Humacyte, Inc.
HUMAHealthcare|Biotechnology|US
$0.45
+0.05 (+13.32%)
Tangible Book / Share
$0.13
Cash / Share
$0.34
Financials
Financial Snapshot
Market Cap
$124.5M
Enterprise Value
$110.8M
Revenue (TTM)
$2.1M
Net Income (TTM)
-$96.7M
Cash & Investments
$79.9M
Net Cash
$13.7M
Free Cash Flow (TTM)
-$97.6M
Operating CF (TTM)
-$97.2M
Debt/Equity
2.12
Cash Runway & Burn Rate
Cash on Hand
$79.9M
Quarterly Burn
$24.3M
Monthly Burn
$8.1M
Est. Runway
~3.3 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $93.7M | $39.9M | $225.5M | $151.9M | $80.4M | $44.9M | $50.5M | $79.9M | |
| Operating Cash Flow | -$71.8M | -$55.6M | -$81.2M | -$71.1M | -$73.3M | -$98.1M | -$105.0M | -$97.2M | |
| Free Cash Flow | -$79.9M | -$55.9M | -$81.4M | -$72.2M | -$75.6M | -$99.7M | -$105.9M | -$97.6M | |
| Capital Expenditure | -$8.1M | -$318.0K | -$220.0K | -$1.0M | -$2.3M | -$1.6M | -$884.0K | -$367.0K | |
| Financing Cash Flow | -$74.0K | $2.1M | $267.0M | -$1.4M | $4.5M | $114.2M | $61.5M | $89.4M |
R&D Spending
R&D (TTM)
$69.5M
R&D Intensity
3276.0%
R&D Growth vs Prior
+0.3%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.2M | $1.5M | $1.3M | $1.6M | $0.00 | $0.00 | $2.0M | $2.1M | |
| R&D Expense | $75.6M | $54.1M | $61.3M | $63.3M | $76.5M | $88.6M | $69.3M | $69.5M | |
| R&D % of Revenue | 1222.0% | 3627.0% | 4856.8% | 4042.2% | — | — | 3400.5% | 3276.0% | |
| SG&A | $16.3M | $12.0M | $21.1M | $22.9M | $20.4M | $25.8M | $31.2M | $27.5M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.2M | $1.5M | $1.3M | $1.6M | $0.00 | $0.00 | $2.0M | $2.1M | |
| Cost of Revenue | $75.6M | $54.1M | $61.3M | $8.3M | $76.5M | $7.2M | $17.0M | $16.3M | |
| Gross Profit | -$69.4M | -$52.6M | -$60.1M | -$6.7M | -$76.5M | -$7.2M | -$15.0M | -$14.1M | |
| R&D | $75.6M | $54.1M | $61.3M | $63.3M | $76.5M | $88.6M | $69.3M | $69.5M | |
| SG&A | $16.3M | $12.0M | $21.1M | $22.9M | $20.4M | $25.8M | $31.2M | $27.5M | |
| Operating Income | -$85.7M | -$64.6M | -$81.2M | -$84.6M | -$100.0M | -$114.4M | -$107.4M | -$111.2M | |
| Interest Expense | $2.3M | $2.2M | $4.3M | $6.2M | $6.6M | $9.3M | $11.3M | $10.3M | |
| Pretax Income | -$85.4M | -$66.5M | -$26.5M | -$12.0M | -$110.8M | -$148.7M | -$40.8M | -$96.7M | |
| Net Income | -$85.4M | -$66.5M | -$26.5M | -$12.0M | -$110.8M | -$148.7M | -$40.8M | -$96.7M | |
| EPS (Diluted) | -4.25 | -5.52 | -0.66 | -0.12 | -1.07 | -1.26 | -0.26 | -0.51 | |
| EBITDA | -$78.9M | -$56.2M | -$13.9M | $2.4M | -$96.5M | -$132.2M | -$22.2M | -$79.2M | |
| Shares Out. (M) | 103.00 | 12.45 | 39.97 | 103.05 | 103.42 | 118.48 | 158.16 | 234.18 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $93.7M | $39.9M | $217.5M | $149.8M | $80.4M | $44.9M | $50.5M | $79.9M | |
| Short-Term Investments | $0.00 | $0.00 | $8.0M | $2.1M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $95.0M | $41.4M | $229.3M | $154.2M | $83.3M | $47.9M | $67.8M | $92.8M | |
| Total Assets | $168.7M | $106.7M | $286.5M | $204.3M | $128.2M | $137.9M | $116.4M | $138.1M | |
| Total Current Liabilities | $10.8M | $11.2M | $11.1M | $19.6M | $18.4M | $20.0M | $18.4M | $14.9M | |
| Long-Term Debt | $0.00 | $822.0K | $27.4M | $20.3M | $38.6M | $0.00 | $35.4M | $36.3M | |
| Total Liabilities | $36.5M | $36.0M | $164.4M | $87.4M | $114.7M | $190.5M | $113.3M | $106.8M | |
| Stockholders' Equity | $132.2M | $70.7M | $122.2M | $116.9M | $13.5M | -$52.7M | $3.1M | $31.3M | |
| Retained Earnings | -$321.6M | -$388.1M | -$414.6M | -$426.5M | -$537.3M | -$686.0M | -$726.8M | -$781.3M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$71.8M | -$55.6M | -$81.2M | -$71.1M | -$73.3M | -$98.1M | -$105.0M | -$97.2M | |
| Capital Expenditure | -$8.1M | -$318.0K | -$220.0K | -$1.0M | -$2.3M | -$1.6M | -$884.0K | -$367.0K | |
| Free Cash Flow | -$79.9M | -$55.9M | -$81.4M | -$72.2M | -$75.6M | -$99.7M | -$105.9M | -$97.6M | |
| Investing Cash Flow | -$8.1M | -$268.0K | -$8.2M | $4.8M | -$173.0K | -$1.6M | -$884.0K | -$367.0K | |
| Financing Cash Flow | -$74.0K | $2.1M | $267.0M | -$1.4M | $4.5M | $114.2M | $61.5M | $89.4M | |
| Issuance of Stock | $0.00 | $301.0K | $598.0K | $535.0K | $566.0K | $45.9M | $113.4M | $143.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$1.3M | $1.8M | $27.9M | -$2.0M | $5.7M | -$2.6M | $36.4M | $37.6M | |
| Stock Based Comp. | $4.5M | $0.00 | $10.1M | $6.2M | $6.8M | $6.1M | $9.8M | $10.7M | |
| Net Change in Cash | -$80.0M | $39.9M | $177.6M | -$67.7M | -$69.2M | $14.5M | -$44.4M | -$8.1M |
Dilution Tracker
Shares outstanding grew 1170.5% over 5 years — significant dilution
Shares Outstanding
278M
5-Year Share Growth
+1170.5%
Stock Issuance (TTM)
$143.4M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 103.00 | 12.45 | 39.97 | 103.05 | 103.42 | 118.48 | 158.16 | 234.18 | |
| Change vs Prior % | — | -87.9% | 221.1% | 157.8% | 0.4% | 14.6% | 33.5% | 48.1% | |
| Stock Issuance | $0.00 | $301.0K | $598.0K | $535.0K | $566.0K | $45.9M | $113.4M | $143.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $4.5M | $0.00 | $10.1M | $6.2M | $6.8M | $6.1M | $9.8M | $10.7M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -1122.0% | -3527.0% | -4756.8% | -427.5% | — | — | -736.5% | -666.8% | |
| Operating Margin % | -1385.0% | -4332.7% | -6429.8% | -5404.3% | — | — | -5271.7% | -5240.8% | |
| Net Margin % | -1380.7% | -4461.7% | -2096.4% | -764.5% | — | — | -2003.6% | -4560.8% | |
| EBITDA Margin % | -1275.9% | -3772.6% | -1099.6% | 156.2% | — | — | -1091.2% | -3734.5% | |
| FCF Margin % | -1291.6% | -3748.2% | -6445.8% | -4611.9% | — | — | -5197.5% | -4599.7% | |
| ROE % | -64.6% | -94.1% | -21.7% | -10.2% | -817.8% | 282.3% | -1313.4% | -938.2% | |
| ROA % | -50.6% | -62.4% | -9.2% | -5.9% | -86.4% | -107.9% | -35.1% | -70.1% | |
| ROIC % | -53.3% | -64.8% | -29.3% | -43.2% | -89.1% | -94.7% | -107.0% | -89.2% | |
| R&D / Revenue % | 1222.0% | 3627.0% | 4856.8% | 4042.2% | — | — | 3400.5% | 3276.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -75.9% | -15.3% | 23.9% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 24.2% | -14.2% | 88.9% | -1044.2% | 90.6% | -108.7% | |
| Operating Income | 0.0% | 24.6% | -25.7% | -4.1% | -18.3% | -14.3% | 6.1% | |
| Net Income | 0.0% | 22.1% | 60.2% | 54.8% | -825.8% | -34.2% | 72.5% | |
| EPS (Diluted) | 0.0% | -29.9% | 88.0% | 81.8% | -791.7% | -17.8% | 79.4% | |
| Operating Cash Flow | 0.0% | 22.6% | -46.1% | 12.4% | -3.1% | -33.9% | -7.1% | |
| Free Cash Flow | 0.0% | 30.1% | -45.7% | 11.3% | -4.7% | -31.9% | -6.3% | |
| R&D Expense | 0.0% | -28.5% | 13.4% | 3.1% | 21.0% | 15.7% | -21.8% | |
| SG&A Expense | 0.0% | -26.2% | 75.9% | 8.3% | -10.9% | 26.5% | 20.8% | |
| Total Assets | 0.0% | -36.8% | 168.6% | -28.7% | -37.2% | 7.5% | -15.6% | |
| Book Value / Share | 0.0% | 342.3% | -46.2% | -62.9% | -88.5% | -439.4% | 104.4% | |
| Debt | 0.0% | 0.5% | 77.3% | -2.2% | 14.8% | -71.2% | 292.1% | |
| Diluted Shares | 0.0% | -87.9% | 221.1% | 157.8% | 0.4% | 14.6% | 33.5% |
Valuation
P/E (TTM)At Loss
P/S58.70
10Y Low / Med / High74.54 / 138.94 / 229.44
P/B3.36
10Y Low / Med / High1.79 / 7.53 / 48.86
EV/EBITDAAt Loss
EV/Revenue52.23
10Y Low / Med / High75.23 / 81.58 / 150.48
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.13
Cash / Share
$0.34
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.28 | -1.84 | -10.98 | -17.58 | -2.65 | -4.01 | -3.69 | -0.88 | |
| P/S Ratio | 160.99 | 84.91 | 229.44 | 138.94 | 0.00 | 0.00 | 74.54 | 58.70 | |
| P/B Ratio | 7.53 | 1.79 | 2.37 | 1.86 | 21.68 | -11.36 | 48.86 | 3.36 | |
| EV/EBITDA | -11.79 | -2.05 | -8.89 | 48.15 | -2.81 | -4.31 | -7.48 | -1.40 | |
| EV/Revenue | 150.48 | 77.49 | 97.75 | 75.23 | 0.00 | 0.00 | 81.58 | 52.23 |
Analyst Estimates & Quality
Altman Z-Score
-8.60
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $3.5M | $21.7M | $111.0M |
| Net Income | -$68.0M | -$45.6M | -$30.3M |
| EPS | $-0.41 | $-0.28 | $-0.13 |
| # Analysts (EPS) | 4 | 4 | 4 |