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Humacyte cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$22.2M in Q2 2026 · −$97.6M over twelve months

Operating cash flow−$22.1M
Capital spending−$104K
Free cash flow−$22.2M
Cash conversion cycle369 days

Analysis

In Q2 2026, Humacyte generated −$22.1M of operating cash flow and spent $104K on capital projects, leaving free cash flow of −$22.2M. That is $4.8M more than in Q2 2025 (−$27.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$97.2M; the largest uses were operating cash flow ($97.2M), net borrowing (+) / repaid (−) ($1.5M), capital spending ($367K); besides operations, cash came from other financing ($90.9M), shares issued ($35K); the cash balance fell by $8.1M.

Operating cash flow was −$22.1M against net income of −$36.8M. The largest differences: stock-based pay +$2.6M, inventory +$2.3M, depreciation & amortization +$1.3M.

Its cash conversion cycle was 369 days (receivables 86 + inventory 625 − payables 341).

Free cash flow

Humacyte: free cash flow by quarterHumacyte: free cash flow by quarter−$23.8MQ3 2024−$26.6MQ4 2024−$28.8MQ1 2025−$27.0MQ2 2025−$24.0MQ3 2025−$26.2MQ4 2025−$25.3MQ1 2026−$22.2MQ2 2026
Operating cash flow less capital spending.
Humacyte: operating cash flow against capital spendingHumacyte: operating cash flow against capital spendingOperating cash flowCapital spending−$22.9M$934KQ3 2024−$26.6M$63KQ4 2024−$28.6M$228KQ1 2025−$26.4M$568KQ2 2025−$23.9M$49KQ3 2025−$26.1M$39KQ4 2025−$25.1M$175KQ1 2026−$22.1M$104KQ2 2026
Latest (Q2 2026): Operating cash flow −$22.1M, Capital spending $104K.

Capital allocation, year by year

Humacyte: where the cash came from (up) and went (down), by fiscal yearHumacyte: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$81.2MFY2021: Net borrowing −$1.7MFY2021: Shares issued $243MFY2021: Capital spending −$220K$243MFY2021FY2022: Operating cash flow −$71.1MFY2022: Net borrowing −$2.0MFY2022: Shares issued $535KFY2022: Capital spending −$1.0M$535KFY2022FY2023: Operating cash flow −$73.3MFY2023: Net borrowing $5.6MFY2023: Shares issued $566KFY2023: Capital spending −$2.3M$6.2MFY2023FY2024: Operating cash flow −$98.1MFY2024: Net borrowing $17.4MFY2024: Shares issued $1.5MFY2024: Capital spending −$1.6M$18.9MFY2024FY2025: Operating cash flow −$105MFY2025: Net borrowing −$51.0MFY2025: Shares issued $61KFY2025: Capital spending −$884K$61KFY2025
Over these 5 years operating cash flow totalled −$429M; the largest uses were operating cash flow ($429M) and net borrowing ($54.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$79.9M
Debt$36.3M
Net cash$43.6M
Cash runway10 months

Humacyte is burning cash: its operations consume cash, a free cash flow of −$97.6M a year at the current rate against $79.9M of cash and investments: a runway of about 10 months before any new financing.

Where the cash came from and went

Humacyte: sources (+) and uses (−) of cash, Q2 2026Humacyte: sources (+) and uses (−) of cash, Q2 2026Other financing$53.7MCash drawn (+) / kept (−)−$31.4MOperating cash flow−$22.1MNet borrowing (+) / repaid (−)−$174KCapital spending−$104KShares issued$30K
Humacyte: sources (+) and uses (−) of cash, TTM to Q2 2026Humacyte: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$97.2MOther financing$90.9MCash drawn (+) / kept (−)$8.1MNet borrowing (+) / repaid (−)−$1.5MCapital spending−$367KShares issued$35K

From profit to cash

Humacyte: net income to operating cash flow, Q2 2026Humacyte: net income to operating cash flow, Q2 2026Net income−$36.8MDepreciation & amortization$1.3MStock-based pay$2.6MReceivables$104KInventory$2.3MPayables−$912KAccrued liabilities$688KPrepaid and other assets−$864KOperating cash flow−$22.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202686625341369
Q1 202680519232367
Q4 202515016276236
Q3 202590521728672440
Q2 2025133407726061604
Q1 20254224553080-583

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$22.1M−$104K−$174K$30K−$31.4M−$22.2M
Q1 2026−$25.1M−$175K——$2.0M−$25.3M
Q4 2025−$26.1M−$39K−$597K$5K−$31.0M−$26.2M
Q3 2025−$23.9M−$49K−$743K—$68.5M−$24.0M
Q2 2025−$26.4M−$568K−$727K—$24.8M−$27.0M
Q1 2025−$28.6M−$228K−$687K$56K−$17.9M−$28.8M
Q4 2024−$26.6M−$63K−$673K$227K−$24.4M−$26.6M
Q3 2024−$22.9M−$934K—$495K$23.0M−$23.8M

Humacyte: income statement and cash flow

Humacyte, Q2 2026: revenue $406K (+35% year over year). The chart follows the revenue to costs, profit and cash.

Humacyte: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.