Flexible, Responsive Capital
Hercules Capital partners with trailblazing life sciences and healthcare companies across biotechnology, pharmaceuticals, medical devices, diagnostics, healthcare services, and healthcare technology. Our non-dilutive financing solutions fuel clinical development, support commercialization and go-to-market investments, enable strategic acquisitions, fund working capital, and generally extend runway through critical milestones—all while preserving equity. With decades of experience and a portfolio of breakthrough companies, Hercules empowers innovators to drive meaningful impact that advances health outcomes.
LIFE SCIENCES TEAM
LIFE SCIENCES TEAM
R. Bryan Jadot Senior Managing Director and Group Head - Life Sciences
Mike Dutra Senior Managing Director and Senior Investment Officer
Lake McGuire Managing Director
Cristy Barnes Managing Director
Michael Bowden Managing Director, Portfolio Mgmt
Tom Hertzberg Managing Director
Adam Soller Managing Director
Michael McMahon Director
Jeffrey Ralto Principal
John Miotti Principal
Brian Powers Principal
Katie Segien Vice President
John O’Leary Vice President
Briana Gironda Vice President
Alexandra Henderson Vice President
Featured Portfolio Companies
Marathon Health
Dyne Therapeutics
uniQure
Hercules Capital is a strong long-term partner for TransMedics. The Hercules team took the time to work with the management team to understand the business opportunity and challenges that we faced. They have used that knowledge to strategically support the company throughout its key stages of development. They are more than a venture debt lender, they are a business partner that focuses on helping their portfolio companies succeed and grow. TransMedics and I are fortunate to be working with the Hercules team.
Waleed Hassanein, M.D. (President & CEO, TransMedics )

LEARN ABOUT VENTURE DEBT
FOR LIFE SCIENCES COMPANIES
How can venture debt support clinical development timelines?
Venture debt provides crucial non-dilutive financing between and alongside equity rounds, allowing life sciences companies to advance clinical programs while managing equity dilution and overall cost of capital. This capital can fund clinical trials, regulatory submissions, CMC investments, and other operational needs during critical development phases, extending runway to achieve value-inflecting milestones.
What types of life sciences companies are ideal candidates for venture debt?
We partner with venture-backed and publicly-traded companies across the entire life sciences sector , including biotechnology, pharmaceuticals, medical devices, and diagnostics. Ideal candidates have raised multiple rounds of equity and typically have strong IP portfolios, experienced management teams, clear clinical and regulatory pathways, and potential for significant market opportunities.
How does Hercules evaluate the unique risks in life sciences lending?
Our Life Sciences Team conducts comprehensive due diligence encompassing scientific, regulatory, commercial, and financial factors. We assess clinical data quality, regulatory strategy, competitive positioning, and management execution capability. Our deep sector expertise allows us to understand and appropriately structure and price our investments for the inherent risks while supporting innovative companies with transformative potential.
Can venture debt help with pre-commercialization activities?
Absolutely. Venture debt can fund manufacturing scale-up, regulatory submissions, market access preparations, and commercial team building. This non-dilutive capital helps life sciences companies prepare for successful product launches while preserving equity for future growth opportunities and strategic partnerships.
How does venture debt work with milestone-based development programs?
We structure financing solutions that align with clinical and regulatory milestones, providing capital as companies achieve predetermined objectives. This approach manages risk while ensuring companies have the resources needed to advance their programs through critical development phases toward commercialization.
How do healthcare services companies utilize venture debt?
Growth-oriented healthcare services companies use venture debt to complement equity to fund a variety of growth initiatives and working capital needs. Typical companies operate within the value-based care space and can include clinic operators, facilitators or MSO models, or insurance providers. These companies utilize venture debt to fund the buildout of new clinics or markets, finance working capital or regulatory capital needs, and to make strategic acquisitions.
How does Hercules evaluate value-based care companies?
Our team has extensive experience lending into the value-based care space which allows us to understand the intricacies of each company’s business model. We diligence areas such as insurance reimbursement and contracting structure, go-to-market strategy, and the key performance indicators for each business. This allows us to develop customized investment structures that are unique to each specific company and designed to provide meaningful growth capital while aligning interests between management teams, equity investors, and Hercules.
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