Revenue remains negligible and inconsistent, with the company reporting a negative gross margin of -22.3% in 2025Q4, highlighting the heavy manufacturing overhead required for its regenerative technology.
| Sales/Revenue | 2.02M | 2.04M | 0 | 0 | 1.56M | 1.26M | 1.49M | 6.19M |
| Revenue Growth % | -73.97% | - | - | -100% | 23.91% | -15.29% | -75.9% | - |
| Cost of Goods Sold | 17.11M | 17.05M | 7.19M | 76.55M | 8.26M | 61.34M | 54.08M | 75.6M |
| COGS % of Revenue | - | 836.46% | - | - | 527.48% | 4856.77% | 3626.96% | 1221.97% |
| Gross Profit | -15.09M | -15.01M | -7.19M | -76.55M | -6.69M | -60.08M | -52.59M | -69.42M |
| Gross Margin % | -748.51% | -736.46% | - | - | -427.48% | -4756.77% | -3526.96% | -1121.97% |
| Gross Profit Growth % | - | -108.75% | 90.61% | -1044.25% | 88.86% | -14.24% | 24.24% | - |
| Operating Expenses | 98.8M | 92.43M | 107.21M | 23.5M | 77.89M | 21.13M | 12.01M | 16.27M |
| OpEx % of Revenue | - | 4535.23% | - | - | 4976.87% | 1673% | 805.7% | 263.05% |
| Selling, General & Admin | 27.31M | 31.17M | 25.8M | 20.39M | 22.88M | 21.13M | 12.01M | 16.27M |
| SG&A % of Revenue | - | 1529.49% | - | - | 1462.17% | 1673% | 805.7% | 263.05% |
| Research & Development | 73.35M | 69.3M | 88.6M | 76.55M | 63.26M | 61.34M | 54.08M | 75.6M |
| R&D % of Revenue | - | 3400.49% | - | - | 4042.17% | 4856.77% | 3626.96% | 1221.97% |
| Other Operating Expenses | -1000K | -8.04M | -7.19M | -73.44M | -8.26M | -61.34M | -54.08M | -75.6M |
| Operating Income | -113.89M | -107.44M | -114.4M | -100.05M | -84.58M | -81.21M | -64.6M | -85.69M |
| Operating Margin % | -5649.21% | -5271.69% | - | - | -5404.35% | -6429.77% | -4332.66% | -1385.02% |
| Operating Income Growth % | - | 6.08% | -14.34% | -18.29% | -4.15% | -25.71% | 24.61% | - |
| EBITDA | -106.58M | -100.09M | -107.21M | -92.33M | -76.37M | -72.97M | -56.25M | -78.94M |
| EBITDA Margin % | -5286.95% | -4911.29% | - | - | -4879.74% | -5777.28% | -3772.57% | -1275.93% |
| EBITDA Growth % | -2.75% | 6.64% | -16.12% | -20.9% | -4.66% | -29.72% | 28.75% | - |
| D&A (Non-Cash Add-back) | 7.3M | 7.34M | 7.19M | 7.72M | 8.21M | 8.24M | 8.35M | 6.75M |
| EBIT | -119.27M | -107.44M | -139.42M | -104.18M | -84.58M | -81.21M | -64.6M | -85.69M |
| Net Interest Income | -8.27M | -8.66M | -5.17M | -1.13M | -3.57M | -4.33M | -1.92M | -2.03M |
| Interest Income | 2.25M | 2.59M | 4.1M | 5.47M | 2.63M | 16K | 278K | 269K |
| Interest Expense | 10.52M | 11.25M | 9.28M | 6.6M | 6.2M | 4.35M | 2.2M | 2.3M |
| Other Income/Expense | 16.3M | 66.6M | -34.3M | -10.73M | 72.61M | 54.73M | -1.92M | 269K |
| Pretax Income | -97.59M | -40.83M | -148.7M | -110.78M | -11.96M | -26.48M | -66.52M | -85.42M |
| Pretax Margin % | -4840.82% | -2003.58% | - | - | -764.54% | -2096.36% | -4461.7% | -1380.67% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -97.59M | -40.83M | -148.7M | -110.78M | -11.96M | -26.48M | -66.52M | -85.42M |
| Net Margin % | -4840.82% | -2003.58% | - | - | -764.54% | -2096.36% | -4461.7% | -1380.67% |
| Net Income Growth % | -25.65% | 72.54% | -34.24% | -825.83% | 54.81% | 60.2% | 22.12% | - |
| Net Income (Continuing) | -97.59M | -40.83M | -148.7M | -110.78M | -11.96M | -26.48M | -66.52M | -85.42M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.49 | -0.26 | -1.26 | -1.07 | -0.12 | -0.66 | -5.52 | -4.25 |
| EPS Growth % | 14.64% | 79.37% | -17.76% | -791.67% | 81.82% | 88.04% | -29.88% | - |
| EPS (Basic) | - | -0.26 | -1.26 | -1.07 | -0.12 | -0.66 | -5.52 | -4.25 |
| Diluted Shares Outstanding | 197.85M | 158.16M | 118.48M | 103.42M | 103.05M | 39.97M | 12.45M | 20.12M |
| Basic Shares Outstanding | 197.85M | 158.16M | 118.48M | 103.42M | 103.05M | 39.97M | 12.45M | 20.12M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Pre-commercial regulatory dependency
As reported in financial statements, Humacyte's revenue remains negligible and inconsistent, with quarterly figures fluctuating between zero and $7.2 million, suggesting that current inflows are driven by sporadic grant funding rather than a scalable, repeatable commercial sales model for the Human Acellular Vessel.
The absence of a clear upward revenue trajectory highlights the company's status as a pre-commercial entity awaiting definitive regulatory catalysts. Investors should monitor whether future revenue streams can transition from grant-based support to sustainable product adoption within hospital systems.
Based on Humacyte's reported figures, the company consistently records negative gross margins, including a -22.3% margin in 2025Q4, which underscores the significant manufacturing overhead required to maintain bioreactor operations before achieving the economies of scale necessary for viable commercial production.
These deeply negative margins reflect the high fixed-cost nature of the LURE manufacturing system. A shift toward positive profitability appears contingent upon successful commercialization and the ability to amortize cleanroom and labor costs over a much larger volume of units.
According to recent SEC filings, Humacyte's operating expenses, particularly R&D, continue to dwarf gross profit, resulting in persistent quarterly operating losses that frequently exceed $25 million, indicating that the company has yet to achieve any meaningful operating leverage in its current development phase.
The consistent gap between R&D spending and revenue suggests that the company is prioritizing clinical trial execution over cost-efficiency. This structure implies that significant operational scaling is required before the income statement can demonstrate a path toward break-even performance.
As noted in the provided data, Humacyte's net income exhibits extreme volatility, such as the anomalous $39.1 million profit in 2025Q1, which likely stems from non-operating items rather than core business performance, complicating the assessment of the company's true underlying financial health.
Investors should exercise caution when interpreting these bottom-line figures, as they do not reflect the ongoing cash burn associated with clinical development. The reliance on non-recurring items warrants further investigation to distinguish between temporary accounting gains and sustainable operational progress.
Based on the company's reported cash burn and high negative margins, the current financial trajectory suggests that Humacyte may face significant liquidity pressure, potentially necessitating further dilutive financing to sustain operations until the HAV achieves broad commercial market penetration and regulatory approval.
The reliance on external capital to fund ongoing R&D and manufacturing overhead creates a structural risk for existing shareholders. If clinical or regulatory milestones are delayed, the company's ability to maintain its current cash runway may be severely compromised.
Quick answers to the most common questions about buying HUMA stock.
For fiscal year 2025, Humacyte, Inc. (HUMA) reported total revenue of $2.0M. This represents a 67.1% decline compared to $6.2M in 2019.
Humacyte, Inc. (HUMA) reported a net loss of $40.8M for the fiscal year ending 2025.
Humacyte, Inc. (HUMA) reported an operating income of $-107.4M, resulting in an operating profit margin of -5271.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Humacyte, Inc. (HUMA) generated $-15.0M in gross profit for the year, representing a gross profit margin of -736.5%. This demonstrates the company's core pricing power and production efficiency.