10-Q

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, 2023

☐ 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)
		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 26, 2023, there were 144,602,208 shares outstanding of the Registrant’s common stock, $0.001 par value.

HERCULES CAPITAL, INC.

FORM 10-Q TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION		3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of June 30, 2023 (unaudited) and December 31, 2022	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2023 and 2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)	6
	Consolidated Schedule of Investments as of June 30, 2023 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2022	18
	Notes to Consolidated Financial Statements (unaudited)	29
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	62
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	76
Item 4.	Controls and Procedures	77
PART II. OTHER INFORMATION		78
Item 1.	Legal Proceedings	78
Item 1A.	Risk Factors	78
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	80
Item 3.	Defaults Upon Senior Securities	80
Item 4.	Mine Safety Disclosures	80
Item 5.	Other Information	80
Item 6.	Exhibits and Financial Statement Schedules	81
SIGNATURES		86

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, 2023		December 31, 2022
	(unaudited)
Assets
Investments, at fair value:
Non-control/Non-affiliate investments (cost of $3,025,780 and $2,918,425, respectively)	$	3,021,866	$	2,887,497
Control investments (cost of $88,317 and $87,271, respectively)		90,923		76,458
Total investments, at fair value (cost of $3,114,097 and $3,005,696, respectively; fair value amounts related to a VIE $256,076 and $236,585, respectively)		3,112,789		2,963,955
Cash and cash equivalents		61,695		15,797
Restricted cash (amounts related to a VIE $12,339 and $10,079, respectively)		12,339		10,079
Interest receivable		32,086		31,682
Right of use asset		3,783		4,986
Other assets		1,812		2,356
Total assets	$	3,224,504	$	3,028,855

Liabilities
Debt (net of debt issuance costs - Note 5; amounts related to a VIE $148,251 and $147,957, respectively)	$	1,588,608	$	1,574,351
Accounts payable and accrued liabilities		46,500		47,539
Operating lease liability		3,886		5,506
Total liabilities	$	1,638,994	$	1,627,396

Net assets consist of:
Common stock, par value	$	145	$	134
Capital in excess of par value		1,468,270		1,341,416
Total distributable earnings		117,095		59,909
Total net assets	$	1,585,510	$	1,401,459
Total liabilities and net assets	$	3,224,504	$	3,028,855

Shares of common stock outstanding ($0.001 par value and 200,000 authorized)		144,641		133,045
Net asset value per share	$	10.96	$	10.53

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


(in thousands, except per share data)	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Investment income:
Interest and dividend income:
Non-control/Non-affiliate investments	$	107,931			67,511		$	206,712			127,601
Control investments		1,055			1,144			2,171			2,259
Affiliate investments		—			76			—			1,123
Total interest and dividend income		108,986			68,731			208,883			130,983
Fee income:
Non-control/Non-affiliate investments		7,226			3,367			12,400			6,256
Control investments		19			17			38			33
Total fee income		7,245			3,384			12,438			6,289
Total investment income		116,231			72,115			221,321			137,272
Operating expenses:
Interest		17,184			12,698			33,809			24,345
Loan fees		2,464			1,492			4,793			3,334
General and administrative		5,151			4,322			9,277			8,140
Tax expenses		1,980			1,821			3,367			2,533
Employee compensation:
Compensation and benefits		12,841			11,060			27,458			19,389
Stock-based compensation		3,325			3,661			6,511			8,085
Total employee compensation		16,166			14,721			33,969			27,474
Total gross operating expenses		42,945			35,054			85,215			65,826
Expenses allocated to the Adviser Subsidiary		(2,414	)		(3,070	)		(5,093	)		(4,472	)
Total net operating expenses		40,531			31,984			80,122			61,354
Net investment income		75,700			40,131			141,199			75,918
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss):
Non-control/Non-affiliate investments		217			(2,133	)		8,177			(4,600	)
Affiliate investments		—			—			—			3,772
Loss on extinguishment of debt		—			—			—			(3,686	)
Total net realized gain (loss)		217			(2,133	)		8,177			(4,514	)
Net change in unrealized appreciation (depreciation):
Non-control/Non-affiliate investments		14,285			(51,749	)		26,544			(90,698	)
Control investments		4,573			4,728			13,419			6,182
Affiliate investments		—			(1,295	)		—			(542	)
Total net change in unrealized appreciation (depreciation)		18,858			(48,316	)		39,963			(85,058	)
Total net realized gain (loss) and net change in unrealized appreciation (depreciation)		19,075			(50,449	)		48,140			(89,572	)
Net increase (decrease) in net assets resulting from operations	$	94,775		$	(10,318	)	$	189,339		$	(13,654	)

Net investment income before gains and losses per common share:
Basic	$	0.53		$	0.32		$	1.01		$	0.62
Change in net assets resulting from operations per common share:
Basic	$	0.66		$	(0.09	)	$	1.35		$	(0.12	)
Diluted	$	0.66		$	(0.09	)	$	1.34		$	(0.12	)
Weighted average shares outstanding:
Basic		141,390			124,255			138,338			121,292
Diluted		142,084			124,255			139,587			121,292
Distributions paid per common share:
Basic	$	0.47		$	0.48		$	0.94		$	0.96

See notes to consolidated financial statements

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, 2023	Shares			Par Value		of par value			(loss)			Assets
Balance as of March 31, 2023		138,596		$	139	$	1,409,168		$	89,699		$	1,499,006
Net increase (decrease) in net assets resulting from operations		—			—		—			94,775			94,775
Public offering, net of offering expenses		5,062			5		65,401			—			65,406
Issuance of common stock under equity-based award plans		955			1		75			—			76
Shares retired on vesting of equity-based awards		(44	)		—		(10,311	)		—			(10,311	)
Distributions reinvested in common stock		72			—		939			—			939
Distributions		—			—		—			(67,379	)		(67,379	)
Stock-based compensation (1)		—			—		2,998			—			2,998
Balance as of June 30, 2023		144,641		$	145	$	1,468,270		$	117,095		$	1,585,510

For the Six Months Ended June 30, 2023
Balance as of December 31, 2022		133,045		$	134	$	1,341,416		$	59,909		$	1,401,459
Net increase (decrease) in net assets resulting from operations		—			—		—			189,339			189,339
Public offering, net of offering expenses		9,721			9		130,739			—			130,748
Issuance of common stock under equity-based award plans		1,902			2		213			—			215
Shares retired on vesting of equity-based awards		(160	)		—		(11,828	)		—			(11,828	)
Distributions reinvested in common stock		133			—		1,879			—			1,879
Distributions		—			—		—			(132,153	)		(132,153	)
Stock-based compensation (1)		—			—		5,851			—			5,851
Balance as of June 30, 2023		144,641		$	145	$	1,468,270		$	117,095		$	1,585,510

(1)

Stock-based compensation includes $30 thousand and $50 thousand of restricted stock and option expense related to director compensation for the three and six months ended June 30, 2023, respectively.


(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 under equity-based award plans		23			—		—			—			—
Shares retired on vesting of equity-based awards		(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 under equity-based award plans		825			1		453			—			454
Shares retired on vesting of equity-based awards		(182	)		—		(4,620	)		—			(4,620	)
Distributions reinvested in common stock		121			—		1,946			—			1,946
Issuance of 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

(1)

Stock-based compensation includes $36 thousand and $76 thousand of restricted stock and option expense related to director compensation for the three and six months ended June 30, 2022, respectively.

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


(in thousands)	For the Six Months Ended June 30,
	2023			2022
Cash flows provided by (used in) operating activities:
Net increase (decrease) in net assets resulting from operations	$	189,339		$	(13,654	)
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments		(834,759	)		(790,706	)
Fundings assigned to Adviser Funds		199,866			189,806
Principal and fee repayments received and proceeds from the sale of debt investments		516,535			237,178
Proceeds from the sale of equity and warrant investments		30,074			7,749
Net change in unrealized (appreciation) depreciation		(39,963	)		85,058
Net realized (gain) loss		(8,177	)		828
Accretion of paid-in-kind principal		(11,347	)		(9,943	)
Accretion of loan discounts		(3,211	)		(1,982	)
Accretion of loan discount on convertible notes		—			112
Accretion of loan exit fees		(11,956	)		(12,057	)
Change in loan income, net of collections		12,421			7,119
Unearned fees related to unfunded commitments		(68	)		1,819
Realized loss on debt extinguishment		—			364
Amortization of debt fees and issuance costs		3,474			2,570
Depreciation and amortization		108			110
Stock-based compensation and amortization of restricted stock grants (1)		5,851			5,838
Change in operating assets and liabilities:
Interest receivable		(393	)		(4,768	)
Other assets		7,546			482
Accrued liabilities		(2,574	)		(12,630	)
Net cash provided by (used in) operating activities		52,766			(306,707	)

Cash flows provided by (used in) investing activities:
Purchases of capital equipment		(379	)		(74	)
Net cash provided by (used in) investing activities		(379	)		(74	)

Cash flows provided by (used in) financing activities:
Issuance of common stock		132,329			148,721
Offering expenses		(1,581	)		(1,617	)
Retirement of employee shares, net		(11,613	)		(4,166	)
Distributions paid		(130,274	)		(115,929	)
Issuance of debt		380,000			1,124,237
Repayment of debt		(368,000	)		(854,374	)
Debt issuance costs		—			(6,076	)
Fees paid for credit facilities and debentures		(5,090	)		(1,600	)
Net cash provided by (used in) financing activities		(4,229	)		289,196
Net increase (decrease) in cash, cash equivalents, and restricted cash		48,158			(17,585	)
Cash, cash equivalents, and restricted cash at beginning of period		25,876			136,265
Cash, cash equivalents, and restricted cash at end of period	$	74,034		$	118,680

Supplemental disclosures of cash flow information and non-cash investing and financing activities:
Interest paid	$	33,664		$	22,642
Income tax, including excise tax, paid	$	5,151		$	7,281
Distributions reinvested	$	1,879		$	1,946

(1)

Stock-based compensation includes $50 thousand and $76 thousand of restricted stock and option expense related to director compensation for the six months ended June 30, 2023 and 2022, respectively.

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:


(in thousands)	For the Six Months Ended June 30,
	2023		2022
Cash and cash equivalents	$	61,695	$	115,309
Restricted cash		12,339		3,371
Total cash, cash equivalents, and restricted cash presented in the Consolidated Statements of Cash Flows	$	74,034	$	118,680

See “Note 2 – Summary of Significant Accounting Policies” for a description of cash, cash equivalents, and restricted cash.

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Debt Investments
Biotechnology Tools
Alamar Biosciences, Inc.	Senior Secured	June 2026	Prime + 3.00%, Floor rate 6.50%, PIK Interest 1.00%, 5.95% Exit Fee	$	5,023	$	5,028	$	5,055	(13)(14)(17)
PathAI, Inc.	Senior Secured	January 2027	Prime + 2.15%, Floor rate 9.15%, 11.21% Exit Fee	$	28,000		27,696		27,969	(17)
Subtotal: Biotechnology Tools (2.08%)*							32,724		33,024
Communications & Networking
Aryaka Networks, Inc.	Senior Secured	July 2026	Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee	$	15,073		14,922		15,407	(14)(17)(19)
Cytracom Holdings LLC	Senior Secured	February 2025	3-month SOFR + 9.62%, Floor rate 10.62%	$	3,284		3,245		3,266	(11)(17)(18)
Rocket Lab Global Services, LLC	Senior Secured	June 2024	Prime + 4.90%, Floor rate 8.15%, PIK Interest 1.25%, 3.25% Exit Fee	$	85,103		86,546		86,546	(11)(12)(13)(14)(16)
Subtotal: Communications & Networking (6.64%)*							104,713		105,219
Consumer & Business Services
AppDirect, Inc.	Senior Secured	April 2026	Prime + 5.50%, Floor rate 8.75%, 7.12% Exit Fee	$	55,790		57,154		58,178	(12)
Carwow LTD	Senior Secured	December 2024	Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee	£	19,327		26,412		24,845	(5)(10)(14)(17)
Collective Health, Inc.	Senior Secured	September 2023	Prime + 4.75%, Floor rate 12.50%	$	4,000		3,985		3,985
Houzz, Inc.	Convertible Debt	May 2028	PIK Interest 7.00%	$	22,494		22,494		22,407	(9)(14)
Jobandtalent USA, Inc.	Senior Secured	February 2025	1-month SOFR + 8.75%, Floor rate 9.75%, 3.00% Exit Fee	$	14,000		13,969		14,056	(5)(10)
Provi	Senior Secured	December 2026	Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee	$	15,000		14,819		14,745	(15)
Rhino Labs, Inc.	Senior Secured	March 2024	Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25%	$	12,908		12,841		12,841	(14)(15)
RVShare, LLC	Senior Secured	December 2026	3-month LIBOR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%	$	28,296		27,892		28,114	(13)(14)(15)(17)
SeatGeek, Inc.	Senior Secured	May 2026	Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 1.00% Exit Fee	$	25,135		25,008		25,836	(11)(14)(16)(17)
	Senior Secured	July 2025	Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%	$	58,125		57,689		57,689	(16)(17)
Total SeatGeek, Inc.				$	83,260		82,697		83,525
Skyword, Inc.	Senior Secured	November 2026	Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee	$	9,087		9,051		9,093	(13)(14)
Tectura Corporation	Senior Secured	July 2024	PIK Interest 5.00%	$	23,703		13,263		—	(7)(8)(14)
	Senior Secured	July 2024	FIXED 8.25%	$	8,250		8,250		7,073	(7)
Total Tectura Corporation				$	31,953		21,513		7,073
Thumbtack, Inc.	Senior Secured	April 2026	Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee	$	10,180		10,180		10,399	(12)(14)(17)
Udacity, Inc.	Senior Secured	September 2024	Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee	$	52,464		53,106		51,752	(12)(14)
Veem, Inc.	Senior Secured	March 2025	Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee	$	5,075		5,085		5,124	(13)(14)
	Senior Secured	March 2025	Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee	$	5,071		5,096		5,194	(14)
Total Veem, Inc.				$	10,146		10,181		10,318
Worldremit Group Limited	Senior Secured	February 2025	3-month SOFR + 9.25%, Floor rate 10.25%, 3.20% Exit Fee	$	88,250		88,626		88,741	(5)(10)(11)(12)(16)(19)
	Senior Secured	February 2025	1-month SOFR + 9.25%, Floor rate 10.25%, 3.20% Exit Fee	$	6,250		6,252		6,270	(5)(10)(16)(19)
Total Worldremit Group Limited				$	94,500		94,878		95,011
Subtotal: Consumer & Business Services (28.15%)*							461,172		446,342
Diversified Financial Services
Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC)	Unsecured	September 2026	FIXED 11.50%	$	25,000		24,613		24,613	(7)(20)
Hercules Adviser LLC	Unsecured	June 2025	FIXED 5.00%	$	12,000		12,000		12,000	(7)
Next Insurance, Inc.	Senior Secured	February 2028	Prime + -1.50%, Floor rate 4.75%, PIK Interest 5.50%	$	10,181		9,984		9,984	(14)(17)(19)
Subtotal: Diversified Financial Services (2.94%)*							46,597		46,597

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Drug Discovery & Development
Akero Therapeutics, Inc.	Senior Secured	January 2027	Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee	$	12,500	$	12,385	$	12,794	(10)(13)(17)
Aldeyra Therapeutics, Inc.	Senior Secured	October 2024	Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee	$	15,000		16,047		16,179	(11)
Alladapt Immunotherapeutics Inc.	Senior Secured	September 2026	Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 5.30% Exit Fee	$	30,000		29,904		29,747	(13)
AmplifyBio, LLC	Senior Secured	January 2027	Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee	$	24,000		23,883		23,728	(15)
ATAI Life Sciences N.V.	Senior Secured	August 2026	Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee	$	10,500		10,592		10,633	(5)(10)
Axsome Therapeutics, Inc.	Senior Secured	January 2028	Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee	$	143,350		142,818		143,739	(10)(11)(12)(16)(17)
Bicycle Therapeutics PLC	Senior Secured	July 2025	Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee	$	11,500		11,818		11,542	(5)(10)(11)(12)
BiomX, INC	Senior Secured	September 2025	Prime + 5.70%, Floor rate 8.95%, 6.55% Exit Fee	$	8,008		8,277		8,246	(5)(10)(11)
BridgeBio Pharma, Inc.	Senior Secured	November 2026	FIXED 9.00%, 2.00% Exit Fee	$	37,880		37,718		34,033	(12)(13)(14)
Cellarity, Inc.	Senior Secured	June 2026	Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee	$	30,000		30,056		30,478	(13)(15)
COMPASS Pathways plc	Senior Secured	July 2027	Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee	$	24,000		23,443		23,443	(5)(10)
Corium, Inc.	Senior Secured	September 2026	Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee	$	132,675		134,545		136,450	(13)(16)
Curevo, Inc.	Senior Secured	June 2027	Prime + 1.70%, Floor rate 9.70%, 6.95% Exit Fee	$	10,000		9,674		9,674	(15)
Eloxx Pharmaceuticals, Inc.	Senior Secured	April 2025	Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee	$	5,000		5,642		5,552	(15)
enGene, Inc.	Senior Secured	July 2025	Prime + 5.00%, Floor rate 8.25%, 6.35% Exit Fee	$	11,000		11,230		11,264	(5)(10)(12)(13)
G1 Therapeutics, Inc.	Senior Secured	November 2026	Prime + 5.65%, Floor rate 9.15%, 11.41% Exit Fee	$	38,750		39,386		39,500	(11)(12)(15)
Geron Corporation	Senior Secured	April 2025	Prime + 5.75%, Floor rate 9.00%, 6.55% Exit Fee	$	18,500		19,243		19,482	(10)(12)(13)
Gritstone Bio, Inc.	Senior Secured	July 2027	Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee	$	22,799		22,874		22,766	(13)(14)(17)
Hibercell, Inc.	Senior Secured	May 2025	Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee	$	16,386		16,837		16,770	(13)(15)
HilleVax, Inc.	Senior Secured	May 2027	Prime + 1.05%, Floor rate 4.55%, Cap rate 6.05%, PIK Interest 2.85%, 7.15% Exit Fee	$	20,238		20,209		19,163	(14)(15)
Iveric Bio, Inc.	Senior Secured	August 2027	Prime + 4.00%, Floor rate 8.75%, Cap rate 10.25%, 4.25% Exit Fee	$	49,500		49,336		52,631	(10)(12)(17)
Kura Oncology, Inc.	Senior Secured	November 2027	Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee	$	5,500		5,489		5,606	(10)(15)(17)
Locus Biosciences, Inc.	Senior Secured	July 2025	Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee	$	6,854		7,042		7,049	(15)
Madrigal Pharmaceutical, Inc.	Senior Secured	May 2026	Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee	$	68,000		67,896		68,481	(10)
Phathom Pharmaceuticals, Inc.	Senior Secured	October 2026	Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.35%, 7.50% Exit Fee	$	96,262		97,177		96,827	(10)(12)(14)(15)(16)(17)(22)
Redshift Bioanalytics, Inc.	Senior Secured	January 2026	Prime + 4.25%, Floor rate 7.50%, 3.80% Exit Fee	$	5,000		5,001		5,027	(15)
Replimune Group, Inc.	Senior Secured	October 2027	Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee	$	20,906		20,904		21,240	(10)(14)
Tarsus Pharmaceuticals, Inc.	Senior Secured	February 2027	Prime + 4.45%, Floor rate 8.45%, Cap rate 11.45%, 4.75% Exit Fee	$	10,313		10,372		10,434	(10)(13)(17)
TG Therapeutics, Inc.	Senior Secured	January 2026	Prime + 1.20%, Floor rate 8.95%, PIK Interest 2.25%, 5.69% Exit Fee	$	65,023		65,045		65,130	(10)(11)(12)(14)(17)
uniQure B.V.	Senior Secured	January 2027	Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee	$	70,000		70,682		72,066	(5)(10)(11)(12)

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Unity Biotechnology, Inc.	Senior Secured	August 2024	Prime + 6.10%, Floor rate 9.35%, 6.25% Exit Fee	$	16,766	$	18,014	$	17,999	(13)
Valo Health, LLC	Senior Secured	May 2024	Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee	$	5,271		5,621		5,621	(11)(13)
Viridian Therapeutics, Inc.	Senior Secured	October 2026	Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee	$	2,000		2,027		1,950	(10)(13)
X4 Pharmaceuticals, Inc.	Senior Secured	April 2026	Prime + 3.15%, Floor rate 10.15%, 6.35% Exit Fee	$	32,500		32,658		32,747	(11)(12)(13)
Subtotal: Drug Discovery & Development (68.62%)*							1,083,845		1,087,991
Electronics & Computer Hardware
Locus Robotics Corp.	Senior Secured	June 2026	Prime + 4.50%, Floor rate 8.00%, 1.00% Exit Fee	$	18,281		18,256		18,942	(17)(19)
Subtotal: Electronics & Computer Hardware (1.19%)*							18,256		18,942
Healthcare Services, Other
Better Therapeutics, Inc.	Senior Secured	August 2025	Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee	$	11,314		11,608		11,500	(15)
Blue Sprig Pediatrics, Inc.	Senior Secured	November 2026	1-month SOFR + 5.00%, Floor rate 6.00%, PIK Interest 4.45%	$	57,658		56,974		55,819	(11)(13)(14)
Carbon Health Technologies, Inc.	Senior Secured	March 2025	Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee	$	46,125		46,859		47,142	(11)(13)
Equality Health, LLC	Senior Secured	February 2026	Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55%	$	53,999		53,646		54,269	(11)(12)(14)
Main Street Rural, Inc.	Senior Secured	July 2027	Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee	$	17,500		17,331		17,331	(15)
Modern Life, Inc.	Senior Secured	February 2027	Prime + 2.75%, Floor rate 8.75%, 3.00% Exit Fee	$	13,000		12,765		12,765	(13)(17)
Vida Health, Inc.	Senior Secured	March 2026	Prime + 1.00%, Floor rate 9.20%, Cap rate 10.20%, 4.95% Exit Fee	$	20,000		19,810		19,359	(11)(17)
Subtotal: Healthcare Services, Other (13.76%)*							218,993		218,185
Information Services
Capella Space Corp.	Senior Secured	November 2025	Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee	$	20,362		20,826		20,949	(14)(15)
Saama Technologies, LLC	Senior Secured	July 2027	Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee	$	11,625		11,480		11,480	(17)
Signal Media Limited	Senior Secured	June 2025	Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee	$	3,000		2,970		2,955	(5)(10)(17)
Yipit, LLC	Senior Secured	September 2026	1-month SOFR + 9.03%, Floor rate 10.03%	$	31,875		31,423		31,987	(17)(18)
Subtotal: Information Services (4.25%)*							66,699		67,371
Manufacturing Technology
Bright Machines, Inc.	Senior Secured	April 2025	Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee	$	10,231		10,252		10,356	(13)
MacroFab, Inc.	Senior Secured	March 2026	Prime + 4.35%, Floor rate 7.60%, PIK Interest 1.25%, 4.50% Exit Fee	$	20,254		19,995		21,608	(14)
Ouster, Inc.	Senior Secured	May 2026	Prime + 6.15%, Floor rate 9.40%, 7.45% Exit Fee	$	14,000		14,110		14,585	(10)(13)
Subtotal: Manufacturing Technology (2.94%)*							44,357		46,549
Media/Content/Info
Fever Labs, Inc.	Senior Secured	September 2026	Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee	$	6,667		6,619		6,682	(19)
	Senior Secured	September 2025	Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee	$	1,500		1,495		1,503	(19)
	Senior Secured	December 2025	Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee	$	1,667		1,656		1,664	(19)
	Senior Secured	March 2026	Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee	$	1,667		1,648		1,648	(19)
Total Fever Labs, Inc.				$	11,501		11,418		11,497
Subtotal: Media/Content/Info (0.73%)*							11,418		11,497
Software
3GTMS, LLC	Senior Secured	February 2025	6-month SOFR + 9.27%, Floor rate 10.27%	$	13,174		13,061		13,016	(11)(17)(18)
Agilence, Inc.	Senior Secured	October 2026	1-month BSBY + 9.00%, Floor rate 10.00%	$	9,259		9,063		9,093	(12)(17)(18)
Alchemer LLC	Senior Secured	May 2028	1-month SOFR + 8.14%, Floor rate 9.14%	$	20,908		20,475		21,158	(13)(17)(18)
Annex Cloud	Senior Secured	February 2027	1-month BSBY + 8.99%, Floor rate 9.99%	$	8,479		8,290		8,319	(13)(17)
Automation Anywhere, Inc.	Senior Secured	September 2027	Prime + 4.25%, Floor rate 9.00%, 2.50% Exit Fee	$	19,600		19,197		19,782	(11)(17)(19)
Babel Street	Senior Secured	December 2027	3-month SOFR + 7.89%, Floor rate 8.89%	$	45,000		43,889		44,387	(15)(17)(18)

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Brain Corporation	Senior Secured	April 2026	Prime + 3.70%, Floor rate 9.20%, PIK Interest 1.00%, 3.95% Exit Fee	$	30,268	$	30,313	$	30,184	(13)(14)(15)(17)
Campaign Monitor Limited	Senior Secured	November 2025	3-month SOFR + 8.90%, Floor rate 9.90%	$	33,000		32,640		33,000	(13)(19)
Catchpoint Systems, Inc.	Senior Secured	June 2026	1-month SOFR + 8.76%, Floor rate 9.76%	$	10,124		9,952		10,081	(18)
Ceros, Inc.	Senior Secured	September 2026	6-month LIBOR + 8.89%, Floor rate 9.89%	$	22,973		22,547		23,145	(17)(18)
Constructor.io Corporation	Senior Secured	July 2027	1-month SOFR + 8.44%, Floor rate 9.44%	$	4,688		4,582		4,736	(13)(17)(18)
Convoy, Inc.	Senior Secured	March 2026	Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee	$	74,719		74,304		74,805	(14)(19)
Copper CRM, Inc	Senior Secured	March 2025	Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.32% Exit Fee	$	9,848		9,937		9,645	(11)(14)
Cutover, Inc.	Senior Secured	October 2025	Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee	$	5,500		5,489		5,629	(5)(10)(12)(17)
Cybermaxx Intermediate Holdings, Inc.	Senior Secured	August 2026	6-month SOFR + 8.38%, Floor rate 9.38%	$	7,975		7,830		7,557	(13)(17)
Cybermaxx Intermediate Holdings, Inc.	Senior Secured	August 2026	6-month SOFR + 12.11%, Floor rate 13.11%	$	2,553		2,493		2,604	(17)
Total Cybermaxx Intermediate Holdings, Inc.				$	10,528		10,323		10,161
Dashlane, Inc.	Senior Secured	July 2025	Prime + 3.05%, Floor rate 7.55%, PIK Interest 1.10%, 2.39% Exit Fee	$	42,611		42,648		42,749	(11)(13)(14)(19)
Dispatch Technologies, Inc.	Senior Secured	April 2028	3-month SOFR + 8.01%, Floor rate 8.76%	$	7,500		7,309		7,414	(17)(18)
Eigen Technologies Ltd.	Senior Secured	April 2025	Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee	$	3,750		3,772		3,746	(5)(10)
Elation Health, Inc.	Senior Secured	March 2026	Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee	$	5,071		4,935		5,059	(14)(17)(19)
Enmark Systems, Inc.	Senior Secured	September 2026	3-month SOFR + 6.75%, Floor rate 7.75%, PIK Interest 2.14%	$	8,313		8,161		8,263	(11)(14)(17)(18)
Flight Schedule Pro, LLC	Senior Secured	October 2027	1-month SOFR + 7.70%, Floor rate 8.70%	$	5,948		5,785		5,859	(17)(18)
Fortified Health Security	Senior Secured	December 2027	6-month SOFR + 7.54%, Floor rate 8.54%	$	7,000		6,837		6,796	(11)(17)(18)
Ikon Science Limited	Senior Secured	October 2024	3-month Eurodollar + 9.00%, Floor rate 10.00%	$	6,388		6,284		6,363	(5)(10)(17)(18)
Imperva, Inc.	Senior Secured	January 2027	3-month LIBOR + 7.75%, Floor rate 8.75%	$	20,000		19,887		20,200	(19)
Khoros (p.k.a Lithium Technologies)	Senior Secured	January 2024	3-month SOFR + 8.00%, Floor rate 9.00%	$	57,113		57,037		57,037	(17)
Kore.ai, Inc.	Senior Secured	April 2027	Prime + 1.50%, Floor rate 9.25%, PIK Interest 2.20%, 2.25% Exit Fee	$	30,114		29,707		29,503	(14)
Leapwork ApS	Senior Secured	February 2026	Prime + 0.25%, Floor rate 7.25%, PIK Interest 1.95%, 2.70% Exit Fee	$	3,776		3,751		3,751	(5)(10)(12)(14)(17)
Loftware, Inc.	Senior Secured	March 2028	3-month SOFR + 7.88%, Floor rate 8.88%	$	25,900		25,278		25,278	(17)(18)
LogicSource	Senior Secured	July 2027	3-month SOFR + 8.93%, Floor rate 9.93%	$	13,300		13,050		13,287	(17)
Mobile Solutions Services	Senior Secured	December 2025	3-month LIBOR + 9.06%, Floor rate 10.06%	$	18,366		18,059		17,821	(18)

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Nuvolo Technologies Corporation	Senior Secured	July 2026	Prime + 5.25%, Floor rate 8.50%, 2.42% Exit Fee	$	22,500	$	22,644	$	22,975	(12)(13)(17)(19)
Omeda Holdings, LLC	Senior Secured	July 2027	3-month SOFR + 8.05%, Floor rate 9.05%	$	7,519		7,299		7,398	(11)(17)(18)
Riviera Partners LLC	Senior Secured	April 2027	6-month SOFR + 7.53%, Floor rate 8.53%	$	25,988		25,477		24,871	(17)(18)
Salary.com, LLC	Senior Secured	September 2027	3-month SOFR + 8.00%, Floor rate 9.00%	$	17,910		17,591		17,577	(18)
ShadowDragon, LLC	Senior Secured	December 2026	6-month SOFR + 8.95%, Floor rate 9.95%	$	6,000		5,868		5,739	(17)(18)
Simon Data, Inc.	Senior Secured	March 2027	Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.95% Exit Fee	$	15,058		14,980		14,962	(14)
Sisense Ltd.	Senior Secured	July 2027	Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 2.55% Exit Fee	$	34,500		33,984		33,984	(5)(10)
Streamline Healthcare Solutions	Senior Secured	March 2028	1-month SOFR + 7.25%, Floor rate 8.25%	$	13,200		12,931		12,932	(17)(18)
Sumo Logic, Inc.	Senior Secured	May 2030	3-month SOFR + 6.50%, Floor rate 7.50%	$	23,000		22,432		22,432	(17)
Tact.ai Technologies, Inc.	Senior Secured	February 2024	Prime + 4.00%, Floor rate 8.75%, PIK Interest 2.00%, 5.50% Exit Fee	$	2,672		2,657		2,657	(14)
ThreatConnect, Inc.	Senior Secured	May 2026	6-month SOFR + 9.00%, Floor rate 10.00%	$	10,976		10,753		10,823	(17)(18)
Tipalti Solutions Ltd.	Senior Secured	April 2027	Prime + 0.45%, Floor rate 7.95%, PIK Interest 2.00%, 3.75% Exit Fee	$	10,541		10,416		10,416	(5)(10)(14)(17)
VideoAmp, Inc.	Senior Secured	February 2025	Prime + 3.70%, Floor rate 6.95%, PIK Interest 1.25%, 5.25% Exit Fee	$	63,585		63,830		68,207	(14)(15)(19)
Zappi, Inc.	Senior Secured	December 2027	3-month SOFR + 8.03%, Floor rate 9.03%	$	9,000		8,797		8,803	(5)(10)(17)(18)
Zimperium, Inc.	Senior Secured	May 2027	3-month SOFR + 8.31%, Floor rate 9.31%	$	16,313		16,028		16,235	(17)(18)
Subtotal: Software (53.63%)*							842,249		850,278
Sustainable and Renewable Technology
Ampion, PBC	Senior Secured	May 2025	Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee	$	4,067		4,053		4,091	(13)(14)
Pineapple Energy LLC	Senior Secured	June 2027	FIXED 10.00%	$	1,876		1,876		1,856	(19)
Subtotal: Sustainable and Renewable Technology (0.38%)*							5,929		5,947
Total: Debt Investments (185.30%)*						$	2,936,952	$	2,937,942


Portfolio Company	Type of Investment	Acquisition Date (6)	Series (3)	Shares		Cost (2)		Value		Footnotes
Equity Investments
Consumer & Business Products
Grove Collaborative, Inc.	Equity	4/30/2021	Common Stock		12,260	$	433	$	22	(4)
Savage X Holding, LLC	Equity	4/30/2010	Class A Units		42,137		13		144
TechStyle, Inc.	Equity	4/30/2010	Common Stock		42,989		128		87
TFG Holding, Inc.	Equity	4/30/2010	Common Stock		42,989		89		72
Subtotal: Consumer & Business Products (0.02%)*							663		325
Consumer & Business Services
Carwow LTD	Equity	12/15/2021	Preferred Series D-4		199,742		1,151		511	(5)(10)
DoorDash, Inc.	Equity	12/20/2018	Common Stock		81,996		946		6,267	(4)
Lyft, Inc.	Equity	12/26/2018	Common Stock		100,738		5,263		966	(4)
Nerdy Inc.	Equity	9/17/2021	Common Stock		100,000		1,000		417	(4)
OfferUp, Inc.	Equity	10/25/2016	Preferred Series A		286,080		1,663		450
	Equity	10/25/2016	Preferred Series A-1		108,710		632		171
Total OfferUp, Inc.					394,790		2,295		621
Oportun	Equity	6/28/2013	Common Stock		48,365		577		289	(4)
Reischling Press, Inc.	Equity	7/31/2020	Common Stock		3,095		39		—
Rhino Labs, Inc.	Equity	1/24/2022	Preferred Series B-2		7,063		1,000		666
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		—
Subtotal: Consumer & Business Services (0.61%)*							13,171		9,737

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date (6)	Series (3)	Shares		Cost (2)		Value		Footnotes
Diversified Financial Services
Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC)	Equity	3/1/2018	Member Units		1	$	29,006	$	19,779	(7)(20)
Hercules Adviser LLC	Equity	3/26/2021	Member Units		1		35		27,161	(7)
Newfront Insurance Holdings, Inc.	Equity	9/30/2021	Preferred Series D-2		210,282		403		373
Subtotal: Diversified Financial Services (2.98%)*							29,444		47,313
Drug Delivery
AcelRx Pharmaceuticals, Inc.	Equity	12/10/2018	Common Stock		8,836		1,329		10	(4)
Aytu BioScience, Inc.	Equity	3/28/2014	Common Stock		680		1,500		1	(4)
BioQ Pharma Incorporated	Equity	12/8/2015	Preferred Series D		165,000		500		—
PDS Biotechnology Corporation	Equity	4/6/2015	Common Stock		2,498		309		12	(4)
Subtotal: Drug Delivery (0.00%)*							3,638		23
Drug Discovery & Development
Applied Molecular Transport	Equity	4/6/2021	Common Stock		1,000		42		—	(4)(10)
Avalo Therapeutics, Inc.	Equity	8/19/2014	Common Stock		9,923		1,000		4	(4)
Axsome Therapeutics, Inc.	Equity	5/9/2022	Common Stock		127,021		4,165		9,128	(4)(10)(16)
Bicycle Therapeutics PLC	Equity	10/5/2020	Common Stock		98,100		1,871		2,503	(4)(5)(10)
BridgeBio Pharma, Inc.	Equity	6/21/2018	Common Stock		231,329		2,255		3,979	(4)
Dare Biosciences, Inc.	Equity	1/8/2015	Common Stock		13,550		1,000		12	(4)
Dynavax Technologies	Equity	7/22/2015	Common Stock		20,000		550		258	(4)(10)
Gritstone Bio, Inc.	Equity	10/26/2022	Common Stock		442,477		1,000		863	(4)
Hibercell, Inc.	Equity	5/7/2021	Preferred Series B		3,466,840		4,250		1,131	(15)
HilleVax, Inc.	Equity	5/3/2022	Common Stock		235,295		4,000		4,044	(4)
Humanigen, Inc.	Equity	3/31/2021	Common Stock		43,243		800		7	(4)(10)
Kura Oncology, Inc.	Equity	6/16/2023	Common Stock		47,826		550		506	(4)(10)
NorthSea Therapeutics	Equity	12/15/2021	Preferred Series C		983		2,000		763	(5)(10)
Paratek Pharmaceuticals, Inc.	Equity	2/26/2007	Common Stock		76,362		2,744		169	(4)
Phathom Pharmaceuticals, Inc.	Equity	6/9/2023	Common Stock		147,233		1,730		2,108	(4)(10)(16)
Rocket Pharmaceuticals, Ltd.	Equity	8/22/2007	Common Stock		944		1,500		19	(4)
Savara, Inc.	Equity	8/11/2015	Common Stock		11,119		202		36	(4)
Sio Gene Therapies, Inc.	Equity	2/2/2017	Common Stock		16,228		1,269		7	(4)
Tarsus Pharmaceuticals, Inc.	Equity	5/5/2022	Common Stock