x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
HARRIS & HARRIS GROUP, INC.®
|
(Exact
Name of Registrant as Specified in Its
Charter)
|
New York
|
13-3119827
|
|
(State
or Other Jurisdiction
|
(I.R.S.
Employer
|
|
of
Incorporation or Organization)
|
Identification
No.)
|
1450 Broadway, New York, New
York
|
10018
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Title of Each Class
|
Name of Each Exchange on Which Registered
|
|
Common Stock, $.01 par value
|
Nasdaq Global Market
|
None
|
(Title
of Class)
|
¨Yes þ
No
|
¨Yes þ
No
|
þYes ¨
No
|
þYes ¨
No
|
þ
|
Large
accelerated filer ¨
|
Accelerated
filer þ
|
Non-accelerated
filer ¨
|
Smaller
reporting company ¨
|
¨Yes þ
No
|
DOCUMENTS INCORPORATED BY
REFERENCE
|
INCORPORATED AT
|
|
Harris
& Harris Group, Inc. Proxy Statement for the
|
Part
III, Items 9, 10,
|
|
2010
Annual Meeting of Shareholders
|
11,
12 and 13
|
Page
|
|||
PART
I
|
|||
Item
1.
|
Business
|
1
|
|
Item
1A.
|
Risk
Factors
|
15
|
|
Item
1B.
|
Unresolved
Staff Comments
|
30
|
|
Item
2.
|
Properties
|
30
|
|
Item
3.
|
Legal
Proceedings
|
30
|
|
PART
II
|
|||
Item
4.
|
Market
For Registrant's Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
|
31
|
|
Item
5.
|
Selected
Financial Data
|
34
|
|
Item
6.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
35
|
|
Item
6A.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
68
|
|
Item
7.
|
Consolidated
Financial Statements and Supplementary Data
|
70
|
|
Item
8.
|
Changes
in and Disagreements With Accountants on Accounting and Financial
Disclosure
|
125
|
|
Item
8A.
|
Controls
and Procedures
|
125
|
|
Item
8B.
|
Other
Information
|
125
|
|
PART
III
|
|||
Item
9.
|
Directors,
Executive Officers and Corporate Governance
|
126
|
|
Item
10.
|
Executive
Compensation
|
126
|
|
Item
11.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
126
|
|
Item
12.
|
Certain
Relationships and Related Transactions, and Director
Independence
|
126
|
|
Item
13.
|
Principal
Accountant Fees and Services
|
126
|
|
PART
IV
|
|||
Item
14.
|
Exhibits
and Financial Statements Schedules
|
127
|
|
Signatures
|
130
|
||
Exhibit
Index
|
132
|
Item
1.
|
Business.
|
|
·
|
Equity,
equity-related securities (including warrants) and debt with equity
features from either private or public
issuers;
|
|
·
|
Venture
capital investments, whether in corporate, partnership or other form,
including development-stage or start-up
entities;
|
|
·
|
Intellectual
property or patents or research and development in technology or product
development that may lead to patents or other marketable
technology;
|
|
·
|
Debt
obligations of all types having varying terms with respect to security or
credit support, subordination, purchase price, interest payments and
maturity;
|
|
·
|
Foreign
securities; and
|
|
·
|
Miscellaneous
investments.
|
|
·
|
recruiting
management;
|
|
·
|
formulating
operating strategies;
|
|
·
|
formulating
intellectual property
strategies;
|
|
·
|
assisting
in financial planning;
|
|
·
|
providing
management in the initial start-up stages;
and
|
|
·
|
establishing
corporate goals.
|
|
·
|
funding
research and development in the development of a
technology;
|
|
·
|
obtaining
licensing rights to intellectual property or
patents;
|
|
·
|
acquiring
intellectual property or patents;
or
|
|
·
|
forming
and funding companies or joint ventures to commercialize further
intellectual property.
|
Item
1A.
|
Risk
Factors.
|
|
•
|
stock
market and capital markets
conditions;
|
|
•
|
internal
developments in our Company with respect to our personnel, financial
condition and compliance with all
applicable regulations;
|
|
•
|
announcements
regarding any of our portfolio
companies;
|
|
•
|
announcements
regarding developments in the nanotechnology or cleantech-related fields
in general;
|
|
•
|
environmental
and health concerns regarding nanotechnology, whether real or
perceptual;
|
|
•
|
announcements
regarding government funding and initiatives related to the development of
nanotechnology or cleantech-related
products;
|
|
•
|
general
economic conditions and trends;
and/or
|
|
•
|
departures
of key personnel.
|
Item
1B.
|
Unresolved
Staff Comments.
|
Item
2.
|
Properties.
|
Item
3.
|
Legal
Proceedings.
|
Item
4.
|
Market
for Registrant's Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
|
2009 Quarter Ending
|
Low
|
High
|
||||||
March
31
|
$ | 2.65 | $ | 4.48 | ||||
June
30
|
$ | 3.57 | $ | 5.99 | ||||
September
30
|
$ | 5.01 | $ | 6.93 | ||||
December
31
|
$ | 4.04 | $ | 6.31 |
2008 Quarter Ending
|
Low
|
High
|
||||||
March
31
|
$ | 5.76 | $ | 8.98 | ||||
June
30
|
$ | 6.00 | $ | 8.73 | ||||
September
30
|
$ | 4.97 | $ | 8.50 | ||||
December
31
|
$ | 3.10 | $ | 6.58 |
Number of securities
to be issued upon
exercise of out-
standing options,
warrants and rights
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
|
Number of securities
remaining available for
future issuance under
equity compensation
plans (excluding
securities reflected in
Column (a))
|
||||||||
Plan
category
|
(a)
|
(b)
|
(c)
|
|||||||
Equity
compensation plans approved by security holders
|
4,184,503
|
$8.20
|
(1)
|
|||||||
|
||||||||||
Equity
compensation plans not approved by security holders
|
-
|
|
|
-
|
-
|
|||||
TOTAL
|
4,184,503
|
$8.20
|
(1)
|
12/04 | 12/05 | 12/06 | 12/07 | 12/08 | 12/09 | |||||||||||||||||||
Harris
& Harris Group, Inc.
|
100.00 | 84.86 | 73.81 | 53.66 | 24.11 | 27.90 | ||||||||||||||||||
NASDAQ
Composite
|
100.00 | 101.33 | 114.01 | 123.71 | 73.11 | 105.61 | ||||||||||||||||||
NASDAQ
Financial
|
100.00 | 106.94 | 123.77 | 113.75 | 77.43 | 79.26 |
Item
5.
|
Selected
Financial Data.
|
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
Total
assets
|
$ | 136,109,101 | $ | 111,627,601 | $ | 142,893,332 | $ | 118,328,590 | $ | 132,938,120 | ||||||||||
Total
liabilities
|
$ | 1,950,843 | $ | 2,096,488 | $ | 4,529,988 | $ | 4,398,287 | $ | 14,950,378 | ||||||||||
Net
assets1
|
$ | 134,158,258 | $ | 109,531,113 | $ | 138,363,344 | $ | 113,930,303 | $ | 117,987,742 | ||||||||||
Net
asset value per outstanding share
|
$ | 4.35 | $ | 4.24 | $ | 5.93 | $ | 5.42 | $ | 5.68 | ||||||||||
Cash
dividends paid
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
Cash
dividends paid per outstanding share
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
Shares
outstanding, end of year1
|
30,859,593 | 25,859,573 | 23,314,573 | 21,015,017 | 20,756,345 |
|
2009
|
2008
|
2007
|
2006
|
2005
|
|||||||||||||||
Total
investment income
|
$ | 247,848 | $ | 1,987,347 | $ | 2,705,636 | $ | 3,028,761 | $ | 1,540,862 | ||||||||||
Total
expenses2
|
$ | 9,009,063 | $ | 12,674,498 | $ | 14,533,179 | $ | 10,641,696 | $ | 7,006,623 | ||||||||||
Net
operating loss
|
$ | (8,761,215 | ) | $ | (10,687,151 | ) | $ | (11,827,543 | ) | $ | (7,612,935 | ) | $ | (5,465,761 | ) | |||||
Total
tax (benefit) expense 3
|
$ | (753 | ) | $ | 34,121 | $ | 87,975 | $ | (227,355 | ) | $ | 8,288,778 | ||||||||
Net
realized (loss) income from investments
|
$ | (11,105,577 | ) | $ | (8,323,634 | ) | $ | 30,162 | $ | 258,693 | $ | 14,208,789 | ||||||||
Net
decrease (increase) in unrealized depreciation on
investments
|
$ | 19,718,327 | $ | (30,170,712 | ) | $ | 5,080,936 | $ | (4,418,870 | ) | $ | (2,026,652 | ) | |||||||
Net
(decrease) increase in net assets resulting from
operations
|
$ | (148,465 | ) | $ | (49,181,497 | ) | $ | (6,716,445 | ) | $ | (11,773,112 | ) | $ | 6,716,376 | ||||||
(Decrease)
increase in net assets resulting from operations per average outstanding
share
|
$ | (0.01 | ) | $ | (1.99 | ) | $ | (0.30 | ) | $ | (0.57 | ) | $ | 0.36 |
Item
6.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations.
|
Tiny
Technology Companies in Our Active Portfolio as of December 31,
2009
|
Holding
Period (Years)
|
Adesto
Technologies Corporation
|
2.9
|
Ancora
Pharmaceuticals Inc.
|
2.7
|
BioVex
Group, Inc.
|
2.3
|
Bridgelux,
Inc.
|
4.6
|
Cambrios
Technologies Corporation
|
5.1
|
CFX
Battery, Inc.
|
2.5
|
Cobalt
Technologies, Inc.
|
1.2
|
Crystal
IS, Inc.
|
5.3
|
D-Wave
Systems, Inc.
|
3.7
|
Ensemble
Discovery Corporation
|
2.6
|
Enumeral
Technologies, Inc.
|
0.1
|
Innovalight,
Inc.
|
3.7
|
Kovio,
Inc.
|
4.1
|
Laser
Light Engines, Inc.
|
1.7
|
Mersana
Therapeutics, Inc.
|
7.9
|
Metabolon,
Inc.
|
4.0
|
Molecular
Imprints, Inc.
|
5.8
|
NanoGram
Corporation
|
6.7
|
Nanosys,
Inc.
|
6.7
|
Nantero,
Inc.
|
8.4
|
NeoPhotonics
Corporation
|
6.1
|
Nextreme
Thermal Solutions, Inc.
|
5.1
|
Orthovita,
Inc.
|
0.4
|
Polatis,
Inc.
|
7.5
|
PolyRemedy,
Inc.
|
1.9
|
Questech
Corporation
|
15.6
|
Siluria
Technologies, Inc.
|
2.2
|
SiOnyx,
Inc.
|
3.6
|
Solazyme,
Inc.
|
5.1
|
TetraVitae
Bioscience, Inc.
|
1.2
|
Xradia,
Inc.
|
3.0
|
Average
|
4.3
|
Median
|
3.7
|
2005
|
2006
|
2007
|
2008
|
2009
|
|
Total
Incremental Investments
|
$16,251,339
|
$24,408,187
|
$20,595,161
|
$17,779,462
|
$12,334,051
|
Investments
in Privately Held Companies
|
|||||
No.
of New Investments
|
4
|
6
|
7
|
4
|
1
|
No.
of Follow-On Investment Rounds
|
13
|
14
|
20
|
25
|
27
|
No.
of Rounds Led
|
0
|
7
|
3
|
4
|
5
|
Average
Dollar Amount – Initial
|
$1,575,000
|
$2,383,424
|
$1,086,441
|
$683,625
|
$250,000
|
Average
Dollar Amount – Follow-On
|
$765,488
|
$721,974
|
$649,504
|
$601,799
|
$436,490
|
Investments
in Publicly Traded Companies
|
|||||
No.
of New Investments
|
0
|
0
|
0
|
0
|
1
|
No.
of Follow-On Investment Rounds
|
0
|
0
|
0
|
0
|
2
|
Average
Dollar Amount – Initial
|
$0
|
$0
|
$0
|
$0
|
$99,624
|
Average
Dollar Amount – Follow-On
|
$0
|
$0
|
$0
|
$0
|
$99,602
|
|
·
|
micro-capitalization
companies listed on Nasdaq or on the over-the-counter (OTC)
markets;
|
|
·
|
companies
that we think have exceptional growth
potential;
|
|
·
|
companies
that operate in markets in which we are familiar because our privately
held venture-backed companies operate in these
markets;
|
|
·
|
opportunities
where our experience in emerging technology provides insight into
competitive advantages;
|
|
·
|
companies
with disruptive products enabled by nanotechnology that have a shorter
time to commercial launch than that of similar privately held
companies;
|
|
·
|
opportunities
where there is a disparity in valuation of similar publicly traded and
privately held companies;
|
|
·
|
companies
that have not been widely discovered or followed by the investment
community; and
|
|
·
|
opportunities
where the addition of capital to the investee company enables it to reach
a critical milestone, and where the capital is the main factor in
decreasing the risk of meeting that
milestone.
|
1)
|
We
manage the company and our investment pace and criteria such that our
projected needs for capital to make new and follow-on investments does not
exceed the total of our liquid investments. Although we use
best efforts to predict when this capital will be required for use in new
and follow-on investments, we cannot predict with certainty the timing for
these investments. We would be unable to make new or follow-on
investments in our portfolio companies without having substantial liquid
resources of capital available to
us.
|
2)
|
Venture
capital firms traditionally invest beside other venture capital firms in a
process called syndication. The size of the fund and the amount
of capital reserves available to syndicate partners is often an attribute
potential co-investors consider when deciding on syndicate
partners. As we do not have committed capital from limited
partners, we believe we must have adequate available liquid capital on our
balance sheet to be able to have access to high-quality deal flow and to
co-invest with top-tier venture capital
firms.
|
3)
|
We
rarely commit the total amount of cumulative capital intended for
investment in any portfolio company at one point in
time. Instead, our investments consist of multiple rounds of
financing of a given portfolio company, in which we typically participate
if we believe that the merits of such an investment outweigh the
risks. We also commonly have preemptive rights to invest
additional capital in our portfolio companies. These rights
have value, and sometimes are necessary to protect and potentially
increase the value of our positions in our portfolio companies as they
mature. Commonly, the terms of such financings also include
penalties for those investors that do not invest in these subsequent
rounds of financing. Without available capital at the time of
investment, our ownership in the company would be subject to these
penalties that can lead to a partial or complete loss of the capital
invested prior to that round of
financing.
|
4)
|
We
may have the opportunity to increase ownership in late rounds of financing
in some of our most mature companies. Many private venture
capital funds that invested in these companies are reaching the end of the
term associated with their limited partnerships. This issue may
limit the available capital to these funds for follow-on investments, and
the ability to take advantage of potentially valuable terms given to those
who have investable capital. Having permanent, liquid capital
available for investment allows us to take advantage of these
opportunities as they arise. In the fourth quarter of 2009, we
had such an opportunity in NeoPhotonics Corporation, one of our most
mature companies.
|
Portfolio
Company
|
Board
Member
|
Observer
|
Adesto
Technologies Corporation
|
X
|
|
Ancora
Pharmaceuticals Inc.
|
X
(2)
|
|
BioVex
Group, Inc.
|
X
|
|
Bridgelux,
Inc.
|
X
|
|
Cambrios
Technology Corporation
|
X
|
|
CFX
Battery, Inc.
|
X
|
|
Crystal
IS, Inc.
|
X
|
|
D-Wave,
Inc.
|
X
|
|
Ensemble
Discovery Corporation
|
X
|
|
Enumeral
Technologies, Inc.
|
X
(2)
|
|
Innovalight,
Inc.
|
X
|
|
Kovio,
Inc.
|
X
|
|
Laser
Light Engines
|
X
(2)
|
|
Mersana
Therapeutics, Inc.
|
X
(2)
|
|
Metabolon,
Inc.
|
X
|
|
Molecular
Imprints, Inc.
|
X
|
|
NanoGram
Corporation
|
X
|
|
NeoPhotonics
Corporation
|
X
|
|
Nextreme
Thermal Solutions, Inc.
|
X
|
X
|
PolyRemedy,
Inc.
|
X
|
|
Siluria
Technologies, Inc.
|
X
|
|
Sionyx,
Inc.
|
X
|
|
Solazyme,
Inc
|
X
|
|
Tetravitae
Bioscience, Inc.
|
X
|
|
Xradia,
Inc.
|
X
|
Q4 2009
|
2009
|
|
9/30/09 - 12/31/09
|
12/31/08 – 12/31/09
|
|
Dow Jones Industrial Avg.
|
7.4%
|
18.8%
|
Nasdaq Composite
|
6.9%
|
43.9%
|
S&P 500 Composite
|
5.5%
|
23.5%
|
Russell 2000
|
3.5%
|
25.2%
|
Harris & Harris Group
|
-26.9%
|
15.7%
|
2005
|
2006
|
2007
|
2008
|
2009
|
||||||||||||||||
Net
Asset Value, BOY
|
$ | 74,744,799 | $ | 117,987,742 | $ | 113,930,303 | $ | 138,363,344 | $ | 109,531,113 | ||||||||||
Gross
Write-Downs During Year
|
$ | (3,450,236 | ) | $ | (4,211,323 | ) | $ | (7,810,794 | ) | $ | (39,671,588 | ) | $ |
(12,845,574
|
)
|
|||||
Gross
Write-Ups During Year
|
$ | 23,485,176 | $ | 279,363 | $ | 11,694,618 | $ | 820,559 | $ |
21,631,864
|
||||||||||
Gross
Write-Downs as a Percentage of Net Asset Value, BOY
|
-4.62%
|
-3.57%
|
-6.86%
|
-28.67%
|
-11.7%
|
|||||||||||||||
Gross
Write-Ups as a Percentage of Net Asset Value,
BOY
|
31.42%
|
|
0.24%
|
10.26%
|
0.59%
|
19.7%
|
||||||||||||||
Net
Change as a Percentage of Net Asset Value, BOY
|
26.8%
|
-3.33%
|
3.40%
|
-28.08%
|
8.0%
|
Q3
2009 to
Q4
2009
|
Q2
2009 to
Q3
2009
|
Q1
2009 to
Q2
2009
|
Q4
2008 to
Q1
2009
|
|||||||||||||
Value
of Private Portfolio as of Previous Quarter
|
$ | 69,876,210 | $ | 63,959,811 | $ | 58,793,688 | $ | 56,965,153 | ||||||||
Value
of Private Portfolio as of Current Quarter
|
$ | 77,797,086 | $ | 69,876,210 | $ | 63,959,811 | $ | 58,793,688 | ||||||||
Examples
of Inputs that Contribute to Changes in Value
|
||||||||||||||||
Total
New and Follow-On Investments
|
$ | 4,698,782 | $ | 3,884,893 | $ | 2,728,373 | $ | 723,176 | ||||||||
(+)
Due to Terms of New Equity Rounds of Financing
|
$ | 5,229,990 | $ | 4,725,316 | $ | 2,898,224 | $ | 5,376,988 | ||||||||
(-)
Due to Terms of New Equity Rounds of Financing
|
$ | 0 | $ | (1,967,156 | ) | $ | (53,846 | ) | $ | (346,319 | ) | |||||
(+)
Due to (+) in Values of Comparables
|
$ | 1,938,047 | $ | 2,823,833 | $ | 680,485 | $ | 0 | ||||||||
(-)
Due to (-) in Values of Comparables
|
$ | (6,313 | ) | $ | 0 | $ | (30,050 | ) | $ | (107,681 | ) | |||||
(+)
Due to (-) in Non-Performance Risk
|
$ | 500,000 | $ | 0 | $ | 1,049,480 | $ | 0 | ||||||||
(-)
Due to (+) in Non-Performance Risk
|
$ | (4,795,765 | ) | $ | (3,794,138 | ) | $ | (2,437,523 | ) | $ | (3,648,616 | ) | ||||
Other
Factors1
|
$ | 356,135 | $ | 243,6512 | $ | 330,980 | $ | (169,013 | ) | |||||||
Total
Change in Value of Private Portfolio from Quarter to
Quarter
|
$ | 7,920,876 | $ | 5,916,399 | $ | 5,166,123 | $ | 1,828,535 |
1
|
Other
factors include changes in accrued bridge note interest, currency
fluctuations and the value of
warrants.
|
2
|
Includes
changes in the capital account of Exponential Business Development
Company.
|
Investment
|
Amount
of Write-Up
|
||
Adesto
Technologies Corporation
|
$1,320,000
|
||
BioVex
Group, Inc.
|
845,952
|
||
Bridgelux,
Inc.
|
987,642
|
||
CFX
Battery, Inc.
|
812,383
|
||
Ensemble
Discovery Corporation
|
500,000
|
||
Metabolon,
Inc.
|
196,512
|
||
Molecular
Imprints, Inc.
|
3,841,541
|
||
NeoPhotonics
Corporation
|
3,350,923
|
||
Nextreme
Thermal Solutions, Inc.
|
2,202,628
|
||
Questech
Corporation
|
297,104
|
||
Siluria
Technologies, Inc.
|
160,723
|
||
Solazyme,
Inc.
|
5,376,988
|
||
Xradia,
Inc.
|
1,723,215
|
Investment
|
Amount
of Write-Down
|
||
Ancora
Pharmaceuticals Inc.
|
$1,072,811
|
||
Cambrios
Technologies Corporation
|
257,878
|
||
Cobalt
Technologies, Inc.
|
187,499
|
||
Crystal
IS, Inc.
|
779,094
|
||
D-Wave
Systems, Inc.
|
826,786
|
||
Innovalight,
Inc.
|
1,537,713
|
||
Kovio,
Inc.
|
2,266,912
|
||
Laser
Light Engines, Inc.
|
999,999
|
||
Mersana
Therapeutics, Inc.
|
17,500
|
||
NanoGram
Corporation
|
1,471,805
|
||
Nanosys,
Inc.
|
2,685,059
|
||
Orthovita,
Inc.
|
72,432
|
||
PolyRemedy,
Inc.
|
136,170
|
||
SiOnyx,
Inc.
|
1,076,155
|
Investment
|
Amount
of Write-Down
|
||
Adesto
Technologies Corporation
|
$1,100,000
|
||
Ancora
Pharmaceuticals, Inc.
|
299,439
|
||
BioVex
Group, Inc.
|
2,439,250
|
||
Bridgelux,
Inc.
|
3,624,553
|
||
Cambrios
Technologies Corporation
|
1,297,012
|
||
Cobalt
Technologies, Inc.
|
187,499
|
||
Crystal
IS, Inc.
|
1,001,300
|
||
CSwitch
Corporation
|
5,177,946
|
||
D-Wave
Systems, Inc.
|
22,670
|
||
Ensemble
Discovery Corporation
|
1,000,000
|
||
Innovalight,
Inc.
|
1,927,946
|
||
Kereos,
Inc.
|
159,743
|
||
Kovio,
Inc.
|
761,497
|
||
Mersana
Therapeutics, Inc.
|
1,019,613
|
||
Metabolon,
Inc.
|
2,136,734
|
||
Molecular
Imprints, Inc.
|
2,365,417
|
||
NanoGram
Corporation
|
4,415,417
|
||
Nanomix,
Inc.
|
980,418
|
||
Neophotonics
Corporation
|
4,024,305
|
||
Nextreme
Thermal Solutions, Inc.
|
2,182,133
|
||
Polatis,
Inc.
|
276,526
|
||
PolyRemedy,
Inc.
|
122,250
|
||
Questech
Corporation
|
463,968
|
||
Siluria
Technologies, Inc.
|
160,723
|
||
SiOnyx,
Inc.
|
1,076,153
|
||
Starfire
Systems, Inc.
|
750,000
|
||
TetraVitae
Bioscience, Inc.
|
125,000
|
New Investments
|
Amount of Investment
|
|||
Orthovita,
Inc.
|
$ | 99,624 | ||
Enumeral
Technologies, Inc.
|
250,000 |
Follow-On Investments
|
Amount of Investment
|
|||
Adesto
Technologies Corporation
|
$550,000
|
|||
Adesto
Technologies Corporation
|
1,635,775
|
|||
Ancora
Pharmaceuticals Inc.
|
125,000
|
|||
Ancora
Pharmaceuticals Inc.
|
200,000
|
|||
Ancora
Pharmaceuticals Inc.
|
100,000
|
|||
Ancora
Pharmaceuticals Inc.
|
700,000
|
|||
BioVex
Group, Inc.
|
111,111
|
|||
BioVex
Group, Inc.
|
166,667
|
|||
BioVex
Group, Inc.
|
299,145
|
|||
Bridgelux,
Inc.
|
250,124
|
|||
Cambrios
Technologies Corporation
|
515,756
|
|||
CFX
Battery, Inc.
|
3,492
|
|||
CFX
Battery, Inc.
|
533,239
|
|||
CFX
Battery, Inc.
|
1,000,000
|
|||
CFX
Battery, Inc.
|
300,000
|
|||
Cobalt
Technologies, Inc.
|
374,999
|
|||
Crystal
IS, Inc.
|
408,573
|
|||
Ensemble
Discovery Corporation
|
48,883
|
|||
Innovalight,
Inc.
|
721,090
|
|||
Laser
Light Engines, Inc.
|
890,000
|
|||
Laser
Light Engines, Inc.
|
500,000
|
|||
Mersana
Therapeutics, Inc.
|
200,000
|
|||
Mersana
Therapeutics, Inc.
|
250,000
|
|||
Metabolon,
Inc.
|
1,000,000
|
|||
NeoPhotonics
Corporation
|
87,364
|
|||
NeoPhotonics
Corporation
|
692,300
|
|||
Orthovita,
Inc.
|
99,808
|
|||
Orthovita,
Inc.
|
99,395
|
|||
PolyRemedy,
Inc.
|
121,706
|
|||
|
||||
Total
|
$12,334,051
|
December 31,
|
||||||||
2009
|
2008
|
|||||||
Venture
capital investments,
|
||||||||
at
cost
|
$ | 92,389,907 | $ | 91,090,001 | ||||
Net
unrealized depreciation (1)
|
14,366,426 | 34,124,848 | ||||||
Venture
capital investments,
|
||||||||
at
value
|
$ | 78,023,481 | $ | 56,965,153 |
December 31,
|
||||||||
2009
|
2008
|
|||||||
U.S.
government obligations,
|
||||||||
at
cost
|
$ | 55,960,024 | $ | 52,956,288 | ||||
Net
unrealized (depreciation) appreciation(1)
|
(12,443 | ) | 27,652 | |||||
U.S.
government obligations,
|
||||||||
at
value
|
$ | 55,947,581 | $ | 52,983,940 |
New Investments
|
Amount
|
|||
Cobalt
Technologies, Inc.
|
$240,000
|
|||
Laser
Light Engines, Inc.
|
$2,000,000
|
|||
PolyRemedy,
Inc.
|
$244,500
|
|||
TetraVitae
Bioscience, Inc.
|
$250,000
|
|||
Follow-on Investments
|
||||
|
||||
Adesto
Technologies Corporation
|
$1,052,174
|
|||
Ancora
Pharmaceuticals Inc.
|
$800,000
|
|||
BioVex
Group, Inc.
|
$200,000
|
|||
Bridgelux,
Inc.
|
$1,000,001
|
|||
Cobalt
Technologies, Inc.
|
$134,999
|
|||
CFX
Battery, Inc.
|
$526,736
|
|||
CSwitch
Corporation
|
$986,821
|
|||
CSwitch
Corporation
|
$250,000
|
|||
D-Wave
Systems, Inc.
|
$736,019
|
|||
D-Wave
Systems, Inc.
|
$487,804
|
|||
Ensemble
Discovery Corporation
|
$250,286
|
|
||
Kovio,
Inc.
|
$1,500,000
|
|
||
Mersana
Therapeutics, Inc.
|
$200,000
|
|
||
Metabolon,
Inc.
|
$1,000,000
|
|||
NeoPhotonics
Corporation
|
$200,000
|
|||
Nextreme
Thermal Solutions, Inc.
|
$377,580
|
|||
Nextreme
Thermal Solutions, Inc.
|
$200,000
|
|||
Nextreme
Thermal Solutions, Inc.
|
$200,000
|
|||
Nextreme
Thermal Solutions, Inc.
|
$800,000
|
|||
Nextreme
Thermal Solutions, Inc.
|
$1,050,000
|
|||
Phoenix
Molecular Corporation
|
$25,000
|
|||
Phoenix
Molecular Corporation
|
$25,000
|
|||
Siluria
Technologies, Inc.
|
$42,542
|
|||
Solazyme,
Inc.
|
$2,000,000
|
|||
Solazyme,
Inc.
|
$1,000,000
|
|||
|
||||
Total
|
$17,779,462
|