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HQL

Tekla Life Sciences Investors

HQL

Tekla Life Sciences Investors • NYSE
$17.67 ▲ 1.09% (+0.19)
Market Cap $510.18 M
52w High $17.80
52w Low $10.55
Dividend Yield 1.82%
P/E -36.81
Volume 95.64K
Outstanding Shares 28.87M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $18.199M ▲ $0 ▼ $-47.234M ▼ -259.547% ▼ $-1.64 ▼ $-47.234M ▼
Q4-2024 $1.915M ▼ $3.182M ▲ $35.04M ▼ 1.83K% ▼ $1.22 ▼ $0 ▼
Q2-2024 $2.065M ▼ $2.719M ▼ $50.256M ▲ 2.433K% ▲ $1.84 ▲ $101.166M ▲
Q4-2023 $29.564M ▲ $38.421M ▲ $-11.451M ▼ -38.732% ▼ $-0.43 ▼ $-11.448M ▼
Q2-2023 $1.929M $2.87M $33.803M 1.752K% $1.29 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $12.161M ▲ $411.342M ▼ $15.4M ▲ $395.942M ▼
Q4-2024 $0 $460.583M ▲ $888.61K ▲ $459.695M ▲
Q2-2024 $0 ▼ $441.947M ▲ $879.912K ▲ $441.068M ▲
Q4-2023 $15.242M ▲ $402.6M ▼ $666.959K ▼ $401.934M ▼
Q2-2023 $822 $432.689M $10.044M $422.646M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-47.234M ▼ $-1.045M ▼ $4.389M ▲ $-8.415M ▼ $0 ▼ $-1.045M ▼
Q4-2023 $11.176M ▼ $0 $0 $0 $32 ▲ $0
Q2-2023 $33.803M ▲ $0 $0 $0 $0 ▲ $0
Q4-2022 $-52.301K $0 $0 $0 $-545 $0
Q2-2022 $-52.301K $0 $0 $0 $-545 $0

Five-Year Company Overview

Income Statement

Income Statement HQL’s financial results behave very differently from an operating company because it is an investment fund. What you see in the income line is essentially the rise and fall of its portfolio, not sales of products or services. Over the last few years, results have swung from strong gains to meaningful losses and back to solid profits. That pattern reflects the inherently volatile nature of biotech and life sciences markets. The recent year shows a clear rebound from earlier weakness, which suggests that the portfolio benefited from improving market conditions or successful stock selection after a tough stretch.

Balance Sheet

Balance Sheet The balance sheet looks straightforward and conservative for a closed‑end fund. Assets and equity move largely in tandem, meaning the fund is essentially financed by shareholders rather than by borrowing. Debt is minimal to non‑existent, so leverage risk appears low. Total assets have fluctuated but not dramatically, echoing changes in market values more than any aggressive expansion. Overall, the structure suggests a relatively clean, low‑debt vehicle whose strength or weakness mainly tracks the performance of its investment holdings.

Cash Flow

Cash Flow For a fund like HQL, traditional cash flow measures are less revealing than for an operating business. Cash in and out is largely driven by portfolio activity, dividends and interest received, and distributions to shareholders, rather than operating or capital spending decisions. The reported figures are sparse, which is common for this type of structure and does not necessarily signal a problem. The key point is that, unlike a manufacturer or a retailer, HQL’s “cash generation” depends on how its investments perform and how actively the portfolio is managed, not on selling goods or services.

Competitive Edge

Competitive Edge HQL occupies a specialized niche: life sciences and healthcare innovation. Its edge comes from a focused team with deep scientific and medical training, long experience in biotech investing, and strong links to the Boston life sciences ecosystem. The fund’s ability to invest in both public and private companies, including earlier‑stage ventures, gives it access to opportunities many generalist funds cannot reach. Being part of abrdn adds broader research resources and distribution reach. The flip side is that HQL competes in a crowded space with other healthcare specialists and is heavily exposed to regulatory, clinical trial, and sentiment swings in biotech, which can quickly help or hurt performance.

Innovation and R&D

Innovation and R&D HQL does not run its own laboratories, but it channels capital into companies doing cutting‑edge research. The portfolio is tilted toward areas like gene therapy, genetic editing, advanced cancer immunotherapies, and treatments for rare diseases. The “innovation” here sits in how the team sources, evaluates, and supports these ideas: using technical scientific expertise to judge whether a therapy is real, scalable, and commercially promising, and using its network to help portfolio companies on strategy and development. Joining abrdn may also bring more sophisticated analytical tools and data capabilities, further refining how the fund identifies and tracks innovative targets.

Summary

HQL is best understood as a specialized, actively managed life sciences fund rather than a traditional operating company. Its results are naturally lumpy because they mirror the ups and downs of biotech markets, not steady product sales. The balance sheet is simple and largely unlevered, so the main risk is market and sector volatility rather than heavy borrowing. Its competitive strength lies in deep sector expertise, early‑stage access, and a long history in healthcare investing, now supported by a larger global parent in abrdn. The major considerations are concentration in a high‑risk, high‑reward segment, dependence on key investment professionals, and sensitivity to scientific, regulatory, and market cycles in biotech. Overall, HQL offers concentrated exposure to life sciences innovation, with financial outcomes that will tend to be cyclical and sometimes extreme rather than smooth and predictable.

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