Humacyte 2025 Q3 Earnings Beats EPS Estimates Despite Revenue Miss and Narrowed Net Loss

Humacyte (HUMA) reported Q3 2025 results on November 13, 2025, with mixed performance. The company exceeded earnings per share (EPS) expectations but fell short of revenue forecasts. Management highlighted progress in Symvess adoption and cost reductions, while the stock price declined sharply post-announcement.

Revenue

Product revenue, net, accounted for the majority of total revenue at $703,000, with contract revenue contributing an additional $50,000, resulting in a total revenue of $753,000. This reflects a significant increase from the $100,000 reported in the prior quarter, driven by expanded hospital access and commercial sales.

Earnings/Net Income

Humacyte maintained an EPS of $-0.11 in Q3 2025, representing an improvement from the $-0.33 loss per share in the prior year. The net loss narrowed to $17.51 million, compared to $39.20 million in 2024 Q3. Despite these improvements, the company reported a 0.0% year-over-year change in net loss, underscoring ongoing operational challenges.

Price Action

Following the earnings release, Humacyte’s stock price experienced a sharp decline. The stock tumbled 12.59% during the latest trading day, 13.79% over the previous full trading week, and 28.98% month-to-date.

Post-Earnings Price Action Review

The stock’s significant post-earnings drop reflects market skepticism despite improved profitability metrics. While the EPS beat of $0.05 (versus the $-0.16 consensus) was a positive note, the revenue shortfall of $0.17 million (versus the $0.92 million estimate) and continued net losses dampened investor sentiment. Analysts highlighted the company’s cash runway and pipeline progress as potential long-term catalysts, but near-term financial pressures and pricing sensitivity in the hospital market remain concerns.

CEO Commentary

Laura Niklason, CEO, emphasized Symvess’s commercial traction, noting 92 civilian hospitals now have access and 16 have placed orders. She highlighted the product’s clinical validation through publications and expanded military adoption. Niklason also outlined plans for a supplemental Biologics License Application (BLA) in dialysis access by late 2026 and a first-in-human trial for coronary bypass grafting in 2026.

Guidance

Humacyte expects to maintain its 12-month cash runway following a $56.5 million capital raise, sufficient to cover key milestones such as the V012 trial interim results, dialysis BLA submission, and CABG trial initiation. The company aims to reduce R&D expenses further and expand Symvess adoption across trauma and dialysis indications.

Additional News

Within three weeks of the earnings report, Humacyte secured $56.5 million in net proceeds from a capital raise, strengthening its cash position to $19.8 million as of September 30. The company also announced 25 Value Analysis Committee (VAC) approvals, enabling 92 hospitals to access Symvess, and filed an Investigational New Drug (IND) application for coronary artery bypass grafting (CABG), targeting first-in-human trials in 2026. Additionally, Symvess demonstrated 92% secondary patency at 23.3 months in trauma patients, reinforcing its clinical value.

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