Horizon Technology Finance Provides Fourth Quarter 2022 Portfolio Update
- Horizon Platform Originates
- HRZN Grows Loan Portfolio by
- Horizon Platform Ends 2022 with Committed Backlog of
"The Horizon Platform ended the year with another quarter of strong originations and portfolio growth, funding
"Additionally, the Horizon Platform's committed backlog of debt investments remained strong at
Fourth Quarter 2022 Portfolio Update
During the fourth quarter of 2022, a total of
$45.0 millionto a new portfolio company, Evelo Biosciences, Inc.(NASDAQ: EVLO), a clinical stage biotechnology company developing a novel platform of orally delivered medicines acting on the small intestinal axis. $10.6 millionto a new portfolio company, an online interior design service, a portion of which was used to purchase assets of an existing portfolio company of HRZN which resulted in a partial paydown of HRZN's debt investment in such existing portfolio company. $10.0 millionto a new portfolio company, Groundspeed Analytics, Inc., a developer of an AI platform that captures, structures, and delivers complete risk data to commercial P&C insurance carriers. $10.0 millionto an existing portfolio company, Magnolia Medical Technologies, Inc., a developer of an FDA-cleared high-precision blood culture collection medical device. $7.5 millionto an existing portfolio company, Divergent Technologies, Inc., a creator of an innovative global manufacturing infrastructure platform for the automotive industry. $7.5 millionto an existing portfolio company, Soli Organic Inc., a leading grower and marketer of fresh organic culinary herbs, providing sustainable, USDA-certified organic, regionally grown produce to retailers. $7.0 millionto a new portfolio company, Robin Healthcare, Inc., a developer of an AI device that silently observes healthcare visits, extracts data, then builds and uploads clinical notes to a patient's electronic health record. $2.5 millionto an existing portfolio company, Sonex Health, Inc., a developer of technology, education and training programs for ultrasound guided procedures. $2.5 millionto an existing portfolio company, a developer of next generation microbial solutions for both companion and livestock animals. $1.3 millionto an existing portfolio company, a data platform that enables marketers to build personalized digital experiences and 1-to-1 marketing campaigns by focusing on behavioral data.
Liquidity Events and Partial Paydowns
HRZN experienced liquidity or partial paydown events from two portfolio companies in the fourth quarter of 2022, including principal prepayments of
- In November,
LogicBio Therapeutics, Inc.prepaid its outstanding principal balance of $2.6 millionon its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in the company.
- In December, HRZN received a paydown of
$5.6 millionon its venture loan to Interior Define, Inc.from the sale of certain assets of Interior Define, Inc.to a new borrower of HRZN, whose purchase of such assets was financed by HRZN with a new debt investment.
Principal Payments Received
During the fourth quarter of 2022, HRZN received regularly scheduled principal payments on investments totaling
During the quarter ended
Pipeline and Term Sheets
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
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 Horizon's filings with the
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