Humacyte 2025 Q3 Earnings Narrowed Net Loss as EPS Improves to -$0.11

Humacyte (HUMA) reported mixed results for Q3 2025, with GAAP EPS of -$0.11 (beating expectations of -$0.16) but revenue of $753,000 (missing estimates of $923,000). The company highlighted progress in Symvess adoption and a $56.5M capital raise, while noting ongoing challenges in scaling production and hospital contract negotiations.

Revenue

Product revenue, net, accounted for $703,000, while contract revenue contributed $50,000, bringing the total to $753,000. The company attributed the stability in revenue to sustained demand for its lead product, HumaCell, and initial commercial sales of Symvess.

Earnings/Net Income

Humacyte’s net loss narrowed to $17.51 million, a significant improvement from the $39.20 million loss in the prior year. Despite this, the company’s EPS of -$0.11 remains a financial challenge, reflecting ongoing R&D and operational costs.

Post-Earnings Price Action Review

Following the earnings report, Humacyte’s stock price declined 3.25% on the latest trading day and 33.52% month-to-date. The drop reflects investor concerns over revenue shortfalls and the company’s path to profitability, despite improved net loss figures and positive guidance on Symvess adoption.

CEO Commentary

John D. McManus emphasized progress in commercializing Symvess and scaling manufacturing capacity to meet rising demand. He described 2025 as a strategic year for advancing regenerative therapies and expanding Symvess’ market reach.

Additional News

1. Capital Raise and Cash Runway: Humacyte raised $56.5M through a direct offering, extending its cash runway beyond 12 months and supporting key milestones, including the V012 dialysis trial and CABG IND submission.

2. Symvess Adoption: The company reported 25 Value Analysis Committee (VAC) approvals, enabling 92 hospitals to purchase Symvess, with 16 hospitals already placing orders.

3. Regulatory and Clinical Progress: The U.S. Department of Defense’s ECAT listing expanded Symvess access to military facilities, and positive two-year V007 trial data reinforced its clinical value.

Conclusion

Humacyte’s Q3 results reflect a narrowing net loss and early commercial traction for Symvess, but challenges remain in scaling operations and meeting revenue expectations. The recent capital raise provides critical runway for pipeline advancements, positioning the company to pursue regulatory submissions and expand Symvess adoption in 2026. Investors will closely monitor progress in dialysis access and cardiac surgery programs as key growth drivers.