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, 2013
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 |
94301 | |
| (Address of Principal Executive Offices) | (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 | ¨ | Accelerated Filer | x | |||||
| 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 April 30, 2013, there were 61,554,003 shares outstanding of the Registrant’s common stock, $0.001 par value.
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
FORM 10-Q TABLE OF CONTENTS
| 3 | ||||||
| Item 1. |
3 | |||||
| 3 | ||||||
| 5 | ||||||
| 6 | ||||||
| 7 | ||||||
| Consolidated Schedule of Investments as of March 31, 2013 (unaudited) |
8 | |||||
| Consolidated Schedule of Investments as of December 31, 2012 |
25 | |||||
| 40 | ||||||
| Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
64 | ||||
| Item 3. |
92 | |||||
| Item 4. |
94 | |||||
| 95 | ||||||
| Item 1. |
95 | |||||
| Item 1A. |
95 | |||||
| Item 2. |
97 | |||||
| Item 3. |
97 | |||||
| Item 4. |
97 | |||||
| Item 5. |
97 | |||||
| Item 6. |
97 | |||||
| 98 | ||||||
2
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, 2013 |
December 31, 2012 |
|||||||
| Assets |
||||||||
| Investments: |
||||||||
| Non-control/Non-affiliate investments (cost of $957,508 and $896,031, respectively) |
$ | 953,788 | $ | 894,428 | ||||
| Affiliate investments (cost of $20,196 and $18,307, respectively) |
14,196 | 11,872 | ||||||
|
|
|
|
|
|||||
| Total investments, at fair value (cost of $977,704 and $914,338, respectively) |
967,984 | 906,300 | ||||||
| Cash and cash equivalents |
206,928 | 182,994 | ||||||
| Restricted Cash |
810 | — | ||||||
| Interest receivable |
9,674 | 9,635 | ||||||
| Other assets |
25,790 | 24,714 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 1,211,186 | $ | 1,123,643 | ||||
|
|
|
|
|
|||||
| Liabilities |
||||||||
| Accounts payable and accrued liabilities |
$ | 8,456 | $ | 11,575 | ||||
| Long-term Liabilities (Convertible Senior Note) |
71,707 | 71,436 | ||||||
| Asset-Backed Notes |
120,051 | 129,300 | ||||||
| 2019 Notes |
170,364 | 170,364 | ||||||
| Long-term SBA Debentures |
225,000 | 225,000 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
$ | 595,578 | $ | 607,675 | ||||
| Commitments and Contingencies (Note 9) |
||||||||
| Net assets consist of: |
||||||||
| Common stock, par value |
62 | 53 | ||||||
| Capital in excess of par value |
660,833 | 564,508 | ||||||
| Unrealized depreciation on investments |
(8,281 | ) | (7,947 | ) | ||||
| Accumulated realized losses on investments |
(34,925 | ) | (36,916 | ) | ||||
| Distributions in excess of investment income |
(2,081 | ) | (3,730 | ) | ||||
|
|
|
|
|
|||||
| Total net assets |
$ | 615,608 | $ | 515,968 | ||||
|
|
|
|
|
|||||
| Total liabilities and net assets |
$ | 1,211,186 | $ | 1,123,643 | ||||
|
|
|
|
|
|||||
| Shares of common stock outstanding ($0.001 par value, 100,000,000 authorized) |
61,554 | 52,925 | ||||||
| Net asset value per share |
$ | 10.00 | $ | 9.75 | ||||
See notes to consolidated financial statements.
3
The following table presents the assets and liabilities of our consolidated variable interest entity (“VIE”). The assets of the VIE can only be used to settle obligations of the consolidated VIE, and the creditors (or beneficial interest holders) do not have recourse to our general credit. These assets and liabilities are included in the Consolidated Statements of Assets and Liabilities above.
| (Unaudited, in thousands) |
March 31, 2013 |
December 31, 2012 |
||||||
| ASSETS |
||||||||
| Restricted Cash |
$ | 810 | $ | — | ||||
| Total investments, at fair value (cost of $219,853 and $0, respectively) |
218,142 | 226,997 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 218,952 | $ | 226,997 | ||||
|
|
|
|
|
|||||
| LIABILITIES |
||||||||
| Asset-Backed Notes |
$ | 120,051 | $ | 129,300 | ||||
|
|
|
|
|
|||||
| Total liabilities |
$ | 120,051 | $ | 129,300 | ||||
|
|
|
|
|
|||||
See notes to consolidated financial statements.
4
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
| Three Months Ended March 31, | ||||||||
| 2013 | 2012 | |||||||
| Investment income: |
||||||||
| Interest Income |
||||||||
| Non-control/Non-affiliate investments |
$ | 28,319 | $ | 20,281 | ||||
| Affiliate investments |
610 | 6 | ||||||
| Control investments |
— | 13 | ||||||
|
|
|
|
|
|||||
| Total interest income |
28,929 | 20,300 | ||||||
|
|
|
|
|
|||||
| Fees |
||||||||
| Non-control/Non-affiliate investments |
2,028 | 2,067 | ||||||
|
|
|
|
|
|||||
| Total fees |
2,028 | 2,067 | ||||||
|
|
|
|
|
|||||
| Total investment income |
30,957 | 22,367 | ||||||
|
|
|
|
|
|||||
| Operating expenses: |
||||||||
| Interest |
7,631 | 3,896 | ||||||
| Loan fees |
1,079 | 1,076 | ||||||
| General and administrative |
2,252 | 1,817 | ||||||
| Employee Compensation: |
||||||||
| Compensation and benefits |
3,798 | 3,395 | ||||||
| Stock-based compensation |
1,165 | 808 | ||||||
|
|
|
|
|
|||||
| Total employee compensation |
4,963 | 4,203 | ||||||
|
|
|
|
|
|||||
| Total operating expenses |
15,925 | 10,992 | ||||||
|
|
|
|
|
|||||
| Net investment income |
15,032 | 11,375 | ||||||
| Net realized (losses) gains on investments |
||||||||
| Non-control/Non-affiliate investments |
1,991 | 2,877 | ||||||
|
|
|
|
|
|||||
| Total net realized (loss) gain on investments |
1,991 | 2,877 | ||||||
| Net unrealized (depreciation) appreciation on investments |
||||||||
| Non-control/Non-affiliate investments |
(768 | ) | 1,751 | |||||
| Affiliate investments |
434 | 1,076 | ||||||
| Control investments |
— | 26 | ||||||
|
|
|
|
|
|||||
| Total net unrealized (depreciation) appreciation on investments |
(334 | ) | 2,853 | |||||
|
|
|
|
|
|||||
| Total net realized (unrealized) gain |
1,657 | 5,730 | ||||||
| Net increase in net assets resulting from operations |
$ | 16,689 | $ | 17,105 | ||||
| Net investment income before investment gains and losses per common share: |
||||||||
| Basic |
$ | 0.27 | $ | 0.24 | ||||
| Change in net assets per common share: |
||||||||
| Basic |
$ | 0.30 | $ | 0.36 | ||||
| Diluted |
$ | 0.30 | $ | 0.36 | ||||
| Weighted average shares outstanding |
||||||||
| Basic |
53,682 | 47,018 | ||||||
| Diluted |
53,823 | 47,210 | ||||||
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)
| Common Stock | Capital
in excess of par value |
Unrealized Appreciation on Investments |
Accumulated Realized Gains (Losses) on Investments |
Distributions in Excess of Investment Income |
Provision
for Income Taxes on Investment Gains |
Net Assets |
||||||||||||||||||||||||||
| Shares | Par Value | |||||||||||||||||||||||||||||||
| Balance at December 31, 2011 |
43,853 | $ | 44 | $ | 484,244 | $ | (3,431 | ) | $ | (43,042 | ) | $ | (6,432 | ) | $ | (342 | ) | $ | 431,041 | |||||||||||||
|
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|
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|
|
|
|
|
|
|
|
|||||||||||||||||
| Net increase in net assets resulting from operations |
— | — | — | 2,853 | 2,877 | 11,375 | — | 17,105 | ||||||||||||||||||||||||
| Issuance of common stock |
5,425 | 5 | 49,773 | — | — | — | — | 49,778 | ||||||||||||||||||||||||
| Issuance of common stock under restricted stock plan |
620 | 1 | — | — | — | — | — | 1 | ||||||||||||||||||||||||
| Issuance of common stock as stock dividend |
62 | — | 670 | — | — | — | — | 670 | ||||||||||||||||||||||||
| Retired shares from net issuance |
(239 | ) | — | (2,562 | ) | — | — | — | — | (2,562 | ) | |||||||||||||||||||||
| Dividends declared |
— | — | — | — | — | (11,412 | ) | — | (11,412 | ) | ||||||||||||||||||||||
| Stock-based compensation |
— | — | 826 | — | — | — | — | 826 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Balance at March 31, 2012 |
49,721 | $ | 50 | $ | 532,951 | $ | (578 | ) | $ | (40,165 | ) | $ | (6,469 | ) | $ | (342 | ) | $ | 485,447 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Balance at December 31, 2012 |
52,925 | $ | 53 | $ | 564,509 | $ | (7,947 | ) | $ | (36,916 | ) | $ | (3,389 | ) | $ | (342 | ) | $ | 515,968 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net increase in net assets resulting from operations |
— | — | — | (334 | ) | 1,991 | 15,032 | — | 16,689 | |||||||||||||||||||||||
| Issuance of common stock |
80 | — | 910 | — | — | — | — | 910 | ||||||||||||||||||||||||
| Issuance of common stock under restricted stock plan |
531 | 1 | (1 | ) | — | — | — | — | — | |||||||||||||||||||||||
| Issuance of common stock as stock dividend |
40 | — | 488 | — | — | — | — | 488 | ||||||||||||||||||||||||
| Retired shares from net issuance |
(72 | ) | — | (1,808 | ) | — | — | — | — | (1,808 | ) | |||||||||||||||||||||
| Public Offering |
8,050 | 8 | 95,550 | — | — | — | — | 95,558 | ||||||||||||||||||||||||
| Dividends declared |
— | — | — | — | — | (13,382 | ) | — | (13,382 | ) | ||||||||||||||||||||||
| Stock-based compensation |
— | — | 1,185 | — | — | — | — | 1,185 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Balance at March 31, 2013 |
61,554 | $ | 62 | $ | 660,833 | $ | (8,281 | ) | $ | (34,925 | ) | $ | (1,739 | ) | $ | (342 | ) | $ | 615,608 | |||||||||||||
|
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|
|
|
|||||||||||||||||
See notes to consolidated financial statements.
6
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands)
| For the Three Months Ended March 31, |
||||||||
| 2013 | 2012 | |||||||
| Cash flows from operating activities: |
||||||||
| Net increase in net assets resulting from operations |
$ | 16,689 | $ | 17,105 | ||||
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |
||||||||
| Purchase of investments |
(139,095 | ) | (64,961 | ) | ||||
| Principal payments received on investments |
75,987 | 35,533 | ||||||
| Proceeds from sale of investments |
5,212 | 8,726 | ||||||
| Net unrealized (appreciation) / depreciation on investments |
334 | (2,853 | ) | |||||
| Net realized (gain) / loss on investments |
(1,991 | ) | (2,877 | ) | ||||
| Accretion of paid-in-kind principal |
(555 | ) | (280 | ) | ||||
| Accretion of loan discounts |
(1,455 | ) | (916 | ) | ||||
| Accretion of loan discount on Convertible Senior Notes |
271 | 271 | ||||||
| Accretion of loan exit fees |
(1,819 | ) | (2,685 | ) | ||||
| Change in deferred loan origination revenue |
313 | (198 | ) | |||||
| Unearned fees related to unfunded commitments |
(856 | ) | (2,360 | ) | ||||
| Amortization of debt fees and issuance costs |
938 | 913 | ||||||
| Depreciation |
68 | 71 | ||||||
| Stock-based compensation and amortization of restricted stock grants |
1,185 | 826 | ||||||
| Change in operating assets and liabilities: |
||||||||
| Interest and fees receivable |
(41 | ) | (143 | ) | ||||
| Prepaid expenses and other assets |
33 | (75 | ) | |||||
| Accounts payable |
(250 | ) | (51 | ) | ||||
| Accrued liabilities |
(2,682 | ) | (3,733 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in operating activities |
(47,714 | ) | (17,687 | ) | ||||
| Cash flows from investing activities: |
||||||||
| Purchases of capital equipment |
(24 | ) | (12 | ) | ||||
| Investment in restricted cash |
(810 | ) | — | |||||
| Other long-term assets |
(30 | ) | — | |||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(864 | ) | (12 | ) | ||||
| Cash flows from financing activities: |
||||||||
| Proceeds from issuance of common stock, net |
94,660 | 47,218 | ||||||
| Dividends paid |
(12,894 | ) | (10,742 | ) | ||||
| Repayments of credit facilities |
(9,254 | ) | (34,818 | ) | ||||
|
|
|
|
|
|||||
| Net cash provided by financing activities |
72,512 | 1,658 | ||||||
| Net increase / (decrease) in cash |
23,934 | (16,041 | ) | |||||
| Cash and cash equivalents at beginning of year |
182,994 | 64,474 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents at end of year |
$ | 206,928 | $ | 48,433 | ||||
|
|
|
|
|
|||||
See notes to consolidated financial statements.
7
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Maturity: Upon Liquidation |
||||||||||||||||
| Paratek Pharmaceuticals, Inc. |
Drug Discovery & Development | Senior Debt(9) | ||||||||||||||
| Matures upon liquidation Interest rate Fixed 10.00% |
$ | 45 | $ | 45 | $ | 45 | ||||||||||
| Senior Debt(9) | ||||||||||||||||
| Matures upon liquidation Interest rate Fixed 10.00% |
$ | 36 | 31 | 31 | ||||||||||||
| Senior Debt(9) | ||||||||||||||||
| Matures upon liquidation No initial interest rate |
$ | 28 | 28 | 28 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Paratek Pharmaceuticals, Inc. |
104 | 104 | ||||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| Chroma Therapeutics, Ltd.(5)(10) |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures November 2013 Interest rate Prime + 7.75% or Floor rate of 12.00% |
$ | 3,007 | 3,714 | 3,675 | ||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| ADMA Biologics, Inc. |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures April 2016 Interest rate Prime + 2.75% or Floor rate of 8.50% |
$ | 5,000 | 4,844 | 4,844 | ||||||||||||
| Anthera Pharmaceuticals Inc.(3) |
Drug Discovery & Development | Senior Debt(11) | ||||||||||||||
| Matures December 2014 Interest rate Prime + 7.30% or Floor rate of 10.55% |
$ | 18,199 | 18,574 | 18,574 | ||||||||||||
| Aveo Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Senior Debt(11) | ||||||||||||||
| Matures September 2015 Interest rate Prime + 7.15% or Floor rate of 11.90% |
$ | 26,500 | 26,500 | 27,030 | ||||||||||||
| Cell Therapeutics, Inc.(3) |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures October 2016 Interest rate Prime + 9.00% or Floor rate of 12.25% |
$ | 10,000 | 9,670 | 9,670 | ||||||||||||
| Cempra, Inc.(3) |
Drug Discovery & Development | Senior Debt(11) | ||||||||||||||
| Matures December 2015 Interest rate Prime + 6.30% or Floor rate of 9.55% |
$ | 10,000 | 9,898 | 9,815 | ||||||||||||
| Concert Pharmaceuticals, Inc. |
Drug Discovery & Development | Senior Debt(4) | ||||||||||||||
| Matures October 2015 Interest rate Prime + 3.25% or Floor rate of 8.50% |
$ | 20,000 | 19,687 | 18,946 | ||||||||||||
| Coronado BioSciences, Inc.(3) |
Drug Discovery & Development | Senior Debt(11) | ||||||||||||||
| Matures March 2016 Interest rate Prime + 6.00% or Floor rate of 9.25% |
$ | 15,000 | 14,838 | 14,430 | ||||||||||||
| Dicerna Pharmaceuticals, Inc. |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures January 2015 Interest rate Prime + 4.40% or Floor rate of 10.15% |
$ | 8,168 | 8,039 | 7,921 | ||||||||||||
| Insmed, Inc. |
Drug Discovery & Development | Senior Debt(11) | ||||||||||||||
| Matures January 2016 Interest rate Prime + 4.75% or Floor rate of 9.25% |
$ | 20,000 | 19,438 | 19,498 | ||||||||||||
| Merrimack Pharmaceuticals, Inc. |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures May 2016 Interest rate Prime + 5.30% or Floor rate of 10.55% |
$ | 40,000 | 39,840 | 39,840 | ||||||||||||
See notes to consolidated financial statements.
8
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Neuralstem, Inc.(3) |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures June 2016 Interest rate Prime + 7.75% or Floor rate of 11.00% |
$ | 8,000 | $ | 7,654 | $ | 7,654 | ||||||||||
| NeurogesX, Inc.(3) |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures February 2015 Interest rate Prime + 7.50% or Floor rate of 10.75% |
$ | 4,041 | 4,429 | 4,397 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Drug Discovery & Development (30.28%)* |
187,229 | 186,398 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| PeerApp, Inc. |
Communications & Networking | Senior Debt(4) | ||||||||||||||
| Matures April 2013 Interest rate Prime + 7.50% or Floor rate of 11.50% |
$ | 159 | 248 | 248 | ||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Bridgewave Communications |
Communications & Networking | Senior Debt | ||||||||||||||
| Matures March 2016 Interest rate Fixed 8.00% |
$ | 7,500 | 7,163 | 4,369 | ||||||||||||
| OpenPeak, Inc. |
Communications & Networking | Senior Debt(11) | ||||||||||||||
| Matures July 2015 Interest rate Prime + 8.75% or Floor rate of 12.00% |
$ | 14,129 | 14,330 | 14,472 | ||||||||||||
| UPH Holdings, Inc.(8) |
Communications & Networking | Senior Debt | ||||||||||||||
| Matures April 2015 Interest rate Libor + 11.00% or Floor rate of 13.50% |
$ | 6,600 | 6,489 | 3,478 | ||||||||||||
| Senior Debt |
||||||||||||||||
| Matures September 2015 Interest rate Libor + 11.00% or Floor rate of 13.50% |
$ | 338 | 333 | 178 | ||||||||||||
| Senior Debt |
||||||||||||||||
| Matures January 2017 Interest rate Libor + 11.00% or Floor rate of 13.50% |
$ | 3,594 | 3,594 | 1,894 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total UPH Holdings, Inc. |
10,416 | 5,550 | ||||||||||||||
|
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|
|
|||||||||||||
| Total Debt Communications & Networking (4.00%)* |
32,157 | 24,639 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Clustrix, Inc. |
Electronics & Computer Hardware | Senior Debt | ||||||||||||||
| Matures December 2015 Interest rate Prime + 6.50% or Floor rate of 9.75% |
$ | 696 | 669 | 678 | ||||||||||||
| Identive Group, Inc. |
Electronics & Computer Hardware | Senior Debt | ||||||||||||||
| Matures November 2015 Interest rate Prime + 7.75% or Floor rate 11.00% |
$ | 7,500 | 7,562 | 7,562 | ||||||||||||
| OCZ Technology Group, Inc.(3) |
Electronics & Computer Hardware | Senior Debt | ||||||||||||||
| Matures April 2016 Interest rate Prime + 8.75% or Floor rate of 12.50%, PIK Interest 3.00% |
$ | 10,000 | 9,473 | 9,473 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Electronics & Computer Hardware (2.88%) |
17,704 | 17,713 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Upon Liquidation |
||||||||||||||||
| Tada Innovations, Inc. |
Software | Senior Debt(9) | ||||||||||||||
| Matures upon liquidation Interest rate Fixed 8.00% |
$ | 100 | 100 | — | ||||||||||||
See notes to consolidated financial statements.
9
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Box, Inc. |
Software | Senior Debt(4) | ||||||||||||||
| Matures March 2016 Interest rate Prime + 3.75% or Floor rate of 7.50% |
$ | 10,000 | $ | 9,947 | $ | 9,513 | ||||||||||
| Senior Debt(4) |
||||||||||||||||
| Matures July 2014 Interest rate Prime + 5.25% or Floor rate of 8.50% |
$ | 866 | 930 | 919 | ||||||||||||
| Senior Debt(11) |
||||||||||||||||
| Matures July 2016 Interest rate Prime + 5.13% or Floor rate of 8.88% |
$ | 20,000 | 20,211 | 19,574 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Box, Inc. |
31,088 | 30,006 | ||||||||||||||
| Clickfox, Inc. |
Software | Senior Debt | ||||||||||||||
| Matures November 2015 Interest rate Prime + 8.25% or Floor rate of 11.50% |
$ | 7,788 | 7,209 | 7,443 | ||||||||||||
| EndPlay,Inc. |
Software | Senior Debt | ||||||||||||||
| Matures August 2015 Interest rate Prime + 7.35% or Floor rate 10.6% |
$ | 2,000 | 1,945 | 1,945 | ||||||||||||
| Hillcrest Laboratories, Inc |
Software | Senior Debt | ||||||||||||||
| Matures July 2015 Interest rate Prime + 7.50% or Floor rate of 10.75% |
$ | 3,764 | 3,701 | 3,664 | ||||||||||||
| JackBe Corporation |
Software | Senior Debt | ||||||||||||||
| Matures January 2016 Interest rate Prime + 7.25% or Floor rate of 10.50% |
$ | 3,000 | 2,922 | 2,929 | ||||||||||||
| Kxen, Inc. |
Software | Senior Debt(4) | ||||||||||||||
| Matures January 2015 Interest rate Prime + 5.08% or Floor rate of 8.33% |
$ | 2,078 | 2,126 | 1,980 | ||||||||||||
| Neos Geosolutions, Inc. |
Software | Senior Debt | ||||||||||||||
| Matures May 2016 Interest rate Prime + 5.75% or Floor rate of 9.50% |
$ | 4,000 | 3,955 | 3,955 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Software (8.44%)* |
53,046 | 51,922 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| Althea Technologies, Inc. |
Specialty Pharmaceuticals | Senior Debt | ||||||||||||||
| Matures October 2013 Interest rate Prime + 7.70% or Floor rate of 10.95% |
$ | 6,933 | 7,285 | 7,285 | ||||||||||||
| Quatrx Pharmaceuticals Company |
Specialty Pharmaceuticals | Senior Debt(9) | ||||||||||||||
| Matures March 2014 Interest rate Fixed 8.00% |
$ | 1,888 | 1,888 | 2,767 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Specialty Pharmaceuticals (1.63%)* |
9,173 | 10,052 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Achronix Semiconductor Corporation |
Semiconductors | Senior Debt | ||||||||||||||
| Matures January 2015 Interest rate Prime + 10.60% or Floor rate of 13.85% |
$ | 1,653 | 1,618 | 1,602 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Semiconductors (0.26%)* |
1,618 | 1,602 | ||||||||||||||
|
|
|
|
|
|||||||||||||
See notes to consolidated financial statements.
10
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| Alexza Pharmaceuticals, Inc.(3) |
Drug Delivery | Senior Debt(11) | ||||||||||||||
| Matures October 2013 Interest rate Prime + 6.50% or Floor rate of 10.75% |
$ | 3,594 | $ | 3,994 | $ | 3,994 | ||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| AcelRX Pharmaceuticals, Inc.(3) |
Drug Delivery | Senior Debt(11) | ||||||||||||||
| Matures December 2014 Interest rate Prime + 3.25% or Floor rate of 8.50% |
$ | 14,452 | 14,402 | 14,108 | ||||||||||||
| BIND Therapeutics, Inc. |
Drug Delivery | Senior Debt | ||||||||||||||
| Matures July 2014 Interest rate Prime + 7.45% or Floor rate of 10.70% |
$ | 2,838 | 2,875 | 2,926 | ||||||||||||
| Intelliject, Inc. |
Drug Delivery | Senior Debt(11) | ||||||||||||||
| Matures June 2016 Interest rate Prime + 5.75% or Floor rate of 11.00% |
$ | 15,000 | 14,705 | 15,155 | ||||||||||||
| Nupathe, Inc.(3) |
Drug Delivery | Senior Debt | ||||||||||||||
| Matures May 2016 Interest rate Prime - 3.25% or Floor rate of 9.85% |
$ | 8,500 | 8,220 | 8,220 | ||||||||||||
| Revance Therapeutics, Inc. |
Drug Delivery | Senior Debt | ||||||||||||||
| Matures March 2015 Interest rate Prime + 6.60% or Floor rate of 9.85% |
$ | 16,594 | 16,582 | 16,379 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Drug Delivery (9.87%)* |
60,778 | 60,782 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| Loku, Inc. |
Internet Consumer & Business Services | Senior Debt(9) | ||||||||||||||
| Matures June 2013 Interest rate Fixed 6.00% |
$ | 100 | 100 | 100 | ||||||||||||
| Tectura Corporation |
Internet Consumer & Business Services | Revolving Line of Credit | ||||||||||||||
| Matures July 2013 Interest rate LIBOR + 8.00% or Floor rate of 11.00% |
$ | 16,340 | 18,033 | 17,663 | ||||||||||||
| Senior Debt |
||||||||||||||||
| Matures April 2013 Interest rate LIBOR + 10.00% or Floor rate of 13.00% |
$ | 563 | 553 | 553 | ||||||||||||
| Senior Debt |
||||||||||||||||
| Matures July 2013 Interest rate LIBOR + 10.00% or Floor rate of 13.00% |
$ | 1,000 | 1,000 | 1,000 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total Tectura Corporation |
19,586 | 19,216 | ||||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Ahhha, Inc.(8) |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures January 2015 Interest rate Fixed 12.00% |
$ | 350 | 347 | — | ||||||||||||
| Blurb, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures December 2015 Interest rate Prime + 5.25% or Floor rate 8.50% |
$ | 8,000 | 7,749 | 7,547 | ||||||||||||
| Education Dynamics, LLC |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures March 2016 Interest rate Fixed 12.50%, PIK Interest 1.50% |
$ | 26,750 | 26,386 | 25,563 | ||||||||||||
See notes to consolidated financial statements.
11
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Just.Me, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures June 2015 Interest rate Prime + 2.50% or Floor rate 5.75% |
$ | 750 | $ | 737 | $ | 689 | ||||||||||
| Senior Debt |
||||||||||||||||
| Matures June 2015 Interest rate Prime + 5.00% or Floor rate 8.25% |
$ | 750 | 732 | 709 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total Just.Me, Inc. |
1,469 | 1,398 | ||||||||||||||
| NetPlenish, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures April 2015 Interest rate Fixed 10.00% |
$ | 500 | 492 | 460 | ||||||||||||
| Reply! Inc. |
Internet Consumer & Business Services | Senior Debt(11) | ||||||||||||||
| Matures September 2015 Interest rate Prime + 6.875% or Floor rate of 10.125% |
$ | 11,749 | 11,638 | 11,525 | ||||||||||||
| Senior Debt(11) |
||||||||||||||||
| Matures September 2015 Interest rate Prime + 7.25% or Floor rate of 11.00% |
$ | 2,000 | 1,957 | 2,005 | ||||||||||||
| Senior Debt |
||||||||||||||||
| Matures February 2016 Interest rate Prime + 7.25% or Floor rate of 10.50% |
$ | 3,000 | 2,977 | 2,977 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total Reply! Inc. |
16,572 | 16,507 | ||||||||||||||
| Second Rotation, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures April 2016 Interest rate Prime + 7.00% or Floor rate of 10.25%, PIK interest 2.50% |
$ | 12,142 | 12,013 | 12,013 | ||||||||||||
| ShareThis, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures June 2016 Interest rate Prime + 7.50% or Floor rate of 10.75% |
$ | 15,000 | 14,349 | 14,349 | ||||||||||||
| Tectura Corporation |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures December 2014 Interest rate LIBOR + 10.00% or Floor rate of 13.00% |
$ | 6,468 | 6,412 | 6,230 | ||||||||||||
| Trulia, Inc.(3) |
Internet Consumer & Business Services | Senior Debt(11) | ||||||||||||||
| Matures September 2015 Interest rate Prime + 2.75% or Floor rate of 6.00% |
$ | 5,000 | 4,934 | 4,794 | ||||||||||||
| Senior Debt(11) |
||||||||||||||||
| Matures September 2015 Interest rate Prime + 5.50% or Floor rate of 8.75% |
$ | 5,000 | 4,933 | 4,640 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total Trulia, Inc. |
9,867 | 9,434 | ||||||||||||||
| Vaultlogix, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures September 2016 Interest rate LIBOR + 8.50% or Floor rate of 10.00%, PIK interest 2.50% |
$ | 7,500 | 7,740 | 7,680 | ||||||||||||
| Senior Debt |
||||||||||||||||
| Matures September 2015 Interest rate LIBOR + 7.00% or Floor rate of 8.50% |
$ | 9,903 | 9,864 | 9,580 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Vaultlogix, Inc. |
17,604 | 17,260 | ||||||||||||||
See notes to consolidated financial statements.
12
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Wavemarket, Inc. |
Internet Consumer & Business Services | Senior Debt(11) | ||||||||||||||
| Matures September 2015 Interest rate Prime + 5.75% or Floor rate of 9.50% |
$ | 10,000 | $ | 9,876 | $ | 9,458 | ||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Internet Consumer & Business Services (22.67%)* |
142,822 | 139,535 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| InXpo, Inc. |
Information Services | Senior Debt | ||||||||||||||
| Matures March 2014 Interest rate Prime + 7.50% or Floor rate of 10.75% |
$ | 2,550 | 2,432 | 2,316 | ||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Cha Cha Search, Inc. |
Information Services | Senior Debt | ||||||||||||||
| Matures February 2015 Interest rate Prime + 6.25% or Floor rate of 9.50% |
$ | 2,364 | 2,334 | 2,277 | ||||||||||||
| Eccentex Corporation |
Information Services | Senior Debt(11) | ||||||||||||||
| Matures May 2015 Interest rate Prime + 7.00% or Floor rate of 10.25% |
$ | 966 | 949 | 449 | ||||||||||||
| Jab Wireless, Inc. |
Information Services | Senior Debt | ||||||||||||||
| Matures November 2017 Interest rate Prime + 6.75% or Floor rate of 8.00% |
$ | 30,000 | 29,861 | 29,850 | ||||||||||||
| RichRelevance, Inc. |
Information Services | Senior Debt | ||||||||||||||
| Matures January 2015 Interest rate Prime + 3.25% or Floor rate of 7.50% |
$ | 3,778 | 3,762 | 3,661 | ||||||||||||
| Womensforum.com, Inc. |
Information Services | Senior Debt(11) | ||||||||||||||
| Matures October 2016 Interest rate LIBOR + 6.50% or Floor rate of 9.25% |
$ | 8,000 | 7,853 | 7,853 | ||||||||||||
| Senior Debt(11) |
||||||||||||||||
| Matures October 2016 Interest rate LIBOR + 7.50% or Floor rate of 10.25% |
$ | 4,500 | 4,451 | 4,451 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Womensforum.com, Inc. |
12,304 | 12,304 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Information Services (8.26%)* |
51,642 | 50,857 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Upon Liquidation |
||||||||||||||||
| Novasys Medical, Inc. |
Medical Device & Equipment | Senior Debt(9) | ||||||||||||||
| Matures upon liquidation Interest rate Fixed 8.00% |
$ | 65 | 65 | 65 | ||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| Gynesonics, Inc. |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures October 2013 Interest rate Prime + 8.25% or Floor rate of 11.50% |
$ | 3,073 | 3,178 | 3,178 | ||||||||||||
| Optiscan Biomedical, Corp.(6) |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures December 2013 Interest rate Prime + 8.20% or Floor rate of 11.45% |
$ | 8,260 | 9,101 | 9,265 | ||||||||||||
| Oraya Therapeutics, Inc. |
Medical Device & Equipment | Senior Debt(9) | ||||||||||||||
| Matures December 2013 Interest rate Fixed 7.00% |
$ | 500 | 500 | 500 | ||||||||||||
See notes to consolidated financial statements.
13
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Lanx, Inc. |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures October 2016 Interest rate Prime + 8.00% or Floor rate of 11.75% |
$ | 15,000 | $ | 14,651 | $ | 15,101 | ||||||||||
| Revolving Line of Credit |
||||||||||||||||
| Matures October 2015 Interest rate Prime + 6.75% or Floor rate of 10.50% |
$ | 5,500 | 5,313 | 5,276 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Lanx, Inc. |
19,964 | 20,377 | ||||||||||||||
| Medrobotics Corporation |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures March 2016 Interest rate Prime + 7.85% or Floor rate of 11.10% |
$ | 5,000 | 4,766 | 4,766 | ||||||||||||
| MELA Sciences, Inc. |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures November 2016 Interest rate Prime + 7.20% or Floor rate of 10.45% |
$ | 6,000 | 5,919 | 5,919 | ||||||||||||
| NinePoint Medical, Inc. |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures January 2016 Interest rate Prime + 5.85% or Floor rate of 9.10% |
$ | 7,000 | 6,805 | 6,805 | ||||||||||||
| Oraya Therapeutics, Inc. |
Medical Device & Equipment | Senior Debt(11) | ||||||||||||||
| Matures September 2015 Interest rate Prime + 5.50% or Floor rate of 10.25% |
$ | 9,711 | 9,542 | 9,678 | ||||||||||||
| United Orthopedic Group, Inc. |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures July 2016 Interest rate Prime + 8.60% or Floor rate of 11.85% |
$ | 25,000 | 24,215 | 24,215 | ||||||||||||
| SonaCare Medical, LLC |
Medical Device & Equipment | Senior Debt(11) | ||||||||||||||
| Matures April 2016 Interest rate Prime + 7.75% or Floor rate of 11.00% |
$ | 6,000 | 5,919 | 5,855 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Medical Device & Equipment (14.72%)* |
89,974 | 90,623 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Navidea Biopharmaceuticals, Inc. (pka Neoprobe)(3) |
Diagnostic | Senior Debt | ||||||||||||||
| Matures December 2014 Interest rate Prime + 6.75% or Floor rate of 10.00% |
$ | 5,086 | 5,086 | 5,147 | ||||||||||||
| Tethys Bioscience Inc. |
Diagnostic | Senior Debt(11) | ||||||||||||||
| Matures December 2015 Interest rate Prime + 8.40% or Floor rate of 11.65% |
$ | 10,000 | 10,057 | 9,614 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Diagnostic (2.40%)* |
15,143 | 14,761 | ||||||||||||||
|
|
|
|
|
|||||||||||||
See notes to consolidated financial statements.
14
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| Labcyte, Inc. |
Biotechnology Tools | Senior Debt | ||||||||||||||
| Matures May 2013 Interest rate Prime + 8.60% or Floor rate of 11.85% |
$ | 315 | $ | 394 | $ | 394 | ||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Labcyte, Inc. |
Biotechnology Tools | Senior Debt(11) | ||||||||||||||
| Matures June 2016 Interest rate Prime + 6.70% or Floor rate of 9.95% |
$ | 5,000 | 4,932 | 4,980 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Biotechnology Tools (0.87%)* |
5,326 | 5,374 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| MedCall, LLC |
Healthcare Services, Other | Senior Debt | ||||||||||||||
| Matures January 2016 Interest rate 7.79% or Floor rate of 9.50% |
$ | 4,778 | 4,727 | 4,606 | ||||||||||||
| Senior Debt | ||||||||||||||||
| Matures January 2016 Interest rate LIBOR +8.00% or Floor rate of 10.00% |
$ | 3,931 | 3,873 | 3,801 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total MedCall, LLC |
8,600 | 8,407 | ||||||||||||||
| Pacific Child & Family Associates, LLC |
Healthcare Services, Other | Senior Debt | ||||||||||||||
| Matures January 2015 Interest rate LIBOR + 8.00% or Floor rate of 11.50% |
$ | 2,737 | 2,741 | 2,686 | ||||||||||||
| Senior Debt |
||||||||||||||||
| Matures January 2015 Interest rate LIBOR + 11.00% or Floor rate of 14.00%, PIK interest 3.75% |
$ | 5,900 | 6,641 | 6,382 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Pacific Child & Family Associates, LLC |
9,382 | 9,068 | ||||||||||||||
| ScriptSave (Medical Security Card Company, LLC) |
Healthcare Services, Other | Senior Debt | ||||||||||||||
| Matures February 2016 Interest rate LIBOR + 8.75% or Floor rate of 11.25% |
$ | 14,067 | 13,893 | 13,941 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Health Services, Other (5.10%)* |
31,875 | 31,416 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Entrigue Surgical, Inc. |
Surgical Devices | Senior Debt | ||||||||||||||
| Matures December 2014 Interest rate Prime + 5.90% or Floor rate of 9.65% |
$ | 2,183 | 2,168 | 2,171 | ||||||||||||
| Transmedics, Inc. |
Surgical Devices | Senior Debt(11) | ||||||||||||||
| Matures November 2015 Interest rate Fixed 12.95% |
$ | 7,250 | 7,097 | 7,097 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Surgical Devices (1.51%)* |
9,265 | 9,268 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Westwood One Communications |
Media/Content/ Info | Senior Debt | ||||||||||||||
| Matures October 2016 Interest rate LIBOR + 6.50% or Floor rate of 8.00% |
$ | 19,614 | 18,253 | 17,890 | ||||||||||||
| Women’s Marketing, Inc. |
Media/Content/ Info | Senior Debt | ||||||||||||||
| Matures May 2016 Interest rate Libor + 9.50% or Floor rate of 12.00%, PIK interest 3.00% |
$ | 9,681 | 10,092 | 10,189 | ||||||||||||
| Senior Debt(11) | ||||||||||||||||
| Matures November 2015 Interest rate Libor + 7.50% or Floor rate of 10.00% |
$ | 15,612 | 15,389 | 15,175 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Women’s Marketing, Inc. |
25,481 | 25,364 | ||||||||||||||
See notes to consolidated financial statements.
15
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Zoom Media Corporation |
Media/Content/ Info | Senior Debt | ||||||||||||||
| Matures December 2015 Interest rate Prime + 7.25% or Floor rate of 10.50%, PIK interest 3.75% |
$ | 5,000 | $ | 4,738 | $ | 4,738 | ||||||||||
| Media/Content/ Info | Revolving Line of Credit | |||||||||||||||
| Matures December 2014 Interest rate Prime + 5.25% or Floor rate of 8.50% |
$ | 3,500 | 3,238 | 3,238 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Zoom Media Corporation |
7,976 | 7,976 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Media/Content/Info (8.32%)* |
51,710 | 51,230 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| BrightSource Energy, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures January 2014 Interest rate Prime + 8.25% or Floor rate of 11.50% |
$ | 35,000 | 34,645 | 34,645 | ||||||||||||
| Solexel, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures June 2013 Interest rate Prime + 8.25% or Floor rate of 11.50% |
$ | 1,476 | 1,474 | 1,474 | ||||||||||||
| Senior Debt |
||||||||||||||||
| Matures June 2013 Interest rate Prime + 7.25% or Floor rate of 10.50% |
$ | 169 | 169 | 169 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Solexel, Inc. |
1,643 | 1,643 | ||||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Alphabet Energy, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures February 2015 Interest rate Prime + 5.75% or Floor rate of 9.00% |
$ | 1,772 | 1,679 | 1,679 | ||||||||||||
| American Supercondutor Corporation(3) |
Clean Tech | Senior Debt(11) | ||||||||||||||
| Matures December 2014 Interest rate Prime + 7.25% or Floor rate of 11.00% |
$ | 8,077 | 8,139 | 8,344 | ||||||||||||
| Comverge, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures November 2017 Interest rate LIBOR + 8.00% or Floor rate of 9.50% |
$ | 20,000 | 19,605 | 19,605 | ||||||||||||
| Clean Tech | Senior Debt | |||||||||||||||
| Matures November 2017 Interest rate LIBOR + 9.50% or Floor rate of 11.00% |
$ | 14,000 | 13,754 | 13,754 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Comverge, Inc. |
33,359 | 33,359 | ||||||||||||||
| Enphase Energy, Inc.(3) |
Clean Tech | Senior Debt(11) | ||||||||||||||
| Matures June 2014 Interest rate Prime + 5.75% or Floor rate of 9.00% |
$ | 3,167 | 3,169 | 3,135 | ||||||||||||
| Clean Tech | Senior Debt | |||||||||||||||
| Matures August 2016 Interest rate Prime + 8.25% or Floor rate of 11.50% |
$ | 7,400 | 7,353 | 7,353 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Enphase Energy, Inc. |
10,522 | 10,488 | ||||||||||||||
| Glori Energy, Inc. |
Clean Tech | Senior Debt(11) | ||||||||||||||
| Matures June 2015 Interest rate Prime + 6.75% or Floor rate of 10.00% |
$ | 8,000 | 7,913 | 7,961 | ||||||||||||
| Integrated Photovoltaics, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures February 2015 Interest rate Prime + 7.38% or Floor rate of 10.63% |
$ | 2,305 | 2,239 | 2,237 | ||||||||||||
See notes to consolidated financial statements.
16
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Polyera Corporation |
Clean Tech | Senior Debt | ||||||||||||||
| Matures June 2016 Interest rate Prime + 6.75% or Floor rate of 10.00% |
$ | 3,000 | $ | 2,971 | $ | 2,971 | ||||||||||
| Redwood Systems, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures February 2016 Interest rate Prime + 6.50% or Floor rate of 9.75% |
$ | 5,000 | 4,993 | 4,993 | ||||||||||||
| SCIenergy, Inc. |
Clean Tech | Senior Debt(4) | ||||||||||||||
| Matures September 2015 Interest rate Prime + 8.75% or Floor rate 12.00% |
$ | 5,296 | 5,194 | 5,353 | ||||||||||||
| Stion Corporation |
Clean Tech | Senior Debt(4) | ||||||||||||||
| Matures February 2015 Interest rate Prime + 6.75% or Floor rate of 10.00% |
$ | 6,732 | 6,765 | 6,754 | ||||||||||||
| TAS Energy, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures February 2015 Interest rate Prime + 7.75% or Floor rate of 11.00% |
$ | 10,000 | 9,630 | 9,630 | ||||||||||||
| Senior Debt | ||||||||||||||||
| Matures February 2015 Interest rate Prime + 6.25% or Floor rate of 9.50% |
$ | 5,000 | 4,782 | 4,782 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total TAS Energy, Inc. |
14,412 | 14,412 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Clean Tech (21.90%)* |
134,474 | 134,839 | ||||||||||||||
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt (143.11%) |
$ | 893,936 | $ | 881,011 | ||||||||||||
|
|
|
|
|
|||||||||||||
See notes to consolidated financial statements.
17
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Series |
Shares | Cost(2) | Value(3) | ||||||||||||
| ADMA Biologics, Inc. |
Drug Discovery & Development | Common Stock Warrants | 25,000 | $ | 129 | $ | 115 | |||||||||||
| Acceleron Pharmaceuticals, Inc. |
Drug Discovery & Development | Common Stock Warrants | 46,446 | 39 | 55 | |||||||||||||
| Preferred Stock Warrants | Series B | 110,270 | 35 | 45 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Warrants Acceleron Pharmaceuticals, Inc. |
156,716 | 74 | 100 | |||||||||||||||
| Anthera Pharmaceuticals Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 321,429 | 984 | 61 | |||||||||||||
| Cell Therapeutics, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 679,040 | 300 | 322 | |||||||||||||
| Cempra, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 39,038 | 187 | 49 | |||||||||||||
| Chroma Therapeutics, Ltd.(5)(10) |
Drug Discovery & Development | Preferred Stock Warrants | Series D | 325,261 | 490 | 500 | ||||||||||||
| Concert Pharmaceuticals, Inc. |
Drug Discovery & Development | Preferred Stock Warrants | Series C | 400,000 | 367 | 133 | ||||||||||||
| Coronado Biosciences, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 73,009 | 142 | 292 | |||||||||||||
| Dicerna Pharmaceuticals, Inc. |
Drug Discovery & Development | Common Stock Warrants | 50,000 | 28 | 15 | |||||||||||||
| Preferred Stock Warrants | Series A | 525,000 | 236 | 161 | ||||||||||||||
| Preferred Stock Warrants | Series B | 660,000 | 311 | 202 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Warrants Dicerna Pharmaceuticals, Inc. |
1,235,000 | 575 | 378 | |||||||||||||||
See notes to consolidated financial statements.
18
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Series |
Shares | Cost(2) | Value(3) | ||||||||||||
| EpiCept Corporation(3) |
Drug Discovery & Development | Common Stock Warrants | 325,204 | $ | 4 | $ | — | |||||||||||
| Horizon Pharma, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 22,408 | 231 | — | |||||||||||||
| Insmed, Incorporated(3) |
Drug Discovery & Development | Common Stock Warrants | 329,931 | 570 | 1,482 | |||||||||||||
| Merrimack Pharmaceuticals, |
Drug Discovery & Development | Common Stock Warrants | 302,143 | 155 | 644 | |||||||||||||
| Neuralstem, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 608,695 | 295 | 291 | |||||||||||||
| NeurogesX, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 3,421,500 | 503 | 71 | |||||||||||||
| Portola Pharmaceuticals, Inc. |
Drug Discovery & Development | Preferred Stock Warrants | Series B | 687,023 | 151 | 268 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Drug Discovery & Development (0.76%)* |
5,157 | 4,706 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Bridgewave Communications |
Communications & Networking | Preferred Stock Warrants | Series 5 | 2,942,618 | 753 | — | ||||||||||||
| Intelepeer, Inc. |
Communications & Networking | Preferred Stock Warrants | Series C | 117,958 | 102 | 184 | ||||||||||||
| Neonova Holding Company |
Communications & Networking | Preferred Stock Warrants | Series A | 450,000 | 94 | 21 | ||||||||||||
| OpenPeak, Inc. |
Communications & Networking | Preferred Stock Warrants | Series E | 25,646 | 149 | 11 | ||||||||||||
| PeerApp, Inc. |
Communications & Networking | Preferred Stock Warrants | Series B | 298,779 | 61 | 64 | ||||||||||||
| Peerless Network, Inc. |
Communications & Networking | Preferred Stock Warrants | Series A | 135,000 | 94 | 384 | ||||||||||||
| Ping Identity Corporation |
Communications & Networking | Preferred Stock Warrants | Series B | 1,136,277 | 52 | 118 | ||||||||||||
| UPH Holdings, Inc.(8) |
Communications & Networking | Common Stock Warrants | 145,877 | 131 | — | |||||||||||||
| Purcell Systems, Inc. |
Communications & Networking | Preferred Stock Warrants | Series B | 110,000 | 123 | 69 | ||||||||||||
| Stoke, Inc. |
Communications & Networking | Preferred Stock Warrants | Series C | 158,536 | 53 | 184 | ||||||||||||
| Preferred Stock Warrants | Series D | 72,727 | 65 | 80 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Stoke, Inc. |
231,263 | 118 | 264 | |||||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Communications & Networking (0.18%)* |
1,677 | 1,115 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Atrenta, Inc. |
Software | Preferred Stock Warrants | Series D | 392,670 | 121 | 325 | ||||||||||||
| Box, Inc. |
Software | Preferred Stock Warrants | Series C | 271,070 | 117 | 2,380 | ||||||||||||
| Preferred Stock Warrants | Series B | 199,219 | 73 | 3,408 | ||||||||||||||
| Preferred Stock Warrants | Series D-1 | 62,255 | 193 | 319 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Box, Inc. |
532,544 | 383 | 6,107 | |||||||||||||||
| Braxton Technologies, LLC. |
Software | Preferred Stock Warrants | Series A | 168,750 | 188 | — | ||||||||||||
| Central Desktop, Inc. |
Software | Preferred Stock Warrants | Series B | 522,823 | 108 | 186 | ||||||||||||
| Clickfox, Inc. |
Software | Preferred Stock Warrants | Series B | 1,038,563 | 329 | 364 | ||||||||||||
| Preferred Stock Warrants | Series C | 592,019 | 730 | 234 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Clickfox, Inc. |
1,630,582 | 1,059 | 598 | |||||||||||||||
| Daegis Inc. (pka
Unify |
Software | Common Stock Warrants | 718,860 | 1,434 | 77 | |||||||||||||
| Endplay, Inc. |
Software | Preferred Stock Warrants | Series B | 180,000 | 67 | 21 | ||||||||||||
| Forescout Technologies, Inc. |
Software | Preferred Stock Warrants | Series D | 399,687 | 99 | 348 | ||||||||||||
| Hillcrest Laboratories, Inc. |
Software | Preferred Stock Warrants | Series E | 1,865,650 | 55 | 54 | ||||||||||||
| JackBe Corporation |
Software | Preferred Stock Warrants | Series C | 180,000 | 73 | 56 | ||||||||||||
| Kxen, Inc. |
Software | Preferred Stock Warrants | Series D | 184,614 | 47 | 7 | ||||||||||||
| Neos Geosolutions, Inc. |
Software | Preferred Stock Warrants | Series 3 | 221,150 | 22 | 23 | ||||||||||||
| Rockyou, Inc. |
Software | Preferred Stock Warrants | Series B | 41,266 | 117 | — | ||||||||||||
| SugarSync Inc. |
Software | Preferred Stock Warrants | Series CC | 332,726 | 78 | 168 | ||||||||||||
| Preferred Stock Warrants | Series DD | 107,526 | 34 | 41 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total SugarSync Inc. |
440,252 | 112 | 209 | |||||||||||||||
| Tada Innovations, Inc. |
Software | Preferred Stock Warrants | Series A | 20,833 | 25 | — | ||||||||||||
| White Sky, Inc. |
Software | Preferred Stock Warrants | Series B-2 | 124,295 | 54 | 3 | ||||||||||||
| WildTangent, Inc. |
Software | Preferred Stock Warrants | Series 3A | 100,000 | 238 | 55 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Software (1.31%)* |
4,202 | 8,069 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
See notes to consolidated financial statements.
19
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Series |
Shares | Cost(2) | Value(3) | ||||||||||||
| Clustrix, Inc. |
Electronics & Computer Hardware | Preferred Stock Warrants | Series B | 49,732 | $ | 12 | $ | 6 | ||||||||||
| OCZ Technology Group, Inc.(3) |
Electronics & Computer Hardware | Common Stock Warrants | 688,073 | 619 | 648 | |||||||||||||
| Shocking Technologies, Inc. |
Electronics & Computer Hardware | Preferred Stock Warrants | Series A-1 | 181,818 | 63 | 201 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrant Electronics & Computer Hardware (0.14%)* |
694 | 855 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Althea Technologies, Inc. |
Specialty Pharmaceuticals | Preferred Stock Warrants | Series D | 502,273 | 309 | 4,237 | ||||||||||||
| Quatrx Pharmaceuticals Company |
Specialty Pharmaceuticals | Preferred Stock Warrants | Series E | 340,534 | 308 | — | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Specialty Pharmaceuticals (0.69%)* |
617 | 4,237 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| IPA Holdings, LLC |
Consumer & Business Products | Common Stock Warrants | 650,000 | 275 | 368 | |||||||||||||
| Market Force Information, Inc. |
Consumer & Business Products | Preferred Stock Warrants | Series A | 99,286 | 24 | 87 | ||||||||||||
| Seven Networks, Inc. |
Consumer & Business Products | Preferred Stock Warrants | Series C | 1,821,429 | 174 | 80 | ||||||||||||
| ShareThis, Inc. |
Consumer & Business Products | Preferred Stock Warrants | Series B | 535,905 | 547 | 498 | ||||||||||||
| Wavemarket, Inc. |
Consumer & Business Products | Preferred Stock Warrants | Series E | 1,083,333 | 106 | 62 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrant Consumer & Business Products (0.18%)* |
1,126 | 1,095 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Achronix Semiconductor Corporation |
Semiconductors | Preferred Stock Warrants | Series D | 360,000 | 160 | 105 | ||||||||||||
| Enpirion, Inc. |
Semiconductors | Preferred Stock Warrants | Series D | 239,872 | 157 | — | ||||||||||||
| iWatt, Inc. |
Semiconductors | Preferred Stock Warrants | Series C | 558,748 | 46 | 16 | ||||||||||||
| Preferred Stock Warrants | Series D | 1,954,762 | 582 | 316 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total iWatt, Inc. |
2,513,510 | 628 | 332 | |||||||||||||||
| Kovio Inc. |
Semiconductors | Preferred Stock Warrants | Series B | 319,352 | 92 | 30 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Semiconductors (0.07%)* |
1,037 | 437 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| AcelRX Pharmaceuticals, Inc.(3) |
Drug Delivery | Common Stock Warrants | 274,508 | 356 | 564 | |||||||||||||
| Alexza Pharmaceuticals, Inc.(3) |
Drug Delivery | Common Stock Warrants | 37,639 | 645 | 2 | |||||||||||||
| BIND Therapeutics, Inc. |
Drug Delivery | Preferred Stock Warrants | Series C-1 | 150,000 | 291 | 422 | ||||||||||||
| Intelliject, Inc. |
Drug Delivery | Preferred Stock Warrants | Series B | 82,500 | 594 | 965 | ||||||||||||
| NuPathe, Inc.(3) |
Drug Delivery | Common Stock Warrants | 106,631 | 139 | 166 | |||||||||||||
| Revance Therapeutics, Inc. |
Drug Delivery | Preferred Stock Warrants | Series D | 269,663 | 557 | 577 | ||||||||||||
| Transcept Pharmaceuticals, Inc.(3) |
Drug Delivery | Common Stock Warrants | 61,452 | 87 | 55 | |||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrant Drug Delivery (0.45%)* |
2,669 | 2,751 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Blurb, Inc. |
Internet Consumer & Business Services | Preferred Stock Warrants | Series B | 439,336 | 323 | 318 | ||||||||||||
| Preferred Stock Warrants | Series C | 234,280 | 636 | 505 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Blurb, Inc. |
673,616 | 959 | 823 | |||||||||||||||
| Invoke Solutions, Inc. |
Internet Consumer & Business Services | Common Stock Warrants | 53,084 | 38 | — | |||||||||||||
| Just.Me |
Internet Consumer & Business Services | Preferred Stock Warrants | Series A | 102,299 | 20 | 29 | ||||||||||||
| Prism Education Group, Inc. |
Internet Consumer & Business Services | Preferred Stock Warrants | Series B | 200,000 | 43 | — | ||||||||||||
| Reply! Inc. |
Internet Consumer & Business Services | Preferred Stock Warrants | Series B | 137,225 | 320 | 769 | ||||||||||||
| Second Rotation, Inc. |
Internet Consumer & Business Services | Preferred Stock Warrants | Series D | 151,827 | 165 | 202 | ||||||||||||
| Tectura Corporation |
Internet Consumer & Business Services | Preferred Stock Warrants | Series B-1 | 253,378 | 51 | — | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Internet Consumer & Business Services (0.30%)* |
1,596 | 1,823 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
See notes to consolidated financial statements.
20
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Series |
Shares | Cost(2) | Value(3) | ||||||||||||
| Buzznet, Inc. |
Information Services | Preferred Stock Warrants | Series B | 19,962 | $ | 9 | $ | — | ||||||||||
| Cha Cha Search, Inc. |
Information Services | Preferred Stock Warrants | Series F | 48,232 | 58 | 7 | ||||||||||||
| Eccentex Corporation |
Information Services | Preferred Stock Warrants | Series A | 408,719 | 31 | — | ||||||||||||
| Intelligent Beauty, Inc. |
Information Services | Preferred Stock Warrants | Series B | 190,234 | 230 | 611 | ||||||||||||
| InXpo, Inc. |
Information Services | Preferred Stock Warrants | Series C | 648,400 | 98 | 32 | ||||||||||||
| Preferred Stock Warrants | Series C-1 | 582,015 | 48 | 43 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total InXpo, Inc. |
1,230,415 | 146 | 75 | |||||||||||||||
| Jab Wireless, Inc. |
Information Services | Preferred Stock Warrants | Series A | 266,567 | 265 | 343 | ||||||||||||
| RichRelevance, Inc. |
Information Services | Preferred Stock Warrants | Series D | 112,749 | 98 | 39 | ||||||||||||
| Solutionary, Inc. |
Information Services | Preferred Stock Warrants | Series A-2 | 111,311 | 96 | 62 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Information Services (0.18%)* |
933 | 1,137 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| EKOS Corporation |
Medical Device & Equipment | Preferred Stock Warrants | Series C | 4,448,135 | 327 | — | ||||||||||||
| Gelesis, Inc.(6) |
Medical Device & Equipment | LLC Interest | 263,688 | 78 | 108 | |||||||||||||
| Lanx, Inc. |
Medical Device & Equipment | Preferred Stock Warrants | Series C | 1,203,369 | 441 | 755 | ||||||||||||
| Medrobotics Corporation |
Medical Device & Equipment | Preferred Stock Warrants | Series D | 424,008 | 343 | 404 | ||||||||||||
| NinePoint Medical, Inc. |
Medical Device & Equipment | Preferred Stock Warrants | Series A | 350,000 | 170 | 204 | ||||||||||||
| Novasys Medical, Inc. |
Medical Device & Equipment | Preferred Stock Warrants | Series D | 580,447 | 131 | — | ||||||||||||
| Common Stock Warrants | 109,449 | 2 | — | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Novasys Medical, Inc. |
689,896 | 133 | — | |||||||||||||||
| Optiscan Biomedical, Corp.(6) |
Medical Device & Equipment | Preferred Stock Warrants | Series D | 6,206,187 | 1,252 | 432 | ||||||||||||
| Oraya Therapeutics, Inc. |
Medical Device & Equipment | Preferred Stock Warrants | Series C | 716,948 | 676 | 266 | ||||||||||||
| Common Stock Warrants | 95,498 | 66 | 47 | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Oraya Therapeutics, Inc. |
812,446 | 742 | 313 | |||||||||||||||
| United Orthopedic Group, Inc. |
Medical Device & Equipment | Preferred Stock Warrants | Series A | 423,076 | 608 | 599 | ||||||||||||
| SonaCare Medical, LLC |
Medical Device & Equipment | Preferred Stock Warrants | Series G | 141,388 | 188 | 110 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Medical Device & Equipment (0.47%)* |
4,282 | 2,925 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Navidea Biopharmaceuticals, Inc. (pka Neoprobe)(3) |
Diagnostic | Common Stock Warrants | 333,333 | 244 | 318 | |||||||||||||
| Tethys Bioscience, Inc. |
Diagnostic | Preferred Stock Warrants | Series E | 617,683 | 147 | 117 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Diagnostic (0.07%)* |
391 | 435 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Labcyte, Inc. |
Biotechnology Tools | Preferred Stock Warrants | Series C | 1,127,624 | 323 | 254 | ||||||||||||
| NuGEN Technologies, Inc. |
Biotechnology Tools | Preferred Stock Warrants | Series B | 204,545 | 45 | 202 | ||||||||||||
| Preferred Stock Warrants | Series C | 30,114 | 33 | 11 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total NuGEN Technologies, Inc. |
234,659 | 78 | 213 | |||||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Biotechnology Tools (0.08%)* |
401 | 467 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Entrigue Surgical, Inc. |
Surgical Devices | Preferred Stock Warrants | Series B | 62,500 | 87 | — | ||||||||||||
| Transmedics, Inc. |
Surgical Devices | Preferred Stock Warrants | Series B | 40,436 | 225 | — | ||||||||||||
| Preferred Stock Warrants | Series D | 175,000 | 100 | 227 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Transmedics, Inc. |
215,436 | 325 | 227 | |||||||||||||||
| Gynesonics, Inc. |
Surgical Devices | Preferred Stock Warrants | Series C | 1,756,444 | 412 | 343 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Surgical Devices (0.09%)* |
824 | 570 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Everyday Health, Inc. (pka Waterfront Media, Inc.) |
Media/Content/ Info | Preferred Stock Warrants | Series C | 110,018 | 60 | 76 | ||||||||||||
| Glam Media, Inc. |
Media/Content/ Info | Preferred Stock Warrants | Series D | 407,457 | 482 | — | ||||||||||||
| Zoom Media Group, Inc. |
Media/Content/ Info | Preferred Stock Warrants | n/a | 1,204 | 348 | 337 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Media/Content/Info (0.07%)* |
890 | 413 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
See notes to consolidated financial statements.
21
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Series |
Shares | Cost(2) | Value(3) | ||||||||||||
| Alphabet Energy, Inc. |
Clean Tech | Preferred Stock Warrants | Series A | 86,328 | $ | 83 | $ | 141 | ||||||||||
| American Supercondutor Corporation(3) |
Clean Tech | Common Stock Warrants | 139,275 | 244 | 123 | |||||||||||||
| BrightSource Energy, Inc. |
Clean Tech | Preferred Stock Warrants | Series D | 174,999 | 779 | 156 | ||||||||||||
| Calera, Inc. |
Clean Tech | Preferred Stock Warrants | Series C | 44,529 | 513 | — | ||||||||||||
| EcoMotors, Inc. |
Clean Tech | Preferred Stock Warrants | Series B | 437,500 | 308 | 490 | ||||||||||||
| Enphase Energy, Inc.(3) |
Clean Tech | Common Stock Warrants | 37,500 | 102 | 55 | |||||||||||||
| Fulcrum Bioenergy, Inc. |
Clean Tech | Preferred Stock Warrants | Series C-1 | 187,265 | 211 | 133 | ||||||||||||
| Glori Energy, Inc. |
Clean Tech | Preferred Stock Warrants | Series C | 145,932 | 165 | 71 | ||||||||||||
| GreatPoint Energy, Inc. |
Clean Tech | Preferred Stock Warrants | Series D-1 | 393,212 | 548 | — | ||||||||||||
| Integrated Photovoltaics, Inc. |
Clean Tech | Preferred Stock Warrants | Series A-1 | 390,000 | 82 | 108 | ||||||||||||
| Polyera Corporation |
Clean Tech | Preferred Stock Warrants | Series C | 161,575 | 69 | 70 | ||||||||||||
| Propel Biofuels, Inc. |
Clean Tech | Preferred Stock Warrants | Series C | 3,200,000 | 211 | 227 | ||||||||||||
| Redwood Systems, Inc. |
Clean Tech | Preferred Stock Warrants | Series C | 331,250 | 3 | — | ||||||||||||
| SCIenergy, Inc. |
Clean Tech | Preferred Stock Warrants | Series D | 1,061,168 | 361 | 163 | ||||||||||||
| Solexel, Inc. |
Clean Tech | Preferred Stock Warrants | Series B | 245,682 | 1,161 | 9 | ||||||||||||
| Stion Corporation |
Clean Tech | Preferred Stock Warrants | Series E | 110,226 | 317 | 142 | ||||||||||||
| TAS Energy, Inc. |
Clean Tech | Preferred Stock Warrants | Series A | 37,406 | 299 | 272 | ||||||||||||
| Trilliant, Inc. |
Clean Tech | Preferred Stock Warrants | Series A | 320,000 | 162 | 54 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Clean Tech (0.36%)* |
5,618 | 2,214 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants (5.40%) |
$ | 32,114 | $ | 33,249 | ||||||||||||||
|
|
|
|
|
|||||||||||||||
| Aveo Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Common Stock | 167,864 | 842 | 1,234 | |||||||||||||
| Dicerna Pharmaceuticals, Inc. |
Drug Discovery & Development | Preferred Stock | Series B | 502,684 | 502 | 454 | ||||||||||||
| Inotek Pharmaceuticals Corp. |
Drug Discovery & Development | Preferred Stock | Series C | 15,334 | 1,500 | — | ||||||||||||
| Merrimack Pharmaceuticals, |
Drug Discovery & Development | Common Stock | 546,448 | 2,000 | 3,333 | |||||||||||||
| Paratek Pharmaceuticals, Inc. |
Drug Discovery & Development | Preferred Stock | Series H | 244,158 | 1,000 | 376 | ||||||||||||
| Common Stock |
47,471 | 5 | 5 | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Paratek Pharmaceuticals, Inc. |
291,629 | 1,005 | 381 | |||||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Equity Drug Discovery & Development (0.88%)* |
5,849 | 5,402 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Acceleron Pharmaceuticals, Inc. |
Drug Delivery | Preferred Stock | Series B | 186,674 | 69 | 239 | ||||||||||||
| Preferred Stock | Series B | 600,601 | 243 | 227 | ||||||||||||||
| Preferred Stock | Series C | 93,456 | 97 | 226 | ||||||||||||||
| Preferred Stock | Series E | 43,488 | 61 | 63 | ||||||||||||||
| Preferred Stock | Series F | 19,268 | 1,000 | 1,011 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Acceleron Pharmaceuticals, Inc. |
756,813 | 1,470 | 1,766 | |||||||||||||||
| Merrion Pharma, Plc.(3)(5)(10) |
Drug Delivery | Common Stock | 20,000 | 9 | — | |||||||||||||
| Nupathe, Inc. |
Drug Delivery | Common Stock | 50,000 | 146 | 162 | |||||||||||||
| Transcept Pharmaceuticals, Inc.(3) |
Drug Delivery | Common Stock | 41,570 | 500 | 199 | |||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Equity Drug Delivery (0.35%)* |
2,125 | 2,127 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Trulia, Inc. |
Internet Consumer & Business Services | Common Stock | 29,740 | 141 | 1,005 | |||||||||||||
| Philotic, Inc. |
Internet Consumer & Business Services | Common Stock | 8,121 | 93 | — | |||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Equity Internet Consumers & Business Services (0.16%)* |
234 | 1,005 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| E-band Communications, Corp.(6) |
Communications & Networking | Preferred Stock | Series B | 564,972 | 2,000 | — | ||||||||||||
| Preferred Stock | Series C | 649,998 | 372 | — | ||||||||||||||
| Preferred Stock | Series D | 847,544 | 508 | — | ||||||||||||||
| Preferred Stock | Series E | 1,987,605 | 374 | — | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
See notes to consolidated financial statements.
22
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
March 31, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Series |
Shares | Cost(2) | Value(3) | ||||||||||||
| Total E-band Communications, Corp. |
4,050,119 | $ | 3,254 | $ | — | |||||||||||||
| Glowpoint, Inc.(3) |
Communications & Networking | Common Stock | 114,192 | 101 | 168 | |||||||||||||
| Neonova Holding Company |
Communications & Networking | Preferred Stock | Series A | 500,000 | 250 | 190 | ||||||||||||
| Peerless Network, Inc. |
Communications & Networking | Preferred Stock | Series A | 1,000,000 | 1,000 | 4,031 | ||||||||||||
| Stoke, Inc. |
Communications & Networking | Preferred Stock | Series E | 152,905 | 500 | 538 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Equity Communications & Networking (0.80%)* |
5,105 | 4,927 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Atrenta, Inc. |
Software | Preferred Stock | Series C | 1,196,845 | 508 | 1,058 | ||||||||||||
| Preferred Stock | Series D | 635,513 | 986 | 1,622 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Atrenta, Inc. |
1,832,358 | 1,494 | 2,680 | |||||||||||||||
| Box, Inc. |
Software | Preferred Stock | Series C | 390,625 | 500 | 5,172 | ||||||||||||
| Preferred Stock | Series D | 158,127 | 500 | 2,094 | ||||||||||||||
| Preferred Stock | Series D-1 | 124,511 | 1,000 | 1,648 | ||||||||||||||
| Preferred Stock | Series D-2 | 220,751 | 2,001 | 2,923 | ||||||||||||||
| Preferred Stock | Series E | 38,183 | 500 | 505 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Box, Inc. |
932,197 | 4,501 | 12,342 | |||||||||||||||
| Caplinked, Inc. |
Software | Preferred Stock | Series A-3 | 53,614 | 52 | 73 | ||||||||||||
| Highroads, Inc. |
Software | Preferred Stock | Series A-3 | 190,170 | 307 | 297 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Equity Software (2.50%)* |
6,354 | 15,392 | ||||||||||||||||
|
|
|
|
||||||||||||||||