Humacyte Inc Financials
This page shows Humacyte Inc (HUMA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Humacyte Inc has an operating margin of -7785.2%, meaning the company retains $-7785 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses.
Humacyte Inc has elevated debt relative to equity (D/E of 11.40), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
With a current ratio of 3.69, Humacyte Inc holds $3.69 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.
While Humacyte Inc generated -$105.0M in operating cash flow, capex of $884K consumed most of it, leaving -$105.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Humacyte Inc generates a -1313.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Humacyte Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Humacyte Inc generates $2.57 in operating cash flow (-$105.0M OCF vs -$40.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Humacyte Inc earns $-12.4 in operating income for every $1 of interest expense (-$108.1M vs $8.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Humacyte Inc generated $1.4M in revenue in fiscal year 2025.
Humacyte Inc's EBITDA was -$100.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.0% from the prior year.
Humacyte Inc reported -$40.8M in net income in fiscal year 2025. This represents an increase of 72.5% from the prior year.
Humacyte Inc earned $-0.26 per diluted share (EPS) in fiscal year 2025. This represents an increase of 79.4% from the prior year.
Cash & Balance Sheet
Humacyte Inc generated -$105.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 6.3% from the prior year.
Humacyte Inc held $50.5M in cash against $35.4M in long-term debt as of fiscal year 2025.
Humacyte Inc had 222M shares outstanding in fiscal year 2025. This represents an increase of 70.7% from the prior year.
Margins & Returns
Humacyte Inc's gross margin was -598.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Humacyte Inc's operating margin was -7785.2% in fiscal year 2025, reflecting core business profitability.
Humacyte Inc's net profit margin was -2939.7% in fiscal year 2025, showing the share of revenue converted to profit.
Humacyte Inc's ROE was -1313.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Humacyte Inc invested $69.3M in research and development in fiscal year 2025. This represents a decrease of 21.8% from the prior year.
Humacyte Inc invested $884K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 43.8% from the prior year.
HUMA Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $753K+150.2% | $301K-41.8% | $517K | N/A | $0 | $0 | $0 | N/A |
| Cost of Revenue | $260K+22.1% | $213K+44.9% | $147K | N/A | $0 | $0 | $0 | N/A |
| Gross Profit | $493K+460.2% | $88K-76.2% | $370K | N/A | $0 | $0 | $0 | N/A |
| R&D Expenses | $17.3M-21.5% | $22.0M+42.7% | $15.4M | N/A | $22.9M-3.5% | $23.8M+11.7% | $21.3M | N/A |
| SG&A Expenses | $7.6M-2.5% | $7.8M-4.0% | $8.1M | N/A | $7.3M+27.2% | $5.7M+8.1% | $5.3M | N/A |
| Operating Income | -$24.4M+18.0% | -$29.7M-28.2% | -$23.2M | N/A | -$30.2M-2.5% | -$29.5M-11.0% | -$26.6M | N/A |
| Interest Expense | $2.6M+2.6% | $2.5M-15.2% | $3.0M | N/A | $2.4M-3.1% | $2.5M+38.5% | $1.8M | N/A |
| Income Tax | $0 | $0 | $0 | N/A | $0 | $0 | $0 | N/A |
| Net Income | -$17.5M+53.5% | -$37.7M-196.2% | $39.1M | N/A | -$39.2M+30.8% | -$56.7M-77.6% | -$31.9M | N/A |
| EPS (Diluted) | $-0.11+54.2% | $-0.24-185.7% | $0.28 | N/A | $-0.33+31.2% | $-0.48-65.5% | $-0.29 | N/A |
HUMA Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $91.5M-34.1% | $138.8M-14.6% | $162.6M+17.9% | $137.9M+20.1% | $114.8M-17.0% | $138.3M-14.4% | $161.5M+25.9% | $128.2M |
| Current Assets | $41.4M-20.1% | $51.7M-29.8% | $73.7M+54.0% | $47.9M+108.0% | $23.0M-76.1% | $96.1M-18.5% | $117.9M+41.6% | $83.3M |
| Cash & Equivalents | $19.5M-48.8% | $38.0M-39.5% | $62.8M+39.9% | $44.9M+118.4% | $20.6M-78.0% | $93.6M-19.0% | $115.5M+43.6% | $80.4M |
| Inventory | $18.4M+66.4% | $11.1M+38.0% | $8.0M | $0 | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.1M+173.6% | $394K-19.3% | $488K+171.1% | $180K | N/A | N/A | N/A | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $96.3M-28.6% | $134.7M+6.5% | $126.5M-33.6% | $190.5M+6.8% | $178.5M+7.2% | $166.6M+23.1% | $135.3M+18.0% | $114.7M |
| Current Liabilities | $25.6M+21.3% | $21.1M+5.3% | $20.0M+0.4% | $20.0M-4.7% | $20.9M+17.9% | $17.8M+26.1% | $14.1M-23.6% | $18.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$4.8M-217.3% | $4.1M-88.8% | $36.0M+168.4% | -$52.7M+17.3% | -$63.7M-125.3% | -$28.3M-208.2% | $26.2M+93.1% | $13.5M |
| Retained Earnings | -$702.0M-2.6% | -$684.5M-5.8% | -$646.9M+5.7% | -$686.0M-3.1% | -$665.1M-6.3% | -$625.9M-10.0% | -$569.2M-5.9% | -$537.3M |
HUMA Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$23.9M+9.5% | -$26.4M+7.7% | -$28.6M-7.6% | -$26.6M-16.0% | -$22.9M-7.6% | -$21.3M+22.1% | -$27.3M-43.5% | -$19.1M |
| Capital Expenditures | $49K-91.4% | $568K+149.1% | $228K+261.9% | $63K-93.3% | $934K+407.6% | $184K-52.9% | $391K+160.7% | $150K |
| Free Cash Flow | -$24.0M+11.2% | -$27.0M+6.4% | -$28.8M-8.2% | -$26.6M-11.7% | -$23.8M-11.0% | -$21.5M+22.6% | -$27.7M-44.4% | -$19.2M |
| Investing Cash Flow | -$49K+91.4% | -$568K-149.1% | -$228K-261.9% | -$63K+93.3% | -$934K-407.6% | -$184K+52.9% | -$391K-160.7% | -$150K |
| Financing Cash Flow | -$44.6M-2158.7% | $2.2M-95.4% | $46.7M-8.4% | $51.0M+5907.8% | $849K+281.8% | -$467K-100.7% | $62.8M+18844.8% | -$335K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HUMA Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.5%+36.2pp | 29.2%-42.3pp | 71.6% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -3239.0%+6637.0pp | -9876.1%-5391.8pp | -4484.3% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -2325.4%+10185.6pp | -12511.0%-20081.4pp | 7570.4% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | -929.4%-1038.0pp | 108.6% | N/A | N/A | N/A | -122.0% | N/A |
| Return on Assets | -19.1%+8.0pp | -27.1%-51.2pp | 24.1% | N/A | -34.2%+6.8pp | -41.0%-21.2pp | -19.8% | N/A |
| Current Ratio | 1.62-0.8 | 2.45-1.2 | 3.68+1.3 | 2.40+1.3 | 1.10-4.3 | 5.41-3.0 | 8.37+3.9 | 4.52 |
| Debt-to-Equity | -20.26-53.5 | 33.25+29.7 | 3.51+7.1 | -3.62-0.8 | -2.80+3.1 | -5.89-11.1 | 5.17-3.3 | 8.47 |
| FCF Margin | -3181.0%+5782.8pp | -8963.8%-3387.6pp | -5576.2% | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Humacyte Inc's annual revenue?
Humacyte Inc (HUMA) reported $1.4M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Humacyte Inc profitable?
No, Humacyte Inc (HUMA) reported a net income of -$40.8M in fiscal year 2025, with a net profit margin of -2939.7%.
What is Humacyte Inc's EBITDA?
Humacyte Inc (HUMA) had EBITDA of -$100.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Humacyte Inc have?
As of fiscal year 2025, Humacyte Inc (HUMA) had $50.5M in cash and equivalents against $35.4M in long-term debt.
What is Humacyte Inc's gross margin?
Humacyte Inc (HUMA) had a gross margin of -598.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Humacyte Inc's operating margin?
Humacyte Inc (HUMA) had an operating margin of -7785.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Humacyte Inc's net profit margin?
Humacyte Inc (HUMA) had a net profit margin of -2939.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Humacyte Inc's return on equity (ROE)?
Humacyte Inc (HUMA) has a return on equity of -1313.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Humacyte Inc's free cash flow?
Humacyte Inc (HUMA) generated -$105.9M in free cash flow during fiscal year 2025. This represents a -6.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Humacyte Inc's operating cash flow?
Humacyte Inc (HUMA) generated -$105.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Humacyte Inc's total assets?
Humacyte Inc (HUMA) had $116.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Humacyte Inc's capital expenditures?
Humacyte Inc (HUMA) invested $884K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Humacyte Inc spend on research and development?
Humacyte Inc (HUMA) invested $69.3M in research and development during fiscal year 2025.
What is Humacyte Inc's current ratio?
Humacyte Inc (HUMA) had a current ratio of 3.69 as of fiscal year 2025, which is generally considered healthy.
What is Humacyte Inc's debt-to-equity ratio?
Humacyte Inc (HUMA) had a debt-to-equity ratio of 11.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Humacyte Inc's return on assets (ROA)?
Humacyte Inc (HUMA) had a return on assets of -35.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Humacyte Inc's cash runway?
Based on fiscal year 2025 data, Humacyte Inc (HUMA) had $50.5M in cash against an annual operating cash burn of $105.0M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Humacyte Inc's Piotroski F-Score?
Humacyte Inc (HUMA) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Humacyte Inc's earnings high quality?
Humacyte Inc (HUMA) has an earnings quality ratio of 2.57x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Humacyte Inc cover its interest payments?
Humacyte Inc (HUMA) has an interest coverage ratio of -12.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Humacyte Inc?
Humacyte Inc (HUMA) scores 14 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.