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Humacyte (HUMA) investor relations material
Humacyte Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Achieved first commercial product revenue for Symvess in early 2025, with Q3 sales rising to $703,000 and 92 hospitals eligible to purchase, reflecting strong commercial ramp-up and surgeon engagement.
Total Q3 2025 revenue reached $0.8 million, up from $100,000 in the previous quarter, driven by Symvess sales and research collaborations.
Secured ECAT listing, enabling sales to U.S. military and VA hospitals, and recorded first commercial sale to military facilities.
Published multiple studies supporting Symvess efficacy in vascular trauma, with positive long-term outcomes in civilian and combat settings.
Advanced pipeline with positive phase III results for ATEV in dialysis access, IND submitted for CABG, and new U.S. patent for bioengineered esophagus extending IP protection to 2041.
Financial highlights
Q3 2025 revenue was $0.8 million, with $0.7 million from U.S. Symvess sales and $0.1 million from research collaborations; no revenue in Q3 2024.
Cost of goods sold was $0.3 million for Q3 2025; no COGS in Q3 2024.
R&D expenses decreased to $17.3 million in Q3 2025 from $22.9 million in Q3 2024, and to $54.7 million for nine months from $67.9 million year-over-year.
Net loss narrowed to $17.5 million in Q3 2025 from $39.2 million in Q3 2024, mainly due to non-cash remeasurement of contingent earnout liability and lower operating expenses.
Net cash used in operations was $78.9 million for the first nine months of 2025, up from $71.5 million in 2024, mainly due to inventory buildup.
Outlook and guidance
Cash, cash equivalents, and restricted cash were $19.8 million as of September 30, 2025, with an additional $56.5 million raised post-quarter, providing over 12 months of runway.
Cost savings initiatives are on track to deliver $50 million in reductions, with operating expenses already down by $5 million quarter-over-quarter.
Plans to submit a supplemental BLA for ATEV in dialysis in the second half of 2026, and first-in-human study for CTEV in CABG planned for 2026.
Additional capital may be required for long-term operations and pipeline advancement.
Sustaining Symvess sales growth beyond initial VACs
ATEV dialysis BLA filing confidence and timeline
Cash runway outlook after recent financing
Symvess reorder rates and multi-surgeon adoption
V012 interim results: BLA robustness if V007 mirrored?
What key milestones does current cash fund beyond 2026?
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Q4 202527 Mar, 2026
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Frequently asked questions
Humacyte Inc. is a clinical-stage biotechnology company developing regenerative medicine products. It focuses on bioengineered human tissues and organs for vascular and other applications. The company’s technology platform is designed to produce off-the-shelf, universally implantable tissues. The company is headquartered in Durham, North Carolina, and its shares are listed on the NASDAQ.
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