Humacyte

HUMA

Biotechnology · Healthcare

Price

$0.64

-0.04 (-5.75%)

Market Cap

$107.9M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+295.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 40.0M (2021) → 158.2M (2025)

Winston Score History

The full picture

Humacyte is a biotechnology company that makes lab-grown blood vessels for use in medical procedures. Its main product is the Human Acellular Vessel (HAV), a bioengineered tube made from human cells that can be implanted into patients who need vascular repair — such as those with traumatic injuries or kidney disease requiring dialysis access. The company sells to hospitals and surgeons, and its technology has received a Biologics License Application (BLA) approval from the FDA for certain trauma uses.

Humacyte earns revenue from product sales, but it is still in the early commercial stage and spends far more than it brings in — as shown by its deeply negative margins. It operates primarily in the United States and is a small-cap company with a market value around $100 million. Its main competitive edge is its proprietary bioengineering platform, but the biggest risk is whether it can scale commercial adoption fast enough to reach profitability before needing significant additional funding.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+34.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+33.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$69M/ year

↓ Declining (-22% vs prior year)

>1,000% of revenue

188.9x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

17.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~11 months

$80M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Humacyte grew revenue 35% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-203.2%

Thin — -203.2% gross margin

Profit after running costs

Operating Margin

-6649.3%

Losing money on operations — -6649.3%

Return on the money invested

ROCE

-164.5%

Weak — -164.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-73.6%

Shrinking sales (-73.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-4599.7%

Burning cash (-4599.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.16

Elevated debt (1.16)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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