The company's capital structure appears highly unstable, evidenced by a debt-to-equity ratio that reached 20.86 in 2025Q4, reflecting a heavy reliance on debt to offset persistent operational deficits.
| Total Current Assets | 63.6M | 67.8M | 47.86M | 83.28M | 154.21M | 229.34M | 41.45M | 94.95M |
| Cash & Short-Term Investments | 48.54M | 50.5M | 44.94M | 80.45M | 151.88M | 225.5M | 39.93M | 93.71M |
| Cash Only | 48.54M | 50.5M | 44.94M | 80.45M | 149.77M | 217.5M | 39.93M | 93.71M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 2.11M | 8M | 0 | 0 |
| Accounts Receivable | 434K | 441K | 0 | 0 | 31K | 176K | 113K | 601K |
| Days Sales Outstanding | 106.23 | 78.98 | - | - | 7.23 | 50.86 | 27.66 | 35.46 |
| Inventory | 9.92M | 13.59M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 282.69 | 290.96 | - | - | - | - | - | - |
| Other Current Assets | 4.7M | 3.27M | 2.92M | 2.83M | 2.3M | 0 | 0 | 0 |
| Total Non-Current Assets | 46.96M | 48.57M | 90.01M | 44.95M | 50.09M | 57.19M | 65.24M | 73.74M |
| Property, Plant & Equipment | 46.08M | 47.69M | 38.55M | 44.1M | 50.09M | 57.19M | 65.24M | 73.74M |
| Fixed Asset Turnover | 0.05x | 0.04x | - | - | 0.03x | 0.02x | 0.02x | 0.08x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 209K | 209K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 881K | 672K | 51.46M | 841K | 0 | 0 | 0 | 0 |
| Total Assets | 110.56M | 116.37M | 137.87M | 128.22M | 204.3M | 286.53M | 106.69M | 168.69M |
| Asset Turnover | 0.02x | 0.02x | - | - | 0.01x | 0.00x | 0.01x | 0.04x |
| Asset Growth % | -67.48% | -15.6% | 7.53% | -37.24% | -28.7% | 168.57% | -36.76% | - |
| Total Current Liabilities | 16.19M | 18.37M | 19.95M | 18.44M | 19.58M | 11.05M | 11.23M | 10.84M |
| Accounts Payable | 5.08M | 5.4M | 4.49M | 6.49M | 1.59M | 2.09M | 2.27M | 3.27M |
| Days Payables Outstanding | 142.37 | 115.71 | 227.93 | 30.95 | 70.52 | 12.46 | 15.35 | 15.8 |
| Short-Term Debt | 2.43M | 2.43M | 0 | 0 | 8.57M | 0 | 2.45M | 1.5M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 8.68M | 10.54M | 7.37M | 5.29M | 4.23M | 4.12M | 1.15M | -1.5M |
| Current Ratio | 3.93x | 3.69x | 2.40x | 4.52x | 7.88x | 20.75x | 3.69x | 8.76x |
| Quick Ratio | 3.32x | 2.95x | 2.40x | 4.52x | 7.88x | 20.75x | 3.69x | 8.76x |
| Cash Conversion Cycle | 246.55 | 254.23 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 82.75M | 94.89M | 170.59M | 96.23M | 67.79M | 153.31M | 24.78M | 25.65M |
| Long-Term Debt | 63.47M | 35.44M | 0 | 38.6M | 20.34M | 27.36M | 822K | 0 |
| Capital Lease Obligations | 66.16M | 26.97M | 13.62M | 16.29M | 18.85M | 21.79M | 23.82M | 25.65M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 19.27M | 32.47M | 156.97M | 41.34M | 28.61M | 104.16M | 144K | 0 |
| Total Liabilities | 98.93M | 113.26M | 190.54M | 114.68M | 87.37M | 164.36M | 36.02M | 36.49M |
| Total Debt | 65.9M | 64.85M | 16.54M | 57.45M | 50.07M | 51.18M | 28.86M | 28.72M |
| Net Debt | 17.36M | 14.35M | -28.4M | -23M | -99.71M | -166.32M | -11.07M | -65M |
| Debt / Equity | 5.67x | 20.86x | - | 4.24x | 0.43x | 0.42x | 0.41x | 0.22x |
| Debt / EBITDA | -0.62x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.16x | - | - | - | - | - | - | - |
| Interest Coverage | -11.34x | -9.55x | -15.03x | -15.79x | -13.64x | -18.68x | -29.34x | -37.29x |
| Total Equity | 11.62M | 3.11M | -52.67M | 13.55M | 116.93M | 122.17M | 70.67M | 132.2M |
| Equity Growth % | 245.02% | 105.9% | -488.82% | -88.42% | -4.29% | 72.87% | -46.54% | - |
| Book Value per Share | 0.06 | 0.02 | -0.44 | 0.13 | 1.13 | 3.06 | 5.68 | 6.57 |
| Total Shareholders' Equity | 11.62M | 3.11M | -52.67M | 13.55M | 116.93M | 122.17M | 70.67M | 132.2M |
| Common Stock | 10.86M | 20K | 13K | 10K | 10K | 10K | 1K | 21K |
| Retained Earnings | -744.47M | -726.85M | -686.01M | -537.31M | -426.54M | -414.57M | -388.1M | -321.57M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensive regulatory dependency
As reported in recent financial filings, Humacyte’s equity base has experienced significant instability, swinging from a deficit of $63.7 million in 2024Q3 to a positive $11.6 million by 2026Q1, reflecting the company's heavy reliance on external financing to offset persistent operational losses.
The erratic movement in shareholder equity suggests that the company is frequently tapping capital markets to maintain solvency. Investors should monitor whether this volatility stabilizes as the company approaches potential commercialization or if it signals a permanent reliance on dilutive funding mechanisms.
According to the latest balance sheet data, Humacyte’s debt-to-equity ratio reached a concerning 20.86 in 2025Q4, highlighting a capital structure heavily skewed toward debt obligations relative to its thin equity base as the firm funds its pre-commercial development phase.
This high leverage ratio indicates that the company is financing its R&D and manufacturing scale-up through debt rather than internal cash generation. Such a profile increases the risk of financial distress should clinical or regulatory milestones face further delays.
Based on reported figures, Humacyte’s cash position of $48.5 million as of 2026Q1 provides a limited buffer against its ongoing burn rate, necessitating careful management of current assets to maintain a current ratio of 3.93 while awaiting potential commercial revenue streams.
While the current ratio appears healthy on the surface, the absolute cash balance remains modest relative to the high costs of maintaining specialized bioreactor facilities. The company’s liquidity position appears highly sensitive to the timing of future capital raises and regulatory approval timelines.
As noted in financial statements, Humacyte maintains a significant portion of its $110.6 million in total assets within net property, plant, and equipment, which totaled $46.1 million in 2026Q1, reflecting the capital-intensive nature of its proprietary LURE manufacturing system.
The concentration of assets in specialized manufacturing equipment underscores the company's transition toward a production-heavy business model. This asset mix warrants investigation into potential impairment risks if the commercial rollout of the Human Acellular Vessel fails to meet projected demand.
Quick answers to the most common questions about buying HUMA stock.
As of 2025, Humacyte, Inc. (HUMA) had total assets of $116.4M including $67.8M in current assets.
Humacyte, Inc. (HUMA) carries total debt of $64.8M, offset by $50.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Humacyte, Inc. (HUMA) has total shareholders' equity (book value) of $3.1M ($0.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Humacyte, Inc. (HUMA) reported a current ratio of 3.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.