UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended March 31, 2015

OR

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-00702

 

HERCULES TECHNOLOGY GROWTH

CAPITAL, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland

 

743113410

(State or Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

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)

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  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    Yes  ¨    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

x

  

Accelerated filer

 

¨

 

 

 

 

Non-accelerated filer

 

¨

  

Smaller reporting company

 

¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No   x

On May 4, 2015, there were 72,584,695 shares outstanding of the Registrant’s common stock, $0.001 par value.

 

 

 

 

 


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

FORM 10-Q TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

  

3

 

Item 1.

 

 

Consolidated Financial Statements

  

3

 

 

 

Consolidated Statement of Assets and Liabilities as of March 31, 2015 (unaudited) and December 31, 2014

  

3

 

 

 

Consolidated Statement of Operations for the three month periods ended March 31, 2015 and 2014 (unaudited)

  

5

 

 

 

Consolidated Statement of Changes in Net Assets for the three month periods ended March 31, 2015 and 2014 (unaudited)

  

6

 

 

 

Consolidated Statement of Cash Flows for the three month periods ended March 31, 2015 and 2014 (unaudited)

  

7

 

 

 

Consolidated Schedule of Investments as of March 31, 2015 (unaudited)

  

8

 

 

 

Consolidated Schedule of Investments as of December 31, 2014

  

22

 

 

 

Notes to Consolidated Financial Statements (unaudited)

  

36

Item 2.

 

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

64

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

  

98

Item 4.

 

 

Controls and Procedures

  

99

 

PART II. OTHER INFORMATION

  

100

 

Item 1.

 

Legal Proceedings

  

100

 

 

 

Item 1A. Risk Factors

  

100

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

101

Item 3.

 

 

Defaults Upon Senior Securities

  

101

Item 4.

 

 

Mine Safety Disclosures

  

101

Item 5.

 

 

Other Information

  

101

Item 6.

 

 

Exhibits

  

102

 

SIGNATURES

  

103

 

 

 

 

2


 

PART I: FINANCIAL INFORMATION

In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Technology Growth Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts unless the context otherwise requires.

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(unaudited)

(dollars in thousands, except per share data)

 

 

 

March 31, 2015

 

 

December 31, 2014

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments (cost of $1,154,801 and $1,019,799, respectively)

 

$

1,150,639

 

 

$

1,012,738

 

Affiliate investments (cost of $16,007 and $15,538, respectively)

 

 

10,782

 

 

 

7,999

 

Total investments, at value (cost of $1,170,808 and $1,035,337, respectively)

 

 

1,161,421

 

 

 

1,020,737

 

Cash and cash equivalents

 

 

171,756

 

 

 

227,116

 

Restricted cash

 

 

21,949

 

 

 

12,660

 

Interest receivable

 

 

9,102

 

 

 

9,453

 

Other assets

 

 

22,860

 

 

 

29,257

 

Total assets

 

$

1,387,088

 

 

$

1,299,223

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

9,320

 

 

$

14,101

 

Long-term Liabilities (Convertible Senior Notes)

 

 

17,375

 

 

 

17,345

 

2017 Asset-Backed Notes

 

 

4,203

 

 

 

16,049

 

2021 Asset-Backed Notes

 

 

129,300

 

 

 

129,300

 

2019 Notes

 

 

170,364

 

 

 

170,364

 

2024 Notes

 

 

103,000

 

 

 

103,000

 

Long-term SBA Debentures

 

 

190,200

 

 

 

190,200

 

Total liabilities

 

$

623,762

 

 

$

640,359

 

 

 

 

 

 

 

 

 

 

Net assets consist of:

 

 

 

 

 

 

 

 

Common stock, par value

 

 

73

 

 

 

65

 

Capital in excess of par value

 

 

760,034

 

 

 

657,233

 

Unrealized depreciation on investments

 

 

(11,462

)

 

 

(17,076

)

Accumulated realized gains on investments

 

 

17,391

 

 

 

14,079

 

Undistributed net investment income (Distributions in excess of net investment income)

 

 

(2,710

)

 

 

4,563

 

Total net assets

 

$

763,326

 

 

$

658,864

 

Total liabilities and net assets

 

$

1,387,088

 

 

$

1,299,223

 

 

 

 

 

 

 

 

 

 

Shares of common stock outstanding ($0.001 par value, 100,000,000 authorized)

 

 

72,891

 

 

 

64,715

 

Net asset value per share

 

$

10.47

 

 

$

10.18

 

 

See notes to consolidated financial statements.

3


 

The following table presents the assets and liabilities of our consolidated securitization trusts for the asset-backed notes (see Note 4), which are variable interest entities (“VIE”). The assets of our securitization VIEs can only be used to settle obligations of our consolidated securitization VIEs, these liabilities are only the obligations of our consolidated securitization VIEs, and the creditors (or beneficial interest holders) do not have recourse to our general credit. These assets and liabilities are included in the Consolidated Statement of Assets and Liabilities above.

 

(Dollars in thousands)

 

March 31, 2015

 

 

December 31, 2014

 

Assets

 

 

 

 

 

 

 

 

Restricted Cash

 

$

21,949

 

 

$

12,660

 

Total investments, at value (cost of $261,304 and $296,314, respectively)

 

 

262,394

 

 

 

291,464

 

Total assets

 

$

284,343

 

 

$

304,124

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Asset-Backed Notes

 

$

133,503

 

 

$

145,349

 

Total liabilities

 

$

133,503

 

 

$

145,349

 

 

See notes to consolidated financial statements.

4


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

 

For the Three Months Ended March 31,

 

 

2015

 

 

2014

 

Investment income:

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

$

30,459

 

 

$

29,382

 

Affiliate investments

 

100

 

 

 

1,464

 

Total interest income

 

30,559

 

 

 

30,846

 

Fees

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

 

1,934

 

 

 

4,913

 

Affiliate investments

 

1

 

 

 

11

 

Total fees

 

1,935

 

 

 

4,924

 

Total investment income

 

32,494

 

 

 

35,770

 

Operating expenses:

 

 

 

 

 

 

 

Interest

 

7,854

 

 

 

7,148

 

Loan fees

 

1,513

 

 

 

2,076

 

General and administrative

 

3,618

 

 

 

2,461

 

Employee Compensation:

 

 

 

 

 

 

 

Compensation and benefits

 

3,796

 

 

 

4,221

 

Stock-based compensation

 

2,719

 

 

 

1,560

 

Total employee compensation

 

6,515

 

 

 

5,781

 

Total operating expenses

 

19,500

 

 

 

17,466

 

Loss on debt extinguishment (Long-term Liabilities - Convertible Senior Notes)

 

(1

)

 

 

 

Net investment income

 

12,993

 

 

 

18,304

 

Net realized gain on investments

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

 

3,312

 

 

 

4,872

 

Total net realized gain on investments

 

3,312

 

 

 

4,872

 

Net increase in unrealized appreciation (depreciation) on investments

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

 

3,301

 

 

 

(1,038

)

Affiliate investments

 

2,313

 

 

 

47

 

Total net unrealized appreciation (depreciation) on investments

 

5,614

 

 

 

(991

)

 

 

 

 

 

 

 

 

Total net realized and unrealized gain (loss)

 

8,926

 

 

 

3,881

 

Net increase in net assets resulting from operations

$

21,919

 

 

$

22,185

 

 

 

 

 

 

 

 

 

Net investment income before investment gains and losses per common share:

 

 

 

 

 

 

 

Basic

$

0.20

 

 

$

0.30

 

Change in net assets per common share:

 

 

 

 

 

 

 

Basic

$

0.33

 

 

$

0.36

 

Diluted

$

0.33

 

 

$

0.35

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

63,783

 

 

 

60,870

 

Diluted

 

64,163

 

 

 

62,695

 

Dividends declared per common share:

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.31

 

See notes to consolidated financial statements.

5


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(unaudited)

(dollars and shares in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

net investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

income/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Accumulated

 

 

(Distributions

 

 

Provision for

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital in

 

 

Appreciation

 

 

Realized

 

 

in excess of

 

 

Income Taxes

 

 

 

 

 

 

Common Stock

 

 

excess

 

 

(Depreciation)

 

 

Gains (Losses)

 

 

investment

 

 

on Investment

 

 

Net

 

 

Shares

 

 

Par Value

 

 

of par value

 

 

on Investments

 

 

on Investments

 

 

income)

 

 

Gains

 

 

Assets

 

Balance at December 31, 2013

 

61,837

 

 

$

62

 

 

$

656,594

 

 

$

3,598

 

 

$

(15,240

)

 

$

5,335

 

 

$

(342

)

 

$

650,007

 

Net increase (decrease) in net assets

   resulting from operations

 

 

 

 

 

 

 

 

 

 

(991

)

 

 

4,872

 

 

 

18,304

 

 

 

 

 

 

22,185

 

Issuance of common stock due to

   stock option exercises

 

62

 

 

 

 

 

 

727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

727

 

Retired shares from net issuance

 

(48

)

 

 

 

 

 

(748

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(748

)

Retired shares for restricted stock

   vesting

 

(120

)

 

 

 

 

 

(1,724

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,724

)

Issuance of common stock as

   stock dividend

 

29

 

 

 

 

 

 

440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

440

 

Dividends distributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,165

)

 

 

 

 

 

(19,165

)

Stock-based compensation

 

 

 

 

 

 

 

1,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,580

 

Balance at March 31, 2014

 

61,760

 

 

$

62

 

 

$

656,869

 

 

$

2,607

 

 

$

(10,368

)

 

$

4,474

 

 

$

(342

)

 

$

653,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2014

 

64,715

 

 

$

65

 

 

$

657,233

 

 

$

(17,076

)

 

$

14,079

 

 

$

4,905

 

 

$

(342

)

 

$

658,864

 

Net increase (decrease) in net assets

   resulting from operations

 

 

 

 

 

 

 

 

 

 

5,614

 

 

 

3,312

 

 

 

12,993

 

 

 

 

 

 

21,919

 

Public offering, net of offering expenses

 

7,591

 

 

 

8

 

 

 

100,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,092

 

Issuance of common stock due to

   stock option exercises

 

34

 

 

 

 

 

 

406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

406

 

Retired shares from net issuance

 

(27

)

 

 

 

 

 

(401

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(401

)

Issuance of common stock under

   restricted stock plan

 

580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock

   vesting

 

(42

)

 

 

 

 

 

(591

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(591

)

Issuance of common stock as

   stock dividend

 

40

 

 

 

 

 

 

562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

562

 

Dividends distributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,266

)

 

 

 

 

 

(20,266

)

Stock-based compensation

 

 

 

 

 

 

 

2,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,741

 

Balance at March 31, 2015

 

72,891

 

 

$

73

 

 

$

760,034

 

 

$

(11,462

)

 

$

17,391

 

 

$

(2,368

)

 

$

(342

)

 

$

763,326

 

 

See notes to consolidated financial statements.

6


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

(dollars in thousands)

 

 

 

 

 

For the Three Months Ended March 31,

 

Cash flows from operating activities:

2015

 

 

2014

 

Net increase in net assets resulting from operations

$

21,919

 

 

$

22,185

 

Adjustments to reconcile net increase in net assets resulting from

   operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Purchase of investments

 

(209,387

)

 

 

(113,887

)

Principal and fee payments received on investments

 

75,368

 

 

 

135,008

 

Proceeds from the sale of investments

 

7,001

 

 

 

7,598

 

Net unrealized depreciation (appreciation) on investments

 

(5,614

)

 

 

991

 

Net realized gain on investments

 

(3,312

)

 

 

(4,872

)

Accretion of paid-in-kind principal

 

(665

)

 

 

(659

)

Accretion of loan discounts

 

(1,356

)

 

 

(3,378

)

Accretion of loan discount on Convertible Senior Notes

 

62

 

 

 

271

 

Loss on debt extinguishment (Long-term Liabilities - Convertible Senior Notes)

 

1

 

 

 

 

Payment of loan discount on Convertible Senior Notes

 

(2

)

 

 

 

Accretion of loan exit fees

 

(2,767

)

 

 

(2,411

)

Change in deferred loan origination revenue

 

1,540

 

 

 

(457

)

Unearned fees related to unfunded commitments

 

527

 

 

 

(125

)

Amortization of debt fees and issuance costs

 

1,288

 

 

 

1,913

 

Depreciation

 

58

 

 

 

54

 

Stock-based compensation and amortization of restricted stock grants

 

2,741

 

 

 

1,579

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Interest and fees receivable

 

351

 

 

 

786

 

Prepaid expenses and other assets

 

2,674

 

 

 

(3,401

)

Accounts payable

 

(504

)

 

 

(41

)

Accrued liabilities

 

(3,978

)

 

 

(5,307

)

Net cash provided by (used in) operating activities

 

(114,055

)

 

 

35,847

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of capital equipment

 

(42

)

 

 

(4

)

Reduction of (investment in) restricted cash

 

(9,289

)

 

 

1,487

 

Net cash provided by (used in) investing activities

 

(9,331

)

 

 

1,483

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of common stock, net

 

100,092

 

 

 

(135

)

Issuance (retirement) of employee shares

 

(586

)

 

 

(1,738

)

Dividends paid

 

(19,704

)

 

 

(18,725

)

Repayments of 2017 Asset-Backed Notes

 

(11,846

)

 

 

(25,775

)

Repayments of Long-Term SBA Debentures

 

 

 

 

(34,800

)

Cash Paid for redemption of Convertible Senior Notes

 

(30

)

 

 

 

Fees paid for credit facilities and debentures

 

100

 

 

 

13

 

Net cash provided by (used in) financing activities

 

68,026

 

 

 

(81,160

)

Net decrease in cash and cash equivalents

 

(55,360

)

 

 

(43,830

)

Cash and cash equivalents at beginning of period

 

227,116

 

 

 

268,368

 

Cash and cash equivalents at end of period

$

171,756

 

 

$

224,538

 

 

 

 

 

 

 

 

 

Supplemental non-cash investing and financing activities:

 

 

 

 

 

 

 

Dividends Reinvested

$

562

 

 

$

440

 

Paid-in-kind Principal

$

1,356

 

 

$

1,207

 

 

See notes to consolidated financial statements.

7


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost(2)

 

 

Value(3)

 

Debt Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenPeak, Inc.(10)(12)

 

Communications & Networking

 

Senior Secured

 

April 2017

 

Interest rate PRIME + 8.75% 

or Floor rate of 12.00%

 

$

11,680

 

 

$

11,864

 

 

$

11,981

 

SkyCross, Inc.(12)(13)

 

Communications & Networking

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 9.70% 

or Floor rate of 12.95%

 

$

22,000

 

 

 

21,551

 

 

 

17,775

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

33,415

 

 

 

29,756

 

Subtotal: Communications & Networking (3.90%)*

 

 

 

 

 

 

 

 

 

 

 

 

33,415

 

 

 

29,756

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antenna79 (p.k.a. Pong Research Corporation)(11)(12)(13)

 

Consumer & Business Products

 

Senior Secured

 

December 2017

 

Interest rate PRIME + 6.75% 

or Floor rate of 10.00%,

PIK Interest 2.50%

 

$

4,869

 

 

 

4,798

 

 

 

4,944

 

 

 

Consumer & Business Products

 

Senior Secured

 

June 2016

 

Interest rate PRIME + 7.75% 

or Floor rate of 11.00%

 

$

183

 

 

 

183

 

 

 

182

 

Total Antenna79 (p.k.a. Pong Research Corporation)

 

 

 

 

 

 

 

$

5,052

 

 

 

4,981

 

 

 

5,126

 

Fluc, Inc.(8)

 

Consumer & Business Products

 

Convertible Senior Note

 

March 2017

 

Interest rate FIXED 4.00%

 

$

100

 

 

 

100

 

 

 

100

 

IronPlanet, Inc.(12)

 

Consumer & Business Products

 

Senior Secured

 

November 2017

 

Interest rate PRIME + 6.20% 

or Floor rate of 9.45%

 

$

37,500

 

 

 

36,911

 

 

 

36,911

 

The Neat Company(11)(12)(13)

 

Consumer & Business Products

 

Senior Secured

 

September 2017

 

Interest rate PRIME + 7.75% 

or Floor rate of 11.00%, 

PIK Interest 1.00%

 

$

20,111

 

 

 

19,624

 

 

 

19,536

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

61,616

 

 

 

61,673

 

Subtotal: Consumer & Business Products (8.08%)*

 

 

 

 

 

 

 

 

 

 

 

 

61,616

 

 

 

61,673

 

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AcelRx Pharmaceuticals, Inc.(9)(10)(12)(13)

 

Drug Delivery

 

Senior Secured

 

October 2017

 

Interest rate PRIME + 3.85% 

or Floor rate of 9.10%

 

$

25,000

 

 

 

25,020

 

 

 

25,261

 

Agile Therapeutics, Inc(12)

 

Drug Delivery

 

Senior Secured

 

December 2018

 

Interest rate PRIME + 5.75% 

or Floor rate of 9.00%

 

$

16,500

 

 

 

15,904

 

 

 

15,904

 

BIND Therapeutics, Inc.(12)(13)

 

Drug Delivery

 

Senior Secured

 

July 2018

 

Interest rate PRIME + 5.10% 

or Floor rate of 8.35%

 

$

15,000

 

 

 

14,787

 

 

 

14,051

 

BioQuiddity Incorporated(12)

 

Drug Delivery

 

Senior Secured

 

May 2018

 

Interest rate PRIME + 8.00% 

or Floor rate of 11.25%

 

$

7,500

 

 

 

7,490

 

 

 

7,490

 

Celator Pharmaceuticals, Inc.(10)(12)

 

Drug Delivery

 

Senior Secured

 

June 2018

 

Interest rate PRIME + 6.50% 

or Floor rate of 9.75%

 

$

15,000

 

 

 

14,846

 

 

 

14,886

 

Celsion Corporation(10)(12)

 

Drug Delivery

 

Senior Secured

 

June 2017

 

Interest rate PRIME + 8.00% 

or Floor rate of 11.25%

 

$

9,122

 

 

 

9,071

 

 

 

9,243

 

Dance Biopharm, Inc.(12)(13)

 

Drug Delivery

 

Senior Secured

 

November 2017

 

Interest rate PRIME + 7.40% 

or Floor rate of 10.65%

 

$

3,616

 

 

 

3,610

 

 

 

3,614

 

Edge Therapeutics, Inc.(12)

 

Drug Delivery

 

Senior Secured

 

March 2018

 

Interest rate PRIME + 5.95% 

or Floor rate of 10.45%

 

$

6,000

 

 

 

5,894

 

 

 

5,820

 

Egalet Corporation(12)

 

Drug Delivery

 

Senior Secured

 

July 2018

 

Interest rate PRIME + 6.15% 

or Floor rate of 9.40%

 

$

15,000

 

 

 

14,764

 

 

 

14,764

 

Neos Therapeutics, Inc.(12)(13)

 

Drug Delivery

 

Senior Secured

 

October 2017

 

Interest rate PRIME + 7.25% 

or Floor rate of 10.50%

 

$

10,000

 

 

 

9,847

 

 

 

9,947

 

 

 

Drug Delivery

 

Senior Secured

 

October 2017

 

Interest rate FIXED 9.00%

 

$

10,000

 

 

 

10,000

 

 

 

9,874

 

Total Neos Therapeutics, Inc.

 

 

 

 

 

 

 

$

20,000

 

 

 

19,847

 

 

 

19,821

 

Zosano Pharma, Inc.(10)(12)

 

Drug Delivery

 

Senior Secured

 

June 2017

 

Interest rate PRIME + 6.80% 

or Floor rate of 12.05%

 

$

3,652

 

 

 

3,580

 

 

 

3,601

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

134,813

 

 

 

134,455

 

Subtotal: Drug Delivery (17.61%)*

 

 

 

 

 

 

 

 

 

 

 

 

134,813

 

 

 

134,455

 

 

 

 

See notes to consolidated financial statements.

8


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost(2)

 

 

Value(3)

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aveo Pharmaceuticals, Inc.(9)(10)(12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

December 2015

 

Interest rate PRIME + 7.15% 

or Floor rate of 11.90%

 

$

8,854

 

 

$

8,854

 

 

$

8,854

 

Concert Pharmaceuticals, Inc.(10)

 

Drug Discovery & Development

 

Senior Secured

 

October 2015

 

Interest rate PRIME + 3.25% 

or Floor rate of 8.50%

 

$

5,086

 

 

 

5,070

 

 

 

5,070

 

Insmed, Incorporated(10)(12)

 

Drug Discovery & Development

 

Senior Secured

 

January 2016

 

Interest rate PRIME + 4.75% 

or Floor rate of 9.25%

 

$

25,000

 

 

 

24,958

 

 

 

24,958

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

38,882

 

 

 

38,882

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADMA Biologics, Inc.(10)(11)(12)

 

Drug Discovery & Development

 

Senior Secured

 

December 2017

 

Interest rate PRIME + 3.00% 

or Floor rate of 8.75%, 

PIK Interest 1.95%

 

$

15,225

 

 

 

15,011

 

 

 

15,236

 

Aveo Pharmaceuticals, Inc.(9)(10)(12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 6.65% 

or Floor rate of 11.90%

 

$

10,000

 

 

 

9,846

 

 

 

9,915

 

Celladon Corporation(12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

February 2018

 

Interest rate PRIME + 5.00% 

or Floor rate of 8.25%

 

$

10,000

 

 

 

10,106

 

 

 

10,101

 

Cempra, Inc.(10)(12)

 

Drug Discovery & Development

 

Senior Secured

 

April 2018

 

Interest rate PRIME + 6.30% 

or Floor rate of 9.55%

 

$

18,000

 

 

 

18,035

 

 

 

18,215

 

Cerecor Inc.(12)

 

Drug Discovery & Development

 

Senior Secured

 

August 2017

 

Interest rate PRIME + 4.70% 

or Floor rate of 7.95%

 

$

7,500

 

 

 

7,411

 

 

 

7,387

 

Cerulean Pharma Inc.(12)

 

Drug Discovery & Development

 

Senior Secured

 

July 2018

 

Interest rate PRIME + 4.05% 

or Floor rate of 7.30%

 

$

15,000

 

 

 

14,718

 

 

 

14,718

 

Cleveland BioLabs, Inc.(12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

January 2017

 

Interest rate LIBOR + 6.20% 

or Floor rate of 10.45%

 

$

1,702

 

 

 

1,956

 

 

 

1,917

 

CTI BioPharma Corp. (p.k.a. Cell Therapeutics, Inc.)(10)(12)

 

Drug Discovery & Development

 

Senior Secured

 

October 2016

 

Interest rate PRIME + 8.00% 

or Floor rate of 11.25%

 

$

8,117

 

 

 

8,638

 

 

 

8,618

 

 

 

Drug Discovery & Development

 

Senior Secured

 

October 2016

 

Interest rate PRIME + 6.75% 

or Floor rate of 10.00%

 

$

4,030

 

 

 

4,110

 

 

 

4,093

 

 

 

Drug Discovery & Development

 

Senior Secured

 

October 2016

 

Interest rate PRIME + 8.00% 

or Floor rate of 11.25%

 

$

4,030

 

 

 

4,110

 

 

 

4,093

 

Total CTI BioPharma Corp. (p.k.a. Cell Therapeutics, Inc.)

 

 

 

 

 

 

 

$

16,177

 

 

 

16,858

 

 

 

16,804

 

Dynavax Technologies(9)(12)

 

Drug Discovery & Development

 

Senior Secured

 

July 2018

 

Interest rate PRIME + 6.50% 

or Floor rate of 9.75%

 

$

10,000

 

 

 

9,983

 

 

 

9,983

 

Epirus Biopharmaceuticals, Inc.(12)

 

Drug Discovery & Development

 

Senior Secured

 

April 2018

 

Interest rate PRIME + 4.70% 

or Floor rate of 7.95%

 

$

7,500

 

 

 

7,345

 

 

 

7,464

 

Genocea Biosciences, Inc.(10)(12)

 

Drug Discovery & Development

 

Senior Secured

 

July 2018

 

Interest rate PRIME + 4.00% 

or Floor rate of 7.25%

 

$

12,000

 

 

 

11,881

 

 

 

11,881

 

Melinta Therapeutics(12)

 

Drug Discovery & Development

 

Senior Secured

 

June 2018

 

Interest rate PRIME + 5.00% 

or Floor rate of 8.25%

 

$

20,000

 

 

 

19,429

 

 

 

19,429

 

Neothetics, Inc. (p.k.a. Lithera, Inc)(12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 5.75% 

or Floor rate of 9.00%

 

$

10,000

 

 

 

9,806

 

 

 

9,829

 

Merrimack Pharmaceuticals, Inc.(12)

 

Drug Discovery & Development

 

Senior Secured

 

November 2018

 

Interest rate PRIME + 7.30%

or Floor rate of 10.55%

 

$

40,000

 

 

 

40,515

 

 

 

40,515

 

Neuralstem, Inc.(12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

April 2017

 

Interest rate PRIME + 6.75% 

or Floor rate of 10.00%

 

$

9,489

 

 

 

9,389

 

 

 

9,389

 

uniQure B.V. (4)(9)(10)(12)

 

Drug Discovery & Development

 

Senior Secured

 

June 2018

 

Interest rate PRIME + 5.00% 

or Floor rate of 10.25%

 

$

20,000

 

 

 

19,878

 

 

 

20,240

 

XOMA Corporation(9)(12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

September 2018

 

Interest rate PRIME + 6.15% 

or Floor rate of 9.40%

 

$

20,000

 

 

 

19,536

 

 

 

19,536

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

241,703

 

 

 

242,559

 

Subtotal: Drug Discovery & Development (36.87%)*

 

 

 

 

 

 

 

 

 

 

 

 

280,585

 

 

 

281,441

 

 

Electronics & Computer Hardware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plures Technologies, Inc.(7)(11)

 

Electronics & Computer Hardware

 

Senior Secured

 

October 2016

 

Interest rate LIBOR + 8.75% 

or Floor rate of 12.00%, 

PIK Interest 4.00%

 

$

267

 

 

 

180

 

 

 

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

180

 

 

 

 

Subtotal: Electronics & Computer Hardware (0.00%)*

 

 

 

 

 

 

 

 

 

 

 

 

180

 

 

 

 

 

 

 

See notes to consolidated financial statements.

9


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost(2)

 

 

Value(3)

 

Energy Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fluidic, Inc.(10)(12)

 

Energy Technology

 

Senior Secured

 

March 2016

 

Interest rate PRIME + 8.00% 

or Floor rate of 11.25%

 

$

2,981

 

 

$

3,081

 

 

$

3,081

 

Stion Corporation(5)(12)

 

Energy Technology

 

Senior Secured

 

March 2016

 

Interest rate PRIME + 8.75% 

or Floor rate of 12.00%

 

$

3,462

 

 

 

3,462

 

 

 

1,600

 

TAS Energy, Inc.(10)(12)

 

Energy Technology

 

Senior Secured

 

December 2015

 

Interest rate PRIME + 7.75% 

or Floor rate of 11.00%

 

$

6,149

 

 

 

6,242

 

 

 

6,242

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

12,785

 

 

 

10,923

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agrivida, Inc.(12)(13)

 

Energy Technology

 

Senior Secured

 

December 2016

 

Interest rate PRIME + 6.75% 

or Floor rate of 10.00%

 

$

4,921

 

 

 

5,016

 

 

 

4,969

 

American Superconductor Corporation(10)(12)

 

Energy Technology

 

Senior Secured

 

November 2016

 

Interest rate PRIME + 7.25% 

or Floor rate of 11.00%

 

$

6,667

 

 

 

6,964

 

 

 

6,843

 

 

 

Energy Technology

 

Senior Secured

 

March 2017

 

Interest rate PRIME + 7.75% 

or Floor rate of 11.00%

 

$

1,500

 

 

 

1,460

 

 

 

1,446

 

Total American Superconductor Corporation

 

 

 

 

 

 

 

$

8,167

 

 

 

8,424

 

 

 

8,289

 

Amyris, Inc.(9)(12)

 

Energy Technology

 

Senior Secured

 

February 2017

 

Interest rate PRIME + 6.25% 

or Floor rate of 9.50%

 

$

25,000

 

 

 

25,000

 

 

 

25,458

 

 

 

Energy Technology

 

Senior Secured

 

February 2017

 

Interest rate PRIME + 5.25% 

or Floor rate of 8.50%

 

$

5,000

 

 

 

5,000

 

 

 

5,092

 

Total Amyris, Inc.

 

 

 

 

 

 

 

$

30,000

 

 

 

30,000

 

 

 

30,550

 

Modumetal, Inc.(12)

 

Energy Technology

 

Senior Secured

 

March 2017

 

Interest rate PRIME + 10.45% 

or Floor rate of 13.70%

 

$

2,708

 

 

 

2,760

 

 

 

2,744

 

Polyera Corporation(12)(13)

 

Energy Technology

 

Senior Secured

 

June 2016

 

Interest rate PRIME + 6.75% 

or Floor rate of 10.00%

 

$

3,080

 

 

 

3,272

 

 

 

3,258

 

 

 

Energy Technology

 

Senior Secured

 

April 2018

 

Interest rate PRIME + 6.70% 

or Floor rate of 9.95%

 

$

3,000

 

 

 

2,904

 

 

 

2,904

 

Total Polyera Corporation

 

 

 

 

 

 

 

$

6,080

 

 

 

6,176

 

 

 

6,162

 

Sungevity Development, LLC

 

Energy Technology

 

Senior Secured

 

October 2017

 

Interest rate PRIME + 3.70% 

or Floor rate 6.95%

 

$

25,000

 

 

 

23,963

 

 

 

23,963

 

 

 

Energy Technology

 

Senior Secured

 

April 2016

 

Interest rate PRIME + 3.70% 

or Floor rate 6.95%

 

$

16,017

 

 

 

16,017

 

 

 

16,017

 

Total Sungevity Development, LLC

 

 

 

 

 

 

 

$

41,017

 

 

 

39,980

 

 

 

39,980

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

92,356

 

 

 

92,694

 

Subtotal: Energy Technology (13.57%)*

 

 

 

 

 

 

 

 

 

 

 

 

105,141

 

 

 

103,617

 

 

Healthcare Services, Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chromadex Corporation(12)(13)

 

Healthcare Services, Other

 

Senior Secured

 

April 2018

 

Interest rate PRIME + 6.10% 

or Floor rate of 9.35%

 

$

2,500

 

 

 

2,427

 

 

 

2,446

 

InstaMed Communications, LLC(12)(13)

 

Healthcare Services, Other

 

Senior Secured

 

March 2018

 

Interest rate PRIME + 6.75% 

or Floor rate of 10.00%

 

$

5,000

 

 

 

5,061

 

 

 

5,011

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

7,488

 

 

 

7,457

 

Subtotal: Healthcare Services, Other (0.98%)*

 

 

 

 

 

 

 

 

 

 

 

 

7,488

 

 

 

7,457

 

 

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eccentex Corporation(10)(12)

 

Information Services

 

Senior Secured

 

May 2015

 

Interest rate PRIME + 7.00% 

or Floor rate of 10.25%

 

$

84

 

 

 

99

 

 

 

99

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

99

 

 

 

99

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INMOBI Inc.(4)(9)(11)(12)

 

Information Services

 

Senior Secured

 

December 2016

 

Interest rate PRIME + 7.00% 

or Floor rate of 10.25%

 

$

14,612

 

 

 

14,612

 

 

 

14,612

 

 

 

Information Services

 

Senior Secured

 

December 2017

 

Interest rate PRIME + 5.75% 

or Floor rate of 9.00%,

PIK Interest 2.50%

 

$

15,107

 

 

 

15,003

 

 

 

15,003

 

Total INMOBI Inc.

 

 

 

 

 

 

 

$

29,719

 

 

 

29,615

 

 

 

29,615

 

InXpo, Inc.(12)(13)

 

Information Services

 

Senior Secured

 

October 2016

 

Interest rate PRIME + 7.75% 

or Floor rate of 10.75%

 

$

1,800

 

 

 

1,828

 

 

 

1,819

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

31,443

 

 

 

31,434

 

Subtotal: Information Services (4.13%)*

 

 

 

 

 

 

 

 

 

 

 

 

31,542

 

 

 

31,533

 

 

 

See notes to consolidated financial statements.

10


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost(2)

 

 

Value(3)

 

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Education Dynamics, LLC(11)(13)

 

Internet Consumer & Business Services

 

Senior Secured

 

March 2016

 

Interest rate LIBOR + 12.50% 

or Floor rate of 12.50%,

PIK Interest 1.50%

 

$

20,642

 

 

$

20,629

 

 

$

20,629

 

Gazelle, Inc.(11)(13)

 

Internet Consumer & Business Services

 

Senior Secured

 

December 2015

 

Interest rate PRIME + 6.50% 

or Floor rate of 9.75%

 

$

407

 

 

 

407

 

 

 

407

 

NetPlenish(7)(8)(13)

 

Internet Consumer & Business Services

 

Convertible Senior Note

 

April 2015

 

Interest rate FIXED 10.00%

 

$

65

 

 

 

65

 

 

 

 

 

 

Internet Consumer & Business Services

 

Senior Secured

 

September 2015

 

Interest rate FIXED 10.00%

 

$

381

 

 

 

373

 

 

 

 

Total NetPlenish

 

 

 

 

 

 

 

$

446

 

 

 

438

 

 

 

 

Tectura Corporation(7)(11)(14)

 

Internet Consumer & Business Services

 

Senior Secured

 

May 2014

 

Interest rate LIBOR + 10.00% 

or Floor rate of 13.00%

 

$

563

 

 

 

563

 

 

 

144

 

 

 

Internet Consumer & Business Services

 

Senior Secured

 

May 2014

 

Interest rate LIBOR + 10.00% 

or Floor rate of 13.00%

 

$

5,000

 

 

 

5,000

 

 

 

1,276

 

 

 

Internet Consumer & Business Services

 

Senior Secured

 

May 2014

 

Interest rate LIBOR + 10.00% 

or Floor rate of 13.00%

 

$

6,468

 

 

 

6,468

 

 

 

1,652

 

 

 

Internet Consumer & Business Services

 

Senior Secured

 

May 2014

 

Interest rate LIBOR + 8.00% 

or Floor rate of 11.00%,

PIK Interest 1.00%

 

$

9,070

 

 

 

9,070

 

 

 

2,317

 

Total Tectura Corporation

 

 

 

 

 

 

 

$

21,101

 

 

 

21,101

 

 

 

5,389

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

42,575

 

 

 

26,425

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gazelle, Inc.(11)(13)

 

Internet Consumer & Business Services

 

Senior Secured

 

July 2017

 

Interest rate PRIME + 7.00% 

or Floor rate of 10.25%, 

PIK Interest 2.50%

 

$

13,797

 

 

 

13,551

 

 

 

13,643

 

Just Fabulous, Inc.(10)(12)

 

Internet Consumer & Business Services

 

Senior Secured

 

February 2017

 

Interest rate PRIME + 8.25% 

or Floor rate of 11.50%

 

$

15,000

 

 

 

14,638

 

 

 

14,938

 

Lightspeed POS, Inc. (4)(9)(10)

 

Internet Consumer & Business Services

 

Senior Secured

 

May 2018

 

Interest rate PRIME + 3.25% 

or Floor rate of 6.50%

 

$

2,000

 

 

 

1,987

 

 

 

2,000

 

Reply! Inc.(7)(11)(12)

 

Internet Consumer & Business Services

 

Senior Secured

 

March 2019

 

Interest rate PRIME + 4.25% 

or Floor rate of 7.50%

 

$

6,321

 

 

 

5,952

 

 

 

3,212

 

 

 

Internet Consumer & Business Services

 

Senior Secured

 

March 2019

 

PIK Interest 2.00%

 

$

6,321

 

 

 

6,321

 

 

 

3,411

 

Total Reply! Inc.

 

 

 

 

 

 

 

$

12,642

 

 

 

12,273

 

 

 

6,623

 

Tapjoy, Inc.(12)

 

Internet Consumer & Business Services

 

Senior Secured

 

July 2018

 

Interest rate PRIME + 6.50% 

or Floor rate of 9.75%

 

$

20,000

 

 

 

19,496

 

 

 

19,415

 

WaveMarket, Inc.(12)

 

Internet Consumer & Business Services

 

Senior Secured

 

March 2017

 

Interest rate PRIME + 6.50% 

or Floor rate of 9.75%

 

$

268

 

 

 

271

 

 

 

277

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

62,216

 

 

 

56,896

 

Subtotal: Internet Consumer & Business Services (10.92%)*

 

 

 

 

 

 

 

 

 

 

 

 

104,791

 

 

 

83,321

 

 

Media/Content/Info

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zoom Media Group, Inc.(10)(11)

 

Media/Content/Info

 

Senior Secured

 

December 2015

 

Interest rate PRIME + 5.25% 

or Floor rate of 8.50%

 

$

5,060

 

 

 

5,060

 

 

 

5,060

 

 

 

Media/Content/Info

 

Senior Secured

 

December 2015

 

Interest rate PRIME + 7.25% 

or Floor rate of 10.50%,

PIK Interest 3.75%

 

$

2,024

 

 

 

1,998

 

 

 

1,998

 

Total Zoom Media Group, Inc.

 

 

 

 

 

 

 

$

7,084

 

 

 

7,058

 

 

 

7,058

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

7,058

 

 

 

7,058

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhapsody International, Inc.(10)(11)(13)

 

Media/Content/Info

 

Senior Secured

 

April 2018

 

Interest rate PRIME + 5.25% 

or Floor rate of 9.00%, 

PIK interest of 1.50%

 

$

20,281

 

 

 

19,882

 

 

 

19,699

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

19,882

 

 

 

19,699

 

Subtotal: Media/Content/Info (3.51%)*

 

 

 

 

 

 

 

 

 

 

 

 

26,940

 

 

 

26,757

 

 

 

 

See notes to consolidated financial statements.

11


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost(2)

 

 

Value(3)

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Dialysis Plus, Inc.(10)(12)

 

Medical Devices & Equipment

 

Senior Secured

 

September 2015

 

Interest rate FIXED 8.00%

 

$

500

 

 

$

500

 

 

$

500

 

Medrobotics Corporation(12)(13)

 

Medical Devices & Equipment

 

Senior Secured

 

March 2016

 

Interest rate PRIME + 7.85% 

or Floor rate of 11.10%

 

$

2,175

 

 

 

2,287

 

 

 

2,287

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

2,787

 

 

 

2,787

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amedica Corporation(8)(12)(13)

 

Medical Devices & Equipment

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 7.70% 

or Floor rate of 10.95%

 

$

20,000

 

 

 

19,912

 

 

 

20,153

 

Aspire Bariatrics, Inc.(12)(13)

 

Medical Devices & Equipment

 

Senior Secured

 

April 2018

 

Interest rate PRIME + 6.00% 

or Floor rate of 9.25%

 

$

4,000

 

 

 

3,590

 

 

 

3,590

 

Avedro, Inc.(12)(13)

 

Medical Devices & Equipment

 

Senior Secured

 

June 2018

 

Interest rate PRIME + 6.00% 

or Floor rate of 9.25%

 

$

12,500

 

 

 

12,096

 

 

 

11,998

 

Flowonix Medical Incorporated(12)

 

Medical Devices & Equipment

 

Senior Secured

 

May 2018

 

Interest rate PRIME + 5.25%

or Floor rate of 10.00%

 

$

15,000

 

 

 

14,768

 

 

 

14,768

 

Gamma Medica, Inc.(10)(12)

 

Medical Devices & Equipment

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 6.50% 

or Floor rate of 9.75%

 

$

4,000

 

 

 

3,907

 

 

 

3,885

 

Home Dialysis Plus, Inc.(10)(12)

 

Medical Devices & Equipment

 

Senior Secured

 

October 2017

 

Interest rate PRIME + 6.35% 

or Floor rate of 9.60%

 

$

15,000

 

 

 

14,829

 

 

 

14,693

 

InspireMD, Inc.(4)(9)(12)

 

Medical Devices & Equipment

 

Senior Secured

 

February 2017

 

Interest rate PRIME + 7.25% 

or Floor rate of 10.50%

 

$

7,901

 

 

 

8,065

 

 

 

8,029

 

nContact Surgical, Inc(12)(13)

 

Medical Devices & Equipment

 

Senior Secured

 

November 2018

 

Interest rate PRIME + 9.25% 

or Floor rate of 9.25%

 

$

10,000

 

 

 

9,783

 

 

 

9,783

 

Quanterix Corporation(10)(12)

 

Medical Devices & Equipment

 

Senior Secured

 

February 2018

 

Interest rate PRIME + 2.75% 

or Floor rate of 8.00%

 

$

10,000

 

 

 

9,829

 

 

 

9,873

 

SonaCare Medical, LLC (p.k.a. US HIFU, LLC)(10)(12)

 

Medical Devices & Equipment

 

Senior Secured

 

April 2016

 

Interest rate PRIME + 7.75% 

or Floor rate of 11.00%

 

$

875

 

 

 

1,231

 

 

 

1,171

 

SynergEyes, Inc.(12)(13)

 

Medical Devices & Equipment

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 7.75% 

or Floor rate of 11.00%

 

$

5,000

 

 

 

5,087

 

 

 

5,056

 

ViewRay, Inc.(11)(13)

 

Medical Devices & Equipment

 

Senior Secured

 

June 2017

 

Interest rate PRIME + 7.00% 

or Floor rate of 10.25%,

PIK Interest 1.50%

 

$

13,949

 

 

 

13,701

 

 

 

13,790

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

116,798

 

 

 

116,789

 

Subtotal: Medical Devices & Equipment (15.67%)*

 

 

 

 

 

 

 

 

 

 

 

 

119,585

 

 

 

119,576

 

 

Semiconductors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avnera Corporation(10)(12)

 

Semiconductors

 

Senior Secured

 

April 2017

 

Interest rate PRIME + 5.75% 

or Floor rate of 9.00%

 

$

5,000

 

 

 

5,004

 

 

 

5,016

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

5,004

 

 

 

5,016

 

Subtotal: Semiconductors (0.66%)*

 

 

 

 

 

 

 

 

 

 

 

 

5,004

 

 

 

5,016

 

 

 

 

See notes to consolidated financial statements.

12


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost(2)

 

 

Value(3)

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CareCloud Corporation(12)(13)

 

Software

 

Senior Secured

 

July 2015

 

Interest rate PRIME + 1.40% 

or Floor rate of 4.65%

 

$

3,000

 

 

$

3,000

 

 

$

3,000

 

Clickfox, Inc.(12)(13)

 

Software

 

Senior Secured

 

July 2015

 

Interest rate PRIME + 6.75% 

or Floor rate of 10.00%

 

$

2,000

 

 

 

2,000

 

 

 

2,000

 

 

 

Software

 

Senior Secured

 

August 2015

 

Interest rate PRIME + 8.75% 

or Floor rate of 12.00%

 

$

3,000

 

 

 

2,991

 

 

 

2,991

 

Total Clickfox, Inc.

 

 

 

 

 

 

 

$

5,000

 

 

 

4,991

 

 

 

4,991

 

Mobile Posse, Inc.(12)(13)

 

Software

 

Senior Secured

 

June 2015

 

Interest rate PRIME + 2.00% 

or Floor rate of 5.25%

 

$

1,000

 

 

 

1,000

 

 

 

1,000

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

8,991

 

 

 

8,991

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CareCloud Corporation(12)(13)

 

Software

 

Senior Secured

 

December 2017

 

Interest rate PRIME + 3.25% 

or Floor rate of 6.50%

 

$

208

 

 

 

208

 

 

 

206

 

 

 

Software

 

Senior Secured

 

July 2017

 

Interest rate PRIME + 5.50% 

or Floor rate of 8.75%

 

$

10,000

 

 

 

9,885

 

 

 

9,809

 

 

 

Software

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 1.70% 

or Floor rate of 4.95%

 

$

3,000

 

 

 

2,950

 

 

 

2,906

 

Total CareCloud Corporation

 

 

 

 

 

 

 

$

13,208

 

 

 

13,043

 

 

 

12,921

 

Clickfox, Inc.(12)(13)

 

Software

 

Senior Secured

 

March 2018

 

Interest rate PRIME + 8.25% 

or Floor rate of 11.50%

 

$

6,000

 

 

 

5,889

 

 

 

5,680

 

Druva, Inc.(12)

 

Software

 

Senior Secured

 

March 2018

 

Interest rate PRIME + 4.60% 

or Floor rate of 7.85%

 

$

9,000

 

 

 

8,894

 

 

 

8,894

 

JumpStart Games, Inc.

(p.k.a. Knowledge Adventure, Inc.) (11)(12)(13)

 

Software

 

Senior Secured

 

October 2016

 

Interest rate PRIME + 8.25% 

or Floor rate of 11.50%,

PIK Interest 6.50%

 

$

1,356

 

 

 

1,353

 

 

 

1,394

 

 

 

Software

 

Senior Secured

 

March 2018

 

Interest rate PRIME + 8.25% 

or Floor rate of 11.50%,

PIK Interest 6.50%

 

$

11,255

 

 

 

11,330

 

 

 

11,555

 

Total JumpStart Games, Inc. (p.k.a. Knowledge Adventure, Inc.)

 

 

 

 

 

 

 

$

12,611

 

 

 

12,683

 

 

 

12,949

 

Message Systems, Inc.(13)

 

Software

 

Senior Secured

 

February 2017

 

Interest rate PRIME + 2.75% 

or Floor rate of 6.00%

 

$

1,118

 

 

 

1,118

 

 

 

1,118

 

 

 

Software

 

Senior Secured

 

February 2019

 

Interest rate PRIME + 7.25% 

or Floor rate of 10.50%

 

$

17,500

 

 

 

16,996

 

 

 

16,996

 

Total Message Systems, Inc.

 

 

 

 

 

 

 

$

18,618

 

 

 

18,114

 

 

 

18,114

 

Mobile Posse, Inc.(12)(13)

 

Software

 

Senior Secured

 

December 2016

 

Interest rate PRIME + 7.50% 

or Floor rate of 10.75%

 

$

2,615

 

 

 

2,632

 

 

 

2,658

 

Neos Geosolutions, Inc.(12)(13)

 

Software

 

Senior Secured

 

May 2016

 

Interest rate PRIME + 5.75% 

or Floor rate of 10.50%

 

$

1,947

 

 

 

2,084

 

 

 

2,072

 

Poplicus, Inc.(12)(13)

 

Software

 

Senior Secured

 

June 2017

 

Interest rate PRIME + 5.25% 

or Floor rate of 8.50%

 

$

1,500

 

 

 

1,514

 

 

 

1,502

 

Soasta, Inc.(12)(13)

 

Software

 

Senior Secured

 

February 2018

 

Interest rate PRIME + 2.25% 

or Floor rate of 5.50%

 

$

3,500

 

 

 

3,372

 

 

 

3,311

 

 

 

Software

 

Senior Secured

 

February 2018

 

Interest rate PRIME + 4.75% 

or Floor rate of 8.00%

 

$

15,000

 

 

 

14,446

 

 

 

14,446

 

Total Soasta, Inc.

 

 

 

 

 

 

 

$

18,500

 

 

 

17,818

 

 

 

17,757

 

Sonian, Inc.(12)(13)

 

Software

 

Senior Secured

 

July 2017

 

Interest rate PRIME + 7.00% 

or Floor rate of 10.25%

 

$

5,029

 

 

 

5,006

 

 

 

5,000

 

StrongView Systems, Inc.(11)(12)

 

Software

 

Senior Secured

 

December 2017

 

Interest rate PRIME + 6.00% 

or Floor rate of 9.25%,

PIK Interest 3.00%

 

$

10,074

 

 

 

9,861

 

 

 

9,861

 

Touchcommerce, Inc.(12)(13)

 

Software

 

Senior Secured

 

August 2016

 

Interest rate PRIME + 2.25%

or Floor Rate of 6.50%

 

$

4,811

 

 

 

4,811

 

 

 

4,703

 

 

 

Software

 

Senior Secured

 

February 2018

 

Interest rate PRIME + 6.00% 

or Floor Rate of 10.25%

 

$

7,000

 

 

 

6,723

 

 

 

6,793

 

Total Touchcommerce, Inc.

 

 

 

 

 

 

 

$

11,811

 

 

 

11,534

 

 

 

11,496

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

109,072

 

 

 

108,904

 

Subtotal: Software (15.44%)*

 

 

 

 

 

 

 

 

 

 

 

 

118,063

 

 

 

117,895

 

 

 

 

See notes to consolidated financial statements.

13


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost(2)

 

 

Value(3)

 

Specialty Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cranford Pharmaceuticals, LLC(10)(11)(12)(13)

 

Specialty Pharmaceuticals

 

Senior Secured

 

August 2015

 

Interest rate LIBOR + 8.25% 

or Floor rate of 9.50%

 

$

2,000

 

 

$

2,000

 

 

$

2,000

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

2,000

 

 

 

2,000

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alimera Sciences, Inc.(10)

 

Specialty Pharmaceuticals

 

Senior Secured

 

May 2018

 

Interest rate PRIME + 7.65% 

or Floor rate of 10.90%

 

$

35,000

 

 

 

34,225

 

 

 

33,856

 

Cranford Pharmaceuticals, LLC(10)(11)(12)(13)

 

Specialty Pharmaceuticals

 

Senior Secured

 

February 2017

 

Interest rate LIBOR + 9.55% 

or Floor rate of 10.80%, 

PIK Interest 1.35%

 

$

14,101

 

 

 

14,125

 

 

 

14,206

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

48,350

 

 

 

48,062

 

Subtotal: Specialty Pharmaceuticals (6.56%)*

 

 

 

 

 

 

 

 

 

 

 

 

50,350

 

 

 

50,062

 

 

Surgical Devices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmedics, Inc.(10)(12)

 

Surgical Devices

 

Senior Secured

 

November 2015

 

Interest rate FIXED 12.95%

 

$

5,519

 

 

 

5,473

 

 

 

5,473

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

5,473

 

 

 

5,473

 

Subtotal: Surgical Devices (0.72%)*

 

 

 

 

 

 

 

 

 

 

 

 

5,473

 

 

 

5,473

 

Total Debt Investments (138.61%)*

 

 

 

 

 

 

 

 

 

 

 

 

1,084,986

 

 

 

1,058,032

 

 

 

See notes to consolidated financial statements.

14


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Series

 

Shares

 

 

Cost(2)

 

 

Value(3)

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology Tools

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NuGEN Technologies, Inc. (13)

 

Biotechnology Tools

 

Equity

 

Preferred Series C

 

 

189,394

 

 

$

500

 

 

$

535

 

Subtotal: Biotechnology Tools (0.07%)*

 

 

 

 

 

 

 

 

 

 

500

 

 

 

535

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlowPoint, Inc.(3)

 

Communications & Networking

 

Equity

 

Common Stock

 

 

114,192

 

 

 

102

 

 

 

104

 

Peerless Network, Inc.

 

Communications & Networking

 

Equity

 

Preferred Series A

 

 

1,000,000

 

 

 

1,000

 

 

 

6,247

 

Subtotal: Communications & Networking (0.83%)*

 

 

 

 

 

 

 

 

 

 

1,102

 

 

 

6,351

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Force Information, Inc.

 

Consumer & Business Products

 

Equity

 

Preferred Series B-1

 

 

187,970

 

 

 

500

 

 

 

3

 

 

 

Consumer & Business Products

 

Equity

 

Common Stock

 

 

480,261

 

 

 

 

 

 

237

 

Total Market Force Information, Inc.

 

 

 

 

 

 

668,231

 

 

 

500

 

 

 

240

 

Subtotal: Consumer & Business Products (0.03%)*

 

 

 

 

 

 

 

 

 

 

500

 

 

 

240

 

 

Diagnostic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Singulex, Inc.

 

Diagnostic

 

Equity

 

Common Stock

 

 

937,998

 

 

 

750

 

 

 

643

 

Subtotal: Diagnostic (0.08%)*

 

 

 

 

 

 

 

 

 

 

750

 

 

 

643

 

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AcelRx Pharmaceuticals, Inc. (3)(9)(13)

 

Drug Delivery

 

Equity

 

Common Stock

 

 

54,240

 

 

 

108

 

 

 

209

 

Merrion Pharmaceuticals, Plc (3)(4)(9)

 

Drug Delivery

 

Equity

 

Common Stock

 

 

20,000

 

 

 

9

 

 

 

 

Neos Therapeutics, Inc.

 

Drug Delivery

 

Equity

 

Preferred Series C

 

 

300,000

 

 

 

1,500

 

 

 

1,856

 

Subtotal: Drug Delivery (0.27%)*

 

 

 

 

 

 

 

 

 

 

1,617

 

 

 

2,065

 

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aveo Pharmaceuticals, Inc. (3)(9)(13)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

167,864

 

 

 

842

 

 

 

243

 

Cerecor Inc.

 

Drug Discovery & Development

 

Equity

 

Preferred Series B

 

 

3,334,445

 

 

 

1,000

 

 

 

762

 

Cerulean Pharma Inc. (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

135,501

 

 

 

1,000

 

 

 

1,222

 

Dicerna Pharmaceuticals, Inc. (3) (13)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

142,858

 

 

 

1,000

 

 

 

3,433

 

Epirus Biopharmaceuticals, Inc. (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

200,000

 

 

 

1,000

 

 

 

1,790

 

Genocea Biosciences, Inc. (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

223,463

 

 

 

2,000

 

 

 

2,650

 

Inotek Pharmaceuticals Corporation (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

3,778

 

 

 

1,500

 

 

 

20

 

Insmed, Incorporated (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

70,771

 

 

 

1,000

 

 

 

1,322

 

Paratek Pharmaceutcals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.) (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

31,580

 

 

 

1,744

 

 

 

977

 

Subtotal: Drug Discovery & Development (1.63%)*

 

 

 

 

 

 

 

 

 

 

11,086

 

 

 

12,419

 

 

Electronics & Computer Hardware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identiv, Inc. (3)

 

Electronics & Computer Hardware

 

Equity

 

Common Stock

 

 

6,700

 

 

 

34

 

 

 

57

 

Subtotal: Electronics & Computer Hardware (0.01%)*

 

 

 

 

 

 

 

 

 

 

34

 

 

 

57

 

 

Energy Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Glori Energy, Inc. (3)

 

Energy Technology

 

Equity

 

Common Stock

 

 

18,208

 

 

 

165

 

 

 

39

 

SCIEnergy, Inc.

 

Energy Technology

 

Equity

 

Preferred Series 1

 

 

385,000

 

 

 

761

 

 

 

24

 

Subtotal: Energy Technology (0.01%)*

 

 

 

 

 

 

 

 

 

 

926

 

 

 

63

 

 

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Good Technology Corporation (p.k.a. Visto Corporation) (13)

 

Information Services

 

Equity

 

Common Stock

 

 

500,000

 

 

 

603

 

 

 

646

 

Subtotal: Information Services (0.08%)*

 

 

 

 

 

 

 

 

 

 

603

 

 

 

646

 

 

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blurb, Inc. (13)

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series B

 

 

220,653

 

 

 

175

 

 

 

279

 

Lightspeed POS, Inc. (4)(9)

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series C

 

 

23,003

 

 

 

250

 

 

 

274

 

Oportun (p.k.a. Progress Financial)

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series G

 

 

218,351

 

 

 

250

 

 

 

402

 

 

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series H

 

 

87,802

 

 

 

250

 

 

 

252

 

Total Oportun (p.k.a. Progress Financial)

 

 

 

 

 

 

306,153

 

 

 

500

 

 

 

654

 

Philotic, Inc.

 

Internet Consumer & Business Services

 

Equity

 

Common Stock

 

 

9,023

 

 

 

93

 

 

 

 

RazorGator Interactive Group, Inc.

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series AA

 

 

34,783

 

 

 

15

 

 

 

30

 

Taptera, Inc.

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series B

 

 

454,545

 

 

 

150

 

 

 

176

 

Subtotal: Internet Consumer & Business Services (0.19%)*

 

 

 

 

 

 

 

 

 

 

1,183

 

 

 

1,413

 

 

See notes to consolidated financial statements.

15


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Series

 

Shares

 

 

Cost(2)

 

 

Value(3)

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flowonix Medical Incorporated

 

Medical Devices & Equipment

 

Equity

 

Preferred Series E

 

 

221,893

 

 

$

1,500

 

 

$

1,794

 

Gelesis, Inc. (5)(13)

 

Medical Devices & Equipment

 

Equity

 

Preferred Series A-1

 

 

674,208

 

 

 

425

 

 

 

785

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series A-2

 

 

675,676

 

 

 

500

 

 

 

737

 

 

 

Medical Devices & Equipment

 

Equity

 

Common Stock

 

 

698,862

 

 

 

 

 

 

714

 

Total Gelesis, Inc.

 

 

 

 

 

 

2,048,746

 

 

 

925

 

 

 

2,236

 

Medrobotics Corporation (13)

 

Medical Devices & Equipment

 

Equity

 

Preferred Series E

 

 

136,798

 

 

 

250

 

 

 

162

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series F

 

 

73,971

 

 

 

155

 

 

 

173

 

Total Medrobotics Corporation

 

 

 

 

 

 

210,769

 

 

 

405

 

 

 

335

 

Novasys Medical, Inc.

 

Medical Devices & Equipment

 

Equity

 

Preferred Series D-1

 

 

4,118,444

 

 

 

1,000

 

 

 

 

Optiscan Biomedical, Corp.(5)(13)

 

Medical Devices & Equipment

 

Equity

 

Preferred Series B

 

 

6,185,567

 

 

 

3,000

 

 

 

539

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series C

 

 

1,927,309

 

 

 

655

 

 

 

162

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series D

 

 

55,103,923

 

 

 

5,257

 

 

 

5,789

 

Total Optiscan Biomedical, Corp.

 

 

 

 

 

 

63,216,799

 

 

 

8,912

 

 

 

6,490

 

Oraya Therapeutics, Inc.

 

Medical Devices & Equipment

 

Equity

 

Preferred Series 1

 

 

1,086,969

 

 

 

500

 

 

 

429

 

Subtotal: Medical Devices & Equipment (1.48%)*

 

 

 

 

 

 

 

 

 

 

13,242

 

 

 

11,284

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Atrenta, Inc.

 

Software

 

Equity

 

Preferred Series C

 

 

1,196,845

 

 

 

986

 

 

 

2,045

 

Atrenta, Inc.

 

Software

 

Equity

 

Preferred Series D

 

 

635,513

 

 

 

508

 

 

 

1,231

 

Total Atrenta, Inc.

 

 

 

 

 

 

1,832,358

 

 

 

1,494

 

 

 

3,276

 

Box, Inc. (3) (13)

 

Software

 

Equity

 

Common Stock

 

 

1,464,747

 

 

 

5,818

 

 

 

28,930

 

CapLinked, Inc.

 

Software

 

Equity

 

Preferred Series A-3

 

 

53,614

 

 

 

51

 

 

 

81

 

ForeScout Technologies, Inc.

 

Software

 

Equity

 

Preferred Series D

 

 

319,099

 

 

 

398

 

 

 

564

 

 

 

Software

 

Equity

 

Preferred Series E

 

 

80,587

 

 

 

131

 

 

 

146

 

Total ForeScout Technologies, Inc.

 

 

 

 

 

 

399,686

 

 

 

529

 

 

 

710

 

HighRoads, Inc.

 

Software

 

Equity

 

Preferred Series B

 

 

190,170

 

 

 

307

 

 

 

343

 

WildTangent, Inc. (13)

 

Software

 

Equity

 

Preferred Series 3

 

 

100,000

 

 

 

402

 

 

 

237

 

Subtotal: Software (4.40%)*

 

 

 

 

 

 

 

 

 

 

8,601

 

 

 

33,577

 

 

Specialty Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

QuatRx Pharmaceuticals Company

 

Specialty Pharmaceuticals

 

Equity

 

Preferred Series E

 

 

241,829

 

 

 

750

 

 

 

 

 

 

Specialty Pharmaceuticals

 

Equity

 

Preferred Series E-1

 

 

26,955

 

 

 

 

 

 

 

 

 

Specialty Pharmaceuticals

 

Equity

 

Preferred Series G

 

 

4,667,636

 

 

 

 

 

 

 

Total QuatRx Pharmaceuticals Company

 

 

 

 

 

 

4,936,420

 

 

 

750

 

 

 

 

Subtotal: Specialty Pharmaceuticals (0.00%)*

 

 

 

 

 

 

 

 

 

 

750

 

 

 

 

 

Surgical Devices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gynesonics, Inc. (13)

 

Surgical Devices

 

Equity

 

Preferred Series B

 

 

219,298

 

 

 

250

 

 

 

104

 

 

 

Surgical Devices

 

Equity

 

Preferred Series C

 

 

656,538

 

 

 

282

 

 

 

199

 

 

 

Surgical Devices

 

Equity

 

Preferred Series D

 

 

1,991,157

 

 

 

712

 

 

 

1,090

 

Total Gynesonics, Inc.

 

 

 

 

 

 

2,866,993

 

 

 

1,244

 

 

 

1,393

 

Transmedics, Inc.

 

Surgical Devices

 

Equity

 

Preferred Series B

 

 

88,961

 

 

 

1,100

 

 

 

402

 

 

 

Surgical Devices

 

Equity

 

Preferred Series C

 

 

119,999

 

 

 

300

 

 

 

234

 

 

 

Surgical Devices

 

Equity

 

Preferred Series D

 

 

260,000

 

 

 

650

 

 

 

1,129

 

Total Transmedics, Inc.

 

 

 

 

 

 

468,960

 

 

 

2,050

 

 

 

1,765

 

Subtotal: Surgical Devices (0.41%)*

 

 

 

 

 

 

 

 

 

 

3,294

 

 

 

3,158

 

Total: Equity Investments (9.49%)*

 

 

 

 

 

 

 

 

 

 

44,188

 

 

 

72,451

 

 

 

 

 

 

 

 

See notes to consolidated financial statements.

16


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Series

 

Shares

 

 

Cost(2)

 

 

Value(3)

 

Warrant Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology Tools

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Labcyte, Inc. (13)

 

Biotechnology Tools

 

Warrant

 

Preferred Series C

 

 

1,127,624

 

 

$

323

 

 

$

425

 

Subtotal: Biotechnology Tools (0.06%)*

 

 

 

 

 

 

 

 

 

 

323

 

 

 

425

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intelepeer, Inc. (13)

 

Communications & Networking

 

Warrant

 

Preferred Series C

 

 

117,958

 

 

 

102

 

 

 

 

OpenPeak, Inc.

 

Communications & Networking

 

Warrant

 

Common Stock

 

 

108,982

 

 

 

149

 

 

 

 

PeerApp, Inc.

 

Communications & Networking

 

Warrant

 

Preferred Series B

 

 

298,779

 

 

 

61

 

 

 

68

 

Peerless Network, Inc.

 

Communications & Networking

 

Warrant

 

Preferred Series A

 

 

135,000

 

 

 

95

 

 

 

717

 

Ping Identity Corporation

 

Communications & Networking

 

Warrant

 

Preferred Series B

 

 

1,136,277

 

 

 

52

 

 

 

212

 

SkyCross, Inc. (13)

 

Communications & Networking

 

Warrant

 

Preferred Series F

 

 

9,762,777

 

 

 

394

 

 

 

 

Spring Mobile Solutions, Inc.

 

Communications & Networking

 

Warrant

 

Preferred Series D

 

 

2,834,375

 

 

 

418

 

 

 

258

 

Subtotal: Communications & Networking (0.16%)*

 

 

 

 

 

 

 

 

 

 

1,271

 

 

 

1,255

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antenna79 (p.k.a. Pong Research Corporation) (13)

 

Consumer & Business Products

 

Warrant

 

Preferred Series A

 

 

1,662,441

 

 

 

228

 

 

 

36

 

Intelligent Beauty, Inc. (13)

 

Consumer & Business Products

 

Warrant

 

Preferred Series B

 

 

190,234

 

 

 

230

 

 

 

284

 

IronPlanet, Inc.

 

Consumer & Business Products

 

Warrant

 

Preferred Series D

 

 

1,155,821

 

 

 

1,076

 

 

 

1,140

 

Market Force Information, Inc.

 

Consumer & Business Products

 

Warrant

 

Preferred Series A-1

 

 

150,212

 

 

 

24

 

 

 

8

 

The Neat Company (13)

 

Consumer & Business Products

 

Warrant

 

Preferred Series C-1

 

 

540,540

 

 

 

366

 

 

 

356

 

Subtotal: Consumer & Business Products (0.24%)*

 

 

 

 

 

 

 

 

 

 

1,924

 

 

 

1,824

 

 

Diagnostic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Navidea Biopharmaceuticals, Inc. (p.k.a. Neoprobe)) (3)(13)

 

Diagnostic

 

Warrant

 

Common Stock

 

 

333,333

 

 

 

244

 

 

 

28

 

Subtotal: Diagnostic (0.00%)*

 

 

 

 

 

 

 

 

 

 

244

 

 

 

28

 

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AcelRx Pharmaceuticals, Inc. (3)(9)(13)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

176,730

 

 

 

786

 

 

 

209

 

Agile Therapeutics, Inc (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

180,274

 

 

 

730

 

 

 

686

 

Alexza Pharmaceuticals, Inc. (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

37,639

 

 

 

645

 

 

 

 

BIND Therapeutics, Inc. (3)(13)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

152,586

 

 

 

488

 

 

 

71

 

BioQuiddity Incorporated

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

459,183

 

 

 

1

 

 

 

1

 

Celator Pharmaceuticals, Inc. (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

210,675

 

 

 

138

 

 

 

135

 

Celsion Corporation (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

194,986

 

 

 

428

 

 

 

133

 

Dance Biopharm, Inc. (13)

 

Drug Delivery

 

Warrant

 

Preferred Series A

 

 

97,701

 

 

 

74

 

 

 

149

 

Edge Therapeutics, Inc.

 

Drug Delivery

 

Warrant

 

Preferred Series C-1

 

 

107,526

 

 

 

390

 

 

 

258

 

Egalet Corporation (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

113,421

 

 

 

130

 

 

 

735

 

Kaleo, Inc. (p.k.a. Intelliject, Inc.)

 

Drug Delivery

 

Warrant

 

Preferred Series B

 

 

82,500

 

 

 

594

 

 

 

1,316

 

Neos Therapeutics, Inc. (13)

 

Drug Delivery

 

Warrant

 

Preferred Series C

 

 

170,000

 

 

 

285

 

 

 

325

 

Revance Therapeutics, Inc. (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

53,511

 

 

 

557

 

 

 

88

 

Zosano Pharma, Inc. (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

31,674

 

 

 

164

 

 

 

99

 

Subtotal: Drug Delivery (0.55%)*

 

 

 

 

 

 

 

 

 

 

5,410

 

 

 

4,205

 

 

See notes to consolidated financial statements.

17


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Series

 

Shares

 

 

Cost(2)

 

 

Value(3)

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADMA Biologics, Inc. (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

89,750

 

 

$

295

 

 

$

278

 

Anthera Pharmaceuticals, Inc. (3)(13)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

40,178

 

 

 

984

 

 

 

 

Aveo Pharmaceuticals, Inc. (3)(9)(13)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

608,696

 

 

 

194

 

 

 

462

 

Cerecor Inc.

 

Drug Discovery & Development

 

Warrant

 

Preferred Series B

 

 

625,208

 

 

 

70

 

 

 

30

 

Cerulean Pharma Inc. (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

137,521

 

 

 

357

 

 

 

569

 

Chroma Therapeutics, Ltd. (4)(9)

 

Drug Discovery & Development

 

Warrant

 

Preferred Series D

 

 

325,261

 

 

 

490

 

 

 

 

Cleveland BioLabs, Inc. (3)(13)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

7,813

 

 

 

105

 

 

 

3

 

Concert Pharmaceuticals, Inc. (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

70,796

 

 

 

367

 

 

 

198

 

Coronado Biosciences, Inc. (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

73,009

 

 

 

142

 

 

 

85

 

Dicerna Pharmaceuticals, Inc. (3)(13)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

200

 

 

 

28

 

 

 

 

Epirus Biopharmaceuticals, Inc. (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

64,194

 

 

 

276

 

 

 

353

 

Genocea Biosciences, Inc. (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

73,725

 

 

 

266

 

 

 

389

 

Horizon Pharma, Inc. (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

3,735

 

 

 

52

 

 

 

27

 

Melinta Therapeutics

 

Drug Discovery & Development

 

Warrant

 

Preferred Series 3

 

 

1,151,936

 

 

 

603

 

 

 

548

 

Nanotherapeutics, Inc. (13)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

171,389

 

 

 

838

 

 

 

1,488

 

Neothetics, Inc. (p.k.a. Lithera, Inc) (3)(13)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

46,838

 

 

 

266

 

 

 

133

 

Neuralstem, Inc. (3)(13)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

75,187

 

 

 

77

 

 

 

44

 

Paratek Pharmaceutcals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.) (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

5,121

 

 

 

87

 

 

 

5

 

uniQure B.V. (3)(4)(9)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

37,174

 

 

 

218

 

 

 

389

 

XOMA Corporation (3 )(9)(13)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

181,268

 

 

 

279

 

 

 

272

 

Subtotal: Drug Discovery & Development (0.69%)*

 

 

 

 

 

 

 

 

 

 

5,994

 

 

 

5,273

 

 

Electronics & Computer Hardware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clustrix, Inc.

 

Electronics & Computer Hardware

 

Warrant

 

Common Stock

 

 

50,000

 

 

 

12

 

 

 

9

 

Subtotal: Electronics & Computer Hardware (0.00%)*

 

 

 

 

 

 

 

 

 

 

12

 

 

 

9

 

 

Energy Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agrivida, Inc. (13)

 

Energy Technology

 

Warrant

 

Preferred Series D

 

 

471,327

 

 

 

120

 

 

 

203

 

Alphabet Energy, Inc. (13)

 

Energy Technology

 

Warrant

 

Preferred Series A

 

 

86,329

 

 

 

81

 

 

 

181

 

American Superconductor Corporation (3)

 

Energy Technology

 

Warrant

 

Common Stock

 

 

58,823

 

 

 

39

 

 

 

69

 

Brightsource Energy, Inc. (13)

 

Energy Technology

 

Warrant

 

Preferred Series 1

 

 

175,000

 

 

 

780

 

 

 

185

 

Calera, Inc. (13)

 

Energy Technology

 

Warrant

 

Preferred Series C

 

 

44,529

 

 

 

513

 

 

 

 

EcoMotors, Inc. (13)

 

Energy Technology

 

Warrant

 

Preferred Series B

 

 

437,500

 

 

 

308

 

 

 

314

 

Fluidic, Inc.

 

Energy Technology

 

Warrant

 

Preferred Series D

 

 

61,804

 

 

 

102

 

 

 

44

 

Fulcrum Bioenergy, Inc.

 

Energy Technology

 

Warrant

 

Preferred Series C-1

 

 

280,897

 

 

 

274

 

 

 

186

 

GreatPoint Energy, Inc. (13)

 

Energy Technology

 

Warrant

 

Preferred Series D-1

 

 

393,212

 

 

 

548

 

 

 

 

Polyera Corporation (13)

 

Energy Technology

 

Warrant

 

Preferred Series C

 

 

311,609

 

 

 

337

 

 

 

534

 

SCIEnergy, Inc.

 

Energy Technology

 

Warrant

 

Common Stock

 

 

530,811

 

 

 

181

 

 

 

 

 

 

Energy Technology

 

Warrant

 

Preferred Series 1

 

 

145,811

 

 

 

50

 

 

 

 

Total SCIEnergy, Inc.

 

 

 

 

 

 

676,622

 

 

 

231

 

 

 

 

Scifiniti (p.k.a. Integrated Photovoltaics, Inc.) (13)

 

Energy Technology

 

Warrant

 

Preferred Series A-1

 

 

390,000

 

 

 

82

 

 

 

70

 

Solexel, Inc. (13)

 

Energy Technology

 

Warrant

 

Preferred Series C

 

 

1,171,625

 

 

 

1,162

 

 

 

673

 

Stion Corporation (5)

 

Energy Technology

 

Warrant

 

Preferred Series Seed

 

 

2,154

 

 

 

1,378

 

 

 

 

Sungevity Development, LLC

 

Energy Technology

 

Warrant

 

Preferred Series C

 

 

32,472,222

 

 

 

903

 

 

 

903

 

TAS Energy, Inc.

 

Energy Technology

 

Warrant

 

Preferred Series AA

 

 

428,571

 

 

 

299

 

 

 

 

TPI Composites, Inc.

 

Energy Technology

 

Warrant

 

Preferred Series B

 

 

160

 

 

 

273

 

 

 

201

 

Trilliant, Inc. (13)

 

Energy Technology

 

Warrant

 

Preferred Series A

 

 

320,000

 

 

 

162

 

 

 

40

 

Subtotal: Energy Technology (0.47%)*

 

 

 

 

 

 

 

 

 

 

7,592

 

 

 

3,603

 

 

Healthcare Services, Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chromadex Corporation (3)(13)

 

Healthcare Services, Other

 

Warrant

 

Common Stock

 

 

419,020

 

 

 

156

 

 

 

200

 

Subtotal: Healthcare Services, Other (0.03%)*

 

 

 

 

 

 

 

 

 

 

156

 

 

 

200

 

 

See notes to consolidated financial statements.

18


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Series

 

Shares

 

 

Cost(2)

 

 

Value(3)

 

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cha Cha Search, Inc. (13)

 

Information Services

 

Warrant

 

Preferred Series G

 

 

48,232

 

 

$

58

 

 

$

4

 

INMOBI Inc. (4)(9)

 

Information Services

 

Warrant

 

Common Stock

 

 

46,874

 

 

 

82

 

 

 

30

 

InXpo, Inc. (13)

 

Information Services

 

Warrant

 

Preferred Series C

 

 

648,400

 

 

 

98

 

 

 

14

 

 

 

Information Services

 

Warrant

 

Preferred Series C-1

 

 

740,832

 

 

 

59

 

 

 

17

 

Total InXpo, Inc.

 

 

 

 

 

 

1,389,232

 

 

 

157

 

 

 

31

 

RichRelevance, Inc. (13)

 

Information Services

 

Warrant

 

Preferred Series E

 

 

112,612

 

 

 

98

 

 

 

 

Subtotal: Information Services (0.01%)*

 

 

 

 

 

 

 

 

 

 

395

 

 

 

65

 

 

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blurb, Inc. (13)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B

 

 

218,684

 

 

 

299

 

 

 

77

 

 

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C

 

 

234,280

 

 

 

636

 

 

 

183

 

Total Blurb, Inc.

 

 

 

 

 

 

452,964

 

 

 

935

 

 

 

260

 

CashStar, Inc. (13)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C-2

 

 

727,272

 

 

 

130

 

 

 

108

 

Gazelle, Inc.(13)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series A-1

 

 

991,288

 

 

 

158

 

 

 

85

 

Just Fabulous, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B

 

 

206,184

 

 

 

1,101

 

 

 

1,600

 

Lightspeed POS, Inc. (4)(9)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C

 

 

24,561

 

 

 

20

 

 

 

68

 

Oportun (p.k.a. Progress Financial)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series G

 

 

174,562

 

 

 

78

 

 

 

155

 

Prism Education Group, Inc. (13)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B

 

 

200,000

 

 

 

43

 

 

 

 

Reply! Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B

 

 

137,225

 

 

 

320

 

 

 

 

ShareThis, Inc. (13)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C

 

 

493,502

 

 

 

547

 

 

 

262

 

Tapjoy, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series D

 

 

748,670

 

 

 

316

 

 

 

102

 

Tectura Corporation

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B-1

 

 

253,378

 

 

 

51

 

 

 

 

Subtotal: Internet Consumer & Business Services (0.35%)*

 

 

 

 

 

 

 

 

 

 

3,699

 

 

 

2,640

 

 

Media/Content/Info

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhapsody International, Inc. (13)

 

Media/Content/Info

 

Warrant

 

Common Stock

 

 

715,755

 

 

 

384

 

 

 

393

 

Zoom Media Group, Inc.

 

Media/Content/Info

 

Warrant

 

Preferred Series A

 

 

1,204

 

 

 

348

 

 

 

262

 

Subtotal: Media/Content/Info (0.09%)*

 

 

 

 

 

 

 

 

 

 

732

 

 

 

655

 

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amedica Corporation (3) (13)

 

Medical Devices & Equipment

 

Warrant

 

Common Stock

 

 

516,129

 

 

 

459

 

 

 

 

Avedro, Inc. (13)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series D

 

 

1,308,451

 

 

 

401

 

 

 

592

 

Aspire Bariatrics, Inc. (13)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series D

 

 

335,000

 

 

 

419

 

 

 

426

 

Flowonix Medical Incorporated

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series E

 

 

110,947

 

 

 

203

 

 

 

428

 

Gamma Medica, Inc.

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A

 

 

357,500

 

 

 

170

 

 

 

183

 

Gelesis, Inc.(5)(13)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A-1

 

 

263,688

 

 

 

78

 

 

 

178

 

Home Dialysis Plus, Inc.

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A

 

 

500,000

 

 

 

402

 

 

 

585

 

InspireMD, Inc. (3)(4)(9)

 

Medical Devices & Equipment

 

Warrant

 

Common Stock

 

 

168,351

 

 

 

242

 

 

 

4

 

Medrobotics Corporation (13)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series E

 

 

455,539

 

 

 

370

 

 

 

213

 

MELA Sciences, Inc. (3)

 

Medical Devices & Equipment

 

Warrant

 

Common Stock

 

 

69,320

 

 

 

402

 

 

 

14

 

nContact Surgical, Inc (13)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series D-1

 

 

201,439

 

 

 

266

 

 

 

620

 

NetBio, Inc.

 

Medical Devices & Equipment

 

Warrant

 

Common Stock

 

 

2,568

 

 

 

408

 

 

 

56

 

NinePoint Medical, Inc. (13)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A-1

 

 

587,840

 

 

 

170

 

 

 

262

 

Novasys Medical, Inc.

 

Medical Devices & Equipment

 

Warrant

 

Common Stock

 

 

109,449

 

 

 

2

 

 

 

 

 

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series D

 

 

526,840

 

 

 

125

 

 

 

 

 

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series D-1

 

 

53,607

 

 

 

6

 

 

 

 

Total  Novasys Medical, Inc.

 

 

 

 

 

 

689,896

 

 

 

133

 

 

 

 

Optiscan Biomedical, Corp. (5)(13)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series D

 

 

10,535,275

 

 

 

1,252

 

 

 

278

 

Oraya Therapeutics, Inc.

 

Medical Devices & Equipment

 

Warrant

 

Common Stock

 

 

954

 

 

 

66

 

 

 

 

 

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series 1

 

 

1,632,084

 

 

 

676

 

 

 

132

 

Total  Oraya Therapeutics, Inc.

 

 

 

 

 

 

1,633,038

 

 

 

742

 

 

 

132

 

Quanterix Corporation

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series C

 

 

115,618

 

 

 

156

 

 

 

138

 

SonaCare Medical, LLC (p.k.a. US HIFU, LLC)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A

 

 

6,464

 

 

 

188

 

 

 

 

ViewRay, Inc. (13)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series C

 

 

43,103

 

 

 

333

 

 

 

316

 

Subtotal: Medical Devices & Equipment (0.58%)*

 

 

 

 

 

 

 

 

 

 

6,794

 

 

 

4,425

 

 

See notes to consolidated financial statements.

19


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Series

 

Shares

 

 

Cost(2)

 

 

Value(3)

 

Semiconductors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achronix Semiconductor Corporation

 

Semiconductors

 

Warrant

 

Preferred Series C

 

 

360,000

 

 

$

160

 

 

$

23

 

Aquantia Corp.

 

Semiconductors

 

Warrant

 

Preferred Series G

 

 

196,831

 

 

 

4

 

 

 

3

 

Avnera Corporation

 

Semiconductors

 

Warrant

 

Preferred Series E

 

 

102,958

 

 

 

14

 

 

 

34

 

Subtotal: Semiconductors (0.01%)*

 

 

 

 

 

 

 

 

 

 

178

 

 

 

60

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Atrenta, Inc.

 

Software

 

Warrant

 

Preferred Series D

 

 

392,670

 

 

 

120

 

 

 

432

 

Braxton Technologies, LLC

 

Software

 

Warrant

 

Preferred Series A

 

 

168,750

 

 

 

188

 

 

 

 

CareCloud Corporation (13)

 

Software

 

Warrant

 

Preferred Series B

 

 

413,433

 

 

 

258

 

 

 

452

 

Clickfox, Inc. (13)

 

Software

 

Warrant

 

Preferred Series B

 

 

1,038,563

 

 

 

330

 

 

 

990

 

 

 

Software

 

Warrant

 

Preferred Series C

 

 

592,019

 

 

 

730

 

 

 

676

 

 

 

Software

 

Warrant

 

Preferred Series C-A

 

 

46,109

 

 

 

13

 

 

 

44

 

Total Clickfox, Inc.

 

 

 

 

 

 

1,676,691

 

 

 

1,073

 

 

 

1,710

 

Daegis Inc. (p.k.a. Unify Corporation) (3) (13)

 

Software

 

Warrant

 

Common Stock

 

 

718,860

 

 

 

1,434

 

 

 

3

 

Hillcrest Laboratories, Inc. (13)

 

Software

 

Warrant

 

Preferred Series E

 

 

1,865,650

 

 

 

55

 

 

 

123

 

JumpStart Games, Inc. (p.k.a. Knowledge Holdings, Inc.) (13)

 

Software

 

Warrant

 

Preferred Series E

 

 

614,333

 

 

 

16

 

 

 

8

 

Message Systems, Inc. (13)

 

Software

 

Warrant

 

Preferred Series B

 

 

408,011

 

 

 

334

 

 

 

330

 

Mobile Posse, Inc. (13)

 

Software

 

Warrant

 

Preferred Series C

 

 

396,430

 

 

 

130

 

 

 

58

 

Neos Geosolutions, Inc. (13)

 

Software

 

Warrant

 

Preferred Series 3

 

 

221,150

 

 

 

22

 

 

 

 

NewVoiceMedia Limited (4)(9)

 

Software

 

Warrant

 

Preferred Series E

 

 

225,586

 

 

 

33

 

 

 

71

 

Poplicus Incorporated (13)

 

Software

 

Warrant

 

Preferred Series B-1

 

 

2,595,230

 

 

 

 

 

 

87

 

Soasta, Inc. (13)

 

Software

 

Warrant

 

Preferred Series E

 

 

410,800

 

 

 

691

 

 

 

717

 

Sonian, Inc. (13)

 

Software

 

Warrant

 

Preferred Series C

 

 

185,949

 

 

 

106

 

 

 

65

 

StrongView Systems, Inc.

 

Software

 

Warrant

 

Preferred Series C

 

 

551,470

 

 

 

168

 

 

 

227

 

SugarSync, Inc. (13)

 

Software

 

Warrant

 

Preferred Series CC

 

 

332,726

 

 

 

78

 

 

 

102

 

 

 

Software

 

Warrant

 

Preferred Series DD

 

 

107,526

 

 

 

34

 

 

 

34

 

Total SugarSync, Inc.

 

 

 

 

 

 

440,252

 

 

 

112

 

 

 

136

 

Touchcommerce, Inc. (13)

 

Software

 

Warrant

 

Preferred Series E

 

 

1,885,930

 

 

 

361

 

 

 

282

 

White Sky, Inc. (13)

 

Software

 

Warrant

 

Preferred Series B-2

 

 

124,295

 

 

 

54

 

 

 

6

 

Subtotal: Software (0.62%)*

 

 

 

 

 

 

 

 

 

 

5,155

 

 

 

4,707

 

Specialty Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alimera Sciences, Inc. (3)

 

Specialty Pharmaceuticals

 

Warrant

 

Common Stock

 

 

285,016

 

 

 

729

 

 

 

521

 

QuatRx Pharmaceuticals Company

 

Specialty Pharmaceuticals

 

Warrant

 

Preferred Series E

 

 

155,324

 

 

 

307

 

 

 

 

Subtotal: Specialty Pharmaceuticals (0.17%)*

 

 

 

 

 

 

 

 

 

 

1,036

 

 

 

521

 

 

See notes to consolidated financial statements.

20


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Series

 

Shares

 

 

Cost(2)

 

 

Value(3)

 

Surgical Devices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gynesonics, Inc. (13)

 

Surgical Devices

 

Warrant

 

Preferred Series C

 

 

180,480

 

 

$

75

 

 

$

50

 

 

 

Surgical Devices

 

Warrant

 

Preferred Series D

 

 

1,575,965

 

 

 

320

 

 

 

585

 

Total Gynesonics, Inc.

 

 

 

 

 

 

1,756,445

 

 

 

395

 

 

 

635

 

Transmedics, Inc.

 

Surgical Devices

 

Warrant

 

Preferred Series B

 

 

40,436

 

 

 

224

 

 

 

4

 

 

 

Surgical Devices

 

Warrant

 

Preferred Series D

 

 

175,000

 

 

 

100

 

 

 

404

 

Total Transmedics, Inc.

 

 

 

 

 

 

215,436

 

 

 

324

 

 

 

408

 

Subtotal: Surgical Devices (0.14%)*

 

 

 

 

 

 

 

 

 

 

719

 

 

 

1,043

 

Total Warrant Investments (4.05%)*

 

 

 

 

 

 

 

 

 

 

41,634

 

 

 

30,938

 

Total Investments (152.15%)*

 

 

 

 

 

 

 

 

 

$

1,170,808

 

 

$

1,161,421

 

 

*

Value as a percent of net assets

(1)

Preferred and common stock, warrants, and equity interests are generally non-income producing.

(2)

Gross unrealized appreciation, gross unrealized depreciation, and net depreciation for federal income tax purposes totaled $50.4 million, $60.9 million and $10.5 million respectively. The tax cost of investments is $1.2 billion.

(3)

Except for warrants in 33 publicly traded companies and common stock in 14 publicly traded companies, all investments are restricted at March 31, 2015 and were valued at fair value as determined in good faith by the Audit Committee of the Board of Directors. No unrestricted securities of the same issuer are outstanding. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.

(4)

Non-U.S. company or the company’s principal place of business is outside the United States.

(5)

Affiliate investment that is defined under the Investment Company Act of 1940 as companies in which HTGC owns at least 5% but not more than 25% of the voting securities of the company.

(6)

Control investment that is defined under the Investment Company Act of 1940 as companies in which HTGC owns at least 25% of the voting securities of the company or has greater than 50% representation on its board. There were no control investments at March 31, 2015.

(7)

Debt is on non-accrual status at March 31, 2015, and is therefore considered non-income producing.

(8)

Denotes that all or a portion of the debt investment is convertible senior debt.

(9)

Indicates assets that the Company deems not “qualifying assets” under section 55(a) of the Investment Company Act of 1940, as amended. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets.

(10)

Denotes that all or a portion of the debt investment secures the notes offered in the Debt Securitizations (as defined in Note 4).

(11)

Denotes that all or a portion of the debt investment principal includes accumulated PIK, or payment-in-kind, interest and is net of repayments.

(12)

Denotes that all or a portion of the debt investment includes an exit fee receivable.

(13)

Denotes that all or a portion of the investment in this portfolio company is held by HT II or HT III, the Company’s wholly-owned SBIC subsidiaries.

(14)

The stated ‘Maturity Date’ for the Tectura assets reflects the last extension of the forbearance period on these loans. The borrower loans remain outstanding and management is continuing to work with the borrower to satisfy the obligations. The Company’s investment team and Investment Committee continue to closely monitor developments at the borrower company.

 

 

 

See notes to consolidated financial statements.

21


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2014

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal

Amount

 

 

Cost(2)

 

 

Value(3)

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology Tools

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Labcyte, Inc. (10)(12)(13)

 

Biotechnology Tools

 

Senior Secured

 

June 2016

 

Interest rate PRIME + 6.70%

or Floor rate of 9.95%

 

$

2,695

 

 

$

2,869

 

 

$

2,869

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

2,869

 

 

 

2,869

 

Subtotal: Biotechnology Tools (0.44%)*

 

 

 

 

 

 

 

 

 

 

 

 

2,869

 

 

 

2,869

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenPeak, Inc. (10)(12)

 

Communications & Networking

 

Senior Secured

 

April 2017

 

Interest rate PRIME + 8.75%

or Floor rate of 12.00%

 

$

12,889

 

 

 

13,193

 

 

 

13,193

 

SkyCross, Inc. (12)(13)

 

Communications & Networking

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 9.70%

or Floor rate of 12.95%

 

$

22,000

 

 

 

21,580

 

 

 

20,149

 

Spring Mobile Solutions, Inc. (10)(12)

 

Communications & Networking

 

Senior Secured

 

November 2016

 

Interest rate PRIME + 8.00%

or Floor rate of 11.25%

 

$

18,840

 

 

 

18,928

 

 

 

19,116

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

53,701

 

 

 

52,458

 

Subtotal: Communications & Networking (7.96%)*

 

 

 

 

 

 

 

 

 

 

 

 

53,701

 

 

 

52,458

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antenna79 (p.k.a. Pong Research Corporation) (12)(13)

 

Consumer & Business Products

 

Senior Secured

 

December 2017

 

Interest rate PRIME + 6.75%

or Floor rate of 10.00%

 

$

5,000

 

 

 

4,912

 

 

 

4,884

 

 

 

Consumer & Business Products

 

Senior Secured

 

June 2016

 

Interest rate PRIME + 6.75%

or Floor rate of 10.00%

 

$

216

 

 

 

89

 

 

 

89

 

Total Antenna79 (p.k.a. Pong Research Corporation)

 

 

 

 

 

 

 

$

5,216

 

 

 

5,001

 

 

 

4,973

 

Fluc, Inc. (8)

 

Consumer & Business Products

 

Convertible Senior Note

 

March 2017

 

Interest rate FIXED 4.00%

 

$

100

 

 

 

100

 

 

 

100

 

IronPlanet, Inc. (12)

 

Consumer & Business Products

 

Senior Secured

 

November 2017

 

Interest rate PRIME + 6.20%

or Floor rate of 9.45%

 

$

37,500

 

 

 

36,345

 

 

 

36,345

 

The Neat Company (11)(12)(13)

 

Consumer & Business Products

 

Senior Secured

 

September 2017

 

Interest rate PRIME + 7.75% 

or Floor rate of 11.00%, 

PIK Interest 1.00%

 

$

20,061

 

 

 

19,422

 

 

 

19,422

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

60,868

 

 

 

60,840

 

Subtotal: Consumer & Business Products (9.23%)*

 

 

 

 

 

 

 

 

 

 

 

 

60,868

 

 

 

60,840

 

 

 

See notes to consolidated financial statements.

22


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2014

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal

Amount

 

 

Cost(2)

 

 

Value(3)

 

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revance Therapeutics, Inc. (10)(12)

 

Drug Delivery

 

Senior Secured

 

March 2015

 

Interest rate PRIME + 6.60%

or Floor rate of 9.85%

 

$

2,098

 

 

$

2,458

 

 

$

2,458

 

 

 

Drug Delivery

 

Senior Secured

 

March 2015

 

Interest rate PRIME + 6.60%

or Floor rate of 9.85%

 

$

210

 

 

 

246

 

 

 

246

 

Total Revance Therapeutics, Inc.

 

 

 

 

 

 

 

$

2,308

 

 

 

2,704

 

 

 

2,704

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

2,704

 

 

 

2,704

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AcelRx Pharmaceuticals, Inc.(9)(10)(12)(13)

 

Drug Delivery

 

Senior Secured

 

October 2017

 

Interest rate PRIME + 3.85%

or Floor rate of 9.10%

 

$

25,000

 

 

 

24,831

 

 

 

24,969

 

BIND Therapeutics, Inc.(12)(13)

 

Drug Delivery

 

Senior Secured

 

September 2016

 

Interest rate PRIME + 7.00%

or Floor rate of 10.25%

 

$

3,274

 

 

 

3,343

 

 

 

3,228

 

BioQuiddity Incorporated (12)

 

Drug Delivery

 

Senior Secured

 

May 2018

 

Interest rate PRIME + 8.00%

or Floor rate of 11.25%

 

$

7,500

 

 

 

7,439

 

 

 

7,439

 

Celator Pharmaceuticals, Inc. (10)(12)

 

Drug Delivery

 

Senior Secured

 

June 2018

 

Interest rate PRIME + 6.50%

or Floor rate of 9.75%

 

$

10,000

 

 

 

9,927

 

 

 

9,899

 

Celsion Corporation (10)(12)

 

Drug Delivery

 

Senior Secured

 

June 2017

 

Interest rate PRIME + 8.00%

or Floor rate of 11.25%

 

$

10,000

 

 

 

9,858

 

 

 

10,027

 

Dance Biopharm, Inc. (12)(13)

 

Drug Delivery

 

Senior Secured

 

November 2017

 

Interest rate PRIME + 7.40%

or Floor rate of 10.65%

 

$

3,905

 

 

 

3,871

 

 

 

3,864

 

Edge Therapeutics, Inc. (12)

 

Drug Delivery

 

Senior Secured

 

March 2018

 

Interest rate PRIME + 5.95%

or Floor rate of 10.45%

 

$

3,000

 

 

 

2,847

 

 

 

2,847

 

Neos Therapeutics, Inc. (12)(13)

 

Drug Delivery

 

Senior Secured

 

October 2017

 

Interest rate PRIME + 7.25%

or Floor rate of 10.50%

 

$

5,000

 

 

 

4,916

 

 

 

4,916

 

 

 

Drug Delivery

 

Senior Secured

 

October 2017

 

Interest rate FIXED 9.00%

 

$

10,000

 

 

 

10,010

 

 

 

10,063

 

Total Neos Therapeutics, Inc.

 

 

 

 

 

 

 

$

15,000

 

 

 

14,926

 

 

 

14,979

 

Zosano Pharma, Inc. (10)(12)

 

Drug Delivery

 

Senior Secured

 

June 2017

 

Interest rate PRIME + 6.80%

or Floor rate of 12.05%

 

$

4,000

 

 

 

3,894

 

 

 

3,881

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

80,936

 

 

 

81,133

 

Subtotal: Drug Delivery (12.72%)*

 

 

 

 

 

 

 

 

 

 

 

 

83,640

 

 

 

83,837

 

 

 

See notes to consolidated financial statements.

23


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2014

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal

Amount

 

 

Cost(2)

 

 

Value(3)

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aveo Pharmaceuticals, Inc. (9)(10)(12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

December 2015

 

Interest rate PRIME + 7.15%

or Floor rate of 11.90%

 

$

11,611

 

 

$

11,611

 

 

$

11,611

 

Concert Pharmaceuticals, Inc. (10)

 

Drug Discovery & Development

 

Senior Secured

 

October 2015

 

Interest rate PRIME + 3.25%

or Floor rate of 8.50%

 

$

7,175

 

 

 

7,142

 

 

 

7,142

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

18,753

 

 

 

18,753

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADMA Biologics, Inc. (10)(11)(12)

 

Drug Discovery & Development

 

Senior Secured

 

December 2017

 

Interest rate PRIME + 5.5%

or Floor rate of 8.75%,

PIK Interest 1.95%

 

$

5,000

 

 

 

4,879

 

 

 

4,933

 

 

 

Drug Discovery & Development

 

Senior Secured

 

December 2017

 

Interest rate PRIME + 3.00% 

or Floor rate of 8.75%, 

PIK Interest 1.95%

 

$

10,153

 

 

 

10,032

 

 

 

10,144

 

Total ADMA Biologics, Inc.

 

 

 

 

 

 

 

$

15,153

 

 

 

14,911

 

 

 

15,077

 

Aveo Pharmaceuticals, Inc. (9)(10)(12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 6.65%

or Floor rate of 11.90%

 

$

10,000

 

 

 

9,766

 

 

 

9,766

 

Celladon Corporation (12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

February 2018

 

Interest rate PRIME + 5.00%

or Floor rate of 8.25%

 

$

10,000

 

 

 

10,022

 

 

 

10,022

 

Cempra, Inc. (10)(12)

 

Drug Discovery & Development

 

Senior Secured

 

April 2018

 

Interest rate PRIME + 6.30%

or Floor rate of 9.55%

 

$

18,000

 

 

 

18,020

 

 

 

18,560

 

Cerecor Inc. (12)

 

Drug Discovery & Development

 

Senior Secured

 

August 2017

 

Interest rate PRIME + 6.30%

or Floor rate of 9.55%

 

$

7,500

 

 

 

7,374

 

 

 

7,374

 

Cleveland BioLabs, Inc. (12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

January 2017

 

Interest rate PRIME + 6.10%

or Floor rate of 9.35%

 

$

1,883

 

 

 

1,883

 

 

 

1,920

 

CTI BioPharma Corp. (pka Cell Therapeutics, Inc.) (10)(12)

 

Drug Discovery & Development

 

Senior Secured

 

October 2016

 

Interest rate PRIME + 6.75%

or Floor rate of 10.00%

 

$

4,584

 

 

 

4,584

 

 

 

4,712

 

 

 

Drug Discovery & Development

 

Senior Secured

 

October 2016

 

Interest rate PRIME + 9.00%

or Floor rate of 12.25%

 

$

13,890

 

 

 

13,890

 

 

 

14,279

 

Total CTI BioPharma Corp. (pka Cell Therapeutics, Inc.)

 

 

 

 

 

 

 

$

18,474

 

 

 

18,474

 

 

 

18,991

 

Dynavax Technologies (9)(12)

 

Drug Discovery & Development

 

Senior Secured

 

July 2018

 

Interest rate PRIME + 6.50%

or Floor rate of 9.75%

 

$

10,000

 

 

 

9,897

 

 

 

9,897

 

Epirus Biopharmaceuticals, Inc. (12)

 

Drug Discovery & Development

 

Senior Secured

 

April 2018

 

Interest rate PRIME + 4.70%

or Floor rate of 7.95%

 

$

7,500

 

 

 

7,308

 

 

 

7,308

 

Genocea Biosciences, Inc. (12)

 

Drug Discovery & Development

 

Senior Secured

 

July 2018

 

Interest rate PRIME + 2.25%

or Floor rate of 7.25%

 

$

12,000

 

 

 

11,814

 

 

 

11,814

 

Insmed, Incorporated (10)(12)

 

Drug Discovery & Development

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 4.75%

or Floor rate of 9.25%

 

$

25,000

 

 

 

24,854

 

 

 

24,854

 

Melinta Therapeutics (12)

 

Drug Discovery & Development

 

Senior Secured

 

June 2018

 

Interest rate PRIME + 5.00%

or Floor rate of 8.25%

 

$

20,000

 

 

 

19,272

 

 

 

19,272

 

Merrimack Pharmaceuticals, Inc. (12)

 

Drug Discovery & Development

 

Senior Secured

 

November 2016

 

Interest rate PRIME + 5.30%

or Floor rate of 10.55%

 

$

40,000

 

 

 

40,578

 

 

 

40,677

 

Neothetics, Inc. (pka Lithera, Inc) (12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 5.75%

or Floor rate of 9.00%

 

$

10,000

 

 

 

9,751

 

 

 

9,697

 

Neuralstem, Inc. (12)(13)

 

Drug Discovery & Development

 

Senior Secured

 

April 2017