Equity health score

The equity health score is the page you open before a board meeting or a diligence request to answer one question: is my cap table in good shape, and if not, what do I fix first? It rolls the signals Tenacap already tracks into a single score and a short, ranked checklist.

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 are visible on the cap table itself — but every one of them is a problem an investor’s lawyer will find. The health score surfaces them while they’re still cheap to fix.

Open the health score

From your cap table, open Health in the header. It reads your live records and computes everything on the spot — there’s nothing to configure and nothing is stored. It’s a read-only overview, available to editors and admins.

The equity health score with a grade and a checklist of passing and failing checks

How the score works

You get a score out of 100 and a letter grade. Each check carries a weight that reflects how much it matters — a missed 83(b) window (which can’t be undone) and a lapsed 409A weigh most. A passing check earns full credit, a warning earns half, and a failing check earns none; the score is the weighted percentage. A–B reads as Healthy, C as Needs attention, D as At risk.

What it checks

Current 409A valuation — fails if there’s no active 409A or it has expired; warns when it’s within 30 days of expiring. You can’t safely price option strikes without one.
409A coverage on grants — fails if any option grant was priced with no 409A on record at its grant date; warns if a grant was priced under a 409A that has since been superseded.
83(b) elections — fails if any election is past its 30-day filing deadline and still unfiled; 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.

Below the checklist, Reminders surface things that aren’t problems but are worth knowing — for example, outstanding SAFEs or notes you’ll want to model before your next priced round.

Fixing what it finds

Every failing or warning check has a Fix link that takes you straight to the right place — the compliance page to record a 409A or mark an 83(b) filed, or the cap table to attach a 409A or send a grant to sign. Clear the list and the score climbs. The goal is a clean A before you walk into a round or hand over a diligence pack.