Humacyte Inc Financials
Humacyte Inc (HUMA) reported $2.0M in revenue for fiscal year 2025. This page shows its 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).
Humacyte’s visible business mechanic is funding a large R&D burn with external capital while early revenue remains economically negative.
The striking FY2025 improvement in net loss to-$40.8M from-$148.7M did not mean the business became self-sustaining. Operating cash outflow actually deepened to-$105.0M from-$98.1M , implying the better bottom line came from items outside the core burn pattern rather than from a cheaper operating model.
Liquidity and balance-sheet cushion are telling different stories: a current ratio of 3.7x covers near-term obligations, but equity of
Commercial activity is not yet covering its own economics: FY2025 revenue of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Humacyte Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Humacyte Inc's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
Not available for Humacyte Inc, and counted as zero in the overall score.
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 4/100, 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 84/100.
Humacyte Inc's reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
Humacyte Inc posts a -1313.4% return on equity (ROE), meaning it loses $1313 for every $100 of shareholders' equity. This results in a returns score of 4/100.
Humacyte Inc scores -10.25, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($194.8M) relative to total liabilities ($113.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Humacyte Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Humacyte Inc reported a net loss of $40.8M while operations used $105.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Humacyte Inc reported an operating loss of $108.1M against $11.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Humacyte Inc generated $2.0M 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 recorded an outflow of $105.9M in free cash flow in fiscal year 2025, representing a cash shortfall 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.
Not reported for fiscal year 2025.
Margins & Returns
Humacyte Inc's ROE was -1313.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
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.
Not reported for fiscal year 2025.
HUMA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.1M | $2.0M | $0 | N/A | N/A | N/A | N/A |
| Cost of Revenue | $12.6M | $9.7M | $0 | N/A | N/A | N/A | N/A |
| Gross Profit | -$10.5M | -$7.7M | $0 | N/A | N/A | N/A | N/A |
| R&D Expenses | $69.5M | $69.3M-21.8% | $88.6M+15.7% | $76.5M+21.0% | $63.3M+3.1% | $61.3M+13.4% | $54.1M |
| SG&A Expenses | $31.2M | $31.2M+20.8% | $25.8M+9.8% | $23.5M+2.7% | $22.9M+8.3% | $21.1M+75.9% | $12.0M |
| Operating Income | -$111.2M | -$108.1M+5.5% | -$114.4M-14.3% | -$100.0M-18.3% | -$84.6M-4.1% | -$81.2M-25.7% | -$64.6M |
| Interest Expense | $10.3M | $11.3M+21.3% | $9.3M+40.6% | $6.6M+6.4% | $6.2M+42.6% | $4.3M+97.5% | $2.2M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$96.7M | -$40.8M+72.5% | -$148.7M-34.2% | -$110.8M-825.8% | -$12.0M+54.8% | -$26.5M+60.2% | -$66.5M |
| EPS (Diluted) | — | -$0.26+79.4% | -$1.26-17.8% | -$1.07-791.7% | -$0.12 | -$0.66 | -$11.54 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
HUMA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $116.4M-15.6% | $137.9M+7.5% | $128.2M-37.2% | $204.3M-28.7% | $286.5M+168.6% | $106.7M |
| Current Assets | $67.8M+41.7% | $47.9M-42.5% | $83.3M-46.0% | $154.2M-32.8% | $229.3M+453.3% | $41.4M |
| Cash & Equivalents | $50.5M+12.4% | $44.9M-44.1% | $80.4M-46.3% | $149.8M-31.1% | $217.5M+444.7% | $39.9M |
| Inventory | $13.6M | $0 | N/A | N/A | N/A | N/A |
| Accounts Receivable | $441K | $0 | $0-100.0% | $31K-82.4% | $176K+55.8% | $113K |
| Total Liabilities | $113.3M-40.6% | $190.5M+66.2% | $114.7M+31.2% | $87.4M-46.8% | $164.4M-64.0% | $457.0M |
| Current Liabilities | $18.4M-7.9% | $20.0M+8.2% | $18.4M-5.8% | $19.6M+77.2% | $11.1M-1.6% | $11.2M |
| Long-Term Debt | $35.4M | $0 | N/A | N/A | $30.0M | N/A |
| Total Equity | $3.1M+105.9% | -$52.7M-488.8% | $13.5M-88.4% | $116.9M-4.3% | $122.2M+134.9% | -$350.3M |
| Retained Earnings | -$726.8M-6.0% | -$686.0M-27.7% | -$537.3M-26.0% | -$426.5M-2.9% | -$414.6M-6.8% | -$388.1M |
Not reported in any period shown, so not listed: Goodwill.
HUMA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$97.2M | -$105.0M-7.1% | -$98.1M-33.9% | -$73.3M-3.1% | -$71.1M+12.4% | -$81.2M-46.1% | -$55.6M |
| Capital Expenditures | $367K | $884K-43.8% | $1.6M-31.1% | $2.3M+117.6% | $1.0M+376.4% | $220K-30.8% | $318K |
| Free Cash Flow | -$97.6M | -$105.9M-6.3% | -$99.7M-31.9% | -$75.6M-4.7% | -$72.2M+11.3% | -$81.4M-45.7% | -$55.9M |
| Investing Cash Flow | -$367K | -$884K+43.8% | -$1.6M-808.7% | -$173K-103.6% | $4.8M+158.9% | -$8.2M-2967.2% | -$268K |
| Financing Cash Flow | $89.4M | $61.5M-46.2% | $114.2M+2433.5% | $4.5M+411.7% | -$1.4M-100.5% | $267.0M+12910.9% | $2.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
HUMA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | -376.1% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -5306.0% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -2003.6% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -1313.4% | N/A | -817.8%-807.5pp | -10.2%+11.4pp | -21.7% | N/A |
| Return on Assets | -35.1%+72.8pp | -107.8%-21.5pp | -86.4%-80.5pp | -5.9%+3.4pp | -9.2%+53.1pp | -62.4% |
| Current Ratio | 3.69+1.3x | 2.40-2.1x | 4.52-3.4x | 7.88-12.9x | 20.75+17.1x | 3.69 |
| Debt-to-Equity | 11.40 | N/A | 8.47+7.7x | 0.75+0.5x | 0.25 | N/A |
| FCF Margin | -5197.5% | N/A | N/A | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Humacyte Inc Ranks
Frequently Asked Questions
What is Humacyte Inc's annual revenue?
Humacyte Inc (HUMA) reported $2.0M 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.
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 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) recorded an outflow of $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) recorded an outflow of $105.0M in operating cash flow during fiscal year 2025, representing cash used by 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.
How does Humacyte Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Humacyte Inc (HUMA) held $50.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $105.0M over that year. Dividing the one by the other, the reported balance equals about 6 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Humacyte Inc's Altman Z-Score?
Humacyte Inc (HUMA) has an Altman Z-Score of -10.25, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Humacyte Inc's Piotroski F-Score?
Humacyte Inc (HUMA) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $40.8M while operations used $105.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $108.1M against $11.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 16 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.