Humacyte, Inc. Warrant (HUMAW) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HUMAW SEC filings page.
Humacyte, Inc. Warrant (HUMAW) reported $2.1M in revenue over the twelve months to Jun 30, 2026. 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).
Development-stage economics dominate: FY2025's $2.0M revenue sits beside R&D-led spending and a thinly capitalized balance sheet.
The company spent$69.3M on R&D against$2.0M of revenue, while a-376.1% gross margin means current production economics are not yet absorbing the development base. Operating cash flow of-$105.0M nearly matched free cash flow of-$105.9M , so the cash requirement came overwhelmingly from ongoing operations rather than heavy capital expenditure.
Balance-sheet capacity narrowed: total equity fell from
Shares outstanding rose from 155.1M to 222.0M while financing cash flow was positive, pointing to external funding rather than internally generated cash. A 3.7x current ratio provides short-term asset coverage, but it does not offset the combination of negative operating cash flow and elevated leverage.
Financial Health Signals
Scored against emerging 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. Warrant'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. Warrant held $50.5M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $105.0M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Humacyte, Inc. Warrant scores 21/100 among other emerging companies.
Humacyte, Inc. Warrant had 222M shares outstanding at the end of fiscal year 2025, against 155M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Humacyte, Inc. Warrant scores 23/100 among other emerging companies.
Humacyte, Inc. Warrant spent $69.3M on research and development in fiscal year 2025, which was 62.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Humacyte, Inc. Warrant scores 86/100 among other emerging companies.
Not available for Humacyte, Inc. Warrant, and counted as zero in the overall score.
Humacyte, Inc. Warrant's operations used $105.0M of cash in fiscal year 2025, against $98.1M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Humacyte, Inc. Warrant scores 30/100 among other emerging companies.
Humacyte, Inc. Warrant's cash, cash equivalents and investments came to $50.5M at the end of fiscal year 2025, against $113.3M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Humacyte, Inc. Warrant scores 40/100 among other emerging companies.
Humacyte, Inc. Warrant 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. Warrant 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. Warrant 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. Warrant generated $406K in revenue in Q2 2026. This represents an increase of 34.9% from the same quarter a year earlier. Against the prior quarter it is down 18.0%.
Humacyte, Inc. Warrant's EBITDA was -$25.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 9.7% from the same quarter a year earlier. Against the prior quarter it is up 7.1%.
Humacyte, Inc. Warrant reported -$36.8M in net income in Q2 2026. This represents an increase of 2.3% from the same quarter a year earlier. Against the prior quarter it is down 108.9%.
Humacyte, Inc. Warrant earned -$0.16 per diluted share (EPS) in Q2 2026. This represents an increase of 33.3% from the same quarter a year earlier. Against the prior quarter it is down 77.8%.
Cash & Balance Sheet
Humacyte, Inc. Warrant recorded an outflow of $22.2M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 17.8% from the same quarter a year earlier. Against the prior quarter it is up 12.3%.
Humacyte, Inc. Warrant held $79.9M in cash against $36.3M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Humacyte, Inc. Warrant's ROE was -117.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 811.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 33.9 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Humacyte, Inc. Warrant invested $18.1M in research and development in Q2 2026. This represents a decrease of 17.5% from the same quarter a year earlier. Against the prior quarter it is down 6.8%.
Humacyte, Inc. Warrant invested $104K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 81.7% from the same quarter a year earlier. Against the prior quarter it is down 40.6%.
Not reported for Q2 2026.
HUMAW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $406K+34.9% | $495K-4.3% | $467K | $753K | $301K | $517K | N/A | $0 |
| Cost of Revenue | $1.2M+477.9% | $2.0M+1286.4% | $9.1M | $260K | $213K | $147K | N/A | $0 |
| Gross Profit | -$825K-1037.5% | -$1.5M-517.0% | -$8.6M | $493K | $88K | $370K | N/A | $0 |
| R&D Expenses | $18.1M-17.5% | $19.5M+26.2% | $14.6M | $17.3M-24.7% | $22.0M-7.4% | $15.4M-27.5% | N/A | $22.9M+23.6% |
| SG&A Expenses | $8.0M+2.8% | $7.9M-2.5% | $7.6M | $7.6M+4.1% | $7.8M+35.9% | $8.1M+53.1% | N/A | $7.3M+20.4% |
| Operating Income | -$27.0M+9.2% | -$28.9M-24.8% | -$30.8M | -$24.4M+19.3% | -$29.7M-0.8% | -$23.2M+12.8% | N/A | -$30.2M-22.8% |
| EBITDA | -$25.2M+9.7% | -$27.1M-27.1% | -$29.0M | -$22.6M+20.6% | -$27.9M-0.8% | -$21.4M+13.9% | N/A | -$28.4M-24.6% |
| Interest Expense | $2.3M-8.8% | $2.3M-24.3% | $3.1M | $2.6M+7.1% | $2.5M+1.2% | $3.0M+65.2% | N/A | $2.4M+66.6% |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | N/A | $0 |
| Net Income | -$36.8M+2.3% | -$17.6M-145.0% | -$24.8M | -$17.5M+55.3% | -$37.7M+33.5% | $39.1M+222.7% | N/A | -$39.2M-50.8% |
| EPS (Basic) | -$0.16+33.3% | -$0.09-132.1% | -$0.15+6.3% | -$0.11+66.7% | -$0.24+50.0% | $0.28+196.6% | -$0.16+33.3% | -$0.33-32.0% |
| EPS (Diluted) | -$0.16+33.3% | -$0.09-132.1% | -$0.15+6.3% | -$0.11+66.7% | -$0.24+50.0% | $0.28+196.6% | -$0.16+33.3% | -$0.33-32.0% |
| Diluted Shares (Avg) | 234M+50.7% | 198M+50.2% | N/A | 158M+32.6% | 155M+30.4% | 132M+21.7% | N/A | 119M+15.4% |
HUMAW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $138.1M-0.5% | $110.6M-32.0% | $116.4M-15.6% | $91.5M-20.3% | $138.8M+0.4% | $162.6M+0.7% | $137.9M+7.5% | $114.8M-23.2% |
| Current Assets | $92.8M+79.4% | $63.6M-13.7% | $67.8M+41.7% | $41.4M+79.7% | $51.7M-46.2% | $73.7M-37.5% | $47.9M-42.5% | $23.0M-77.6% |
| Cash & Equivalents | $79.9M+110.1% | $48.5M-22.8% | $50.5M+12.4% | $19.5M-5.3% | $38.0M-59.4% | $62.8M-45.6% | $44.9M-44.1% | $20.6M-79.4% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $7.0M-36.9% | $9.9M+23.7% | $13.6M | $18.4M | $11.1M | $8.0M | $0 | N/A |
| Accounts Receivable | $330K-16.2% | $434K-11.1% | $441K | $1.1M | $394K | $488K | $0 | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $106.8M-20.7% | $98.9M-21.8% | $113.3M-40.6% | $96.3M-46.1% | $134.7M-19.1% | $126.5M-6.5% | $190.5M+66.2% | $178.5M+58.8% |
| Current Liabilities | $14.9M-29.1% | $16.2M-19.2% | $18.4M-7.9% | $25.6M+22.2% | $21.1M+18.7% | $20.0M+42.2% | $20.0M+8.2% | $20.9M+38.3% |
| Non-Current Liabilities | $91.9M-19.2% | $82.7M-22.3% | $94.9M-44.4% | $70.7M-55.1% | $113.7M-23.6% | $106.5M-12.2% | $170.6M+77.3% | $157.5M+62.0% |
| Long-Term Debt | $36.3M | $35.9M | $35.4M | N/A | N/A | N/A | $0 | N/A |
| Total Equity | $31.3M+671.5% | $11.6M-67.7% | $3.1M+105.9% | -$4.8M+92.5% | $4.1M+114.3% | $36.0M+37.8% | -$52.7M-488.8% | -$63.7M-272.3% |
| Retained Earnings | -$781.3M-14.1% | -$744.5M-15.1% | -$726.8M-6.0% | -$702.0M-5.6% | -$684.5M-9.4% | -$646.9M-13.6% | -$686.0M-27.7% | -$665.1M-29.8% |
Not reported in any period shown, so not listed: Goodwill.
HUMAW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.1M+16.5% | -$25.1M+12.2% | -$26.1M+1.7% | -$23.9M-4.4% | -$26.4M-24.1% | -$28.6M-4.6% | -$26.6M-39.5% | -$22.9M-76.1% |
| Depreciation & Amortization | $1.8M-2.0% | $1.8M-2.3% | $1.8M-1.1% | $1.8M+0.1% | $1.8M0.0% | $1.8M+2.3% | $1.8M-1.4% | $1.8M+0.4% |
| Stock-Based Compensation | $2.6M+7.1% | $3.2M+27.5% | N/A | $2.5M+61.7% | $2.4M+69.4% | $2.5M+71.0% | N/A | $1.6M-12.4% |
| Capital Expenditures | $104K-81.7% | $175K-23.2% | $39K-38.1% | $49K-94.8% | $568K+208.7% | $228K-41.7% | $63K-58.0% | $934K+89.5% |
| Free Cash Flow | -$22.2M+17.8% | -$25.3M+12.3% | -$26.2M+1.8% | -$24.0M-0.5% | -$27.0M-25.6% | -$28.8M-3.9% | -$26.6M-38.7% | -$23.8M-76.6% |
| Investing Cash Flow | -$104K+81.7% | -$175K+23.2% | -$39K+38.1% | -$49K+94.8% | -$568K-208.7% | -$228K+41.7% | -$63K+58.0% | -$934K-89.5% |
| Financing Cash Flow | $53.5M+2371.3% | $23.3M-50.1% | $57.2M+12.1% | -$44.6M-5352.2% | $2.2M+563.8% | $46.7M-25.6% | $51.0M+15325.7% | $849K+211.1% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
HUMAW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -203.2% | -311.7% | -1844.8% | 65.5% | 29.2% | 71.6% | N/A | N/A |
| Operating Margin | -6649.3% | -5845.5% | -6603.0% | -3239.0% | -9876.1% | -4484.3% | N/A | N/A |
| Net Margin | -9064.5% | -3559.4% | -5311.4% | -2325.4% | -12511.0% | 7570.4% | N/A | N/A |
| Return on Equity | -117.7%+811.6pp | -151.6%-260.2pp | -797.8% | N/A | -929.4% | 108.6%+230.6pp | N/A | N/A |
| Return on Assets | -26.7%+0.5pp | -15.9%-40.0pp | -21.3% | -19.1%+15.0pp | -27.1%+13.9pp | 24.1%+43.8pp | N/A | -34.2%-16.8pp |
| Current Ratio | 6.21+3.8x | 3.93+0.2x | 3.69+1.3x | 1.62+0.5x | 2.45-3.0x | 3.68-4.7x | 2.40-2.1x | 1.10-5.7x |
| Debt-to-Equity | 1.16-32.1x | 3.09-0.4x | 11.40 | N/A | 33.25 | 3.51-1.7x | N/A | N/A |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.00 | 0.010.0x | 0.000.0x | 0.000.0x | N/A | 0.00 |
| FCF Margin | -5459.4% | -5106.9% | -5602.4% | -3181.0% | -8963.8% | -5576.2% | 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.
Where Humacyte, Inc. Warrant Ranks
Frequently Asked Questions
What is Humacyte, Inc. Warrant's annual revenue?
Humacyte, Inc. Warrant (HUMAW) 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. Warrant profitable?
No, Humacyte, Inc. Warrant (HUMAW) reported a net income of -$40.8M in fiscal year 2025.
What is Humacyte, Inc. Warrant's EBITDA?
Humacyte, Inc. Warrant (HUMAW) had EBITDA of -$100.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Humacyte, Inc. Warrant have?
As of fiscal year 2025, Humacyte, Inc. Warrant (HUMAW) had $50.5M in cash and equivalents against $35.4M in long-term debt.
What is Humacyte, Inc. Warrant's return on equity (ROE)?
Humacyte, Inc. Warrant (HUMAW) 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. Warrant's free cash flow?
Humacyte, Inc. Warrant (HUMAW) 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. Warrant's operating cash flow?
Humacyte, Inc. Warrant (HUMAW) 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. Warrant's total assets?
Humacyte, Inc. Warrant (HUMAW) had $116.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Humacyte, Inc. Warrant's capital expenditures?
Humacyte, Inc. Warrant (HUMAW) invested $884K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Humacyte, Inc. Warrant spend on research and development?
Humacyte, Inc. Warrant (HUMAW) invested $69.3M in research and development during fiscal year 2025.
What is Humacyte, Inc. Warrant's current ratio?
Humacyte, Inc. Warrant (HUMAW) had a current ratio of 3.69 as of fiscal year 2025, which is generally considered healthy.
What is Humacyte, Inc. Warrant's debt-to-equity ratio?
Humacyte, Inc. Warrant (HUMAW) 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. Warrant's return on assets (ROA)?
Humacyte, Inc. Warrant (HUMAW) 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. Warrant's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Humacyte, Inc. Warrant (HUMAW) 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. Warrant's Piotroski F-Score?
Humacyte, Inc. Warrant (HUMAW) 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. Warrant's earnings high quality?
Humacyte, Inc. Warrant (HUMAW) 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. Warrant cover its interest payments?
Humacyte, Inc. Warrant (HUMAW) 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. Warrant?
Humacyte, Inc. Warrant (HUMAW) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.