract and two scheduled trials with ProofPoint and Sophos," Hartstein said. "We are eager to build upon the Finjan brand while vigorously protecting our IP portfolio as we value Finjan's 20-year history in cybersecurity, the investment of our licensees and our shareholders."
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