Risk factors

Hercules Capital (HTGC) risk factors

Item 1A of every Hercules Capital, Inc. 10-K on file, and what changed from one year to the next. Readings are automated and can be wrong; check the filing for the exact wording.

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  • FY2025 10-K risk factors
    80 risks9 new5 dropped13 reworded

    Portfolio concentration shifted slightly, with Application Software and Drug Discovery representing 24.3% and 23.3% of fair value.

    Filed Feb 12, 2026
  • FY2024 10-K risk factors
    76 risks

    Hercules Capital relies heavily on venture debt investments in technology and life sciences companies, facing intense competition and market volatility risks.

    Filed Feb 13, 2025