Humacyte, Inc. (Nasdaq: HUMA), a clinical-stage biotechnology platform company developing universally implantable bioengineered human tissues, complex tissue systems, and organs at commercial scale, today announced financial results for the second quarter ended June 30, 2022, and highlighted recent corporate accomplishments.
“Humacyte has continued to make great progress throughout the second quarter of 2022, advancing our lead candidate, the HAV, in both our clinical and preclinical programs as well as our humanitarian effort in Ukraine,” said Laura Niklason, M.D., Ph.D., Founder, President and Chief Executive Officer of Humacyte. “We are thrilled that the HAVs implanted in several Ukrainian patients are reported to be functioning and infection-free, providing further real-world evidence of the potential of HAV treatment for trauma. In addition, we are pleased with the progress of our small-diameter HAV program which we believe continues to show promise in preclinical CABG models, and we look forward to continued advancement as we move toward the clinic. Finally, we welcome Dr. Diane Seimetz to our Board of Directors, and we are excited to leverage her regulatory and commercial expertise as we move through our late-stage vascular clinical programs and approach potential approval and commercialization of the HAV.”
Second Quarter 2022 and Recent Corporate Highlights
Clinical Updates
Corporate Updates
Second Quarter 2022 Financial Highlights
Conference Call and Webcast Details
Date: | Friday, August 12, 2022 |
Time: | 8:00 a.m. ET |
Conference Call Details: | Toll-Free: 1-877-704-4453 International: 1-201-389-0920 Conference ID: 13731541 |
Webcast: | Webcast Link - Click Here |
A replay of the webcast will be available following the conclusion of the live broadcast and will be accessible on the investors section of the Company’s website for at least 30 days.
About Humacyte
Humacyte, Inc. (Nasdaq: HUMA) is developing a disruptive biotechnology platform to deliver universally implantable bioengineered human tissues and complex tissue and organ systems designed to improve the lives of patients and transform the practice of medicine. The Company develops and manufactures acellular tissues to treat a wide range of diseases, injuries and chronic conditions. Humacyte’s initial opportunity, a portfolio of human acellular vessels (HAVs), is currently in late-stage clinical trials targeting multiple vascular applications, including vascular trauma repair, arteriovenous access for hemodialysis, and peripheral arterial disease. Preclinical development is also underway in coronary artery bypass grafts, pediatric heart surgery, treatment of type 1 diabetes, and multiple novel cell and tissue applications. Humacyte’s 6mm HAV for arteriovenous (AV) access for performing hemodialysis was the first product candidate to receive the FDA’s Regenerative Medicine Advanced Therapy (RMAT) designation, and has also received FDA Fast Track designation. The HAV received priority designation for the treatment of vascular trauma by the U.S. Secretary of Defense. For more information, visit www.Humacyte.com.
Forward-Looking Statements
This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements in this press release include, but are not limited to, statements regarding the initiation, timing, progress, and results of our preclinical and clinical trials; the anticipated characteristics and performance of our HAVs; our ability to successfully complete, preclinical and clinical trials for our HAVs; the anticipated benefits of our HAVs relative to existing alternatives; the anticipated commercialization of our HAVs and our ability to manufacture at commercial scale; the implementation of our business model and strategic plans for our business; our rights and obligations under our partnership with Fresenius Medical Care; the scope of protection we are able to establish and maintain for intellectual property rights covering our HAVs and related technology; the timing or likelihood of regulatory filings and approvals; timing, scope, and rate of reimbursement for our HAVs; and our estimated available market opportunity. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among others, the impact of COVID-19 on Humacyte’s business, changes in applicable laws or regulations, the possibility that Humacyte may be adversely affected by other economic, business, and/or competitive factors, and other risks and uncertainties, including those included under the header “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, filed by Humacyte with the SEC and in future SEC filings. Most of these factors are outside of Humacyte’s control and are difficult to predict. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Humacyte Investor Contact:
Joyce Allaire
LifeSci Advisors LLC
+1-617-435-6602
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Humacyte Media Contact:
Elizabeth Miller
LifeSci Communications
+1-704-299-6016
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Humacyte, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(unaudited)
(in thousands except for share and per share amounts)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Grant Revenue | $ | 1,301 | $ | 690 | $ | 1,534 | $ | 845 | |||||||
Operating expenses: | |||||||||||||||
Research and development | 14,652 | 14,568 | 30,966 | 29,705 | |||||||||||
General and administrative | 5,180 | 5,391 | 10,862 | 10,178 | |||||||||||
Total operating expenses | 19,832 | 19,959 | 41,828 | 39,883 | |||||||||||
Loss from operations | (18,531 | ) | (19,269 | ) | (40,294 | ) | (39,038 | ) | |||||||
Other income (expenses), net | |||||||||||||||
Change in fair value of contingent earnout liability | 56,353 | — | 59,611 | — | |||||||||||
Other (expenses) income (net) | (954 | ) | 2,071 | (2,281 | ) | 1,539 | |||||||||
Total other income, net | 55,399 | 2,071 | 57,330 | 1,539 | |||||||||||
Net income (loss) and comprehensive income (loss) | $ | 36,868 | $ | (17,198 | ) | $ | 17,036 | $ | (37,499 | ) | |||||
Net income (loss) per share, basic | $ | 0.36 | $ | (2.89 | ) | $ | 0.17 | $ | (6.35 | ) | |||||
Weighted-average shares outstanding, basic | 103,005,651 | 5,941,675 | 103,004,874 | 5,908,372 | |||||||||||
Net income (loss) per share, diluted | $ | 0.35 | $ | (2.89 | ) | $ | 0.16 | $ | (6.35 | ) | |||||
Weighted-average shares outstanding, diluted | 103,908,440 | 5,941,675 | 103,923,138 | 5,908,372 | |||||||||||
Humacyte, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
June 30, 2022 | December 31, 2021 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 181,035 | $ | 217,502 | |||
Short-term investments | 8,000 | 8,000 | |||||
Prepaid expenses and other current assets | 3,995 | 3,838 | |||||
Total current assets | 193,030 | 229,340 | |||||
Property, plant and equipment, net | 32,227 | 35,034 | |||||
Lease right-of-use assets, net | 21,108 | 22,159 | |||||
Total assets | $ | 246,365 | $ | 286,533 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,537 | $ | 2,094 | |||
Accrued expenses | 6,186 | 6,757 | |||||
Other current liabilities | 2,335 | 2,199 | |||||
Total current liabilities | 11,058 | 11,050 | |||||
Contingent earnout liability | 44,049 | 103,660 | |||||
SVB loan payable | 28,132 | 27,361 | |||||
Finance lease obligation, net of current portion | 20,018 | 21,109 | |||||
Other long-term liabilities | 848 | 1,179 | |||||
Total liabilities | 104,105 | 164,359 | |||||
Stockholders’ equity | |||||||
Common stock and additional paid-in capital | 539,797 | 536,747 | |||||
Accumulated deficit | (397,537 | ) | (414,573 | ) | |||
Total stockholders’ equity | 142,260 | 122,174 | |||||
Total liabilities and stockholders’ equity | $ | 246,365 | $ | 286,533 |
Last Trade: | US$5.27 |
Daily Change: | -0.21 -3.83 |
Daily Volume: | 1,698,986 |
Market Cap: | US$628.970M |
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