Cap-table health signals
A cap table drifts out of shape quietly: a 409A lapses, a grant gets issued before the new valuation is recorded, an 83(b) deadline slips, a signature never gets chased. None of these show on the cap table itself — but every one is a problem an investor’s lawyer will find. Tenacap surfaces each of these health signals in the place where you’d actually fix it, rather than on a separate checklist page.
Tenacap used to gather these signals onto a standalone equity health checklist. With the navigation redesign, that page went away and its signals moved to where you act on them — so a flag and its fix now sit in the same place. The underlying health score still exists behind the scenes: it drives the 409A status dot on the cap table and the grade-drop and monthly-digest emails, but there’s no separate page to keep checking.
Where the signals live now
Each signal is computed from your own live records — there’s nothing to configure and nothing extra to store. Here is where each one surfaces:
| Signal | Where it shows |
|---|---|
| Current 409A valuation (missing or expiring) | The 409A status dot beside the FMV stat on the cap table |
| 409A coverage on grants (priced without one) | The 409A page (coverage), flagged on the grants it affects |
| Overdue or upcoming 83(b) elections | Option Holdings — the 83(b) column — and 83(b) tracking |
| Unsigned grants awaiting signature | Documents, in the outstanding signatures |
| Grants awaiting board approval | Board, alongside the consents that authorize them |
Outstanding SAFEs or notes you’ll want to model before a priced round — once a reminder on the checklist — now surface in the Model round pro-forma, where you can watch them convert.
The 409A status dot
The most time-sensitive signal has the most visible home: a small colored dot sits beside the current-FMV number at the top of the cap table. Green means a current 409A is on record; amber means it expires soon, so line up a refresh; red means there’s no current 409A — option strikes can’t be safely set until you record one. The dot links straight to the 409A page to fix it.
The five signals
- Current 409A valuation — flags when there’s no active 409A or it has expired, and warns within 30 days of expiry. You can’t safely price option strikes without one.
- 409A coverage on grants — flags any option grant priced with no 409A on record at its grant date, and warns when a grant was priced under a 409A that has since been superseded.
- 83(b) elections — flags any election past its 30-day filing deadline and still unfiled, and warns when one is due soon. This window is unrecoverable, so it’s weighted heavily.
- Signed grants — warns when outstanding grants haven’t been signed yet.
- Board-approved grants — warns when outstanding option grants aren’t backed by a recorded board approval.
Getting nudged
You don’t have to keep looking. If the underlying health grade slips (say B to C), Tenacap can email you so you can see what changed before it compounds, and the monthly digest recaps the current grade. The goal is a clean cap table before you walk into a round or hand over a diligence pack.