UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended June 30, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 814-00702
HERCULES CAPITAL, INC.
(Exact Name of Registrant as Specified in its Charter)
Maryland |
|
74-3113410 |
(State or Jurisdiction of Incorporation or Organization) |
|
(IRS Employer Identification Number) |
400 Hamilton Ave., Suite 310 Palo Alto, California (Address of Principal Executive Offices) |
|
94301 (Zip Code) |
|
(650) 289-3060
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Shares, par value $0.001 per share |
HTGC |
New York Stock Exchange |
6.25% Notes due 2033 |
HCXY |
New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
|
☒ |
|
Accelerated filer |
|
☐ |
Non-accelerated filer |
|
☐ |
|
Smaller reporting company |
|
☐ |
Emerging growth company |
|
☐ |
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
|
☐ |
||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
On July 22, 2022, there were 127,238,854 shares outstanding of the Registrant’s common stock, $0.001 par value.
HERCULES CAPITAL, INC.
FORM 10-Q TABLE OF CONTENTS
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3 |
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Item 1. |
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3 |
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3 |
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4 |
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5 |
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Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited) |
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6 |
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Consolidated Schedule of Investments as of June 30, 2022 (unaudited) |
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7 |
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Consolidated Schedule of Investments as of December 31, 2021 |
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18 |
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29 |
Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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61 |
Item 3. |
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77 |
Item 4. |
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78 |
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79 |
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Item 1. |
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79 |
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Item 1A. |
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79 |
Item 2. |
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80 |
Item 3. |
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80 |
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Item 4. |
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80 |
Item 5. |
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80 |
Item 6. |
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81 |
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86 |
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PART I: FINANCIAL INFORMATION
In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc. its wholly owned subsidiaries, and its affiliated securitization trust unless the context otherwise requires.
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data) |
|
June 30, 2022 |
|
|
December 31, 2021 |
|
||
|
|
(unaudited) |
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Investments, at fair value: |
|
|
|
|
|
|
||
Non-control/Non-affiliate investments (cost of $2,667,854 and $2,293,398, respectively) |
|
$ |
2,632,403 |
|
|
$ |
2,351,560 |
|
Control investments (cost of $87,228 and $84,039, respectively) |
|
|
82,875 |
|
|
|
73,504 |
|
Affiliate investments (cost of $8,245 and $13,547, respectively) |
|
|
3,613 |
|
|
|
9,458 |
|
Total investments, at fair value (cost of $2,763,327 and $2,390,984, respectively; amounts related to a VIE $234,170 and $0, respectively) |
|
|
2,718,891 |
|
|
|
2,434,522 |
|
Cash and cash equivalents |
|
|
115,309 |
|
|
|
133,115 |
|
Restricted cash (amounts related to a VIE $3,371 and $0, respectively) |
|
|
3,371 |
|
|
|
3,150 |
|
Interest receivable |
|
|
22,112 |
|
|
|
17,365 |
|
Right of use asset |
|
|
6,349 |
|
|
|
6,761 |
|
Other assets |
|
|
3,691 |
|
|
|
5,100 |
|
Total assets |
|
$ |
2,869,723 |
|
|
$ |
2,600,013 |
|
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
||
Debt (net of debt issuance costs - Note 5; amounts related to a VIE $147,663 and $0, respectively) |
|
$ |
1,498,612 |
|
|
$ |
1,236,303 |
|
Accounts payable and accrued liabilities |
|
|
36,711 |
|
|
|
47,781 |
|
Operating lease liability |
|
|
6,660 |
|
|
|
7,382 |
|
Total liabilities |
|
$ |
1,541,983 |
|
|
$ |
1,291,466 |
|
|
|
|
|
|
|
|
||
Net assets consist of: |
|
|
|
|
|
|
||
Common stock, par value |
|
$ |
128 |
|
|
$ |
117 |
|
Capital in excess of par value |
|
|
1,242,618 |
|
|
|
1,091,907 |
|
Total distributable earnings |
|
|
84,994 |
|
|
|
216,523 |
|
Total net assets |
|
$ |
1,327,740 |
|
|
$ |
1,308,547 |
|
Total liabilities and net assets |
|
$ |
2,869,723 |
|
|
$ |
2,600,013 |
|
|
|
|
|
|
|
|
||
Shares of common stock outstanding ($0.001 par value and 200,000,000 authorized) |
|
|
127,285 |
|
|
|
116,619 |
|
Net asset value per share |
|
$ |
10.43 |
|
|
$ |
11.22 |
|
See notes to consolidated financial statements
3
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data) |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Investment income: |
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|
|
|
|
|
|
|
|
|
|
|
||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-control/Non-affiliate investments |
|
$ |
67,511 |
|
|
$ |
60,276 |
|
|
$ |
127,601 |
|
|
$ |
123,258 |
|
Control investments |
|
|
1,144 |
|
|
|
1,029 |
|
|
|
2,259 |
|
|
|
1,828 |
|
Affiliate investments |
|
|
76 |
|
|
|
1 |
|
|
|
1,123 |
|
|
|
2 |
|
Total interest income |
|
|
68,731 |
|
|
|
61,306 |
|
|
|
130,983 |
|
|
|
125,088 |
|
Fee income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-control/Non-affiliate investments |
|
|
3,367 |
|
|
|
8,238 |
|
|
|
6,256 |
|
|
|
13,207 |
|
Control investments |
|
|
17 |
|
|
|
15 |
|
|
|
33 |
|
|
|
23 |
|
Total fee income |
|
|
3,384 |
|
|
|
8,253 |
|
|
|
6,289 |
|
|
|
13,230 |
|
Total investment income |
|
|
72,115 |
|
|
|
69,559 |
|
|
|
137,272 |
|
|
|
138,318 |
|
|
|
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|
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|
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||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest |
|
|
12,698 |
|
|
|
14,490 |
|
|
|
24,345 |
|
|
|
29,240 |
|
Loan fees |
|
|
1,492 |
|
|
|
2,220 |
|
|
|
3,334 |
|
|
|
5,020 |
|
General and administrative |
|
|
4,322 |
|
|
|
4,068 |
|
|
|
8,140 |
|
|
|
7,664 |
|
Tax expenses |
|
|
1,821 |
|
|
|
1,746 |
|
|
|
2,533 |
|
|
|
3,184 |
|
Employee compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation and benefits |
|
|
11,060 |
|
|
|
8,349 |
|
|
|
19,389 |
|
|
|
18,153 |
|
Stock-based compensation |
|
|
3,661 |
|
|
|
2,926 |
|
|
|
8,085 |
|
|
|
5,670 |
|
Total employee compensation |
|
|
14,721 |
|
|
|
11,275 |
|
|
|
27,474 |
|
|
|
23,823 |
|
Total gross operating expenses |
|
|
35,054 |
|
|
|
33,799 |
|
|
|
65,826 |
|
|
|
68,931 |
|
Expenses allocated to the Adviser Subsidiary |
|
|
(3,070 |
) |
|
|
(1,204 |
) |
|
|
(4,472 |
) |
|
|
(2,137 |
) |
Total net operating expenses |
|
|
31,984 |
|
|
|
32,595 |
|
|
|
61,354 |
|
|
|
66,794 |
|
Net investment income |
|
|
40,131 |
|
|
|
36,964 |
|
|
|
75,918 |
|
|
|
71,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-control/Non-affiliate investments |
|
|
(2,133 |
) |
|
|
47,861 |
|
|
|
(4,600 |
) |
|
|
55,631 |
|
Affiliate investments |
|
|
— |
|
|
|
(62,143 |
) |
|
|
3,772 |
|
|
|
(62,143 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
(3,686 |
) |
|
|
— |
|
Total net realized gain (loss) |
|
|
(2,133 |
) |
|
|
(14,282 |
) |
|
|
(4,514 |
) |
|
|
(6,512 |
) |
Net change in unrealized appreciation (depreciation): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-control/Non-affiliate investments |
|
|
(51,749 |
) |
|
|
3,075 |
|
|
|
(90,698 |
) |
|
|
21,097 |
|
Control investments |
|
|
4,728 |
|
|
|
(5,255 |
) |
|
|
6,182 |
|
|
|
(3,553 |
) |
Affiliate investments |
|
|
(1,295 |
) |
|
|
62,229 |
|
|
|
(542 |
) |
|
|
64,338 |
|
Total net change in unrealized appreciation (depreciation) |
|
|
(48,316 |
) |
|
|
60,049 |
|
|
|
(85,058 |
) |
|
|
81,882 |
|
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) |
|
|
(50,449 |
) |
|
|
45,767 |
|
|
|
(89,572 |
) |
|
|
75,370 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
(10,318 |
) |
|
$ |
82,731 |
|
|
$ |
(13,654 |
) |
|
$ |
146,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income before investment gains and losses per common share: |
|
|||||||||||||||
Basic |
|
$ |
0.32 |
|
|
$ |
0.32 |
|
|
$ |
0.62 |
|
|
$ |
0.62 |
|
Change in net assets resulting from operations per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.09 |
) |
|
$ |
0.71 |
|
|
$ |
(0.12 |
) |
|
$ |
1.27 |
|
Diluted |
|
$ |
(0.09 |
) |
|
$ |
0.65 |
|
|
$ |
(0.12 |
) |
|
$ |
1.21 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
124,255 |
|
|
|
114,654 |
|
|
|
121,292 |
|
|
|
114,480 |
|
Diluted |
|
|
124,255 |
|
|
|
129,572 |
|
|
|
121,292 |
|
|
|
122,188 |
|
Distributions paid per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.48 |
|
|
$ |
0.39 |
|
|
$ |
0.96 |
|
|
$ |
0.76 |
|
See notes to consolidated financial statements
4
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(amounts in thousands) |
|
|
|
|
|
|
Capital in |
|
|
Distributable |
|
|
|
|
|||||
|
Common Stock |
|
|
excess |
|
|
Earnings |
|
|
Net |
|
||||||||
For the Three Months Ended June 30, 2022 |
Shares |
|
|
Par Value |
|
|
of par value |
|
|
(loss) |
|
|
Assets |
|
|||||
Balance as of March 31, 2022 |
|
123,194 |
|
|
$ |
124 |
|
|
$ |
1,178,019 |
|
|
$ |
155,305 |
|
|
$ |
1,333,448 |
|
Net increase (decrease) in net assets resulting from operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,318 |
) |
|
|
(10,318 |
) |
Public offering, net of offering expenses |
|
4,061 |
|
|
|
4 |
|
|
|
61,851 |
|
|
|
— |
|
|
|
61,855 |
|
Issuance of common stock due to stock option exercises |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Retired shares from net issuance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of common stock under restricted stock plan |
|
23 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Retired shares for restricted stock vesting |
|
(54 |
) |
|
|
— |
|
|
|
(894 |
) |
|
|
— |
|
|
|
(894 |
) |
Distributions reinvested in common stock |
|
61 |
|
|
|
— |
|
|
|
921 |
|
|
|
— |
|
|
|
921 |
|
Distributions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(59,993 |
) |
|
|
(59,993 |
) |
Stock-based compensation (1) |
|
— |
|
|
|
— |
|
|
|
2,721 |
|
|
|
— |
|
|
|
2,721 |
|
Balance as of June 30, 2022 |
|
127,285 |
|
|
$ |
128 |
|
|
$ |
1,242,618 |
|
|
$ |
84,994 |
|
|
$ |
1,327,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
For the Six Months Ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance as of December 31, 2021 |
$ |
116,619 |
|
|
$ |
117 |
|
|
$ |
1,091,907 |
|
|
$ |
216,523 |
|
|
$ |
1,308,547 |
|
Net increase (decrease) in net assets resulting from operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,654 |
) |
|
|
(13,654 |
) |
Public offering, net of offering expenses |
|
8,921 |
|
|
|
9 |
|
|
|
147,095 |
|
|
|
— |
|
|
|
147,104 |
|
Issuance of common stock due to stock option exercises |
|
37 |
|
|
|
— |
|
|
|
454 |
|
|
|
— |
|
|
|
454 |
|
Retired shares from net issuance |
|
(2 |
) |
|
|
— |
|
|
|
(32 |
) |
|
|
— |
|
|
|
(32 |
) |
Issuance of common stock under restricted stock plan |
|
788 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
Retired shares for restricted stock vesting |
|
(180 |
) |
|
|
— |
|
|
|
(4,588 |
) |
|
|
— |
|
|
|
(4,588 |
) |
Distributions reinvested in common stock |
|
121 |
|
|
|
— |
|
|
|
1,946 |
|
|
|
— |
|
|
|
1,946 |
|
Issuance of common stock from conversion of 2022 Convertible Notes |
|
981 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
Distributions |
|
— |
|
|
|
— |
|
|
|
|
|
|
(117,875 |
) |
|
|
(117,875 |
) |
|
Stock-based compensation (1) |
|
— |
|
|
|
— |
|
|
|
5,838 |
|
|
|
— |
|
|
|
5,838 |
|
Balance as of June 30, 2022 |
$ |
127,285 |
|
|
$ |
128 |
|
|
$ |
1,242,618 |
|
|
$ |
84,994 |
|
|
$ |
1,327,740 |
|
(amounts in thousands) |
|
|
|
|
|
|
|
Capital in |
|
|
Distributable |
|
|
|
|
|||||
|
|
Common Stock |
|
|
excess |
|
|
Earnings |
|
|
Net |
|
||||||||
For the Three Months Ended June 30, 2021 |
|
Shares |
|
|
Par Value |
|
|
of par value |
|
|
(loss) |
|
|
Assets |
|
|||||
Balance as of March 31, 2021 |
|
|
115,768 |
|
|
$ |
116 |
|
|
$ |
1,160,519 |
|
|
$ |
154,759 |
|
|
$ |
1,315,394 |
|
Net increase (decrease) in net assets resulting from operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
82,731 |
|
|
|
82,731 |
|
Public offering, net of offering expenses |
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
Issuance of common stock due to stock option exercises |
|
|
41 |
|
|
|
— |
|
|
|
888 |
|
|
|
— |
|
|
|
888 |
|
Retired shares from net issuance |
|
|
(12 |
) |
|
|
— |
|
|
|
(486 |
) |
|
|
— |
|
|
|
(486 |
) |
Issuance of common stock under restricted stock plan |
|
|
36 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Retired shares for restricted stock vesting |
|
|
(33 |
) |
|
|
— |
|
|
|
(725 |
) |
|
|
— |
|
|
|
(725 |
) |
Distributions reinvested in common stock |
|
|
67 |
|
|
|
— |
|
|
|
1,070 |
|
|
|
— |
|
|
|
1,070 |
|
Distributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(45,158 |
) |
|
|
(45,158 |
) |
Stock-based compensation (1) |
|
|
— |
|
|
|
— |
|
|
|
2,647 |
|
|
|
— |
|
|
|
2,647 |
|
Balance as of June 30, 2021 |
|
|
115,867 |
|
|
$ |
116 |
|
|
$ |
1,163,910 |
|
|
$ |
192,332 |
|
|
$ |
1,356,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
For the Six Months Ended June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance as of December 31, 2020 |
|
|
114,726 |
|
|
$ |
115 |
|
|
$ |
1,158,198 |
|
|
$ |
133,391 |
|
|
$ |
1,291,704 |
|
Net increase (decrease) in net assets resulting from operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
146,894 |
|
|
|
146,894 |
|
Public offering, net of offering expenses |
|
|
— |
|
|
|
— |
|
|
|
(198 |
) |
|
|
— |
|
|
|
(198 |
) |
Issuance of common stock due to stock option exercises |
|
|
263 |
|
|
|
— |
|
|
|
3,633 |
|
|
|
— |
|
|
|
3,633 |
|
Retired shares from net issuance |
|
|
(62 |
) |
|
|
— |
|
|
|
(1,089 |
) |
|
|
— |
|
|
|
(1,089 |
) |
Issuance of common stock under restricted stock plan |
|
|
960 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
Retired shares for restricted stock vesting |
|
|
(154 |
) |
|
|
— |
|
|
|
(3,906 |
) |
|
|
— |
|
|
|
(3,906 |
) |
Distributions reinvested in common stock |
|
|
134 |
|
|
|
— |
|
|
|
2,110 |
|
|
|
— |
|
|
|
2,110 |
|
Distributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(87,953 |
) |
|
|
(87,953 |
) |
Stock-based compensation (1) |
|
|
— |
|
|
|
— |
|
|
|
5,163 |
|
|
|
— |
|
|
|
5,163 |
|
Balance as of June 30, 2021 |
|
|
115,867 |
|
|
$ |
116 |
|
|
$ |
1,163,910 |
|
|
$ |
192,332 |
|
|
$ |
1,356,358 |
|
See notes to consolidated financial statements
5
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(amounts in thousands) |
For the Six Months Ended June 30, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Cash flows used in operating activities: |
|
|
|
|
|
||
Net increase (decrease) in net assets resulting from operations |
$ |
(13,654 |
) |
|
$ |
146,894 |
|
Adjustments to reconcile net increase in net assets resulting from |
|
|
|
|
|
||
Purchases of investments |
|
(790,706 |
) |
|
|
(629,146 |
) |
Fundings assigned to Adviser Funds |
|
189,806 |
|
|
|
75,286 |
|
Principal and fee repayments received and proceeds from the sale of debt investments |
|
237,178 |
|
|
|
394,801 |
|
Proceeds from the sale of equity investments |
|
7,749 |
|
|
|
70,596 |
|
Net unrealized (appreciation) depreciation |
|
85,058 |
|
|
|
(81,882 |
) |
Net realized (gain) loss on investments |
|
828 |
|
|
|
6,512 |
|
Accretion of paid-in-kind principal |
|
(9,943 |
) |
|
|
(4,990 |
) |
Accretion of loan discounts |
|
(1,982 |
) |
|
|
(1,789 |
) |
Accretion of loan discount on convertible notes |
|
112 |
|
|
|
336 |
|
Accretion of loan exit fees |
|
(12,057 |
) |
|
|
(11,372 |
) |
Change in loan income, net of collections |
|
7,119 |
|
|
|
14,846 |
|
Unearned fees related to unfunded commitments |
|
1,819 |
|
|
|
(2,503 |
) |
Realized loss on debt extinguishment |
|
364 |
|
|
|
— |
|
Amortization of debt issuance costs |
|
2,570 |
|
|
|
3,840 |
|
Depreciation and amortization |
|
110 |
|
|
|
187 |
|
Stock-based compensation and amortization of restricted stock grants (1) |
|
5,838 |
|
|
|
5,163 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
||
Interest receivable |
|
(4,768 |
) |
|
|
14 |
|
Other assets |
|
482 |
|
|
|
1,978 |
|
Accrued liabilities |
|
(12,630 |
) |
|
|
(956 |
) |
Net cash provided by (used in) operating activities |
|
(306,707 |
) |
|
|
(12,185 |
) |
|
|
|
|
|
|
||
Cash flows used in investing activities: |
|
|
|
|
|
||
Purchases of capital equipment |
|
(74 |
) |
|
|
(12 |
) |
Net cash used in investing activities |
|
(74 |
) |
|
|
(12 |
) |
|
|
|
|
|
|
||
Cash flows provided by (used in) financing activities: |
|
|
|
|
|
||
Issuance of common stock |
|
148,721 |
|
|
|
— |
|
Offering expenses |
|
(1,617 |
) |
|
|
(198 |
) |
Retirement of employee shares, net |
|
(4,166 |
) |
|
|
(1,362 |
) |
Distributions paid |
|
(115,929 |
) |
|
|
(85,843 |
) |
Issuance of debt |
|
1,124,237 |
|
|
|
590,495 |
|
Repayment of debt |
|
(854,374 |
) |
|
|
(700,658 |
) |
Debt issuance costs |
|
(6,076 |
) |
|
|
(553 |
) |
Fees paid for credit facilities and debentures |
|
(1,600 |
) |
|
|
(3,093 |
) |
Net cash provided by (used in) financing activities |
|
289,196 |
|
|
|
(201,212 |
) |
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
(17,585 |
) |
|
|
(213,409 |
) |
Cash, cash equivalents, and restricted cash at beginning of period |
|
136,265 |
|
|
|
237,622 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
118,680 |
|
|
$ |
24,213 |
|
|
|
|
|
|
|
||
Supplemental disclosures of cash flow information and non-cash investing and financing activities: |
|
||||||
Interest paid |
$ |
22,642 |
|
|
$ |
28,711 |
|
Income tax, including excise tax, paid |
$ |
7,281 |
|
|
$ |
3,624 |
|
Distributions reinvested |
$ |
1,946 |
|
|
$ |
2,110 |
|
The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
|
For the Six Months Ended June 30, |
|
|||||
(Dollars in thousands) |
2022 |
|
|
2021 |
|
||
Cash and cash equivalents |
$ |
115,309 |
|
|
$ |
18,447 |
|
Restricted cash |
|
3,371 |
|
|
|
5,766 |
|
Total cash, cash equivalents, and restricted cash presented in the Consolidated Statements of Cash Flows |
$ |
118,680 |
|
|
$ |
24,213 |
|
See “Note 2 – Summary of Significant Accounting Policies” for a description of restricted cash and cash equivalents.
See notes to consolidated financial statements
6
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
(dollars in thousands)
Portfolio Company |
|
Type of |
Maturity Date |
Interest Rate and Floor (1) |
|
Principal |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Communications & Networking |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Aryaka Networks, Inc. |
|
Senior Secured |
July 2026 |
PRIME + 3.25% or Floor rate of 6.75%, PIK Interest 1.05%, 3.55% Exit Fee |
|
$ |
5,000 |
|
|
$ |
4,921 |
|
|
$ |
4,921 |
|
|
(17)(19) |
Cytracom Holdings LLC |
|
Senior Secured |
February 2025 |
3-month LIBOR + 9.31% or Floor rate of 10.31% |
|
$ |
8,955 |
|
|
|
8,784 |
|
|
|
8,732 |
|
|
(11)(17)(18) |
Rocket Lab Global Services, LLC |
|
Senior Secured |
June 2024 |
PRIME + 4.90% or Floor rate of 8.15%, PIK Interest 1.25%, 3.40% Exit Fee |
|
$ |
84,046 |
|
|
|
84,334 |
|
|
|
86,602 |
|
|
(13)(14)(16) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
98,039 |
|
|
|
100,255 |
|
|
|
||||
Subtotal: Communications & Networking (7.55%)* |
|
|
|
|
|
|
98,039 |
|
|
|
100,255 |
|
|
|
||||
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Grove Collaborative, Inc. |
|
Senior Secured |
April 2025 |
PRIME + 5.50% or Floor rate of 8.75%, 8.75% Exit Fee |
|
$ |
23,520 |
|
|
|
23,515 |
|
|
|
23,897 |
|
|
(19) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
23,515 |
|
|
|
23,897 |
|
|
|
||||
Subtotal: Consumer & Business Products (1.80%)* |
|
|
|
|
|
|
23,515 |
|
|
|
23,897 |
|
|
|
||||
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gibraltar Business Capital, LLC |
|
Unsecured |
September 2026 |
Interest rate FIXED 14.50% |
|
$ |
15,000 |
|
|
|
14,687 |
|
|
|
13,434 |
|
|
(7) |
|
|
Unsecured |
September 2026 |
FIXED 11.50% |
|
$ |
10,000 |
|
|
|
9,837 |
|
|
|
9,241 |
|
|
(7) |
Total Gibraltar Business Capital, LLC |
|
|
|
|
|
$ |
25,000 |
|
|
|
24,524 |
|
|
|
22,675 |
|
|
|
Hercules Adviser LLC |
|
Unsecured |
June 2025 |
FIXED 5.00% |
|
$ |
12,000 |
|
|
|
12,000 |
|
|
|
12,000 |
|
|
(7) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
36,524 |
|
|
|
34,675 |
|
|
|
||||
Subtotal: Diversified Financial Services (2.61%)* |
|
|
|
|
|
|
36,524 |
|
|
|
34,675 |
|
|
|
||||
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Chemocentryx, Inc. |
|
Senior Secured |
December 2022 |
PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee |
|
$ |
18,951 |
|
|
|
20,132 |
|
|
|
20,132 |
|
|
(10)(13) |
Nabriva Therapeutics |
|
Senior Secured |
June 2023 |
PRIME + 4.30% or Floor rate of 9.80%, 9.95% Exit Fee |
|
$ |
4,051 |
|
|
|
4,636 |
|
|
|
4,636 |
|
|
(5)(10)(13) |
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
24,768 |
|
|
|
24,768 |
|
|
|
||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Akero Therapeutics, Inc. |
|
Senior Secured |
January 2027 |
PRIME + 3.65% or Floor rate of 7.65%, 5.85% Exit Fee |
|
$ |
5,000 |
|
|
|
4,946 |
|
|
|
4,946 |
|
|
(10)(17) |
Albireo Pharma, Inc. |
|
Senior Secured |
July 2024 |
PRIME + 5.90% or Floor rate of 9.15%, 6.95% Exit Fee |
|
$ |
10,000 |
|
|
|
10,325 |
|
|
|
10,342 |
|
|
(10)(11) |
Aldeyra Therapeutics, Inc. |
|
Senior Secured |
October 2023 |
PRIME + 3.10% or Floor rate of 8.60%, 6.95% Exit Fee |
|
$ |
15,000 |
|
|
|
15,755 |
|
|
|
15,629 |
|
|
(11) |
Applied Genetic Technologies Corporation |
|
Senior Secured |
April 2024 |
PRIME + 6.50% or Floor rate of 9.75%, 6.95% Exit Fee |
|
$ |
17,824 |
|
|
|
18,531 |
|
|
|
18,358 |
|
|
(13) |
Aveo Pharmaceuticals, Inc. |
|
Senior Secured |
September 2024 |
PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee |
|
$ |
40,000 |
|
|
|
41,235 |
|
|
|
41,013 |
|
|
(11)(15) |
Axsome Therapeutics, Inc. |
|
Senior Secured |
October 2026 |
PRIME + 5.70% or Floor rate of 8.95%, 5.31% Exit Fee |
|
$ |
81,725 |
|
|
|
81,147 |
|
|
|
80,292 |
|
|
(10)(12)(16) |
Bicycle Therapeutics PLC |
|
Senior Secured |
October 2024 |
PRIME + 5.60% or Floor rate of 8.85%, 5.00% Exit Fee |
|
$ |
11,500 |
|
|
|
11,685 |
|
|
|
11,671 |
|
|
(5)(10)(11)(12) |
BiomX, INC |
|
Senior Secured |
September 2025 |
PRIME + 5.70% or Floor rate of 8.95%, 6.55% Exit Fee |
|
$ |
9,000 |
|
|
|
9,076 |
|
|
|
8,932 |
|
|
(5)(10)(11) |
BridgeBio Pharma, Inc. |
|
Senior Secured |
November 2026 |
FIXED 9.00%, 2.00% Exit Fee |
|
$ |
36,733 |
|
|
|
36,352 |
|
|
|
34,542 |
|
|
(13)(14) |
Cellarity, Inc. |
|
Senior Secured |
June 2026 |
PRIME + 5.70% or Floor rate of 8.95%, 3.75% Exit Fee |
|
$ |
30,000 |
|
|
|
29,628 |
|
|
|
29,469 |
|
|
(13)(15) |
Century Therapeutics, Inc. |
|
Senior Secured |
April 2024 |
PRIME + 6.30% or Floor rate of 9.55%, 3.95% Exit Fee |
|
$ |
10,000 |
|
|
|
10,158 |
|
|
|
10,199 |
|
|
(11) |
Chemocentryx, Inc. |
|
Senior Secured |
February 2025 |
PRIME + 3.25% or Floor rate of 8.50%, 7.15% Exit Fee |
|
$ |
5,000 |
|
|
|
5,196 |
|
|
|
5,039 |
|
|
(10)(13) |
Codiak Biosciences, Inc. |
|
Senior Secured |
October 2025 |
PRIME + 5.00% or Floor rate of 8.25%, 5.50% Exit Fee |
|
$ |
25,000 |
|
|
|
25,605 |
|
|
|
24,880 |
|
|
(11) |
See notes to consolidated financial statements
7
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
(dollars in thousands)
Portfolio Company |
|
Type of |
Maturity Date |
Interest Rate and Floor (1) |
|
Principal |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Corium, Inc. |
|
Senior Secured |
September 2026 |
PRIME + 5.70% or Floor rate of 8.95%, 7.75% Exit Fee |
|
$ |
132,675 |
|
|
$ |
132,588 |
|
|
$ |
134,641 |
|
|
(13)(16) |
Eloxx Pharmaceuticals, Inc. |
|
Senior Secured |
April 2025 |
PRIME + 6.25% or Floor rate of 9.50%, 6.55% Exit Fee |
|
$ |
12,500 |
|
|
|
12,595 |
|
|
|
12,355 |
|
|
(15) |
enGene, Inc. |
|
Senior Secured |
July 2025 |
PRIME + 5.00% or Floor rate of 8.25%, 6.35% Exit Fee |
|
$ |
11,000 |
|
|
|
10,913 |
|
|
|
10,859 |
|
|
(5)(10)(13) |
Finch Therapeutics Group, Inc. |
|
Senior Secured |
November 2026 |
PRIME + 4.05% or Floor rate of 7.55%, 5.50% Exit Fee |
|
$ |
15,000 |
|
|
|
14,905 |
|
|
|
14,905 |
|
|
(17) |
G1 Therapeutics, Inc. |
|
Senior Secured |
November 2026 |
PRIME + 5.90% or Floor rate of 9.15%, 9.86% Exit Fee |
|
$ |
58,125 |
|
|
|
58,271 |
|
|
|
58,517 |
|
|
(11)(12)(15)(17) |
Geron Corporation |
|
Senior Secured |
October 2024 |
PRIME + 5.75% or Floor rate of 9.00%, 6.55% Exit Fee |
|
$ |
18,500 |
|
|
|
18,894 |
|
|
|
18,896 |
|
|
(10)(12)(13) |
Hibercell, Inc. |
|
Senior Secured |
May 2025 |
PRIME + 5.40% or Floor rate of 8.65%, 4.95% Exit Fee |
|
$ |
17,000 |
|
|
|
17,175 |
|
|
|
17,067 |
|
|
(13)(15) |
HilleVax, Inc. |
|
Senior Secured |
May 2027 |
PRIME + 1.05% or Floor rate of 4.55%, PIK Interest 2.85%, 7.15% Exit Fee |
|
$ |
4,014 |
|
|
|
4,001 |
|
|
|
4,001 |
|
|
(14)(15)(17) |
Humanigen, Inc. |
|
Senior Secured |
March 2025 |
PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee |
|
$ |
20,000 |
|
|
|
20,433 |
|
|
|
19,989 |
|
|
(9)(10) |
Kaleido Biosciences, Inc. |
|
Senior Secured |
January 2024 |
PRIME + 6.10% or Floor rate of 9.35%, 7.55% Exit Fee |
|
$ |
5,296 |
|
|
|
6,458 |
|
|
|
1,838 |
|
|
(8) |
Locus Biosciences, Inc. |
|
Senior Secured |
July 2025 |
PRIME + 6.10% or Floor rate of 9.35%, 4.95% Exit Fee |
|
$ |
8,000 |
|
|
|
8,047 |
|
|
|
7,979 |
|
|
(15) |
Madrigal Pharmaceutical, Inc. |
|
Senior Secured |
May 2026 |
PRIME + 3.95% or Floor rate of 7.45%, 5.35% Exit Fee |
|
$ |
34,000 |
|
|
|
33,668 |
|
|
|
33,668 |
|
|
(10) |
Phathom Pharmaceuticals, Inc. |
|
Senior Secured |
October 2026 |
PRIME + 2.25% or Floor rate of 5.50%, PIK Interest 3.35%, 7.50% Exit Fee |
|
$ |
93,217 |
|
|
|
92,866 |
|
|
|
91,496 |
|
|
(10)(12)(14)(15)(16)(17)(22) |
Redshift Bioanalytics, Inc. |
|
Senior Secured |
April 2025 |
PRIME + 4.25% or Floor rate of 7.50%, 3.80% Exit Fee |
|
$ |
1,500 |
|
|
|
1,480 |
|
|
|
1,480 |
|
|
(15)(17) |
Scynexis, Inc. |
|
Senior Secured |
March 2025 |
PRIME + 5.80% or Floor rate of 9.05%, 3.95% Exit Fee |
|
$ |
18,667 |
|
|
|
18,512 |
|
|
|
18,353 |
|
|
(12)(13) |
Seres Therapeutics, Inc. |
|
Senior Secured |
October 2024 |
PRIME + 6.40% or Floor rate of 9.65%, 4.98% Exit Fee |
|
$ |
37,500 |
|
|
|
38,383 |
|
|
|
38,476 |
|
|
(12)(13) |
Syndax Pharmaceutics Inc. |
|
Senior Secured |
April 2024 |
PRIME + 6.00% or Floor rate of 9.25%, 4.99% Exit Fee |
|
$ |
20,000 |
|
|
|
20,745 |
|
|
|
20,782 |
|
|
(12)(17) |
Tarsus Pharmaceuticals, Inc. |
|
Senior Secured |
February 2027 |
PRIME + 5.20% or Floor rate of 8.45%, 4.75% Exit Fee |
|
$ |
8,250 |
|
|
|
8,237 |
|
|
|
8,237 |
|
|
(10)(13)(17) |
TG Therapeutics, Inc. |
|
Senior Secured |
January 2026 |
PRIME + 2.15% or Floor rate of 5.40%, PIK Interest 3.45%, 5.95% Exit Fee |
|
$ |
47,150 |
|
|
|
46,650 |
|
|
|
46,326 |
|
|
(10)(12)(14) |
uniQure B.V. |
|
Senior Secured |
December 2025 |
PRIME + 4.70% or Floor rate of 7.95%, 7.28% Exit Fee |
|
$ |
70,000 |
|
|
|
71,697 |
|
|
|
72,721 |
|
|
(5)(10)(11)(12)(16) |
Unity Biotechnology, Inc. |
|
Senior Secured |
August 2024 |
PRIME + 6.10% or Floor rate of 9.35%, 6.25% Exit Fee |
|
$ |
20,000 |
|
|
|
20,897 |
|
|
|
20,889 |
|
|
(13) |
Valo Health, LLC |
|
Senior Secured |
May 2024 |
PRIME + 6.45% or Floor rate of 9.70%, 3.85% Exit Fee |
|
$ |
11,021 |
|
|
|
11,187 |
|
|
|
11,122 |
|
|
(11)(13) |
Viridian Therapeutics, Inc. |
|
Senior Secured |
October 2026 |
PRIME + 4.20% or Floor rate of 7.45%, 4.76% Exit Fee |
|
$ |
2,000 |
|
|
|
1,997 |
|
|
|
1,997 |
|
|
(10)(13)(17) |
X4 Pharmaceuticals, Inc. |
|
Senior Secured |
July 2024 |
PRIME + 3.75% or Floor rate of 8.75%, 8.80% Exit Fee |
|
$ |
32,500 |
|
|
|
33,240 |
|
|
|
32,991 |
|
|
(11)(12)(13) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
1,003,478 |
|
|
|
994,897 |
|
|
|
||||
Subtotal: Drug Discovery & Development (76.80%)* |
|
|
|
|
|
|
1,028,246 |
|
|
|
1,019,665 |
|
|
|
||||
Healthcare Services, Other |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Better Therapeutics, Inc. |
|
Senior Secured |
August 2025 |
PRIME + 5.70% or Floor rate of 8.95%, 5.95% Exit Fee |
|
$ |
12,000 |
|
|
|
12,024 |
|
|
|
11,938 |
|
|
(15) |
Blue Sprig Pediatrics, Inc. |
|
Senior Secured |
November 2026 |
1-month LIBOR + 5.00% or Floor rate of 6.00%, PIK Interest 4.45% |
|
$ |
25,590 |
|
|
|
25,249 |
|
|
|
24,805 |
|
|
(13)(14)(17) |
Carbon Health Technologies, Inc. |
|
Senior Secured |
March 2025 |
PRIME + 5.60% or Floor rate of 8.85%, 4.61% Exit Fee |
|
$ |
46,125 |
|
|
|
46,219 |
|
|
|
45,378 |
|
|
(12)(17)(19) |
Equality Health, LLC |
|
Senior Secured |
February 2026 |
PRIME + 6.25% or Floor rate of 9.50%, PIK Interest 1.55% |
|
$ |
44,473 |
|
|
|
44,076 |
|
|
|
43,978 |
|
|
(12)(14)(17) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
127,568 |
|
|
|
126,099 |
|
|
|
||||
Subtotal: Healthcare Services, Other (9.50%)* |
|
|
|
|
|
|
127,568 |
|
|
|
126,099 |
|
|
|
||||
See notes to consolidated financial statements
8
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
(dollars in thousands)
Portfolio Company |
|
Type of |
Maturity Date |
Interest Rate and Floor (1) |
|
Principal |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Information Services |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Capella Space Corp. |
|
Senior Secured |
November 2024 |
PRIME + 5.00% or Floor rate of 8.25%, PIK Interest 1.10%, 7.00% Exit Fee |
|
$ |
20,137 |
|
|
$ |
20,079 |
|
|
$ |
19,870 |
|
|
(14)(15)(19) |
Signal Media Limited |
|
Senior Secured |
June 2025 |
PRIME + 5.50% or Floor rate of 9.00%, 3.45% Exit Fee |
|
$ |
750 |
|
|
|
736 |
|
|
|
736 |
|
|
(5)(10)(17) |
Yipit, LLC |
|
Senior Secured |
September 2026 |
1-month LIBOR + 9.08% or Floor rate of 10.08% |
|
$ |
31,875 |
|
|
|
31,318 |
|
|
|
30,575 |
|
|
(17)(18) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
52,133 |
|
|
|
51,181 |
|
|
|
||||
Subtotal: Information Services (3.85%)* |
|
|
|
|
|
|
52,133 |
|
|
|
51,181 |
|
|
|
||||
Internet Consumer & Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
SeatGeek, Inc. |
|
Senior Secured |
June 2023 |
PRIME + 5.00% or Floor rate of 10.50%, PIK Interest 0.50% |
|
$ |
60,761 |
|
|
|
60,343 |
|
|
|
60,343 |
|
|
(12)(13)(14)(16) |
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
60,343 |
|
|
|
60,343 |
|
|
|
||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
AppDirect, Inc. |
|
Senior Secured |
April 2026 |
PRIME + 5.50% or Floor rate of 8.75%, 9.70% Exit Fee |
|
$ |
30,790 |
|
|
|
31,589 |
|
|
|
31,560 |
|
|
(12)(17) |
Carwow LTD |
|
Senior Secured |
December 2024 |
PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.45%, 4.95% Exit Fee |
|
£ |
18,728 |
|
|
|
25,671 |
|
|
|
22,672 |
|
|
(5)(10)(14) |
Convoy, Inc. |
|
Senior Secured |
March 2026 |
PRIME + 3.20% or Floor rate of 6.45%, PIK Interest 1.95%, 4.55% Exit Fee |
|
$ |
73,258 |
|
|
|
71,826 |
|
|
|
71,826 |
|
|
(14)(16)(19) |
Jobandtalent USA, Inc. |
|
Senior Secured |
February 2025 |
1-month SOFR + 8.75% or Floor rate of 9.75%, 3.00% Exit Fee |
|
$ |
14,000 |
|
|
|
13,746 |
|
|
|
13,746 |
|
|
(5)(10) |
Nextroll, Inc. |
|
Senior Secured |
July 2023 |
PRIME + 3.75% or Floor rate of 7.75%, PIK Interest 2.95%, 1.95% Exit Fee |
|
$ |
21,933 |
|
|
|
21,933 |
|
|
|
21,933 |
|
|
(12)(19) |
Rhino Labs, Inc. |
|
Senior Secured |
March 2024 |
PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 2.25% |
|
$ |
16,313 |
|
|
|
16,034 |
|
|
|
16,131 |
|
|
(14)(15) |
RVShare, LLC |
|
Senior Secured |
December 2026 |
1-month LIBOR + 5.50% or Floor rate of 6.50%, PIK Interest 4.00% |
|
$ |
18,302 |
|
|
|
17,973 |
|
|
|
17,771 |
|
|
(13)(14)(15)(17) |
SeatGeek, Inc. |
|
Senior Secured |
May 2026 |
PRIME + 7.00% or Floor rate of 9.75%, PIK Interest 0.50% |
|
$ |
25,009 |
|
|
|
24,827 |
|
|
|
25,183 |
|
|
(12)(13)(14)(16) |
Skyword, Inc. |
|
Senior Secured |
September 2024 |
PRIME + 3.88% or Floor rate of 9.38%, PIK Interest 1.90%, 4.00% Exit Fee |
|
$ |
12,546 |
|
|
|
12,836 |
|
|
|
12,693 |
|
|
(14) |
Tectura Corporation |
|
Senior Secured |
July 2024 |
PIK Interest 5.00% |
|
$ |
10,680 |
|
|
|
240 |
|
|
|
— |
|
|
(7)(8)(14) |
|
|
Senior Secured |
July 2024 |
FIXED 8.25% |
|
$ |
8,250 |
|
|
|
8,250 |
|
|
|
8,208 |
|
|
(7) |
|
|
Senior Secured |
July 2024 |
PIK Interest 5.00% |
|
$ |
13,023 |
|
|
|
13,023 |
|
|
|
— |
|
|
(7)(8)(14) |
Total Tectura Corporation |
|
|
|
|
|
$ |
31,953 |
|
|
|
21,513 |
|
|
|
8,208 |
|
|
|
Thumbtack, Inc. |
|
Senior Secured |
April 2026 |
PRIME + 4.95% or Floor rate of 8.20%, PIK Interest 1.50%, 3.95% Exit Fee |
|
$ |
10,027 |
|
|
|
9,921 |
|
|
|
9,921 |
|
|
(12)(14)(17) |
Veem, Inc. |
|
Senior Secured |
March 2025 |
PRIME + 4.00% or Floor rate of 7.25%, PIK Interest 1.25%, 4.50% Exit Fee |
|
$ |
5,011 |
|
|
|
4,917 |
|
|
|
4,917 |
|
|
(13)(14) |
|
|
Senior Secured |
March 2025 |
PRIME + 4.50% or Floor rate of 7.95%, PIK Interest 1.50%, 4.50% Exit Fee |
|
$ |
5,000 |
|
|
|
4,883 |
|
|
|
4,883 |
|
|
|
Total Veem, Inc. |
|
|
|
|
|
$ |
10,011 |
|
|
|
9,800 |
|
|
|
9,800 |
|
|
|
Worldremit Group Limited |
|
Senior Secured |
February 2025 |
3-month LIBOR + 9.25% or Floor rate of 10.25%, 3.00% Exit Fee |
|
$ |
94,500 |
|
|
|
93,829 |
|
|
|
92,081 |
|
|
(5)(10)(12)(16)(19) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
371,498 |
|
|
|
353,525 |
|
|
|
||||
Greater than 5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Houzz, Inc. |
|
Convertible Debt |
May 2028 |
PIK Interest 5.50% |
|
$ |
21,252 |
|
|
|
21,252 |
|
|
|
19,552 |
|
|
(9)(14) |
Subtotal: Greater than 5 Years Maturity |
|
|
|
|
|
|
21,252 |
|
|
|
19,552 |
|
|
|
||||
Subtotal: Internet Consumer & Business Services (32.64%)* |
|
|
|
|
|
|
453,093 |
|
|
|
433,420 |
|
|
|
||||
Manufacturing Technology |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Bright Machines, Inc. |
|
Senior Secured |
November 2022 |
PRIME + 5.70% or Floor rate of 8.95%, 6.95% Exit Fee |
|
$ |
15,000 |
|
|
|
15,509 |
|
|
|
15,509 |
|
|
(11)(19) |
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
15,509 |
|
|
|
15,509 |
|
|
|
||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
MacroFab, Inc. |
|
Senior Secured |
March 2026 |
PRIME + 4.35% or Floor rate of 7.60%, PIK Interest 1.25%, 4.50% Exit Fee |
|
$ |
17,029 |
|
|
|
16,470 |
|
|
|
16,487 |
|
|
(12)(14) |
Ouster, Inc. |
|
Senior Secured |
May 2026 |
PRIME + 6.15% or Floor rate of 9.40%, 7.45% Exit Fee |
|
$ |
7,000 |
|
|
|
6,948 |
|
|
|
6,948 |
|
|
(10)(13)(17) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
23,418 |
|
|
|
23,435 |
|
|
|
||||
Subtotal: Manufacturing Technology (2.93%)* |
|
|
|
|
|
|
38,927 |
|
|
|
38,944 |
|
|
|
||||
See notes to consolidated financial statements
9
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
(dollars in thousands)
Portfolio Company |
|
Type of |
Maturity Date |
Interest Rate and Floor (1) |
|
Principal |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Medical Devices & Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Lucira Health, Inc. |
|
Senior Secured |
February 2026 |
PRIME + 5.50% or Floor rate of 8.75%, 5.25% Exit Fee |
|
$ |
15,000 |
|
|
$ |
14,865 |
|
|
$ |
14,865 |
|
|
(13) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
14,865 |
|
|
|
14,865 |
|
|
|
||||
Subtotal: Medical Devices & Equipment (1.12%)* |
|
|
|
|
|
|
14,865 |
|
|
|
14,865 |
|
|
|
||||
Semiconductors |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Fungible, Inc. |
|
Senior Secured |
December 2024 |
PRIME + 5.00% or Floor rate of 8.25%, 4.95% Exit Fee |
|
$ |
20,000 |
|
|
|
19,348 |
|
|
|
19,363 |
|
|
(15)(19) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
19,348 |
|
|
|
19,363 |
|
|
|
||||
Subtotal: Semiconductors (1.46%)* |
|
|
|
|
|
|
19,348 |
|
|
|
19,363 |
|
|
|
||||
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Delphix Corp. |
|
Senior Secured |
February 2023 |
PRIME + 5.50% or Floor rate of 10.25%, 7.00% Exit Fee |
|
$ |
60,000 |
|
|
|
62,749 |
|
|
|
64,200 |
|
|
(12)(16)(19) |
Khoros (p.k.a Lithium Technologies) |
|
Senior Secured |
October 2022 |
6-month LIBOR + 8.00% or Floor rate of 9.00% |
|
$ |
56,208 |
|
|
|
56,076 |
|
|
|
56,076 |
|
|
(17) |
Pymetrics, Inc. |
|
Senior Secured |
October 2022 |
Interest Rate PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 1.75%, 4.00% Exit Fee |
|
$ |
9,191 |
|
|
|
9,518 |
|
|
|
9,518 |
|
|
(14) |
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
128,343 |
|
|
|
129,794 |
|
|
|
||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
3GTMS, LLC |
|
Senior Secured |
February 2025 |
3-month LIBOR + 9.28% or Floor rate of 10.28% |
|
$ |
10,833 |
|
|
|
10,671 |
|
|
|
10,567 |
|
|
(17)(18) |
Agilence, Inc. |
|
Senior Secured |
October 2026 |
1-month LIBOR + 9.00% or Floor rate of 10.00% |
|
$ |
9,353 |
|
|
|
9,112 |
|
|
|
8,914 |
|
|
(12)(17) |
Annex Cloud |
|
Senior Secured |
February 2027 |
BSBY + 9.00% or Floor rate of 10.00% |
|
$ |
8,500 |
|
|
|
8,272 |
|
|
|
8,272 |
|
|
(13)(17) |
Brain Corporation |
|
Senior Secured |
April 2025 |
PRIME + 3.70% or Floor rate of 6.95%, PIK Interest 1.00%, 3.95% Exit Fee |
|
$ |
15,078 |
|
|
|
15,052 |
|
|
|
14,981 |
|
|
(13)(14)(15)(17) |
Campaign Monitor Limited |
|
Senior Secured |
November 2025 |
3-month LIBOR + 8.90% or Floor rate of 9.90% |
|
$ |
33,000 |
|
|
|
32,518 |
|
|
|
33,000 |
|
|
(13)(19) |
Catchpoint Systems, Inc. |
|
Senior Secured |
June 2026 |
1-month SOFR + 8.75% or Floor rate of 9.75% |
|
$ |
10,200 |
|
|
|
10,025 |
|
|
|
10,025 |
|
|
(17)(18) |
Ceros, Inc. |
|
Senior Secured |
September 2026 |
6-month LIBOR + 8.89% or Floor rate of 9.89% |
|
$ |
17,978 |
|
|
|
17,518 |
|
|
|
17,146 |
|
|
(17)(18) |
CloudBolt Software, Inc. |
|
Senior Secured |
October 2024 |
PRIME + 6.70% or Floor rate of 9.95%, 3.45% Exit Fee |
|
$ |
10,000 |
|
|
|
9,961 |
|
|
|
9,938 |
|
|
(11)(12)(19) |
Copper CRM, Inc |
|
Senior Secured |
March 2025 |
PRIME + 4.50% or Floor rate of 8.25%, PIK Interest 1.95%, 4.50% Exit Fee |
|
$ |
10,044 |
|
|
|
9,967 |
|
|
|
9,846 |
|
|
(13)(14) |
Cybermaxx Intermediate Holdings, Inc. |
|
Senior Secured |
August 2026 |
6-month LIBOR + 9.28% or Floor rate of 10.28% |
|
$ |
8,000 |
|
|
|
7,819 |
|
|
|
7,951 |
|
|
(13)(17) |
Dashlane, Inc. |
|
Senior Secured |
July 2025 |
PRIME + 3.05% or Floor rate of 7.55%, PIK Interest 1.10%, 4.95% Exit Fee |
|
$ |
31,761 |
|
|
|
32,041 |
|
|
|
31,972 |
|
|
(11)(13)(14)(17)(19) |
Demandbase, Inc. |
|
Senior Secured |
August 2025 |
PRIME + 2.25% or Floor rate of 5.50%, PIK Interest 3.00%, 3.51% Exit Fee |
|
$ |
28,125 |
|
|
|
27,707 |
|
|
|
27,595 |
|
|
(13)(17)(19) |
Eigen Technologies Ltd. |
|
Senior Secured |
April 2025 |
PRIME + 5.10% or Floor rate of 8.35%, 2.95% Exit Fee |
|
$ |
1,800 |
|
|
|
1,789 |
|
|
|
1,789 |
|
|
(5)(10)(13)(17) |
Enmark Systems, Inc. |
|
Senior Secured |
September 2026 |
6-month LIBOR + 6.83% or Floor rate of 7.83%, PIK Interest 2.19% |
|
$ |
8,088 |
|
|
|
7,902 |
|
|
|
7,836 |
|
|
(11)(14)(17)(18) |
Esentire, Inc. |
|
Senior Secured |
May 2024 |
3-month LIBOR + 9.96% or Floor rate of 10.96% |
|
$ |
8,500 |
|
|
|
8,400 |
|
|
|
8,386 |
|
|
(5)(10)(11)(18) |
Esme Learning Solutions, Inc. |
|
Senior Secured |
February 2025 |
PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 1.50%, 3.00% Exit Fee |
|
$ |
5,026 |
|
|
|
4,832 |
|
|
|
4,768 |
|
|
(14) |
Gryphon Networks Corp. |
|
Senior Secured |
January 2026 |
3-month LIBOR + 9.69% or Floor rate of 10.69% |
|
$ |
5,232 |
|
|
|
5,118 |
|
|
|
5,030 |
|
|
(11)(17) |
Ikon Science Limited |
|
Senior Secured |
October 2024 |
3-month LIBOR + 9.00% or Floor rate of 10.00% |
|
$ |
6,738 |
|
|
|
6,577 |
|
|
|
6,594 |
|
|
(5)(10)(17)(18) |
See notes to consolidated financial statements
10
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
(dollars in thousands)
Portfolio Company |
|
Type of |
Maturity Date |
Interest Rate and Floor (1) |
|
Principal |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Imperva, Inc. |
|
Senior Secured |
January 2027 |
3-month LIBOR + 7.75% or Floor rate of 8.75% |
|
$ |
20,000 |
|
|
$ |
19,863 |
|
|
$ |
19,482 |
|
|
(19) |
Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.) |
|
Senior Secured |
July 2023 |
3-month SOFR + 10.15% or Floor rate of 11.15% |
|
$ |
10,888 |
|
|
|
10,719 |
|
|
|
10,698 |
|
|
(18) |
Logicworks |
|
Senior Secured |
January 2024 |
PRIME + 7.50% or Floor rate of 10.75% |
|
$ |
14,500 |
|
|
|
14,348 |
|
|
|
14,330 |
|
|
(12) |
Mixpanel, Inc. |
|
Senior Secured |
August 2024 |
PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.80%, 3.00% Exit Fee |
|
$ |
20,618 |
|
|
|
20,598 |
|
|
|
21,394 |
|
|
(12)(14)(19) |
Mobile Solutions Services |
|
Senior Secured |
December 2025 |
6-month LIBOR + 9.87% or Floor rate of 10.87% |
|
$ |
5,500 |
|
|
|
5,367 |
|
|
|
5,342 |
|
|
(17)(18) |
|
|
Senior Secured |
December 2025 |
6-month LIBOR + 9.06% or Floor rate of 10.06% |
|
$ |
12,168 |
|
|
|
11,892 |
|
|
|
11,803 |
|
|
(17)(18) |
Total Mobile Solutions Services |
|
|
|
|
|
$ |
17,668 |
|
|
|
17,259 |
|
|
|
17,145 |
|
|
|
Nuvolo Technologies Corporation |
|
Senior Secured |
July 2025 |
PRIME + 5.25% or Floor rate of 8.25%, 2.04% Exit Fee |
|
$ |
17,500 |
|
|
|
17,489 |
|
|
|
17,504 |
|
|
(12)(13)(17)(19) |
Pollen, Inc. |
|
Senior Secured |
November 2023 |
PRIME + 4.75% or Floor rate of 8.00%, PIK Interest 0.50%, 4.50% Exit Fee |
|
$ |
7,476 |
|
|
|
7,613 |
|
|
|
7,489 |
|
|
(14) |
|
|
Senior Secured |
November 2023 |
PRIME + 5.25% or Floor rate of 8.50%, PIK Interest 1.35%, 4.50% Exit Fee |
|
$ |
13,130 |
|
|
|
13,247 |
|
|
|
13,380 |
|
|
(14)(15) |
Total Pollen, Inc. |
|
|
|
|
|
$ |
20,606 |
|
|
|
20,860 |
|
|
|
20,869 |
|
|
|
Riviera Partners LLC |
|
Senior Secured |
April 2027 |
3-month SOFR + 7.53% or Floor rate of 8.53% |
|
$ |
26,250 |
|
|
|
25,635 |
|
|
|
25,635 |
|
|
(17)(18) |
ShadowDragon, LLC |
|
Senior Secured |
December 2026 |
3-month LIBOR + 9.00% or Floor rate of 10.00% |
|
$ |
6,000 |
|
|
|
5,842 |
|
|
|
5,780 |
|
|
(17)(18) |
Tact.ai Technologies, Inc. |
|
Senior Secured |
February 2024 |
PRIME + 4.00% or Floor rate of 8.75%, PIK Interest 2.00%, 5.50% Exit Fee |
|
$ |
5,238 |
|
|
|
5,414 |
|
|
|
5,314 |
|
|
(14) |
ThreatConnect, Inc. |
|
Senior Secured |
May 2026 |
3-month LIBOR + 9.00% or Floor rate of 10.00% |
|
$ |
11,088 |
|
|
|
10,803 |
|
|
|
10,755 |
|
|
(12)(17)(18) |
Udacity, Inc. |
|
Senior Secured |
September 2024 |
PRIME + 4.50% or Floor rate of 7.75%, PIK Interest 2.00%, 3.00% Exit Fee |
|
$ |
51,412 |
|
|
|
51,440 |
|
|
|
52,103 |
|
|
(12)(14) |
VideoAmp, Inc. |
|
Senior Secured |
February 2025 |
PRIME + 3.70% or Floor rate of 6.95%, PIK Interest 1.25%, 5.25% Exit Fee |
|
$ |
62,787 |
|
|
|
61,482 |
|
|
|
61,482 |
|
|
(13)(14)(15)(19) |
Zimperium, Inc. |
|
Senior Secured |
May 2027 |
3-month SOFR + 8.95% or Floor rate of 9.95% |
|
$ |
16,313 |
|
|
|
15,960 |
|
|
|
15,960 |
|
|
(17)(18) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
522,993 |
|
|
|
523,061 |
|
|
|
||||
Greater than 5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Alchemer LLC |
|
Senior Secured |
May 2028 |
3-month SOFR + 7.89% or Floor rate of 8.89% |
|
$ |
15,125 |
|
|
|
14,767 |
|
|
|
14,767 |
|
|
(17)(18) |
Dispatch Technologies, Inc. |
|
Senior Secured |
April 2028 |
3-month SOFR + 8.01% or Floor rate of 8.76% |
|
$ |
7,500 |
|
|
|
7,281 |
|
|
|
7,281 |
|
|
(17)(18) |
Subtotal: Greater than 5 Years Maturity |
|
|
|
|
|
|
22,048 |
|
|
|
22,048 |
|
|
|
||||
Subtotal: Software (50.83%)* |
|
|
|
|
|
|
673,384 |
|
|
|
674,903 |
|
|
|
||||
Sustainable and Renewable Technology |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Impossible Foods, Inc. |
|
Senior Secured |
July 2022 |
PRIME + 3.95% or Floor rate of 8.95%, 9.00% Exit Fee |
|
$ |
2,265 |
|
|
|
6,764 |
|
|
|
6,764 |
|
|
(12) |
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
6,764 |
|
|
|
6,764 |
|
|
|
||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Ampion, PBC. |
|
Senior Secured |
May 2025 |
PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.45%, 3.95% Exit Fee |
|
$ |
4,008 |
|
|
|
3,919 |
|
|
|
3,895 |
|
|
(13)(14) |
Pineapple Energy LLC |
|
Senior Secured |
December 2024 |
PIK Interest 10.00% |
|
$ |
3,078 |
|
|
|
3,078 |
|
|
|
2,940 |
|
|
(6)(14) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
6,997 |
|
|
|
6,835 |
|
|
|
||||
Subtotal: Sustainable and Renewable Technology (1.02%)* |
|
|
|
|
|
|
13,761 |
|
|
|
13,599 |
|
|
|
||||
Total: Debt Investments (192.12%)* |
|
|
|
|
|
$ |
2,579,403 |
|
|
$ |
2,550,866 |
|
|
|
||||
See notes to consolidated financial statements
11
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
(dollars in thousands)
Portfolio Company |
|
Type of |
Acquisition Date (4) |
Series (3) |
|
Shares |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Communications & Networking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Peerless Network Holdings, Inc. |
|
Equity |
10/21/2020 |
Common Stock |
|
|
3,328 |
|
|
$ |
— |
|
|
$ |
18 |
|
|
|
|
|
Equity |
4/11/2008 |
Preferred Series A |
|
|
1,135,000 |
|
|
|
1,230 |
|
|
|
6,233 |
|
|
|
Total Peerless Network Holdings, Inc. |
|
|
|
|
|
|
1,138,328 |
|
|
|
1,230 |
|
|
|
6,251 |
|
|
|
Subtotal: Communications & Networking (0.47%)* |
|
|
|
|
|
1,230 |
|
|
|
6,251 |
|
|
|
|||||
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Grove Collaborative, Inc. |
|
Equity |
4/30/2021 |
Common Stock |
|
|
61,300 |
|
|
|
433 |
|
|
|
221 |
|
|
(4)(20) |
TechStyle, Inc. |
|
Equity |
4/30/2010 |
Common Stock |
|
|
42,989 |
|
|
|
128 |
|
|
|
126 |
|
|
|
Subtotal: Consumer & Business Products (0.03%)* |
|
|
|
|
|
561 |
|
|
|
347 |
|
|
|
|||||
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gibraltar Business Capital, LLC |
|
Equity |
3/1/2018 |
Common Stock |
|
|
830,000 |
|
|
|
1,884 |
|
|
|
974 |
|
|
(7) |
|
|
Equity |
3/1/2018 |
Preferred Series A |
|
|
10,602,752 |
|
|
|
26,122 |
|
|
|
15,415 |
|
|
(7) |
Total Gibraltar Business Capital, LLC |
|
|
|
|
|
|
11,432,752 |
|
|
|
28,006 |
|
|
|
16,389 |
|
|
|
Hercules Adviser LLC |
|
Equity |
3/26/2021 |
Member Units |
|
|
1 |
|
|
|
35 |
|
|
|
23,181 |
|
|
(7) |
Newfront Insurance Holdings, Inc. |
|
Equity |
9/30/2021 |
Preferred Series D-2 |
|
|
210,282 |
|
|
|
403 |
|
|
|
467 |
|
|
|
Subtotal: Diversified Financial Services (3.02%)* |
|
|
|
|
|
28,444 |
|
|
|
40,037 |
|
|
|
|||||
Drug Delivery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
AcelRx Pharmaceuticals, Inc. |
|
Equity |
12/10/2018 |
Common Stock |
|
|
176,730 |
|
|
|
1,329 |
|
|
|
43 |
|
|
(4) |
Aytu BioScience, Inc. |
|
Equity |
3/28/2014 |
Common Stock |
|
|
13,600 |
|
|
|
1,500 |
|
|
|
10 |
|
|
(4) |
BioQ Pharma Incorporated |
|
Equity |
12/8/2015 |
Preferred Series D |
|
|
165,000 |
|
|
|
500 |
|
|
|
36 |
|
|
|
PDS Biotechnology Corporation |
|
Equity |
4/6/2015 |
Common Stock |
|
|
2,498 |
|
|
|
309 |
|
|
|
9 |
|
|
(4) |
Subtotal: Drug Delivery (0.01%)* |
|
|
|
|
|
3,638 |
|
|
|
98 |
|
|
|
|||||
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Albireo Pharma, Inc. |
|
Equity |
9/14/2020 |
Common Stock |
|
|
25,000 |
|
|
|
1,000 |
|
|
|
497 |
|
|
(4)(10) |
Applied Molecular Transport |
|
Equity |
4/6/2021 |
Common Stock |
|
|
1,000 |
|
|
|
42 |
|
|
|
3 |
|
|
(4)(10) |
Avalo Therapeutics, Inc. |
|
Equity |
8/19/2014 |
Common Stock |
|
|
119,087 |
|
|
|
1,000 |
|
|
|
60 |
|
|
(4) |
Aveo Pharmaceuticals, Inc. |
|
Equity |
7/31/2011 |
Common Stock |
|
|
190,179 |
|
|
|
1,715 |
|
|
|
1,248 |
|
|
(4) |
Axsome Therapeutics, Inc. |
|
Equity |
5/9/2022 |
Common Stock |
|
|
127,021 |
|
|
|
4,165 |
|
|
|
3,992 |
|
|
(4)(10)(16)(20) |
Bicycle Therapeutics PLC |
|
Equity |
10/5/2020 |
Common Stock |
|
|
98,100 |
|
|
|
1,871 |
|
|
|
1,646 |
|
|
(4)(5)(10) |
BridgeBio Pharma, Inc. |
|
Equity |
6/21/2018 |
Common Stock |
|
|
231,329 |
|
|
|
2,255 |
|
|
|
2,100 |
|
|
(4) |
Chemocentryx, Inc. |
|
Equity |
6/15/2020 |
Common Stock |
|
|
17,241 |
|
|
|
1,000 |
|
|
|
427 |
|
|
(4)(10) |
Concert Pharmaceuticals, Inc. |
|
Equity |
2/13/2019 |
Common Stock |
|
|
70,796 |
|
|
|
1,367 |
|
|
|
298 |
|
|
(4)(10) |
Dare Biosciences, Inc. |
|
Equity |
1/8/2015 |
Common Stock |
|
|
13,550 |
|
|
|
1,000 |
|
|
|
17 |
|
|
(4) |
Dynavax Technologies |
|
Equity |
7/22/2015 |
Common Stock |
|
|
20,000 |
|
|
|
550 |
|
|
|
252 |
|
|
(4)(10) |
Hibercell, Inc. |
|
Equity |
5/7/2021 |
Preferred Series B |
|
|
3,466,840 |
|
|
|
4,250 |
|
|
|
3,159 |
|
|
(15) |
HilleVax, Inc. |
|
Equity |
5/3/2022 |
Common Stock |
|
|
235,295 |
|
|
|
4,000 |
|
|
|
2,572 |
|
|
(4) |
Humanigen, Inc. |
|
Equity |
3/31/2021 |
Common Stock |
|
|
43,243 |
|
|
|
800 |
|
|
|
76 |
|
|
(4)(10) |
Kaleido Biosciences, Inc. |
|
Equity |
2/10/2021 |
Common Stock |
|
|
86,585 |
|
|
|
1,000 |
|
|
|
— |
|
|
(4) |
NorthSea Therapeutics |
|
Equity |
12/15/2021 |
Preferred Series C |
|
|
983 |
|
|
|
2,000 |
|
|
|
1,539 |
|
|
(5)(10) |
Paratek Pharmaceuticals, Inc. |
|
Equity |
2/26/2007 |
Common Stock |
|
|
76,362 |
|
|
|
2,744 |
|
|
|
147 |
|
|
(4) |
Rocket Pharmaceuticals, Ltd. |
|
Equity |
8/22/2007 |
Common Stock |
|
|
944 |
|
|
|
1,500 |
|
|
|
13 |
|
|
(4) |
Savara, Inc. |
|
Equity |
8/11/2015 |
Common Stock |
|
|
11,119 |
|
|
|
203 |
|
|
|
17 |
|
|
(4) |
Sio Gene Therapies, Inc. |
|
Equity |
2/2/2017 |
Common Stock |
|
|
16,228 |
|
|
|
1,269 |
|
|
|
6 |
|
|
(4) |
Tarsus Pharmaceuticals, Inc. |
|
Equity |
5/5/2022 |
Common Stock |
|
|
155,555 |
|
|
|
2,100 |
|
|
|
2,271 |
|
|
(4)(10) |
Tricida, Inc. |
|
Equity |
2/28/2018 |
Common Stock |
|
|
68,816 |
|
|
|
863 |
|
|
|
666 |
|
|
(4) |
uniQure B.V. |
|
Equity |
1/31/2019 |
Common Stock |
|
|
17,175 |
|
|
|
332 |
|
|
|
320 |
|
|
(4)(5)(10)(16) |
Valo Health, LLC |
|
Equity |
12/11/2020 |
Preferred Series B |
|
|
510,308 |
|
|
|
3,000 |
|
|
|
4,172 |
|
|
|
X4 Pharmaceuticals, Inc. |
|
Equity |
11/26/2019 |
Common Stock |
|
|
198,277 |
|
|
|
1,641 |
|
|
|
191 |
|
|
(4) |
Subtotal: Drug Discovery & Development (1.93%)* |
|
|
|
|
|
41,667 |
|
|
|
25,689 |
|
|
|
|||||
Electronics & Computer Hardware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Skydio, Inc. |
|
Equity |
3/8/2022 |
Preferred Series E |
|
|
248,900 |
|
|
|
1,500 |
|
|
|
1,207 |
|
|
|
Subtotal: Electronics & Computer Hardware (0.09%)* |
|
|
|
|
|
1,500 |
|
|
|
1,207 |
|
|
|
|||||
Healthcare Services, Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
23andMe, Inc. |
|
Equity |
3/11/2019 |
Common Stock |
|
|
825,732 |
|
|
|
5,094 |
|
|
|
2,048 |
|
|
(4) |
Carbon Health Technologies, Inc. |
|
Equity |
3/30/2021 |
Preferred Series C |
|
|
217,880 |
|
|
|
1,687 |
|
|
|
1,166 |
|
|
|
Subtotal: Healthcare Services, Other (0.24%)* |
|
|
|
|
|
6,781 |
|
|
|
3,214 |
|
|
|
|||||
See notes to consolidated financial statements
12
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
(dollars in thousands)
Portfolio Company |
|
Type of |
Acquisition Date (4) |
Series (3) |
|
Shares |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Information Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Planet Labs, Inc. |
|
Equity |
6/21/2019 |
Common Stock |
|
|
547,880 |
|
|
$ |
615 |
|
|
$ |
2,373 |
|
|
(4) |
Yipit, LLC |
|
Equity |
12/30/2021 |
Preferred Series E |
|
|
41,021 |
|
|
|
3,825 |
|
|
|
2,235 |
|
|
|
Zeta Global Corp. |
|
Equity |
11/20/2007 |
Common Stock |
|
|
295,861 |
|
|
|
— |
|
|
|
1,337 |
|
|
(4) |
Subtotal: Information Services (0.45%)* |
|
|
|
|
|
4,440 |
|
|
|
5,945 |
|
|
|
|||||
Internet Consumer & Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Black Crow AI, Inc. affiliates |
|
Equity |
3/24/2021 |
Preferred Note |
|
|
3 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
(21) |
Carwow LTD |
|
Equity |
12/15/2021 |
Preferred Series D-4 |
|
|
199,742 |
|
|
|
1,151 |
|
|
|
395 |
|
|
(5)(10) |
Contentful Global, Inc. |
|
Equity |
12/22/2020 |
Preferred Series C |
|
|
41,000 |
|
|
|
138 |
|
|
|
282 |
|
|
(5)(10) |
|
|
Equity |
11/20/2018 |
Preferred Series D |
|
|
108,500 |
|
|
|
500 |
|
|
|
800 |
|
|
(5)(10) |
Total Contentful Global, Inc. |
|
|
|
|
|
|
149,500 |
|
|
|
638 |
|
|
|
1,082 |
|
|
|
DoorDash, Inc. |
|
Equity |
12/20/2018 |
Common Stock |
|
|
81,996 |
|
|
|
945 |
|
|
|
5,262 |
|
|
(4) |
Lyft, Inc. |
|
Equity |
12/26/2018 |
Common Stock |
|
|
100,738 |
|
|
|
5,263 |
|
|
|
1,338 |
|
|
(4) |
Nerdy Inc. |
|
Equity |
9/17/2021 |
Common Stock |
|
|
100,000 |
|
|
|
1,000 |
|
|
|
198 |
|
|
(4)(20) |
Nextdoor.com, Inc. |
|
Equity |
8/1/2018 |
Common Stock |
|
|
1,019,255 |
|
|
|
4,854 |
|
|
|
3,374 |
|
|
(4) |
OfferUp, Inc. |
|
Equity |
10/25/2016 |
Preferred Series A |
|
|
286,080 |
|
|
|
1,663 |
|
|
|
457 |
|
|
|
|
|
Equity |
10/25/2016 |
Preferred Series A-1 |
|
|
108,710 |
|
|
|
632 |
|
|
|
174 |
|
|
|
Total OfferUp, Inc. |
|
|
|
|
|
|
394,790 |
|
|
|
2,295 |
|
|
|
631 |
|
|
|
Oportun |
|
Equity |
6/28/2013 |
Common Stock |
|
|
48,365 |
|
|
|
577 |
|
|
|
400 |
|
|
(4) |
Reischling Press, Inc. |
|
Equity |
7/31/2020 |
Common Stock |
|
|
1,163 |
|
|
|
15 |
|
|
|
— |
|
|
|
Rhino Labs, Inc. |
|
Equity |
1/24/2022 |
Preferred Series B-2 |
|
|
7,063 |
|
|
|
1,000 |
|
|
|
954 |
|
|
|
Savage X Holding, LLC |
|
Equity |
4/30/2010 |
Class A Units |
|
|
42,137 |
|
|
|
13 |
|
|
|
213 |
|
|
|
Tectura Corporation |
|
Equity |
5/23/2018 |
Common Stock |
|
|
414,994,863 |
|
|
|
900 |
|
|
|
— |
|
|
(7) |
|
|
Equity |
6/6/2016 |
Preferred Series BB |
|
|
1,000,000 |
|
|
|
— |
|
|
|
— |
|
|
(7) |
Total Tectura Corporation |
|
|
|
|
|
|
415,994,863 |
|
|
|
900 |
|
|
|
— |
|
|
|
TFG Holding, Inc. |
|
Equity |
4/30/2010 |
Common Stock |
|
|
42,989 |
|
|
|
89 |
|
|
|
122 |
|
|
|
Uber Technologies, Inc. |
|
Equity |
12/1/2020 |
Common Stock |
|
|
32,991 |
|
|
|
318 |
|
|
|
675 |
|
|
(4) |
Subtotal: Internet Consumer & Business Services (1.33%)* |
|
|
|
|
|
22,058 |
|
|
|
17,644 |
|
|
|
|||||
Medical Devices & Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Coronado Aesthetics, LLC |
|
Equity |
10/15/2021 |
Common Units |
|
|
180,000 |
|
|
|
— |
|
|
|
10 |
|
|
(7) |
|
|
Equity |
10/15/2021 |
Preferred Series A-2 |
|
|
5,000,000 |
|
|
|
250 |
|
|
|
412 |
|
|
(7) |
Total Coronado Aesthetics, LLC |
|
|
|
|
|
|
5,180,000 |
|
|
|
250 |
|
|
|
422 |
|
|
|
Flowonix Medical Incorporated |
|
Equity |
11/3/2014 |
Preferred Series AA |
|
|
221,893 |
|
|
|
1,500 |
|
|
|
— |
|
|
|
Gelesis, Inc. |
|
Equity |
11/30/2009 |
Common Stock |
|
|
1,716,107 |
|
|
|
1,003 |
|
|
|
2,616 |
|
|
(4)(20) |
ViewRay, Inc. |
|
Equity |
12/16/2013 |
Common Stock |
|
|
36,457 |
|
|
|
332 |
|
|
|
97 |
|
|
(4) |
Subtotal: Medical Devices & Equipment (0.24%)* |
|
|
|
|
|
3,085 |
|
|
|
3,135 |
|
|
|
|||||
Semiconductors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Achronix Semiconductor Corporation |
|
Equity |
7/1/2011 |
Preferred Series C |
|
|
277,995 |
|
|
|
160 |
|
|
|
416 |
|
|
|
Subtotal: Semiconductors (0.03%)* |
|
|
|
|
|
160 |
|
|
|
416 |
|
|
|
|||||
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
3GTMS, LLC |
|
Equity |
8/9/2021 |
Common Stock |
|
|
1,000,000 |
|
|
|
1,000 |
|
|
|
725 |
|
|
|
CapLinked, Inc. |
|
Equity |
10/26/2012 |
Preferred Series A-3 |
|
|
53,614 |
|
|
|
51 |
|
|
|
13 |
|
|
|
Docker, Inc. |
|
Equity |
11/29/2018 |
Common Stock |
|
|
20,000 |
|
|
|
4,284 |
|
|
|
— |
|
|
|
Druva Holdings, Inc. |
|
Equity |
10/22/2015 |
Preferred Series 2 |
|
|
458,841 |
|
|
|
1,000 |
|
|
|
1,432 |
|
|
|
|
|
Equity |
8/24/2017 |
Preferred Series 3 |
|
|
93,620 |
|
|
|
300 |
|
|
|
333 |
|
|
|
Total Druva Holdings, Inc. |
|
|
|
|
|
|
552,461 |
|
|
|
1,300 |
|
|
|
1,765 |
|
|
|
HighRoads, Inc. |
|
Equity |
1/18/2013 |
Common Stock |
|
|
190 |
|
|
|
307 |
|
|
|
— |
|
|
|
Lightbend, Inc. |
|
Equity |
12/4/2020 |
Common Stock |
|
|
38,461 |
|
|
|
265 |
|
|
|
10 |
|
|
|
Palantir Technologies |
|
Equity |
9/23/2020 |
Common Stock |
|
|
1,418,337 |
|
|
|
8,670 |
|
|
|
12,864 |
|
|
(4) |
SingleStore, Inc. |
|
Equity |
11/25/2020 |
Preferred Series E |
|
|
580,983 |
|
|
|
2,000 |
|
|
|
1,322 |
|
|
|
|
|
Equity |
8/12/2021 |
Preferred Series F |
|
|
52,956 |
|
|
|
280 |
|
|
|
149 |
|
|
|
Total SingleStore, Inc. |
|
|
|
|
|
|
633,939 |
|
|
|
2,280 |
|
|
|
1,471 |
|
|
|
Sprinklr, Inc. |
|
Equity |
3/22/2017 |
Common Stock |
|
|
700,000 |
|
|
|
3,748 |
|
|
|
7,077 |
|
|
(4) |
Verana Health, Inc. |
|
Equity |
7/8/2021 |
Preferred Series E |
|
|
952,562 |
|
|
|
2,000 |
|
|
|
1,365 |
|
|
|
Subtotal: Software (1.90%)* |
|
|
|
|
|
23,905 |
|
|
|
25,290 |
|
|
|
|||||
See notes to consolidated financial statements
13
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
(dollars in thousands)
Portfolio Company |
|
Type of |
Acquisition Date (4) |
Series (3) |
|
Shares |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Surgical Devices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gynesonics, Inc. |
|
Equity |
1/18/2007 |
Preferred Series B |
|
|
219,298 |
|
|
$ |
250 |
|
|
$ |
— |
|
|
|
|
|
Equity |
6/16/2010 |
Preferred Series C |
|
|
656,538 |
|
|
|
282 |
|
|
|
— |
|
|
|
|
|
Equity |
2/8/2013 |
Preferred Series D |
|
|
1,991,157 |
|
|
|
712 |
|
|
|
— |
|
|
|
|
|
Equity |
7/14/2015 |
Preferred Series E |
|
|
2,786,367 |
|
|
|
429 |
|
|
|
— |
|
|
|
|
|
Equity |
12/18/2018 |
Preferred Series F |
|
|
1,523,693 |
|
|
|
118 |
|
|
|
— |
|
|
|
|
|
Equity |
12/18/2018 |
Preferred Series F-1 |
|
|
2,418,125 |
|
|
|
150 |
|
|
|
— |
|
|
|
Total Gynesonics, Inc. |
|
|
|
|
|
|
9,595,178 |
|
|
|
1,941 |
|
|
|
— |
|
|
|
Subtotal: Surgical Devices (0.00%)* |
|
|
|
|
|
1,941 |
|
|
|
— |
|
|
|
|||||
Sustainable and Renewable Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Impossible Foods, Inc. |
|
Equity |
5/10/2019 |
Preferred Series E-1 |
|
|
188,611 |
|
|
|
2,000 |
|
|
|
2,805 |
|
|
|
Modumetal, Inc. |
|
Equity |
6/1/2015 |
Common Stock |
|
|
1,035 |
|
|
|
500 |
|
|
|
— |
|
|
|
NantEnergy, LLC |
|
Equity |
8/31/2013 |
Common Units |
|
|
59,665 |
|
|
|
102 |
|
|
|
— |
|
|
|
Pineapple Energy LLC |
|
Equity |
12/10/2020 |
Common Stock |
|
|
498,978 |
|
|
|
5,167 |
|
|
|
673 |
|
|
(4)(6)(20) |
Pivot Bio, Inc. |
|
Equity |
6/28/2021 |
Preferred Series D |
|
|
593,080 |
|
|
|
4,500 |
|
|
|
2,919 |
|
|
|
Proterra, Inc. |
|
Equity |
5/28/2015 |
Common Stock |
|
|
457,841 |
|
|
|
543 |
|
|
|
2,124 |
|
|
(4) |
Subtotal: Sustainable and Renewable Technology (0.64%)* |
|
|
|
|
|
12,812 |
|
|
|
8,521 |
|
|
|
|||||
Total: Equity Investments (10.38%)* |
|
|
|
|
$ |
152,222 |
|
|
$ |
137,794 |
|
|
|
|||||
Warrant Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Communications & Networking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Aryaka Networks, Inc. |
|
Warrant |
6/28/2022 |
Common Stock |
|
|
229,611 |
|
|
$ |
123 |
|
|
$ |
123 |
|
|
|
Spring Mobile Solutions, Inc. |
|
Warrant |
4/19/2013 |
Common Stock |
|
|
2,834,375 |
|
|
|
418 |
|
|
|
— |
|
|
|
Subtotal: Communications & Networking (0.01%)* |
|
|
|
|
|
541 |
|
|
|
123 |
|
|
|
|||||
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gadget Guard, LLC |
|
Warrant |
6/3/2014 |
Common Stock |
|
|
1,662,441 |
|
|
|
228 |
|
|
|
— |
|
|
|
TechStyle, Inc. |
|
Warrant |
7/16/2013 |
Preferred Series B |
|
|
206,185 |
|
|
|
1,101 |
|
|
|
789 |
|
|
|
The Neat Company |
|
Warrant |
8/13/2014 |
Common Stock |
|
|
54,054 |
|
|
|
365 |
|
|
|
— |
|
|
|
Whoop, Inc. |
|
Warrant |
6/27/2018 |
Preferred Series C |
|
|
686,270 |
|
|
|
18 |
|
|
|
1,182 |
|
|
|
Subtotal: Consumer & Business Products (0.15%)* |
|
|
|
|
|
1,712 |
|
|
|
1,971 |
|
|
|
|||||
Drug Delivery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Aerami Therapeutics Holdings, Inc. |
|
Warrant |
9/30/2015 |
Common Stock |
|
|
110,882 |
|
|
|
74 |
|
|
|
— |
|
|
|
BioQ Pharma Incorporated |
|
Warrant |
10/27/2014 |
Common Stock |
|
|
459,183 |
|
|
|
1 |
|
|
|
— |
|
|
|
PDS Biotechnology Corporation |
|
Warrant |
8/28/2014 |
Common Stock |
|
|
3,929 |
|
|
|
390 |
|
|
|
— |
|
|
(4) |
Subtotal: Drug Delivery (0.00%)* |
|
|
|
|
|
465 |
|
|
|
— |
|
|
|
|||||
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
ADMA Biologics, Inc. |
|
Warrant |
12/21/2012 |
Common Stock |
|
|
89,750 |
|
|
|
295 |
|
|
|
1 |
|
|
(4) |
Akero Therapeutics, Inc. |
|
Warrant |
6/15/2022 |
Common Stock |
|
|
18,360 |
|
|
|
56 |
|
|
|
67 |
|
|
(4)(10) |
Albireo Pharma, Inc. |
|
Warrant |
6/8/2020 |
Common Stock |
|
|
5,311 |
|
|
|
61 |
|
|
|
29 |
|
|
(4)(10) |
Axsome Therapeutics, Inc. |
|
Warrant |
9/25/2020 |
Common Stock |
|
|
40,396 |
|
|
|
880 |
|
|
|
593 |
|
|
(4)(10)(16)(20) |
Brickell Biotech, Inc. |
|
Warrant |
2/18/2016 |
Common Stock |
|
|
9,005 |
|
|
|
119 |
|
|
|
1 |
|
|
(4) |
Cellarity, Inc. |
|
Warrant |
12/8/2021 |
Preferred Series B |
|
|
100,000 |
|
|
|
287 |
|
|
|
164 |
|
|
(15) |
Century Therapeutics, Inc. |
|
Warrant |
9/14/2020 |
Common Stock |
|
|
16,112 |
|
|
|
37 |
|
|
|
12 |
|
|
(4) |
Dermavant Sciences Ltd. |
|
Warrant |
5/31/2019 |
Common Stock |
|
|
223,642 |
|
|
|
101 |
|
|
|
132 |
|
|
(5)(10)(12) |
enGene, Inc. |
|
Warrant |
12/30/2021 |
Preferred Series 3 |
|
|
133,692 |
|
|
|
72 |
|
|
|
28 |
|
|
(5)(10) |
Evofem Biosciences, Inc. |
|
Warrant |
6/11/2014 |
Common Stock |
|
|
520 |
|
|
|
266 |
|
|
|
— |
|
|
(4) |
Madrigal Pharmaceutical, Inc. |
|
Warrant |
5/9/2022 |
Common Stock |
|
|
10,131 |
|
|
|
177 |
|
|
|
245 |
|
|
(4)(10) |
Myovant Sciences, Ltd. |
|
Warrant |
10/16/2017 |
Common Stock |
|
|
73,710 |
|
|
|
460 |
|
|
|
186 |
|
|
(4)(5)(10) |
Paratek Pharmaceuticals, Inc. |
|
Warrant |
8/1/2018 |
Common Stock |
|
|
426,866 |
|
|
|
520 |
|
|
|
26 |
|
|
(4) |
Phathom Pharmaceuticals, Inc. |
|
Warrant |
9/17/2021 |
Common Stock |
|
|
64,687 |
|
|
|
848 |
|
|
|
46 |
|
|
(4)(10)(15)(16) |
Redshift Bioanalytics, Inc. |
|
Warrant |
3/23/2022 |
Preferred Series E |
|
|
142,653 |
|
|
|
7 |
|
|
|
5 |
|
|
(15) |
Scynexis, Inc. |
|
Warrant |
5/14/2021 |
Common Stock |
|
|
106,035 |
|
|
|
296 |
|
|
|
30 |
|
|
(4) |
Stealth Bio Therapeutics Corp. |
|
Warrant |
6/30/2017 |
Common Stock |
|
|
500,000 |
|
|
|
158 |
|
|
|
— |
|
|
(4)(5)(10) |
TG Therapeutics, Inc. |
|
Warrant |
2/28/2019 |
Common Stock |
|
|
231,613 |
|
|
|
1,033 |
|
|
|
168 |
|
|
(4)(10)(12) |
Tricida, Inc. |
|
Warrant |
3/27/2019 |
Common Stock |
|
|
31,352 |
|
|
|
280 |
|
|
|
21 |
|
|
(4) |
Valo Health, LLC |
|
Warrant |
6/15/2020 |
Common Units |
|
|
102,216 |
|
|
|
256 |
|
|
|
324 |
|
|
|
X4 Pharmaceuticals, Inc. |
|
Warrant |
3/18/2019 |
Common Stock |
|
|
108,334 |
|
|
|
673 |
|
|
|
7 |
|
|
(4) |
Yumanity Therapeutics, Inc. |
|
Warrant |
12/20/2019 |
Common Stock |
|
|
15,414 |
|
|
|
110 |
|
|
|
— |
|
|
(4) |
Subtotal: Drug Discovery & Development (0.16%)* |
|
|
|
|
|
6,992 |
|
|
|
2,085 |
|
|
|
|||||
See notes to consolidated financial statements
14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
(dollars in thousands)
Portfolio Company |
|
Type of |
Acquisition Date (4) |
Series (3) |
|
Shares |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Electronics & Computer Hardware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
908 Devices, Inc. |
|
Warrant |
3/15/2017 |
Common Stock |
|
|
49,078 |
|
|
$ |
101 |
|
|
$ |
436 |
|
|
(4) |
Skydio, Inc. |
|
Warrant |
11/8/2021 |
Common Stock |
|
|
622,255 |
|
|
|
557 |
|
|
|
1,674 |
|
|
|
Subtotal: Electronics & Computer Hardware (0.16%)* |
|
|
|
|
|
658 |
|
|
|
2,110 |
|
|
|
|||||
Healthcare Services, Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Vida Health, Inc. |
|
Warrant |
3/28/2022 |
Common Stock |
|
|
100,618 |
|
|
|
114 |
|
|
|
60 |
|
|
|
Subtotal: Healthcare Services, Other (0.00%)* |
|
|
|
|
|
114 |
|
|
|
60 |
|
|
|
|||||
Information Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Capella Space Corp. |
|
Warrant |
10/21/2021 |
Common Stock |
|
|
176,200 |
|
|
|
207 |
|
|
|
74 |
|
|
(15) |
INMOBI Inc. |
|
Warrant |
11/19/2014 |
Common Stock |
|
|
65,587 |
|
|
|
82 |
|
|
|
— |
|
|
(5)(10) |
NetBase Solutions, Inc. |
|
Warrant |
8/22/2017 |
Preferred Series 1 |
|
|
60,000 |
|
|
|
356 |
|
|
|
421 |
|
|
|
Signal Media Limited |
|
Warrant |
6/29/2022 |
Common Stock |
|
|
94,857 |
|
|
|
35 |
|
|
|
35 |
|
|
(5)(10) |
Subtotal: Information Services (0.04%)* |
|
|
|
|
|
680 |
|
|
|
530 |
|
|
|
|||||
Internet Consumer & Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Aria Systems, Inc. |
|
Warrant |
5/22/2015 |
Preferred Series G |
|
|
231,535 |
|
|
|
74 |
|
|
|
— |
|
|
|
Carwow LTD |
|
Warrant |
12/14/2021 |
Common Stock |
|
|
174,163 |
|
|
|
164 |
|
|
|
52 |
|
|
(5)(10) |
Cloudpay, Inc. |
|
Warrant |
4/10/2018 |
Preferred Series B |
|
|
6,763 |
|
|
|
54 |
|
|
|
233 |
|
|
(5)(10) |
Convoy, Inc. |
|
Warrant |
3/30/2022 |
Common Stock |
|
|
165,456 |
|
|
|
974 |
|
|
|
610 |
|
|
(16) |
First Insight, Inc. |
|
Warrant |
5/10/2018 |
Preferred Series B |
|
|
75,917 |
|
|
|
95 |
|
|
|
44 |
|
|
|
Houzz, Inc. |
|
Warrant |
10/29/2019 |
Common Stock |
|
|
529,661 |
|
|
|
20 |
|
|
|
— |
|
|
|
Landing Holdings Inc. |
|
Warrant |
3/12/2021 |
Common Stock |
|
|
11,806 |
|
|
|
116 |
|
|
|
50 |
|
|
(15) |
Lendio, Inc. |
|
Warrant |
3/29/2019 |
Preferred Series D |
|
|
127,032 |
|
|
|
39 |
|
|
|
60 |
|
|
|
Rhino Labs, Inc. |
|
Warrant |
3/12/2021 |
Common Stock |
|
|
13,106 |
|
|
|
470 |
|
|
|
450 |
|
|
(15) |
RumbleON, Inc. |
|
Warrant |
4/30/2018 |
Common Stock |
|
|
5,139 |
|
|
|
88 |
|
|
|
2 |
|
|
(4) |
Savage X Holding, LLC |
|
Warrant |
6/27/2014 |
Class A Units |
|
|
206,185 |
|
|
|
— |
|
|
|
1,040 |
|
|
|
SeatGeek, Inc. |
|
Warrant |
6/12/2019 |
Common Stock |
|
|
1,379,761 |
|
|
|
842 |
|
|
|
2,254 |
|
|
(16) |
ShareThis, Inc. |
|
Warrant |
12/14/2012 |
Preferred Series C |
|
|
493,502 |
|
|
|
547 |
|
|
|
— |
|
|
|
Skyword, Inc. |
|
Warrant |
8/23/2019 |
Preferred Series B |
|
|
444,444 |
|
|
|
83 |
|
|
|
3 |
|
|
|
Snagajob.com, Inc. |
|
Warrant |
4/20/2020 |
Common Stock |
|
|
600,000 |
|
|
|
16 |
|
|
|
101 |
|
|
(12) |
|
|
Warrant |
6/30/2016 |
Preferred Series A |
|
|
1,800,000 |
|
|
|
782 |
|
|
|
209 |
|
|
(12) |
|
|
Warrant |
8/1/2018 |
Preferred Series B |
|
|
1,211,537 |
|
|
|
62 |
|
|
|
127 |
|
|
(12) |
Total Snagajob.com, Inc. |
|
|
|
|
|
|
3,611,537 |
|
|
|
860 |
|
|
|
437 |
|
|
|
TFG Holding, Inc. |
|
Warrant |
6/27/2014 |
Common Stock |
|
|
206,185 |
|
|
|
— |
|
|
|
22 |
|
|
|
The Faction Group LLC |
|
Warrant |
11/3/2014 |
Preferred Series AA |
|
|
8,076 |
|
|
|
234 |
|
|
|
481 |
|
|
|
Thumbtack, Inc. |
|
Warrant |
5/1/2018 |
Common Stock |
|
|
267,225 |
|
|
|
844 |
|
|
|
579 |
|
|
|
Veem, Inc. |
|
Warrant |
3/31/2022 |
Common Stock |
|
|
98,428 |
|
|
|
126 |
|
|
|
59 |
|
|
|
Worldremit Group Limited |
|
Warrant |
2/11/2021 |
Preferred Series D |
|
|
77,215 |
|
|
|
129 |
|
|
|
845 |
|
|
(5)(10)(16) |
|
|
Warrant |
8/27/2021 |
Preferred Series E |
|
|
1,868 |
|
|
|
26 |
|
|
|
14 |
|
|
(5)(10)(16) |
Total Worldremit Group Limited |
|
|
|
|
|
|
79,083 |
|
|
|
155 |
|
|
|
859 |
|
|
|
Subtotal: Internet Consumer & Business Services (0.54%)* |
|
|
|
|
|
5,785 |
|
|
|
7,235 |
|
|
|
|||||
Manufacturing Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Bright Machines, Inc. |
|
Warrant |
3/31/2022 |
Common Stock |
|
|
196,335 |
|
|
|
151 |
|
|
|
67 |
|
|
|
MacroFab, Inc. |
|
Warrant |
3/23/2022 |
Common Stock |
|
|
1,111,111 |
|
|
|
528 |
|
|
|
598 |
|
|
|
Xometry, Inc. |
|
Warrant |
5/9/2018 |
Common Stock |
|
|
87,784 |
|
|
|
47 |
|
|
|
1,906 |
|
|
(4) |
Subtotal: Manufacturing Technology (0.19%)* |
|
|
|
|
|
726 |
|
|
|
2,571 |
|
|
|
|||||
Media/Content/Info |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Zoom Media Group, Inc. |
|
Warrant |
12/21/2012 |
Preferred Series A |
|
|
1,204 |
|
|
|
348 |
|
|
|
— |
|
|
|
Subtotal: Media/Content/Info (0.00%)* |
|
|
|
|
|
348 |
|
|
|
— |
|
|
|
|||||
Medical Devices & Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Aspire Bariatrics, Inc. |
|
Warrant |
1/28/2015 |
Common Stock |
|
|
22,572 |
|
|
|
455 |
|
|
|
— |
|
|
|
Flowonix Medical Incorporated |
|
Warrant |
11/3/2014 |
Preferred Series AA |
|
|
155,325 |
|
|
|
362 |
|
|
|
— |
|
|
(12) |
|
|
Warrant |
9/21/2018 |
Preferred Series BB |
|
|
725,806 |
|
|
|
351 |
|
|
|
— |
|
|
(12) |
Total Flowonix Medical Incorporated |
|
|
|
|
|
|
881,131 |
|
|
|
713 |
|
|
|
— |
|
|
|
Intuity Medical, Inc. |
|
Warrant |
12/29/2017 |
Preferred Series B-1 |
|
|
3,076,323 |
|
|
|
294 |
|
|
|
23 |
|
|
|
Lucira Health, Inc. |
|
Warrant |
2/4/2022 |
Common Stock |
|
|
59,642 |
|
|
|
110 |
|
|
|
5 |
|
|
(4) |
Outset Medical, Inc. |
|
Warrant |
9/27/2013 |
Common Stock |
|
|
62,794 |
|
|
|
401 |
|
|
|
350 |
|
|
(4) |
Tela Bio, Inc. |
|
Warrant |
3/31/2017 |
Common Stock |
|
|
15,712 |
|
|
|
61 |
|
|
|
- |
|
|
(4) |
Subtotal: Medical Devices & Equipment (0.03%)* |
|
|
|
|
|
2,034 |
|
|
|
378 |
|
|
|
|||||
See notes to consolidated financial statements
15
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
(dollars in thousands)
Portfolio Company |
|
Type of |
Acquisition Date (4) |
Series (3) |
|
Shares |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Semiconductors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Achronix Semiconductor Corporation |
|
Warrant |
6/26/2015 |
Preferred Series D-2 |
|
|
750,000 |
|
|
$ |
99 |
|
|
$ |
932 |
|
|
|
Fungible, Inc. |
|
Warrant |
12/16/2021 |
Common Stock |
|
|
800,000 |
|
|
|
751 |
|
|
|
135 |
|
|
(15) |
Subtotal: Semiconductors (0.08%)* |
|
|
|
|
|
850 |
|
|
|
1,067 |
|
|
|
|||||
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Bitsight Technologies, Inc. |
|
Warrant |
11/18/2020 |
Common Stock |
|
|
29,691 |
|
|
|
284 |
|
|
|
552 |
|
|
|
Brain Corporation |
|
Warrant |
10/4/2021 |
Common Stock |
|
|
194,629 |
|
|
|
165 |
|
|
|
88 |
|
|
(15) |
CloudBolt Software, Inc. |
|
Warrant |
9/30/2020 |
Common Stock |
|
|
211,342 |
|
|
|
117 |
|
|
|
16 |
|
|
|
Cloudian, Inc. |
|
Warrant |
11/6/2018 |
Common Stock |
|
|
477,454 |
|
|
|
71 |
|
|
|
15 |
|
|
|
Couchbase, Inc. |
|
Warrant |
4/25/2019 |
Common Stock |
|
|
105,350 |
|
|
|
462 |
|
|
|
740 |
|
|
(4) |
Dashlane, Inc. |
|
Warrant |
3/11/2019 |
Common Stock |
|
|
453,641 |
|
|
|
353 |
|
|
|
263 |
|
|
|
Delphix Corp. |
|
Warrant |
10/8/2019 |
Common Stock |
|
|
718,898 |
|
|
|
1,594 |
|
|
|
2,634 |
|
|
(16) |
Demandbase, Inc. |
|
Warrant |
8/2/2021 |
Common Stock |
|
|
727,047 |
|
|
|
545 |
|
|
|
328 |
|
|
|
DNAnexus, Inc. |
|
Warrant |
3/21/2014 |
Preferred Series C |
|
|
909,091 |
|
|
|
97 |
|
|
|
50 |
|
|
|
DroneDeploy, Inc. |
|
Warrant |
6/30/2022 |
Common Stock |
|
|
95,911 |
|
|
|
278 |
|
|
|
278 |
|
|
|
Eigen Technologies Ltd. |
|
Warrant |
4/13/2022 |
Common Stock |
|
|
250 |
|
|
|
5 |
|
|
|
4 |
|
|
(5)(10) |
Esme Learning Solutions, Inc. |
|
Warrant |
1/27/2022 |
Common Stock |
|
|
56,765 |
|
|
|
198 |
|
|
|
105 |
|
|
|
Evernote Corporation |
|
Warrant |
9/30/2016 |
Common Stock |
|
|
62,500 |
|
|
|
107 |
|
|
|
13 |
|
|
|
Lightbend, Inc. |
|
Warrant |
2/14/2018 |
Preferred Series D |
|
|
89,685 |
|
|
|
131 |
|
|
|
— |
|
|
|
Mixpanel, Inc. |
|
Warrant |
9/30/2020 |
Common Stock |
|
|
82,362 |
|
|
|
252 |
|
|
|
333 |
|
|
|
Nuvolo Technologies Corporation |
|
Warrant |
3/29/2019 |
Common Stock |
|
|
70,000 |
|
|
|
172 |
|
|
|
218 |
|
|
|
Poplicus, Inc. |
|
Warrant |
5/28/2014 |
Common Stock |
|
|
132,168 |
|
|
|
— |
|
|
|
— |
|
|
|
Pymetrics, Inc. |
|
Warrant |
9/15/2020 |
Common Stock |
|
|
150,943 |
|
|
|
77 |
|
|
|
56 |
|
|
|
RapidMiner, Inc. |
|
Warrant |
11/28/2017 |
Preferred Series C-1 |
|
|
4,982 |
|
|
|
24 |
|
|
|
7 |
|
|
|
Reltio, Inc. |
|
Warrant |
6/30/2020 |
Common Stock |
|
|
69,120 |
|
|
|
215 |
|
|
|
289 |
|
|
|
SignPost, Inc. |
|
Warrant |
1/13/2016 |
Series Junior 1 Preferred |
|
|
474,019 |
|
|
|
314 |
|
|
|
— |
|
|
|
SingleStore, Inc. |
|
Warrant |
4/28/2020 |
Preferred Series D |
|
|
312,596 |
|
|
|
103 |
|
|
|
334 |
|
|
|
Tact.ai Technologies, Inc. |
|
Warrant |
2/13/2020 |
Common Stock |
|
|
1,041,667 |
|
|
|
206 |
|
|
|
168 |
|
|
|
Udacity, Inc. |
|
Warrant |
9/25/2020 |
Common Stock |
|
|
486,359 |
|
|
|
218 |
|
|
|
147 |
|
|
|
VideoAmp, Inc. |
|
Warrant |
1/21/2022 |
Common Stock |
|
|
152,048 |
|
|
|
1,275 |
|
|
|
611 |
|
|
(15) |
ZeroFox, Inc. |
|
Warrant |
5/7/2020 |
Preferred Series C-1 |
|
|
648,350 |
|
|
|
101 |
|
|
|
540 |
|
|
|
Subtotal: Software (0.59%)* |
|
|
|
|
|
7,364 |
|
|
|
7,789 |
|
|
|
|||||
Surgical Devices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gynesonics, Inc. |
|
Warrant |
12/5/2012 |
Preferred Series C |
|
|
33,670 |
|
|
|
13 |
|
|
|
— |
|
|
|
TransMedics Group, Inc. |
|
Warrant |
11/7/2012 |
Common Stock |
|
|
64,440 |
|
|
|
139 |
|
|
|
1,044 |
|
|
(4) |
Subtotal: Surgical Devices (0.08%)* |
|
|
|
|
|
152 |
|
|
|
1,044 |
|
|
|
|||||
Sustainable and Renewable Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Agrivida, Inc. |
|
Warrant |
6/20/2013 |
Preferred Series D |
|
|
471,327 |
|
|
|
120 |
|
|
|
— |
|
|
|
Ampion, PBC |
|
Warrant |
4/15/2022 |
Common Stock |
|
|
18,472 |
|
|
|
52 |
|
|
|
46 |
|
|
|
Fulcrum Bioenergy, Inc. |
|
Warrant |
9/13/2012 |
Preferred Series C-1 |
|
|
280,897 |
|
|
|
274 |
|
|
|
765 |
|
|
|
Halio, Inc. |
|
Warrant |
4/22/2014 |
Preferred Series A |
|
|
325,000 |
|
|
|
155 |
|
|
|
97 |
|
|
|
|
|
Warrant |
4/7/2015 |
Preferred Series B |
|
|
131,883 |
|
|
|
63 |
|
|
|
32 |
|
|
|
Total Halio, Inc. |
|
|
|
|
|
|
456,883 |
|
|
|
218 |
|
|
|
129 |
|
|
|
Polyera Corporation |
|
Warrant |
12/11/2012 |
Preferred Series C |
|
|
311,612 |
|
|
|
338 |
|
|
|
— |
|
|
|
Subtotal: Sustainable and Renewable Technology (0.07%)* |
|
|
|
|
|
1,002 |
|
|
|
940 |
|
|
|
|||||
Total: Warrant Investments (2.10%)* |
|
|
|
|
|
29,423 |
|
|
|
27,903 |
|
|
|
|||||
Total Investments in Securities (204.60%)* |
|
|
|
|
$ |
2,761,048 |
|
|
$ |
2,716,563 |
|
|
|
|||||
Investment Funds & Vehicles Investments |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Forbion Growth Opportunities Fund I C.V. |
|
Investment Funds & Vehicles |
11/16/2020 |
|
|
|
|
|
|
2,084 |
|
|
|
2,136 |
|
|
(5)(10)(17) |
|
Forbion Growth Opportunities Fund II C.V. |
|
Investment Funds & Vehicles |
6/23/2022 |
|
|
|
|
|
|
195 |
|
|
|
192 |
|
|
(5)(10)(17) |
|
Subtotal: Drug Discovery & Development (0.18%)* |
|
|
|
|
$ |
2,279 |
|
|
$ |
2,328 |
|
|
|
|||||
Total: Investment Funds & Vehicles Investments (0.18%)* |
|
|
|
|
$ |
2,279 |
|
|
$ |
2,328 |
|
|
|
|||||
Total Investments before Cash and Cash Equivalents (204.78%)* |
|
|
|
|
$ |
2,763,327 |
|
|
$ |
2,718,891 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cash & Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
GS Financial Square Government Fund |
|
Cash & Cash Equivalents |
|
FGTXX/38141W273 |
|
|
|
|
|
51,000 |
|
|
|
51,000 |
|
|
|
|
JPMorgan U.S. Government Money Market |
|
Cash & Cash Equivalents |
|
Capital (OGVXX) |
|
|
|
|
|
39,000 |
|
|
|
39,000 |
|
|
|
|
Total: Investments in Cash & Cash Equivalents (6.78%)* |
|
|
|
|
$ |
90,000 |
|
|
$ |
90,000 |
|
|
|
|||||
Total: Investments after Cash and Cash Equivalents (211.55%)* |
|
|
|
|
$ |
2,853,327 |
|
|
$ |
2,808,891 |
|
|
|
|||||
See notes to consolidated financial statements
16
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
(dollars in thousands)
* Value as a percent of net assets. All amounts are stated in U.S. Dollars unless otherwise noted. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.
See notes to consolidated financial statements
17
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2021
(dollars in thousands)
Portfolio Company |
|
Type of |
Maturity Date |
Interest Rate and Floor (1) |
|
Principal |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Communications & Networking |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cytracom Holdings LLC |
|
Senior Secured |
February 2025 |
3-month LIBOR + 9.31% or Floor rate of 10.31% |
|
$ |
9,000 |
|
|
$ |
8,802 |
|
|
$ |
8,725 |
|
|
(11)(16)(17) |
Rocket Lab Global Services, LLC |
|
Senior Secured |
June 2024 |
PRIME + 4.90% or Floor rate of 8.15%, PIK Interest 1.25%, 3.25% Exit Fee |
|
$ |
88,542 |
|
|
|
88,286 |
|
|
|
90,505 |
|
|
(13)(15) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
97,088 |
|
|
|
99,230 |
|
|
|
||||
Subtotal: Communications & Networking (7.58%)* |
|
|
|
|
|
|
97,088 |
|
|
|
99,230 |
|
|
|
||||
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Grove Collaborative, Inc. |
|
Senior Secured |
April 2025 |
PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee |
|
$ |
23,520 |
|
|
|
23,162 |
|
|
|
23,298 |
|
|
(18) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
23,162 |
|
|
|
23,298 |
|
|
|
||||
Subtotal: Consumer & Business Products (1.78%)* |
|
|
|
|
|
|
23,162 |
|
|
|
23,298 |
|
|
|
||||
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Newfront Insurance Holdings, Inc. |
|
Convertible Note |
August 2022 |
PIK Interest 0.19% or Floor rate of 0.19% |
|
$ |
403 |
|
|
|
403 |
|
|
|
403 |
|
|
(9) |
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
403 |
|
|
|
403 |
|
|
|
||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gibraltar Business Capital, LLC |
|
Unsecured |
September 2026 |
FIXED 14.50% |
|
$ |
15,000 |
|
|
|
14,662 |
|
|
|
13,818 |
|
|
(7) |
|
|
Unsecured |
September 2026 |
FIXED 11.50% |
|
$ |
10,000 |
|
|
|
9,823 |
|
|
|
9,394 |
|
|
(7) |
Total Gibraltar Business Capital, LLC |
|
|
|
|
|
$ |
25,000 |
|
|
|
24,485 |
|
|
|
23,212 |
|
|
|
Hercules Adviser LLC |
|
Unsecured |
May 2023 |
FIXED 5.00% |
|
$ |
8,850 |
|
|
|
8,850 |
|
|
|
8,850 |
|
|
(7) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
33,335 |
|
|
|
32,062 |
|
|
|
||||
Subtotal: Diversified Financial Services (2.48%)* |
|
|
|
|
|
|
33,738 |
|
|
|
32,465 |
|
|
|
||||
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Chemocentryx, Inc. |
|
Senior Secured |
December 2022 |
PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee |
|
$ |
18,951 |
|
|
|
20,036 |
|
|
|
20,036 |
|
|
(10) |
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
20,036 |
|
|
|
20,036 |
|
|
|
||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Albireo Pharma, Inc. |
|
Senior Secured |
July 2024 |
PRIME + 5.90% or Floor rate of 9.15%, 6.95% Exit Fee |
|
$ |
10,000 |
|
|
|
10,229 |
|
|
|
10,268 |
|
|
(10)(11) |
Aldeyra Therapeutics, Inc. |
|
Senior Secured |
October 2023 |
PRIME + 3.10% or Floor rate of 8.60%, 6.95% Exit Fee |
|
$ |
15,000 |
|
|
|
15,639 |
|
|
|
15,653 |
|
|
|
Applied Genetic Technologies Corporation |
|
Senior Secured |
April 2024 |
PRIME + 6.50% or Floor rate of 9.75%, 6.95% Exit Fee |
|
$ |
20,000 |
|
|
|
20,416 |
|
|
|
20,339 |
|
|
|
Aveo Pharmaceuticals, Inc. |
|
Senior Secured |
September 2024 |
PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee |
|
$ |
40,000 |
|
|
|
40,842 |
|
|
|
40,776 |
|
|
(11)(14) |
Axsome Therapeutics, Inc. |
|
Senior Secured |
October 2026 |
PRIME + 5.70% or Floor rate of 8.95%, 5.82% Exit Fee |
|
$ |
50,000 |
|
|
|
49,542 |
|
|
|
48,859 |
|
|
(10)(12) |
Bicycle Therapeutics PLC |
|
Senior Secured |
October 2024 |
PRIME + 5.60% or Floor rate of 8.85%, 5.00% Exit Fee |
|
$ |
24,000 |
|
|
|
24,271 |
|
|
|
24,454 |
|
|
(5)(10)(11)(12)(16) |
BiomX, INC |
|
Senior Secured |
September 2025 |
PRIME + 5.70% or Floor rate of 8.95%, 6.55% Exit Fee |
|
$ |
9,000 |
|
|
|
8,980 |
|
|
|
8,980 |
|
|
(5)(10)(11) |
BridgeBio Pharma, Inc. |
|
Senior Secured |
November 2026 |
FIXED 9.00%, 2.00% Exit Fee |
|
$ |
38,000 |
|
|
|
37,462 |
|
|
|
37,462 |
|
|
|
Cellarity, Inc. |
|
Senior Secured |
June 2026 |
PRIME + 5.70% or Floor rate of 8.95%, 3.75% Exit Fee |
|
$ |
30,000 |
|
|
|
29,422 |
|
|
|
29,422 |
|
|
(14) |
Center for Breakthrough Medicines Holdings, LLC |
|
Senior Secured |
May 2023 |
PRIME + 5.50% or Floor rate of 8.75%, 7.50% Exit Fee |
|
$ |
5,000 |
|
|
|
5,005 |
|
|
|
5,005 |
|
|
|
Century Therapeutics |
|
Senior Secured |
April 2024 |
PRIME + 6.30% or Floor rate of 9.55%, 3.95% Exit Fee |
|
$ |
10,000 |
|
|
|
10,075 |
|
|
|
10,361 |
|
|
(11) |
See notes to consolidated financial statements
18
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2021
(dollars in thousands)
Portfolio Company |
|
Type of |
Maturity Date |
Interest Rate and Floor (1) |
|
Principal |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Chemocentryx, Inc. |
|
Senior Secured |
February 2025 |
PRIME + 3.25% or Floor rate of 8.50%, 7.15% Exit Fee |
|
$ |
5,000 |
|
|
$ |
5,161 |
|
|
$ |
5,070 |
|
|
(10) |
Codiak Biosciences, Inc. |
|
Senior Secured |
October 2025 |
PRIME + 5.00% or Floor rate of 8.25%, 5.50% Exit Fee |
|
$ |
25,000 |
|
|
|
25,459 |
|
|
|
25,316 |
|
|
(11) |
Corium, Inc. |
|
Senior Secured |
September 2026 |
PRIME + 5.70% or Floor rate of 8.95%, 7.75% Exit Fee |
|
$ |
91,500 |
|
|
|
90,997 |
|
|
|
90,997 |
|
|
(15) |
Eloxx Pharmaceuticals, Inc. |
|
Senior Secured |
April 2025 |
PRIME + 6.25% or Floor rate of 9.50%, 6.55% Exit Fee |
|
$ |
12,500 |
|
|
|
12,443 |
|
|
|
12,443 |
|
|
(14) |
enGene, Inc. |
|
Senior Secured |
July 2025 |
PRIME + 5.00% or Floor rate of 8.25%, 6.35% Exit Fee |
|
$ |
7,000 |
|
|
|
6,858 |
|
|
|
6,858 |
|
|
(5)(10) |
G1 Therapeutics, Inc. |
|
Senior Secured |
November 2026 |
PRIME + 5.90% or Floor rate of 9.15%, 9.86% Exit Fee |
|
$ |
58,125 |
|
|
|
57,873 |
|
|
|
57,874 |
|
|
(10)(11)(12)(14)(16) |
Geron Corporation |
|
Senior Secured |
October 2024 |
PRIME + 5.75% or Floor rate of 9.00%, 6.55% Exit Fee |
|
$ |
32,500 |
|
|
|
32,704 |
|
|
|
32,744 |
|
|
(10)(12) |
Hibercell, Inc. |
|
Senior Secured |
May 2025 |
PRIME + 5.40% or Floor rate of 8.65%, 4.95% Exit Fee |
|
$ |
17,000 |
|
|
|
17,041 |
|
|
|
17,014 |
|
|
(14) |
Humanigen, Inc. |
|
Senior Secured |
March 2025 |
PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee |
|
$ |
20,000 |
|
|
|
20,235 |
|
|
|
19,985 |
|
|
(9)(10) |
Kaleido Biosciences, Inc. |
|
Senior Secured |
January 2024 |
PRIME + 6.10% or Floor rate of 9.35%, 7.55% Exit Fee |
|
$ |
22,500 |
|
|
|
23,505 |
|
|
|||||