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Humacyte, Inc., together with its subsidiaries, 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 company using its proprietary and scientific technology platform to engineer and manufacture human acellular vessels (HAVs) to be implanted into patient without inducing a foreign body response or leading to immune rejection. It is developing a portfolio of HAVs, which would target the vascular repair, reconstruction, and replacement market, including vascular trauma; arteriovenous access for hemodialysis; peripheral arterial disease; pediatric heart surgery; and coronary artery bypass grafting, as well as for the delivery of cellular therapy, including pancreatic islet cell transplantation to treat Type 1 diabetes. Humacyte, Inc. was founded in 2004 and is headquartered in Durham, North Carolina.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2M | $-22M | $-41M | $-106M | -1313.4% | - | -72.5% |
| 2024 | $0M | $-132M | $-149M | $-100M | 282.3% | - | 34.2% |
| 2023 | $0M | $-96M | $-111M | $-76M | -817.8% | - | 825.8% |
| 2022 | $0M | $2M | $-12M | $-72M | -10.2% | - | - |
| 2021 | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 0 | 0 | 2.04 |
| Operating Revenue | - | 0 | 0 | 0 | 2.04 |
| Cost Of Revenue | - | - | - | 0 | 9.70 |
| Gross Profit | - | - | - | 0 | -7.66 |
| Operating Expense | - | 84.58 | 100.05 | 114.40 | 100.47 |
| Research And Development | - | 63.26 | 76.55 | 88.60 | 69.30 |
| Selling General And Administration | - | 22.88 | 23.50 | 25.80 | 31.17 |
| Total Expenses | - | 84.58 | 100.05 | 114.40 | 110.18 |
| Operating Income | - | -84.58 | -100.05 | -114.40 | -108.14 |
| Total Operating Income As Reported | - | -84.58 | -100.05 | -114.40 | -108.14 |
| EBITDA | - | 2.44 | -96.46 | -132.23 | -22.24 |
| Normalized EBITDA | - | -73.74 | -86.86 | -103.10 | -98.20 |
| EBIT | - | -5.76 | -104.18 | -139.42 | -29.58 |
| Interest Income | - | 2.63 | 5.47 | 4.10 | 2.59 |
| Interest Expense | - | 6.20 | 6.60 | 9.28 | 11.25 |
| Net Interest Income | - | -3.57 | -1.13 | -5.17 | -8.66 |
| Other Income Expense | - | 76.18 | -9.60 | -29.13 | 75.97 |
| Interest Income Non Operating | - | 2.63 | 5.47 | 4.10 | 2.59 |
| Interest Expense Non Operating | - | 6.20 | 6.60 | 9.28 | 11.25 |
| Net Non Operating Interest Income Expense | - | -3.57 | -1.13 | -5.17 | -8.66 |
| Pretax Income | - | -11.96 | -110.78 | -148.70 | -40.83 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -11.96 | -110.78 | -148.70 | -40.83 |
| Net Income From Continuing And Discontinued Operation | - | -11.96 | -110.78 | -148.70 | -40.83 |
| Net Income From Continuing Operation Net Minority Interest | - | -11.96 | -110.78 | -148.70 | -40.83 |
| Net Income | - | -11.96 | -110.78 | -148.70 | -40.83 |
| Net Income Common Stockholders | - | -11.96 | -110.78 | -148.70 | -40.83 |
| Net Income Including Noncontrolling Interests | - | -11.96 | -110.78 | -148.70 | -40.83 |
| Normalized Income | - | -88.15 | -101.18 | -119.57 | -116.80 |
| Diluted NI Availto Com Stockholders | - | -11.96 | -110.78 | -148.70 | -40.83 |
| Basic Average Shares | - | 103.05 | 103.42 | 118.48 | 158.16 |
| Diluted Average Shares | - | 103.05 | 103.42 | 118.48 | 158.16 |
| Reconciled Depreciation | - | 8.21 | 7.72 | 7.19 | 7.34 |
| Reconciled Cost Of Revenue | - | - | - | 0 | 9.70 |
| Total Unusual Items | - | 76.18 | -9.60 | -29.13 | 75.97 |
| Total Unusual Items Excluding Goodwill | - | 76.18 | -9.60 | -29.13 | 75.97 |
| Special Income Charges | - | 75.77 | -9.34 | -33.04 | 37.20 |
| Other Special Charges | -3.28 | - | -0.69 | - | 22.27 |
| Restructuring And Mergern Acquisition | - | -75.77 | 10.02 | 33.04 | -59.47 |
| Gain On Sale Of Security | - | 0.42 | -0.26 | 3.92 | 38.76 |
| General And Administrative Expense | - | 22.88 | 23.50 | 25.80 | 31.17 |
| Other Gand A | - | 22.88 | 23.50 | 25.80 | 31.17 |
| Salaries And Wages | - | 0 | -3.11 | - | - |
| Other Operating Expenses | -1.26 | -1.56 | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Humacyte, Inc.this co. | HUMA | $331M | -8.10 | 106.40 | -1313.4% | -15.52 |
| Larimar Therapeutics, Inc. | LRMR | $342M | - | 4.38 | -212.2% | - |
| Enanta Pharmaceuticals, Inc. | ENTA | $341M | -4.17 | 5.27 | -126.5% | -5.14 |
| Verastem, Inc. | VSTM | $339M | -1.62 | 5.93 | -366.2% | -1.07 |
| Simulations Plus, Inc. | SLP | $336M | -5.20 |
| - |
| - |
| - |
| 2.70 |
| -51.9% |
| 20.82 |
| 908 Devices Inc. | MASS | $334M | 17.11 | 2.32 | 13.6% | -12.61 |
| Abeona Therapeutics Inc. | ABEO | $332M | 4.66 | 2.08 | 44.7% | 3.54 |
| Organogenesis Holdings Inc. | ORGO | $319M | 8.62 | 1.06 | 12.3% | 3.71 |
| Rocket Pharmaceuticals, Inc. | RCKT | $319M | -1.43 | 1.15 | -80.5% | -1.27 |
| Peer Median | - | -1.43 | 2.51 | -66.2% | -1.07 | |