10-Q · May 13, 2026
Humacyte, Inc. reported a significant revenue miss and continued losses in its Q1 2026 results, with total revenue of $0.5 million, well below the estimated $1.4 million, and an EPS of -$0.13 matching consensus…
Earnings analysis · 10-Q
HUMA earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Humacyte reported Q2 2026 revenue of $406,000, down from $495,000 sequentially and far below the $1,168,240 consensus estimate. EPS was a $0.16 loss, worse than the $0.09 loss in Q1 2026, while the filing provides no…
Read full summary
Humacyte reported Q2 2026 revenue of $406,000, down from $495,000 sequentially and far below the $1,168,240 consensus estimate. EPS was a $0.16 loss, worse than the $0.09 loss in Q1 2026, while the filing provides no quantitative forward guidance. Cost reductions affecting approximately 45 employees and a Nasdaq bid-price deficiency requiring remediation by January 27, 2027 reinforce liquidity, execution and listing concerns.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.16
What stood out
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Revenue remains well below expectations
Revenue was $406,000, down 18.0% from $495,000 in Q1 2026 but up 34.9% from $301,000 in Q2 2025. Revenue was also 65.3% below the $1,168,240 consensus estimate.
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EPS worsened sequentially
Diluted EPS was a loss of $0.16 versus a loss of $0.09 in Q1 2026 and a loss of $0.24 in Q2 2025, indicating sequential deterioration but year-over-year improvement.
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Cost controls target operating expenses
Management stated that it retained key personnel, resources and initiatives while reducing its workforce by approximately 45 employees in May 2026 as part of a cost-saving plan.
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Strategic Mayo Clinic agreement expanded
The company issued Mayo Clinic warrants for 240,000 shares at an exercise price of $1.11 per share; the warrants vest in three annual tranches of 80,000 shares beginning March 31, 2027.
What to watch
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Cost reductions may disrupt execution
In May 2026, the company reduced its workforce by approximately 45 employees. The filing warns that severance costs, employee attrition and loss of accumulated knowledge could adversely affect cash flow, productivity and execution.
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Nasdaq delisting risk
Nasdaq notified the company on July 31, 2026 that its closing bid price was below the $1.00 minimum for 30 consecutive business days. Humacyte has until January 27, 2027, with an initial 180-calendar-day compliance period, to regain compliance.
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Potential insider-sale overhang
The CEO adopted a Rule 10b5-1 plan allowing potential sales of up to 214,420 shares, with the first possible trade date of September 1, 2026. These potential sales could add equity-market overhang while the stock remains below Nasdaq’s $1.00 bid-price requirement.
Management's outlook
No quantitative forward guidance was provided in the filing excerpt; the 10-Q does not state revenue or EPS outlook ranges.
Earlier filings 4
10-K · March 27, 2026
Humacyte launched commercial sales of Symvess in Q1 2025 and reported $2.04 million of total revenue in 2025, including $1.39 million of product revenue, but remains deep in R&D and commercialization losses. The company…
10-Q · August 13, 2024
Humacyte reported no revenue for the quarter and a larger net loss versus prior year driven by higher R&D and a large non-cash fair value increase in contingent liabilities. Cash increased to $93,563 but the company…
10-Q · November 10, 2022
Humacyte reported Q3 2022 grant revenue of $31,000 (100% DoD), down from $241,000 in Q3 2021, and GAAP net loss per share improved to $(0.25) from $(0.72) a year ago. Operating loss widened to $(23.5) million for the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.