{"url_path":"/sec/humaw/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1818382/0001193125-26-221755-index.html","accession_number":"0001193125-26-221755","cik":"0001818382","ticker":"HUMA","issuer_name":"Humacyte, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1818382/0001193125-26-221755-index.html","primary_entity_key":"0001818382","primary_entity_name":"Humacyte, Inc."},"word_count":1677,"has_tables":true,"body_markdown":"10-Q\n\nQ1--12-31false0001818382http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent1640 16400001818382huma:EquityLineFinancingMember2024-09-240001818382us-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:LoanAgreementWarrantsLiabilityMember2026-01-012026-03-310001818382us-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:LoanAgreementConversionDerivativeLiabilityMember2025-12-310001818382us-gaap:WarrantMember2026-03-310001818382us-gaap:MeasurementInputPriceVolatilityMemberhuma:RegisteredDirectWarrants180DayOctober2025Member2025-12-310001818382huma:LicenseAgreementMemberhuma:DecellularizedTissueEngineeringPatentRightsMemberhuma:DukeUniversityMember2026-01-012026-03-310001818382huma:ReportableSegmentMemberhuma:AVAccessMember2025-01-012025-03-310001818382huma:EquityClassifiedWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2025-12-310001818382huma:November2024RegisteredDirectOfferingMemberhuma:November2024RegisteredDirectOfferingWarrantsMember2024-11-1300018183822025-04-012025-06-300001818382us-gaap:OverAllotmentOptionMember2025-03-250001818382us-gaap:ProductAndServiceOtherMember2025-01-012025-03-310001818382huma:TermLoanFacilityDueInTwoThousandTwentyNineMember2026-03-310001818382huma:ReportableSegmentMemberhuma:MaterialsAndSuppliesMember2026-01-012026-03-310001818382huma:October2024RegisteredDirectOfferingWarrantsMember2024-12-310001818382us-gaap:FairValueInputsLevel2Memberhuma:October2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:TDCowenATMFacilityMember2025-12-160001818382us-gaap:MeasurementInputSharePriceMemberhuma:RegisteredDirectWarrants1640DayNovember2024Member2025-12-310001818382us-gaap:GeneralAndAdministrativeExpenseMember2026-01-012026-03-310001818382huma:ConversionSharesIssuableUnderTheLoanAgreementMember2025-01-012025-03-310001818382us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:EmployeeStockOptionMember2025-01-012025-03-310001818382us-gaap:RetainedEarningsMember2025-12-310001818382huma:EarnoutSharesMemberus-gaap:MeasurementInputExpectedTermMember2021-08-260001818382us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001818382us-gaap:RelatedPartyMemberhuma:FreseniusMedicalCareDeutschlandGmbHMember2026-01-012026-03-310001818382huma:LoanAgreementWarrantsSalesMember2026-01-012026-03-310001818382huma:EquityClassifiedWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2026-03-310001818382huma:RegisteredDirectWarrants1640DayOctober2024Memberus-gaap:MeasurementInputExercisePriceMember2025-12-310001818382us-gaap:MeasurementInputRiskFreeInterestRateMemberhuma:RegisteredDirectWarrants180DayOctober2025Member2026-03-310001818382huma:DirectExpensesMemberhuma:ReportableSegmentMember2026-01-012026-03-310001818382huma:EquityClassifiedWarrantsMemberus-gaap:MeasurementInputSharePriceMember2026-03-310001818382huma:EmbeddedDerivativeFinancialInstrumentsRevenueInterestPurchaseAgreementMemberhuma:RevenueInterestPurchaseAgreementMember2024-03-112024-03-110001818382huma:LoanAgreementWarrantsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:FairValueInputsLevel1Memberhuma:PrivatePlacementWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382us-gaap:ProductMember2026-01-012026-03-310001818382huma:October2024RegisteredDirectOfferingWarrantsMember2025-12-310001818382us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberhuma:LoanAgreementConversionDerivativeLiabilityMember2026-03-310001818382huma:October2025RegisteredDirectOfferingMember2025-10-062025-10-0600018183822025-06-300001818382huma:October2025RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:RedeemableWarrantsEachWholeWarrantExercisableForOneShareOfCommonStockAtAnExercisePriceOf1150Member2026-01-012026-03-310001818382us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310001818382huma:November2024RegisteredDirectOfferingWarrantsMember2026-03-310001818382huma:October2025RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:MeasurementInputPriceVolatilityMemberhuma:EquityClassifiedWarrantsMember2025-12-310001818382huma:RegisteredDirectWarrantsOneEightyDayOctoberTwentyTwentyFiveMemberhuma:October2025RegisteredDirectOfferingMember2026-01-012026-03-310001818382huma:PrivatePlacementWarrantsMember2025-03-310001818382huma:PrivatePlacementWarrantsMember2021-08-2600018183822025-03-270001818382huma:October2024RegisteredDirectOfferingWarrantsMember2025-01-012025-03-310001818382huma:VascularTraumaMemberhuma:ReportableSegmentMember2026-01-012026-03-310001818382huma:RegisteredDirectWarrants180DayOctober2025Memberus-gaap:MeasurementInputSharePriceMember2026-03-310001818382huma:ContingentEarnoutLiabilityMember2026-03-310001818382us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberhuma:LoanAgreementConversionDerivativeLiabilityMember2026-03-310001818382huma:October2025RegisteredDirectOfferingMember2025-10-060001818382huma:ContingentEarnoutLiabilityMember2024-12-310001818382huma:DirectExpensesMemberhuma:ReportableSegmentMember2025-01-012025-03-310001818382huma:ContingentEarnoutLiabilityMemberus-gaap:MeasurementInputExpectedTermMember2026-03-310001818382us-gaap:MeasurementInputRiskFreeInterestRateMember2025-12-310001818382huma:EquityLineFinancingMember2026-01-012026-03-310001818382huma:CommonStockReservedForTDCowenATMFacilityMember2025-12-310001818382us-gaap:MeasurementInputExpectedDividendRateMemberhuma:RegisteredDirectWarrants1640DayNovember2024Member2025-12-310001818382huma:CommonStockReservedForContingentConsiderationSharesMember2026-03-310001818382us-gaap:CommonStockMember2025-01-012025-03-310001818382huma:LongTermIncentivePlan2021Member2026-03-310001818382huma:TermLoanFacilityDueInTwoThousandTwentyNineMember2025-12-150001818382huma:TermLoanFacilityDueInTwoThousandTwentyNineMember2025-01-012025-12-310001818382huma:RegisteredDirectWarrants180DayOctober2025Memberus-gaap:MeasurementInputExpectedTermMember2026-03-310001818382us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:RegisteredDirectWarrants1640DayNovember2024Memberus-gaap:MeasurementInputExpectedTermMember2025-12-310001818382huma:LongTermIncentivePlan2021Member2026-01-012026-01-010001818382us-gaap:DepositAccountMember2025-12-310001818382huma:RevenueInterestPurchaseAgreementMember2025-01-012025-03-310001818382huma:RegisteredDirectWarrantsOneEightyDayOctoberTwentyTwentyFiveMemberhuma:October2025RegisteredDirectOfferingMember2025-12-310001818382huma:EmbeddedDerivativeFinancialInstrumentsRevenueInterestPurchaseAgreementMember2025-01-012025-03-310001818382us-gaap:MeasurementInputExpectedDividendRateMemberhuma:PrivatePlacementWarrantsMember2026-03-310001818382us-gaap:MeasurementInputExpectedTermMemberhuma:RegisteredDirectWarrants180DayNovember2024Member2026-03-310001818382huma:October2024RegisteredDirectOfferingWarrantsMemberhuma:October2024RegisteredDirectOfferingMember2025-12-310001818382huma:October2024RegisteredDirectOfferingWarrantsMember2025-04-050001818382huma:LoanAgreementConversionDerivativeLiabilityMember2025-12-152025-12-150001818382huma:JDRFAgreementMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:ReportableSegmentMember2025-01-012025-03-310001818382us-gaap:FairValueInputsLevel3Memberhuma:PrivatePlacementWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:RegisteredDirectWarrants1640DayOctober2024Memberus-gaap:MeasurementInputSharePriceMember2025-12-310001818382huma:LoanAgreementWarrantsMember2026-01-012026-03-310001818382huma:RevenueInterestPurchaseAgreementMember2025-12-152025-12-1500018183822025-01-012025-03-310001818382huma:LicenseAgreementMemberhuma:DecellularizedTissueEngineeringPatentRightsMemberhuma:DukeUniversityMember2024-01-012024-03-310001818382huma:October2025RegisteredDirectOfferingWarrantsMember2025-12-310001818382huma:PrivatePlacementWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:PrivatePlacementWarrantsMember2025-12-310001818382huma:StockOptionPlan2005Member2026-03-310001818382huma:October2024RegisteredDirectOfferingWarrantsMember2025-03-310001818382huma:October2025RegisteredDirectOfferingWarrantsMemberhuma:October2025RegisteredDirectOfferingMember2025-10-060001818382huma:PublicStockOfferingMember2025-01-012025-03-310001818382us-gaap:RestrictedStockUnitsRSUMember2025-12-310001818382us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:EmbeddedDerivativeFinancialInstrumentsRevenueInterestPurchaseAgreementMemberhuma:RevenueInterestPurchaseAgreementMember2023-05-122023-05-120001818382huma:JefferiesATMFacilityMember2022-09-010001818382huma:October2024RegisteredDirectOfferingWarrantsMemberhuma:October2024RegisteredDirectOfferingMember2024-10-040001818382us-gaap:EmployeeStockOptionMember2026-01-012026-03-310001818382huma:OmnibusIncentivePlan2015Member2026-03-310001818382us-gaap:CommonStockMember2026-03-310001818382us-gaap:ResearchAndDevelopmentExpenseMember2026-01-012026-03-310001818382huma:EquityClassifiedWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2026-03-310001818382huma:SecondTrancheMember2026-03-310001818382huma:LicenseAgreementMemberhuma:YaleUniversityMember2026-01-012026-03-310001818382huma:EquityLineFinancingMember2024-09-242024-09-240001818382us-gaap:UnsecuredDebtMemberhuma:RevenueInterestPurchaseAgreementMember2025-09-172025-09-170001818382us-gaap:FairValueMeasurementsRecurringMemberhuma:LoanAgreementConversionDerivativeLiabilityMember2026-03-310001818382us-gaap:RelatedPartyMemberhuma:FreseniusMedicalCareDeutschlandGmbHMember2025-01-012025-03-3100018183822026-05-110001818382huma:October2024RegisteredDirectOfferingWarrantsMember2026-03-310001818382huma:CommonStockReservedForConversionSharesUnderTheLoanAgreementMember2025-12-310001818382huma:November2024RegisteredDirectOfferingWarrantsMember2025-03-310001818382us-gaap:MeasurementInputPriceVolatilityMember2025-12-310001818382huma:JDRFAgreementMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:JDRFAgreementMember2026-01-012026-03-310001818382us-gaap:FairValueInputsLevel1Memberhuma:November2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:LoanAgreementWarrantsMember2025-12-310001818382us-gaap:ProductMember2025-12-310001818382huma:October2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:CommonStockMemberhuma:JefferiesATMFacilityMember2025-01-012025-03-310001818382us-gaap:FairValueMeasurementsRecurringMemberhuma:EquityLineFinancingMember2024-09-240001818382us-gaap:FairValueInputsLevel2Memberhuma:LoanAgreementWarrantsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:FairValueInputsLevel2Memberhuma:PrivatePlacementWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:RegisteredDirectWarrants180DayOctober2024Memberus-gaap:MeasurementInputSharePriceMember2026-03-310001818382us-gaap:MeasurementInputExpectedDividendRateMember2025-12-310001818382huma:RegisteredDirectWarrants180DayOctober2024Memberhuma:October2024RegisteredDirectOfferingMember2024-10-040001818382huma:OptionPurchaseAgreementMemberhuma:TPCInvestmentsIIILPAndTPCInvestmentSolutionsLPMember2023-05-120001818382us-gaap:FairValueInputsLevel1Memberhuma:LoanAgreementWarrantsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382us-gaap:FairValueInputsLevel3Memberhuma:October2025RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:RegisteredDirectOfferingsMemberus-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001818382huma:November2024RegisteredDirectOfferingMemberhuma:November2024RegisteredDirectOfferingWarrantsMember2026-03-310001818382us-gaap:MeasurementInputExpectedDividendRateMemberhuma:RegisteredDirectWarrants180DayOctober2025Member2026-03-310001818382huma:EquityLineFinancingMember2026-03-310001818382huma:LoanAgreementWithSiliconValleyBankMemberus-gaap:WarrantMember2021-12-310001818382us-gaap:CommonStockMember2025-03-310001818382huma:LicenseAgreementMemberhuma:CommercialMilestoneMemberhuma:YaleUniversityMember2026-01-012026-03-310001818382us-gaap:FairValueInputsLevel2Memberhuma:November2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:PublicWarrantsMember2026-03-310001818382us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:LoanAgreementWarrantsLiabilityMember2025-12-310001818382huma:TermLoanFacilityDueInTwoThousandTwentyNineMemberus-gaap:PrimeRateMember2025-12-150001818382huma:October2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:October2025RegisteredDirectOfferingWarrantsMember2025-12-310001818382us-gaap:MeasurementInputExpectedDividendRateMemberhuma:RegisteredDirectWarrants180DayOctober2025Member2025-12-310001818382us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberhuma:LoanAgreementConversionDerivativeLiabilityMember2025-12-310001818382huma:November2024RegisteredDirectOfferingMemberhuma:November2024RegisteredDirectOfferingWarrantsMember2026-01-012026-03-310001818382huma:ReportableSegmentMemberhuma:UnallocatedExpensesMember2025-01-012025-03-310001818382huma:OptionsAvailableForIssuanceUnderStockPlansMember2026-03-310001818382huma:November2024RegisteredDirectOfferingMemberhuma:November2024RegisteredDirectOfferingWarrantsMember2025-12-3100018183822025-06-290001818382huma:LongTermIncentivePlan2021Member2025-01-012025-01-010001818382us-gaap:BaseRateMemberhuma:TermLoanFacilityDueInTwoThousandTwentyNineMember2025-12-150001818382us-gaap:RelatedPartyMemberhuma:FreseniusMedicalCareMember2021-08-310001818382huma:PrivatePlacementWarrantsMember2025-12-310001818382huma:EquityClassifiedWarrantsMemberus-gaap:MeasurementInputExercisePriceMember2025-12-310001818382huma:JDRFAgreementMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:EarnoutSharesMember2021-08-260001818382huma:October2024RegisteredDirectOfferingWarrantsMemberhuma:October2024RegisteredDirectOfferingMember2026-01-012026-03-310001818382us-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-03-310001818382huma:JDRFAgreementMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:October2024RegisteredDirectOfferingMember2024-10-042024-10-040001818382us-gaap:MeasurementInputExpectedDividendRateMemberhuma:RegisteredDirectWarrants1640DayOctober2024Member2025-12-3100018183822021-08-260001818382us-gaap:MeasurementInputExercisePriceMemberhuma:PrivatePlacementWarrantsMember2026-03-310001818382huma:PrivatePlacementWarrantsMemberus-gaap:MeasurementInputSharePriceMember2026-03-310001818382us-gaap:RestrictedStockUnitsRSUMembersrt:ScenarioForecastMember2026-05-152026-05-150001818382huma:EquityLineFinancingMember2026-03-310001818382huma:November2024RegisteredDirectOfferingMember2024-11-132024-11-130001818382huma:TermLoanFacilityMember2026-01-012026-03-310001818382huma:November2024RegisteredDirectOfferingWarrantsMember2025-12-310001818382huma:RegisteredDirectWarrantsOneEightyDayOctoberTwentyTwentyFiveMemberhuma:October2025RegisteredDirectOfferingMember2026-03-310001818382huma:PrivatePlacementWarrantsMember2026-03-310001818382us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:CommonStockReservedForTDCowenATMFacilityMember2026-03-310001818382us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:CommonStockMember2024-12-310001818382huma:LongTermIncentivePlan2021Member2026-01-012026-03-310001818382huma:LoanAgreementWarrantsMember2025-01-012025-12-310001818382huma:TDCowenATMFacilityMemberus-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001818382huma:OberlandCapitalManagementLLCMember2025-12-310001818382huma:PrivatePlacementWarrantsMemberus-gaap:MeasurementInputSharePriceMember2025-12-310001818382us-gaap:RetainedEarningsMember2025-01-012025-03-310001818382huma:October2025RegisteredDirectOfferingWarrantsMember2026-01-012026-03-310001818382srt:MaximumMember2026-03-310001818382huma:PrivatePlacementWarrantsMember2026-01-012026-03-3100018183822021-08-252021-08-250001818382us-gaap:MeasurementInputSharePriceMember2026-03-310001818382huma:RevenueInterestPurchaseAgreementMemberhuma:SubsequentInstallmentOneMember2024-03-112024-03-110001818382huma:EarnoutSharesMember2021-08-262021-08-260001818382us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-04-012025-06-300001818382us-gaap:RelatedPartyMemberhuma:FreseniusMedicalCareMember2021-08-012021-08-310001818382huma:PublicWarrantsMember2021-08-260001818382huma:October2025RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:CommonStockMemberhuma:TDCowenATMFacilityMember2026-01-012026-03-310001818382huma:November2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382us-gaap:RelatedPartyMemberhuma:FreseniusMedicalCareMember2018-06-012018-06-300001818382huma:CommonStockReservedForContingentConsiderationSharesMember2025-12-310001818382huma:OptionPurchaseAgreementMemberhuma:TPCInvestmentsIIILPAndTPCInvestmentSolutionsLPMember2024-02-292024-02-290001818382us-gaap:RestrictedStockUnitsRSUMembersrt:ScenarioForecastMember2027-05-172027-05-170001818382huma:October2024RegisteredDirectOfferingWarrantsMember2026-03-310001818382huma:JefferiesATMFacilityMember2025-01-012025-03-310001818382huma:TDCowenATMFacilityMembersrt:MaximumMember2026-03-192026-03-190001818382huma:March2026RegisteredDirectOfferingMember2026-03-310001818382us-gaap:MeasurementInputRiskFreeInterestRateMemberhuma:RegisteredDirectWarrants180DayOctober2024Member2026-03-310001818382huma:JefferiesATMFacilityMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001818382us-gaap:ProductMember2026-03-310001818382huma:RevenueInterestPurchaseAgreementMember2024-03-310001818382huma:EarnoutSharesMember2026-01-012026-03-310001818382huma:VestingOfRSUsOutstandingUnderStockPlansMember2026-03-310001818382us-gaap:MeasurementInputPriceVolatilityMemberhuma:RegisteredDirectWarrants1640DayOctober2024Member2025-12-310001818382us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-03-310001818382us-gaap:RestrictedStockUnitsRSUMember2026-03-310001818382huma:RegisteredDirectWarrantsOneEightyDayOctoberTwentyTwentyFiveMemberhuma:October2025RegisteredDirectOfferingMember2025-10-310001818382huma:LoanAgreementWarrantsSalesMemberhuma:LoanAgreementWarrantsMember2026-03-310001818382us-gaap:CommonStockMember2025-12-310001818382us-gaap:FairValueInputsLevel1Memberhuma:PrivatePlacementWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:ReportableSegmentMemberhuma:UnallocatedExpensesMember2026-01-012026-03-310001818382us-gaap:MeasurementInputExpectedDividendRateMemberhuma:RegisteredDirectWarrants180DayOctober2024Member2026-03-310001818382us-gaap:MeasurementInputRiskFreeInterestRateMemberhuma:PrivatePlacementWarrantsMember2025-12-310001818382us-gaap:AdditionalPaidInCapitalMember2025-03-310001818382huma:PayrollAndPersonnelExpensesMemberhuma:ReportableSegmentMember2026-01-012026-03-310001818382us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberhuma:November2024RegisteredDirectOfferingWarrantsMember2026-03-310001818382us-gaap:RetainedEarningsMember2024-12-310001818382us-gaap:MeasurementInputExercisePriceMemberhuma:PrivatePlacementWarrantsMember2025-12-310001818382us-gaap:MeasurementInputRiskFreeInterestRateMemberhuma:RegisteredDirectWarrants1640DayNovember2024Member2025-12-310001818382huma:RegisteredDirectWarrants1640DayOctober2024Memberus-gaap:MeasurementInputExpectedTermMember2025-12-310001818382huma:EarnoutSharesMember2026-03-310001818382huma:LoanAgreementWarrantsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382us-gaap:FairValueInputsLevel3Memberhuma:October2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:FreseniusMedicalCareMember2026-03-310001818382huma:November2024RegisteredDirectOfferingWarrantsMember2024-12-310001818382us-gaap:FairValueMeasurementsRecurringMemberhuma:LoanAgreementConversionDerivativeLiabilityMember2025-12-310001818382huma:EquityLineFinancingMember2025-12-310001818382us-gaap:MeasurementInputPriceVolatilityMemberhuma:RegisteredDirectWarrants180DayOctober2025Member2026-03-310001818382us-gaap:MeasurementInputExpectedTermMember2025-12-310001818382us-gaap:EmployeeStockMember2026-01-012026-03-310001818382huma:EarnoutSharesMember2025-12-310001818382us-gaap:FairValueInputsLevel3Memberhuma:LoanAgreementWarrantsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:LoanAgreementConversionDerivativeLiabilityMember2026-03-310001818382us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberhuma:November2024RegisteredDirectOfferingWarrantsMember2025-12-310001818382us-gaap:MeasurementInputRiskFreeInterestRateMember2026-03-310001818382us-gaap:FairValueInputsLevel3Memberhuma:LoanAgreementWarrantsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:October2024RegisteredDirectOfferingWarrantsMember2025-12-310001818382huma:EmbeddedDerivativeFinancialInstrumentsRevenueInterestPurchaseAgreementMember2024-12-310001818382huma:October2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:ShareBasedCompensationAwardTrancheOneMemberhuma:TermLoanFacilityDueInTwoThousandTwentyNineMember2025-12-150001818382us-gaap:MeasurementInputPriceVolatilityMemberhuma:RegisteredDirectWarrants180DayNovember2024Member2026-03-310001818382huma:ContingentEarnoutLiabilityMember2025-12-310001818382us-gaap:StockOptionMember2026-01-012026-03-310001818382us-gaap:FairValueInputsLevel2Memberhuma:LoanAgreementWarrantsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:EquityLineFinancingMember2024-09-242026-03-310001818382huma:ReportableSegmentMemberhuma:AVAccessMember2026-01-012026-03-310001818382us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382us-gaap:MeasurementInputRiskFreeInterestRateMemberhuma:PrivatePlacementWarrantsMember2026-03-310001818382us-gaap:EmployeeStockOptionMember2025-12-310001818382huma:TermLoanFacilityDueInTwoThousandTwentyNineMember2026-01-012026-03-310001818382huma:PayrollAndPersonnelExpensesMemberhuma:ReportableSegmentMember2025-01-012025-03-310001818382huma:ReportableSegmentMemberhuma:MaterialsAndSuppliesMember2025-01-012025-03-310001818382huma:CommitmentSharesMemberhuma:EquityLineFinancingMember2024-09-242024-09-240001818382huma:RegisteredDirectWarrants180DayOctober2025Memberus-gaap:MeasurementInputSharePriceMember2025-12-310001818382us-gaap:FairValueInputsLevel3Memberhuma:November2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:ContingentEarnoutLiabilityMember2026-01-012026-03-310001818382huma:November2024RegisteredDirectOfferingWarrantsMember2026-03-310001818382huma:LoanAgreementConversionDerivativeLiabilityMember2025-12-1500018183822025-03-310001818382us-gaap:CommonStockMemberhuma:PublicStockOfferingMember2025-01-012025-03-310001818382us-gaap:EmployeeStockOptionMember2026-03-310001818382us-gaap:MeasurementInputPriceVolatilityMemberhuma:RegisteredDirectWarrants1640DayNovember2024Member2025-12-310001818382huma:RegisteredDirectWarrants180DayOctober2024Memberus-gaap:MeasurementInputExpectedTermMember2026-03-310001818382huma:OberlandCapitalManagementLLCMember2025-01-012025-12-310001818382us-gaap:FairValueInputsLevel2Memberhuma:PrivatePlacementWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:CommonStockReservedForConversionSharesUnderTheLoanAgreementMember2026-03-310001818382huma:SubsequentInstallmentOneMember2024-03-112024-03-110001818382us-gaap:RelatedPartyMemberhuma:FreseniusMedicalCareDeutschlandGmbHMember2025-12-310001818382huma:October2025RegisteredDirectOfferingWarrantsMember2026-03-310001818382huma:EmbeddedDerivativeFinancialInstrumentsRevenueInterestPurchaseAgreementMember2025-03-310001818382us-gaap:PrivatePlacementMember2026-03-190001818382huma:PublicWarrantsMember2025-12-310001818382huma:November2024RegisteredDirectOfferingWarrantsMember2025-01-012025-03-310001818382us-gaap:MeasurementInputPriceVolatilityMemberhuma:PrivatePlacementWarrantsMember2025-12-310001818382huma:LoanAgreementConversionDerivativeLiabilityMember2026-01-012026-03-310001818382huma:PublicStockOfferingMember2025-03-272025-03-270001818382huma:ExternalServicesMemberhuma:ReportableSegmentMember2025-01-012025-03-3100018183822026-03-310001818382srt:ScenarioForecastMember2026-05-012026-05-310001818382huma:JDRFAgreementMember2026-03-310001818382huma:LoanAgreementWarrantsLiabilityMember2026-03-310001818382us-gaap:FairValueInputsLevel3Memberhuma:JDRFAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:EquityLineFinancingMember2025-01-012025-03-310001818382huma:RegisteredDirectOfferingsMemberus-gaap:CommonStockMember2026-01-012026-03-310001818382huma:October2024RegisteredDirectOfferingWarrantsMemberhuma:October2024RegisteredDirectOfferingMember2024-10-070001818382huma:PublicStockOfferingMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001818382huma:EquityClassifiedWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2026-03-310001818382us-gaap:AdditionalPaidInCapitalMember2024-12-310001818382us-gaap:MeasurementInputExercisePriceMemberhuma:RegisteredDirectWarrants180DayOctober2024Member2026-03-310001818382us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310001818382huma:EarnoutSharesMember2025-01-012025-03-310001818382us-gaap:MeasurementInputExercisePriceMember2025-12-310001818382us-gaap:RetainedEarningsMember2026-01-012026-03-310001818382us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:ContingentConsiderationTrancheOneMemberhuma:EarnoutSharesMember2021-08-260001818382us-gaap:OverAllotmentOptionMember2025-03-252025-03-250001818382huma:ConversionSharesIssuableUnderTheLoanAgreementMember2026-01-012026-03-310001818382huma:LicenseAgreementMemberhuma:YaleUniversityMember2026-03-310001818382us-gaap:DepositAccountMember2026-03-310001818382us-gaap:WarrantMember2025-12-310001818382huma:PrivatePlacementWarrantsMember2026-03-310001818382huma:RegisteredDirectWarrants180DayOctober2025Memberus-gaap:MeasurementInputExpectedTermMember2025-12-310001818382us-gaap:PendingLitigationMemberhuma:ConsolidatedDerivativeActionMember2025-01-100001818382us-gaap:MeasurementInputExercisePriceMemberhuma:RegisteredDirectWarrants1640DayNovember2024Member2025-12-310001818382us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001818382huma:November2024RegisteredDirectOfferingMemberhuma:RegisteredDirectWarrants180DayNovember2024Member2024-11-130001818382huma:TermLoanFacilityDueInTwoThousandTwentyNineMember2025-12-152025-12-150001818382us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001818382us-gaap:FairValueInputsLevel3Memberhuma:PrivatePlacementWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:October2025RegisteredDirectOfferingWarrantsMember2026-03-310001818382huma:RevenueInterestPurchaseAgreementMember2025-12-150001818382huma:October2025RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:JDRFAgreementMember2025-12-310001818382huma:JDRFAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:October2024RegisteredDirectOfferingWarrantsMember2026-01-012026-03-310001818382us-gaap:ResearchAndDevelopmentExpenseMember2025-04-012025-06-300001818382huma:MergerAgreementMemberus-gaap:WarrantMemberhuma:AssumptionOfPubliclyTradedSecuritiesMemberhuma:PublicWarrantsMember2021-08-262021-08-260001818382huma:LicenseAgreementMemberhuma:RegulatoryMilestoneMemberhuma:YaleUniversityMember2026-01-012026-03-3100018183822025-12-310001818382huma:RegisteredDirectOfferingsMember2025-01-012025-03-310001818382us-gaap:AdditionalPaidInCapitalMember2026-03-310001818382us-gaap:MeasurementInputSharePriceMemberhuma:RegisteredDirectWarrants180DayNovember2024Member2026-03-310001818382us-gaap:WarrantMember2026-01-012026-03-310001818382huma:RegisteredDirectWarrants1640DayOctober2024Memberhuma:October2024RegisteredDirectOfferingMember2024-10-040001818382huma:November2024RegisteredDirectOfferingMemberhuma:RegisteredDirectWarrants1640DayNovember2024Member2024-11-130001818382huma:HumacyteIncMember2026-03-310001818382huma:PrivatePlacementWarrantsMember2025-01-012025-03-310001818382huma:November2024RegisteredDirectOfferingMemberhuma:November2024RegisteredDirectOfferingWarrantsMember2025-01-012025-03-310001818382huma:EquityClassifiedWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2025-12-310001818382us-gaap:MeasurementInputExercisePriceMember2026-03-310001818382us-gaap:FairValueInputsLevel3Memberhuma:October2025RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:StockOptionMember2025-01-012025-03-310001818382us-gaap:FairValueInputsLevel3Memberhuma:October2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberhuma:LoanAgreementConversionDerivativeLiabilityMember2025-12-310001818382huma:EmbeddedDerivativeFinancialInstrumentsRevenueInterestPurchaseAgreementMemberhuma:MeasurementInputRevenueForecastDiscountRateMember2025-03-310001818382huma:EquityLineFinancingMember2025-12-310001818382us-gaap:PrivatePlacementMember2026-03-192026-03-190001818382huma:ReportableSegmentMemberhuma:OtherResearchAndDevelopmentMember2026-01-012026-03-310001818382huma:LoanAgreementWarrantsMemberhuma:LoanAgreementWarrantsSalesMember2026-01-012026-03-310001818382huma:LoanAgreementWarrantsMember2026-03-310001818382huma:RegisteredDirectOfferingsMember2025-03-310001818382us-gaap:EmployeeStockOptionMember2026-01-012026-03-310001818382huma:RegisteredDirectWarrants180DayOctober2025Memberus-gaap:MeasurementInputExercisePriceMember2026-03-310001818382us-gaap:PendingLitigationMemberhuma:ConsolidatedDerivativeActionMember2025-01-0700018183822025-01-012025-12-310001818382huma:PrivatePlacementWarrantsMember2025-01-012025-03-310001818382huma:FreseniusMedicalCareMember2025-12-310001818382us-gaap:FairValueInputsLevel3Memberhuma:JDRFAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-3100018183822024-12-310001818382huma:PublicWarrantsMemberus-gaap:MeasurementInputSharePriceMember2021-08-260001818382huma:ReportableSegmentMember2026-01-012026-03-310001818382us-gaap:FairValueInputsLevel1Memberhuma:LoanAgreementWarrantsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:RelatedPartyMemberhuma:FreseniusMedicalCareMember2021-02-162021-02-160001818382huma:ContingentEarnoutLiabilityMember2025-03-310001818382srt:MinimumMemberus-gaap:EmployeeStockOptionMember2026-01-012026-03-310001818382huma:November2024RegisteredDirectOfferingWarrantsMember2025-12-310001818382huma:TDCowenATMFacilityMember2026-01-012026-03-310001818382huma:LoanAgreementWarrantsMemberhuma:LoanAgreementWarrantsSalesMember2025-12-310001818382huma:DecellularizedTissueEngineeringPatentRightsMemberhuma:LicenseAgreementMemberhuma:DukeUniversityMember2026-03-310001818382huma:LicenseAgreementMemberhuma:DecellularizedTissueEngineeringPatentRightsMemberhuma:DukeUniversityMember2025-07-012025-09-300001818382huma:RegisteredDirectOfferingsMemberhuma:October2025RegisteredDirectOfferingWarrantsMember2025-10-060001818382huma:November2024RegisteredDirectOfferingMemberhuma:November2024RegisteredDirectOfferingWarrantsMember2024-11-150001818382us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberhuma:LoanAgreementConversionDerivativeLiabilityMember2026-03-310001818382huma:TermLoanFacilityMember2026-03-310001818382huma:LoanAgreementConversionDerivativeLiabilityMember2026-03-310001818382us-gaap:MeasurementInputExpectedDividendRateMemberhuma:EquityClassifiedWarrantsMember2026-03-310001818382us-gaap:FairValueInputsLevel2Memberhuma:October2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:VascularTraumaMemberhuma:ReportableSegmentMember2025-01-012025-03-310001818382huma:TermLoanFacilityDueInTwoThousandTwentyNineMember2025-12-310001818382huma:JDRFAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:RelatedPartyMemberhuma:FreseniusMedicalCareDeutschlandGmbHMember2026-03-310001818382us-gaap:MeasurementInputRiskFreeInterestRateMemberhuma:RegisteredDirectWarrants180DayOctober2025Member2025-12-310001818382huma:ExternalServicesMemberhuma:ReportableSegmentMember2026-01-012026-03-310001818382huma:October2024RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:RegisteredDirectOfferingsMember2024-10-040001818382huma:RegisteredDirectWarrants180DayOctober2025Memberus-gaap:MeasurementInputExercisePriceMember2025-12-310001818382us-gaap:MeasurementInputExpectedDividendRateMemberhuma:EquityClassifiedWarrantsMember2025-12-310001818382us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382huma:LoanAgreementConversionDerivativeLiabilityMember2025-12-310001818382huma:PublicStockOfferingMember2026-01-012026-03-310001818382huma:JDRFAgreementMember2023-04-010001818382us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001818382us-gaap:MeasurementInputExpectedDividendRateMemberhuma:RegisteredDirectWarrants180DayNovember2024Member2026-03-310001818382huma:OptionsAvailableForIssuanceUnderStockPlansMember2025-12-310001818382huma:VestingOfRSUsOutstandingUnderStockPlansMember2025-12-310001818382us-gaap:FairValueMeasurementsRecurringMemberhuma:November2024RegisteredDirectOfferingWarrantsMember2025-12-310001818382huma:LongTermIncentivePlan2021Member2025-11-300001818382huma:EmbeddedDerivativeFinancialInstrumentsRevenueInterestPurchaseAgreementMemberhuma:MeasurementInputPayoffOfInstrumentDiscountRateMemberMember2025-03-310001818382huma:OptionPurchaseAgreementMemberhuma:TPCInvestmentsIIILPAndTPCInvestmentSolutionsLPMember2025-12-310001818382us-gaap:ProductMember2025-01-012025-03-310001818382huma:RegisteredDirectOfferingsMember2026-01-012026-03-310001818382us-gaap:RetainedEarningsMember2025-03-310001818382us-gaap:WarrantMember2025-01-012025-03-310001818382huma:RevenueInterestPurchaseAgreementMember2023-05-122023-05-120001818382huma:PrivatePlacementWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382us-gaap:RetainedEarningsMember2026-03-310001818382huma:October2025RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:October2025RegisteredDirectOfferingWarrantsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001818382us-gaap:MeasurementInputExpectedTermMember2026-03-310001818382huma:EquityClassifiedWarrantsMemberus-gaap:MeasurementInputSharePriceMember2025-12-310001818382huma:EquityClassifiedWarrantsMemberus-gaap:MeasurementInputExercisePriceMember2026-03-310001818382huma:MergerAgreementMemberus-gaap:WarrantMemberhuma:PrivatePlacementWarrantsMemberus-gaap:PrivatePlacementMember2021-08-262021-08-260001818382us-gaap:MeasurementInputExpectedDividendRateMemberhuma:PrivatePlacementWarrantsMember2025-12-310001818382huma:ATMFacilityMember2025-01-012025-03-310001818382huma:PrivatePlacementWarrantsMember2024-12-310001818382huma:HumacyteIncMember2025-12-310001818382us-gaap:MeasurementInputExpectedDividendRateMember2026-03-310001818382us-gaap:EmployeeStockOptionMembersrt:MaximumMember2026-01-012026-03-310001818382huma:RegisteredDirectOfferingsMember2026-03-310001818382huma:LoanAgreementConversionDerivativeLiabilityMember2026-01-012026-03-310001818382us-gaap:AdditionalPaidInCapitalMember2025-12-3100018183822026-01-012026-03-310001818382huma:November2024RegisteredDirectOfferingWarrantsMember2026-01-012026-03-310001818382huma:PrivatePlacementWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2026-03-310001818382huma:November2024RegisteredDirectOfferingWarrantsMember2025-04-050001818382us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001818382huma:RevenueInterestPurchaseAgreementMember2023-05-120001818382huma:PrivatePlacementWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2025-12-310001818382us-gaap:RelatedPartyMemberhuma:FreseniusMedicalCareMember2021-08-262021-08-260001818382us-gaap:EmployeeStockOptionMember2025-01-012025-03-310001818382us-gaap:MeasurementInputPriceVolatilityMemberhuma:RegisteredDirectWarrants180DayOctober2024Member2026-03-310001818382us-gaap:MeasurementInputExercisePriceMemberhuma:RegisteredDirectWarrants180DayNovember2024Member2026-03-310001818382huma:ReportableSegmentMemberhuma:OtherResearchAndDevelopmentMember2025-01-012025-03-310001818382us-gaap:StockOptionMemberus-gaap:FairValueMeasurementsRecurringMember2023-05-120001818382us-gaap:MeasurementInputRiskFreeInterestRateMemberhuma:RegisteredDirectWarrants1640DayOctober2024Member2025-12-310001818382us-gaap:MeasurementInputRiskFreeInterestRateMemberhuma:RegisteredDirectWarrants180DayNovember2024Member2026-03-310001818382us-gaap:ProductAndServiceOtherMember2026-01-012026-03-310001818382us-gaap:MeasurementInputSharePriceMember2025-12-310001818382us-gaap:MeasurementInputPriceVolatilityMemberhuma:PrivatePlacementWarrantsMember2026-03-310001818382huma:October2024RegisteredDirectOfferingWarrantsMemberhuma:October2024RegisteredDirectOfferingMember2025-01-012025-03-310001818382huma:ATMFacilityMember2026-01-012026-03-310001818382huma:LicenseAgreementMemberhuma:YaleUniversityMemberhuma:BVPPatentRightsMember2019-08-012019-08-310001818382huma:JDRFAgreementMember2025-01-012025-12-310001818382us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberhuma:LoanAgreementConversionDerivativeLiabilityMember2025-12-310001818382us-gaap:CommonStockMember2026-01-012026-03-3100018183822025-04-282025-04-280001818382us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberhuma:November2024RegisteredDirectOfferingWarrantsMember2025-12-310001818382huma:LongTermIncentivePlan2021Member2024-01-012024-01-010001818382huma:ContingentConsiderationTrancheTwoMemberhuma:EarnoutSharesMember2021-08-260001818382huma:October2024RegisteredDirectOfferingWarrantsMemberhuma:October2024RegisteredDirectOfferingMember2026-03-310001818382us-gaap:MeasurementInputPriceVolatilityMember2026-03-310001818382huma:ContingentEarnoutLiabilityMember2025-01-012025-03-310001818382us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31huma:Installmenthuma:Planhuma:Actionxbrli:purexbrli:shareshuma:Employeehuma:Votehuma:Segmenthuma:Trancheiso4217:USDxbrli:sharesutr:Yiso4217:USD\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\n \n\nFORM 10-Q\n\n(Mark One)\n\nx QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\no TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ______ to ______.\n\nCommission File Number: 001-39532\n\n \n\n \n\nHumacyte, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n \n\n \n\nDelaware\n\n85-1763759\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n \n\n \n\n \n\n2525 East North Carolina Highway 54\n\n \n\nDurham,\n\nNC\n\n27713\n\n(Address of principal executive offices)\n\n(Zip code)\n\n \n\n(919) 313-9633\n\n(Registrant’s telephone number, including area code)\n\nNot Applicable\n\n(Former name, former address and former fiscal year, if changed since last report)\n\n \n\n \n\nSecurities registered pursuant to 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading Symbol(s)\n\n \n\nName of each exchange on which registered\n\nCommon Stock, par value $0.0001 per share\n\n \n\nHUMA\n\n \n\nThe Nasdaq Stock Market LLC\n\nRedeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50\n\n \n\nHUMAW\n\n \n\nThe Nasdaq Stock Market LLC\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\no\n\n \n\nAccelerated filer\n\no\n\nNon-accelerated filer\n\nx\n\n \n\nSmaller reporting company\n\nx\n\n \n\n \n\n \n\nEmerging growth company\n\no\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x\n\nAs of May 11, 2026, 222,019,108 shares of common stock, par value $0.0001, were issued and outstanding.\n\n \n\n \n\nSEC\n\n \n\n[Table of Contents](#toc_page)\n\n \n\nHumacyte, Inc.\n\nQuarterly Report on Form 10-Q\n\nTable of Contents\n\n \n\n \n\n \n\nPage No.\n\n \n\n[PART I – FINANCIAL INFORMATION](#part_i_financial_information)\n\n \n\n \n\n \n\n \n\n[Item 1.](#item_1_financial_statements)\n\n[Financial Statements](#item_1_financial_statements)\n\n5\n\n \n\n \n\n \n\n \n\n[Condensed Consolidated Balance Sheets (unaudited)](#condensed_consolidated_balance_sheets)\n\n5\n\n \n\n \n\n \n\n \n\n[Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (unaudited)](#condensed_stmt_operations_comp_loss)\n\n6\n\n \n\n \n\n \n\n \n\n[Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (unaudited)](#condensed_stmt_of_changes_stockholders)\n\n7\n\n \n\n \n\n \n\n \n\n[Condensed Consolidated Statements of Cash Flows (unaudited)](#condensed_statements_of_cash_flows)\n\n8\n\n \n\n \n\n \n\n \n\n[Notes to Condensed Consolidated Financial Statements (unaudited)](#notes_condensed_consolidated_financial)\n\n9\n\n \n\n \n\n \n\n[Item 2.](#management_discussion_and_analysis)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#management_discussion_and_analysis)\n\n46\n\n \n\n \n\n \n\n[Item 3.](#quantitative_and_qualitative_disclosures)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#quantitative_and_qualitative_disclosures)\n\n59\n\n \n\n \n\n \n\n[Item 4.](#controls_and_procedures)\n\n[Controls and Procedures](#controls_and_procedures)\n\n59\n\n \n\n \n\n \n\n \n\n[PART II – OTHER INFORMATION](#part_ii_other_information)\n\n \n\n \n\n \n\n \n\n[Item 1.](#legal_proceedings)\n\n[Legal Proceedings](#legal_proceedings)\n\n60\n\n \n\n \n\n \n\n[Item 1A.](#risk_factors)\n\n[Risk Factors](#risk_factors)\n\n60\n\n \n\n \n\n \n\n[Item 2.](#unregistered_sales_of_equity_securities)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#unregistered_sales_of_equity_securities)\n\n61\n\n \n\n \n\n \n\n[Item 3.](#defaults_upon_senior_securities)\n\n[Defaults Upon Senior Securities](#defaults_upon_senior_securities)\n\n61\n\n \n\n \n\n \n\n[Item 4.](#mine_safety_disclosures)\n\n[Mine Safety Disclosures](#mine_safety_disclosures)\n\n61\n\n \n\n \n\n \n\n[Item 5.](#other_information)\n\n[Other Information](#other_information)\n\n61\n\n \n\n \n\n \n\n[Item 6.](#exhibits)\n\n[Exhibits](#exhibits)\n\n62\n\n \n\n \n\n \n\n[SIGNATURES](#signature)\n\n63\n\n \n\n2\n\n[Table of Contents](#toc_page)\n\n \n\nFORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q (“Quarterly Report”) contains forward-looking statements that involve substantial risks and uncertainties. “Forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) are statements that are not historical facts and involve a number of risks and uncertainties. These statements include, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used therein, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, our management.\n\nForward-looking statements may include, for example, statements about:\n\n•\nour plans and ability to commercialize Symvess® (acellular tissue engineered vessel-tyod or “ATEV”) and, if approved by regulatory authorities, our product candidates, successfully and on our anticipated timelines;\n\n•\nthe degree of market acceptance of and the availability of third-party coverage and reimbursement for Symvess and, if approved by regulatory authorities, our product candidates;\n\n•\nour ability to manufacture Symvess and, if approved by regulatory authorities, our product candidates, in sufficient quantities to satisfy our clinical trial and commercial needs;\n\n•\nthe expected size of the target populations for Symvess and, if approved by regulatory authorities, our product candidates;\n\n•\nthe anticipated benefits of our ATEVs relative to existing alternatives;\n\n•\nour assessment of the competitive landscape;\n\n•\nour plans and ability to execute product development, process development and preclinical development efforts successfully and on our anticipated timelines;\n\n•\nour plans, anticipated timeline and ability to file applications for, and obtain marketing approvals from, the United States (“U.S.”) Food and Drug Administration (“FDA”) and other regulatory authorities, including the European Medicines Agency (“EMA”), for our ATEVs and product candidates;\n\n•\nour ability to design, initiate and successfully complete clinical trials and other studies for our product candidates and our plans and expectations regarding our ongoing or planned clinical trials, including for our V007 and V012 Phase 3 clinical trials;\n\n•\nour ability to execute and achieve the expected benefits of our cost-saving measures and whether our efforts will result in further actions or additional asset impairment charges that adversely affect our business;\n\n•\nthe outcome of our ongoing discussions with the FDA concerning the design of our clinical trials;\n\n•\nour anticipated growth rate and market opportunities;\n\n•\nour ability to use our proprietary scientific technology platform to build a pipeline of additional product candidates;\n\n•\nthe characteristics and performance of our ATEVs and the public perception thereof;\n\n•\nour expectations regarding our strategic partnership with Fresenius Medical Care Holdings, Inc. (“Fresenius Medical Care”) to sell, market and distribute our 6 millimeter ATEV for certain specified indications and in specified markets, if approved by regulatory authorities;\n\n•\nthe performance of other third parties on which we rely, including our third-party manufacturers, our licensors, our suppliers and the organizations conducting our clinical trials;\n\n•\nour ability to obtain and maintain intellectual property protection for our product candidates as well as our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights of others;\n\n3\n\n[Table of Contents](#toc_page)\n\n \n\n•\nour ability to maintain the confidentiality of our trade secrets, particularly with respect to our manufacturing process;\n\n•\nour compliance with applicable laws and regulatory requirements, including FDA regulations, healthcare laws and regulations, and anti-corruption laws;\n\n•\nour involvement in existing or potential claims and legal and administrative proceedings, and the merits, potential outcomes and effects of both existing and potential claims and legal and administrative proceedings, as well as regulatory determinations, on our business, prospects, financial condition and results of operations;\n\n•\nour ability to attract, retain and motivate qualified personnel and to manage our growth effectively;\n\n•\nour estimates regarding how long our existing cash and cash equivalents will be sufficient to fund our anticipated operating expenses, capital expenditures and debt service obligations;\n\n•\nour future financial performance and capital requirements, including our ability to raise additional capital in the future;\n\n•\nour ability to implement and maintain effective internal controls;\n\n•\nthe timing and expected benefits of the commitment to purchase Symvess to facilitate a clinical evaluation and outreach program in the Kingdom of Saudi Arabia (the “KSA”);\n\n•\nthe potential liquidity and trading of our securities; and\n\n•\nthe impact of the overall global economy and increasing interest rates and inflation on our business.\n\nWe caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Any forward-looking statements are based on information current as of the date of this Quarterly Report and speak only as of the date on which such statements are made. Actual events or results may differ materially from the results, plans, intentions or expectations anticipated by these forward-looking statements as a result of a variety of factors, many of which are beyond our control. More information on factors that could cause actual results to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission (the “SEC”), including, but not limited to, those described in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in this Quarterly Report and our Annual Report on Form 10-K for the year ended December 31, 2025, which we filed with the SEC on March 27, 2026. We disclaim any obligation, except as specifically required by law, to publicly update or revise any such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.\n\n4\n\n[Table of Contents](#toc_page)\n\n \n\nPART I – FINANCIAL INFORMATION"}