Humacyte, Inc. (HUMA) Balance Sheet
HUMA balance sheet, 2025
December 31, 2025 · U.S. dollars$116.4M assets = $113.3M liabilities + $3.1M equity
Both columns are drawn to the same scale: what HUMA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HUMA financial health
Descriptive bands, not a rating. Fiscal 2025.
HUMA balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $168.7M2019 | $116.4M2025 | −6.0%/yr | |
| Total liabilities | $36.5M2019 | $113.3M2025 | +20.8%/yr | |
| Shareholders’ equity | $132.2M2019 | $3.1M2025 | −46.5%/yr | |
| Cash & short-term investments | $93.7M2019 | $50.5M2025 | −9.8%/yr | |
| Total debt | $28.7M2019 | $64.8M2025 | +14.5%/yr | |
| Net cash (debt) | $65.0M2019 | −$14.3M2025 | −$79.3M | |
| Working capital | $84.1M2019 | $49.4M2025 | −$34.7M | |
| Book value per share | $1.282019 | $0.022025 | −50.2%/yr | |
| Current ratio | 8.762019 | 3.692025 | −5.07 | |
| Debt / equity | 0.222019 | 20.862025 | +20.64 | |
| Shares outstanding | 103.0M2019 | 158.2M2025 | +7.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HUMA assets
HUMA liabilities and equity
HUMA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HUMA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $50.5M | $44.9M | $80.4M | $151.9M | $225.5M | $39.9M | $93.7M |
| Cash & equivalents | $50.5M | $44.9M | $80.4M | $149.8M | $217.5M | $39.9M | $93.7M |
| Short-term investments | — | — | $0 | $2.1M | $8.0M | $0 | — |
| Receivables | $441,000 | $0 | $0 | $31,000 | $176,000 | $113,000 | $601,000 |
| Inventory | $13.6M | $0 | $0 | −$31,000 | $1 | $1 | $1 |
| Other current assets | $3.3M | $2.9M | $2.8M | $2.3M | $3.7M | $1.4M | $639,999 |
| Total current assets | $67.8M | $47.9M | $83.3M | $154.2M | $229.3M | $41.4M | $95.0M |
| Property, plant & equipment (net) | $47.7M | $38.6M | $44.1M | $50.1M | $57.2M | $65.2M | $73.7M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $100.0M | $0 |
| Other non-current assets | $881,000 | $51.5M | $841,000 | $0 | $0 | $0 | $0 |
| Total assets | $116.4M | $137.9M | $128.2M | $204.3M | $286.5M | $106.7M | $168.7M |
| Liabilities | |||||||
| Accounts payable | $5.4M | $4.5M | $6.5M | $1.6M | $2.1M | $2.3M | $3.3M |
| Short-term debt | $2.4M | $2.9M | $2.6M | $10.9M | $2.0M | $4.2M | $3.1M |
| Deferred revenue | — | — | −$2.6M | — | $4.7M | — | — |
| Total current liabilities | $18.4M | $20.0M | $18.4M | $19.6M | $11.1M | $11.2M | $10.8M |
| Long-term debt | $35.4M | $0 | $38.6M | $20.3M | $27.4M | $822,000 | $0 |
| Lease obligations | $29.4M | $16.5M | $18.9M | $21.8M | $21.1M | $25.6M | — |
| Other long-term liabilities | $59.4M | $170.6M | $57.6M | $47.5M | $125.9M | $24.0M | $25.6M |
| Total liabilities | $113.3M | $190.5M | $114.7M | $87.4M | $164.4M | $36.0M | $36.5M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $20,000 | $13,000 | $10,000 | $10,000 | $10,000 | $1,000 | $21,000 |
| Retained earnings (deficit) | −$726.8M | −$686.0M | −$537.3M | −$426.5M | −$414.6M | −$388.1M | −$321.6M |
| Accumulated other comprehensive income | — | — | $0 | — | −$822.8M | −$421.0M | — |
| Total shareholders' equity | $3.1M | −$52.7M | $13.5M | $116.9M | $122.2M | $70.7M | $132.2M |
| Key figures | |||||||
| Total debt | $64.8M | $16.5M | $57.5M | $50.1M | $51.2M | $28.9M | $28.7M |
| Net cash (debt) | −$14.3M | $28.4M | $23.0M | $101.8M | $174.3M | $11.1M | $65.0M |
| Working capital | $49.4M | $27.9M | $64.8M | $134.6M | $218.3M | $30.2M | $84.1M |
| Tangible book value | $3.1M | −$52.7M | $13.5M | $116.9M | $122.2M | $70.7M | $132.2M |
| Book value per share | $0.02 | −$0.44 | $0.13 | $1.13 | — | — | $1.28 |
| Shares outstanding | 158.2M | 118.5M | 103.4M | 103.1M | — | — | 103.0M |
| Current ratio | 3.69 | 2.40 | 4.52 | 7.88 | 20.75 | 3.69 | 8.76 |
| Quick ratio | 2.77 | 2.25 | 4.36 | 7.76 | 20.42 | 3.56 | 8.70 |
| Debt / equity | 20.86 | — | 4.24 | 0.43 | 0.42 | 0.41 | 0.22 |
| Equity / assets | 2.7% | −38.2% | 10.6% | 57.2% | 42.6% | 66.2% | 78.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $79.9M | $48.5M | $50.5M | $19.5M | $38.0M | $62.8M | $44.9M | $20.6M | $93.6M | $115.5M | $80.4M | $100.0M |
| Cash & equivalents | $79.9M | $48.5M | $50.5M | $19.5M | $38.0M | $62.8M | $44.9M | $20.6M | $93.6M | $115.5M | $80.4M | $100.0M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $330,000 | $434,000 | $441,000 | $1.1M | $394,000 | $488,000 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $7.0M | $9.9M | $13.6M | $18.4M | $11.1M | $8.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $5.6M | $4.7M | $3.3M | $2.4M | $2.2M | $2.4M | $2.9M | $2.4M | $2.5M | $2.4M | $2.8M | $2.9M |
| Total current assets | $92.8M | $63.6M | $67.8M | $41.4M | $51.7M | $73.7M | $47.9M | $23.0M | $96.1M | $117.9M | $83.3M | $102.9M |
| Property, plant & equipment (net) | $44.4M | $46.1M | $47.7M | $49.3M | $35.6M | $37.4M | $38.6M | $40.3M | $41.4M | $42.7M | $44.9M | $45.7M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $881,000 | $881,000 | $881,000 | $881,000 | $51.4M | $51.4M | $51.5M | $51.5M | $815,000 | $828,000 | $0 | $855,000 |
| Total assets | $138.1M | $110.6M | $116.4M | $91.5M | $138.8M | $162.6M | $137.9M | $114.8M | $138.3M | $161.5M | $128.2M | $149.4M |
| Liabilities | ||||||||||||
| Accounts payable | $4.2M | $5.1M | $5.4M | $9.6M | $6.6M | $5.6M | $4.5M | $6.9M | $6.0M | $3.5M | $6.5M | $3.0M |
| Short-term debt | $1.5M | $2.4M | $2.4M | $2.7M | $5.2M | $3.0M | $2.9M | $2.9M | $2.8M | $2.7M | $2.6M | $2.5M |
| Total current liabilities | $14.9M | $16.2M | $18.4M | $25.6M | $21.1M | $20.0M | $20.0M | $20.9M | $17.8M | $14.1M | $18.4M | $15.1M |
| Long-term debt | $36.3M | $35.9M | $35.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $38.6M | $37.3M |
| Lease obligations | $29.9M | $30.0M | $29.4M | $29.8M | $15.1M | $15.8M | $16.5M | $17.3M | $17.9M | $18.6M | $18.9M | $19.5M |
| Other long-term liabilities | $55.6M | $46.9M | $59.4M | $70.7M | $113.7M | $106.5M | $170.6M | $157.5M | $148.8M | $121.2M | $57.6M | $60.0M |
| Total liabilities | $106.8M | $98.9M | $113.3M | $96.3M | $134.7M | $126.5M | $190.5M | $178.5M | $166.6M | $135.3M | $114.7M | $112.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $28,000 | $23,000 | $20,000 | $16,000 | $16,000 | $16,000 | $13,000 | $12,000 | $12,000 | $12,000 | $10,000 | $10,000 |
| Retained earnings (deficit) | −$781.3M | −$744.5M | −$726.8M | −$702.0M | −$684.5M | −$646.9M | −$686.0M | −$665.1M | −$625.9M | −$569.2M | −$537.3M | −$512.2M |
| Accumulated other comprehensive income | — | — | — | — | $0 | — | — | — | $0 | — | $0 | $0 |
| Total shareholders' equity | $31.3M | $11.6M | $3.1M | −$4.8M | $4.1M | $36.0M | −$52.7M | −$63.7M | −$28.3M | $26.2M | $13.5M | $37.0M |
| Key figures | ||||||||||||
| Total debt | $66.2M | $65.9M | $64.8M | $29.8M | $84.0M | $15.8M | $16.5M | $79.6M | $79.0M | $76.6M | $57.5M | $56.8M |
| Net cash (debt) | $13.7M | −$17.4M | −$14.3M | −$10.3M | −$45.9M | $47.0M | $28.4M | −$59.1M | $14.6M | $38.9M | $22.9M | $43.2M |
| Working capital | $77.8M | $47.4M | $49.4M | $15.8M | $30.6M | $53.7M | $27.9M | $2.1M | $78.4M | $103.8M | $64.8M | $87.7M |
| Tangible book value | $31.3M | $11.6M | $3.1M | −$4.8M | $4.1M | $36.0M | −$52.7M | −$63.7M | −$28.3M | $26.2M | $13.5M | $37.0M |
| Book value per share | $0.13 | $0.06 | $0.02 | −$0.03 | $0.03 | $0.27 | −$0.44 | −$0.53 | −$0.24 | $0.24 | $0.13 | $0.36 |
| Shares outstanding | 234.2M | 197.8M | 158.2M | 158.3M | 155.4M | 131.8M | 118.5M | 119.4M | 119.2M | 108.2M | 103.6M | 103.4M |
| Current ratio | 6.21 | 3.93 | 3.69 | 1.62 | 2.45 | 3.68 | 2.40 | 1.10 | 5.41 | 8.37 | 4.52 | 6.79 |
| Quick ratio | 5.37 | 3.03 | 2.77 | 0.80 | 1.82 | 3.16 | 2.25 | 0.98 | 5.27 | 8.20 | 4.36 | 6.61 |
| Debt / equity | 2.12 | 5.67 | 20.86 | — | 20.72 | 0.44 | — | — | — | 2.93 | 4.25 | 1.53 |
| Equity / assets | 22.6% | 10.5% | 2.7% | −5.2% | 2.9% | 22.2% | −38.2% | −55.5% | −20.5% | 16.2% | 10.6% | 24.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 27, 2026); data from EODHD.
HUMA financial position
At the end of fiscal 2025 (December 31, 2025), Humacyte had total assets of $116.4 million (down 15.6% from a year earlier), total liabilities of $113.3 million and shareholders' equity of $3.1 million. It held $50.5 million in cash and short-term investments against $64.8 million of debt, net debt of $14.3 million. Its current ratio was 3.69. In the latest quarter (ended June 30, 2026) total assets were $138.1 million and equity $31.3 million.
Related: HUMA income statement, HUMA cash flow statement, HUMA key metrics. See the HUMA stock overview for the latest quote and news.
HUMA balance sheet FAQ
What are Humacyte's total assets?
Humacyte reported total assets of $116.4 million at the end of fiscal 2025 (December 31, 2025), compared with $137.9 million a year earlier.
How much debt does Humacyte have?
Humacyte had $64.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 20.86.
How much cash does Humacyte have?
Humacyte held $50.5 million in cash and short-term investments at the end of fiscal 2025; with $64.8 million of debt that is net debt of $14.3 million.
What is Humacyte's book value?
Humacyte's shareholders' equity (book value) was $3.1 million at the end of fiscal 2025, or $0.02 per share.
What is Humacyte's current ratio?
Humacyte had current assets of $67.8 million and current liabilities of $18.4 million, a current ratio of 3.69 (it can cover its short-term obligations).