The fund maintains a clean capital structure with no reported debt, yet its $563.2M asset base remains highly susceptible to market-driven valuation fluctuations.
| Metric | TTM | Sep'25 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Total Current Assets | 2.13M | 1.25M | 5.05M | 623.92K | 144.66K | 73.9K | 5.09M | 11.19M | 633.44K | 20.12M | 21.72M | 4.76M | 7.15M | 9.92M | 800K | 500K | 8.5M | 1.8M | 200K | 1.4M | 2.5M | 1.2M | 1.2M | 1.1M | 1.9M | 100K | 100K | 200K |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | -25.18K | -32.97K | -4.99M | -17.93M | 13.07M | 9.61M | 9.85M | 20.16M | 4.13M | 2.7M | 3.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 561.1M | 514.13M | 397.53M | 414.08M | 534.01M | 483.97M | 381.47M | 466.45M | 466.98M | 397.51M | 446.14M | 440.09M | 295.67M | 216.34M | 170M | 255.4M | 255.9M | 277.9M | 308.8M | 269.4M | 227.7M | 191.8M | 191.7M | 156.8M | 214M | 101.3M | 132.1M | 123.5M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.86B | 505.7M | 397.53M | 414.08M | 534.01M | 483.97M | 381.47M | 466.45M | 466.98M | 370.84M | 443.83M | 440.09M | 295.35M | 216.34M | 170M | 255.4M | 255.9M | 277.9M | 308.8M | 269.4M | 227.7M | 191.8M | 191.7M | 156.8M | 214M | 101.3M | 132.1M | 123.5M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 563.23M | 515.38M | 402.6M | 414.73M | 534.19M | 484.17M | 386.98M | 478.47M | 468.33M | 417.63M | 467.85M | 444.84M | 302.82M | 227.48M | 171.6M | 256.8M | 265.1M | 281M | 309.1M | 270.8M | 230.3M | 193.1M | 193M | 157.9M | 215.9M | 101.4M | 132.2M | 123.7M |
| Asset Turnover | 0.23x | 0.17x | 0.10x | 0.08x | 0.08x | 0.08x | 0.01x | 0.00x | 0.15x | 0.02x | 0.00x | 0.00x | 0.00x | 0.01x | 0.00x | 0.01x | 0.00x | 0.01x | 0.01x | 0.01x | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.00x | 0.00x | 0.00x |
| Asset Growth % | 34% | 28.01% | -2.92% | -22.36% | 10.33% | 25.11% | -19.12% | 2.16% | 12.14% | -10.73% | 5.17% | 46.9% | 33.12% | 32.57% | -33.18% | -3.13% | -5.66% | -9.09% | 14.14% | 17.59% | 19.26% | 0.05% | 22.23% | -26.86% | 112.92% | -23.3% | 6.87% | - |
| Total Current Liabilities | 0 | 720.9K | 0 | 5.1M | 10.75M | 581.24K | 2.82M | 2.35M | 1.31M | 2.66M | 5.01M | 754.55K | 530.12K | 404.67K | 600K | 4.8M | 16M | 2.7M | 600K | 2.1M | 600K | 900K | 2.3M | 0 | 300K | 1.2M | 0 | 400K |
| Accounts Payable | 0 | 720.9K | 0 | 5.1M | 150.34K | 0 | 2.82M | 2.35M | 1.31M | 2.1M | 4.21M | 140.62K | 36K | 0 | 600K | 4.8M | 16M | 2.7M | 600K | 2.1M | 600K | 900K | 2.3M | 0 | 300K | 1.2M | 0 | 400K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 11.09M | 10.04M | 13.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | -16.18M | -8M | -1.86K | 0 | -2.35M | -1.31M | 0 | 0 | 0 | 0 | 404.67K | -600K | -4.8M | -16M | -2.7M | -600K | -2.1M | -600K | -900K | -2.3M | 0 | -300K | -1.2M | 0 | -400K |
| Current Ratio | - | 1.74x | - | 0.12x | 0.01x | 0.13x | 1.80x | 4.76x | 0.48x | 7.56x | 4.33x | 6.30x | 13.48x | 24.52x | 1.33x | 0.10x | 0.53x | 0.67x | 0.33x | 0.67x | 4.17x | 1.33x | 0.52x | - | 6.33x | 0.08x | - | 0.50x |
| Quick Ratio | - | 1.74x | - | 0.12x | 0.01x | 0.13x | 1.80x | 4.76x | 0.48x | 7.56x | 4.33x | 6.30x | 13.48x | 24.52x | 1.33x | 0.10x | 0.53x | 0.67x | 0.33x | 0.67x | 4.17x | 1.33x | 0.52x | - | 6.33x | 0.08x | - | 0.50x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.4M | 1.01M | 666.96K | 11.72M | 10.75M | 13.94K | 3.33M | 2.98M | 1.98M | 2.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 2.4M | 1.73M | 666.96K | 16.82M | 10.75M | 595.18K | 2.82M | 2.98M | 1.98M | 2.66M | 5.01M | 754.55K | 530.12K | 404.67K | 1M | 5.4M | 16.5M | 3.2M | 1.1M | 2.7M | 1M | 1.3M | 2.6M | 300K | 800K | 1.4M | 200K | 600K |
| Total Debt | 0 | 0 | 0 | 11.09M | 1.34M | 26.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 0 | -75.54K | -477 | 10.65K | 1.34M | 4.99M | -1.12M | 0 | -615.31K | -10.07K | -403 | -2.34K | -36.58K | -689 | 0 | 0 | -5.5M | 0 | 0 | 0 | 0 | -700K | -1.1M | -100K | -400K | 0 | -100K | -200K |
| Debt / Equity | 0.00x | - | - | 0.03x | 0.00x | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.00x | - | - | - | 0.02x | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.00x | -0.00x | -0.00x | - | 0.02x | 0.04x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.10x | -0.03x | - | - | - | -0.01x | -0.01x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | -0.10x | -0.04x | -0.04x | 1.98x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 560.83M | 513.66M | 401.93M | 397.9M | 523.44M | 483.57M | 383.65M | 475.49M | 466.35M | 414.97M | 462.84M | 444.09M | 302.29M | 227.08M | 170.6M | 251.4M | 248.6M | 277.8M | 308M | 268.1M | 229.3M | 191.8M | 190.4M | 157.6M | 215.2M | 100M | 132M | 123.1M |
| Equity Growth % | 42.66% | 27.8% | 1.01% | -23.98% | 8.24% | 26.04% | -19.31% | 1.96% | 12.38% | -10.34% | 4.22% | 46.91% | 33.12% | 33.11% | -32.14% | 1.13% | -10.51% | -9.81% | 14.88% | 16.92% | 19.55% | 0.74% | 20.81% | -26.77% | 115.2% | -24.24% | 7.23% | - |
| Book Value per Share | 18.44 | 17.79 | 14.21 | 15.49 | 21.58 | 20.28 | 16.55 | 21.22 | 21.84 | 20.01 | 23511.12 | 23366.85 | 20160.66 | 15738.17 | 11700.96 | 11510.99 | 11325.74 | 13178.37 | 15338.65 | 13941.76 | 18183.98 | 15890.64 | 16687.12 | 15139.29 | 23090.13 | 13717.42 | 18830.24 | 18428.14 |
| Total Shareholders' Equity | 560.83M | 513.66M | 401.93M | 397.9M | 523.44M | 483.57M | 383.65M | 475.49M | 466.35M | 414.97M | 462.84M | 444.09M | 302.29M | 227.08M | 170.6M | 251.4M | 248.6M | 277.8M | 308M | 268.1M | 229.3M | 191.8M | 190.4M | 157.6M | 215.2M | 100M | 132M | 123.1M |
| Common Stock | 304.08K | 295.99K | 267.91K | 256.8K | 246.68K | 238.83K | 345.29M | 333.78M | 317.62M | 301.31M | 281.46M | 262.95M | 183.53M | 173.76M | 173.9M | 271.9M | 273.6M | 282.3M | 272.9M | 262.9M | 177.5M | 169M | 158.5M | 145.3M | 127.4M | 85.7M | 83.6M | 80.5M |
| Retained Earnings | 111.37M | 77.6M | -1.48M | 9.55M | 150.7M | 127.03M | 38.36M | 141.71M | -22.5K | -2.73M | 181.38M | 181.13M | 118.76M | 53.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 148.73M | 116.39M | 0 | 0 | 0 | 53.3M | -3.3M | -20.5M | -25.1M | -4.4M | 35.1M | 5.2M | 51.7M | 22.8M | 31.8M | 12.2M | 87.8M | 14.3M | 48.4M | 42.6M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation Volatility
As reported in financial statements, HQL's total assets have fluctuated significantly, reaching $563.2M in 2026Q2 from a low of $402.6M in 2023Q4, illustrating the fund's sensitivity to the underlying valuation of its concentrated, clinical-stage life sciences portfolio rather than organic growth.
The expansion of the asset base appears largely driven by market-to-market revaluations of holdings rather than capital inflows. Investors should monitor whether this trajectory remains sustainable given the inherent volatility of the biotech sector and the fund's reliance on successful exit events.
According to recent SEC filings, HQL's equity base has shown resilience, with retained earnings recovering to $111.4M in 2026Q2 after dipping into negative territory during 2025Q2, suggesting that the fund's capital structure is heavily dependent on the realized performance of its investment holdings.
The recovery in retained earnings indicates that the fund has successfully navigated recent market cycles, yet the volatility in this line item warrants caution. The reliance on investment gains to bolster equity suggests that shareholders remain exposed to the binary outcomes of the fund's clinical-stage biotech investments.
Based on the provided quarterly data, HQL maintains a thin liquidity profile, with cash reserves of $851.6K in 2026Q2, which appears insufficient to cover significant operational outflows or support the fund's managed distribution policy without relying on asset liquidations.
The consistently low cash position suggests that the fund operates with minimal idle capital, prioritizing full deployment into its biotech holdings. This lack of a liquidity buffer may force management to sell assets at inopportune times to meet distribution obligations or cover administrative expenses.
As indicated by historical balance sheet data, the absence of debt and minimal liabilities may present a misleading picture of safety, as the fund's true risk is concentrated in the illiquid, private-placement assets that are not explicitly broken out in the reported figures.
While the balance sheet appears clean of traditional leverage, the lack of transparency regarding the valuation methodology for private holdings suggests that the reported NAV may be subject to significant estimation risk. Investors should consider that the absence of debt does not equate to an absence of risk in a portfolio of pre-revenue life sciences entities.
Quick answers to the most common questions about buying HQL stock.
As of 2025, Tekla Life Sciences Investors (HQL) had total assets of $515.4M including $1.3M in current assets.
Tekla Life Sciences Investors (HQL) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tekla Life Sciences Investors (HQL) has total shareholders' equity (book value) of $513.7M ($17.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tekla Life Sciences Investors (HQL) reported a current ratio of 1.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.