Tekla Life Sciences Investors (HQL) Balance Sheet
HQL balance sheet, FY2025
September 30, 2025 · U.S. dollars$515.4M assets = $1.7M liabilities + $513.7M equity
Both columns are drawn to the same scale: what HQL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HQL financial health
Current ratio1.74
Comfortable · current assets cover current liabilities 1.74×
Equity / assets99.7%
Equity-funded · of assets funded by shareholders
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
HQL balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $417.6MFY2016 | $515.4MFY2025 | +2.4%/yr | |
| Total liabilities | $2.7MFY2016 | $1.7MFY2025 | −4.7%/yr | |
| Shareholders’ equity | $415.0MFY2016 | $513.7MFY2025 | +2.4%/yr | |
| Cash & short-term investments | $9.9MFY2016 | $75,538FY2025 | −41.8%/yr | |
| Total debt | $0FY2016 | $11.1MFY2022 | — | |
| Net cash (debt) | $9.9MFY2016 | −$11.1MFY2022 | −$21.0M | |
| Working capital | $17.5MFY2016 | $531,598FY2025 | −$16.9M | |
| Book value per share | $20.01FY2016 | $17.79FY2025 | −1.3%/yr | |
| Current ratio | 7.56FY2016 | 1.74FY2025 | −5.83 | |
| Debt / equity | 0.00FY2016 | 0.03FY2022 | +0.03 | |
| Shares outstanding | 20.7MFY2016 | 28.9MFY2025 | +3.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HQL assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
HQL liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
HQL debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HQL balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $75,538 | $1 | $15.2M | $445 | $990 | $5.0M | $1.1M | $40 | $615,310 | $9.9M |
| Cash & equivalents | $75,538 | $1 | $477 | $445 | $990 | −$5.0M | $1.1M | $41 | $615,306 | $10,069 |
| Short-term investments | — | $17.2M | $15.2M | $32.9M | $17.2M | $5.0M | $12.0M | −$1 | $4 | $9.9M |
| Receivables | $1.1M | $231,106 | $5.0M | $623,472 | $150,341 | $73,897 | $4.4M | $11.2M | $18,129 | $10.2M |
| Inventory | $0 | $0 | $20.3M | $33.6M | $17.3M | $0 | $17.5M | $0 | $10.2M | $0 |
| Other current assets | $38,862 | $50,501 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $25,443 |
| Total current assets | $1.3M | $281,608 | $5.0M | $623,917 | $144,663 | $73,897 | $5.1M | $11.2M | $633,439 | $20.1M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $514.1M | $460.3M | $397.5M | $414.1M | $534.0M | $484.0M | $381.5M | $466.5M | $467.0M | $370.8M |
| Other non-current assets | $9,158 | $189 | $26,279 | $25,365 | $32,966 | $118,614 | $416,826 | $825,385 | $719,378 | $26.7M |
| Total assets | $515.4M | $460.6M | $402.6M | $414.7M | $534.2M | $484.2M | $387.0M | $478.5M | $468.3M | $417.6M |
| Liabilities | ||||||||||
| Accounts payable | $720,901 | $1,791 | — | $5.1M | $150,341 | — | $2.8M | $2.3M | $1.3M | $2.1M |
| Short-term debt | — | — | — | $11.1M | $10.0M | $13,943 | $0 | $0 | $0 | $0 |
| Deferred revenue | — | — | — | $5.1M | — | — | — | — | — | — |
| Total current liabilities | $720,901 | $888,610 | — | $5.1M | $10.7M | $581,242 | $2.8M | $2.3M | $1.3M | $2.7M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.0M | $886,819 | $666,959 | $11.7M | $10.7M | $13,943 | $3.3M | $3.0M | $2.0M | $2.7M |
| Total liabilities | $1.7M | $888,610 | $666,959 | $16.8M | $10.7M | $595,185 | $2.8M | $3.0M | $2.0M | $2.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $295,987 | $280,614 | $267,912 | $256,796 | $246,684 | $238,832 | $345.3M | $333.8M | $317.6M | $301.3M |
| Retained earnings (deficit) | $77.6M | $44.1M | −$1.5M | $9.5M | $150.7M | $127.0M | $38.4M | $141.7M | −$22,500 | −$2.7M |
| Accumulated other comprehensive income | — | — | — | $0 | $0 | $0 | $0 | — | $148.7M | $116.4M |
| Total shareholders' equity | $513.7M | $459.7M | $401.9M | $397.9M | $523.4M | $483.6M | $383.7M | $475.5M | $466.4M | $415.0M |
| Key figures | ||||||||||
| Total debt | — | — | — | $11.1M | $1.3M | $26,030 | $0 | $0 | $0 | $0 |
| Net cash (debt) | — | — | — | −$11.1M | −$1.3M | $4.9M | $1.1M | $40 | $615,310 | $9.9M |
| Working capital | $531,598 | −$607,002 | — | −$4.5M | −$10.6M | −$507,345 | $2.3M | $8.8M | −$676,956 | $17.5M |
| Tangible book value | $513.7M | $459.7M | $401.9M | $397.9M | $523.4M | $483.6M | $383.7M | $475.5M | $466.4M | $415.0M |
| Book value per share | $17.79 | $16.38 | $14.21 | $15.49 | $21.58 | $20.28 | $16.55 | $21.22 | $21.84 | $20.01 |
| Shares outstanding | 28.9M | 28.1M | 28.3M | 25.7M | 24.3M | 23.8M | 23.2M | 22.4M | 21.4M | 20.7M |
| Current ratio | 1.74 | 0.32 | — | 0.12 | 0.01 | 0.13 | 1.80 | 4.76 | 0.48 | 7.56 |
| Quick ratio | 1.68 | 0.26 | — | 0.12 | 0.01 | 8.67 | 1.94 | 4.76 | 0.48 | 7.55 |
| Debt / equity | — | — | — | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equity / assets | 99.7% | 99.8% | 99.8% | 95.9% | 98.0% | 99.9% | 99.1% | 99.4% | 99.6% | 99.4% |
| Mar '26 | Sep '25 | Mar '25 | Sep '24 | Mar '24 | Dec '23 | Sep '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $851,602 | $75,538 | $12.2M | $1 | $13.8M | $13.8M | $15.2M | $822 | $822 | $445 | $445 | $292,402 |
| Cash & equivalents | — | $75,538 | $1 | $1 | −$13.8M | — | $477 | $822 | $822 | $445 | $445 | $292,402 |
| Short-term investments | $851,602 | — | $12.2M | — | $13.8M | — | $15.2M | $12.0M | — | $32.9M | — | $22.4M |
| Receivables | $1.3M | $1.1M | $6.4M | $231,106 | $112,964 | $112,964 | $5.0M | $12,818 | $13,007 | $623,472 | $623,661 | $3.1M |
| Inventory | $0 | $0 | $0 | $0 | −$13.8M | $0 | $20.3M | $12.0M | $0 | $33.6M | −$0 | $25.8M |
| Other current assets | $8,781 | $38,862 | $0 | $50,501 | $58,958 | $0 | $0 | $0 | $2.7M | $0 | $11.1M | $0 |
| Total current assets | $2.1M | $1.3M | $42,541 | $281,608 | $171,922 | $171,922 | $5.0M | $13,640 | $2.7M | $623,917 | $11.7M | $3.4M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $561.9M | $514.1M | $404.9M | $460.3M | $441.8M | $0 | $397.5M | $432.6M | $0 | $414.1M | $0 | $445.0M |
| Other non-current assets | $0 | $9,158 | $6.4M | $189 | $0 | $441.8M | $26,279 | $33,380 | $430.0M | $25,365 | $403.0M | $34,157 |
| Total assets | $563.2M | $515.4M | $411.3M | $460.6M | $441.9M | $441.9M | $402.6M | $432.7M | $432.7M | $414.7M | $414.7M | $448.4M |
| Liabilities | ||||||||||||
| Accounts payable | $17,742 | $720,901 | $6.5M | $1,791 | $229,300 | $229,300 | — | $12,818 | — | $5.1M | $5.1M | $3.5M |
| Short-term debt | — | — | — | — | — | — | — | $9,332 | $9.3M | $11,091 | $11.1M | $0 |
| Deferred revenue | — | — | — | — | — | — | — | — | — | $5.1M | $1 | −$5.1M |
| Total current liabilities | $825,020 | $720,901 | $15.1M | $888,610 | $879,912 | $879,912 | — | $10.0M | $10.0M | $5.1M | $16.8M | $3.5M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $2.4M | $1.0M | $324,365 | $886,819 | $879,912 | $650,612 | $666,959 | $10.0M | $0 | $5.1M | $0 | $3.5M |
| Total liabilities | $2.4M | $1.7M | $15.4M | $888,610 | $879,912 | $879,912 | $666,959 | $10.0M | $10.0M | $16.8M | $16.8M | $12.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $304,080 | $295,987 | $288,724 | $280,614 | $273,505 | $273,505 | $267,912 | $262,120 | $262,120 | $256,796 | $256,796 | $251,440 |
| Retained earnings (deficit) | $111.4M | $77.6M | −$30.5M | $44.1M | $30.2M | $30.2M | −$1.5M | $26.8M | $26.8M | $9.5M | $9.5M | $54.3M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $560.8M | $513.7M | $395.9M | $459.7M | $441.1M | $441.1M | $401.9M | $422.6M | $422.6M | $397.9M | $397.9M | $435.5M |
| Key figures | ||||||||||||
| Total debt | — | — | — | — | — | — | — | $9,332 | $9.3M | $11,091 | $11.1M | $209,844 |
| Net cash (debt) | — | — | — | — | — | — | — | −$8,510 | −$9.3M | −$10,646 | −$11.1M | $82,558 |
| Working capital | $1.3M | $531,598 | −$15.0M | −$607,002 | −$707,990 | −$707,990 | — | −$10.0M | −$7.4M | −$4.5M | −$5.1M | −$150,247 |
| Tangible book value | $560.8M | $513.7M | $395.9M | $459.7M | $441.1M | $441.1M | $401.9M | $422.6M | $422.6M | $397.9M | $397.9M | $435.5M |
| Book value per share | $18.44 | $17.79 | $13.71 | $15.98 | $16.13 | $16.13 | $15.00 | $16.12 | — | $15.49 | — | $17.32 |
| Shares outstanding | 30.4M | 28.9M | 28.9M | 28.8M | 27.4M | 27.4M | 26.8M | 26.2M | — | 25.7M | — | 25.1M |
| Current ratio | 2.58 | 1.74 | 0.00 | 0.32 | 0.20 | 0.20 | — | 0.00 | 0.27 | 0.12 | 0.70 | 0.96 |
| Quick ratio | 2.57 | 1.68 | 1.23 | 0.26 | 15.86 | 15.86 | — | 0.00 | 0.00 | 0.12 | 0.04 | 0.96 |
| Debt / equity | — | — | — | — | — | — | — | 0.00 | 0.02 | 0.00 | 0.03 | 0.00 |
| Equity / assets | 99.6% | 99.7% | 96.3% | 99.8% | 99.8% | 99.8% | 99.8% | 97.7% | 97.7% | 95.9% | 95.9% | 97.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed September 30, 2025); data from EODHD.
HQL financial position
At the end of fiscal 2025 (September 30, 2025), Tekla Life Sciences Investors had total assets of $515.4 million (up 11.9% from a year earlier), total liabilities of $1.7 million and shareholders' equity of $513.7 million. Its current ratio was 1.74. In the latest quarter (ended March 31, 2026) total assets were $563.2 million and equity $560.8 million.
Related: HQL income statement, HQL cash flow statement, HQL key metrics. See the HQL stock overview for the latest quote and news.
HQL balance sheet FAQ
What are Tekla Life Sciences Investors's total assets?
Tekla Life Sciences Investors reported total assets of $515.4 million at the end of fiscal 2025 (September 30, 2025), compared with $460.6 million a year earlier.
How much cash does Tekla Life Sciences Investors have?
Tekla Life Sciences Investors held $0.1 million in cash and short-term investments at the end of fiscal 2025.
What is Tekla Life Sciences Investors's book value?
Tekla Life Sciences Investors's shareholders' equity (book value) was $513.7 million at the end of fiscal 2025, or $17.79 per share.
What is Tekla Life Sciences Investors's current ratio?
Tekla Life Sciences Investors had current assets of $1.3 million and current liabilities of $0.7 million, a current ratio of 1.74 (it can cover its short-term obligations).