Humacyte Reports $517,000 Revenue and $39.1 Million Net Income in Latest Quarter

Humacyte, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company generated total revenue of $517,000, marking a substantial increase from zero revenue in the same period last year. This revenue comprised $147,000 from product sales of its FDA-approved product, Symvess, and $370,000 from contract revenue related to research and development services. The company’s operating expenses decreased to $23.7 million from $26.6 million year-over-year, primarily due to a reduction in research and development costs, which fell by 27% to $15.4 million.

The company’s net income for the quarter was reported at $39.1 million, a significant turnaround from a net loss of $31.9 million in the prior year. This improvement was largely driven by a $54.3 million gain from the change in fair value of the Contingent Earnout Liability, which is a liability recorded as part of the merger with Alpha Healthcare Acquisition Corp. Additionally, the company experienced a $14.9 million gain from the change in fair value of its derivative liabilities. The overall financial position of Humacyte improved, with total assets increasing to $162.6 million from $137.9 million at the end of the previous fiscal year.

Strategically, Humacyte has made notable advancements, including the commercial launch of Symvess, which received FDA approval for use in vascular trauma. The company is also progressing with its clinical trials for the 6 millimeter ATEV in AV access for hemodialysis and peripheral artery disease. As of March 31, 2025, Humacyte had cash and cash equivalents of $62.8 million, alongside $50.2 million in restricted cash, providing a solid liquidity position to support ongoing operations and development efforts.

Operationally, the company has implemented cost-reduction measures, including a workforce reduction of approximately 31 employees, aimed at improving cash runway and aligning its organizational structure with business objectives. The company anticipates that these changes will yield savings of approximately $13.8 million in 2025 and up to $38 million in 2026. Looking ahead, Humacyte plans to continue its focus on the commercialization of Symvess and the advancement of its product pipeline, while also seeking additional funding through various means, including equity and debt financing.

In summary, Humacyte's recent financial performance reflects a positive trajectory with increased revenues, reduced operating losses, and strategic initiatives aimed at enhancing its market position. The company remains focused on its long-term goals of expanding its product offerings and achieving sustainable growth in the biotechnology sector.