TESTNET BUILD — no mainnet deployment, no real value. Nothing on this site is an offer or a live financial product.

Collateral class

Life sciences

Venture debt, royalty financing, and milestone-based credit for biotech and life-science companies.

The claim

Security interests in company assets, royalty streams, or milestone payment rights, per structure.

Duration

Long, with milestone-driven repricing.

Default remedy

Standard secured-credit remedies against pledged assets and royalty/milestone rights; workout-driven rather than market-sale-driven.

Risk stack

  • Clinical & milestone

    Repayment capacity is tied to trial outcomes and development milestones.

  • Concentration

    Individual positions are larger and idiosyncratic; on-chain per-borrower limits apply.

  • Exit timing

    Refinancing and exit windows for venture-stage borrowers vary with market cycles.

Live class parameters (LTV cap, maturity and concentration headroom) are enforced on-chain by the CollateralRegistry. Interest rates and payment terms are signed per facility; clean v1 has no DSRA reserve sizing.