Humacyte Inc

humacyte.com

What Do They Do?

Sells bioengineered human blood-vessel grafts for hospitals and trauma centers treating vascular injuries, and develops related vessel products for dialysis access and heart surgery.

How Do They Make Money?

revenue

Segment	Share	Revenue
Product	68%
Contract Revenue	32%

Who Are Their Customers?

Hospitals, trauma centers and outpatient surgical settings use the vessels. In the United States, Humacyte sells through its own direct sales and marketing team and pursues partners for specialized markets.

Do Revenues Turn Into Profits?

No. It lost $40.8M in FY2025.

Operating income, FY2025

−5304% of revenue

▼ −6% (Loss) vs FY2024 (−$114.4M)

Net income, FY2025

−2004% of revenue

▼ −73% (Loss) vs FY2024 (−$148.7M)

Free cash flow, FY2025

−5195% of revenue

▲ +6% (Loss) vs FY2024 (−$99.7M)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +35%; vs $301K in Q2 FY2025
Net income: ▼ −2% (Loss); vs −$37.7M in Q2 FY2025

Product share of revenue vs 33.2% in Q2 FY2025

Apr 24, 2026 Fresenius returned worldwide ATEV rights to Humacyte Humacyte gained sole development and commercialization rights worldwide and will pay Fresenius royalties on net sales, with a two-year royalty-free period after launch in each country.

From trials to sales The older report described its vessels as investigational candidates for vascular trauma and other uses; the latest report describes Symvess as approved and reports commercial sales.

A different CABG vessel The older report included CABG among uses for its HAVs; the latest report describes a smaller-diameter CTEV for CABG and pediatric heart surgery.

Revenue over time

Product Contract Revenue

$2.5M$1.3M$0

FY2024 FY2025

Who Do They Compete With?

Competes with Bard Peripheral Vascular, W.L. Gore & Associates, Terumo Medical Systems, and Atrium

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