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Humacyte (HUMA) Financials

Humacyte logo
$0.69 -0.01 (-0.94%)
Closing price 07/10/2026 04:00 PM Eastern
Extended Trading
$0.71 +0.02 (+2.21%)
As of 07/10/2026 07:49 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Humacyte

Annual Income Statements for Humacyte

This table shows Humacyte's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -67 -26 -12 -111 -149 -41
Consolidated Net Income / (Loss)		 -67 -26 -12 -111 -149 -41
Net Income / (Loss) Continuing Operations		 -67 -26 -12 -111 -149 -41
Total Pre-Tax Income 		-67 -26 -12 -111 -149 -41
Total Operating Income		 -65 -81 -85 -100 -114 -108
Total Gross Profit		 1.49 1.26 1.57 0.00 0.00 -7.66
Total Revenue		 1.49 1.26 1.57 0.00 0.00 2.04
Operating Revenue		 1.49 1.26 1.57 - 0.00 2.04
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 9.70
Operating Cost of Revenue		 - - - - 0.00 9.70
Total Operating Expenses		 66 82 86 100 114 100
Selling, General & Admin Expense		 12 21 23 23 26 31
Research & Development Expense		 54 61 63 77 89 69
Total Other Income / (Expense), net		 -1.92 55 73 -11 -34 67
Interest Expense		 2.20 1.06 6.20 9.02 9.28 34
Interest & Investment Income		 0.28 0.02 2.63 5.47 4.10 2.59
Other Income / (Expense), net		 0.00 56 76 -7.18 -29 98
Basic Earnings per Share		 ($11.54) ($0.66) ($0.12) ($1.07) ($1.26) ($0.26)
Weighted Average Basic Shares Outstanding		 5.77M 39.97M 103.05M 103.42M 118.48M 158.16M
Diluted Earnings per Share		 ($11.54) ($0.66) ($0.12) ($1.07) ($1.26) ($0.26)
Weighted Average Diluted Shares Outstanding		 5.77M 39.97M 103.05M 103.42M 118.48M 158.16M
Weighted Average Basic & Diluted Shares Outstanding		 - 103.00M 103.33M 119.08M 155.12M 222.02M

Quarterly Income Statements for Humacyte

This table shows Humacyte's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -26 -25 -32 -57 -39 -21 39 -38 -18 -25 -18
Consolidated Net Income / (Loss)		 -26 -25 -32 -57 -39 -21 39 -38 -18 -25 -18
Net Income / (Loss) Continuing Operations		 -26 -25 -32 -57 -39 -21 39 -38 -18 -25 -18
Total Pre-Tax Income 		-26 -25 -32 -57 -39 -21 39 -38 -18 -25 -18
Total Operating Income		 -25 -26 -27 -29 -30 -28 -23 -30 -24 -31 -29
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.27 -0.11 0.49 -8.32 -1.54
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.52 0.30 0.75 0.47 0.50
Operating Revenue		 0.00 - 0.00 0.00 0.00 - 0.52 0.30 0.75 0.47 0.50
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.25 0.41 0.26 8.78 2.04
Operating Cost of Revenue		 - - 0.00 0.00 0.00 - 0.25 0.41 0.26 8.78 2.04
Total Operating Expenses		 25 26 27 29 30 28 24 30 25 22 27
Selling, General & Admin Expense		 6.07 6.00 5.31 5.75 7.31 7.43 8.14 7.81 7.61 7.62 7.93
Research & Development Expense		 19 20 21 24 23 21 15 22 17 15 19
Total Other Income / (Expense), net		 -1.37 1.08 -5.32 -27 -8.97 7.15 62 -7.93 6.88 6.03 11
Interest Expense		 1.46 1.73 1.82 2.52 2.44 2.51 3.00 2.55 2.61 25 2.27
Interest & Investment Income		 1.37 1.14 1.03 1.31 0.91 0.85 0.66 0.83 0.59 0.50 0.33
Other Income / (Expense), net		 -1.28 1.66 -4.53 -26 -7.44 8.80 65 -6.22 8.90 31 13
Basic Earnings per Share		 ($0.25) ($0.24) ($0.29) ($0.48) ($0.33) ($0.16) $0.28 ($0.24) ($0.11) ($0.19) ($0.09)
Weighted Average Basic Shares Outstanding		 103.44M 103.42M 108.25M 119.17M 119.41M 118.48M 131.50M 155.44M 158.31M 158.16M 197.85M
Diluted Earnings per Share		 ($0.25) ($0.24) ($0.29) ($0.48) ($0.33) ($0.16) $0.28 ($0.24) ($0.11) ($0.19) ($0.09)
Weighted Average Diluted Shares Outstanding		 103.44M 103.42M 108.25M 119.17M 119.41M 118.48M 131.76M 155.44M 158.31M 158.16M 197.85M
Weighted Average Basic & Diluted Shares Outstanding		 103.58M 119.08M 119.08M 119.35M 125.86M 155.12M 155.12M 158.37M 187.27M 222.02M 222.02M

Annual Cash Flow Statements for Humacyte

This table details how cash moves in and out of Humacyte's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -54 178 -68 -69 14 -44
Net Cash From Operating Activities		 -56 -81 -71 -73 -98 -105
Net Cash From Continuing Operating Activities		 -56 -81 -71 -73 -98 -105
Net Income / (Loss) Continuing Operations		 -67 -26 -12 -111 -149 -41
Consolidated Net Income / (Loss)		 -67 -26 -12 -111 -149 -41
Depreciation Expense		 6.29 6.18 6.15 5.66 5.10 5.33
Amortization Expense		 2.06 3.04 3.61 2.54 2.09 2.02
Non-Cash Adjustments To Reconcile Net Income		 4.89 -7.64 5.77 12 14 50
Changes in Operating Assets and Liabilities, net		 -2.29 -56 -75 17 29 -122
Net Cash From Investing Activities		 -0.27 -8.22 4.85 -0.17 -1.57 -0.88
Net Cash From Continuing Investing Activities		 -0.27 -8.22 4.85 -0.17 -1.57 -0.88
Purchase of Property, Plant & Equipment		 -0.32 -0.22 -1.05 -2.28 -1.57 -0.88
Sale and/or Maturity of Investments		 - 0.00 16 2.11 0.00 0.00
Net Cash From Financing Activities		 2.05 267 -1.45 4.51 114 61
Net Cash From Continuing Financing Activities		 2.05 267 -1.45 4.51 114 62
Repayment of Debt		 - - 0.00 -33 0.00 -89
Repurchase of Common Equity		 - - - 0.00 -0.35 -0.34
Issuance of Debt		 3.25 30 0.00 39 20 40
Issuance of Common Equity		 0.00 - - 0.00 96 113
Other Financing Activities, net		 -1.20 241 -1.45 -1.69 -1.57 -2.69
Cash Interest Paid		 0.00 1.12 2.67 1.61 0.00 0.00

Quarterly Cash Flow Statements for Humacyte

This table details how cash moves in and out of Humacyte's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -14 -20 35 -22 -23 24 18 -25 -69 31 -1.96
Net Cash From Operating Activities		 -13 -19 -27 -21 -23 -27 -29 -26 -24 -26 -25
Net Cash From Continuing Operating Activities		 -13 -19 -27 -21 -23 -27 -29 -26 -24 -26 -25
Net Income / (Loss) Continuing Operations		 -26 -25 -32 -57 -39 -21 39 -38 -18 -25 -18
Consolidated Net Income / (Loss)		 -26 -25 -32 -57 -39 -21 39 -38 -18 -25 -18
Depreciation Expense		 1.32 1.32 1.27 1.26 1.29 1.29 1.31 1.34 1.34 1.34 1.34
Amortization Expense		 0.52 0.52 0.52 0.52 0.52 0.52 0.52 0.52 0.52 0.45 0.73
Non-Cash Adjustments To Reconcile Net Income		 2.82 2.73 2.87 3.56 3.61 3.85 4.64 4.55 4.75 36 5.63
Changes in Operating Assets and Liabilities, net		 8.34 1.49 -0.11 30 11 -11 -74 4.84 -13 -39 -15
Net Cash From Investing Activities		 -0.49 -0.15 -0.39 -0.18 -0.93 -0.06 -0.23 -0.57 -0.05 -0.04 -0.18
Net Cash From Continuing Investing Activities		 -0.49 -0.15 -0.39 -0.18 -0.93 -0.06 -0.23 -0.57 -0.05 -0.04 -0.18
Purchase of Property, Plant & Equipment		 -0.49 -0.15 -0.39 -0.18 -0.93 -0.06 -0.23 -0.57 -0.05 -0.04 -0.18
Net Cash From Financing Activities		 -0.76 -0.34 63 -0.47 0.85 51 47 2.17 -45 57 23
Net Cash From Continuing Financing Activities		 -0.76 -0.34 63 -0.47 0.85 51 47 2.07 -44 57 23
Issuance of Common Equity		 - - 43 - 1.01 51 47 3.23 6.20 57 23
Other Financing Activities, net		 -0.76 1.12 -0.60 -0.36 -0.16 0.05 -0.63 -0.73 -0.74 -0.59 0.00
Cash Interest Paid		 - - - - - - 0.00 - - - 0.00

Annual Balance Sheets for Humacyte

This table presents Humacyte's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 107 287 204 128 138 116
Total Current Assets		 41 229 154 83 48 68
Cash & Equivalents		 40 218 150 80 45 50
Accounts Receivable		 0.11 0.18 0.03 - 0.00 0.44
Inventories, net		 - - - - 0.00 14
Prepaid Expenses		 1.41 3.66 2.30 2.83 2.92 3.27
Plant, Property, & Equipment, net		 41 35 30 27 23 19
Total Noncurrent Assets		 24 22 20 18 67 30
Noncurrent Note & Lease Receivables		 23 21 19 17 15 29
Other Noncurrent Operating Assets		 0.77 0.73 0.68 0.84 51 0.88
Total Liabilities & Shareholders' Equity		 107 287 204 128 138 116
Total Liabilities		 36 164 87 115 191 113
Total Current Liabilities		 11 11 20 18 20 18
Short-Term Debt		 2.45 0.00 8.57 - 0.89 0.00
Accounts Payable		 2.27 2.09 1.60 6.49 4.49 5.40
Accrued Expenses		 4.59 6.76 7.11 9.34 11 11
Other Current Liabilities		 1.77 2.03 2.31 2.61 3.16 2.43
Total Noncurrent Liabilities		 25 153 68 96 171 95
Long-Term Debt		 0.82 27 20 39 0.00 35
Capital Lease Obligations		 23 21 19 16 14 27
Other Noncurrent Operating Liabilities		 0.73 105 29 41 157 32
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -350 122 117 14 -53 3.11
Total Preferred & Common Equity		 -350 122 117 14 -53 3.11
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -350 122 117 14 -53 3.11
Common Stock		 38 537 543 551 633 730
Retained Earnings		 -388 -415 -427 -537 -686 -727

Quarterly Balance Sheets for Humacyte

This table presents Humacyte's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 149 161 138 115 163 139 92 111
Total Current Assets		 103 118 96 23 74 52 41 64
Cash & Equivalents		 100 116 94 21 63 38 19 49
Accounts Receivable		 0.00 - - - 0.49 0.39 1.08 0.43
Inventories, net		 - - - - 8.02 11 18 9.92
Prepaid Expenses		 2.87 2.42 2.55 2.43 2.35 2.24 2.37 4.70
Plant, Property, & Equipment, net		 28 26 25 24 22 21 20 17
Total Noncurrent Assets		 19 18 17 68 66 66 30 30
Noncurrent Note & Lease Receivables		 18 17 17 16 15 14 29 29
Other Noncurrent Operating Assets		 0.86 0.83 0.82 51 51 51 0.88 0.88
Total Liabilities & Shareholders' Equity		 149 161 138 115 163 139 92 111
Total Liabilities		 112 135 167 178 127 135 96 99
Total Current Liabilities		 15 14 18 21 20 21 26 16
Short-Term Debt		 0.00 - - - 1.69 2.12 3.07 0.00
Accounts Payable		 3.02 3.45 6.01 6.90 5.57 6.63 9.58 5.08
Accrued Expenses		 9.59 7.92 8.95 11 9.70 9.19 10 8.68
Other Current Liabilities		 2.53 2.72 2.80 2.89 3.07 3.15 2.67 2.43
Total Noncurrent Liabilities		 97 121 149 158 106 114 71 83
Long-Term Debt		 37 58 60 62 65 66 18 36
Capital Lease Obligations		 17 16 15 14 13 12 27 28
Other Noncurrent Operating Liabilities		 43 47 74 81 29 35 26 19
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 37 26 -28 -64 36 4.05 -4.75 12
Total Preferred & Common Equity		 37 26 -28 -64 36 4.05 -4.75 12
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 37 26 -28 -64 36 4.05 -4.75 12
Common Stock		 549 595 598 601 683 689 697 756
Retained Earnings		 -512 -569 -626 -665 -647 -685 -702 -744

Annual Metrics And Ratios for Humacyte

This table displays calculated financial ratios and metrics derived from Humacyte's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 12,855,000.00 103,003,384.00 103,118,461.00 103,575,256.00 - 187,271,321.00
DEI Adjusted Shares Outstanding		 12,855,000.00 103,003,384.00 103,118,461.00 103,575,256.00 - 187,271,321.00
DEI Earnings Per Adjusted Shares Outstanding		 -5.18 -0.26 -0.12 -1.07 - -0.22
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% -15.29% 23.91% -100.00% 0.00% 0.00%
EBITDA Growth		 0.00% 71.18% 108.40% -7,370.34% -37.68% 98.12%
EBIT Growth		 0.00% 60.64% 66.99% -1,177.38% -33.86% 93.10%
NOPAT Growth		 0.00% -25.71% -4.15% -18.29% -14.34% 5.47%
Net Income Growth		 0.00% 60.20% 54.81% -825.83% -34.24% 72.54%
EPS Growth		 0.00% 94.28% 81.82% -791.67% -17.76% 79.37%
Operating Cash Flow Growth		 0.00% -46.11% 12.39% -3.06% -33.85% -7.05%
Free Cash Flow Firm Growth		 0.00% 0.00% -330.18% 64.36% -58.04% -1,834.29%
Invested Capital Growth		 0.00% -196.06% 123.35% -193.75% -71.80% 118.09%
Revenue Q/Q Growth		 0.00% 0.00% -10.16% 0.00% 0.00% 29.73%
EBITDA Q/Q Growth		 0.00% 0.00% -97.19% -28.36% 3.68% 88.31%
EBIT Q/Q Growth		 0.00% 0.00% -121.64% -24.73% 3.52% 66.13%
NOPAT Q/Q Growth		 0.00% 0.00% 30.69% -5.70% -1.69% -2.61%
Net Income Q/Q Growth		 0.00% 0.00% -134.84% -23.92% 2.73% -10.45%
EPS Q/Q Growth		 0.00% 0.00% -101.90% -24.42% 5.97% -13.04%
Operating Cash Flow Q/Q Growth		 0.00% -8.34% 3.38% -0.13% -8.30% 0.43%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 27.72% 10.34% -65.19%
Invested Capital Q/Q Growth		 0.00% 0.00% 353.89% -37.29% -164.65% -36.48%
Profitability Metrics		 - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 0.00% 0.00% -376.06%
EBITDA Margin		 -3,772.57% -1,283.53% 87.03% 0.00% 0.00% -125.52%
Operating Margin		 -4,332.66% -6,429.77% -5,404.35% 0.00% 0.00% -5,306.04%
EBIT Margin		 -4,332.66% -2,013.38% -536.36% 0.00% 0.00% -485.92%
Profit (Net Income) Margin		 -4,461.70% -2,096.36% -764.54% 0.00% 0.00% -2,003.58%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 102.98% 104.12% 142.54% 103.31% 103.60% 412.33%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -79.19% -5,057.44% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 77.85% -5,089.30% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -14.94% 5,029.98% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -94.13% -27.46% -10.01% -169.81% 760.17% 164.78%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -990.49% 0.00% 0.00% -1,156.53%
Operating Return on Assets (OROA)		 -60.55% -12.93% -3.42% 0.00% 0.00% -7.79%
Return on Assets (ROA)		 -62.35% -13.47% -4.88% 0.00% 0.00% -32.12%
Return on Common Equity (ROCE)		 466.60% 32.49% -10.01% -169.81% 760.17% 164.78%
Return on Equity Simple (ROE_SIMPLE)		 18.99% -21.67% -10.23% -817.78% 282.33% 0.00%
Net Operating Profit after Tax (NOPAT)		 -45 -57 -59 -70 -80 -76
NOPAT Margin		 -3,032.86% -4,500.84% -3,783.04% 0.00% 0.00% -3,714.22%
Net Nonoperating Expense Percent (NNEP)		 -157.04% 31.87% 33.60% -62.84% 2,117.32% 376.67%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -102.33% -329.47% -115.52%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 476.06%
SG&A Expenses to Revenue		 805.70% 1,673.00% 1,462.17% 0.00% 0.00% 1,529.49%
R&D to Revenue		 3,626.96% 4,856.77% 4,042.17% 0.00% 0.00% 3,400.49%
Operating Expenses to Revenue		 4,432.66% 6,529.77% 5,504.35% 0.00% 0.00% 4,929.98%
Earnings before Interest and Taxes (EBIT)		 -65 -25 -8.39 -107 -144 -9.90
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -56 -16 1.36 -99 -136 -2.56
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 6.11 1.86 21.72 0.00 57.86
Price to Tangible Book Value (P/TBV)		 0.00 6.11 1.86 21.72 0.00 57.86
Price to Revenue (P/Rev)		 87.68 591.27 139.03 0.00 0.00 88.26
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 9.42 0.00 8.86 0.00 0.00 12.76
Enterprise Value to Revenue (EV/Rev)		 360.94 451.10 72.50 0.00 0.00 94.11
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 83.30 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 10.34 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.37 0.40 0.41 4.05 -1.46 20.08
Long-Term Debt to Equity		 0.34 0.40 0.34 4.05 -1.46 20.08
Financial Leverage		 -0.19 -0.99 -1.18 -0.99 -0.17 0.37
Leverage Ratio		 1.51 2.04 2.05 2.55 -6.80 -5.13
Compound Leverage Factor		 1.55 2.12 2.93 2.63 -7.05 -21.15
Debt to Total Capital		 27.17% 28.40% 29.00% 80.21% 316.70% 95.26%
Short-Term Debt to Total Capital		 2.53% 0.00% 5.20% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 24.64% 28.40% 23.80% 80.21% 316.70% 95.26%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 433.85% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -361.02% 71.60% 71.00% 19.79% -216.70% 4.74%
Debt to EBITDA		 -0.47 -2.99 35.07 -0.55 -0.56 -24.40
Net Debt to EBITDA		 0.24 10.92 -76.45 0.26 -0.24 -4.66
Long-Term Debt to EBITDA		 -0.43 -2.99 28.77 -0.55 -0.56 -24.40
Debt to NOPAT		 -0.58 -0.85 -0.81 -0.78 -0.96 -0.82
Net Debt to NOPAT		 0.30 3.11 1.76 0.36 -0.40 -0.16
Long-Term Debt to NOPAT		 -0.53 -0.85 -0.66 -0.78 -0.96 -0.82
Altman Z-Score		 -4.56 1.33 -0.77 -6.48 -8.16 -7.55
Noncontrolling Interest Sharing Ratio		 595.69% 218.30% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 3.69 20.75 7.88 4.52 2.40 3.69
Quick Ratio		 3.56 20.42 7.76 4.36 2.25 2.77
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 55 -127 -45 -71 -174
Operating Cash Flow to CapEx		 -20,734.33% -36,904.55% -6,787.12% -3,215.13% -6,241.86% -11,882.58%
Free Cash Flow to Firm to Interest Expense		 0.00 51.80 -20.46 -5.01 -7.70 -5.19
Operating Cash Flow to Interest Expense		 -25.24 -76.31 -11.47 -8.13 -10.58 -3.13
Operating Cash Flow Less CapEx to Interest Expense		 -25.36 -76.51 -11.64 -8.38 -10.75 -3.16
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.01 0.01 0.01 0.00 0.00 0.02
Accounts Receivable Turnover		 13.19 8.74 15.12 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.04 0.03 0.05 0.00 0.00 0.10
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 1.96
Days Sales Outstanding (DSO)		 27.66 41.76 24.14 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 186.11
Cash Conversion Cycle (CCC)		 27.66 41.76 24.14 0.00 0.00 -186.11
Capital & Investment Metrics		 - - - - - -
Invested Capital		 57 -55 13 -12 -21 15
Invested Capital Turnover		 0.03 1.12 -0.07 0.00 0.00 -0.06
Increase / (Decrease) in Invested Capital		 0.00 -112 68 -25 -8.62 98
Enterprise Value (EV)		 538 570 113 269 668 192
Market Capitalization		 131 747 218 294 636 180
Book Value per Share		 ($27.25) $1.19 $1.13 $0.13 ($0.42) $0.02
Tangible Book Value per Share		 ($27.25) $1.19 $1.13 $0.13 ($0.42) $0.02
Total Capital		 97 171 165 68 24 66
Total Debt		 26 48 48 55 77 62
Total Long-Term Debt		 24 48 39 55 77 62
Net Debt		 -14 -177 -104 -26 32 12
Capital Expenditures (CapEx)		 0.27 0.22 1.05 2.28 1.57 0.88
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -7.26 -7.21 -8.68 -16 -17 -1.07
Debt-free Net Working Capital (DFNWC)		 33 218 143 65 28 49
Net Working Capital (NWC)		 30 218 135 65 28 49
Net Nonoperating Expense (NNE)		 21 -30 -47 41 69 -35
Net Nonoperating Obligations (NNO)		 -14 -177 -104 -26 32 12
Total Depreciation and Amortization (D&A)		 8.35 9.22 9.76 8.20 7.19 7.35
Debt-free, Cash-free Net Working Capital to Revenue		 -487.06% -571.02% -554.63% 0.00% 0.00% -52.70%
Debt-free Net Working Capital to Revenue		 2,190.95% 17,283.45% 9,150.10% 0.00% 0.00% 2,425.07%
Net Working Capital to Revenue		 2,026.56% 17,283.45% 8,602.43% 0.00% 0.00% 2,425.07%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.66) ($0.12) ($1.07) ($1.26) ($0.26)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 39.97M 103.05M 103.42M 118.48M 158.16M
Adjusted Diluted Earnings per Share		 $0.00 ($0.66) ($0.12) ($1.07) ($1.26) ($0.26)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 39.97M 103.05M 103.42M 118.48M 158.16M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 103.00M 103.33M 119.08M 155.12M 222.02M
Normalized Net Operating Profit after Tax (NOPAT)		 -45 -57 -59 -70 -80 -76
Normalized NOPAT Margin		 -3,032.86% -4,500.84% -3,783.04% 0.00% 0.00% -3,714.22%
Pre Tax Income Margin		 -4,461.70% -2,096.36% -764.54% 0.00% 0.00% -2,003.58%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 -29.34 -23.90 -1.35 -11.89 -15.47 -0.30
NOPAT to Interest Expense		 -20.54 -53.43 -9.55 -7.76 -8.63 -2.26
EBIT Less CapEx to Interest Expense		 -29.46 -24.11 -1.52 -12.14 -15.64 -0.32
NOPAT Less CapEx to Interest Expense		 -20.66 -53.63 -9.72 -8.02 -8.80 -2.28
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% -14.90% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -14.90% 0.00% 0.00% -0.24% -0.83%

Quarterly Metrics And Ratios for Humacyte

This table displays calculated financial ratios and metrics derived from Humacyte's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 103,434,507.00 103,575,256.00 119,083,728.00 119,084,353.00 119,351,122.00 - 155,118,816.00 155,118,816.00 158,372,173.00 187,271,321.00 222,019,108.00
DEI Adjusted Shares Outstanding		 103,434,507.00 103,575,256.00 119,083,728.00 119,084,353.00 119,351,122.00 - 155,118,816.00 155,118,816.00 158,372,173.00 187,271,321.00 222,019,108.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.25 -0.24 -0.27 -0.48 -0.33 - 0.25 -0.24 -0.11 -0.13 -0.08
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4.26%
EBITDA Growth		 -9.18% -2,690.90% 14.55% -199.06% -48.99% 22.98% 247.71% 36.50% 62.01% 110.53% -131.42%
EBIT Growth		 -5.62% -651.78% 15.33% -176.54% -45.46% 21.36% 233.32% 35.19% 58.89% 100.27% -137.80%
NOPAT Growth		 -4.80% -25.94% -18.06% -10.36% -22.79% -7.28% -24.61% -0.77% 19.33% -9.78% 12.64%
Net Income Growth		 -2.82% -574.89% 13.72% -149.55% -50.81% 16.59% 222.71% 33.54% 55.33% -18.45% -145.02%
EPS Growth		 0.00% -700.00% 19.44% -118.18% -32.00% 33.33% 196.55% 50.00% 66.67% -18.75% -132.14%
Operating Cash Flow Growth		 22.60% -0.50% -46.70% 5.80% -76.11% -39.48% -4.59% -24.06% -4.35% 1.70% 12.23%
Free Cash Flow Firm Growth		 90.08% 107.89% 93.08% 248.91% -63.40% -270.07% -1,834.16% -532.42% -119.46% -332.77% 106.13%
Invested Capital Growth		 -73.38% -193.75% -841.49% -12,539.73% 10.87% -71.80% 437.12% 199.88% 403.51% 118.09% -49.32%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -41.78% 150.17% -37.98% 6.00%
EBITDA Q/Q Growth		 -34.11% 5.74% -29.22% -83.08% 33.19% 51.27% 347.82% -178.70% 60.03% 113.51% -839.05%
EBIT Q/Q Growth		 -29.16% 5.32% -26.86% -78.26% 32.07% 48.81% 315.09% -186.66% 56.91% 100.34% -29,681.13%
NOPAT Q/Q Growth		 7.89% -6.34% -1.51% -10.99% -2.49% 7.09% -17.92% 10.24% 17.95% -26.43% 6.16%
Net Income Q/Q Growth		 -14.49% 3.42% -27.05% -77.65% 30.82% 46.58% 286.91% -196.22% 53.50% -41.66% 28.97%
EPS Q/Q Growth		 -13.64% 4.00% -20.83% -65.52% 31.25% 51.52% 275.00% -185.71% 54.17% -72.73% 52.63%
Operating Cash Flow Q/Q Growth		 42.45% -46.49% -43.52% 22.15% -7.59% -16.02% -7.62% 7.65% 9.50% -9.29% 3.90%
Free Cash Flow Firm Q/Q Growth		 23.59% 147.96% -172.59% 659.78% -183.85% 50.08% -277.19% -25.15% 57.45% -146.68% 104.67%
Invested Capital Q/Q Growth		 -2,432.53% -37.29% -29.44% -200.11% 83.29% -164.65% 163.06% -11.09% -49.21% -36.48% 76.70%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 52.22% -37.21% 65.47% -1,780.51% -311.72%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8,376.98% -11,323.92% -1,809.16% 394.22% -2,748.69%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4,484.33% -9,876.08% -3,239.04% -6,603.00% -5,845.45%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8,022.63% -11,941.86% -2,056.84% 11.35% -3,167.27%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 7,570.41% -12,510.96% -2,325.37% -5,311.35% -3,559.39%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.36% 102.38% 102.52% 102.17% 104.05% 108.59% 94.36% 104.77% 113.06% -46,800.00% 112.38%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -125.80% 0.00% -449.01% 0.00% -208.94%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -617.75% 0.00% -450.04% 0.00% -192.10%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 251.66% 0.00% 554.33% 0.00% -126.11%
Return on Equity (ROE)		 -114.85% -169.81% -195.68% -850.81% 1,143.87% 760.17% 125.86% 484.10% 105.32% 164.78% -335.06%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -277.95% -367.24% -444.72% -1,156.53% -136.47%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 25.60% -70.51% -31.33% 0.18% -46.76%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 24.16% -73.87% -35.42% -85.15% -52.55%
Return on Common Equity (ROCE)		 -114.85% -169.81% -195.68% -850.81% 1,143.87% 760.17% 125.86% 484.10% 105.32% 164.78% -335.06%
Return on Equity Simple (ROE_SIMPLE)		 -241.64% 0.00% -404.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -17 -18 -19 -21 -21 -20 -23 -21 -17 -22 -20
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4,484.33% -6,913.26% -2,267.33% -4,622.10% -4,091.82%
Net Nonoperating Expense Percent (NNEP)		 -10.34% -10.45% -21.23% -91.05% 354.22% 39.44% 491.95% 139.38% 1.04% -34.78% -16.84%
Return On Investment Capital (ROIC_SIMPLE)		 - -26.78% -18.61% -44.02% -165.66% -80.90% -20.12% -24.59% -39.57% -32.94% -26.97%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 47.78% 137.21% 34.53% 1,880.51% 411.72%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1,573.69% 2,594.35% 1,010.62% 1,630.84% 1,602.02%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2,982.21% 7,310.96% 2,293.89% 3,127.41% 3,931.72%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4,555.90% 9,905.32% 3,304.52% 4,758.24% 5,533.74%
Earnings before Interest and Taxes (EBIT)		 -26 -25 -31 -55 -38 -19 41 -36 -15 0.05 -16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -24 -23 -29 -54 -36 -17 43 -34 -14 1.84 -14
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 8.19 21.72 14.16 0.00 0.00 0.00 7.34 80.01 0.00 57.86 11.59
Price to Tangible Book Value (P/TBV)		 8.19 21.72 14.16 0.00 0.00 0.00 7.34 80.01 0.00 57.86 11.59
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 511.56 396.33 175.41 88.26 66.82
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 5.36 7.87 12.85 12.76 5.63
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 543.20 448.33 193.50 94.11 74.22
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.47 4.05 2.82 -2.66 -1.20 -1.46 2.20 19.88 -10.08 20.08 5.46
Long-Term Debt to Equity		 1.47 4.05 2.82 -2.66 -1.20 -1.46 2.15 19.36 -9.44 20.08 5.46
Financial Leverage		 -1.09 -0.99 -1.16 -2.41 -0.38 -0.17 -0.41 -1.00 -1.23 0.37 0.66
Leverage Ratio		 2.41 2.55 3.19 9.33 -9.88 -6.80 5.21 -11.43 -3.01 -5.13 5.73
Compound Leverage Factor		 2.42 2.61 3.27 9.54 -10.28 -7.39 4.92 -11.98 -3.41 2,400.79 6.44
Debt to Total Capital		 59.45% 80.21% 73.84% 160.30% 598.79% 316.70% 68.73% 95.21% 111.01% 95.26% 84.52%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.47% 2.50% 7.12% 0.00% 0.00%
Long-Term Debt to Total Capital		 59.45% 80.21% 73.84% 160.30% 598.79% 316.70% 67.26% 92.71% 103.89% 95.26% 84.52%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 40.55% 19.79% 26.16% -60.30% -498.79% -216.70% 31.27% 4.79% -11.01% 4.74% 15.48%
Debt to EBITDA		 -0.70 -0.55 -0.79 -0.58 -0.54 -0.56 -1.24 -1.83 -2.19 -24.40 -1.07
Net Debt to EBITDA		 0.59 0.26 0.44 0.14 -0.40 -0.24 -0.26 -0.96 -1.30 -4.66 -0.25
Long-Term Debt to EBITDA		 -0.70 -0.55 -0.79 -0.58 -0.54 -0.56 -1.22 -1.78 -2.05 -24.40 -1.07
Debt to NOPAT		 -0.82 -0.78 -1.01 -1.01 -0.97 -0.96 -1.02 -1.03 -0.65 -0.82 -0.80
Net Debt to NOPAT		 0.69 0.36 0.57 0.25 -0.71 -0.40 -0.21 -0.55 -0.39 -0.16 -0.19
Long-Term Debt to NOPAT		 -0.82 -0.78 -1.01 -1.01 -0.97 -0.96 -1.00 -1.01 -0.61 -0.82 -0.80
Altman Z-Score		 -3.05 -4.35 -3.16 -4.92 -6.99 -5.18 -3.08 -6.04 -9.36 -7.26 -8.55
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 6.79 4.52 8.37 5.41 1.10 2.40 3.68 2.45 1.62 3.69 3.93
Quick Ratio		 6.61 4.36 8.20 5.27 0.98 2.25 3.16 1.82 0.80 2.77 3.03
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -14 6.49 -4.71 26 -22 -11 -91 -114 -49 -120 5.59
Operating Cash Flow to CapEx		 -2,638.34% -12,702.67% -6,994.12% -11,571.20% -2,452.57% -42,185.71% -12,544.30% -4,650.18% -48,783.67% -66,984.62% -14,345.14%
Free Cash Flow to Firm to Interest Expense		 -9.25 3.76 -2.59 10.49 -9.07 -4.40 -30.38 -44.81 -18.58 -4.72 2.46
Operating Cash Flow to Interest Expense		 -8.89 -11.03 -15.06 -8.47 -9.40 -10.60 -9.53 -10.38 -9.15 -1.03 -11.05
Operating Cash Flow Less CapEx to Interest Expense		 -9.23 -11.12 -15.27 -8.54 -9.78 -10.62 -9.61 -10.60 -9.17 -1.03 -11.13
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.02 0.01
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.37
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.28
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.04 0.07 0.10 0.10
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.10 0.11 1.96 2.16
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 83.46
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 284.87
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 6,667.53 3,493.49 3,268.73 186.11 169.18
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 -6,667.53 -3,493.49 -3,268.73 -186.11 199.16
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -8.75 -12 -16 -47 -7.80 -21 52 47 24 15 27
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.03 -28.21 0.20 -0.06 0.05
Increase / (Decrease) in Invested Capital		 -3.70 -25 -14 -47 0.95 -8.62 68 93 31 98 -26
Enterprise Value (EV)		 257 269 329 553 705 668 281 367 304 192 150
Market Capitalization		 303 294 370 572 649 636 264 324 276 180 135
Book Value per Share		 $0.36 $0.13 $0.22 ($0.24) ($0.53) ($0.42) $0.29 $0.03 ($0.03) $0.02 $0.05
Tangible Book Value per Share		 $0.36 $0.13 $0.22 ($0.24) ($0.53) ($0.42) $0.29 $0.03 ($0.03) $0.02 $0.05
Total Capital		 91 68 100 47 13 24 115 85 43 66 75
Total Debt		 54 55 74 75 76 77 79 81 48 62 63
Total Long-Term Debt		 54 55 74 75 76 77 78 78 45 62 63
Net Debt		 -46 -26 -42 -18 56 32 16 43 28 12 15
Capital Expenditures (CapEx)		 0.49 0.15 0.39 0.18 0.93 0.06 0.23 0.57 0.05 0.04 0.18
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -12 -16 -12 -15 -19 -17 -7.48 -5.27 -0.65 -1.07 -1.13
Debt-free Net Working Capital (DFNWC)		 88 65 104 78 2.06 28 55 33 19 49 47
Net Working Capital (NWC)		 88 65 104 78 2.06 28 54 31 16 49 47
Net Nonoperating Expense (NNE)		 8.76 6.78 13 36 18 1.28 -62 17 0.44 3.22 -2.64
Net Nonoperating Obligations (NNO)		 -46 -26 -42 -18 56 32 16 43 28 12 15
Total Depreciation and Amortization (D&A)		 1.83 1.83 1.79 1.78 1.81 1.81 1.83 1.86 1.87 1.79 2.07
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,447.00% -644.38% -41.12% -52.70% -56.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10,709.09% 4,005.01% 1,199.36% 2,425.07% 2,351.69%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10,382.21% 3,746.33% 1,003.82% 2,425.07% 2,351.69%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.25) ($0.24) ($0.29) ($0.48) ($0.33) ($0.16) $0.28 ($0.24) ($0.11) ($0.19) ($0.09)
Adjusted Weighted Average Basic Shares Outstanding		 103.44M 103.42M 108.25M 119.17M 119.41M 118.48M 131.50M 155.44M 158.31M 158.16M 197.85M
Adjusted Diluted Earnings per Share		 ($0.25) ($0.24) ($0.29) ($0.48) ($0.33) ($0.16) $0.28 ($0.24) ($0.11) ($0.19) ($0.09)
Adjusted Weighted Average Diluted Shares Outstanding		 103.44M 103.42M 108.25M 119.17M 119.41M 118.48M 131.76M 155.44M 158.31M 158.16M 197.85M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 103.58M 119.08M 119.08M 119.35M 125.86M 155.12M 155.12M 158.37M 187.27M 222.02M 222.02M
Normalized Net Operating Profit after Tax (NOPAT)		 -17 -18 -19 -21 -21 -20 -16 -21 -17 -22 -20
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -3,139.03% -6,913.26% -2,267.33% -4,622.10% -4,091.82%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 7,570.41% -12,510.96% -2,325.37% -5,311.35% -3,559.39%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -17.70 -14.20 -17.13 -22.05 -15.45 -7.69 13.83 -14.12 -5.93 0.00 -6.90
NOPAT to Interest Expense		 -11.78 -10.61 -10.24 -8.21 -8.68 -7.84 -7.73 -8.18 -6.54 -0.85 -8.92
EBIT Less CapEx to Interest Expense		 -18.04 -14.29 -17.35 -22.12 -15.84 -7.71 13.75 -14.35 -5.95 0.00 -6.98
NOPAT Less CapEx to Interest Expense		 -12.12 -10.70 -10.46 -8.28 -9.06 -7.86 -7.80 -8.40 -6.56 -0.85 -9.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% -0.25% -0.23% -0.24% 0.00% -0.75% -0.92% -0.83% 0.00%

Financials Breakdown Chart

Key Financial Trends

Humacyte (NASDAQ: HUMA) continues to look like a cash-burning, highly leveraged development-stage biotech, but Q1 2026 also showed a meaningful cash raise and a stronger cash position than the prior quarter. Revenue remains minimal, losses remain large, and the balance sheet is still carried by debt and equity financing rather than operating profitability.

  • Cash increased sharply to $48.5 million in Q1 2026, up from $19.5 million in Q3 2025 and well above the $38.0 million reported in Q2 2025, giving the company more near-term liquidity.
  • Humacyte raised $23.3 million of common equity in Q1 2026, which helped offset ongoing operating losses and extend the cash runway.
  • Revenue continues to exist on a quarterly basis, with Q1 2026 revenue of $495,000, following $467,000 in Q4 2025 and $753,000 in Q3 2025, suggesting some commercial activity rather than zero sales.
  • Quarterly operating cash outflow improved slightly year over year, with Q1 2026 operating cash burn of $25.1 million versus $28.6 million in Q1 2025.
  • Short-term debt was reported at $0 in Q1 2026, which is a cleaner near-term liquidity profile than some prior periods.
  • Q1 2026 operating expenses remain dominated by R&D and SG&A, consistent with an early-stage biotech still investing heavily in development and commercialization.
  • Non-cash and other income items materially affected quarterly results, especially in 2025, so earnings can swing significantly from period to period.
  • Q1 2026 net loss was still large at $17.6 million, even after some improvement from the $24.8 million loss in Q4 2025.
  • Operating loss remained substantial at $28.9 million in Q1 2026, showing the core business is still far from break-even.
  • Total liabilities were $98.9 million in Q1 2026 versus just $11.6 million of common equity, leaving the balance sheet thin and highly leveraged.
  • Long-term debt and lease obligations remain heavy, including $35.9 million of long-term debt and $27.6 million of capital lease obligations in Q1 2026.
  • Retained earnings remain deeply negative at $744.5 million, reflecting years of cumulative losses.
  • The company has repeatedly relied on equity issuance to fund operations, which creates ongoing dilution risk for existing shareholders.
  • Cash from operations was negative in every quarter shown, including roughly $25.1 million in Q1 2026, $26.1 million in Q4 2025, and $23.9 million in Q3 2025.

Trend summary: Over the last four years, Humacyte has remained a classic pre-profit biotech story: low but recurring revenue, persistent operating losses, negative operating cash flow, and frequent financing needs. The good news is that cash improved materially in early 2026, which reduces immediate balance-sheet pressure. The bad news is that the company is still not demonstrating operating leverage, and its debt load means future dilution or financing events may still be likely.

For retail investors: the key question is not whether Humacyte can report revenue, but whether it can scale sales fast enough to outrun its cash burn before the balance sheet needs another reset.

07/11/26 02:10 PM ETAI Generated. May Contain Errors.

Humacyte Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Humacyte's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Humacyte's net income appears to be on an upward trend, with a most recent value of -$40.83 million in 2025, falling from -$66.52 million in 2020. The previous period was -$148.70 million in 2024. View Humacyte's forecast to see where analysts expect Humacyte to go next.

Humacyte's total operating income in 2025 was -$108.14 million, based on the following breakdown:
  • Total Gross Profit: -$7.66 million
  • Total Operating Expenses: $100.47 million

Over the last 5 years, Humacyte's total revenue changed from $1.49 million in 2020 to $2.04 million in 2025, a change of 36.7%.

Humacyte's total liabilities were at $113.26 million at the end of 2025, a 40.6% decrease from 2024, and a 214.5% increase since 2020.

In the past 5 years, Humacyte's cash and equivalents has ranged from $39.93 million in 2020 to $217.50 million in 2021, and is currently $50.50 million as of their latest financial filing in 2025.

Over the last 5 years, Humacyte's book value per share changed from -27.25 in 2020 to 0.02 in 2025, a change of -100.1%.


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Financial statements for NASDAQ:HUMA last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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