2024 in Review

Hercules Capital achieved a significant milestone in 2024 as we celebrated 20 years of investment activity, highlighting our commitment to serving the entrepreneurial ecosystems in the technology and life sciences industries. In this 20th year of originations, the Hercules Platform* reached the $20 billion mark in total debt commitments since our inception. We are proud of this achievement and remain committed to our mission to be an alternative, non-dilutive source of growth capital to our portfolio companies, complementing existing institutional financing.

*As used herein, the Hercules Platform refers to Hercules Capital, Inc. ("Hercules Capital") and external funds managed by Hercules Adviser LLC ("Hercules Adviser").

The funding activity of the Hercules Platform in 2024 surpassed the previous record set in 2023, with over $1.8 billion of gross fundings to new and existing portfolio companies. During the year 2024 the Hercules Platform made approximately $2.7 billion in new debt and equity commitments to companies in the technology and life sciences verticals, leveraging our dedicated investment teams’ expertise in each vertical. We further grew our team by adding seasoned investment professionals in our New York office and the Washington DC metro area.

The Hercules Platform maintained a strong and stable balance sheet supporting continued portfolio growth. In July we received approval by the Small Business Administration (SBA) for our 4th SBIC license, continuing our long-standing partnership with the SBIC program. In December, we renewed and increased our multi-currency SMBC credit facility to $300 million.

With approximately $4.6 billion in assets under management** by the Hercules Platform, a strong liquidity position, and a proven track record spanning two decades, we enter 2025 with great enthusiasm for supporting growth-stage companies in the life sciences and technology verticals. We are grateful for valued relationships with our portfolio companies and partners and remain dedicated to continued success and growth.

**As of 9/30/2024 based on investments at cost.

The Hercules Platform By the Numbers

~$2.7 Billion New Committed Debt & Equity Capital

New Portfolio Companies

Total Active Loan Portfolio Companies**

M&A Events***

~$6.0 Billion Total New Capital Raised by Portfolio Companies

~$4.6 Billion Total Assets Under Management**

**As of 9/30/2024 based on investments at cost.
***M&A events include transactions closed and/or announced during 2024.

Technology Portfolio Activity in 2024*

$1.34 Billion New Committed Debt & Equity Capital

New Portfolio Companies

M&A Events

$1.3 Billion Total New Capital Raised by Portfolio Companies

Featured Deals

Shield AI
Shield AI, the defense technology company building autonomy for the world, secured a $150 million debt commitment from Hercules* in Q1 2024.
Armis
In Q1 2024, Armis, the cyber attack surface exposure management and security company secured a $100 million debt commitment from Hercules.*
Harness
In Q1 2024, Harness, the leading AI-native platform for complete software delivery, secured a $90 million debt commitment from Hercules.*
Semperis
Semperis, a pioneer in identity-driven cyber resilience, secured a $75 million debt commitment from Hercules* in Q2 2024.

*Includes Hercules Capital and external funds managed by Hercules Adviser.
All company names, logos, and brands are property of their respective owners.

Life Sciences Portfolio Activity in 2024*

$1.35 Billion New Committed Debt & Equity Capital

New Portfolio Companies

M&A Events

$4.7 Billion Total New Capital Raised by Portfolio Companies

Featured Deals

Marathon Health

Marathon Health, a leading provider of direct primary care for employers and unions in the U.S., secured a $235 million debt commitment from Hercules* in Q1 2024.

Arcus Biosciences

Arcus Biosciences, a clinical-stage, global biopharmaceutical company focused on developing differentiated molecules and combination therapies for patients with cancer, secured $150 million debt commitment from Hercules* in Q3 2024.

Reveleer

In Q1 and Q3 2024, Reveleer, a leading AI-powered healthcare technology data and analytics company committed to advancing sustainable value-based care for health plans and risk-bearing providers, secured a total of $70 million debt commitment from Hercules*.

Disc Medicine

In Q4 2024, Disc Medicine, a clinical-stage biopharmaceutical company committed to discovering, developing, and commercializing novel treatments for patients who suffer from serious hematologic diseases, secured a $175 million debt commitment from Hercules*.

*Includes Hercules Capital and external funds managed by Hercules Adviser.
All company names, logos, and brands are property of their respective owners.

Ventured Growth Podcast

Hercules Capital’s Ventured Growth podcast features conversations with today’s top CEOs, CFOs, and investors in the venture and private equity ecosystem. Learn about their strategies for financing rapid growth and scaling their businesses, as well as their unique interests and life stories that have shaped their paths to success. A few of the engaging episodes from 2024 include:

Community Outreach

For the year 2024 the Hercules Capital team set the focus of our volunteer and giving work on a specific cause: Child Poverty. According to the US Census Bureau, over 9 million kids in the US live below the federal poverty line. The child poverty rate more than doubled from 5.2% in 2021 to 12.4% in 2022. Our aim for the year was to make a tangible difference in the lives of children and families by providing essential resources, support programs, and initiatives to empower them to break the cycle of poverty and build a better tomorrow. We selected several organizations in the Boston, New York, and SF Bay Area making an impact on this critical issue.