Humacyte, Inc. (Nasdaq: HUMA), a commercial-stage biotechnology company, reported a net loss of $40.8 million for the year ended December 31, 2025, compared to a net loss of $148.7 million for the previous year. The company's revenue for 2025 totaled $2.0 million, consisting of $1.4 million in product revenue from sales of Symvess and $0.6 million in contract revenue, a significant increase from no revenue in 2024. Operating expenses decreased slightly to $110.2 million in 2025 from $114.4 million in 2024, with research and development expenses declining by 22% to $69.3 million, while general and administrative expenses increased by 21% to $31.2 million.
The decrease in research and development expenses was attributed to the company's transition from late-stage development activities to commercial operations following FDA approval of Symvess in December 2024. The increase in general and administrative expenses was primarily driven by the commercial launch of Symvess, including the recruitment and hiring of a sales force. Total other income, net, was $67.3 million for 2025, a significant increase from an expense of $34.3 million in 2024. This increase was primarily due to a $92.5 million fair value remeasurement of the Contingent Earnout Liability and a $34.9 million fair value remeasurement of derivative liabilities, partially offset by a $22.3 million loss on debt extinguishment related to the termination of the Purchase Agreement.
Key operational developments included the commencement of commercial sales of Symvess in the first quarter of 2025 and the completion of enrollment in the V007 Phase 3 trial for AV access for hemodialysis. The company also reported positive topline results from the V007 trial. As of December 31, 2025, Humacyte had cash and cash equivalents of $50.5 million and restricted cash of $0.4 million. The company's employee headcount was 184 as of December 31, 2025.
Looking ahead, Humacyte plans to submit a supplemental BLA for the ATEV to the FDA for an indication in AV access for hemodialysis in the second half of 2026, dependent upon interim results from the ongoing V012 Phase 3 trial in women. The company also intends to commence the first human clinical testing of the CTEV in CABG in the second half of 2026, pending FDA clearance of an IND. Humacyte anticipates that its expenses will increase substantially as it continues to commercialize Symvess, advance its product candidates, and scale out its manufacturing facility. The company has concluded that substantial doubt is deemed to exist concerning its ability to continue as a going concern.
About Humacyte, Inc.
Humacyte, Inc. develops bioengineered human tissues and acellular vascular grafts for medical use. Its core products include the FDA-approved Symvess ATEV for vascular repair, reconstruction, and replacement, targeting trauma, dialysis access, PAD, and cardiac surgery markets. The company leverages scalable manufacturing and proprietary technology to produce off-the-shelf, universally implantable tissues with low infection and rejection rates, aiming to improve patient outcomes and transform regenerative medicine.
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