Hercules Capital Proudly Announces Eight Portfolio Companies Have Completed or Announced an IPO or M&A Liquidity Event Year-to-Date 2018

Hercules
Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”), the
leading specialty financing provider to innovative venture growth stage
companies backed by leading venture capital firms, is pleased to
announce the latest liquidity events for eight (8) of its portfolio
companies: DocuSign, Inc., Tricida, Inc. and BridgeBio Inc./Eidos
Therapeutics, Inc., which recently completed their initial public
offerings (“IPO”); and Inotek Pharmaceuticals Corporation, Neothetics,
Inc., IntegenX Inc., FanDuel and RazorGator, Inc., all of which recently
completed or announced a merger or acquisition.

IPO Events

Realized Gain Events

Portfolio Companies IPO Filings

As of July 9, 2018, Hercules held warrant and equity positions in two
(2) portfolio companies that had filed confidential Registration
Statements under the JOBS Act with the Securities and Exchange
Commission in contemplation of a potential IPO. There can be no
assurances that companies that have yet to complete their IPOs will do
so.

Potential Liquidity Events

Hercules holds equity and warrant positions in 53 and 134 portfolio
companies, respectively, as of March 31, 2018, representing potential
future additional returns to investors. There can be no assurances that
all companies may complete their initial public offering or complete an
M&A event.

M&A Events Announced or Completed

About Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) is the leading and
largest specialty finance company focused on providing senior secured
venture growth loans to high-growth, innovative venture capital-backed
companies in a broad variety of technology, life sciences and
sustainable and renewable technology industries. Since inception
(December 2003), Hercules has committed more than $7.6 billion to over
420 companies and is the lender of choice for entrepreneurs and venture
capital firms seeking growth capital financing. Companies interested in
learning more about financing opportunities should contact info@htgc.com,
or call 650.289.3060.

Hercules’ common stock trades on the New York Stock Exchange (NYSE)
under the ticker symbol “HTGC.” In addition, Hercules has four
outstanding bond issuances of 6.25% Notes due 2024 (NYSE: HTGX), 4.375%
Convertible Notes due 2022, 4.625% Notes due October 2022 and 5.25%
Notes due 2025 (NYSE: HCXZ).

Forward-Looking Statements

This press release may contain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. You
should understand that under Section 27A(b)(2)(B) of the Securities Act
of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange
Act of 1934, as amended, or the Exchange Act, the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995 do
not apply to forward-looking statements made in periodic reports we file
under the Exchange Act.

The information disclosed in this press release is made as of the date
hereof and reflects Hercules most current assessment of its historical
financial performance. Actual financial results filed with the SEC may
differ from those contained herein due to timing delays between the date
of this release and confirmation of final audit results. These
forward-looking statements are not guarantees of future performance and
are subject to uncertainties and other factors that could cause actual
results to differ materially from those expressed in the forward-looking
statements including, without limitation, the risks, uncertainties,
including the uncertainties surrounding the current market volatility,
and other factors the Company identifies from time to time in its
filings with the SEC. Although Hercules believes that the assumptions on
which these forward-looking statements are based are reasonable, any of
those assumptions could prove to be inaccurate and, as a result, the
forward-looking statements based on those assumptions also could be
incorrect. You should not place undue reliance on these forward-looking
statements. The forward-looking statements contained in this release are
made as of the date hereof, and Hercules assumes no obligation to update
the forward-looking statements for subsequent events.

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