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 5 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
Humacyte Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Humacyte Inc generates $0.66 in operating cash flow (-$98.1M OCF vs -$148.7M 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 $-12.3 in operating income for every $1 of interest expense (-$114.4M vs $9.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Humacyte Inc's EBITDA was -$107.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 16.1% from the prior year.
Humacyte Inc generated -$99.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 31.9% from the prior year.
Humacyte Inc reported -$148.7M in net income in fiscal year 2024. This represents a decrease of 34.2% from the prior year.
Humacyte Inc earned $-1.26 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 17.8% from the prior year.
Humacyte Inc held $44.9M in cash against $0 in long-term debt as of fiscal year 2024.
Humacyte Inc had 130M shares outstanding in fiscal year 2024. This represents an increase of 25.4% from the prior year.
Humacyte Inc invested $88.6M in research and development in fiscal year 2024. This represents an increase of 15.7% from the prior year.
Humacyte Inc invested $1.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 31.1% from the prior year.
HUMA Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| 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 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| 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 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| 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 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| 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 | N/A | 108.6% | N/A | N/A | N/A | N/A | 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 |
Note: Shareholder equity is negative (-$52.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
Is Humacyte Inc profitable?
No, Humacyte Inc (HUMA) reported a net income of -$148.7M in fiscal year 2024.
What is Humacyte Inc's earnings per share (EPS)?
Humacyte Inc (HUMA) reported diluted earnings per share of $-1.26 for fiscal year 2024. This represents a -17.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Humacyte Inc's EBITDA?
Humacyte Inc (HUMA) had EBITDA of -$107.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Humacyte Inc's free cash flow?
Humacyte Inc (HUMA) generated -$99.7M in free cash flow during fiscal year 2024. This represents a -31.9% 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 -$98.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Humacyte Inc's total assets?
Humacyte Inc (HUMA) had $137.9M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Humacyte Inc's capital expenditures?
Humacyte Inc (HUMA) invested $1.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Humacyte Inc spend on research and development?
Humacyte Inc (HUMA) invested $88.6M in research and development during fiscal year 2024.
How many shares does Humacyte Inc have outstanding?
Humacyte Inc (HUMA) had 130M shares outstanding as of fiscal year 2024.
What is Humacyte Inc's current ratio?
Humacyte Inc (HUMA) had a current ratio of 2.40 as of fiscal year 2024, which is generally considered healthy.
What is Humacyte Inc's debt-to-equity ratio?
Humacyte Inc (HUMA) had a debt-to-equity ratio of -3.62 as of fiscal year 2024, 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 -107.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Humacyte Inc's cash runway?
Based on fiscal year 2024 data, Humacyte Inc (HUMA) had $44.9M in cash against an annual operating cash burn of $98.1M. This gives an estimated cash runway of approximately 5 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.
Why is Humacyte Inc's debt-to-equity ratio negative or unusual?
Humacyte Inc (HUMA) has negative shareholder equity of -$52.7M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Humacyte Inc's Piotroski F-Score?
Humacyte Inc (HUMA) has a Piotroski F-Score of 1 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 0.66x, 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 -12.3x, 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.