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 September 30, 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 | (IRS Employer | |
| Incorporation or Organization) | 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 November 4, 2013, there were 61,736,693 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 September 30, 2013 (unaudited) |
8 | |||||
| Consolidated Schedule of Investments as of December 31, 2012 |
24 | |||||
| 39 | ||||||
| Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
63 | ||||
| Item 3. |
94 | |||||
| Item 4. |
95 | |||||
| 96 | ||||||
| Item 1. |
96 | |||||
| Item 1A. |
96 | |||||
| Item 2. |
100 | |||||
| Item 3. |
100 | |||||
| Item 4. |
100 | |||||
| Item 5. |
100 | |||||
| Item 6. |
100 | |||||
| 101 | ||||||
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)
| September 30, 2013 |
December 31, 2012 |
|||||||
| Assets |
||||||||
| Investments: |
||||||||
| Non-control/Non-affiliate investments (cost of $965,490 and $896,031, respectively) |
$ | 970,530 | $ | 894,428 | ||||
| Affiliate investments (cost of $17,546 and $18,307, respectively) |
12,897 | 11,872 | ||||||
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|
|
|
|||||
| Total investments, at value (cost of $983,036 and $914,338, respectively) |
983,427 | 906,300 | ||||||
| Cash and cash equivalents |
204,993 | 182,994 | ||||||
| Restricted Cash |
3,632 | — | ||||||
| Interest receivable |
10,275 | 9,635 | ||||||
| Other assets |
25,186 | 24,714 | ||||||
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|
|
|
|||||
| Total assets |
$ | 1,227,513 | $ | 1,123,643 | ||||
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|
|||||
| Liabilities |
||||||||
| Accounts payable and accrued liabilities |
$ | 14,051 | $ | 11,575 | ||||
| Long-term Liabilities (Convertible Senior Notes) |
72,248 | 71,436 | ||||||
| Asset-Backed Notes |
102,474 | 129,300 | ||||||
| 2019 Notes |
170,364 | 170,364 | ||||||
| Long-term SBA Debentures |
225,000 | 225,000 | ||||||
|
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|
|
|
|||||
| Total liabilities |
$ | 584,137 | $ | 607,675 | ||||
| Commitments and Contingencies (Note 10) |
||||||||
| Net assets consist of: |
||||||||
| Common stock, par value |
$ | 62 | $ | 53 | ||||
| Capital in excess of par value |
664,650 | 564,508 | ||||||
| Unrealized appreciation/(depreciation) on investments |
1,091 | (7,947 | ) | |||||
| Accumulated realized losses on investments |
(25,607 | ) | (36,916 | ) | ||||
| Undistributed net investment income/(Distributions in excess of net investment income) |
3,180 | (3,730 | ) | |||||
|
|
|
|
|
|||||
| Total net assets |
$ | 643,376 | $ | 515,968 | ||||
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|
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|
|||||
| Total liabilities and net assets |
$ | 1,227,513 | $ | 1,123,643 | ||||
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|
|||||
| Shares of common stock outstanding ($0.001 par value, 100,000,000 authorized) |
61,756 | 52,925 | ||||||
| Net asset value per share |
$ | 10.42 | $ | 9.75 | ||||
See notes to consolidated financial statements.
3
The following table presents the assets and liabilities of our consolidated securitization trust for an asset-backed notes (see Note 4), which is a variable interest entity (“VIE”). The assets of our securitization VIE can only be used to settle obligations of our consolidated securitization VIE, these liabilities are only the obligations of our consolidated securitization 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.
| (Dollars in thousands) |
September 30, 2013 |
December 31, 2012 |
||||||
| ASSETS |
||||||||
| Restricted Cash |
$ | 3,632 | $ | — | ||||
| Total investments, at value (cost of $189,917 and $226,844, respectively) |
185,244 | 226,997 | ||||||
|
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|
|
|
|||||
| Total assets |
$ | 188,876 | $ | 226,997 | ||||
|
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|
|||||
| LIABILITIES |
||||||||
| Asset-Backed Notes |
$ | 102,474 | $ | 129,300 | ||||
|
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|
|
|
|||||
| Total liabilities |
$ | 102,474 | $ | 129,300 | ||||
|
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|
|
|
|||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Investment income: |
||||||||||||||||
| Interest Income |
||||||||||||||||
| Non-Control/Non-Affiliate investments |
$ | 35,623 | $ | 21,512 | $ | 93,722 | $ | 62,502 | ||||||||
| Affiliate investments |
561 | 238 | 1,684 | 686 | ||||||||||||
|
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|
|
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|
|
|
|||||||||
| Total interest income |
36,184 | 21,750 | 95,406 | 63,188 | ||||||||||||
|
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|
|||||||||
| Fees |
||||||||||||||||
| Non-Control/Non-Affiliate investments |
4,832 | 2,150 | 11,088 | 6,936 | ||||||||||||
| Affiliate investments |
5 | 1 | 9 | 1 | ||||||||||||
|
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|
|||||||||
| Total fees |
4,837 | 2,151 | 11,097 | 6,937 | ||||||||||||
|
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|
|
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|
|
|||||||||
| Total investment income |
41,021 | 23,901 | 106,503 | 70,125 | ||||||||||||
|
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|
|
|
|
|
|
|||||||||
| Operating expenses: |
||||||||||||||||
| Interest |
7,587 | 4,908 | 22,788 | 13,309 | ||||||||||||
| Loan fees |
1,072 | 1,169 | 3,341 | 2,977 | ||||||||||||
| General and administrative |
2,176 | 2,445 | 6,831 | 6,126 | ||||||||||||
| Employee Compensation: |
||||||||||||||||
| Compensation and benefits |
7,030 | 2,919 | 14,992 | 9,566 | ||||||||||||
| Stock-based compensation |
1,596 | 1,109 | 4,349 | 3,111 | ||||||||||||
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|
|||||||||
| Total employee compensation |
8,626 | 4,028 | 19,341 | 12,677 | ||||||||||||
|
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|
|||||||||
| Total operating expenses |
19,461 | 12,550 | 52,301 | 35,089 | ||||||||||||
|
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|
|||||||||
| Net investment income |
21,560 | 11,351 | 54,202 | 35,036 | ||||||||||||
| Net realized gain/(loss) on investments |
||||||||||||||||
| Non-Control/Non-Affiliate investments |
7,125 | (9,091 | ) | 11,309 | 2,049 | |||||||||||
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|
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| Total net realized gain/(loss) on investments |
7,125 | (9,091 | ) | 11,309 | 2,049 | |||||||||||
| Net unrealized appreciation (depreciation) on investments |
||||||||||||||||
| Non-Control/Non-Affiliate investments |
9,288 | 2,372 | 10,506 | (12,922 | ) | |||||||||||
| Affiliate investments |
(992 | ) | 113 | (1,468 | ) | (2,265 | ) | |||||||||
|
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|
|||||||||
| Total net unrealized appreciation (depreciation) on investments |
8,296 | 2,485 | 9,038 | (15,187 | ) | |||||||||||
|
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|
|
|
|
|
|
|
|||||||||
| Total net realized (unrealized) gain (loss) |
15,421 | (6,606 | ) | 20,347 | (13,138 | ) | ||||||||||
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| Net increase in net assets resulting from operations |
$ | 36,981 | $ | 4,745 | $ | 74,549 | 21,898 | |||||||||
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| Net investment income before investment gains and losses per common share: |
||||||||||||||||
| Basic |
$ | 0.35 | $ | 0.23 | $ | 0.91 | $ | 0.71 | ||||||||
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| Change in net assets per common share: |
||||||||||||||||
| Basic |
$ | 0.61 | $ | 0.09 | $ | 1.26 | $ | 0.44 | ||||||||
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| Diluted |
$ | 0.59 | $ | 0.09 | $ | 1.23 | $ | 0.44 | ||||||||
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| Weighted average shares outstanding |
||||||||||||||||
| Basic |
60,522 | 48,750 | 58,206 | 48,130 | ||||||||||||
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| Diluted |
60,750 | 48,808 | 58,396 | 48,237 | ||||||||||||
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|
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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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|
|||||||||||||||||
| Net increase in net assets resulting from operations |
— | — | — | (15,187 | ) | 2,049 | 35,036 | — | 21,898 | |||||||||||||||||||||||
| Issuance of common stock |
574 | 1 | 3,252 | — | — | — | — | 3,253 | ||||||||||||||||||||||||
| Issuance of common stock under restricted stock plan |
530 | 1 | (1 | ) | — | — | — | — | — | |||||||||||||||||||||||
| Issuance of common stock as stock dividend |
155 | — | 1,649 | — | — | — | — | 1,649 | ||||||||||||||||||||||||
| Retired shares from net issuance |
(327 | ) | — | (4,254 | ) | — | — | — | — | (4,254 | ) | |||||||||||||||||||||
| Public Offering |
5,000 | 5 | 47,649 | — | — | — | — | 47,654 | ||||||||||||||||||||||||
| Dividends declared |
— | — | — | — | — | (35,292 | ) | — | (35,292 | ) | ||||||||||||||||||||||
| Stock-based compensation |
— | — | 3,168 | — | — | — | — | 3,168 | ||||||||||||||||||||||||
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|||||||||||||||||
| Balance at September 30, 2012 |
49,785 | $ | 51 | $ | 535,707 | $ | (18,618 | ) | $ | (40,993 | ) | $ | (6,688 | ) | $ | (342 | ) | $ | 469,117 | |||||||||||||
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|
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| Balance at December 31, 2012 |
52,925 | $ | 53 | $ | 564,508 | $ | (7,947 | ) | $ | (36,916 | ) | $ | (3,388 | ) | $ | (342 | ) | $ | 515,968 | |||||||||||||
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|
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| Net increase in net assets resulting from operations |
— | — | — | 9,038 | 11,309 | 54,202 | — | 74,549 | ||||||||||||||||||||||||
| Issuance of common stock |
1,337 | 1 | 16,542 | — | — | — | — | 16,543 | ||||||||||||||||||||||||
| Issuance of common stock under restricted stock plan |
472 | 1 | (1 | ) | — | — | — | — | — | |||||||||||||||||||||||
| Issuance of common stock as stock dividend |
142 | — | 1,923 | — | — | — | — | 1,923 | ||||||||||||||||||||||||
| Retired shares from net issuance |
(1,170 | ) | (1 | ) | (18,259 | ) | — | — | — | — | (18,260 | ) | ||||||||||||||||||||
| Public Offering |
8,050 | 8 | 95,529 | — | — | — | — | 95,537 | ||||||||||||||||||||||||
| Dividends declared |
— | — | — | — | — | (47,292 | ) | — | (47,292 | ) | ||||||||||||||||||||||
| Stock-based compensation |
— | — | 4,408 | — | — | — | — | 4,408 | ||||||||||||||||||||||||
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| Balance at September 30, 2013 |
61,756 | $ | 62 | $ | 664,650 | $ | 1,091 | $ | (25,607 | ) | $ | 3,522 | $ | (342 | ) | $ | 643,376 | |||||||||||||||
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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 Nine Months Ended September 30, |
||||||||
| 2013 | 2012 | |||||||
| Cash flows from operating activities: |
||||||||
| Net increase in net assets resulting from operations. |
$ | 74,549 | $ | 21,898 | ||||
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in / provided by operating activities: |
||||||||
| Purchase of investments |
(411,515 | ) | (302,662 | ) | ||||
| Principal payments received on investments |
336,438 | 165,157 | ||||||
| Proceeds from sale of investments |
29,459 | 21,265 | ||||||
| Net unrealized (appreciation) / depreciation on investments |
(9,038 | ) | 15,187 | |||||
| Net realized gain on investments |
(11,309 | ) | (2,049 | ) | ||||
| Net unrealized appreciation due to lender |
— | — | ||||||
| Accretion of paid-in-kind principal |
(2,269 | ) | (834 | ) | ||||
| Accretion of loan discounts |
(4,556 | ) | (4,221 | ) | ||||
| Accretion of loan discount on Convertible Senior Notes |
812 | 812 | ||||||
| Accretion of loan exit fees |
(10,031 | ) | (2,998 | ) | ||||
| Change in deferred loan origination revenue |
2,540 | 1,026 | ||||||
| Unearned fees related to unfunded commitments |
(364 | ) | (1,865 | ) | ||||
| Amortization of debt fees and issuance costs |
2,918 | 1,391 | ||||||
| Depreciation |
162 | 212 | ||||||
| Stock-based compensation and amortization of restricted stock grants |
4,408 | 3,168 | ||||||
| Common stock issued in lieu of Director compensation |
— | — | ||||||
| Change in operating assets and liabilities: |
||||||||
| Interest and fees receivable |
(641 | ) | (1,955 | ) | ||||
| Prepaid expenses and other assets |
570 | (938 | ) | |||||
| Accounts payable |
(63 | ) | 99 | |||||
| Income tax receivable (payable) |
— | — | ||||||
| Accrued liabilities |
2,588 | (1,289 | ) | |||||
|
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|
|
|||||
| Net cash provided by (used in) operating activities |
4,658 | (88,596 | ) | |||||
| Cash flows from investing activities: |
||||||||
| Purchases of capital equipment |
(240 | ) | (85 | ) | ||||
| Investment in restricted cash |
(3,632 | ) | — | |||||
| Other long-term assets |
(30 | ) | — | |||||
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|
|||||
| Net cash used in investing activities |
(3,902 | ) | (85 | ) | ||||
| Cash flows from financing activities: |
||||||||
| Proceeds from issuance of common stock, net |
93,443 | 46,594 | ||||||
| Stock repurchase program |
— | — | ||||||
| Dividends paid |
(45,368 | ) | (33,643 | ) | ||||
| Issuance of Notes Payable |
— | 159,490 | ||||||
| Borrowings of credit facilities |
— | 39,250 | ||||||
| Repayments of credit facilities |
(26,832 | ) | (74,303 | ) | ||||
| Issuance of Class A2 Notes |
— | — | ||||||
| Cash paid for debt issuance costs |
— | (6,088 | ) | |||||
| Fees paid for credit facilities and debentures |
— | — | ||||||
|
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|
|
|
|||||
| Net cash provided by financing activities |
21,243 | 131,300 | ||||||
|
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|
|
|
|||||
| Net increase in cash and cash equivalents |
21,999 | 42,619 | ||||||
| Cash and cash equivalents at beginning of period |
182,994 | 64,474 | ||||||
|
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|
|||||
| Cash and cash equivalents at end of period |
$ | 204,993 | $ | 107,093 | ||||
|
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|
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See notes to consolidated financial statements.
7
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Maturity Date |
Interest Rate and Floor |
Principal Amount |
Cost | Value | |||||||||||||||
| Loan |
||||||||||||||||||||||
| Biotechnology Tools |
||||||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| Cleveland BioLabs, Inc(3) |
Biotechnology Tools | Senior Secured | January 2017 | Interest rate PRIME + 6.20% or Floor rate of 10.45% | $ | 6,000 | $ | 5,865 | $ | 5,865 | ||||||||||||
| Labcyte, Inc.(11) |
Biotechnology Tools | Senior Secured | June 2016 | Interest rate PRIME + 6.70% or Floor rate of 9.95% | $ | 4,640 | 4,655 | 4,628 | ||||||||||||||
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|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
10,520 | 10,493 | ||||||||||||||||||||
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| Subtotal: Biotechnology Tools (1.63%)* |
10,520 | 10,493 | ||||||||||||||||||||
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| Clean Tech |
||||||||||||||||||||||
| Under 1 Year Maturity |
||||||||||||||||||||||
| Brightsource Energy, Inc. |
Clean Tech | Senior Secured | January 2014 | Interest rate PRIME + 8.25% or Floor rate of 11.50% | $ | 35,000 | 35,398 | 35,398 | ||||||||||||||
| Enphase Energy, Inc.(11) |
Clean Tech | Senior Secured | June 2014 | Interest rate PRIME + 5.75% or Floor rate of 9.00% | $ | 1,947 | 1,981 | 1,963 | ||||||||||||||
|
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|||||||||||||||||||
| Subtotal: Under 1 Year Maturity |
37,379 | 37,361 | ||||||||||||||||||||
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|
|||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| Agrivida, Inc. |
Clean Tech | Senior Secured | December 2016 | Interest rate PRIME + 6.75% or Floor rate of 10.00% | $ | 6,000 | 5,835 | 5,835 | ||||||||||||||
| Alphabet Energy, Inc. |
Clean Tech | Senior Secured | February 2015 | Interest rate PRIME + 5.75% or Floor rate of 9.00% | $ | 1,340 | 1,296 | 1,296 | ||||||||||||||
| American Superconductor Corporation(3)(11) |
Clean Tech | Senior Secured | December 2014 | Interest rate PRIME + 7.25% or Floor rate of 11.00% | $ | 5,769 | 6,073 | 6,073 | ||||||||||||||
| APTwater, Inc |
Clean Tech | Senior Secured | April 2017 | Interest rate PRIME + 6.75% or Floor rate of 10.00% | $ | 18,000 | 17,756 | 17,756 | ||||||||||||||
| BioAmber, Inc.(5)(10) |
Clean Tech | Senior Secured | June 2016 | Interest rate PRIME + 6.75% or Floor rate of 10.00% | $ | 25,000 | 24,835 | 24,835 | ||||||||||||||
| Enphase Energy, Inc. |
Clean Tech | Senior Secured | August 2016 | Interest rate PRIME + 8.25% or Floor rate of 11.50% | $ | 7,400 | 7,396 | 7,281 | ||||||||||||||
| Fluidic, Inc. |
Clean Tech | Senior Secured | March 2016 | Interest rate PRIME + 8.00% or Floor rate of 11.25% | $ | 5,000 | 4,884 | 4,884 | ||||||||||||||
| Fulcrum Bioenergy, Inc.(11) |
Clean Tech | Senior Secured | November 2016 | Interest rate PRIME + 7.75% or Floor rate of 11.00% | $ | 10,000 | 9,907 | 9,907 | ||||||||||||||
| Glori Energy, Inc.(11) |
Clean Tech | Senior Secured | June 2015 | Interest rate PRIME + 6.75% or Floor rate of 10.00% | $ | 6,222 | 6,289 | 6,305 | ||||||||||||||
| Polyera Corporation |
Clean Tech | Senior Secured | June 2016 | Interest rate PRIME + 6.75% or Floor rate of 10.00% | $ | 3,000 | 3,008 | 2,925 | ||||||||||||||
| SCIEnergy, Inc.(4) |
Clean Tech | Senior Secured | September 2015 | Interest rate PRIME + 8.75% or Floor rate of 12.00% | $ | 4,805 | 4,863 | 4,928 | ||||||||||||||
| Scifiniti (pka Integrated Photovoltaics, Inc.) |
Clean Tech | Senior Secured | February 2015 | Interest rate PRIME + 7.38% or Floor rate of 10.63% | $ | 1,751 | 1,723 | 1,702 | ||||||||||||||
| Stion Corporation(4) |
Clean Tech | Senior Secured | February 2015 | Interest rate PRIME + 6.75% or Floor rate of 10.00% | $ | 5,102 | 5,274 | 5,168 | ||||||||||||||
See notes to consolidated financial statements.
8
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Maturity Date |
Interest Rate and Floor |
Principal Amount |
Cost | Value | |||||||||||||||
| TAS Energy, Inc. |
Clean Tech | Senior Secured | February 2015 | Interest rate PRIME + 6.25% or Floor rate of 9.50% | $ | 4,503 | $ | 4,344 | $ | 4,306 | ||||||||||||
| TAS Energy, Inc. |
Clean Tech | Senior Secured | February 2015 | Interest rate PRIME + 7.75% or Floor rate of 11.00% | $ | 15,000 | 15,028 | 15,261 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total TAS Energy, Inc. |
19,372 | 19,567 | ||||||||||||||||||||
| TPI Composites, Inc. |
Clean Tech | Senior Secured | June 2016 | Interest rate PRIME + 8.00% or Floor rate of 11.25% | $ | 15,000 | 14,771 | 14,770 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
133,282 | 133,232 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Clean Tech (26.52%)* |
170,661 | 170,593 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Communications & Networking |
||||||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| Bridgewave Communications(8) |
Communications & Networking | Senior Secured | March 2016 | Interest rate FIXED + 8.00%, PIK Interest 8.00% | $ | 7,753 | 7,433 | 2,007 | ||||||||||||||
| OpenPeak, Inc.(11) |
Communications & Networking | Senior Secured | July 2015 | Interest rate PRIME + 8.75% or Floor rate of 12.00% | $ | 11,440 | 11,984 | 11,984 | ||||||||||||||
| PointOne(8) |
Communications & Networking | Senior Secured | January 2017 | Interest rate LIBOR + 11.00% or Floor rate of 13.50% | $ | 2,128 | 2,128 | — | ||||||||||||||
| PointOne(8) |
Communications & Networking | Senior Secured | April 2015 | Interest rate LIBOR + 11.00% or Floor rate of 13.50% | $ | — | (100 | ) | 100 | |||||||||||||
| PointOne(8) |
Communications & Networking | Senior Secured | September 2015 | Interest rate LIBOR + 11.00% or Floor rate of 13.50% | $ | — | (4 | ) | — | |||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total PointOne |
2,024 | 100 | ||||||||||||||||||||
| Spring Mobile Solutions |
Communications & Networking | Senior Secured | November 2016 | Interest rate PRIME + 8.00% or Floor rate of 11.25% | $ | 20,000 | 19,553 | 19,835 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
40,994 | 33,926 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Communications & Networking (5.27%) |
40,994 | 33,926 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Diagnostic |
||||||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| Tethys Bioscience, Inc.(8)(11) |
Diagnostic | Senior Secured | December 2015 | Interest rate PRIME + 8.40% or Floor rate of 11.65% | $ | 4,032 | 4,242 | 1,033 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
4,242 | 1,033 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Diagnostic (0.16%)* |
4,242 | 1,033 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Drug Delivery |
||||||||||||||||||||||
| Under 1 Year Maturity |
||||||||||||||||||||||
| Alexza Pharmaceuticals, Inc(3) |
Drug Delivery | Senior Secured | October 2013 | Interest rate PRIME + 6.50% or Floor rate of 10.75% | $ | 561 | 1,003 | 1,003 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Under 1 Year Maturity |
1,003 | 1,003 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| AcelRx Pharmaceuticals, Inc.(3)(11) |
Drug Delivery | Senior Secured | December 2014 | Interest rate PRIME + 3.25% or Floor rate of 8.50% | $ | 5,278 | 5,327 | 5,240 | ||||||||||||||
| AcelRx Pharmaceuticals, Inc.(3) |
Drug Delivery | Senior Secured | December 2014 | Interest rate PRIME + 3.25% or Floor rate of 8.50% | $ | 5,278 | 5,317 | 5,228 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total AcelRx Pharmaceuticals, |
10,644 | 10,468 | ||||||||||||||||||||
See notes to consolidated financial statements.
9
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Maturity Date |
Interest Rate and Floor |
Principal Amount |
Cost | Value | |||||||||||||||
| BIND Therapeutics, Inc.(3) |
Drug Delivery | Senior Secured | September 2016 | Interest rate PRIME + 7.00% or Floor rate of 10.25% | $ | 4,500 | $ | 4,391 | $ | 4,391 | ||||||||||||
| Intelliject, Inc.(11) |
Drug Delivery | Senior Secured | June 2016 | Interest rate PRIME + 5.75% or Floor rate of 11.00% | $ | 15,000 | 15,013 | 15,269 | ||||||||||||||
| NuPathe, Inc.(3) |
Drug Delivery | Senior Secured | May 2016 | Interest rate PRIME +3.25% or Floor rate of 9.85% | $ | 8,500 | 8,326 | 8,293 | ||||||||||||||
| Revance Therapeutics, Inc. |
Drug Delivery | Senior Secured | March 2015 | Interest rate PRIME + 6.60% or Floor rate of 9.85% | $ | 1,161 | 1,189 | 1,160 | ||||||||||||||
| Revance Therapeutics, Inc. |
Drug Delivery | Senior Secured | March 2015 | Interest rate PRIME + 6.60% or Floor rate of 9.85% | $ | 11,607 | 11,785 | 11,600 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Revance Therapeutics, Inc. |
12,974 | 12,760 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
51,348 | 51,181 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Drug Delivery (8.11%)* |
52,351 | 52,184 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Drug Discovery & Development |
||||||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| ADMA Biologics, Inc. |
Drug Discovery & Development |
Senior Secured | April 2016 | Interest rate PRIME +2.75% or Floor rate of 8.50% | $ | 5,000 | 4,921 | 4,756 | ||||||||||||||
| Anacor Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Senior Secured | July 2017 | Interest rate PRIME + 6.40% or Floor rate of 11.65% | $ | 15,000 | 14,498 | 14,498 | ||||||||||||||
| Anacor Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Senior Secured | July 2017 | Interest rate PRIME + 6.40% or Floor rate of 11.65% | $ | 15,000 | 14,498 | 14,498 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Anacor Pharmaceuticals, Inc. |
28,996 | 28,996 | ||||||||||||||||||||
| Aveo Pharmaceuticals, Inc.(3)(11) |
Drug Discovery & Development | Senior Secured | September 2015 | Interest rate PRIME + 7.15% or Floor rate of 11.90% | $ | 10,348 | 10,348 | 10,452 | ||||||||||||||
| Aveo Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Senior Secured | September 2015 | Interest rate PRIME + 7.15% or Floor rate of 11.90% | $ | 11,492 | 11,492 | 11,607 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Aveo Pharmaceuticals, Inc. |
21,840 | 22,059 | ||||||||||||||||||||
| Cell Therapeutics, Inc.(3)(11) |
Drug Discovery & Development | Senior Secured | October 2016 | Interest rate PRIME + 9.00% or Floor rate of 12.25% | $ | 10,000 | 9,889 | 10,091 | ||||||||||||||
| Cempra, Inc.(3)(11) |
Drug Discovery & Development | Senior Secured | June 2017 | Interest rate PRIME + 6.30% or Floor rate of 9.55% | $ | 9,762 | 9,592 | 9,456 | ||||||||||||||
| Cempra, Inc.(3) |
Drug Discovery & Development | Senior Secured | June 2017 | Interest rate PRIME + 6.30% or Floor rate of 9.55% | $ | 5,238 | 5,147 | 5,075 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Cempra, Inc. |
14,739 | 14,531 | ||||||||||||||||||||
| Concert Pharmaceuticals, Inc.(4) |
Drug Discovery & Development | Senior Secured | October 2015 | Interest rate PRIME + 3.25% or Floor rate of 8.50% | $ | 16,967 | 16,764 | 16,270 | ||||||||||||||
| Coronado Biosciences, Inc.(3)(11) |
Drug Discovery & Development | Senior Secured | March 2016 | Interest rate PRIME + 6.00% or Floor rate of 9.25% | $ | 15,000 | 14,993 | 14,606 | ||||||||||||||
| Dicerna Pharmaceuticals, Inc. |
Drug Discovery & Development | Senior Secured | January 2015 | Interest rate PRIME + 4.40% or Floor rate of 10.15% | $ | 6,101 | 6,048 | 5,970 | ||||||||||||||
| Insmed, Incorporated(11) |
Drug Discovery & Development | Senior Secured | January 2016 | Interest rate PRIME + 4.75% or Floor rate of 9.25% | $ | 10,000 | 9,888 | 9,782 | ||||||||||||||
See notes to consolidated financial statements.
10
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Maturity Date |
Interest Rate and Floor |
Principal Amount |
Cost | Value | |||||||||||||||
| Insmed, Incorporated |
Drug Discovery & Development | Senior Secured | January 2016 | Interest rate PRIME + 4.75% or Floor rate of 9.25% | $ | 10,000 | $ | 9,807 | $ | 9,701 | ||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Insmed, Incorporated |
19,695 | 19,483 | ||||||||||||||||||||
| Merrimack Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Senior Secured | May 2016 | Interest rate PRIME + 5.30% or Floor rate of 10.55% | $ | 40,000 | 40,175 | 39,239 | ||||||||||||||
| Neuralstem, Inc.(3) |
Drug Discovery & Development | Senior Secured | June 2016 | Interest rate PRIME + 7.75% or Floor rate of 11.00% | $ | 8,000 | 7,800 | 7,904 | ||||||||||||||
| Paratek Pharmaceuticals, Inc.(9) |
Drug Discovery & Development | Senior Secured | N/A |
Interest rate FIXED + 10.00% | $ | 36 | 36 | 36 | ||||||||||||||
| Paratek Pharmaceuticals, Inc.(9) |
Drug Discovery & Development | Senior Secured | N/A | N/A |
$ | 28 | 28 | 28 | ||||||||||||||
| Paratek Pharmaceuticals, Inc.(9) |
Drug Discovery & Development | Senior Secured | N/A | Interest rate FIXED + 10.00% | $ | 45 | 45 | 45 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Paratek Pharmaceuticals, Inc. |
109 | 109 | ||||||||||||||||||||
| uniQure B.V.(5)(10) |
Drug Discovery & Development | Senior Secured | October 2016 | Interest rate PRIME + 8.60% or Floor rate of 11.85% | $10,000 | 9,660 | 9,660 | |||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
195,629 | 193,674 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Drug Discovery & Development (30.10%)* |
195,629 | 193,674 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Electronics & Computer Hardware |
||||||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| Clustrix, Inc. |
Electronics & Computer Hardware | Senior Secured | December 2015 | Interest rate PRIME + 6.50% or Floor rate of 9.75% | $ | 582 | 577 | 577 | ||||||||||||||
| Identive(3)(11) |
Electronics & Computer Hardware | Senior Secured | November 2015 | Interest rate PRIME + 7.75% or Floor rate of 11.00% | $ | 6,621 | 6,524 | 6,609 | ||||||||||||||
| OCZ Technology Group, Inc. |
Electronics & Computer Hardware | Senior Secured | April 2016 | Interest rate PRIME + 8.75% or Floor rate 12.50%, PIK Interest 3.00% | $ | 10,121 | 11,624 | 11,624 | ||||||||||||||
| Plures Technologies, Inc.(3) |
Electronics & Computer Hardware | Senior Secured | October 2016 | Interest rate PRIME + 12.75% or Floor rate 16.00%, PIK Interest 4.00% | $ | 2,026 | 1,926 | 1,926 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
20,651 | 20,736 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Electronics & Computer Hardware (3.22%)* |
20,651 | 20,736 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Healthcare Services, Other |
||||||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| InstaMed Communications, LLC |
Healthcare Services, Other | Senior Secured | December 2016 | Interest rate PRIME + 7.25% or Floor rate of 10.50% | $ | 3,000 | 2,950 | 2,950 | ||||||||||||||
| MDEverywhere, Inc. |
Healthcare Services, Other | Senior Secured | June 2016 | Interest rate LIBOR + 9.50% or Floor rate of 10.75% | $ | 2,000 | 1,871 | 1,871 | ||||||||||||||
| Orion Healthcorp, Inc. |
Healthcare Services, Other | Senior Secured | June 2017 | Interest rate LIBOR + 10.50% or Floor rate of 12.00%, PIK Interest 3.00% | $ | 6,541 | 6,410 | 6,410 | ||||||||||||||
| Orion Healthcorp, Inc. |
Healthcare Services, Other | Senior Secured | June 2016 | Interest rate LIBOR + 8.25% or Floor rate of 9.50% | $ | 2,000 | 461 | 461 | ||||||||||||||
| Orion Healthcorp, Inc. |
Healthcare Services, Other | Senior Secured | June 2017 | Interest rate LIBOR + 9.50% or Floor rate of 11.00% | $ | 9,000 | 8,823 | 8,823 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Orion Healthcorp, Inc. |
15,694 | 15,694 | ||||||||||||||||||||
See notes to consolidated financial statements.
11
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Maturity Date |
Interest Rate and Floor |
Principal Amount |
Cost | Value | |||||||||||||||
| Pacific Child & Family Associates |
Healthcare Services, Other | Senior Secured | January 2015 | Interest rate LIBOR + 9.00% or Floor rate of 11.50% | $ | 2,104 | $ | 2,159 | $ | 2,117 | ||||||||||||
| Pacific Child & Family Associates |
Healthcare Services, Other | Senior Secured | January 2015 | Interest rate LIBOR + 11.00% or Floor rate 14.00%, PIK Interest 3.75% | $ | 6,772 | 6,790 | 6,687 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Pacific Child & Family Associates |
8,949 | 8,804 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
29,464 | 29,320 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Healthcare Services, Other (4.56%)* |
29,464 | 29,320 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Information Services |
||||||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| Eccentex Corporation(11) |
Information Services | Senior Secured | May 2015 | Interest rate PRIME + 7.00% or Floor rate of 10.25% | $ | 763 | 759 | 370 | ||||||||||||||
| InXpo, Inc. |
Information Services | Senior Secured | April 2016 | Interest rate PRIME + 7.50% or Floor rate of 10.75% | $ | 2,550 | 2,467 | 2,337 | ||||||||||||||
| Jab Wireless, Inc. |
Information Services | Senior Secured | November 2017 | Interest rate PRIME + 6.75% or Floor rate of 8.00% | $ | 2,000 | 1,996 | 1,996 | ||||||||||||||
| Jab Wireless, Inc. |
Information Services | Senior Secured | November 2017 | Interest rate PRIME + 6.75% or Floor rate of 8.00% | $ | 7,574 | 7,526 | 7,526 | ||||||||||||||
| Jab Wireless, Inc. |
Information Services | Senior Secured | November 2017 | Interest rate PRIME + 6.75% or Floor rate of 8.00% | $ | 22,426 | 22,286 | 22,286 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Jab Wireless, Inc. |
31,808 | 31,808 | ||||||||||||||||||||
| Womensforum.com(11) |
Information Services | Senior Secured | October 2016 | Interest rate LIBOR + 6.50% or Floor rate of 9.25% | $ | 7,200 | 7,080 | 6,772 | ||||||||||||||
| Womensforum.com(11) |
Information Services | Senior Secured | October 2016 | Interest rate LIBOR + 7.50% or Floor rate of 10.25%, PIK Interest 2.00% | $ | 4,592 | 4,515 | 4,151 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Womensforum.com |
11,595 | 10,923 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
46,629 | 45,437 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Information Services (7.06%)* |
46,629 | 45,437 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Internet Consumer & Business Services |
||||||||||||||||||||||
| Under 1 Year Maturity |
||||||||||||||||||||||
| Tectura Corporation |
Internet Consumer & Business Services | Senior Secured | December 2013 | Interest rate LIBOR + 10.00% or Floor rate of 13.00% | $ | 563 | 563 | 563 | ||||||||||||||
| Tectura Corporation |
Internet Consumer & Business Services | Senior Secured | December 2013 | Interest rate LIBOR + 10.00% or Floor rate of 13.00% | $ | 6,468 | 6,461 | 6,461 | ||||||||||||||
| Tectura Corporation |
Internet Consumer & Business Services | Senior Secured | December 2013 | Interest rate LIBOR + 8.00% or Floor rate of 11.00% | $ | 18,312 | 18,276 | 18,276 | ||||||||||||||
| Tectura Corporation |
Internet Consumer & Business Services | Senior Secured | December 2013 | Interest rate LIBOR + 10.00% or Floor rate of 13.00% | $ | 5,000 | 6,870 | 6,870 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Tectura Corporation |
32,170 | 32,170 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Under 1 Year Maturity |
32,170 | 32,170 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
See notes to consolidated financial statements.
12
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Maturity Date |
Interest Rate and Floor |
Principal Amount |
Cost | Value | |||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| Ahhha, Inc.(8) |
Internet Consumer & Business Services | Senior Secured | January 2015 | Interest rate FIXED + 12.00% | $ | 350 | $ | 346 | $ | — | ||||||||||||
| Blurb, Inc. |
Internet Consumer & Business Services | Senior Secured | December 2015 | Interest rate PRIME + 5.25% or Floor rate of 8.50% | $ | 7,069 | 6,900 | 6,812 | ||||||||||||||
| CashStar, Inc. |
Internet Consumer & Business Services |
Senior Secured | June 2016 | Interest rate PRIME + 6.25% or Floor rate 10.50%, PIK Interest 1.00% | $ | 4,008 | 3,921 | 3,921 | ||||||||||||||
| Education Dynamics |
Internet Consumer & Business Services | Senior Secured | March 2016 | Interest rate FIXED + 12.50%, PIK Interest 1.50% | $ | 17,765 | 17,484 | 17,025 | ||||||||||||||
| Education Dynamics |
Internet Consumer & Business Services | Senior Secured | March 2016 | Interest rate FIXED +12.50%, PIK Interest 1.50% | $ | 7,822 | 7,684 | 7,482 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Education Dynamics |
25,168 | 24,507 | ||||||||||||||||||||
| Gazelle |
Internet Consumer & Business Services |
Senior Secured | April 2016 | Interest rate PRIME + 7.00% or Floor rate 10.25%, PIK Interest 2.50% | $ | 12,287 | 12,190 | 12,433 | ||||||||||||||
| Gazelle |
Internet Consumer & Business Services |
Senior Secured | October 2014 | Interest rate PRIME + 6.50% or Floor rate of 9.75% | $ | 754 | 724 | 739 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Gazelle |
12,914 | 13,172 | ||||||||||||||||||||
| Just Fabulous, Inc. |
Internet Consumer & Business Services | Senior Secured | August 2016 | Interest rate PRIME + 8.00% or Floor rate of 11.25% | $ | 5,000 | 4,581 | 4,581 | ||||||||||||||
| Just Fabulous, Inc. |
Internet Consumer & Business Services | Senior Secured | February 2017 | Interest rate PRIME + 8.25% or Floor rate of 11.50% | $ | 5,000 | 4,806 | 4,806 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Just Fabulous, Inc. |
9,387 | 9,387 | ||||||||||||||||||||
| Just.Me, Inc.(8) |
Internet Consumer & Business Services | Senior Secured | June 2015 | Interest rate PRIME + 5.00% or Floor rate of 8.25% | $ | 662 | 650 | — | ||||||||||||||
| Just.Me, Inc.(8) |
Internet Consumer & Business Services | Senior Secured | June 2015 | Interest rate PRIME + 5.25% or Floor rate of 5.75% | $ | 661 | 653 | — | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Just.Me, Inc. |
1,303 | — | ||||||||||||||||||||
| NetPlenish(8) |
Internet Consumer & Business Services | Senior Secured | April 2015 | Interest rate FIXED + 10.00% | $ | 483 | 475 | — | ||||||||||||||
| Reply! Inc. |
Internet Consumer & Business Services | Senior Secured | February 2016 | Interest rate PRIME + 7.25% or Floor rate of 10.50%, PIK Interest 2.00% | $ | 3,015 | 3,021 | 3,111 | ||||||||||||||
| Reply! Inc.(11) |
Internet Consumer & Business Services | Senior Secured | September 2015 | Interest rate PRIME + 6.88% or Floor rate of 10.13%, PIK Interest 2.00% | $ | 10,295 | 10,095 | 10,198 | ||||||||||||||
| Reply! Inc.(11) |
Internet Consumer & Business Services | Senior Secured | September 2015 | Interest rate PRIME + 7.25% or Floor rate of 11.00%, PIK Interest 2.00% | $ | 2,010 | 2,014 | 2,054 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Reply! Inc. |
15,130 | 15,363 | ||||||||||||||||||||
| ShareThis, Inc. |
Internet Consumer & Business Services | Senior Secured | June 2016 | Interest rate PRIME + 7.50% or Floor rate of 10.75% | $ | 15,000 | 14,503 | 14,575 | ||||||||||||||
See notes to consolidated financial statements.
13
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Maturity Date |
Interest Rate and Floor |
Principal Amount |
Cost | Value | |||||||||||||||
| Trulia, Inc.(3)(11) |
Internet Consumer & Business Services | Senior Secured | September 2015 | Interest rate PRIME + 5.50% or Floor rate of 8.75% | $ | 4,090 | $ | 4,047 | $ | 3,898 | ||||||||||||
| Trulia, Inc.(3)(11) |
Internet Consumer & Business Services | Senior Secured | September 2015 | Interest rate PRIME + 2.75% or Floor rate of 6.00% | $ | 4,062 | 4,020 | 3,973 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Trulia, Inc. |
8,067 | 7,871 | ||||||||||||||||||||
| Vaultlogix |
Internet Consumer & Business Services | Senior Secured | September 2016 | Interest rate LIBOR + 8.50% or Floor rate 10.00%, PIK Interest 2.50% | $ | 7,932 | 7,869 | 7,390 | ||||||||||||||
| Vaultlogix |
Internet Consumer & Business Services | Senior Secured | September 2015 | Interest rate LIBOR + 7.00% or Floor rate of 8.50% | $ | 8,242 | 8,230 | 7,797 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Vaultlogix |
16,099 | 15,187 | ||||||||||||||||||||
| WaveMarket, Inc.(11) |
Internet Consumer & Business Services | Senior Secured | September 2015 | Interest rate PRIME + 5.75% or Floor rate of 9.50% | $ | 10,000 | 9,914 | 9,754 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
124,127 | 120,549 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Internet Consumer & Business Services (23.74%)* |
156,297 | 152,719 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Media/Content/Info |
||||||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| Westwood One |
Media/Content/Info | Senior Secured | October 2016 | Interest rate LIBOR + 6.50% or Floor rate of 8.00% | $ | 5,113 | 4,824 | 4,824 | ||||||||||||||
| Westwood One |
Media/Content/Info | Senior Secured | October 2016 | Interest rate LIBOR + 6.50% or Floor rate of 8.00% | $ | 12,782 | 11,951 | 11,951 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Westwood One |
16,775 | 16,775 | ||||||||||||||||||||
| Zoom Media and Marketing |
Media/Content/Info | Senior Secured | December 2014 | Interest rate PRIME + 5.25% or Floor rate of 8.50% | $ | 4,000 | 3,820 | 3,727 | ||||||||||||||
| Zoom Media and Marketing |
Media/Content/Info | Senior Secured | December 2015 | Interest rate PRIME + 7.25% or Floor rate 10.50%, PIK Interest 3.75% | $ | 4,695 | 4,488 | 4,423 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Zoom Media and Marketing |
8,308 | 8,150 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
25,083 | 24,925 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Media/Content/Info (3.87%) |
25,083 | 24,925 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Medical Devices & Equipment |
||||||||||||||||||||||
| Under 1 Year Maturity |
||||||||||||||||||||||
| Novasys Medical, Inc(9) |
Medical Devices & Equipment |
Senior Secured | June 2013 | Interest rate FIXED of + 8.00% |
$ | 35 | 34 | 34 | ||||||||||||||
| Optiscan Biomedical, Corp(6) |
Medical Devices & Equipment | Senior Secured | December 2013 | Interest rate PRIME + 8.20% or Floor rate of 11.45% | $ | 8,260 | 9,704 | 9,704 | ||||||||||||||
| Oraya Therapeutics, Inc.(9) |
Medical Devices & Equipment | Senior Secured | December 2013 | Interest rate FIXED + 7.00% | $ | 500 | 500 | 500 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Under 1 Year Maturity |
10,238 | 10,238 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| Home Dialysis Plus |
Medical Devices & Equipment | Senior Secured | April 2017 | Interest rate PRIME + 6.35% or Floor rate of 9.60% | $ | 10,000 | 9,661 | 9,661 | ||||||||||||||
| Lanx, Inc. |
Medical Devices & Equipment | Senior Secured | October 2015 | Interest rate (PRIME -5.25%) + 9.60% or Floor rate of 10.25% | $ | 5,500 | 5,280 | 5,138 | ||||||||||||||
| Lanx, Inc. |
Medical Devices & Equipment | Senior Secured | October 2016 | Interest rate PRIME + 8.50% or Floor rate of 11.75%, PIK Interest 2.00% | $ | 13,184 | 12,835 | 13,092 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total Lanx, Inc. |
18,115 | 18,230 | ||||||||||||||||||||
See notes to consolidated financial statements.
14
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Maturity Date |
Interest Rate and Floor |
Principal Amount |
Cost | Value | |||||||||||||||
| Medrobotics Corporation |
Medical Devices & Equipment | Senior Secured | March 2016 | Interest rate PRIME + 7.85% or Floor rate of 11.10% | $ | 5,000 | $ | 4,877 | $ | 4,898 | ||||||||||||
| NinePoint Medical, Inc. |
Medical Devices & Equipment |
Senior Secured | January 2016 | Interest rate PRIME + 5.85% or Floor rate of 9.10% | $ | 6,585 | 6,499 | 6,367 | ||||||||||||||
| Oraya Therapeutics, Inc.(11) |
Medical Devices & Equipment | Senior Secured | September 2015 | Interest rate PRIME + 5.50% or Floor rate of 10.25% | $ | 7,971 | 7,862 | 8,001 | ||||||||||||||
| SonaCare Medical |
Medical Devices & Equipment | Senior Secured | April 2016 | Interest rate PRIME + 7.75% or Floor rate of 11.00% | $ | 4,000 | 3,930 | 3,785 | ||||||||||||||
| SonaCare Medical(11) |
Medical Devices & Equipment | Senior Secured | April 2016 | Interest rate PRIME + 7.75% or Floor rate of 11.00% | $ | 6,000 | 6,031 | 5,805 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total SonaCare Medical |
9,961 | 9,590 | ||||||||||||||||||||
| United Orthopedic Group, Inc. |
Medical Devices & Equipment | Senior Secured | July 2016 | Interest rate PRIME + 8.60% or Floor rate of 11.85% | $ | 25,000 | 24,401 | 25,151 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
81,375 | 81,898 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Medical Devices & Equipment (14.32%)* |
91,613 | 92,136 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Semiconductors |
||||||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| Achronix Semiconductor Corporation |
Semiconductors | Senior Secured | January 2015 | Interest rate PRIME + 10.60% or Floor rate of 13.85% | $ | 1,247 | 1,232 | 1,207 | ||||||||||||||
| SiTime Corporation |
Semiconductors | Senior Secured | September 2016 | Interest rate PRIME + 6.50% or Floor rate of 9.75% | $ | 3,500 | 3,442 | 3,442 | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: 1-5 Years Maturity |
4,674 | 4,649 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Semiconductors (0.72%)* |
4,674 | 4,649 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Software |
||||||||||||||||||||||
| Under 1 Year Maturity |
||||||||||||||||||||||
| Clickfox, Inc. |
Software | Senior Secured | September 2014 | Interest rate PRIME + 6.75% or Floor rate of 10.00% | $ | 2,000 | 1,972 | 1,972 | ||||||||||||||
| Tada Innovations, Inc.(8) |
Software | Senior Secured | October 2013 | Interest rate FIXED + 8.00% |
$ | 100 | 100 | — | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Subtotal: Under 1 Year Maturity |
2,072 | 1,972 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||||
| Clickfox, Inc. |
Software | Senior Secured | November 2015 | Interest rate PRIME + 8.25% or Floor rate of 11.50% | $ | 6,511 | 6,120 | 6,120 | ||||||||||||||
| EndPlay, Inc. |
Software | Senior Secured | August 2015 | Interest rate PRIME + 7.35% or Floor rate of 10.60% | $ | 1,802 | 1,720 | 1,623 | ||||||||||||||
| Hillcrest Laboratories, Inc. |
Software | Senior Secured | July 2015 | Interest rate PRIME + 7.50% or Floor rate of 10.75% | $ | 3,039 | 3,000 | 3,006 | ||||||||||||||
| KXEN, Inc.(4) |
Software | Senior Secured | January 2015 | Interest rate PRIME + 5.08% or Floor rate of 8.33% | $ | 1,545 | 1,622 | 1,622 | ||||||||||||||
| Mobile Posse, Inc. |
Software | Senior Secured | December 2016 | Interest rate PRIME + 7.50% or Floor rate of 10.75% | $ | 4,000 | 3,845 | 3,845 | ||||||||||||||
| Neos Geosolutions, Inc. |
Software | Senior Secured | May 2016 | Interest rate PRIME + 5.75% or Floor rate of 10.50% | $ | 4,000 | 4,010 | 3,895 | ||||||||||||||
| StartApp |
Software | Senior Secured | March 2017 | Interest rate PRIME + 7.75% or Floor rate of 11.00% | $ | 2,500 | 2,488 | 2,488 | ||||||||||||||
See notes to consolidated financial statements.
15
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Maturity Date |
Interest Rate and Floor |
Principal Amount |
Cost | Value | |||||||||||||
| Touchcommerce, Inc. |
Software | Senior Secured | June 2017 | Interest rate PRIME + 6.00% or Floor rate of 10.25% | $ | 5,000 | $ | 4,686 | $ | 4,686 | ||||||||||
| Touchcommerce, Inc. |
Software | Senior Secured | December 2014 | Interest rate PRIME + 2.25% or Floor rate of 6.50% | $ | 3,111 | 3,060 | 3,060 | ||||||||||||
|
|
|
|
|
|||||||||||||||||
| Total Touchcommerce, Inc. |
7,746 | 7,746 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Subtotal: 1-5 Years Maturity |
30,551 | 30,345 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Subtotal: Software (5.02%)* |
32,623 | 32,317 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Specialty Pharmaceuticals |
||||||||||||||||||||
| Under 1 Year Maturity |
||||||||||||||||||||
| QuatRx Pharmaceuticals Company(9) |
Specialty Pharmaceuticals | Senior Secured | March 2014 | Interest rate FIXED + 8.00% | $ | 82 | 82 | 267 | ||||||||||||
| QuatRx Pharmaceuticals Company(9) |
Specialty Pharmaceuticals | Senior Secured | March 2014 | Interest rate FIXED + 8.00% | $ | 556 | 556 | 920 | ||||||||||||
| QuatRx Pharmaceuticals Company(9) |
Specialty Pharmaceuticals | Senior Secured | March 2014 | Interest rate FIXED + 8.00% | $ | 1,250 | 1,250 | 2,071 | ||||||||||||
|
|
|
|
|
|||||||||||||||||
| Total QuatRx Pharmaceuticals Company |
1,888 | 3,258 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Subtotal: Under 1 Year Maturity |
1,888 | 3,258 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||
| Rockwell Medical, Inc. |
Specialty Pharmaceuticals | Senior Secured | December 2016 | Interest rate PRIME + 9.25% or Floor rate of 12.50% | $ | 20,000 | 19,919 | 19,919 | ||||||||||||
|
|
|
|
|
|||||||||||||||||
| Subtotal: 1-5 Years Maturity |
19,919 | 19,919 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Subtotal: Specialty Pharmaceuticals (3.60%)* |
21,807 | 23,177 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Surgical Devices |
||||||||||||||||||||
| 1-5 Years Maturity |
||||||||||||||||||||
| Transmedics, Inc.(11) |
Surgical Devices | Senior Secured | November 2015 | Interest rate FIXED + 12.95% | $ | 7,250 | 7,174 | 7,174 | ||||||||||||
|
|
|
|
|
|||||||||||||||||
| Subtotal: 1-5 Years Maturity |
7,174 | 7,174 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Subtotal: Surgical Devices (1.12%)* |
|
7,174 | 7,174 | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Total Debt (139.03%)* |
910,412 | 894,493 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
See notes to consolidated financial statements.
16
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Series |
Shares | Cost | Value | ||||||||||||
| Equity |
||||||||||||||||||
| Biotechnology Tools |
||||||||||||||||||
| NuGEN Technologies, Inc. |
Biotechnology Tools | Equity | Preferred Series C | 189,394 | $ | 500 | $ | 691 | ||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Biotechnology Tools (0.11%)* |
500 | 691 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Communications & Networking |
||||||||||||||||||
| GlowPoint, Inc.(3) |
Communications & Networking | Equity | Common Stock | 114,192 | 102 | 153 | ||||||||||||
| Peerless Network, Inc. |
Communications & Networking | Equity | Preferred Series A | 1,000,000 | 1,000 | 3,046 | ||||||||||||
| Stoke, Inc. |
Communications & Networking | Equity | Preferred Series E | 152,905 | 500 | 685 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Communications & Networking (0.60%)* |
1,602 | 3,884 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Consumer & Business Products |
||||||||||||||||||
| Caivis Acquistion Corporation |
Consumer & Business Products | Equity | Common Stock | 295,861 | 819 | 598 | ||||||||||||
| IPA Holdings, LLC |
Consumer & Business Products | Equity | LLC Interest | 500,000 | 500 | 564 | ||||||||||||
| Market Force Information, Inc. |
Consumer & Business Products | Equity | Preferred Series B | 187,970 | 500 | 403 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Consumer & Business Products (0.24%)* |
1,819 | 1,565 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Drug Delivery |
||||||||||||||||||
| AcelRx Pharmaceuticals, Inc.(3) |
Drug Delivery | Equity | Common Stock | 89,243 | 178 | 858 | ||||||||||||
| Merrion Pharm(3)(5)(10) |
Drug Delivery | Equity | Common Stock | 20,000 | 9 | — | ||||||||||||
| NuPathe, Inc.(3) |
Drug Delivery | Equity | Common Stock | 50,000 | 146 | 120 | ||||||||||||
| Transcept Pharmaceuticals, Inc.(3) |
Drug Delivery | Equity | Common Stock | 41,570 | 500 | 132 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Drug Delivery (0.17%)* |
833 | 1,110 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Drug Discovery & Development |
||||||||||||||||||
| Acceleron Pharma, Inc.(3) |
Drug Discovery & Development | Equity | Common Stock | 235,872 | 1471 | 4260 | ||||||||||||
| Aveo Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Equity | Common Stock | 167,864 | 842 | 346 | ||||||||||||
| Dicerna Pharmaceuticals, Inc. |
Drug Discovery & Development | Equity | Preferred Series B | 20,107 | 503 | 202 | ||||||||||||
| Dicerna Pharmaceuticals, Inc. |
Drug Discovery & Development | Equity | Preferred Series C | 142,858 | 1,000 | 991 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Dicerna Pharmaceuticals, Inc. |
162,965 | 1,503 | 1,193 | |||||||||||||||
| Inotek Pharmaceuticals Corporation |
Drug Discovery & Development | Equity | Common Stock | 15,334 | 1,500 | — | ||||||||||||
| Merrimack Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Equity | Common Stock | 546,448 | 2,000 | 2,071 | ||||||||||||
| Paratek Pharmaceuticals, Inc. |
Drug Discovery & Development | Equity | Common Stock | 85,450 | 5 | — | ||||||||||||
| Paratek Pharmaceuticals, Inc. |
Drug Discovery & Development | Equity | Preferred Series H | 244,158 | 1000 | — | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Paratek Pharmaceuticals, Inc. |
329,608 | 1,005 | — | |||||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Drug Discovery & Development (1.22%)* |
8,321 | 7,870 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
See notes to consolidated financial statements.
17
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Series |
Shares | Cost | Value | ||||||||||||
| Electronics & Computer Hardware |
||||||||||||||||||
| Virident Systems, Inc. |
Electronics & Computer Hardware | Equity | Preferred Series D | 6,546,217 | $ | 5,000 | $ | 12,235 | ||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Electronics & Computer Hardware (1.90%)* |
5,000 | 12,235 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Information Services |
||||||||||||||||||
| Buzznet, Inc. |
Information Services | Equity | Preferred Series C | 263,158 | 250 | — | ||||||||||||
| Good Technologies, Inc. (pka Visto Corporation) |
Information Services | Equity | Common Stock | 500,000 | 603 | — | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Information Services (0.00%)* |
853 | — | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Internet Consumer & Business Services |
||||||||||||||||||
| Philotic, Inc. |
Internet Consumer & Business Services | Equity | Common Stock | 8,121 | 93 | — | ||||||||||||
| Progress Financial |
Internet Consumer & Business Services | Equity | Preferred Series G | 218,351 | 250 | 250 | ||||||||||||
| Trulia, Inc.(3) |
Internet Consumer & Business Services | Equity | Common Stock | 29,340 | 141 | 1,697 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Internet Consumer & Business Services (0.30%)* |
484 | 1,947 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Media/Content/Info |
||||||||||||||||||
| Everyday Health, Inc. (pka Waterfront Media, Inc.) |
Media/Content/Info | Equity | Preferred Series D | 145,590 | 1,000 | 544 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Media/Content/Info (0.08%)* |
1,000 | 544 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Medical Devices & Equipment |
||||||||||||||||||
| Gelesis, Inc.(6) |
Medical Devices & Equipment | Equity | LLC Interest | 2,024,092 | 925 | 513 | ||||||||||||
| Lanx, Inc. |
Medical Devices & Equipment | Equity | Preferred Series C | 1,203,369 | 1,000 | 2,000 | ||||||||||||
| Medrobotics Corporation |
Medical Devices & Equipment | Equity | Preferred Series E | 136,798 | 250 | 270 | ||||||||||||
| Novasys Medical, Inc. |
Medical Devices & Equipment | Equity | Preferred Series D-1 | 4,118,444 | 1,000 | — | ||||||||||||
| Optiscan Biomedical, Corp.(6) |
Medical Devices & Equipment | Equity | Preferred Series B | 6,185,567 | 3,000 | 390 | ||||||||||||
| Optiscan Biomedical, Corp.(6) |
Medical Devices & Equipment | Equity | Preferred Series C | 1,927,309 | 655 | 132 | ||||||||||||
| Optiscan Biomedical, Corp.(6) |
Medical Devices & Equipment | Equity | Preferred Series D | 20,251,220 | 1932 | 1859 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Optiscan Biomedical, Corp. |
28,364,096 | 5,587 | 2,381 | |||||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Medical Devices & Equipment (0.80%)* |
8,762 | 5,164 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Software |
||||||||||||||||||
| Atrenta, Inc. |
Software | Equity | Preferred Series C | 1,196,845 | 986 | 1,780 | ||||||||||||
| Atrenta, Inc. |
Software | Equity | Preferred Series D | 635,513 | 508 | 1126 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Atrenta, Inc. |
1,832,358 | 1,494 | 2,906 | |||||||||||||||
| Box, Inc. |
Software | Equity | Preferred Series C | 390,625 | 500 | 5,352 | ||||||||||||
| Box, Inc. |
Software | Equity | Preferred Series D | 158,133 | 500 | 2,166 | ||||||||||||
| Box, Inc. |
Software | Equity | Preferred Series D-1 | 124,511 | 1,000 | 1,706 | ||||||||||||
| Box, Inc. |
Software | Equity | Preferred Series D-2 | 220,751 | 2,001 | 3,024 | ||||||||||||
| Box, Inc. |
Software | Equity | Preferred Series E | 38,183 | 500 | 523 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Box, Inc. |
932,203 | 4,501 | 12,771 | |||||||||||||||
| CapLinked, Inc. |
Software | Equity | Preferred Series A-3 | 53,614 | 50 | 71 | ||||||||||||
| ForeScout Technologies, Inc. |
Software | Equity | Preferred Series D | 319,099 | 398 | 1,401 | ||||||||||||
| HighRoads, Inc. |
Software | Equity | Preferred Series B | 190,170 | 307 | 302 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Software (2.71%)* |
6,750 | 17,451 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Specialty Pharmaceuticals |
||||||||||||||||||
| QuatRx Pharmaceuticals Company |
Specialty Pharmaceuticals | Equity | Preferred Series E | 166,419 | 750 | — | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Specialty Pharmaceuticals (0.00%)* |
750 | — | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
See notes to consolidated financial statements.
18
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Series |
Shares | Cost | Value | ||||||||||||
| Surgical Devices |
||||||||||||||||||
| Gynesonics, Inc. |
Surgical Devices | Equity | Preferred Series B | 219,298 | $ | 250 | $ | 60 | ||||||||||
| Gynesonics, Inc. |
Surgical Devices | Equity | Preferred Series C | 656,538 | 282 | 109 | ||||||||||||
| Gynesonics, Inc. |
Surgical Devices | Equity | Preferred Series D | 1,621,553 | 580 | 675 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Gynesonics, Inc. |
2,497,389 | 1,112 | 844 | |||||||||||||||
| Transmedics, Inc. |
Surgical Devices | Equity | Preferred Series B | 88,961 | 1,100 | 300 | ||||||||||||
| Transmedics, Inc. |
Surgical Devices | Equity | Preferred Series C | 119,999 | 300 | 219 | ||||||||||||
| Transmedics, Inc. |
Surgical Devices | Equity | Preferred Series D | 260,000 | 650 | 875 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Transmedics, Inc. |
468,960 | 2,050 | 1,394 | |||||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Surgical Devices (0.35%)* |
3,162 | 2,238 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Equity (8.50%)* |
39,836 | 54,699 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Warrant |
||||||||||||||||||
| Biotechnology Tools |
||||||||||||||||||
| Cleveland BioLabs, Inc (3) |
Biotechnology Tools | Warrant | Common Stock | 156,250 | 105 | 105 | ||||||||||||
| Labcyte, Inc. |
Biotechnology Tools | Warrant | Preferred Series C | 1,127,624 | 323 | 75 | ||||||||||||
| NuGEN Technologies, Inc. |
Biotechnology Tools | Warrant | Preferred Series B | 204,545 | 45 | 249 | ||||||||||||
| NuGEN Technologies, Inc. |
Biotechnology Tools | Warrant | Preferred Series C | 30,114 | 33 | 25 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total NuGEN Technologies, Inc. |
78 | 274 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Biotechnology Tools (0.07%)* |
506 | 454 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Clean Tech |
||||||||||||||||||
| Agrivida, Inc. |
Clean Tech | Warrant | Preferred Series C | 77,447 | 120 | 243 | ||||||||||||
| Alphabet Energy, Inc. |
Clean Tech | Warrant | Preferred Series A | 86,329 | 82 | 205 | ||||||||||||
| American Superconductor Corporation(3) |
Clean Tech | Warrant | Preferred Common Stock | 139,275 | 244 | 55 | ||||||||||||
| Brightsource Energy, Inc. |
Clean Tech | Warrant | Preferred Series 1 | 175,000 | 780 | 175 | ||||||||||||
| Calera, Inc. |
Clean Tech | Warrant | Preferred Series C | 44,529 | 513 | — | ||||||||||||
| EcoMotors, Inc. |
Clean Tech | Warrant | Preferred Series B | 437,500 | 308 | 434 | ||||||||||||
| Fluidic, Inc. |
Clean Tech | Warrant | Preferred Series C | 59,665 | 102 | 102 | ||||||||||||
| Fulcrum Bioenergy, Inc. |
Clean Tech | Warrant | Preferred Series C-1 | 280,897 | 275 | 198 | ||||||||||||
| Glori Energy, Inc. |
Clean Tech | Warrant | Preferred Series C | 145,932 | 165 | 46 | ||||||||||||
| GreatPoint Energy, Inc. |
Clean Tech | Warrant | Preferred Series D-1 | 393,212 | 548 | — | ||||||||||||
| Polyera Corporation |
Clean Tech | Warrant | Preferred Series C | 161,575 | 69 | 90 | ||||||||||||
| Propel Fuels |
Clean Tech | Warrant | Preferred Series C | 3,200,000 | 211 | 169 | ||||||||||||
| SCIEnergy, Inc. |
Clean Tech | Warrant | Preferred Series D | 1,061,623 | 360 | 25 | ||||||||||||
| Scifiniti (pka Integrated Photovoltaics, Inc.) |
Clean Tech | Warrant | Preferred Series B | 390,000 | 82 | 114 | ||||||||||||
| Solexel, Inc. |
Clean Tech | Warrant | Preferred Series B | 1,171,625 | 1162 | 236 | ||||||||||||
| Stion Corporation |
Clean Tech | Warrant | Preferred Series E | 110,226 | 317 | 171 | ||||||||||||
| TAS Energy, Inc. |
Clean Tech | Warrant | Preferred Series E | 37,406 | 299 | 172 | ||||||||||||
| TPI Composites, Inc. |
Clean Tech | Warrant | Preferred Series B | 120 | 172 | 241 | ||||||||||||
| Trilliant, Inc. |
Clean Tech | Warrant | Preferred Series A | 320,000 | 162 | 36 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Clean Tech (0.42%)* |
5,971 | 2,712 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
See notes to consolidated financial statements.
19
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment |
Series |
Shares | Cost | Value | ||||||||||||
| Communications & Networking |
||||||||||||||||||
| Bridgewave Communications |
Communications & Networking | Warrant | Preferred Series 5 | 29,426 | $ | 753 | $ | — | ||||||||||
| Intelepeer, Inc. |
Communications & Networking | Warrant | Preferred Series C | 117,958 | 102 | 124 | ||||||||||||
| OpenPeak, Inc. |
Communications & Networking | Warrant | Preferred Series E | 25,646 | 149 | — | ||||||||||||
| PeerApp, Inc. |
Communications & Networking | Warrant | Preferred Series B | 298,779 | 61 | 52 | ||||||||||||
| Peerless Network, Inc. |
Communications & Networking | Warrant | Preferred Series A | 135,000 | 95 | 304 | ||||||||||||
| Ping Identity Corporation |
Communications & Networking | Warrant | Preferred Series B | 1,136,277 | 52 | 80 | ||||||||||||
| Purcell Systems, Inc. |
Communications & Networking | Warrant | Preferred Series B | 110,000 | 123 | 730 | ||||||||||||
| Spring Mobile Solutions |
Communications & Networking | Warrant | Preferred Series D | 2,834,375 | 418 | 776 | ||||||||||||
| Stoke, Inc. |
Communications & Networking | Warrant | Preferred Series C | 158,536 | 53 | 195 | ||||||||||||
| Stoke, Inc. |
Communications & Networking | Warrant | Preferred Series D | 72,727 | 65 | 84 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Stoke, Inc. |
231,263 | 118 | 279 | |||||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Communications & Networking (0.36%)* |
1,871 | 2,345 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Consumer & Business Products |
||||||||||||||||||
| IPA Holdings, LLC |
Consumer & Business Products | Warrant | Common Stock | 650,000 | 275 | 322 | ||||||||||||
| Market Force Information, Inc. |
Consumer & Business Products | Warrant | Preferred Series A | 99,286 | 24 | 9 | ||||||||||||
| Seven Networks, Inc. |
Consumer & Business Products | Warrant | Preferred Series C | 1,821,429 | 174 | 3 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Consumer & Business Products (0.05%)* |
473 | 334 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Diagnostic |
||||||||||||||||||
| Navidea Biopharmaceuticals, Inc. (pka Neoprobe) (3) |
Diagnostic | Warrant | Common Stock | 333,333 | 244 | 255 | ||||||||||||
| Tethys Bioscience, Inc. |
Diagnostic | Warrant | Preferred Series E | 2,689,945 | 147 | — | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Diagnostic (0.04%)* |
391 | 255 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Drug Delivery |
||||||||||||||||||
| Alexza Pharmaceuticals, Inc.(3) |
Drug Delivery | Warrant | Common Stock | 37,639 | 645 | 3 | ||||||||||||
| BIND Therapeutics, Inc.(3) |
Drug Delivery | Warrant | Common Stock | 71,359 | 367 | 267 | ||||||||||||
| Intelliject, Inc. |
Drug Delivery | Warrant | Preferred Series B | 82,500 | 594 | 780 | ||||||||||||
| NuPathe, Inc.(3) |
Drug Delivery | Warrant | Common Stock | 106,631 | 139 | 83 | ||||||||||||
| Revance Therapeutics, Inc. |
Drug Delivery | Warrant | Preferred Series D | 802,675 | 557 | 317 | ||||||||||||
| Transcept Pharmaceuticals, Inc.(3) |
Drug Delivery | Warrant | Common Stock | 61,452 | 87 | 4 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Subtotal: Drug Delivery (0.23%)* |
2,389 | 1,454 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Drug Discovery & Development |
||||||||||||||||||
| Acceleron Pharma, Inc.(3) |
Drug Discovery & Development | Warrant | Common Stock | 39,178 | 74 | 451 | ||||||||||||
| ADMA Biologics, Inc. |
Drug Discovery & Development | Warrant | Common Stock | 31,750 | 129 | 129 | ||||||||||||
| Anacor Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Warrant | Common Stock | 528,375 | 1155 | 2919 | ||||||||||||
| Anthera Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Warrant | Common Stock | 40,178 | 984 | 24 | ||||||||||||
| Cell Therapeutics, Inc.(3) |
Drug Discovery & Development | Warrant | Common Stock | 679,040 | 300 | 483 | ||||||||||||
| Cempra, Inc.(3) |
Drug Discovery & Development | Warrant | Common Stock | 138,797 | 458 | 655 | ||||||||||||
| Chroma Therapeutics, Ltd.(5)(10) |
Drug Discovery & Development | Warrant | Preferred Series D | 325,261 | 490 | 500 | ||||||||||||
| Concert Pharmaceuticals, Inc. |
Drug Discovery & Development | Warrant | Preferred Series C | 400,000 | 367 | 524 | ||||||||||||
| Coronado Biosciences, Inc.(3) |
Drug Discovery & Development | Warrant | Common Stock | 73,009 | 142 | 161 | ||||||||||||
| Dicerna Pharmaceuticals, Inc. |
Drug Discovery & Development | Warrant | Common Stock | 200 | 28 | — | ||||||||||||