Horizon Technology Finance Provides Third Quarter 2024 Portfolio Update
- HRZN Originates
- HRZN Ends Quarter with Committed Backlog of
“We made excellent progress in the third quarter with respect to originating new, high-quality investments, as the venture environment continues to show improvement,” said Gerald A. Michaud, President of Horizon and HTFM. “For the quarter, we originated
Third Quarter 2024 Portfolio Update
Originations
During the third quarter of 2024, HRZN funded a total of
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to a new portfolio company, Hometeam Technologies, Inc. (dba Vesta Healthcare), a tech-enabled clinical services company that integrates caregivers, patients and the healthcare delivery system to monitor chronic conditions of high-risk patients.$25.0 million -
to an existing portfolio company, Spineology, Inc., a developer of anatomy-conserving technology solutions for use in lumbar spinal fusion procedures.$16.0 million -
to a new portfolio company, GT Medical Technologies, Inc., a developer of a proprietary solution to treat brain tumors.$15.0 million -
to a new portfolio company, Infobionic, Inc., a developer of an FDA-cleared SaaS remote monitoring system to help treat cardiac arrythmia.$15.0 million -
to a new portfolio company, Pivot Bio, Inc., a developer of natural microbial products that ensure crops receive essential nitrogen needed to grow.$10.0 million -
to a new portfolio company, a developer of a connected digital supply chain for custom manufacturing that networks highly-vetted manufacturing partners around the globe.$10.0 million -
to an existing portfolio company, Swift Health Systems, Inc. (dba InBrace), a developer of teeth straightening technology that provides an alternative to traditional braces and aligners.$1.0 million -
to an existing portfolio company, a developer of a breathalyzer test to detect recent cannabis use.$0.6 million -
to an existing affiliated portfolio company, a builder of conservation memorial forests that offer sustainable alternatives to cemeteries.$0.5 million
Liquidity Events and Partial Paydowns
HRZN experienced liquidity events from four portfolio companies in the third quarter of 2024, consisting of principal prepayments of
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In July, MyForest Foods Co. (“MyForest Foods”) prepaid its outstanding principal balance of
on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in MyForest Foods.$3.8 million -
In July, Lemongrass Holdings, Inc. (“Lemongrass”) prepaid its outstanding principal balance of
on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in Lemongrass.$6.2 million -
In July, Slingshot Aerospace, Inc. (“Slingshot Aerospace”) prepaid its outstanding principal balance of
on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in Slingshot Aerospace.$20.0 million -
In July, with the proceeds of a new loan from the Horizon Platform, Spineology paid its outstanding principal balance of
on its venture loan, plus interest and end-of-term payment. HRZN continues to hold warrants in Spineology.$7.5 million
HRZN also received prepayments of principal from two portfolio companies in the aggregate amount of
Principal Payments Received
During the third quarter of 2024, HRZN received regularly scheduled principal payments on investments totaling
Commitments
During the quarter ended September 30, 2024, HRZN closed new loan commitments totaling
Pipeline and Term Sheets
As of September 30, 2024, HRZN’s unfunded loan approvals and commitments (“Committed Backlog”) were
During the quarter, HTFM received signed term sheets that are in the approval process, which may result in the Horizon Platform providing up to an aggregate of
Warrant and Equity Portfolio
As of September 30, 2024, HRZN held a portfolio of warrant and equity positions in 103 portfolio companies, including 92 private companies, which provides the potential for future additional returns to HRZN’s shareholders.
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company’s filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
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Investor Relations:
ICR
Garrett Edson
ir@horizontechfinance.com
(646) 200-8885
Media Relations:
ICR
Chris Gillick
HorizonPR@icrinc.com
(646) 677-1819
Source: Horizon Technology Finance Corporation