Humacyte (HUMA) AI Stock Analysis

• Market Cap: $220.02M
• Dividend Yield: N/A
• Average Volume (3M): 4.66M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.60
• Revenue Growth: N/A
• EPS Growth: 82.23%
• Country: US
• Employees: 218
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.11
• Shares Outstanding: 192,996,500
• 10 Day Avg. Volume: 5,236,560
• 30 Day Avg. Volume: 4,656,790
• PEG Ratio: -0.23
• Price to Book (P/B): -11.36
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -6.00
• Enterprise Value/Market Cap: 1.39
• Enterprise Value/Revenue: 34.82
• Enterprise Value/Gross Profit: 350.98
• Enterprise Value/Ebitda: -16.18
• 1Y Price Target: $5.83
• Price Target Upside: 411.40% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.48
• Revenue Forecast (FY): $23.48M

• Rating: 45 Neutral
• Price Target: $1.00 ▼(-12.28% Downside)

The score is held down primarily by weak financial performance (large losses, heavy cash burn, and negative equity) and bearish technicals (price below key moving averages with negative MACD). Offsetting factors include a more constructive earnings call with improving commercial traction and reduced net loss, plus recent financing/loan facilities that extend runway, but valuation remains difficult due to negative earnings.

Positive Factors

Clinical durability & safety

Long-term clinical data showing sustained patency, very low infection rates and high limb-salvage supports durable clinical adoption, reduces complication-driven costs, and strengthens payer and surgeon confidence—key drivers for lasting commercial uptake in trauma and vascular settings.

Commercial adoption progress

Rapid expansion of hospital eligibility, VAC approvals and inclusion in the Defense Logistics Agency catalogue create institutional procurement pathways. These durable distribution and procurement wins increase repeatable per-procedure revenue potential and support scale-up of commercial operations.

Platform, pipeline & IP breadth

Positive Phase 3 dialysis results, supportive preclinical CTEV CABG data and granted patents (e.g., esophagus composition) indicate a multi-indication platform. A diversified product pipeline and IP protection provide multiple long-term commercial levers beyond trauma, lowering single-product dependency risk.

Negative Factors

Heavy cash burn

Sustained, large negative operating and free cash flow implies ongoing reliance on external financing to fund R&D and commercialization. Over months this increases refinancing risk, can constrain strategic flexibility, and forces trade-offs between growth investments and cash preservation.

Weak balance sheet / negative equity

Negative equity reflects cumulative losses and reduces financial flexibility. This structural weakness can limit access to favorable debt, tighten covenant headroom, raise counterparty concerns, and increase cost of capital—raising the bar for sustainable independent growth.

Limited revenue scale & margins

Modest revenue with very low gross margin and large negative net margin show the business lacks scale and unit economics. Until per-unit pricing, reimbursement and production efficiency improve, fixed commercial and R&D costs will keep profitability distant and require continued capital support.

Humacyte Business Overview & Revenue Model

Company Description

Humacyte, Inc. engages in the development and manufacture of off-the-shelf, implantable, and bioengineered human tissues for the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas. The company using its proprietary and scientific technology platform to engineer and manufacture human acellular vessels (HAVs). Its investigational HAVs are designed to be easily implanted into any patient without inducing a foreign body response or leading to immune rejection. The company is developing a portfolio of HAVs, which would target the vascular repair, reconstruction, and replacement market, including vascular trauma; arteriovenous access for hemodialysis; peripheral arterial disease; and coronary artery bypass grafting, as well as developing its HAVs for pediatric heart surgery and cellular therapy delivery, including pancreatic islet cell transplantation to treat Type 1 diabetes. The company was founded in 2004 and is headquartered in Durham, North Carolina.

How the Company Makes Money

Humacyte makes money primarily through the development and commercialization of its bioengineered human tissues, particularly its Human Acellular Vessel (HAV), which is designed for vascular surgeries. The company generates revenue through partnerships and collaborations with healthcare providers and research institutions that utilize its products in clinical trials and therapeutic applications. Additionally, Humacyte may earn income from licensing agreements, grants, and other funding sources that support the advancement of its technology and product pipeline. The successful commercialization and adoption of its bioengineered tissues in the healthcare market are key factors contributing to its earnings.

Humacyte Financial Statement Overview

Summary

Humacyte faces significant financial challenges with no current revenue stream and persistent operating losses, reflecting weak profitability metrics. The balance sheet indicates financial instability, with negative equity and high liabilities. Cash flows are negative, and the company is reliant on external financing for liquidity. These factors suggest a risky financial position with potential sustainability concerns unless revenue generation and profitability improve.

Income Statement

Humacyte's income statement shows significant challenges with no revenue reported in the latest year, leading to an inability to calculate profit margins. Historical revenue has been minimal and inconsistent, with no clear growth trajectory. The company has consistently reported operating losses, with EBIT and EBITDA margins being negative. This reflects ongoing difficulties in achieving profitability and scalability in its operations.

Balance Sheet

The balance sheet shows a negative stockholders' equity of $52.7 million, indicating financial instability. Total liabilities exceed total assets, which is concerning for leverage and solvency. With a debt-to-equity ratio being inapplicable due to negative equity, the company faces significant risk. However, the company has managed to reduce net debt, primarily through financing activities, which provides some liquidity buffer.

Cash Flow

Cash flow analysis reveals negative free cash flow, indicating the company is not generating sufficient cash from its operations to cover capital expenditures. However, the operating cash flow to net income ratio is not calculable due to zero or negative net income, highlighting cash flow issues. The company has relied heavily on financing activities to support its cash position, which may not be sustainable long-term.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	8.80M	0.00	0.00	1.56M	1.26M	1.49M
Gross Profit	873.00K	-7.19M	-76.55M	-6.69M	-60.08M	-52.59M
EBITDA	-18.94M	-132.23M	-96.46M	-76.37M	-72.97M	-56.25M
Net Income	-36.97M	-148.70M	-110.78M	-11.96M	-26.48M	-66.52M
Balance Sheet
Total Assets	91.51M	137.87M	128.22M	204.30M	286.53M	106.69M
Cash, Cash Equivalents and Short-Term Investments	19.49M	44.94M	80.45M	151.88M	225.50M	39.93M
Total Debt	29.82M	16.54M	57.45M	50.07M	51.18M	28.86M
Total Liabilities	96.26M	190.54M	114.68M	87.37M	164.36M	36.02M
Stockholders Equity	-4.75M	-52.67M	13.55M	116.93M	122.17M	70.67M
Cash Flow
Free Cash Flow	-106.40M	-99.69M	-75.58M	-72.18M	-81.41M	-55.89M
Operating Cash Flow	-105.50M	-98.12M	-73.31M	-71.13M	-81.19M	-55.57M
Investing Cash Flow	-908.00K	-1.57M	-173.00K	4.84M	-8.22M	-268.00K
Financing Cash Flow	55.32M	114.18M	4.51M	-1.45M	266.98M	2.05M

Humacyte Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.14
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 1.14 is above the 20-day moving average (MA) of 1.09, below the 50-day MA of 1.20, and below the 200-day MA of 1.73, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 45.70 is Neutral, neither overbought nor oversold. The STOCH value of 53.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HUMA.

Humacyte Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KYTX	56 Neutral	$523.31M	-2.34	-70.82%	―	―	-21.22%
ALLO	52 Neutral	$382.04M	-1.64	-54.43%	―	-100.00%	37.10%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RNAC	51 Neutral	$198.67M	-0.14	―	―	―	―
FHTX	49 Neutral	$369.65M	-5.29	―	―	-3.91%	37.89%
HUMA	45 Neutral	$220.02M	-4.61	―	―	―	82.23%

Humacyte Corporate Events

Humacyte Enters Sales Agreement with TD Securities

On December 16, 2025, Humacyte, Inc. entered into a Sales Agreement with TD Securities (USA) LLC to offer and sell its common stock, with an aggregate offering price of up to $60 million. The proceeds from this offering are intended to support the commercialization of Symvess® for vascular trauma, further development of Humacyte’s product pipeline, and general corporate purposes. The agreement allows TD Cowen to sell shares through various methods, including at-the-market offerings, and includes provisions for termination under specific conditions. The company has agreed to pay a commission to TD Cowen and has made customary representations and warranties as part of the agreement.

The most recent analyst rating on (HUMA) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Humacyte stock, see the HUMA Stock Forecast page.

Humacyte Secures $77.5 Million Loan Facility

On December 15, 2025, Humacyte, Inc. and its subsidiary entered into a loan and security agreement with Avenue Venture Opportunities Fund II, L.P., securing a senior secured term loan facility of up to $77.5 million, maturing on December 1, 2029. This financial arrangement, which includes multiple tranches subject to specific conditions, is designed to support Humacyte’s operational needs and strategic goals, potentially impacting its financial stability and market positioning.

The most recent analyst rating on (HUMA) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Humacyte stock, see the HUMA Stock Forecast page.

Humacyte Terminates Revenue Interest Agreement

On December 15, 2025, Humacyte, Inc. and Humacyte Global, Inc. reached an agreement with TPC Investments III LP and TPC Investments Solutions LP to terminate their existing Revenue Interest Purchase Agreement and Option Agreement. As part of this termination, Humacyte will pay $38 million in cash and issue over 5.7 million shares of common stock to the Purchasers, with the cash payment expected to be funded by a new credit facility. This strategic move is anticipated to impact Humacyte’s financial operations and market positioning, as it involves a significant financial transaction and issuance of shares.

The most recent analyst rating on (HUMA) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Humacyte stock, see the HUMA Stock Forecast page.

Humacyte Ends Sale Agreement with Jefferies LLC

Humacyte, Inc. announced the termination of its Open Market Sale Agreement with Jefferies LLC, effective November 21, 2025. The termination of this agreement, which allowed the sale of common stock up to $80 million, will not incur any penalties for the company.

The most recent analyst rating on (HUMA) stock is a Buy with a $3.50 price target. To see the full list of analyst forecasts on Humacyte stock, see the HUMA Stock Forecast page.