−Removed: We are in the business of innovating fundamental wireless technologies and products.
−Removed: We have designed and developed proprietary radio frequency (“RF”) technologies and integrated circuits for use in wireless communication products.
+Added: We are in the business of innovating and licensing our fundamental wireless technologies.
+Added: We have designed and developed proprietary radio frequency (“RF”) technologies and integrated circuits based on those technologies, and we license our technologies to others for use in wireless communication products.
We have expended significant financial and other resources to research and develop our RF technologies and to obtain patent protection for those technologies in the United States of America (“U.S.”) and certain foreign jurisdictions.
−Removed: We believe certain patents protecting our proprietary technologies have been broadly infringed by others and therefore the primary focus of our current business plan is the enforcement of our intellectual property rights through licensing efforts and patent infringement litigation.
+Added: We believe certain patents protecting our proprietary technologies have been broadly infringed by others and therefore the primary focus of our current business plan is the enforcement of our intellectual property rights through licensing efforts and patent infringement litigation efforts.
+Added: We have determined that our business currently operates under a single operating and reportable segment.
+Added: We currently have five licensees of our technologies, all of which resulted from our patent enforcement efforts.
We currently have patent enforcement actions ongoing in various U.S.
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We have made significant investments in developing and protecting our technologies, the returns on which are dependent upon the generation of future revenues for realization.
−Removed: We spent the majority of 2023 supporting our current patent enforcement actions.
−Removed: Beginning in 2020, we filed several patent enforcement cases in the Western District of Texas and, through 2023, we had entered into four patent license and settlement agreements with defendants, resulting in the dismissal of six pending actions.
−Removed: We currently have ten enforcement actions pending in Texas against five separate foreign defendants and one domestic defendant.
−Removed: Additionally, we had two patent enforcement cases pending against Qualcomm in the Middle District of Florida.
−Removed: In March 2022, the district court in one of those cases granted several of Qualcomm's pre-trial motions, including a motion for summary judgment thus terminating the case prior to a jury trial.
−Removed: We appealed these decisions to the Federal Circuit and are currently awaiting the Federal Circuit's ruling.
−Removed: The second case which is pending against Qualcomm and Apple has been stayed pending the outcome of the first case .
−Removed: We also have a patent enforcement action against LG in the District of New Jersey that is stayed pending resolution of the Qualcomm and Apple case in Florida.
+Added: We spent the majority of 2024 supporting our current patent enforcement actions, including the defense of Inter Partes Review ("IPR") actions filed against us.
+Added: We currently have ten patent enforcement actions pending in the Western District of Texas against five separate foreign defendants and one domestic defendant.
+Added: Three of these actions, against two separate defendants, are currently stayed pending results from other related cases.
+Added: The active cases have currently scheduled trial dates beginning in 2025 through 2026.
+Added: In addition, we have a patent enforcement action against Qualcomm that was remanded back to the Middle District of Florida in September 2024 following a favorable ruling from the Court of Appeals for the Federal Circuit ("CAFC") that reversed the district court's prior summary judgement against us.
+Added: The Qualcomm action is awaiting a trial date, following the district court's rulings on outstanding motions.
+Added: We also have an additional patent enforcement action against Qualcomm and Apple in the Middle District of Florida and against LG in the District of New Jersey, both of which are currently stayed pending the outcome of the current case against Qualcomm.
+Added: A number of defendants in our patent enforcement actions have filed petitions for IPR against claims of the asserted patents.
+Added: Currently, we have IPRs that have been instituted by the Patent Trial and Appeal Board ("PTAB") against claims on four of our asserted patents, and one IPR that is pending a PTAB institution decision.
+Added: In addition, in late 2024, we filed a petition with the U.S.
+Added: Supreme Court with respect to two unfavorable PTAB decisions that were upheld by the CAFC through Rule 36 decisions in 2024.
+Added: Our petition was denied by the Supreme Court on March 24, 2025.
See “Legal Proceedings” in Note 12 to our consolidated financial statements included in Item 8 for a detailed description of our various patent enforcement actions.
A significant portion of our litigation costs have been funded under a secured contingent payment arrangement with Brickell Key Investments, LP (“Brickell”), contingent arrangements with legal counsel, and various debt and equity financings.
−Removed: See “Liquidity and Capital Resources” included in Item 7 for a full discussion of our litigation funding arrangements and our equity and debt financings.
+Added: See Note 9 to our consolidated financial statements included in Item 8 and “Liquidity and Capital Resources” included in Item 7 for a full discussion of our litigation funding arrangements and our equity and debt financings.
Products and Licenses
Since 2019, we have focused exclusively on our patent enforcement and licensing efforts.
−Removed: As of December 31, 2023, we had five licensees for our technologies, including one licensee added in 2023.
+Added: As of December 31, 2024, we had five licensees for our technologies.
All of our license agreements resulted from settlement of patent enforcement actions initiated by us.
−Removed: Our patent license and settlement agreements typically include a one-time, up-front payment to cover past and future use of our technologies, with no future recurring revenue.
+Added: To date, our patent license and settlement agreements have included a one-time, up-front payment to cover past and future use of our technologies, with no future recurring revenue.
See “Revenue” in Note 3 to our consolidated financial statements included in Item 8 for additional details.
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and foreign patents related to our RF technologies.
−Removed: In addition, we have over 50 patents that have expired over the past five years that we believe continue to have significant economic value as a result of our ability to assert past damages in our patent enforcement actions.
+Added: In addition, we have over 60 patents that have expired over the past seven years that we believe continue to have significant economic value as a result of our ability to assert past damages in our patent enforcement actions.
We estimate the economic lives of our patents to be the shorter of fifteen years from issuance or twenty years from the earliest application date.
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Following the COVID-19 pandemic, we reverted to fully remote worksites for all of our employees.
−Removed: Our management, with the oversight of our board of directors, monitors the hiring, retention, and management of our employees.
+Added: Our management, with the oversight of our Board, monitors the hiring, retention, and management of our employees.
Available Information and Access to Reports
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.