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Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company headquartered in Farmington, Connecticut. The company is dedicated to providing capital in the form of structured debt products to venture capital-backed companies across the technology, life sciences, healthcare information and services, and sustainability industries. Since its inception in 2004, Horizon has successfully originated and invested more than $1.2 billion in venture loans to over 200 burgeoning companies.
Horizon operates with the primary objective of maximizing its investment portfolio's total return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives. The company's experienced team of investment professionals brings a wealth of industry knowledge, ensuring reliable and forward-looking capital solutions to its portfolio companies. Horizon's strong relationships within the venture capital community enable it to support its clients in bridging financial gaps and overcoming growth challenges.
Recent achievements highlight Horizon's robust financial performance. For the fourth quarter of 2023, Horizon reported a 21.8% increase in total investment income, reaching $28.2 million. The company's dollar-weighted annualized yield on average debt investments was 16.8%, reflecting its strategic focus on high-yield opportunities. Horizon's portfolio at the end of 2023 consisted of 56 secured loans, amounting to a fair value of $670.2 million, and total warrant, equity, and other investments in 102 companies valued at $38.9 million.
Horizon continues to actively manage its investments, prudently growing its portfolio and maximizing net asset value (NAV). Despite market challenges, including some unrealized depreciation on investments, the company remains committed to supporting its borrowers and maximizing capital recovery. As of December 31, 2023, Horizon's net assets stood at $324.0 million, or $9.71 per share.
In addition to its financial achievements, Horizon announced a significant acquisition through its affiliate HIMV LLC. Horizon facilitated the acquisition of a comprehensive portfolio of discovery, preclinical, and clinical stage assets from IMV Inc., aiding BioVaxys Technology Corp. in integrating these assets and expanding its clinical-stage programs.
Looking ahead, Horizon is set to release its financial results for the fourth quarter of 2023 on February 27, 2024, and will host a conference call to discuss these results. The company's board of directors has also declared monthly distributions of $0.11 per share for April, May, and June 2024, and a special distribution of $0.05 per share in April 2024.
Horizon Technology Finance Corporation remains a pivotal player in the venture lending landscape, offering substantial value and unwavering support to its portfolio companies. To learn more, visit horizontechfinance.com.
Horizon Technology Finance Corporation (NASDAQ: HRZN) has announced a 10% increase in monthly cash distributions to $0.11 per share for January, February, and March 2023, alongside a special distribution of $0.05 per share payable in December 2022. The total distributions amount to $0.38 per share. Since its IPO in 2010, Horizon has paid $197 million in distributions. The company also offers a Dividend Reinvestment Plan (DRIP) for shareholders to reinvest distributions into additional shares.
Horizon Technology Finance reported third-quarter 2022 net investment income of $11.1 million ($0.43 per share), surpassing $8.0 million ($0.40 per share) from last year. The total investment portfolio reached $635 million, a 40% year-over-year increase. The debt portfolio yield was 15.9%, while net assets stood at $307.7 million ($11.66 per share). The company announced a 10% increase in monthly distributions to $0.11 per share starting January 2023, alongside a special $0.05 distribution in December 2022. As of September 30, 2022, Horizon had $31.6 million in cash and $120.8 million in credit facility capacity.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced the pricing of its loan securitization, Horizon Funding Trust 2022-1. This private securitization involves selling approximately $160 million in loans, with expected proceeds of $98.8 million, closing on November 9, 2022. The securitization will issue $100 million in rated notes at a 7.6878% interest rate. A reserve account will also be funded at 0.75% of the principal balance to enhance credit quality. The notes will be sold under Rule 144A and Regulation S, meaning they are not registered under U.S. securities laws.
Horizon Technology Finance Corporation (NASDAQ: HRZN) has announced a $17 million venture loan facility to Robin Healthcare, Inc., securing an initial funding of $7 million. This funding will support Robin's innovative healthcare management system, which utilizes AI to enhance doctor-patient interactions by streamlining data entry and clinical note creation. Robin aims to allow physicians to focus more on patient care while improving coding accuracy for payors. The collaboration is expected to drive growth for both companies.
Horizon Technology Finance Corporation (NASDAQ: HRZN) will release its third-quarter financial results for 2022 on November 1, 2022, after market close. A conference call is scheduled for November 2, 2022, at 9:00 a.m. ET, featuring key executives including CEO Robert D. Pomeroy, Jr. Investors can participate via phone or a live webcast available on Horizon's website. The company focuses on providing secured loans to venture-capital-backed firms in technology and healthcare sectors, aiming for income generation and capital appreciation.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced a $30 million growth capital credit facility to Kodiak Robotics, a leader in autonomous long-haul trucking. This funding aims to enhance Kodiak's operations, which already deliver freight across Texas and Oklahoma for key partners. Horizon's investment strategy focuses on maximizing returns through secured loans to venture-backed companies in tech and related fields. The collaboration signifies Horizon's commitment to supporting innovative freight solutions that aim to improve safety and efficiency in supply chains.
IMV Inc. provides an update on its Phase 2B trials for MVP-S, showing significant progress in patient recruitment for VITALIZE and AVALON studies. VITALIZE, investigating MVP-S with Keytruda for DLBCL, is expected to yield first results by Q3 2022. AVALON has dosed its first patient, targeting platinum-resistant ovarian cancer, with early data anticipated in H1 2023. The company reported a net loss of $9.9 million for Q2 2022, increasing from $7.4 million YoY. As of June 30, 2022, IMV had $31.1 million in cash, projecting funds into Q2 2023.
On August 8, 2022, InBrace, an orthodontic company, announced securing $45 million in financing led by Horizon Technology Finance Corporation (NASDAQ: HRZN). This funding is intended to enhance InBrace's market penetration in the $40 billion orthodontics industry, building on a previous $100 million Series D funding. CEO Clint Carnell emphasized that this financing reflects investor confidence in InBrace's innovative Smartwire® technology, which offers a discreet and efficient teeth-straightening solution. The capital will support the expansion of InBrace's direct-to-consumer marketing initiatives and InStudio experience centers.
Horizon Technology Finance Corporation (NASDAQ: HRZN) has declared monthly cash distributions of $0.10 per share for October, November, and December 2022, totaling $0.30 per share. This decision follows a comprehensive review of taxable income estimates by the board of directors. Since its IPO in 2010, Horizon has distributed approximately $190 million to shareholders. Additionally, a Dividend Reinvestment Plan (DRIP) allows stockholders to reinvest distributions into common stock.
Horizon Technology Finance reported strong second quarter 2022 results with a net investment income (NII) of $8.6 million, or $0.35 per share, up from $6.1 million the previous year. The total investment portfolio rose by 43% to a record $577 million. The company declared regular monthly distributions of $0.30 per share and ended the quarter with a net asset value (NAV) of $290.6 million, or $11.69 per share. The debt portfolio yield was 14.2%. Despite a challenging macroeconomic environment, Horizon maintained a steady credit profile, with 96% of its loan portfolio rated 3 or better.
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