Humacyte, Inc.

Listed Company

HUMACIK 0001818382NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.04M

Net Income

$-40.83M

Total Assets

$116.37M

Equity

$3.11M

Shares Out

222.02M

Op. Cash Flow

$-105.00M

Business

Humacyte, Inc. is a commercial-stage biotechnology platform company that develops universally implantable, bioengineered human tissues and tissue constructs at commercial scale. Its principal products and product candidates are acellular tissue engineered vessels (ATEVs), marketed as Symvess for extremity arterial trauma, plus a pipeline of ATEV variants targeting vascular trauma, arteriovenous access for hemodialysis, peripheral artery disease, coronary bypass, pediatric cardiac indications, and the BioVascular Pancreas cell‑delivery concept. The company operates R&D, clinical development, and modular commercial manufacturing (LUNA200) functions and pursues strategic collaborations and licensing. It commercializes in the United States via direct hospital and trauma center channels and leverages a distribution partnership with Fresenius for markets outside the U.S.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2	0	—	—	—
Cost of goods sold	10	0	—	—	—
Research and development	69	89	77	63	61
General and administrative	31	26	23	23	21
Total operating expenses	110	114	—	—	—
Loss from operations	−108	−114	−100	−85	−81
Interest income	3	4	5	3	16,000
Change in fair value of Contingent Earnout Liability	59	−33	−10	76	56
Interest expense	−11	−9	−7	—	—
Change in fair value of derivatives	39	4	−260,000	417,000	—
Loss on extinguishment of debt	−22	0	−2	0	3
Total other expense, net	67	−34	−11	73	55
Net loss and comprehensive loss	−41	−149	−111	−12	−26
Net loss per share attributable to common stockholders, basic (in dollars per share)	−0.26	−1.26	−1.07	−0.12	−0.66
Net loss per share attributable to common stockholders, diluted (in dollars per share)	−0.26	−1.26	−1.07	−0.12	−0.66
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic (in shares)	158	118	103	103	40
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, diluted (in shares)	158	118	103	103	40

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	51	45	80	150	218
Inventory, net	14	0	—	—	—
Accounts receivable	441,000	0	0	31,000	176,000
Prepaid expenses and other current assets	3	3	3	2	4
Total current assets	68	48	83	154	229
Restricted cash	209,000	50	209,000	—	—
Property and equipment, net	19	23	27	30	35
Finance lease right-of-use assets, net	29	16	17	19	21
Other long-term assets	672,000	1	632,000	682,000	—
Total assets	116	138	128	204	287
Accounts payable	5	4	6	2	2
Accrued expenses	11	11	9	7	7
Finance lease obligation, current portion	2	3	3	2	2
Revenue interest liability, current portion	0	885,000	—	—	—
Other current liabilities	0	238,000	53,000	—	—
Total current liabilities	18	20	18	20	11
Long-term debt	35	0	—	—	—
Contingent Earnout Liability	11	71	38	28	104
Revenue interest liability	0	63	—	—	—
Common stock warrant liabilities	19	19	78,000	80,000	497,000
Finance lease obligation, net of current portion	27	14	16	19	21
Contingent derivative liability	0	2	3	0	—
Other long-term liabilities	2	983,000	711,000	712,000	—
Total liabilities	113	191	115	87	164
Preferred stock, $0.0001 par value; 20,000,000 shares designated as of December 31, 2025 and 2024, 0 shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.0001 par value; 350,000,000 and 250,000,000 shares authorized as of December 31, 2025 and 2024, respectively; 193,000,611 and 130,027,509 shares issued and outstanding as of December 31, 2025 and 2024, respectively	20,000	13,000	10,000	10,000	10,000
Additional paid-in capital	730	633	551	543	537
Accumulated deficit	−727	−686	−537	−427	−415
Total stockholders equity (deficit)	3	−53	14	117	122
Total liabilities and stockholders equity (deficit)	116	138	128	204	287

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation expense	5	5	6	6	6
Stock-based compensation expense	10	6	7	6	10
Non-cash interest expense	9	8	3	0	—
Loss on disposal of property and equipment	5,000	4,000	18,000	6,000	0
Inventory reserve	9	0	—	—	—
Amortization expense	2	2	2	2	2
Non-cash operating lease costs	44,000	53,000	50,000	45,000	42,000
Accounts receivable	−261,000	0	31,000	145,000	−63,000
Inventory	−22	0	—	—	—
Prepaid expenses and other current assets	−527,000	88,000	−388,000	1	−2
Accounts payable	973,000	−2	5	−509,000	−197,000
Accrued expenses	−2	2	2	247,000	2
Operating lease obligation	−44,000	−53,000	−50,000	−45,000	−42,000
Net cash used in operating activities	−105	−98	−73	−71	−81
Purchase of property and equipment, net	−884,000	−2	−2	−1	−220,000
Net cash used in investing activities	−884,000	−2	−173,000	5	−8
Proceeds from the Term Loan Facility	40	0	—	—	—
Payments of transaction costs related to the Loan Agreement	−774,000	0	−1	—	—
Payments of costs related to public offering	−340,000	−350,000	0	—	—
Payments on revenue interest liability	−45,000	0	—	—	—
Settlement of the Purchase Agreement	−88	0	—	—	—
Proceeds from the Purchase Agreement, net of issuance costs	0	20	39	0	—
Payments of transaction costs related to the Purchase Agreement	0	−500,000	−1	0	—
Proceeds from the exercise of stock options	61,000	2	566,000	535,000	598,000
Proceeds from the JDRF Agreement	175,000	240,000	80,000	0	—
Payments of finance lease principal	−3	−3	−2	−2	−2
Net cash provided by financing activities	61	114	5	−1	267
Net increase (decrease) in cash, cash equivalents and restricted cash	−44	14	−69	−68	178
Unpaid transaction costs related to the Loan Agreement	446,000	0	—	—	—
Increase in right-of-use assets and lease liabilities resulting from lease remeasurement	15	0	—	—	—
Accrual of transaction costs associated with public offering	156,000	0	—	—	—
Debt discount from embedded contingent derivative liability	0	2	2	—	—
Issuance of commitment shares pursuant to the Common Stock Purchase Agreement	0	708,000	0	—	—

Filings

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