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HUMA

Humacyte, Inc.

HUMA

Humacyte, Inc. • NASDAQ
$1.35 ▲ 1.50% (+0.02)
Market Cap $192.80 M
52w High $6.77
52w Low $1.09
Dividend Yield 0%
P/E -5
Volume 1.72M
Outstanding Shares 142.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $753K ▲ $24.883M ▼ $-17.51M ▲ -2.325K% ▲ $-0.11 ▲ $-13.033M ▲
Q2-2025 $301K ▼ $27.955M ▲ $-37.658M ▼ -12.511K% ▼ $-0.24 ▼ $-33.253M ▼
Q1-2025 $517K ▼ $21.722M ▼ $39.139M ▲ 7.57K% ▲ $0.28 ▲ $43.971M ▲
Q4-2024 $7.228M ▲ $31.702M ▲ $-20.94M ▲ -289.707% ▼ $-0.16 ▲ $-16.624M ▲
Q3-2024 $0 $28.421M $-39.202M 0% $-0.33 $-34.952M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $19.488M ▼ $91.509M ▼ $96.26M ▼ $-4.751M ▼
Q2-2025 $38.032M ▼ $138.795M ▼ $134.743M ▲ $4.052M ▼
Q1-2025 $62.847M ▲ $162.553M ▲ $126.51M ▼ $36.043M ▲
Q4-2024 $44.937M ▲ $137.872M ▲ $190.541M ▲ $-52.669M ▲
Q3-2024 $20.571M $114.764M $178.485M $-63.721M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-17.51M ▲ $-23.904M ▲ $-49K ▲ $-44.591M ▼ $-68.544M ▼ $-23.953M ▲
Q2-2025 $-37.658M ▼ $-26.413M ▲ $-568K ▼ $2.166M ▼ $-24.959M ▼ $-26.981M ▲
Q1-2025 $39.139M ▲ $-28.601M ▼ $-228K ▼ $46.739M ▼ $17.91M ▼ $-28.829M ▼
Q4-2024 $-20.94M ▲ $-26.577M ▼ $-63K ▲ $51.006M ▲ $24.366M ▲ $-26.64M ▼
Q3-2024 $-39.202M $-22.907M $-934K $849K $-22.992M $-23.841M

Five-Year Company Overview

Income Statement

Income Statement Humacyte is still a pre-revenue biotech: it has not yet generated meaningful product sales over the past several years, but it is already carrying the full cost of running a late-stage R&D and early commercial organization. As a result, the company has posted steady operating losses year after year. These losses have generally widened over time as spending on research, clinical trials, and corporate infrastructure has increased. The pattern is typical for a platform biotech nearing or entering commercialization: very little top line yet, but sizeable and recurring expenses. This means the path to profitability depends heavily on successful commercialization of Symvess and future indications, as well as tight cost management during the scale-up period.

Balance Sheet

Balance Sheet The balance sheet is relatively small and has weakened recently. Cash has trended downward, total assets have shrunk, and reported shareholders’ equity has moved from positive to negative, reflecting cumulative losses that now exceed the company’s capital base. Debt remains present but not excessively large in absolute terms; however, with limited revenue, even modest obligations can matter. Overall, the numbers point to a company that has already consumed a meaningful portion of its financial cushion and may need ongoing access to external capital to support operations and growth plans.

Cash Flow

Cash Flow Humacyte consistently uses cash rather than generates it. Operating cash flow has been negative every year, reflecting significant spending on R&D, clinical trials, personnel, and early commercialization efforts with no offsetting revenue. Free cash flow is similarly negative, though capital spending has been minimal, indicating most of the burn is operating in nature rather than tied to large equipment or facility build-outs. This burn pattern is typical for a late-stage biotech, but it underscores the importance of funding strategy, timing of any revenue ramp from Symvess, and management’s ability to pace spending relative to available cash.

Competitive Edge

Competitive Edge Humacyte’s core technology, the Human Acellular Vessel, gives it a differentiated position in vascular and regenerative medicine. It offers an off-the-shelf, biologically derived vessel that aims to be more infection-resistant and more functional over time than synthetic grafts or harvested veins. The company benefits from being first to market in vascular trauma with an FDA-approved product (Symvess), a sizable patent portfolio, meaningful clinical data, and in-house scalable manufacturing—together forming a real, if still emerging, competitive moat. At the same time, Humacyte is small compared with large device and medtech players that dominate hospital relationships and distribution. Its future competitive strength will depend on how quickly surgeons adopt Symvess, how effectively the company builds commercial infrastructure and reimbursement support, and whether rivals can develop comparable tissue-engineered solutions.

Innovation and R&D

Innovation and R&D Innovation is Humacyte’s main asset. The HAV platform is designed to be a versatile, regenerative scaffold that can be applied across multiple indications: trauma, hemodialysis access, peripheral arterial disease, and potentially more complex areas like coronary bypass, pediatric cardiac surgery, and even organ-adjacent structures such as trachea or components for diabetes treatment. The company has already produced substantial clinical data and real-world use, and it runs its own sophisticated manufacturing process, which is itself a competitive technology. However, this R&D strategy is ambitious and capital-intensive. Each new indication requires costly, lengthy trials and regulatory work, and not all will necessarily succeed. The upside is a broad platform with many shots on goal; the risk is execution complexity and the need to fund a wide pipeline from a currently narrow revenue base.

Summary

Humacyte is at a classic inflection point for a science-heavy biotech: it has an advanced, highly differentiated technology with first product approval and a broad set of future applications, but its financials still reflect an early-stage profile—no revenue, recurring losses, negative cash flow, and a balance sheet that has been drawn down by years of investment. The company’s long-term story depends on three things: successful commercial rollout and adoption of Symvess, regulatory and clinical progress in additional indications, and reliable access to capital to bridge the period before the business can support itself. For observers, this is a high-innovation, high-uncertainty profile: significant scientific and medical potential, paired with meaningful financial and execution risks until the revenue engine is proven.

NEWS

November 20, 2025 · 8:00 AM UTC

Humacyte Announces Presentations at VEITHsymposium Highlighting Positive Acellular Tissue Engineered Vessel (ATEV™) Clinical Results

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November 13, 2025 · 8:00 AM UTC

Humacyte Announces Six Presentations Scheduled for the Upcoming 52nd Annual Symposium on Vascular and Endovascular Issues, Techniques and Horizons (VEITHsymposium)

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November 12, 2025 · 7:00 AM UTC

Humacyte Announces Third Quarter 2025 Financial Results and Provides Business Update

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November 10, 2025 · 8:00 AM UTC

Humacyte Announces Presentation of Positive Two-Year Results from Phase 3 Dialysis Access Trial at the American Society of Nephrology's Kidney Week 2025

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November 6, 2025 · 8:00 AM UTC

Humacyte to Present Third Quarter Financial Results and Provide Business Update on November 12, 2025

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