Humacyte (NASDAQ:HUMA), a pioneer in universally implantable, bioengineered human tissues, today announced its financial results for the fourth quarter and full year ended December 31, 2025.
The results capture the company’s first full year of commercial operations following the late 2024 FDA approval of Symvess™ (Human Acellular Vessel) for vascular trauma.
For the full year 2025, Humacyte reported total revenues of $2 million, compared to zero in the prior year.
This revenue was primarily driven by $1.4 million in U.S. sales of Symvess (61 units), as the company continues to gain traction with hospital Value Analysis Committees (VACs) across the country.
The remaining $0.6 million was generated through strategic research collaborations.
While the company recorded a net loss of $40.8 million for the year—significantly narrowed from the $148.7 million loss in 2024—the decrease was largely due to non-cash gains from fair value remeasurements and a reduction in R&D spend as programs moved from development to commercialization.
International expansion became a key theme in early 2026.
The company recently secured a $1.475 million purchase commitment from the Kingdom of Saudi Arabia for a clinical evaluation and outreach program.
Furthermore, Humacyte has submitted a Marketing Authorization Application (MAA) in Israel and received renewed support from the U.S. Department of Defense (DoD) for the procurement and evaluation of bioengineered vessels for military applications.
The company is now approaching its next major clinical catalyst: the top-line interim results from the V012 Phase 3 study in hemodialysis access, expected by early June 2026.
If the data is positive, Humacyte plans to submit a supplemental Biologics License Application (sNDA) in the second half of 2026 to expand Symvess's indication to include arteriovenous (AV) access for patients with end-stage renal disease.
Financially, Humacyte has fortified its position to support these milestones.
The company ended 2025 with $50.5 million in cash, which has since been bolstered by a $20 million registered direct offering in March 2026 and the initiation of a $77.5 million credit facility with Avenue Capital Group.