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Humacyte
(NASDAQ:HUMA)
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Rating:46Neutral
Price Target:
$0.73
▲(17.58% Upside)
Action:Reiterated
Date:08/01/26
The score is held down primarily by very weak financial performance (minimal revenue, large losses, heavy cash burn, and high leverage versus equity) and a technically weak downtrend (price below major moving averages) with high volatility (beta ~2.98). The earnings call adds moderate support via improving early commercial traction, cost-reduction actions, and near-term clinical/regulatory catalysts, but valuation signals are limited due to negative earnings and no dividend data.
Positive Factors
Phase III Dialysis Results
Top‑line Phase III V012 success with early stopping and a planned supplemental BLA creates a durable regulatory pathway into the large hemodialysis market. Strong efficacy and lower infection signals support clinician and payer adoption, underpinning a sustainable addressable market and recurring product demand.
Negative Factors
High Cash Burn
Sustained, large negative operating and free cash flows reflect a structural funding gap relative to current revenue. Continued high burn necessitates repeated external financing, raising dilution risk and potentially forcing prioritization tradeoffs that could slow commercialization or delay pipeline investments if cash generation does not improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Phase III Dialysis Results
Top‑line Phase III V012 success with early stopping and a planned supplemental BLA creates a durable regulatory pathway into the large hemodialysis market. Strong efficacy and lower infection signals support clinician and payer adoption, underpinning a sustainable addressable market and recurring product demand.
Read all positive factors
Humacyte (HUMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$168.01M
Dividend YieldN/A
Average Volume (3M)13.56M
Price to Earnings (P/E)―
Beta (1Y)3.06
Revenue Growth159.29%
EPS Growth-7.39%
CountryUS
Employees184
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.51
Shares Outstanding277,798,100
10 Day Avg. Volume5,876,584
30 Day Avg. Volume13,560,694
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)48.86
Price to Sales (P/S)74.54
P/FCF Ratio-1.43
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$2.05Price Target Upside230.65% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.36
Revenue Forecast (FY)$5.96M
Humacyte Business Overview & Revenue Model
Company Description
Humacyte, Inc. focuses on developing and manufacturing readily available, implantable human tissues engineered in a laboratory setting. These bioengineered tissues are designed to treat a wide array of diseases and conditions across various anatom...
How the Company Makes Money
Humacyte’s primary economic model is to generate revenue from the commercialization of its bioengineered acellular vessel products once they receive regulatory approvals, by selling the implantable grafts to healthcare providers (e.g., hospitals) ...
Humacyte Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong clinical and regulatory momentum (statistically significant V012 results, planned sBLA filing, IND acceptance for CTEV, commercial team overhaul and early commercial traction) which are material positives. However, near-term financials showed modest absolute sales, rising COGS and inventory reserves, a substantial six‑month loss driven by non-cash liability remeasurements, and continued operating spend. The operational and clinical progress appears to materially outweigh the current financial headwinds, which management is positioning to address as commercialization scales.Positive Updates
Breakthrough V012 Phase III Interim Results in Female Dialysis Patients
In a pre-specified interim analysis of the first 80 patients, ATEV produced 91 more catheter-free days versus AV fistula (p = 0.0007), meeting the primary efficacy endpoint. Infection rates were 6 vs 23 infections per 100 patient-years (≈74% reduction). Management characterized the result as a major advance for hemodialysis access.
Negative Updates
Large Net Loss and Negative Six‑Month Earnings Swing
Net loss of $36.8M in Q2 2026 (vs $37.7M Q2 2025) and net loss of $54.4M for six months 2026 vs net income of $1.5M in six months 2025. The six‑month swing to a large loss was primarily driven by non-cash remeasurement of contingent earn-out and derivative liabilities.
Read all updates
Q2-2026 Updates
Positive
Negative
Breakthrough V012 Phase III Interim Results in Female Dialysis Patients
In a pre-specified interim analysis of the first 80 patients, ATEV produced 91 more catheter-free days versus AV fistula (p = 0.0007), meeting the primary efficacy endpoint. Infection rates were 6 vs 23 infections per 100 patient-years (≈74% reduction). Management characterized the result as a major advance for hemodialysis access.
Read all positive updates
Company Guidance
The company provided clear near‑term guidance and milestones: it plans to file a supplemental BLA for ATEV (Symvess) in November 2026 and will request priority review (RMAT in place) with an expected PDUFA in May 2027 and a targeted commercial launch in late Q2 2027; the V012 Phase III interim (first 80 patients) showed ATEV delivered 91 more catheter‑free days than AV fistula (p=0.0007) and infection rates of 6 vs. 23 per 100 patient‑years, supporting the filing; the FDA accepted an IND for CTEV with a Phase IIa ~10‑patient study to start this quarter (commercial‑scale CTEV lots already produced, batch size ~100); commercial traction is improving with ~$0.4M in Q2 2026 and $0.9M YTD sales, ~20 major U.S. health systems in process to adopt Symvess in H2, an Israel MAA accepted for 180 days, and DoD appropriations support; financials include cash of $80.1M (6/30/26), Q2 cost of goods $1.2M ($0.7M inventory reserve), six‑month COGS $3.3M (including $2.3M reserve), R&D ~$18.1M in Q2 and $37.6M YTD, SG&A $8.0M Q2/$16.0M YTD, other net expense $9.8M Q2 ($1.5M other net income YTD), net loss $36.8M Q2/$54.4M YTD, and $29.4M net cash provided in the first six months of 2026 (vs. $6.9M used in H1 2025).Humacyte Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
22
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.12M | 2.04M | 0.00 | 0.00 | 1.56M | 1.26M |
| Gross Profit | -14.14M | -15.01M | -7.19M | -76.55M | -6.69M | -60.08M |
| EBITDA | -79.66M | -22.24M | -132.23M | -96.46M | 2.44M | -13.89M |
| Net Income | -96.73M | -40.83M | -148.70M | -110.78M | -11.96M | -26.48M |
Balance Sheet | ||||||
| Total Assets | 138.09M | 116.37M | 137.87M | 128.22M | 204.30M | 286.53M |
| Cash, Cash Equivalents and Short-Term Investments | 79.90M | 50.50M | 44.94M | 80.45M | 151.88M | 225.50M |
| Total Debt | 66.18M | 64.85M | 16.54M | 57.45M | 50.07M | 51.18M |
| Total Liabilities | 106.83M | 113.26M | 190.54M | 114.68M | 87.37M | 164.36M |
| Stockholders Equity | 31.26M | 3.11M | -52.67M | 13.55M | 116.93M | 122.17M |
Cash Flow | ||||||
| Free Cash Flow | -97.56M | -105.93M | -99.69M | -75.58M | -72.18M | -81.41M |
| Operating Cash Flow | -97.19M | -105.04M | -98.12M | -73.31M | -71.13M | -81.19M |
| Investing Cash Flow | -367.00K | -884.00K | -1.57M | -173.00K | 4.84M | -8.22M |
| Financing Cash Flow | 89.43M | 61.49M | 114.18M | 4.51M | -1.45M | 266.98M |
Humacyte Technical Analysis
Negative
0.62
Price Trends
0.80
Negative
0.83
Negative
1.00
Negative
Market Momentum
-0.03
Positive
39.98
Neutral
22.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HUMA, the sentiment is Negative. The current price of 0.62 is below the 20-day moving average (MA) of 0.66, below the 50-day MA of 0.80, and below the 200-day MA of 1.00, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 39.98 is Neutral, neither overbought nor oversold. The STOCH value of 22.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HUMA.
Humacyte Risk Analysis
Humacyte disclosed 74 risk factors in its most recent earnings report. Humacyte reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Humacyte Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $708.26M | -3.06 | -50.04% | ― | ― | 40.16% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $267.46M | -1.49 | 141.41% | ― | ― | ― | |
46 Neutral | $168.01M | -1.19 | -938.20% | ― | 159.29% | -7.39% | |
46 Neutral | $505.26M | -2.78 | -81.91% | ― | ― | 20.07% | |
44 Neutral | $371.75M | -6.32 | 72.64% | ― | 51.98% | 17.68% |
* Healthcare Sector Average
HUMA
Humacyte
0.60
-1.20
-66.44%
RNAC
Cartesian Therapeutics
8.84
-2.44
-21.63%
ALLO
Allogene Therapeutics
2.05
0.96
88.07%
FHTX
Foghorn Therapeutics
6.26
1.16
22.75%
KYTX
Kyverna Therapeutics, Inc.
8.17
4.63
130.79%
Humacyte Corporate Events
Delistings and Listing ChangesRegulatory Filings and Compliance
Humacyte Receives Nasdaq Notice on Bid Price Noncompliance
Negative
Jul 31, 2026
On July 31, 2026, Humacyte disclosed that Nasdaq notified the company its common stock had closed below the $1.00 minimum bid price requirement for 30 consecutive business days ended July 30, 2026, putting it out of compliance with listing rules. ...
Business Operations and StrategyPrivate Placements and Financing
Humacyte Announces Underwritten Public Equity Offering to Fund Growth
Positive
Jun 11, 2026
On June 10, 2026, Humacyte entered an underwriting agreement with Barclays, BTIG and Titan Partners for an underwritten public offering of 47,619,048 common shares at $1.05 each, with underwriters holding a 30‑day option to buy up to 7,142,8...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Humacyte Announces Positive Phase 3 Dialysis Access Results
Positive
Jun 10, 2026
On June 10, 2026, Humacyte reported positive top-line interim results from its Phase 3 V012 trial evaluating its acellular tissue engineered vessel (ATEV) for dialysis access in female patients with end-stage renal disease. In the first 80 patient...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Humacyte Shareholders Approve Governance Changes and Share Increase
Positive
Jun 9, 2026
On June 9, 2026, Humacyte held its Annual Meeting, where stockholders elected three Class II directors to serve until the 2029 annual meeting and approved, on an advisory basis, the compensation of the company’s named executive officers as w...
Delistings and Listing ChangesRegulatory Filings and Compliance
Humacyte Regains Nasdaq Compliance With Minimum Bid Price
Positive
Jun 5, 2026
On May 4, 2026, Humacyte, Inc. disclosed that it had received a notice from Nasdaq after its common stock traded below the $1.00 minimum bid price requirement for 30 consecutive business days ended May 1, 2026, putting its Nasdaq Global Select Mar...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.