Humacyte(US:HUMA)2025-11-12 21:46Financial Performance - Total revenue for the three months ended September 30, 2025, was $753,000, compared to $0 for the same period in 2024[18]. - Product revenue for the nine months ended September 30, 2025, reached $950,000, with contract revenue contributing $621,000[18]. - The net loss for the three months ended September 30, 2025, was $17,510,000, compared to a net loss of $39,202,000 for the same period in 2024, representing a 55.4% improvement[18]. - For the nine months ended September 30, 2025, the company reported a net loss of $16.0 million, a significant improvement compared to a net loss of $127.8 million for the same period in 2024[22]. - Operating cash flows for the nine months ended September 30, 2025, were negative at $78.9 million, compared to negative cash flows of $71.5 million in 2024, indicating increased cash usage[25]. Expenses and Liabilities - Operating expenses for the three months ended September 30, 2025, totaled $25,143,000, a decrease of 17.5% from $30,233,000 in the same period of 2024[18]. - Total liabilities decreased to $96,260,000 as of September 30, 2025, from $190,541,000 as of December 31, 2024[16]. - The accumulated deficit as of September 30, 2025, was $(702,044,000), compared to $(686,015,000) as of December 31, 2024[16]. - The company made a $50.0 million repayment under the Revenue Interest Purchase Agreement, reducing its revenue interest liability[28]. Cash and Assets - Cash and cash equivalents decreased to $19,488,000 as of September 30, 2025, from $44,937,000 as of December 31, 2024[16]. - Total assets decreased to $91,509,000 as of September 30, 2025, from $137,872,000 as of December 31, 2024[16]. - As of September 30, 2025, the company had cash and cash equivalents of $19.8 million, down from $70.9 million at the end of 2024[22]. Funding and Share Issuance - The company issued 25,000,000 shares in a public offering, netting $46,660,000[20]. - The company raised $47.0 million from a public offering, net of underwriting fees, and $9.8 million from an ATM facility during the nine months ended September 30, 2025[22]. - The Company raised approximately $43.0 million from the 2024 Public Offering of 15,410,000 shares at $3.00 per share, closing on March 5, 2024[121]. - The 2025 Public Offering raised approximately $46.7 million from the sale of 25,000,000 shares at $2.00 per share, closing on March 27, 2025[122]. Research and Development - Total research and development expenses for Q3 2025 were $17.3 million, a decrease of 24% from $22.9 million in Q3 2024[44]. - Direct expenses for vascular trauma were $0.3 million for Q3 2025, down from $0.4 million in Q3 2024[44]. - The Company entered into a JDRF Agreement in April 2023, receiving funding up to $0.8 million based on achieving certain R&D milestones related to the BVP product candidate[195]. Stock and Equity - The weighted-average shares outstanding for calculating net loss per share attributable to common stockholders was 158,313,290 for the three months ended September 30, 2025[18]. - The Company increased its authorized shares of Common Stock from 250,000,000 to 350,000,000 in June 2025[131]. - As of September 30, 2025, the total outstanding Common Stock warrants amounted to 9,833,910, down from 14,079,314 as of December 31, 2024, reflecting a decrease of approximately 30%[136]. Legal and Regulatory Matters - Legal proceedings include a putative class action lawsuit filed on November 18, 2024, alleging false or misleading statements related to the BLA and deficiencies at the Company's manufacturing facility[201]. - The Company is currently facing multiple derivative actions, including the Consolidated Derivative Action, which alleges violations of Section 14(a) of the Exchange Act and breach of fiduciary duty against current and former directors and officers[203]. - The Company has not accrued any material liabilities related to the ongoing lawsuits, as a negative outcome is deemed not probable as of September 30, 2025[207]. Operational Changes - The company implemented a cost reduction action, reducing its workforce by 30 employees to improve cash runway[32]. - The Company implemented a workforce reduction on April 28, 2025, resulting in $0.7 million in severance costs, with $0.6 million recognized in R&D expenses and $0.1 million in SG&A expenses[199].