Firsthand Technology Value Fund, Inc. — Cyborg Score 2/10

Challenged
Closed-end venture capital funds

Strategic Profile

The Fund has experienced significant asset deterioration from its peak valuation in 2012 (when NAV reached $23.66 per share) to $0.01951 as of April 24, 2026. As of June 30, 2025, net assets were approximately $0.7 million ($0.11 per share), down substantially from historical levels. The fund's strategy focuses on early-stage and venture-backed technology companies, though current asset base severely limits investment capacity.

Cyborg Score Rationale

The fund has experienced a prolonged capital deterioration, with NAV collapsing from $23.66/share in 2012 to $0.02/share by April 2026 (99.9% decline). Current assets of ~$0.2M with significant liabilities substantially impair investment capability. Stock performance down 68.79% over one year as of April 2026.

Top Insights

  • Capital erosion: NAV declined 99.9% from $23.66/share (June 2012) to $0.02/share (April 2026), reflecting persistent portfolio underperformance
  • Liabilities exceed assets: As of March 2026, payable to affiliates ($321K) plus deferred fees ($37.5K) exceed total assets ($186K), creating negative equity concerns
  • Minimal investment activity: Q2 2025 showed only $0.22M in equity/debt investments against $0.7M in total net assets, indicating near-dormant portfolio management
  • Illiquidity risk: OTC listing with micro-cap market cap (~$319K as of Jan 2026) and minimal trading volume creates significant exit challenges for shareholders

Named Competitors

  • Horizon Technology Finance — BDC specializing in venture capital financing
  • TriplePoint Venture Growth Bank — BDC providing venture debt and growth equity financing
  • Hercules Capital Inc. — BDC focused on venture and growth capital

Recent Developments

  • (April 2026) Stock price declined to $0.01951, reflecting ongoing valuation challenges and investor losses
  • (Q2 2025) Fund reported net assets of $0.7 million ($0.11 per share) with $0.22 million in investments and $171K in investment income
  • (March 2026) 10-Q filing showed total assets of $186,470 with significant affiliate payables exceeding asset base

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