Humacyte, Inc.
HUMA Healthcare Biotechnology
Humacyte, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.0 million, up 30.2% from fiscal 2022. In the quarter to June 2026, revenue grew 34.9%, EPS grew 33.3%, free cash flow grew 17.9% and total debt rose 437.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Humacyte, Inc. (HUMA) Altman Z-score
Humacyte, Inc.'s Altman Z-score for fiscal 2025 is −10.48, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −10.48 | (8.48) |
| FY2022 | −2.00 | (1.01) |
| FY2021 | −0.98 | 5.68 |
| FY2020 | −6.66 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.42 | — | 0.51 | |
| Retained earnings / total assets | (6.25) | — | −8.74 | |
| EBIT / total assets | (0.93) | — | −3.07 | |
| Market value of equity / total liabilities | 1.34 | — | 0.81 | |
| Sales / total assets | 0.02 | — | 0.02 | |
| Altman Z-score | Distress zone | −10.48 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −23.79 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SPRB Spruce Biosciences, Inc. compare | 36.6× |
| NERV Minerva Neurosciences, Inc compare | 6.0× |
| VYGR Voyager Therapeutics, Inc. compare | −0.7× |
| ARMP Armata Pharmaceuticals, Inc. compare | −10.2× |
| HUMA Humacyte, Inc. | −10.5× |
| NRXP NRx Pharmaceuticals, Inc. compare | −37.8× |
| OTLK Outlook Therapeutics, Inc. compare | −58.9× |
| ABOS Acumen Pharmaceuticals, Inc. compare | — |
| HURA TuHURA Biosciences, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets