HUMA · Humacyte, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $495.0K | - | $0 | $0 | $0 | - | - | - | - | - |
| Cost of Revenue | $2.04M | - | $260.0K | $0 | $0 | - | - | - | - | - |
| Gross Profit | ($1.54M) | - | ($260.0K) | $0 | $0 | - | - | - | - | - |
| R&D | $19.46M | - | $17.27M | $22.01M | $15.42M | - | $22.93M | $23.75M | $21.26M | - |
| SG&A | $7.93M | - | $7.31M | $5.75M | $5.31M | - | $7.31M | $5.75M | $5.31M | - |
| Total Operating Expenses | $29.43M | - | $30.23M | $30.03M | $26.58M | - | $30.23M | $29.50M | $26.58M | - |
| D&A | $1.34M | - | $1.30M | $1.30M | $1.31M | - | $1.30M | $1.30M | $1.27M | - |
| Operating Income | ($28.93M) | - | ($24.39M) | ($29.73M) | ($23.18M) | - | ($30.23M) | ($29.50M) | ($26.58M) | - |
| Interest Expense | $2.27M | - | $2.61M | $2.54M | $1.82M | - | $2.44M | $1.71M | $1.82M | - |
| Income Tax | $0 | - | $0 | $0 | $0 | - | $0 | $0 | $0 | - |
| Net Income | ($17.62M) | - | ($17.51M) | ($37.66M) | $39.14M | - | ($39.20M) | ($56.66M) | ($31.90M) | - |
| EPS - Basic | ($0.09) | - | ($0.11) | ($0.24) | $0.28 | - | ($0.33) | ($0.48) | ($0.29) | - |
| EPS - Diluted | ($0.09) | - | ($0.11) | ($0.24) | $0.28 | - | ($0.33) | ($0.48) | ($0.29) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $48.54M | $50.50M | $19.49M | $38.03M | $62.85M | $44.94M | $20.57M | $93.56M | $115.50M | $80.45M |
| Accounts Receivable | $434.0K | $441.0K | $1.08M | $394.0K | $180.0K | - | - | - | - | $0 |
| Inventory | $9.92M | $13.59M | $18.42M | $11.07M | $0 | $0 | - | - | - | - |
| Accounts Payable | $5.08M | $5.40M | $9.57M | $6.63M | $5.57M | $4.49M | $6.90M | $6.00M | $3.45M | $6.49M |
| Current Assets | $63.60M | $67.80M | $41.35M | $51.73M | $73.70M | $47.86M | $23.00M | $96.11M | $117.93M | $83.28M |
| Total Assets | $110.56M | $116.37M | $91.51M | $138.79M | $162.55M | $137.87M | $114.76M | $138.28M | $161.47M | $128.22M |
| Current Liabilities | $16.19M | $18.37M | $25.58M | $21.09M | $20.03M | $19.95M | $20.94M | $17.76M | $14.09M | $18.44M |
| Long-term Debt | $35.87M | $35.44M | - | - | - | $0 | - | - | - | - |
| Total Liabilities | $98.93M | $113.26M | $96.26M | $134.74M | $126.51M | $190.54M | $178.49M | $166.57M | $135.31M | $114.68M |
| Stockholders' Equity | $11.62M | $3.11M | ($4.75M) | $4.05M | $36.04M | ($52.67M) | ($63.72M) | ($28.29M) | $26.15M | $13.55M |
| Retained Earnings | ($744.47M) | ($726.85M) | ($702.04M) | ($684.53M) | ($646.88M) | ($686.01M) | ($665.08M) | ($625.87M) | ($569.21M) | ($537.31M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($25.10M) | - | - | - | ($28.60M) | - | - | - | ($27.35M) | - |
| Investing Cash Flow | ($175.0K) | - | - | - | ($228.0K) | - | - | - | ($391.0K) | - |
| Financing Cash Flow | $23.32M | - | - | - | $46.74M | - | - | - | $62.80M | - |
| CapEx | $175.0K | - | - | - | $228.0K | - | - | - | $391.0K | - |
| Free Cash Flow | ($25.28M) | - | - | - | ($28.83M) | - | - | - | ($27.74M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | -311.7% | - | - | - | - | - | - | - | - | - |
| Operating margin | -5845.5% | - | - | - | - | - | - | - | - | - |
| EBITDA margin | -5574.3% | - | - | - | - | - | - | - | - | - |
| Net margin | -3559.4% | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | -5106.9% | - | - | - | - | - | - | - | - | - |
| FCF / Net income | 1.43 | - | - | - | -0.74 | - | - | - | 0.87 | - |
| R&D / Revenue | 3931.7% | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 1602.0% | - | - | - | - | - | - | - | - | - |
| Effective tax rate | - | - | - | - | 0.0% | - | - | - | - | - |
| Return on assets | -15.9% | - | -19.1% | -27.1% | 24.1% | - | -34.2% | -41.0% | -19.8% | - |
| Return on equity | -151.6% | - | 368.6% | -929.4% | 108.6% | - | 61.5% | 200.3% | -122.0% | - |
| Return on invested capital | -48.1% | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 3.93 | 3.69 | 1.62 | 2.45 | 3.68 | 2.40 | 1.10 | 5.41 | 8.37 | 4.52 |
| Quick ratio | 3.32 | 2.95 | 0.90 | 1.93 | 3.68 | 2.40 | 1.10 | 5.41 | 8.37 | 4.52 |
| Cash ratio | 3.00 | 2.75 | 0.76 | 1.80 | 3.14 | 2.25 | 0.98 | 5.27 | 8.20 | 4.36 |
| Leverage | ||||||||||
| Debt / Equity | 3.09 | 11.40 | - | - | - | 0.00 | - | - | - | - |
| Debt / Assets | 0.32 | 0.30 | - | - | - | 0.00 | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -12.7x | - | -9.3x | -11.7x | -12.8x | - | -12.4x | -17.3x | -14.6x | - |
| Equity multiplier | 9.51 | 37.43 | -19.26 | 34.25 | 4.51 | -2.62 | -1.80 | -4.89 | 6.17 | 9.47 |
| Liabilities / Assets | 0.89 | 0.97 | 1.05 | 0.97 | 0.78 | 1.38 | 1.56 | 1.20 | 0.84 | 0.89 |
| Efficiency | ||||||||||
| Asset turnover | 0.00 | - | 0.00 | 0.00 | 0.00 | - | - | - | - | - |
| Inventory turnover | 0.21 | - | 0.01 | 0.00 | - | - | - | - | - | - |
| Days sales outstanding | 320d | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 1777d | - | 25856d | - | - | - | - | - | - | - |
| Days payable outstanding | 910d | - | 13442d | - | - | - | - | - | - | - |
| Cash conversion cycle | 1186d | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | 6.1x | - | - | - | - | - |
| P / B | 10.3x | - | - | 80.2x | 6.2x | - | - | - | 12.9x | - |
| P / S | 242.6x | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -24.8% | - | 19.3% | -0.8% | 12.8% | - | -22.8% | -10.4% | -18.1% | - |
| Net income growth (YoY) | - | - | 55.3% | 33.5% | - | - | -50.8% | -149.6% | 13.7% | - |
| EPS growth (YoY) | - | - | 66.7% | 50.0% | - | - | -32.0% | -118.2% | 19.4% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 12.3% | - | - | - | -3.9% | - | - | - | -40.1% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -67.7% | - | 92.5% | - | 37.8% | - | - | - | -68.1% | -88.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$2.04M totalProduct$1.39M · 68.2%
Product And Service Other$649.0K · 31.8%
Peer comparison
Same SIC group: Biological Products, (No Diagnostic Substances)
Comparing Humacyte against the 5 most active filers in the same SIC group.