Humacyte, Inc. HUMA
Humacyte, Inc. is a commercial-stage biotechnology platform company developing universally implantable, bioengineered human tissues at commercial scale, and in the first quarter of 2025 commenced the United States commercial launch of our first FDA-approved product. We are pioneering the development and manufacture of off-the-shelf, universally implantable, bioengineered human tissues, advanced tissue constructs and organ systems with the goal of improving the lives of patients and transforming the practice of medicine. We believe our regenerative medicine technology has the potential to overcome limitations in existing standards of care and address the lack of significant innovation in products that support tissue repair, reconstruction and replacement. We are leveraging our novel, scalable technology platform to develop proprietary, bioengineered, acellular human tissues for use in the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.0M | $0 | — | — | — | — | — |
| Cost of revenue | $9.7M | $0 | — | — | — | — | — |
| Gross profit | -$7.7M | $0 | — | — | — | — | — |
| R&D | $69.3M | $88.6M | $76.5M | $63.3M | $61.3M | $54.1M | — |
| SG&A | $31.2M | $25.8M | $23.5M | $22.9M | $21.1M | $12.0M | — |
| Total operating expenses | $110.2M | $114.4M | $100.0M | $86.1M | $82.5M | $66.1M | — |
| Operating income | -$108.1M | -$114.4M | -$100.0M | -$84.6M | -$81.2M | -$64.6M | — |
| Interest expense | $11.2M | $9.3M | $6.6M | $6.2M | $4.3M | $2.2M | — |
| Pre-tax income | -$40.8M | -$148.7M | -$110.8M | -$12.0M | -$26.5M | -$66.5M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | -$40.8M | -$148.7M | -$110.8M | -$12.0M | -$26.5M | -$66.5M | — |
| EPS, basic | -0.26 | -1.26 | -1.07 | -0.12 | -0.66 | -11.54 | — |
| EPS, diluted | -0.26 | -1.26 | -1.07 | -0.12 | -0.66 | -11.54 | — |
| Shares, diluted (wtd. avg.) | $158.2M | $118.5M | $103.4M | $103.1M | $40.0M | $5.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $50.5M | $44.9M | $80.8M | $149.8M | $217.5M | $39.9M | $93.7M |
| Short-term investments | — | — | $0 | $2.1M | $8.0M | $0 | — |
| Receivables | $441.0K | $0 | $0 | $31.0K | $176.0K | $113.0K | — |
| Inventory | $13.6M | $0 | — | — | — | — | — |
| Total current assets | $67.8M | $47.9M | $83.3M | $154.2M | $229.3M | $41.4M | — |
| Property, plant and equipment | $18.5M | $23.1M | $26.8M | $30.0M | $35.0M | $41.0M | — |
| Total assets | $116.4M | $137.9M | $128.2M | $204.3M | $286.5M | $106.7M | — |
| Accounts payable | $5.4M | $4.5M | $6.5M | $1.6M | $2.1M | $2.3M | — |
| Total current liabilities | $18.4M | $20.0M | $18.4M | $19.6M | $11.1M | $11.2M | — |
| Long-term debt | $35.4M | $0 | — | — | $30.0M | — | — |
| Total liabilities | $113.3M | $190.5M | $114.7M | $87.4M | $164.4M | $36.0M | — |
| Retained earnings | -$726.8M | -$686.0M | -$537.3M | -$426.5M | -$414.6M | -$388.1M | — |
| Total equity | $3.1M | -$52.7M | $13.5M | $116.9M | $122.2M | -$350.3M | -$288.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$105.0M | -$98.1M | -$73.3M | -$71.1M | -$81.2M | -$55.6M | — |
| Depreciation and amortisation | $5.3M | $5.1M | $5.7M | $6.2M | $6.2M | $6.3M | — |
| Stock-based compensation | $9.8M | $6.1M | $6.8M | $6.2M | $10.1M | $4.7M | — |
| Capital expenditure | $884.0K | $1.6M | $2.3M | $1.0M | $220.0K | $318.0K | — |
| Investing cash flow | -$884.0K | -$1.6M | -$173.0K | $4.8M | -$8.2M | -$268.0K | — |
| Financing cash flow | $61.5M | $114.2M | $4.5M | -$1.4M | $267.0M | $2.1M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-187449.
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