Hercules Capital, Inc. is a traded business development company, which invests in middle market companies located in the United States. The fund targets companies operating in the fields of life sciences, technology, SaaS Finance, and sustainable renewable energy. It provides equity, debt, loan, and mezzanine financing for buyouts, growth capital, and acquisitions capital requirements. The company was founded in December 2003 and is headquartered in San Mateo, CA.
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- Heron Therapeutics reported Q2 2026 net revenue of $37.7 million, up 9% from the prior quarter but below internal expectations, with acute care revenue growing 43.9% year over year. - The company withdrew its full-year 2026 guidance following a June 2026 U.S. District Court decision affecting CINVANTI patents, citing an inability to forecast potential generic entry timing. - Heron amended its credit facility with Hercules Capital, resetting financial covenants through 2027 and reducing outstanding principal by up to $17.5 million. - Management paused a planned sales force expansion, tightened spending, and is considering strategic alternatives while defending its oncology franchise through legal appeals.
- Senseonics reported Q2 2026 revenue of $14.5 million, a 120% year-over-year increase, marking the strongest quarter in company history. - U.S. revenue grew more than 150% year-over-year, driven by direct-to-consumer marketing now representing 60% of new patient acquisition. - The company raised full-year 2026 revenue guidance to $62–$66 million and gross margin guidance to 58%–61%. - Real-world data showed Eversense 365 combined with the twiist pump achieved 76.6% time-in-range and 99% median transmitter wear time.
- enGene Holdings has secured an expanded $125 million debt facility with Hercules Capital to strengthen its balance sheet ahead of a planned BLA filing for detalimogene voraplasmid in the second half of 2026. - The non-viral gene therapy detalimogene targets high-risk, BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ, addressing a significant unmet medical need for bladder-sparing treatment options. - The financing includes $25 million funded immediately to refinance existing debt, with up to $100 million in additional tranches available based on clinical, regulatory, and commercial milestone achievements. - Detalimogene has received FDA Fast Track and RMAT designations and is currently being evaluated in the multi-cohort Phase 2 LEGEND trial across multiple international sites.
- The FDA has accepted Compass Pathways' Investigational New Drug application for COMP360, enabling initiation of a Phase 2b/3 clinical trial in patients with post-traumatic stress disorder. - The multicenter study will evaluate two 25 mg doses of COMP360 versus 1 mg control doses, with the primary endpoint measuring CAPS-5 total severity score changes at week 8. - Previous Phase 2 data showed COMP360 demonstrated 9.9 and 29.5 point reductions in CAPS-5 scores at weeks 4 and 12, respectively, with no treatment-emergent serious adverse events. - COMP360 represents a potential first-in-class synthetic psilocybin treatment that has already received breakthrough therapy designation for treatment-resistant depression.
- Viridian Therapeutics secured up to $300 million in royalty financing from DRI Healthcare, including $55 million upfront and potential near-term milestones up to $115 million based on positive clinical trial results and regulatory approvals. - The company accelerated its regulatory timeline, expecting to submit a Biologics License Application for veligrotug imminently and anticipating VRDN-003 phase 3 trial data readouts in Q1 2026 for REVEAL-1 and Q2 2026 for REVEAL-2. - The financing, combined with existing cash, is expected to fully fund commercial launches of both veligrotug and VRDN-003 for thyroid eye disease treatment. - Viridian also amended its credit facility with Hercules Capital, providing additional access to up to $300 million in milestone-based capital.
- UniQure entered into a $175 million non-dilutive senior secured term loan facility with Hercules Capital to enhance financial flexibility ahead of AMT-130's potential commercial launch. - The facility consists of three tranches with improved interest rates of 9.70% compared to the previous 11.95%, extending debt maturity from January 2027 to October 2030. - AMT-130 is UniQure's investigational gene therapy for Huntington's disease, with a potential U.S. commercial launch anticipated in 2026. - The transaction provides access to $50 million for refinancing existing debt plus up to $125 million in additional funding subject to regulatory and financial milestones.
- Senseonics Holdings signed a memorandum of understanding with Ascensia Diabetes Care to assume global commercialization and distribution of Eversense 365, the world's first year-long continuous glucose monitor, beginning January 1, 2026. - The transition aims to accelerate growth through dedicated commercial infrastructure and eliminate revenue sharing, with Senseonics projecting gross margin expansion to 50% in 2026 and over 70% at scale. - Brian Hansen, current President of CGM at Ascensia and former Chief Commercial Officer at Tandem Diabetes Care, will join Senseonics as Chief Commercial Officer to lead the transition. - The company secured an expanded $100 million non-dilutive debt facility with Hercules Capital to fund the commercial organization and expects 2025 revenue of $34-38 million with approximately doubling of the global patient base.
- Altimmune has secured a $100 million credit facility from Hercules Capital, with $15 million funded immediately and additional tranches available upon meeting clinical and financial milestones. - The financing will support ongoing development of pemvidutide, a GLP-1/glucagon dual receptor agonist currently in Phase 2b trials for MASH, with top-line data expected in Q2 2025. - Altimmune plans to initiate Phase 2 trials for pemvidutide in Alcohol Use Disorder and Alcohol Liver Disease in the second and third quarters of 2025, expanding the drug's potential therapeutic applications.
- Axsome Therapeutics has entered into a $570 million credit facility with Blackstone, expanding their available credit by over $200 million while significantly reducing capital costs. - The new facility includes a $500 million term loan and $70 million revolving credit facility, with Axsome drawing $120 million initially to retire its previous Hercules Capital loan. - The strategic partnership aims to accelerate Axsome's path to profitability while supporting its mission to develop innovative treatments for CNS disorders that affect over 150 million Americans.
• Phathom Pharmaceuticals' VOQUEZNA generated $55.3 million in net revenue during 2024, with Q4 sales reaching $29.7 million, marking an 81% increase from Q3. • The drug's market penetration expanded significantly with over 300,000 filled prescriptions to date and more than 20,000 healthcare providers prescribing the medication, demonstrating strong adoption in both gastroenterology and primary care settings. • Phathom is advancing VOQUEZNA's development program, including a planned Phase 2 trial for eosinophilic esophagitis (EoE) starting in Q2 2025, while maintaining broad commercial coverage reaching over 80% of U.S. commercial lives.
