Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Humacyte, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
2.04
Cost of revenue
0
9.7
Gross profit
0
-7.66
Research and development
54.1
61.3
63.3
76.6
88.6
69.3
General and administrative
12
21.1
22.9
23.5
25.8
31.2
Operating expenses
66.1
82.5
86.1
100
114
Operating income
-64.6
-81.2
-84.6
-100
-114
-108
Interest expense
2.2
4.35
6.2
6.6
9.28
11.3
Interest income
0.28
0.02
2.63
5.47
4.1
2.59
Other non-operating income
-1.92
54.7
72.6
-10.7
-34.3
67.3
Pre-tax income
-40.8
Income tax
0
0
0
0
0
0
Net income
-66.5
-26.5
-12
-111
-149
-40.8
EBITDA
-58.3
-75
-78.4
-94.4
-109
-103
EPS, basic
-11.54
-0.66
-0.12
-1.07
-1.26
-0.26
EPS, diluted
-11.54
-0.66
-0.12
-1.07
-1.26
-0.26
Shares, basic (weighted)
5.77
40
103
103
118
158
Shares, diluted (weighted)
5.77
40
103
103
118
158
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
39.9
218
150
80.4
44.9
50.5
Short-term investments
0
8
2.11
0
Receivables
0.11
0.18
0.03
0
0
0.44
Inventory
0
13.6
Other current assets
1.41
3.66
2.3
2.83
2.92
3.27
Total current assets
41.4
229
154
83.3
47.9
67.8
Property, plant and equipment
41
35
30
26.8
23.1
18.5
Lease right-of-use assets
0.77
0.73
0.7
0.6
0.6
0
Long-term investments
100
Other non-current assets
0.68
0.63
1.25
0.67
Total assets
107
287
204
128
138
116
Accounts payable
2.27
2.09
1.6
6.49
4.49
5.4
Accrued liabilities
4.59
6.76
7.11
9.34
11.4
10.5
Total current liabilities
11.2
11.1
19.6
18.4
20
18.4
Lease liabilities
0.73
0.68
0.6
0.6
0.5
Other non-current liabilities
0.71
0.71
0.98
1.58
Total liabilities
36
164
87.4
115
191
113
Total debt
30
0
35.4
Paid-in capital
37.8
537
543
551
633
730
Retained earnings
-388
-415
-427
-537
-686
-727
Shareholders' equity
-350
122
117
13.5
-52.7
3.11
Total equity
-350
122
117
13.5
-52.7
3.11
Total liabilities and equity
107
287
204
128
138
116
Shares outstanding
5.82
103
103
104
130
193
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-66.5
-26.5
-12
-111
-149
-40.8
Depreciation and amortization
6.29
6.18
6.15
5.66
5.1
5.33
Stock-based compensation
4.69
10.1
6.18
6.83
6.14
9.75
Change in receivables
0.49
-0.06
0.15
0.03
0
-0.26
Change in inventory
0
-21.8
Change in payables
-0.89
-0.2
-0.51
4.81
-1.96
0.97
Cash from operations
-55.6
-81.2
-71.1
-73.3
-98.1
-105
Capital expenditures
-0.32
-0.22
-1.05
-2.28
-1.57
-0.88
Purchases of investments
0
-8
-10.1
0
Cash from investing
-0.27
-8.22
4.85
-0.17
-1.57
-0.88
Debt issued
3.25
0
Debt repaid
0
-88
Stock issued
0
242
0.54
0.57
1.51
0.06
Cash from financing
2.05
267
-1.45
4.51
114
61.5
Net change in cash
-53.8
178
-67.7
-69
14.5
-44.4
Free cash flow
-55.9
-81.4
-72.2
-75.6
-99.7
-106
Interest paid
0
1.12
2.67
1.61
0
Income taxes paid
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.56 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-494.6%
Gross profit / revenue.
Operating margin
-5,241.0%
Operating income / revenue.
EBITDA margin
-4,990.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-4,561.0%
Net income / revenue.
FCF margin
-4,600.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-4,582.0%
Cash from operations / revenue.
Return on equity (ROE)
-309.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-70.1%
Net income / average total assets.
R&D / revenue
3,276.0%
Research and development expense / revenue.
Stock-based pay / revenue
507.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
17.3%
Capital expenditures / revenue.
D&A / revenue
250.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Book value CAGR, 3y
-70.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-15.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-17.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
1.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
33.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
15.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
93.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
6.21x
Current assets / current liabilities.
Quick ratio
5.37x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
5.35x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.16x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
26.3%
Total debt / total assets.
Liabilities / assets
77.4%
Total liabilities / total assets.
Net debt
-$43.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.41
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.01
Revenue / diluted weighted shares.
FCF per share
-$0.42
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.42
Cash from operations / diluted weighted shares.
Book value per share
$0.11
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
73.0x
Market cap / revenue.
P/B
4.95x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.95x
Market cap / tangible book value, when positive.
EV/Sales
52.4x
Enterprise value / revenue.
FCF yield
-63.0%
Free cash flow / market cap.
Earnings yield
-62.5%
Net income / market cap (the inverse of P/E).
What was Humacyte, Inc.'s revenue in fiscal 2025?
Humacyte, Inc. reported revenue of $2.0M for fiscal 2025.
Was Humacyte, Inc. profitable in fiscal 2025?
No. It reported a net loss of $40.8M.
How much free cash flow did Humacyte, Inc. generate in fiscal 2025?
Cash from operations of $105.0M minus capital expenditures of $884.0K left free cash flow of -$105.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.