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what it is
Humacyte makes lab-grown human tissues for surgery and dialysis.
how it gets paid
Last year Humacyte made $2M in revenue. Contract revenue was the main engine at ~$1.3M, or about two-thirds of sales.
what just happened
Recent quarter in the feed: -$0.11 EPS. The hero’s ~$1.26 loss is FY scale—do not mix periods.
At a glance
C++ balance sheet — some cracks in the foundation
-$1.26 fy2024 eps est
$2M FY2024 revenue (filing/bridge line on this page—same as body; not a separate Street est)
1.85 beta
~$224M market cap
xvary composite: 41/100 — below average
What they do
Humacyte makes lab-grown human tissues for surgery and dialysis.
Its first product candidate got FDA RMAT status. That is one real proof point, not a promise. You are betting on one platform with 3 late-stage uses and 218 employees, which is the biotech version of one chef feeding three restaurants.
How they make money
$2M
annual revenue
Product revenue
$0.67M
0.0%
Contract revenue
$1.33M
+109.0%
Grants and collaboration
$0.00M
0.0%
Other revenue
$0.00M
0.0%
The products that matter
vascular trauma tissue graft
Symvess
~$0.67M product revenue (FY scale)
it is the lead commercial asset, but product revenue at roughly one-third of the $2M FY base (~$0.67M in the table) tells you launch traction is still tiny next to the valuation—contract revenue carries the other ~two-thirds.
lead asset
dialysis access graft
Hemodialysis Access
~$1.3M contract & other (FY scale)
this program is tied to late-stage development and a Fresenius Medical Care partnership, but the consolidated FY top line is still only $2M.
partnered program
arterial disease pipeline
Peripheral Arterial Disease
$2M total revenue company
this is part of the platform argument, but right now it sits inside a company generating just $2M of annual revenue. The market is paying for future indications, not present economics.
pipeline optionality
Key numbers
$2M
revenue
You are looking at a $2M business against a $224M market cap. That gap is the whole story.
$224M
market cap
The market is paying $224M for a company with $2M of revenue. That is 112x sales on plain math.
1.85
beta
A 1.85 beta means the stock swings 85% harder than the market. Your screen will not stay quiet.
$45M
long-term debt
$45M of debt equals 17% of capital. That is manageable until losses keep coming.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $45M (17% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for HUMA right now.
source: institutional data · return history unavailable
What just happened
missed estimates
On the quarter in the underlying feed, Humacyte did about $0.30M revenue (product + contract lines) and -$0.11 EPS—while $2M stays the FY anchor in the tables above.
Revenue jumped ~109% vs. prior year on that quarter’s tiny base. The same print shows product revenue near $0.10M and contract revenue near $0.20M—they sum to roughly $0.30M, not the $2M full-year total. Do not stack FY and single-quarter dollars without relabeling.
~$0.30M
rev (q)
-$0.11
eps (q)
$2M
rev (FY)
the number that mattered
Keeping $2M FY separate from a ~$0.3M quarter mattered most—mixing them makes growth look fake or broken when it is usually a period-tag problem.
source: Humacyte Q2 2025 results
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What could go wrong
the top risk here is commercialization failing to catch up with the valuation. HUMA is already priced like a platform win while the revenue line still looks like a pilot project.
med
manufacturing and FDA friction can stop the story cold
Executives were sued in January 2025 over alleged failure to address manufacturing compliance issues that delayed FDA permission to distribute products. For a company with tiny revenue, execution risk is the business risk.
If commercialization slips again, the market is left valuing a platform on faith while sales remain de minimis.
med
193.5x sales leaves almost no room for dead time
The stock trades at 193.5x sales versus a market average of 4.46x. That multiple only works if the revenue base starts scaling quickly from here.
With quarterly revenue at $0.753M, even a small delay can force a much lower market story.
med
cash burn can become shareholder dilution
The company reported a net loss in Q3 2025, carries a C++ balance sheet grade, and added a $77.5M credit facility in December 2025. That's breathing room, not proof of self-sufficiency.
If revenue stays small, future financing can matter more than clinical progress to your per-share outcome.
These risks sit under a $224M market cap, $45M of long-term debt, and a business generating just $2M of annual revenue. The setup is simple: the science can work and the stock can still disappoint if commercialization takes too long.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 2025 earnings report
Estimated for march 26, 2026. The number that matters is not just EPS. It's whether revenue finally starts looking commercial.
trend
quarterly revenue above the current $0.753M base
This stock needs proof that the revenue line can move from hundreds of thousands toward something that fits a public valuation.
risk
any new manufacturing or distribution setback
The January 2025 compliance dispute is already in the record. Another delay would hit the core thesis, not the edges.
metric
cash runway after the $77.5M credit facility
The financing bought time. Your question now is whether time converts into product revenue or just another capital raise.
Analyst rankings
coverage depth
thin
At a $224M market cap, analyst coverage looks sparse. In human-speak, you should expect wider gaps between price, narrative, and hard numbers.
risk profile
1.85
Beta measures market sensitivity. At 1.85, HUMA has historically moved more than the market. Not a bunker stock. Not subtle.
stability
5/100
A 5 / 100 stability score tells you headlines and funding updates can matter more than smooth operating execution from quarter to quarter.
source: institutional data
Institutional activity
institutional ownership data for HUMA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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