$HUMA

Humacyte, Inc.

CIK:0001818382|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 406	$ 301	$ 901	$ 818
Operating expenses:
Cost of goods sold	1,231	213	3,269	360
Research and development	18,144	22,006	37,606	37,424
General and administrative	8,027	7,809	15,957	15,945
Total operating expenses	27,402	30,028	56,832	53,729
Loss from operations	(26,996)	(29,727)	(55,931)	(52,911)
Other income (expense), net
Interest income	388	832	718	1,494
Interest expense	(2,321)	(2,545)	(4,592)	(5,545)
Change in fair value of Contingent Earnout Liability	(2,718)	(5,470)	2,014	44,261
Change in fair value of derivatives	(5,155)	(748)	3,370	14,182
Total other (expense) income, net	(9,806)	(7,931)	1,510	54,392
Net (loss) income and comprehensive (loss) income	$ (36,802)	$ (37,658)	$ (54,421)	$ 1,481
Net (loss) income per share attributable to common stockholders, basic	$ (0.16)	$ (0.24)	$ (0.25)	$ 0.01
Weighted-average shares outstanding used in computing net (loss) income per share attributable to common stockholders, basic	234,182,284	155,437,281	216,114,910	143,533,212
Net (loss) income per share attributable to common stockholders, diluted	$ (0.16)	$ (0.24)	$ (0.25)	$ 0.01
Weighted-average shares outstanding used in computing net (loss) income per share attributable to common stockholders, diluted	234,182,284	155,437,281	216,114,910	143,664,424
Product [Member]
Revenue	$ 406	$ 100	$ 899	$ 247
Operating expenses:
Cost of goods sold	1,200	200	3,300	400
Contract Revenue [Member]
Revenue	$ 0	$ 201	$ 2	$ 571

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net (loss) income	$ (54,421)	$ 1,481
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation expense	2,679	2,645
Stock-based compensation expense	5,778	4,822
Change in fair value of Contingent Earnout Liability	(2,014)	(44,261)
Non-cash interest expense	434	4,367
Change in fair value of derivatives	(3,370)	(14,182)
Inventory reserve	2,295	0
Amortization expense	897	1,047
Non-cash operating lease costs	0	29
Amortization of debt discount	580	0
Changes in operating assets and liabilities:
Accounts receivable	111	(214)
Inventory	4,309	(10,968)
Prepaid expenses and other current assets	(2,301)	505
Accounts payable	(1,274)	2,147
Accrued expenses	(1,496)	(2,403)
Finance lease obligation	628	0
Operating lease obligation	0	(29)
Net cash used in operating activities	(47,165)	(55,014)
Cash flows from investing activities
Purchase of property and equipment	(279)	(796)
Net cash used in investing activities	(279)	(796)
Cash flows from financing activities
Payments of costs related to public offering	0	(340)
Proceeds from the exercise of stock options	30	56
Payments of finance lease principal	(174)	(1,414)
Net cash provided by financing activities	76,850	48,905
Net increase (decrease) in cash, cash equivalents and restricted cash	29,406	(6,905)
Cash, cash equivalents and restricted cash at the beginning of the period	50,850	95,290
Cash, cash equivalents and restricted cash at the end of the period	80,256	88,385
Supplemental disclosure of noncash activities:
Unpaid issuance costs in connection with public offering	229	0
Purchase of property and equipment in accounts payable and accrued expenses	49	0
Public Stock Offering
Cash flows from financing activities
Proceeds from the issuance of common stock	54,030	47,000
Registered Direct Offerings
Cash flows from financing activities
Proceeds from the issuance of common stock	18,319	0
ATM Facility
Cash flows from financing activities
Proceeds from the issuance of common stock	$ 4,645	$ 3,603

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 79,903

$ 50,497

Inventory, net

6,985

13,589

Accounts receivable

330

441

Prepaid expenses and other current assets

5,569

3,268

Total current assets

92,787

67,795

Restricted cash

209

Property and equipment, net

16,170

18,544

Finance lease right-of-use assets, net

28,249

29,146

Other long-term assets

672

Total assets

138,087

116,366

Current liabilities

Accounts payable

4,157

5,404

Accrued expenses

9,273

10,540

Finance lease obligation, current portion

1,518

2,428

Total current liabilities

14,948

18,372

Long-term debt

^[1]

36,324

35,444

Contingent Earnout Liability

9,478

11,492

Common stock warrant liabilities

15,651

19,392

Finance lease obligation, net of current portion

28,338

26,974

Other long-term liabilities

2,087

1,583

Total liabilities

106,826

113,257

Commitments and contingencies (Note 10)

Stockholders' equity

Preferred stock, $0.0001 par value; 20,000,000 shares designated as of June 30, 2026 and December 31, 2025; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025

Common stock, $0.0001 par value; 550,000,000 and 350,000,000 shares authorized as of June 30, 2026 and as of December 31, 2025, respectively; 277,798,105 and 193,000,611 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

812,502

729,937

Accumulated deficit

(781,269)

(726,848)

Total stockholders' equity

31,261

3,109

Total liabilities and stockholders' equity

$ 138,087

$ 116,366

[1]	(a) Principal payable in 24 consecutive monthly installments of $1.7 million beginning December 1, 2027, or December 1, 2028 if the second tranche is funded, with the final payment fee of $2.4 million due at maturity.