HUMA

MKT CAP:$111M

Humacyte, Inc.

Market Cap

$111M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$0.71-$0.27 (-27.37%)

Apr 23, 2026

Company Details

Humacyte, Inc. engages in the development and manufacture of off-the-shelf, implantable, and bioengineered human tissues for the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas. The co...

CEO

Laura E. Niklason

IPO Date

Dec 1, 2020

Website

www.humacyte.com

Key Metrics TTM

Revenue

$2M

-71.8% YoY

Net Income

-$41M

EPS (Diluted)

-$0.22

Free Cash Flow

-$106M

Revenue / Share

$0.01

Gross Margin

-736.5%

Operating Margin

-5306.0%

Net Margin

-2003.6%

FCF Margin

-5197.5%

P/S

54.7x

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

Q4 2025

Mar 27, 2026

$467.0K-93.5%EPS -$0.15

Q3 2025

Nov 12, 2025

$753.0KEPS -$0.11

Q2 2025

Aug 11, 2025

$301.0KEPS -$0.24

Q1 2025

May 13, 2025

$517.0KEPS $0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$233.0K	-$2M	-$22M
Q2 22	$1M	-$13M	-$19M
Q3 22	$31.0K	-$2M	-$23M
Q4 22	$0	-$15M	-$21M
Q1 23	$0	$0	-$23M
Q2 23	$0	-$21M	-$27M
Q3 23	$0	-$1M	-$25M
Q4 23	$0	-$3M	-$26M
Q1 24	$0	-$2M	-$27M
Q2 24	$0	-$2M	-$29M
Q3 24	$0	-$2M	-$30M
Q4 24	$7M	$4M	-$28M
Q1 25	$517.0K	-$1M	-$23M
Q2 25	$301.0K	-$2M	-$30M
Q3 25	$753.0K	$493.0K	-$24M
Q4 25	$467.0K	-$12M	-$31M

Valuation

Quarter	P/S	P/E
Q1 22	489.3x	—
Q2 22	180.5x	12.6x
Q3 22	190.1x	9.6x
Q4 22	151.8x	—
Q1 23	240.6x	—
Q2 23	9476.8x	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	83.4x	—
Q1 25	26.2x	—
Q2 25	34.2x	—
Q3 25	30.6x	—
Q4 25	79.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$19M	-$19M
Q2 22	-$17M	-$17M
Q3 22	-$17M	-$17M
Q4 22	-$19M	-$20M
Q1 23	-$19M	-$20M
Q2 23	-$23M	-$23M
Q3 23	-$13M	-$14M
Q4 23	-$19M	-$19M
Q1 24	-$27M	-$28M
Q2 24	-$21M	-$21M
Q3 24	-$23M	-$24M
Q4 24	-$27M	-$27M
Q1 25	-$29M	-$29M
Q2 25	-$26M	-$27M
Q3 25	-$24M	-$24M
Q4 25	-$26M	-$26M

Capital Expenditures

Quarter	CapEx
Q1 22	$22.0K
Q2 22	$134.0K
Q3 22	$211.0K
Q4 22	$681.0K
Q1 23	$1M
Q2 23	$485.0K
Q3 23	$493.0K
Q4 23	$150.0K
Q1 24	$391.0K
Q2 24	$184.0K
Q3 24	$934.0K
Q4 24	$63.0K
Q1 25	$228.0K
Q2 25	$568.0K
Q3 25	$49.0K
Q4 25	$39.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+50.3%	+10.4%
Q2 22	+88.6%	-0.6%
Q3 22	-87.1%	+13.2%
Q4 22	-100.0%	-4.7%
Q1 23	-100.0%	+2.3%
Q2 23	-100.0%	+34.8%
Q3 23	-100.0%	+4.7%
Q4 23	—	+25.9%
Q1 24	—	+18.1%
Q2 24	—	+10.4%
Q3 24	—	+22.8%
Q4 24	—	+34.9%
Q1 25	—	-10.8%
Q2 25	—	+1.8%
Q3 25	—	-16.8%
Q4 25	-93.5%	-11.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	663.9%
Q2 22	$1M	114.6%
Q3 22	$0	0.0%
Q4 22	$2M	—
Q1 23	$2M	—
Q2 23	$0	—
Q3 23	$2M	—
Q4 23	$1M	—
Q1 24	$1M	—
Q2 24	$1M	—
Q3 24	$2M	—
Q4 24	$2M	23.4%
Q1 25	$2M	481.0%
Q2 25	$2M	775.7%
Q3 25	$2M	326.8%
Q4 25	$2M	528.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$16M	—	—	$4M
Q2 22	$15M	$5M	—	—
Q3 22	$17M	—	—	$4M
Q4 22	$15M	$6M	$105.0K	—
Q1 23	$17M	$5M	—	—
Q2 23	$21M	$6M	—	—
Q3 23	$19M	$6M	—	—
Q4 23	$20M	—	—	$3M
Q1 24	$21M	$5M	—	—
Q2 24	$24M	$6M	—	—
Q3 24	$23M	$7M	—	—
Q4 24	$21M	$7M	$4M	—
Q1 25	$15M	$8M	—	—
Q2 25	$22M	$8M	—	—
Q3 25	$17M	—	—	$8M
Q4 25	$15M	$23M	—	—

Revenue Segments

Quarter	Product	Product and Service, Other
Q1 25	$147.0K	$370.0K
Q2 25	$100.0K	$201.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$198M	$8M	$206M
Q2 22	$181M	$8M	$189M
Q3 22	$164M	$8M	$172M
Q4 22	$150M	$2M	$152M
Q1 23	$130M	$2M	$132M
Q2 23	$115M	$0	$115M
Q3 23	$100M	$0	$100M
Q4 23	$80M	$0	$80M
Q1 24	$116M	$0	$116M
Q2 24	$94M	$0	$94M
Q3 24	$21M	$0	$21M
Q4 24	$45M	$0	$45M
Q1 25	$63M	$0	$63M
Q2 25	$38M	$0	$38M
Q3 25	$19M	$0	$19M
Q4 25	$50M	$0	$50M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	103M	-1.7%	+0.0%
Q2 22	104M	+0.9%	+0.9%
Q3 22	103M	-0.8%	+134.4%
Q4 22	103M	+0.1%	-1.5%
Q1 23	103M	+0.1%	+0.3%
Q2 23	103M	+0.1%	-0.5%
Q3 23	103M	+0.1%	+0.4%
Q4 23	104M	+0.2%	+0.4%
Q1 24	108M	+4.5%	+4.8%
Q2 24	119M	+10.1%	+15.3%
Q3 24	119M	+0.2%	+15.4%
Q4 24	118M	-0.8%	+14.4%
Q1 25	132M	+11.2%	+21.7%
Q2 25	155M	+18.0%	+30.4%
Q3 25	158M	+1.9%	+32.6%
Q4 25	158M	-0.1%	+33.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$1.6K	146
Q2 22	$8.9K	146
Q3 22	$212	146
Q4 22	$0	164
Q1 23	$0	164
Q2 23	$0	164
Q3 23	$0	164
Q4 23	$0	185
Q1 24	$0	185
Q2 24	$0	185
Q3 24	$0	185
Q4 24	$32.9K	220
Q1 25	$2.4K	220
Q2 25	$1.4K	220
Q3 25	$3.4K	220
Q4 25	$2.5K	184

Revenue / Employee