0001818382-26-000004 | 10-K | XBRL Viewer

Print Document

Commitments and Contingencies (Details) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Apr. 28, 2025 Employee	Aug. 31, 2019 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($)	Jan. 10, 2025 Action	Jan. 07, 2025 Action	Apr. 01, 2023 USD ($) Installment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other long-term liabilities					$ 1,583	$ 983
Reduction in workforce \| Employee	30
Employee severance costs			$ 700
Consolidated Derivative Action \| Pending Litigation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of verified stockholder derivative actions \| Action							2	2
Research and development
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Employee severance costs			600
Selling, General and Administrative Expenses
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Employee severance costs			$ 100
JDRF Agreement derivative liability
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Termination period									90 days
Milestone payment potentially receivable									$ 900
Milestone payments					495
Other long-term liabilities					500	300
Interest expense					$ 100	100
Royalty cap, actual award multiplier									400.00%
Number of installments \| Installment									3
Net sales minimum threshold for additional royalty									$ 250,000
Disposition payment percentage									0.10
Cure period									30 days
Duke University \| License Agreement \| Decellularized Tissue Engineering Patent Rights
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued under agreement (in shares) \| shares					52,693
Expiration period of agreement					4 years
Termination period					3 months
License fee paid				$ 500
License fee expense					$ 0	500
License fee payable					$ 0	$ 500
Yale University \| License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Termination period					90 days
Maximum annual maintenance fee, less than					$ 100
Yale University \| License Agreement \| Regulatory Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, milestone payments					200
Yale University \| License Agreement \| Commercial Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, milestone payments					$ 600
Yale University \| License Agreement \| BVP Patent Rights
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum annual maintenance fee, less than		$ 100
Yale University \| License Agreement \| Tubular Prostheses Patent Rights
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum annual maintenance fee, less than		$ 100

Stockholders' Equity (Deficit) and Warrants - Registered Direct Offerings Narrative (Details) - USD ($)							12 Months Ended
	Mar. 19, 2026	Oct. 06, 2025	Nov. 15, 2024	Nov. 13, 2024	Oct. 07, 2024	Oct. 04, 2024	Dec. 31, 2025	Dec. 31, 2024	Mar. 27, 2025	Mar. 05, 2024	Aug. 26, 2021
Class of Stock [Line Items]
Warrants, exercise price (in dollars per share)											$ 11.5
Payments of stock issuance costs							$ 340,000	$ 350,000
Unpaid transaction costs							$ 5,404,000	4,490,000
Price per share									$ 2	$ 3
October 2025 RDO Warrants Liability
Class of Stock [Line Items]
Warrants issued (in shares)		28,436,018
October 2024 Registered Direct Offering
Class of Stock [Line Items]
Number of shares issued (in shares)						5,681,820
Warrants, exercise price (in dollars per share)						$ 5.28
Net proceeds from sale of stock					$ 28,000,000
Payments of stock issuance costs					$ 2,000,000
Transaction costs expensed								$ 100,000
October 2024 Registered Direct Offering \| October 2024 RDO Warrants liability
Class of Stock [Line Items]
Warrants issued (in shares)						5,681,820
November 2024 Registered Direct Offering
Class of Stock [Line Items]
Number of shares issued (in shares)				2,808,988
Warrants, exercise price (in dollars per share)				$ 5.34
Net proceeds from sale of stock			$ 14,900,000
Payments of stock issuance costs			$ 100,000
November 2024 Registered Direct Offering \| November 2024 RDO Warrants liability
Class of Stock [Line Items]
Warrants issued (in shares)				2,808,988
October 2025 Registered Direct Offering
Class of Stock [Line Items]
Number of shares issued (in shares)		28,436,018
Warrants, exercise price (in dollars per share)		$ 2.11
Net proceeds from sale of stock		$ 56,500,000
Payments of stock issuance costs		3,500,000
Unpaid transaction costs		$ 200,000
October 2025 Registered Direct Offering \| October 2025 RDO Warrants Liability
Class of Stock [Line Items]
Warrants issued (in shares)		28,436,018
March 2026 Registered Direct Offering \| Subsequent Event
Class of Stock [Line Items]
Number of shares issued (in shares)	25,000,000
Net proceeds from sale of stock	$ 18,400,000
Price per share	$ 0.8

Summary of Significant Accounting Policies - Revenue Interest Liability Narrative (Details) - Revenue Interest Purchase Agreement $ in Millions	Dec. 15, 2025 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Cash payment	$ 38.0
Share issued \| shares	5,725,190
Fair value of common stock shares for repayment of debt	$ 7.5

Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss	$ 126,657	$ 97,880
Capitalized research and development	54,491	57,498
Research credits	32,624	27,278
Stock-based compensation	1,276	1,141
Inventory reserve	1,905	0
Right-of-use lease liability	0	127
Accrued expenses	96	105
Other	1	1
Total deferred tax asset	217,050	184,030
Less: valuation allowance	(216,288)	(182,867)
Total net deferred tax asset	762	1,163
Deferred tax liabilities:
Basis difference in fixed assets	(762)	(1,041)
Right-of-use lease assets	0	(122)
Total deferred tax liability	(762)	(1,163)
Total net deferred tax asset/(liability)	$ 0	$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On October 13, 2025, Laura E Niklason, the Company’s President and Chief Executive Officer, had a previously disclosed trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act automatically terminate in accordance with its terms upon the expiration date of the plan. The trading arrangement provided for the potential sale of up to 200,000 shares of Common Stock. On December 8, 2025, Dale A. Sander, the Company’s Chief Financial Officer, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Sander 10b5-1 Plan”). The Sander 10b5-1 Plan provides for the potential sale of up to 311,100 shares of Common Stock that may be received pursuant to equity compensation awards, with the first possible trade date on May 16, 2026. The Sander 10b5-1 Plan terminates automatically on the earlier of the completion of all transactions contemplated by the plan, or June 1, 2027. On December 8, 2025, Shamik Parikh, the Company’s Chief Medical Officer, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Parikh 10b5-1 Plan”). The Parikh 10b5-1 Plan provides for the potential sale of up to 311,100 shares of Common Stock that may be received pursuant to equity compensation awards, with the first possible trade date on May 16, 2026. The Parikh 10b5-1 Plan terminates automatically on the earlier of the completion of all transactions contemplated by the plan, or June 1, 2027.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Laura E Niklason [Member]
Trading Arrangements, by Individual
Name	Laura E Niklason
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	October 13, 2025
Aggregate Available	200,000	200,000
Dale A Sander [Member]
Trading Arrangements, by Individual
Name	Dale A. Sander
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 8, 2025
Expiration Date	June 1, 2027
Arrangement Duration	381 days
Aggregate Available	311,100	311,100
Shamik Parikh [Member]
Trading Arrangements, by Individual
Name	Shamik Parikh
Title	Chief Medical Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 8, 2025
Expiration Date	June 1, 2027
Arrangement Duration	381 days
Aggregate Available	311,100	311,100

Stockholders' Equity (Deficit) and Warrants - Public and Private Placement Warrants Narrative (Details) $ in Thousands		12 Months Ended
	Aug. 26, 2021 USD ($) shares $ / shares	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares
Class of Warrant or Right [Line Items]
Common stock warrant liabilities \| $		$ 19,392	$ 19,254
Common Stock Warrant, number of shares holder is entitled to purchase (in shares) \| shares	1
Warrants, exercise price (in dollars per share) \| $ / shares	$ 11.5
Share accepting a tender offer entitles warrants to receive cash (as a percent)	50.00%
Private Placement Warrants
Class of Warrant or Right [Line Items]
Common stock warrant liabilities \| $	$ 600	15	400
(Gain) loss on remeasurement of warrants \| $		(400)	300
Fair Value Adjustment of Warrants \| $		$ (400)	$ 300
Private Placement Warrants \| Measurement Input, Share Price [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input \| $ / shares		0.96	5.05
Warrants, measurement input \| $ / shares		0.96	5.05
Private Placement Warrants \| Merger Agreement [Member] \| Warrant [Member] \| Private Placement [Member]
Class of Warrant or Right [Line Items]
Number of securities issued or issuable (in shares) \| shares	177,500
Public Warrants \| Measurement Input, Share Price [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input \| shares	2.8
Warrants, measurement input \| shares	2.8
Public Warrants \| Merger Agreement [Member] \| Warrant [Member] \| Assumption Of Publicly Traded Securities [Member]
Class of Warrant or Right [Line Items]
Number of securities issued or issuable (in shares) \| shares	5,000,000
Registered Direct Warrants, 180 Day, October 2025 \| October 2025 Registered Direct Offering
Class of Warrant or Right [Line Items]
Common stock warrant liabilities \| $		$ 16,400

Debt - Schedule of Carrying Amount of the Term Loan Facility (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Line of Credit Facility [Line Items]

Principal

$ 1,700

Less: unamortized debt issuance costs

^[1]

(1,220)

Less: unamortized debt discounts

^[1]

(3,336)

Long-Term Debt

35,444

^[1]

$ 0

Term Loan Facility due 2029

Line of Credit Facility [Line Items]

Principal

^[2]

40,000

Carrying Amount

^[1],[2]

$ 40,000

[1]	(a) Principal payable in 24 consecutive monthly installments of $1.7 million beginning December 1, 2027, or December 1, 2028 if the second tranche is funded, with the final payment fee of $2.4 million due at maturity.
[2]	(b) Interest payable monthly beginning on January 1, 2026.

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Finance Leases

2026

$ 2,428

2027

^[1]

(301)

2,500

3,537

3,643

49,358

61,165

Less: present value discount

(31,763)

Lease liabilities

$ 29,402

$ 16,500

[1]	(a) For the year ending 2027, the negative amount reflects a reimbursement from the lessor for tenant improvement costs. The reimbursement exceeds the scheduled lease payments for that period.

Stockholders' Equity (Deficit) and Warrants - Contingent Earnout Liability Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 26, 2021 USD ($) yr Tranche $ / shares shares	Dec. 31, 2025 USD ($) yr shares	Dec. 31, 2024 USD ($) yr	Feb. 17, 2021 Tranche shares
Business Acquisition, Contingent Consideration [Line Items]
Maximum contingent earnout (in shares) \| shares		15,000,000
Contingent Earnout Liability		$ 11,492	$ 70,961
Non-cash gain (loss) on remeasurement of Contingent Earnout Liability		(59,469)	33,045
Earnout Shares
Business Acquisition, Contingent Consideration [Line Items]
Maximum contingent earnout (in shares) \| shares	15,000,000			15,000,000
Number of tranches of contingent earnout shares \| Tranche	2			2
Number of contingent earnout shares per tranche (in shares) \| shares	7,500,000			7,500,000
Number of trading days	20 days
Number of consecutive trading days	30 days
Contingent Earnout Liability	$ 159,400	11,500
Non-cash gain (loss) on remeasurement of Contingent Earnout Liability		$ 59,500	$ (33,000)
Earnout Shares \| Tranche one
Business Acquisition, Contingent Consideration [Line Items]
Closing stock price to trigger contingent earnout shares (in dollars per share) \| $ / shares	$ 15
Earnout Shares \| Tranche two
Business Acquisition, Contingent Consideration [Line Items]
Closing stock price to trigger contingent earnout shares (in dollars per share) \| $ / shares	$ 20
Expected term (years)
Business Acquisition, Contingent Consideration [Line Items]
Measurement input \| yr		10	10
Expected term (years) \| Earnout Shares
Business Acquisition, Contingent Consideration [Line Items]
Measurement input \| yr	10

Stockholders' Equity (Deficit) and Warrants - Common Stock Reserved for Future Issuances (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

May 12, 2023

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

149,941,529

79,940,576

TPC Investments III LP and TPC Investment Solutions LP | Option Purchase Agreement

Class of Stock [Line Items]

Option agreement, remaining right to purchase common stock

$ 0

$ 8,050,000

Option agreement, minimum exercise price (in dollars per share)

$ 7.5

Common Stock reserved for Contingent Earnout Shares

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

15,000,000

Equity Line Financing

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

12,000,000

Common Stock reserved for Jefferies ATM Facility

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

18,666,404

Common Stock reserved for TD Cowen ATM Facility

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

^[1]

54,000,000

Common Stock reserved for Option Agreement

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

^[2]

1,073,333

Common Stock Reserved for Conversion Shares Under the Loan Agreement

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

1,800,000

Employee Stock Option

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

18,004,681

12,274,139

Vesting of RSUs Outstanding Under Stock Plans

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

1,985,390

Options available for issuance under stock plans

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

4,581,530

5,817,353

Shares available for grant under ESPP

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

1,030,033

Warrants to purchase Common Stock

Class of Stock [Line Items]

Reserved common stock for future issuances (in shares)

42,569,928

14,079,314

[1]	On March 19, 2026, the Company delivered written notice to TD Cowen, that it was suspending and terminating the ATM Prospectus, relating to the sale of up to $60 million of Common Stock, that may be issued and sold pursuant to the Sales Agreement.
[2]	The Option Agreement related to the Purchase Agreement was terminated in December 2025 with no further obligation for stock issuance remaining.

Related Party Transactions (Details) - USD ($)			1 Months Ended		12 Months Ended
Related Party Transactions (Details) - USD ($)	Aug. 26, 2021	Feb. 16, 2021	Aug. 31, 2021	Jun. 30, 2018	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)					193,000,611	130,027,509
Accounts payable					$ 5,404,000	$ 4,490,000
Accrued expenses					10,540,000	11,424,000
Fresenius Medical Care
Related Party Transaction [Line Items]
Accounts payable					200,000
Yale University \| License Expenses
Related Party Transaction [Line Items]
Related party expenses					100,000	100,000
Fresenius Medical Care \| Fresenius Medical Care
Related Party Transaction [Line Items]
Financing transaction				$ 150,000,000
Conversion of stock (in shares)	15,812,735
Proceeds from PIPE financing			$ 25,000,000
Common stock, shares issued (in shares)			2,500,000
Distribution agreement, termination period		12 months
Fresenius Medical Care \| Frenova Renal Research
Related Party Transaction [Line Items]
Clinical research services expense					300,000
Fresenius Medical Care \| Fresenius Medical Care Deutschland GmbH
Related Party Transaction [Line Items]
Clinical research services expense					0	100,000
Accounts payable					0	100,000
Accrued expenses					100,000
Fresenius Medical Care \| Yale University
Related Party Transaction [Line Items]
Accounts payable					$ 0	$ 0

Summary of Significant Accounting Policies - Loan Agreement Conversion Derivative Liability Narrative (Details) $ in Millions	Dec. 15, 2025 USD ($)
Line of Credit Facility [Line Items]
Loan facility	$ 77.5
Maximum
Line of Credit Facility [Line Items]
Conversion amount	$ 2.5

Inventory

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory

4. Inventory

As of December 31, 2025, the Company capitalized costs of $22.5 million associated with the manufacturing of Symvess following the regulatory approval and the Company’s determination that subsequent commercialization and future economic benefit from the sales of Symvess was probable. No inventory was capitalized as of December 31, 2024.

During the year ended December 31, 2025, the Company recorded an inventory reserve of $8.9 million to reduce certain inventory balances to their estimated net realizable value. The reserve reflects management’s assessment of forecasted demand, expected product shelf life, and other commercialization-related factors associated with the commercial launch of Symvess.

Inventory is stated at the lower of cost or net realizable value and consisted of the following:


	As of December 31,
($ in thousands)	2025			2024
Raw materials	$	5,823		$	—
Work in progress		6,541			—
Finished goods		10,122			—
Total inventory		22,486			—
Less: inventory reserve		(8,897	)		—
Inventory, net	$	13,589		$	—

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

15. Related Party Transactions

Fresenius Medical Care investments and distribution agreement

In June 2018, the Company completed a $150 million financing transaction pursuant to which Fresenius Medical Care purchased shares of series D redeemable convertible preferred stock that at the closing date of the Merger converted into 15,812,735 shares of Common Stock. In August 2021, Fresenius Medical Care invested $25 million as part of a private placement offering related to the Merger (the “PIPE Financing”) and received an additional 2.5 million shares of Common Stock.

In addition, the Company entered into a distribution agreement with Fresenius Medical Care in June 2018 which, as amended as of February 16, 2021, granted Fresenius Medical Care and its affiliates exclusive rights to develop outside the United States and European Union (the “EU”) and commercialize outside of the United States the Company’s 6 millimeter x 42 centimeter ATEV and all improvements thereto, and modifications and derivatives thereof (including any changes to the length, diameter or configuration of the foregoing), for use in vascular creation, repair, replacement or construction, including renal replacement therapy for dialysis access, the treatment of peripheral artery disease, and the treatment of vascular trauma, but excluding coronary artery bypass graft (“CABG”), pediatric heart surgery, or adhering pancreatic islet cells onto the outer surface of the distribution product for use in diabetic patients. Within the United States, Fresenius Medical Care will collaborate with the Company in its commercialization of the product in the field, including adoption of the distribution product as a standard of care in patients for which such use is supported by clinical results and health economic analyses.

The Company is responsible for developing and seeking regulatory approval for the distribution product in the field in the United States. For countries outside the United States, the parties agreed to use commercially reasonable efforts to satisfy certain agreed minimum market entry criteria for the distribution product in the field in such country. For the EU, once such criteria have been satisfied for the applicable country, or if the parties otherwise mutually agree to obtain regulatory approval for the distribution product in the field in the applicable country, the Company agreed to use commercially reasonable efforts to obtain such regulatory approval (other than pricing approval), and Fresenius Medical Care agreed to use commercially reasonable efforts to obtain the corresponding pricing approval. For the rest of the world (i.e., outside the United States and the EU), once such criteria have been satisfied for the applicable country, or if the parties otherwise mutually agree to obtain regulatory and pricing approval for the distribution product in the field in the applicable country, Fresenius Medical Care agreed to use commercially reasonable efforts to obtain such approvals, and the Company agreed to use commercially reasonable efforts to support Fresenius Medical Care in its efforts.

Under the distribution agreement, the Company grants an exclusive, sublicensable license to Fresenius Medical Care under the patents, know-how and regulatory materials controlled by the Company during the term to commercialize the distribution product in the field outside the United States, subject to the Company’s retained rights to carry out its obligations under the distribution agreement. The Company also grants a non-exclusive, sublicensable license to Fresenius Medical Care under the patents, know-how and regulatory materials controlled by the Company during the term to develop the distribution product in accordance with the terms of the distribution agreement. In addition, the Company grants to Fresenius Medical Care, among other things, a perpetual, irrevocable, non-exclusive sublicensable license under the patents and know-how that primarily relate to the distribution product or its manufacture and that were created, conceived or developed solely or jointly by or on behalf of Fresenius Medical Care in the performance of its activities under the distribution agreement.

The distribution agreement provides that the Company will own all know-how and patents that primarily relate to the distribution product or its manufacture that are created, conceived or developed by or on behalf of either party in the performance of activities under the distribution agreement. Ownership of all other know-how, patents, materials and other intellectual property created, conceived or developed during the performance of activities under the distribution agreement will be determined in accordance with U.S. patent laws for determining inventorship.

The Company is obligated to make payments to Fresenius Medical Care based on a share of aggregate net sales by or on behalf of the Company of the distribution product in the United States in the field. Such revenue-share payments will be a percentage of net sales in the low double digits, without regard to the calendar year in which such net sales are attributable, until such time that the Company has paid to Fresenius Medical Care a certain total amount, at which time the revenue-share will decrease to a percentage of net sales in the mid-single digits. The amounts that Fresenius Medical Care will be obligated to pay the Company under the distribution agreement for sales of the distribution product in the field outside of the United States will vary. Fresenius Medical Care agreed to pay the Company initially, on a country-by-country basis for sales outside of the United States, the amount equal to the average cost of manufacturing the Company’s distribution product plus a fixed dollar amount per unit. Following a specified period, on a country-by-country basis outside of the United States, Fresenius Medical Care will pay the Company a fixed percentage of net sales for each unit sold in such country, such that the Company will receive more than half of such net sales.

The distribution agreement will generally continue on a country-by-country basis until the later of (a) the tenth anniversary of the launch date of the distribution product in the relevant country or (b) the expiration of the last-to-expire valid claim of specified patents in such country. Each party is permitted to terminate the distribution agreement for insolvency of, or, under certain circumstances, including various cure periods, material breach by the other party. Subject to a cure period, Fresenius Medical Care may also terminate the distribution agreement in its entirety or on a country-by-country basis (i) for certain withdrawals of regulatory approval or (ii) for termination or expiration of any of our in-licenses that is necessary for the exercise of Fresenius Medical Care’s rights, or the satisfaction of its obligations, under the distribution agreement. In addition, Fresenius Medical Care may terminate the distribution agreement for convenience on a country-by-country basis upon not less than 12 months’ written notice to the Company, although Fresenius Medical Care is not permitted to give such notice prior to the end of the second year following launch of the distribution product in such country. Each party is required to indemnify one another for certain third-party claims.

As of December 31, 2025, there were $0.2 million of royalties payable to Fresenius Medical Care based on the Company’s product revenue recognized during the period ended December 31, 2025.

Agreements with Frenova Renal Research

In June 2024, the Company entered into a master services agreement with Frenova that sets forth the terms by which the Company may engage Frenova to provide certain services for projects, with the services for each project being described in a separate statement of work. As of December 31, 2025, Frenova was engaged to perform clinical research services related to the Company’s V012 Phase 3 clinical trial. During the year ended December 31, 2025, there was $0.3 million of expense recognized in relation to this agreement with Frenova and there was an insignificant amount payable to Frenova as of December 31, 2025. During the year ended December 31, 2024, amounts expensed in relation to this agreement with Frenova were insignificant and there was an insignificant amount payable to Frenova as of December 31, 2024.

In July 2024, the Company entered into a service agreement with Fresenius Medical Care Deutschland GmbH (“Fresenius GmbH”), which provides medical scientific research services through Frenova. Frenova agreed to conduct a study to review patient data of adult hemodialysis patients who received treatment in certain European countries at dialysis centers that are part of Fresenius Medical Care AG. Fresenius Medical Care AG is the German parent company of Fresenius GmbH and ultimately of Fresenius Medical Care.

During the years ended December 31, 2025 and 2024, the Company recognized no expense and approximately $0.1 million of expense, respectively, related to services performed by Fresenius GmbH. As of December 31, 2025, there was no amount payable to Fresenius GmbH. As of December 31, 2024, less than $0.1 million was payable to Fresenius GmbH included in accounts payable and less than $0.1 million payable to Fresenius GmbH included in accrued expenses on the Company’s consolidated balance sheets.

Arrangements with Yale University

Dr. Niklason serves as an Adjunct Professor in Anesthesia at Yale University. As of December 31, 2025 and 2024, the Company was a party to license agreements with Yale University, as described in Note 14 above.

The Company recognized approximately $0.1 million of expense related to these during each of the years ended December 31, 2025 and 2024. As of December 31, 2025 and 2024, there was no amount and an insignificant amount, respectively, payable to Yale University.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory is stated at the lower of cost or net realizable value and consisted of the following:


	As of December 31,
($ in thousands)	2025			2024
Raw materials	$	5,823		$	—
Work in progress		6,541			—
Finished goods		10,122			—
Total inventory		22,486			—
Less: inventory reserve		(8,897	)		—
Inventory, net	$	13,589		$	—

Summary of Significant Accounting Policies - Inventory Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Inventory [Line Items]
Inventory	$ 13,589	$ 0
Inventory	22,486	0
Inventory reserve	8,897	0
Cost of goods sold	9,702	0
Product [Member]
Inventory [Line Items]
Inventory reserve	8,900
Cost of goods sold	$ 9,700	$ 0

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Quantitative Information About Company's Leases

The following summarizes quantitative information about the Company’s leases:


	Year Ended December 31,
($ in thousands)	2025		2024
Finance lease cost
Amortization of right-of-use assets	$	2,017	$	2,086
Interest on lease liabilities		1,624		1,523
Total finance lease cost		3,641		3,609
Operating lease cost		79		105
Total lease cost	$	3,720	$	3,714


	Year Ended December 31, 2025						Year Ended December 31, 2024
($ in thousands)	Finance Leases			Operating Leases			Finance Leases			Operating Leases
Operating cash flows from leases	$	(1,624	)	$	(79	)	$	(1,523	)	$	(105	)
Financing cash flows from leases	$	(2,754	)	$	—		$	(2,579	)	$	—
Weighted-average remaining lease term		9.90		n/a				3.74			4.25
Weighted-average discount rate		8.50	%		—			8.50	%		8.50	%

Schedule of Maturities of Finance Lease Liabilities

As of December 31, 2025, the maturities of the Company’s lease liabilities were as follows:


($ in thousands)	Finance Leases
2026	$	2,428
2027(a)		(301	)
2028		2,500
2029		3,537
2030		3,643
Thereafter		49,358
Total		61,165
Less: present value discount		(31,763	)
Lease liabilities	$	29,402

________________________

(a) For the year ending 2027, the negative amount reflects a reimbursement from the lessor for tenant improvement costs. The reimbursement exceeds the scheduled lease payments for that period.

Summary of Significant Accounting Policies - Segments Narrative (Details)	12 Months Ended
	Dec. 31, 2025 Segment
Accounting Policies [Abstract]
Number of reportable segments	1
Number of operating segments	1

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The Company estimated the fair value of stock options on the date of grant using the following assumptions in the Black-Scholes option-pricing model:


	Year Ended December 31,
	2025			2024
Estimated dividend yield		0	%		0	%
Expected share price volatility (weighted average and range, if applicable)	92.7% (91.7% to 100.9%)			91.8% (90.8% to 92.8%)
Risk-free interest rate (weighted average and range, if applicable)	4.23% (3.76% to 4.45%)			4.12% (3.54% to 4.41%)
Expected term of options (in years)		6.06			6.25

Schedule of Stock Option Activity

A summary of option activity under the Company’s stock option plans during the year ended December 31, 2025 is presented below:


	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2024		12,274,139		$	4.96		7.7	$	16,202
Granted		9,811,647			3.30
Exercised		(19,614	)		3.14
Forfeited		(4,061,491	)		4.13
Options outstanding at December 31, 2025		18,004,681		$	4.25		7.7	$	—
Vested and exercisable, December 31, 2025		7,651,474		$	5.38		5.9	$	—
Vested and expected to vest, December 31, 2025		18,004,681		$	4.25		7.7	$	—

Schedule of Restricted Stock Activity

The following table summarizes the Company's RSU activity for the year ended December 31, 2025:


	Number of Shares		Weighted Average Grant Date Fair Value
Grants outstanding at December 31, 2024		—
Granted		1,985,390	$	1.23
Exercised		—
Forfeited		—
Grants outstanding at December 31, 2025		1,985,390	$	1.23

Schedule of Stock-Based Compensation Expense and Remaining Unrecognized Costs

The following table shows a summary of stock-based compensation expense included in the consolidated statements of operations and comprehensive loss:


	Year Ended December 31,
($ in thousands)	2025		2024
Stock options		10,106		6,137
Restricted stock units		305		—
Total stock-based compensation expense	$	10,411	$	6,137
Research and development		4,391		2,851
General and administrative		6,020		3,286
Total stock-based compensation expense	$	10,411	$	6,137

Stockholders' Equity (Deficit) and Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Reserved for Future Issuances

As of December 31, 2025 and 2024, the Company had reserved Common Stock for future issuances as follows:


	December 31,
	2025		2024
Common Stock reserved for Contingent Earnout Shares		15,000,000		15,000,000
Common Stock reserved for the Common Stock Purchase Agreement		12,000,000		12,000,000
Common Stock reserved for Jefferies ATM Facility		—		18,666,404
Common Stock reserved for TD Cowen ATM Facility(b)		54,000,000		—
Common Stock reserved for Option Agreement(a)		—		1,073,333
Common stock reserved for Conversion Shares under the Loan Agreement		1,800,000		—
Exercise of options outstanding under stock plans		18,004,681		12,274,139
Vesting of RSUs outstanding under stock plans		1,985,390		—
Options available for issuance under stock plans		4,581,530		5,817,353
Shares available for grant under ESPP		—		1,030,033
Warrants to purchase Common Stock		42,569,928		14,079,314
		149,941,529		79,940,576

(a) The Option Agreement related to the Purchase Agreement was terminated in December 2025 with no further obligation for stock issuance remaining.

(b) On March 19, 2026, the Company delivered written notice to TD Cowen, that it was suspending and terminating the ATM Prospectus, relating to the sale of up to $60 million of Common Stock, that may be issued and sold pursuant to the Sales Agreement.

Schedule of Common Stock Warrants Outstanding

The Company had the following Common Stock warrants outstanding as of December 31, 2025 and 2024:


	December 31,
	2025		2024
Legacy Humacyte Common Stock Warrants		411,006		411,006
Private Placement Warrants		177,500		177,500
Public Warrants		5,000,000		5,000,000
October 2024 RDO Warrants		2,840,910		5,681,820
November 2024 RDO Warrants		1,404,494		2,808,988
October 2025 RDO Warrants		28,436,018		—
Loan Agreement Warrants(a)		2,666,015		—
Total Common Stock Warrants		40,935,943		14,079,314

____________________

(a) Number of shares of Common Stock issuable upon exercise of the warrant outstanding under the Loan Agreement based on the base aggregate exercise value of $3.4 million divided by the exercise price of $1.28 per share. Additional aggregate exercise value that is contingent upon the future funding is not included in the table above.

Schedule of Assumptions Used in the Valuations

The Private Placement Warrants were valued using the following assumptions under the Black-Scholes model:


	As of December 31,
	2025			2024
Market price of public stock	$	0.96		$	5.05
Exercise price	$	11.50		$	11.50
Expected term (years)		0.65			1.65
Expected share price volatility		178.6	%		128.0	%
Risk-free interest rate		3.54	%		4.22	%
Estimated dividend yield		0	%		0	%

The October 2024 RDO Warrants were valued using the following assumptions in the Black-Scholes valuation model:


	180 Day Warrants			1,640 Day Warrants
	December 31, 2024			December 31, 2025			December 31, 2024
Market price of public stock	$	5.05		$	0.96		$	5.05
Exercise price	$	5.28		$	5.28		$	5.28
Expected term (years)		0.27			3.27			4.27
Expected share price volatility		106.7	%		98.4	%		88.4	%
Risk-free interest rate		4.27	%		3.51	%		4.25	%
Estimated dividend yield		0	%		0	%		0	%

The November 2024 RDO Warrants were valued using the following assumptions in the Black-Scholes valuation model:


	180 Day Warrants			1,640 Day Warrants
	December 31, 2024			December 31, 2025			December 31, 2024
Market price of public stock	$	5.05		$	0.96		$	5.05
Exercise price	$	5.34		$	5.34		$	5.34
Expected term (years)		0.37			3.37			4.37
Expected share price volatility		106.7	%		98.2	%		88.4	%
Risk-free interest rate		4.22	%		3.52	%		4.25	%
Estimated dividend yield		0	%		0	%		0	%

The October 2025 RDO Warrants were valued using the following assumptions in the Black-Scholes valuation model:


	December 31, 2025
Market price of public stock	$	0.96
Exercise price	$	2.11
Expected term (years)		5.27
Expected share price volatility		89.3	%
Risk-free interest rate		3.76	%
Estimated dividend yield		0	%

The assumptions and data inputs used in the Black-Scholes valuation model at the year-end were as follows:


	December 31, 2025
Market price of public stock	$	0.96
Exercise price	$	1.28
Expected term (years)		4.96
Expected share price volatility		91.0	%
Risk-free interest rate		3.73	%
Estimated dividend yield		0	%

The assumptions and data inputs used in the valuations are described below:


	As of December 31,
	2025			2024
Current stock price	$	0.96		$	5.05
Expected share price volatility		88.7	%		84.8	%
Risk-free interest rate		4.18	%		4.58	%
Estimated dividend yield		0	%		0	%
Expected term (years)		10.00			10.00

The assumptions and data inputs used in the Black-Scholes valuation model at the year-end were as follows:


	December 31, 2025
Market price of public stock	$	0.96
Exercise price	$	1.66
Expected term (years)		3.92
Expected share price volatility		96.5	%
Risk-free interest rate		3.64	%
Estimated dividend yield		0	%

Stockholders' Equity (Deficit) and Warrants - Preferred Stock Narrative (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares outstanding (in shares)	0	0

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Cybersecurity Risk Management and Strategy We have certain processes for assessing, identifying, and managing material risks from cybersecurity threats, which are integrated into our enterprise risk management processes. Specifically, we have processes for: • Identifying and Managing Cybersecurity Risks — We have implemented a cross-functional approach to assessing, identifying and managing material cybersecurity threats and incidents. We periodically review, assess, update and test our policies, standards, processes and practices in a manner intended to address cybersecurity threats and events. The results of such reviews, assessments and tests are evaluated by management and periodically reported to our Audit Committee of the Board of Directors, and our Board of Directors. • Technical Safeguards — We have integrated cybersecurity into our overall information technology operations and designed our processes and systems to help protect our information assets and operations from internal and external cyber threats, protect employee and patient information from unauthorized access or attack as well as secure our networks and systems. • Incident Response and Recovery Planning — To better facilitate our cybersecurity program, our cybersecurity team works collaboratively across our Company to implement programs designed to protect our information systems from cybersecurity threats and to promptly respond to any material cybersecurity incidents. We conduct regular tabletop exercises, including incident simulations to test these plans and ensure personnel are familiar with their roles and responsibilities in a response scenario. • Third-Party Risk Management — We maintain a risk-based approach to identifying and overseeing material cybersecurity threats presented by third parties and the systems of third parties that could adversely impact our business in the event of a material cybersecurity incident affecting those third-party systems. • Education and Awareness — We provide training regarding cybersecurity threats as a means to equip our employees, directors and consultants with tools to make employees, directors and consultants aware of and to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices. We also use technology-based tools to mitigate cybersecurity risks and to bolster our employee-based cybersecurity programs. We adjust our cybersecurity policies, standards, processes, and practices as necessary based on the information provided by our assessments, audits and reviews. Such processes include (i) procedural and technical safeguards, (ii) response plans, (iii) annual tests on our systems, (iv) incident simulations and (v) routine review of our cybersecurity policies and procedures to identify risks and improve our practices. We engage certain external cybersecurity firms to enhance our cybersecurity oversight. We include confidentiality provisions in all contracts with third-party service providers, and data protection provisions in certain contracts with third-party service providers where applicable, to help protect us and our employees and patients from any related vulnerabilities. Governance Our Board of Directors is responsible for exercising oversight of management’s identification and management of, and planning for, risks from cybersecurity threats. While the full Board of Directors has overall responsibility for risk oversight, the Board of Directors has delegated oversight responsibility related to risks from cybersecurity threats to the Audit Committee. The Audit Committee reports to the Board of Directors at least annually, and notifies the Board of Directors as necessary regarding significant new cybersecurity threats or incidents. The Audit Committee of our Board of Directors meets not less than annually to discuss our approach to overseeing cybersecurity threats with management, including with members of our internal cybersecurity team. Any material cybersecurity incidents are promptly reported by management to our Audit Committee. We use an internal management committee to run our information and technology function, comprised of information technology, finance, and legal employees, and led by our Vice President – Information Technology and Automation, and Chief Financial Officer, each of whom have experience managing the information and technology functions, and cybersecurity safeguards, at multiple prior companies. Through ongoing communications with this management committee, senior management is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real-time and reports such threats and incidents to the Audit Committee, when appropriate. Management updates the Audit Committee annually with an overview of our cybersecurity threat risk management and strategy processes. Members of the Audit Committee are also encouraged to regularly engage in ad hoc conversations with management on cybersecurity-related topics and discuss any updates to our cybersecurity risk management and strategy programs. The Audit Committee is notified between such updates regarding material new cybersecurity threats or incidents that meet pre-established reporting thresholds and any ongoing updates regarding any risk, as needed. We have not identified any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations or financial condition. However, as discussed under “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K, cybersecurity threats could pose multiple risks to us. As cybersecurity threats become more frequent, sophisticated, and coordinated, it is reasonably likely that we will be required to expend greater resources to continue to modify and enhance our protective measures.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have certain processes for assessing, identifying, and managing material risks from cybersecurity threats, which are integrated into our enterprise risk management processes. Specifically, we have processes for: • Identifying and Managing Cybersecurity Risks — We have implemented a cross-functional approach to assessing, identifying and managing material cybersecurity threats and incidents. We periodically review, assess, update and test our policies, standards, processes and practices in a manner intended to address cybersecurity threats and events. The results of such reviews, assessments and tests are evaluated by management and periodically reported to our Audit Committee of the Board of Directors, and our Board of Directors. • Technical Safeguards — We have integrated cybersecurity into our overall information technology operations and designed our processes and systems to help protect our information assets and operations from internal and external cyber threats, protect employee and patient information from unauthorized access or attack as well as secure our networks and systems. • Incident Response and Recovery Planning — To better facilitate our cybersecurity program, our cybersecurity team works collaboratively across our Company to implement programs designed to protect our information systems from cybersecurity threats and to promptly respond to any material cybersecurity incidents. We conduct regular tabletop exercises, including incident simulations to test these plans and ensure personnel are familiar with their roles and responsibilities in a response scenario. • Third-Party Risk Management — We maintain a risk-based approach to identifying and overseeing material cybersecurity threats presented by third parties and the systems of third parties that could adversely impact our business in the event of a material cybersecurity incident affecting those third-party systems. • Education and Awareness — We provide training regarding cybersecurity threats as a means to equip our employees, directors and consultants with tools to make employees, directors and consultants aware of and to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices. We also use technology-based tools to mitigate cybersecurity risks and to bolster our employee-based cybersecurity programs.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors is responsible for exercising oversight of management’s identification and management of, and planning for, risks from cybersecurity threats. While the full Board of Directors has overall responsibility for risk oversight, the Board of Directors has delegated oversight responsibility related to risks from cybersecurity threats to the Audit Committee. The Audit Committee reports to the Board of Directors at least annually, and notifies the Board of Directors as necessary regarding significant new cybersecurity threats or incidents. The Audit Committee of our Board of Directors meets not less than annually to discuss our approach to overseeing cybersecurity threats with management, including with members of our internal cybersecurity team. Any material cybersecurity incidents are promptly reported by management to our Audit Committee.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reports to the Board of Directors at least annually, and notifies the Board of Directors as necessary regarding significant new cybersecurity threats or incidents. The Audit Committee of our Board of Directors meets not less than annually to discuss our approach to overseeing cybersecurity threats with management, including with members of our internal cybersecurity team. Any material cybersecurity incidents are promptly reported by management to our Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Through ongoing communications with this management committee, senior management is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real-time and reports such threats and incidents to the Audit Committee, when appropriate. Management updates the Audit Committee annually with an overview of our cybersecurity threat risk management and strategy processes. Members of the Audit Committee are also encouraged to regularly engage in ad hoc conversations with management on cybersecurity-related topics and discuss any updates to our cybersecurity risk management and strategy programs. The Audit Committee is notified between such updates regarding material new cybersecurity threats or incidents that meet pre-established reporting thresholds and any ongoing updates regarding any risk, as needed.
Cybersecurity Risk Role of Management [Text Block]	We use an internal management committee to run our information and technology function, comprised of information technology, finance, and legal employees, and led by our Vice President – Information Technology and Automation, and Chief Financial Officer, each of whom have experience managing the information and technology functions, and cybersecurity safeguards, at multiple prior companies. Through ongoing communications with this management committee, senior management is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real-time and reports such threats and incidents to the Audit Committee, when appropriate. Management updates the Audit Committee annually with an overview of our cybersecurity threat risk management and strategy processes. Members of the Audit Committee are also encouraged to regularly engage in ad hoc conversations with management on cybersecurity-related topics and discuss any updates to our cybersecurity risk management and strategy programs. The Audit Committee is notified between such updates regarding material new cybersecurity threats or incidents that meet pre-established reporting thresholds and any ongoing updates regarding any risk, as needed.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	We use an internal management committee to run our information and technology function, comprised of information technology, finance, and legal employees, and led by our Vice President – Information Technology and Automation, and Chief Financial Officer, each of whom have experience managing the information and technology functions, and cybersecurity safeguards, at multiple prior companies. Through ongoing communications with this management committee, senior management is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real-time and reports such threats and incidents to the Audit Committee, when appropriate.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	We use an internal management committee to run our information and technology function, comprised of information technology, finance, and legal employees, and led by our Vice President – Information Technology and Automation, and Chief Financial Officer, each of whom have experience managing the information and technology functions, and cybersecurity safeguards, at multiple prior companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee reports to the Board of Directors at least annually, and notifies the Board of Directors as necessary regarding significant new cybersecurity threats or incidents. The Audit Committee of our Board of Directors meets not less than annually to discuss our approach to overseeing cybersecurity threats with management, including with members of our internal cybersecurity team. Any material cybersecurity incidents are promptly reported by management to our Audit Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	As of December 31,
($ in thousands)	2025		2024
Accrued external research, development and manufacturing costs	$	3,154	$	4,889
Accrued employee compensation and benefits		6,633		6,242
Accrued professional fees		568		293
Accrued royalties		185		0
Total	$	10,540	$	11,424

Summary of Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Research and development	$ 69,302	$ 88,599
Reportable Segment
Segment Reporting Information [Line Items]
Research and development	69,302	88,599
Total \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	62,466	79,655
Vascular Trauma \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	892	2,181
AV Access \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	5,944	6,620
PAD \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	0	143
Total \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	6,836	8,944
External services \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	5,241	7,071
Materials and supplies \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	16,173	21,765
Payroll and personnel expenses \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	33,380	36,537
Other research and development expenses \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	$ 7,672	$ 14,282

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 50,497	$ 44,937
Restricted cash included in prepaid expenses and other current assets	144	144
Restricted cash included in long-term assets	209	50,209
Total cash, cash equivalents and restricted cash	$ 50,850	$ 95,290	$ 80,801

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows:


	Fair Value Measured as of December 31, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market funds)	$	43,887	$	—	$	—	$	43,887
Common Stock Purchase Agreement derivative asset		—		672		—		672
Total financial assets	$	43,887	$	672	$	—	$	44,559
Liabilities:
Contingent Earnout Liability	$	—	$	—	$	11,492	$	11,492
Private Placement Warrants liability		—		—		15		15
October 2024 RDO Warrants liability		—		—		862		862
November 2024 RDO Warrants liability		—		—		437		437
October 2025 RDO Warrants liability		—		—		16,356		16,356
Loan Agreement Warrants liability		—		—		1,722		1,722
Loan Agreement conversion derivative liability		—		—		850		850
JDRF Agreement derivative liability		—		—		216		216
Total financial liabilities	$	—	$	—	$	31,950	$	31,950


	Fair Value Measured as of December 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market funds)	$	32,044	$	—	$	—	$	32,044
Common Stock Purchase Agreement derivative asset		—		672		—		672
Total financial assets	$	32,044	$	672	$	—	$	32,716
Liabilities:
Contingent Earnout Liability	$	—	$	—	$	70,961	$	70,961
Contingent derivative liability		—		—		2,415		2,415
Private Placement Warrants liability		—		—		385		385
October 2024 RDO Warrants liability		—		—		12,437		12,437
November 2024 RDO Warrants liability		—		—		6,432		6,432
Option Agreement liability		—		—		64		64
JDRF Agreement derivative liability		—		—		121		121
Total financial liabilities	$	—	$	—	$	92,815	$	92,815

Schedule of Changes in Fair Value

The following table presents a summary of the changes in the fair value of the Contingent Earnout Liability:


	Contingent Earnout Liability
	Year Ended December 31,
($ in thousands)	2025			2024
Fair value as of beginning of period	$	(70,961	)	$	(37,916	)
Change in fair value included in other income (expense), net		59,469			(33,045	)
Fair value as of end of period	$	(11,492	)	$	(70,961	)

The following table presents a summary of the changes in the fair value of the Contingent derivative liability:


	Contingent Derivative Liability
	Year Ended December 31,
($ in thousands)	2025			2024
Fair value as of beginning of period	$	(2,415	)	$	(2,636	)
Fair value of embedded derivative upon issuance of debt		—			(1,552	)
Change in fair value included in other income (expense), net		2,126			1,773
Settlement of Contingent derivative liability(a)		289			—
Fair value as of end of period	$	—		$	(2,415	)

_______________________

(a) Contingent derivative liability was extinguished in connection with the termination of the Purchase Agreement in December 2025.

The following tables present a summary of the changes in the fair values of the Registered Direct Offering Warrants liabilities:


	Year Ended December 31, 2025
($ in thousands)	October 2024 RDO Warrants			November 2024 RDO Warrants			October 2025 RDO Warrants
Fair value as of beginning of period	$	(12,437	)	$	(6,432	)	$	—
Issuances		—			—			(34,245	)
Change in fair value included in other income (expense), net		11,575			5,995			17,889
Fair value as of end of period	$	(862	)	$	(437	)	$	(16,356	)


	Year Ended December 31, 2024
($ in thousands)	October 2024 RDO Warrants			November 2024 RDO Warrants
Fair value as of beginning of period	$	—		$	—
Issuances		(15,249	)		(6,132	)
Change in fair value included in other income (expense), net		2,812			(300	)
Fair value as of end of period	$	(12,437	)	$	(6,432	)

The following table presents a summary of the changes in the fair value of the Private Placement Warrants liability:


	Private Placement Warrants
	Year Ended December 31,
($ in thousands)	2025			2024
Fair value as of beginning of period	$	(385	)	$	(78	)
Change in fair value included in other income (expense), net		370			(307	)
Fair value as of end of period	$	(15	)	$	(385	)

The following table presents a summary of the changes in the fair value of the Loan Agreement Warrants liability:


	Loan Agreement Warrants Liability
($ in thousands)	Year Ended December 31, 2025
Fair value as of beginning of period	$	—
Fair value upon issuance		(2,221	)
Change in fair value included in other income (expense), net		499
Fair value as of end of period		(1,722	)

The following table presents a summary of the changes in the fair value of the Loan Agreement conversion derivative liability:


	Loan Agreement Conversion Derivative Liability
($ in thousands)	Year Ended December 31, 2025
Fair value as of beginning of period	$	—
Fair value of embedded derivative upon issuance of debt		(1,115	)
Change in fair value included in other income (expense), net		265
Fair value as of end of period		(850	)

Stockholders' Equity (Deficit) and Warrants - Contingent Earnout Liability (Details)	Dec. 31, 2025 $ / shares yr	Dec. 31, 2024 $ / shares yr
Current stock price
Business Acquisition, Contingent Consideration [Line Items]
Measurement input \| $ / shares	0.96	5.05
Expected share price volatility
Business Acquisition, Contingent Consideration [Line Items]
Measurement input	0.887	0.848
Risk-free interest rate
Business Acquisition, Contingent Consideration [Line Items]
Measurement input	0.0418	0.0458
Estimated dividend yield
Business Acquisition, Contingent Consideration [Line Items]
Measurement input	0	0
Expected term (years)
Business Acquisition, Contingent Consideration [Line Items]
Measurement input \| yr	10	10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt - Narrative (Details) - USD ($) $ in Thousands	Dec. 15, 2025	Dec. 31, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Loan facility	$ 77,500
Contractual final payment		$ 42,363
Warrants and Rights Outstanding		19,392	$ 19,254
Term Loan Facility due 2029
Line of Credit Facility [Line Items]
Loan facility	$ 77,500
Maturity date	Dec. 01, 2029
Current term loan facility	$ 12,500
Term loan facility available in the future	$ 25,000
Variable rate term	greater of 11.50%
Debt Instrument, Interest Rate, Stated Percentage	11.50%
Contractual final payment	$ 2,400	$ 2,400
Warrants and Rights Outstanding	5,000
Conversion amount	2,500
Term Loan Facility due 2029 \| Tranche One
Line of Credit Facility [Line Items]
Current term loan facility	$ 40,000
Term Loan Facility due 2029 \| Base Rate
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	11.50%
Term Loan Facility due 2029 \| Prime Rate
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.50%

Debt - Schedule of Contractual Maturities of Long-term Debt (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 15, 2025
Line of Credit Facility [Line Items]
Contractual final payment	$ 42,363
Term Loan Facility due 2029
Line of Credit Facility [Line Items]
Contractual final payment	$ 2,400	$ 2,400

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

Patent License Agreements

Duke University

In March 2006, the Company entered into a license agreement with Duke University (“Duke”), which was subsequently amended in 2011, 2014, 2015, 2018, 2019 and 2022. Under this license agreement, Duke granted the Company a worldwide, exclusive, sublicensable license to certain patents related to decellularized tissue engineering, referred to as the patent rights, as well as a non-exclusive license to use and practice certain know-how related to the patent rights. The relevant licensed patent on decellularization of tissue expired in 2021. The Company has agreed to use commercially reasonable efforts to develop, register, market and sell products utilizing the patent rights, referred to as the licensed products. Any services provided to a third party

utilizing licensed products are referred to as licensed services. The Company has also agreed to meet certain benchmarks in its development efforts, including as to development events, clinical trials, regulatory submissions and marketing approval, within specified timeframes. Under the license agreement, Duke retains the right to use the patent rights for its own educational and research purposes, and to provide the patent rights to other non-profit, governmental or higher-learning institutions for non-commercial purposes without paying royalties or other fees.

In connection with the Company’s entry into the license agreement, the Company granted equity consideration to Duke in the form of 52,693 shares of Common Stock. Under the license agreement, the Company also agreed to pay Duke:

•

a low single-digit percentage royalty on eligible sales of licensed products and licensed services, plus a low double-digit percentage of any sublicensing revenue;

•

an annual minimum royalty beginning in 2012, which increases in the calendar year immediately following the first commercial sale of licensed products or licensed services (whichever occurs first); and

•

an additional amount in license fees, as certain milestones are met.

The Duke license agreement remains effective until the later of (i) the last of the patent rights expires or (ii) four years after the Company’s first commercial sale, unless terminated earlier. Either party may terminate the agreement for fraud, willful misconduct or illegal conduct, or uncured material breach. Duke may terminate the agreement if the Company becomes insolvent. Duke may also terminate the license, convert the license into a non-exclusive license or seek assignment of any sublicense if the Company fails to reach diligence milestones within the applicable time period. If the Company abandons any claim, patent or patent application, its rights under the license with respect to such patent rights will be terminated in the territory in which the Company abandons such rights. The Company may terminate the license agreement unilaterally upon three months’ prior notice to Duke. The Company agrees to indemnify Duke against certain third-party claims.

In December 2023, the Company filed a BLA with the FDA for urgent arterial repair following extremity vascular trauma when synthetic graft is not indicated, and autologous vein use is not feasible. Based on the achievement of this milestone under the Duke License Agreement, the Company paid a $0.5 million license fee to Duke during the first quarter of 2024.

In December 2024, the FDA approved the Company’s BLA with the FDA for urgent arterial repair following extremity vascular trauma when autologous vein use is not feasible. Based on the achievement of this milestone under the Duke license agreement, the Company recorded license fee expense of $0.5 million in research and development expense in its consolidated statements of operations and comprehensive loss and $0.5 million of license expense payable in accrued expenses in the Company’s consolidated balance sheets as of December 31, 2024.

No additional milestone events were achieved under the Duke license agreement during the year ended December 31, 2025. Accordingly, no license fee expense was recorded in the fiscal year of 2025 and no license fee payable was outstanding as of December 31, 2025. Other payments to Duke under the license agreement were immaterial during the years ended December 31, 2025 and 2024.

Yale University

In August 2019, the Company entered into a license agreement with Yale University (“Yale”) that granted the Company a worldwide license to the patents related to the BVP (the “BVP License Agreement”). The license granted under the BVP License Agreement is exclusive in the field of engineered vascular tissues that deliver pancreatic islet cells to patients, except that it is subject to Yale’s non-exclusive right, on behalf of itself and all other non-profit academic institutions, to use the licensed products for research, teaching, and other non-commercial purposes. The Company has agreed to pay to Yale an annual maintenance fee, increasing between the first and fourth anniversaries of the BVP License Agreement up to a maximum of less than $0.1 million per year for this license.

In August 2019, the Company entered into a license agreement with Yale that granted the Company a worldwide license to the patents related to tubular prostheses (the “Tubular Prosthesis License Agreement”). The license granted under the Tubular

Prosthesis License Agreement is exclusive in the field of engineered urinary conduits, engineered tracheas/airways, and engineered esophagi, except that it is subject to Yale’s non-exclusive right, on behalf of itself and all other non-profit academic institutions, to use the licensed products for research, teaching, and other non-commercial purposes. The Company has agreed to pay to Yale an annual maintenance fee, increasing between the first and fourth anniversaries of the Tubular Prosthesis License Agreement up to a maximum of less than $0.1 million per year for this license.

The Company has agreed to use reasonable commercial efforts to develop and commercialize the licensed patents and any licensed products and methods, and to use reasonable efforts to make the licensed products available to patients in low and low-middle income countries. The Company is also obligated to provide Yale periodically an updated and revised copy of its plan for each license, which must indicate progress of its development and commercialization. The Company may also sublicense the Company’s rights without Yale’s prior written consent, but such sublicense is subject to certain conditions.

In connection with its entry into the Tubular Prosthesis License Agreement, the Company paid Yale upfront cash fees. The Company has also agreed to pay Yale:

•

annual maintenance fees, increasing annually until the fifth anniversary for the BVP License Agreement and until the fourth anniversary for the Tubular Prostheses License Agreement up to a maximum of less than $0.1 million per year;

•

milestone payments upon achievement of certain regulatory and commercial milestones of $0.2 million and $0.6 million, respectively;

•

a low single-digit percentage royalty on worldwide net sales, subject to reductions for third-party license fees; and

•

a low double-digit percentage of sublicensing income.

If the Company or any of its future sublicensees bring a patent challenge against Yale or assists another party in bringing a patent challenge against Yale, the license fees described above will be subject to certain increases and penalties.

The BVP License Agreement and Tubular Prosthesis License Agreement expire on a country-by-country basis on the date on which the last of the patents in such country expires, lapses or is declared invalid. Yale may terminate the BVP License Agreement and Tubular Prosthesis License Agreement if the Company fails to (i) provide written diligence reports, (ii) provide commercially reasonable diligence plans, (iii) implement the plans in accordance with the obligations under the agreements, or (iv) reach certain research and development milestones within the scheduled timeframe set forth in the agreements; however, any such termination right would be limited in scope to the country to which such failure relates. Yale may also terminate for the Company’s non-payment, uncured material breach, failure to obtain adequate insurance, bringing or assisting in bringing of a patent challenge against Yale, abandonment of the research and development of the Company’s products or insolvency. The Company may terminate the BVP License Agreement and Tubular Prosthesis License Agreement (i) on 90 days’ prior written notice to Yale, provided the Company is not in breach of the license agreements and has made all required payments to Yale thereunder and (ii) on written notice to Yale following an uncured material breach. With respect to the BVP License Agreement, the Company’s rights under the agreement will also terminate automatically with respect to a patent application or patent within the licensed patents in a specified country if, upon receipt of written notice from Yale, the Company does not agree to pay the patent filing, prosecution and maintenance fees incurred by Yale for such patent applications or patents in the specified country. Under certain circumstances, Yale may, at its option, convert the exclusive licenses to non-exclusive licenses if the Company declines to initiate certain infringement or interference proceedings with respect to the licensed patents. The Company has agreed to indemnify Yale against certain third-party claims. Payments to Yale under the BVP License Agreement and Tubular Prosthesis License Agreement were immaterial during the periods presented.

JDRF Agreement

On April 1, 2023, the Company entered into an Industry Discovery and Development Partnership Agreement with Breakthrough T1D (f/k/a JDRF International) (“JDRF,” and such agreement as subsequently amended, the “JDRF Agreement”) to further develop and perform preclinical testing of the BVP, a product candidate designed to deliver insulin-producing islets using the ATEV as a means of treating patients with type 1 diabetes. According to the terms of the JDRF Agreement, JDRF will provide funding up to $0.9 million (“JDRF Award”) based on the achievement of certain research and development milestones related to the Company’s BVP. The JDRF Agreement refers to the total cumulative payments the Company has received from JDRF as of any point in time as the “Actual Award.”

As of December 31, 2025, the Company had received an aggregate Actual Award of $495 thousand under the JDRF Agreement upon execution of the agreement and achievement of various research and development milestones.

In accordance with the JDRF Agreement, the Company has agreed to pay JDRF:

•

a one-time royalty in an amount equal to four times the Actual Award, to be paid in three equal installments following the first commercial sale of any product containing the Company’s technology identified in the JDRF Agreement;

•

an additional royalty equal to the Actual Award at a specified payment date after net sales exceed $250 million; and

•

in the event of a license, sale or transfer of the Company’s rights to the product’s technology identified in the JDRF Agreement or a change of control transaction, a payment equal to 10% of any license or purchase price payments received by the Company up to an amount equal to four times the Actual Award (the “Royalty Cap”), less any previous royalty payments paid towards the Royalty Cap (the “Disposition Payment”). The Disposition Payment was determined to meet the definition of an embedded derivative requiring bifurcation and is measured at fair value each reporting period with changes in fair value recognized as other income (expense) in the condensed consolidated statements of operations and comprehensive loss, classified in Change in fair value of derivatives.

The JDRF Agreement expires on the date on which the Company has paid all of the royalty payments described above. Either party may terminate the JDRF Agreement for cause by providing the other party with written notice and allowing the other party 30 days to cure such breach. JDRF may terminate the JDRF Agreement without cause by providing 90 days’ notice to the Company at any time after April 1, 2024. Royalties based on previously received milestone payments would remain due after a termination by JDRF without cause. As the royalties are contractually required to be paid upon achieving these milestones even after the termination of the JDRF Agreement, the Company determined that the JDRF Actual Award payments are to be classified as a liability in the condensed consolidated balance sheets. The JDRF liability related to the Actual Award payments is reported at amortized cost and is included in other long-term liabilities in the condensed consolidated balance sheets.

As of December 31, 2025 and 2024, the carrying value of the JDRF liability is $0.5 million and $0.3 million, respectively. There was $0.1 million of interest expense related to the JDRF liability recorded during each of the years ended December 31, 2025 and 2024.

Workforce Reduction

On April 28, 2025, the Company implemented a cost reduction action to reduce its workforce by 30 employees, cease recruitment of additional planned new hires, and reduce other operating expenses. The Company undertook these cost reductions to improve cash runway and to better align the Company’s organizational structure with its top business objectives. Employee severance costs associated with this action were $0.7 million, which were expensed during the second quarter of 2025. Employee severance costs included $0.6 million recognized in research and development expenses and $0.1 million recognized in selling, general and administrative expenses on the Company’s condensed consolidated statements of operations and comprehensive income (loss). There are no further costs associated with this cost reduction action expected to be incurred in the future.

Legal Matters

From time to time, the Company may be involved in various lawsuits, claims, assessments and proceedings, including securities, commercial, intellectual property, product liability, contractual, governmental, employment or other matters that arise in the normal course of business. The Company accrues a liability for a contingency when management believes information available prior to the issuance of the consolidated financial statements indicates it is probable a loss has been incurred as of the date of the consolidated financial statements and the amount of loss can be reasonably estimated. The Company adjusts its accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Legal costs are expensed as incurred.

On November 18, 2024, James A. Cutshall filed a putative class action lawsuit, captioned Cutshall v. Humacyte, Inc., et al., No. 1:24-cv-00954 (the “Securities Litigation”), against the Company and certain of the Company’s officers in the United States District Court for the Middle District of North Carolina. The complaint in the Securities Litigation (the “Initial Complaint”) asserts claims under Sections 10(b) and 20(a) of the Exchange Act on behalf of a putative class of persons and entities that purchased or otherwise acquired securities of the Company between May 10, 2024 and October 17, 2024, based on allegations that the defendants made or were responsible for false or misleading statements and omissions related to the BLA for the vascular trauma indication and to alleged deficiencies at the Company’s Durham, North Carolina manufacturing facility. The Initial Complaint seeks a variety of relief, including unspecified compensatory damages, attorneys fees and costs. On January 31, 2025, the court appointed co-lead plaintiffs. On May 22, 2025, the co-lead plaintiffs filed the amended complaint in the Securities Litigation. The amended complaint expands the putative class to include persons and entities that purchased or otherwise acquired securities of the Company between August 14, 2023 and March 25, 2025. It alleges that the defendants made or were responsible for false or misleading statements and omissions related to the safety of Symvess, alleged deficiencies at the Company’s Durham, North Carolina manufacturing facility, and the Company’s financial condition and liquidity. On July 25, 2025, defendants moved to dismiss the amended complaint in its entirety and with prejudice. The court has yet to rule on the motion, which remains pending.

On January 7 and 10, 2025, putative stockholders of the Company filed two verified stockholder derivative actions in the United States District Court for the Middle District of North Carolina, captioned Silva v. Sebelius, et al., No. 1:25-cv-00005 (the “Silva Action”) and Misko v. Niklason, et al., No. 1:25-cv-00028 (the “Misko Action”). Each of these derivative actions was brought on behalf of the Company against certain of its current or former directors and officers, as well as Ayabudge LLC. The complaints in each action assert claims for violations of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets, based on a variety of allegations including claims that the defendants are responsible for any damages sustained by the Company as a result of the Securities Litigation. The Misko Action also includes a claim for contribution against certain defendants under Sections 10(b) and 21(d) of the Exchange Act for any liability the Company may sustain as a result of the Securities Litigation. On February 18, 2025, the court issued an order consolidating the Silva Action and the Misko Action (collectively, the “Consolidated Derivative Action”) and staying the defendants’ obligation to respond to any complaint in the Consolidated Derivative Action pending the submission of a proposed scheduling order. On March 11, 2025, the parties entered a joint motion to stay the Consolidated Derivative Action pending final resolution of the Securities Litigation, which the court granted.

On December 19, 2024, the Company received a demand letter (the “2024 Demand Letter”) from a purported stockholder of the Company, demanding that the Board assert claims against certain of the Company’s current or former officers and directors for breach of fiduciary duty, gross mismanagement, corporate waste, unjust enrichment, aiding and abetting, violations of Section 14(a) of the Exchange Act, and insider trading, based on a variety of allegations including claims that the Company’s current and former officers and directors are responsible for any damages sustained by the Company as a result of the Securities Litigation. On January 24, 2025, the Board appointed a demand evaluation committee to evaluate the claims made in the 2024 Demand Letter and report back to the full Board. On February 19, 2025, the purported stockholder who sent the 2024 Demand Letter filed a stockholder derivative action in the United States District Court for the Middle District of North Carolina, captioned Olson v. Niklason, et al., No. 1:25-cv-00123 (the “Olson Action”), alleging that the Company had refused his demand. The complaint in the Olson Action asserts substantive claims and allegations that are substantially similar to those asserted in the

Consolidated Derivative Action. On April 22, 2025, the parties filed a joint motion to stay the Olson Action pending final resolution of the Securities Litigation, which the court granted.

On May 19, 2025, the Company received a demand letter (the “2025 Demand Letter”) from a purported stockholder of the Company, making demands and stating allegations substantially similar to those in the 2024 Demand Letter. The letter was referred to the demand evaluation committee for evaluation, and the demand evaluation committee recommended that the board of directors of the Company defer action on the demand until after the resolution of the pending motion to dismiss in the securities class action. The board of directors accepted the demand evaluation committee’s recommendation, and counsel for the demand evaluation committee informed the shareholder of the board of director’s determination to defer action on the demand by letter dated September 24, 2025.

On June 9, 2025, a putative stockholder of the Company filed a verified stockholder derivative action in the United States District Court for the District of Delaware, captioned Dusci v. Bamforth, et al., No. 1:25-cv-00722 (the “Dusci Action”). The complaint in the Dusci Action asserts substantive claims and allegations that are substantively similar to those asserted in the Consolidated Derivative Action and Olson Action. On September 8, 2025, the parties field a joint stipulation to stay the Dusci Action pending final resolution of the Securities Litigation, which the court granted.

The Company disputes all claims asserted against it in the Securities Litigation and disputes that the plaintiffs in the Consolidated Derivative Action, the Dusci Action and Olson Action have standing to assert claims derivatively on its behalf. The Company is currently unable to estimate the potential loss or range of loss, if any, associated with these lawsuits, which could be material. Although there can be no assurance of the outcome of these lawsuits, based on information known by management, the Company has not accrued any material liabilities related to these lawsuits in the consolidated financial statements, as a negative outcome is deemed not probable, nor is any range of loss estimable as of December 31, 2025. Since the outcome of these matters cannot be predicted with certainty, any associated costs could have a material adverse effect on the Company’s consolidated results of operations, financial position or cash flows.

Indemnification

To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at the Company’s request in such capacity. The indemnification period covers all pertinent events and occurrences during the director’s or officer’s service. The maximum potential amount of future payments the Company could be required to make under these indemnification arrangements is not specified in such arrangements; however, the Company has director and officer insurance coverage that is intended to reduce its exposure and enable the Company to recover a portion of any potential future amounts the Company could be required to make. To date, the Company has not incurred any costs as a result of such obligations and has not accrued any liabilities related to such obligations in the consolidated financial statements.

Stock-based Compensation - Assumptions Used to Estimate Fair Value of Stock Options (Details) - Exercise of options under stock plan	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Assumptions on the date of grant to estimate the fair value of the stock options
Estimated dividend yield	0.00%	0.00%
Expected share price volatility	92.70%	91.80%
Weighted average expected share price volatility, minimum	91.70%	90.80%
Weighted average expected share price volatility, maximum	100.90%	92.80%
Risk-free interest rate	4.23%	4.12%
Risk-free interest rate, minimum	3.76%	3.54%
Risk-free interest rate, maximum	4.45%	4.41%
Expected term of options (in years)	6 years 21 days	6 years 3 months

Organization and Description of Business (Details)

1 Months Ended

3 Months Ended

12 Months Ended

15 Months Ended

Mar. 20, 2026

USD ($)

$ / shares

Mar. 19, 2026

USD ($)

Sep. 17, 2025

USD ($)

Mar. 27, 2025

USD ($)

Sep. 24, 2024

USD ($)

May 08, 2024

USD ($)

Mar. 05, 2024

USD ($)

Dec. 31, 2024

USD ($)

$ / shares

Mar. 17, 2026

USD ($)

$ / shares

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

USD ($)

$ / shares

Dec. 31, 2025

USD ($)

$ / shares

Dec. 15, 2025

USD ($)

$ / shares

Aug. 14, 2024

USD ($)

May 12, 2023

Purchaser

Sep. 01, 2022

USD ($)

Subsidiary, Sale of Stock [Line Items]

Accumulated deficit

$ (686,015,000)

$ (726,848,000)

$ (686,015,000)

$ (726,848,000)

Operating losses

108,137,000

114,398,000

Net cash flows used in operating activities

105,042,000

98,122,000

Restricted cash

50,209,000

209,000

50,209,000

209,000

Revenue interest liability

$ 0

$ 35,444,000

^[1]

$ 0

$ 35,444,000

^[1]

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

Shares remained available for issuance | shares

79,940,576

149,941,529

79,940,576

149,941,529

Cash and cash equivalents

$ 44,937,000

$ 50,497,000

$ 44,937,000

$ 50,497,000

Public Stock Offering

Subsidiary, Sale of Stock [Line Items]

Number of shares issued (in shares) | shares

25,000,000

15,410,000

Proceeds from issuance and sale of common stock

47,000,000

43,396,000

Issuance of common stock

46,660,000

43,046,000

Net proceeds from sale of stock

$ 46,700,000

$ 43,000,000

Equity Line Financing

Subsidiary, Sale of Stock [Line Items]

Common stock purchase agreement, amount authorized

$ 50,000,000

Common stock purchase agreement, term

24 months

Common stock purchase agreement, amount remaining

$ 47,500,000

Number of shares issued (in shares) | shares

500,000

Proceeds from issuance and sale of common stock

$ 0

2,530,000

$ 2,500,000

Issuance of common stock

2,530,000

March 2026 Registered Direct Offering | Subsequent Event

Subsidiary, Sale of Stock [Line Items]

Number of shares issued (in shares) | shares

25,000,000

Net proceeds from sale of stock

$ 18,400,000

March 2026 Registered Direct Offering | Subsequent Event

Subsidiary, Sale of Stock [Line Items]

Number of shares issued (in shares) | shares

25,000,000

Price per share (in dollars per share) | $ / shares

$ 0.8

Net proceeds from sale of stock

$ 18,400,000

Jefferies ATM Facility

Subsidiary, Sale of Stock [Line Items]

Common stock purchase agreement, amount authorized

$ 80,000,000

Number of shares issued (in shares) | shares

1,333,596

Proceeds from issuance and sale of common stock

9,930,000

6,809,000

Price per share (in dollars per share) | $ / shares

$ 5.26

Issuance of common stock

9,930,000

6,809,000

Net proceeds from sale of stock

$ 6,800,000

$ 10,000,000

Shares remained available for issuance | shares

TD Cowen ATM Facility | Subsequent Event

Subsidiary, Sale of Stock [Line Items]

Number of shares issued (in shares) | shares

4,018,497

Price per share (in dollars per share) | $ / shares

$ 1.16

Net proceeds from sale of stock

$ 4,600,000

Revenue Interest Purchase Agreement

Subsidiary, Sale of Stock [Line Items]

Number of purchasers | Purchaser

Payments on revenue interest liability

$ 50,000,000

Contingent cash collateral to be funded

$ 54,000,000

Contingent cash collateral, restricted amount

50,000,000

$ 12,500,000

Contingent cash collateral funded

$ 54,000,000

Restricted cash

50,000,000

$ 0

Cash payment

$ 38,000,000

Share issued | shares

5,725,190

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

Revenue Interest Purchase Agreement | Unsecured Debt

Subsidiary, Sale of Stock [Line Items]

Payments on revenue interest liability

$ 50,000,000

50,000,000

Revenue interest liability

$ 64,239,000

$ 0

$ 64,239,000

$ 0

[1]	(a) Principal payable in 24 consecutive monthly installments of $1.7 million beginning December 1, 2027, or December 1, 2028 if the second tranche is funded, with the final payment fee of $2.4 million due at maturity.

Debt - Schedule of Carrying Amount of the Term Loan Facility (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Line of Credit Facility [Line Items]
Periodic installments	monthly installments
Principal	$ 1.7
Second Tranche
Line of Credit Facility [Line Items]
Final payment fee	$ 2.4

Summary of Significant Accounting Policies - Property and Equipment, Net (Details)	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Scientific equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Scientific equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Software
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Revenue Interest Purchase Agreement

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Interest Purchase Agreement

7. Revenue Interest Purchase Agreement

Revenue Interest Purchase Agreement

On May 12, 2023, the Company and Global entered into the Purchase Agreement with the Purchasers, and another
affiliate of Oberland, as agent for the Purchasers, to obtain financing with respect to the further development and

commercialization of the Company’s ATEV, to repay the Company’s then-existing credit facility with SVB, and for other
general corporate purposes. Pursuant to the Purchase Agreement, on May 12, 2023, the Purchasers purchased certain
revenue interests (the “Revenue Interests”) from Global in exchange for an aggregate investment amount of up to
$150.0 million (the “Investment Amount”) to be paid in multiple tranches. On May 12, 2023, the Company received an
initial payment of $40.0 million, less certain transaction expenses, which was used to repay in full the Company’s then-existing
obligations under the former loan agreement with SVB. In February 2024, the FDA accepted the Company’s
Biologics License Application (“BLA”) for an indication in vascular trauma, and in accordance with the Purchase
Agreement, on March 11, 2024, the Company drew a subsequent installment of $20.0 million.

The FDA granted full approval for the Company’s BLA on December 19, 2024, and the Company elected not to draw the additional $40.0 million that became available under the Purchase Agreement. As of December 31, 2024, the Company was not entitled to draw on any further installments under the Purchase Agreement. On September 17, 2025, the Company and Global entered into the Purchase Agreement Amendment, which modified certain terms of the agreement and the Company made a partial call payment of $50.0 million to the Purchasers. The Company analyzed the changes to the agreement and concluded the amendment resulted in a modification for accounting purposes.

Pursuant to the Purchase Agreement, the Revenue Interests entitled the Purchasers to receive a royalty initially equal to 7.5% (the “Rate”) of global net sales of the Company’s products (subject to a lower rate for net sales by specified licensees outside the United States), to be paid on a calendar quarterly basis (the “Revenue Interest Payments”).

Had the Purchasers not received cumulative Revenue Interest Payments equal to 100% of the amount funded to date (the “Cumulative Purchaser Payments”) by the last business day of 2028 (the “Test Date”), the Rate would have increased to a rate that, had such increased rate applied during the period from May 12, 2023 through the Test Date, would have provided the Purchasers with cumulative Revenue Interest Payments equal to the Cumulative Purchaser Payments as of the Test Date. Additionally, Global would have been required to pay the Purchasers an amount equal to 100% of the Cumulative Purchaser Payments as of the Test Date, less the total Revenue Interest Payments that Global had made to the Purchasers under the Purchase Agreement as of the Test Date. Global’s obligation to make Revenue Interest Payments would have terminated on the date on which the Purchasers had received Revenue Interest Payments of 150% of the Cumulative Purchaser Payments, unless the Purchase Agreement had been terminated earlier due to the Purchaser’s exercise of a Put Option, the Company’s exercise of a Call Option, or by mutual consent. However, if the Purchasers had not received such Revenue Interest Payments as of the Test Date, the Purchase Agreement would instead have terminated on the date on which the Purchasers had received Revenue Interest Payments of 195% of the Cumulative Purchaser Payments.

Under the Purchase Agreement, Global had an option (the “Call Option”) to repurchase the Revenue Interests and terminate the Purchase Agreement at any time upon advance written notice. Additionally, the Purchasers had an option (the “Put Option”) to terminate the Purchase Agreement and to require Global to repurchase the Revenue Interests upon enumerated events such as a bankruptcy event, an uncured material breach, a material adverse effect or a change of control. Pursuant to the Purchase Agreement Amendment, if (i) the Put Option had been exercised by May 12, 2026, or (ii) the Call Option had been exercised on or prior to May 12, 2026, then in each case, the required repurchase price would have been 175% of the Cumulative Purchaser Payments, minus the aggregate Revenue Interest Payments Global had made to the Purchasers as of such date and the amount of the Purchase Agreement Amendment Payment. If a Put Option or Call Option had been exercised after May 12, 2026, the required repurchase price would have been 195% of the Cumulative Purchaser Payments, subject to the same deductions and conditions described above. Additionally, the Company was permitted, at its option, to exercise its Call Option at a discounted repurchase price of $95.5 million, subject to the same deductions and conditions described above, so long as it was exercised on or prior to December 31, 2025, and up to $7.5 million of that amount was permitted to be satisfied through the issuance of the Common Stock, subject to the satisfaction of certain conditions.

interests on assets. On February 18, 2024, the Company reached an agreement with the Purchasers and the Agent to waive certain breaches related to, and extend the deadline for certain post-closing obligations under, the Purchase Agreement, including the requirement for the Company to deliver a leasehold mortgage in favor of the Agent over the Company’s headquarters. On May 8, 2024, the Company agreed with the Purchasers to amend the Purchase Agreement, the effect of which was to remove requirements related to the leasehold mortgage. In exchange for the removal of these requirements, the Company funded an account in an amount of $54.0 million on August 14, 2024, over which the Agent had certain consent and other rights to $50.0 million of the funds. In connection with the Purchase Agreement Amendment, the Company made the Purchase Agreement Amendment Payment of $50.0 million, funded from the restricted cash previously maintained for the benefit of the Agent. As a result of the Purchase Agreement Amendment Payment, the Company was no longer obligated to maintain $50.0 million of restricted cash in an account for the benefit of the Agent unless the Purchase Agreement had not been repaid in full by December 31, 2025, at which point the Company would have been required to maintain $12.5 million in such account. As of December 31, 2025 and December 31, 2024, $0 and $50.0 million, respectively, were classified as restricted cash on the accompanying consolidated balance sheets.

The Company agreed to guarantee the payment in full of the obligations under the Purchase Agreement. The Company’s obligations under the parent company guaranty and Global’s obligations under the Purchase Agreement and the Revenue Interests were secured by a perfected security interest on substantially all of the Company’s and its subsidiaries’ assets.

The Purchase Agreement was considered a sale of future revenues and was accounted for as long-term debt recorded at
amortized cost.

The Company recorded a revenue interest liability related to the Purchase Agreement on the accompanying consolidated balance sheets on the date the Company entered into the Purchase Agreement, net of a debt discount comprised of $2.1 million issuance costs and transaction costs, $0.1 million fair value allocated to the Option Agreement, defined below, and $2.4 million initial fair value of the bifurcated embedded derivative liability related to the Put Option, defined below. The revenue interest liability was based on the Company’s contractual repayment obligation to the Purchasers, determined using current estimates of future revenues, over the life of the Purchase Agreement. The Company imputed interest expense associated with this liability.

As of December 31, 2024, $64.2 million was recorded as a revenue interest liability, of which $0.9 million was included in other current liabilities on the consolidated balance sheet. The Company recorded $8.7 million and $7.7 million in interest expense related to the Purchase Agreement for the years ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2024, in connection with the Purchase Agreement, the Company incurred and paid $0.5 million of transaction costs, which were capitalized as a debt discount and amortized to interest expense.

Revenue Interest Payments made as a result of the Company’s net product sales reduced the revenue interest liability. During the years ended December 31, 2025, the Company made $0.1 million of Revenue Interest Payments. During the year ended December 31, 2024, there were no such payments.

On December 15, 2025, the Company entered into a payoff letter with the Purchasers and the Purchasers’ Agent pursuant to which the Purchase Agreement and the Option Agreement were terminated in their entirety. As consideration for the termination of these agreements and the satisfaction of all obligations thereunder, the Company paid $38.0 million in cash and issued 5,725,190 shares of Common Stock to the Purchasers. The shares were measured at their fair value of $7.5 million, based on the closing market price of the Company's common stock on the settlement date, which was included as a component of the loss on extinguishment of debt on the consolidated statements of operations and comprehensive loss. The cash payment was funded with proceeds from a senior secured term loan facility with Avenue Venture Opportunities Fund II, L.P. (see Note 8, Debt). Pursuant to the Loan Agreement, as defined in Note 8, the proceeds of the Term Loan Facility, as defined in Note 8, were required to be used to repay outstanding indebtedness under the Purchase Agreement and for other general corporate purposes. The funding of the first tranche of the Term Loan Facility was conditioned upon delivery of a payoff letter with respect to all indebtedness outstanding under the Purchase Agreement and evidence that the liens securing such indebtedness would be released. The extinguishment of the Purchase Agreement was accounted for as a debt extinguishment under ASC 470-50. The termination of the Purchase Agreement released all liens and security interests previously granted to the Purchasers and their agent and relieved

the Company of any further obligations to the Purchasers. The shares issued to the Purchasers in connection with the payoff are discussed in more detail in Note 10.

The Company derecognized the revenue interest liability, the embedded derivative liability related to the Put Option and the Option Agreement liability upon closing of the payoff letter. The difference between the carrying amount of the derecognized liabilities and the fair value of the consideration transferred resulted in a $22.3 million loss on extinguishment of debt, which is included in Other income (expense), net in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025.

The following table summarizes the revenue interest liability activity during the year ended December 31, 2025:


($ in thousands)
Revenue interest liability at December 31, 2024	$	64,239
Interest expense recognized		8,743
Revenue interest payments		(45	)
Partial call payment under Purchase Agreement Amendment		(50,000	)
Settlement of the Purchase Agreement		(22,937	)
Revenue interest liability at December 31, 2025	$	—

Embedded Derivative Liability

The Put Option under the Purchase Agreement, exercisable by the Purchasers upon certain contingent events, was determined to be an embedded derivative requiring bifurcation and separately accounted for as a single compound derivative instrument, or the Contingent derivative liability. At May 12, 2023, the Company recorded the initial fair value of the Contingent derivative liability of $2.4 million as a debt discount. On March 11, 2024, upon the issuance of the second installment of the Purchase Agreement of $20.0 million, the Company estimated the fair value of the embedded derivative and recorded a $1.6 million increase in fair value as a debt discount. The debt discount was amortized to interest expense. In connection with the termination of the Purchase Agreement in December 2025, the embedded derivative was extinguished and derecognized. See Note 3, Fair Value Measurements for a further discussion of the fair value of the Contingent derivative liability associated with the Put Option.

Option Agreement

In connection with the Purchase Agreement, the Company also entered into an option agreement with TPC Investments III LP and TPC Investment Solutions LP (the “Option Agreement”), which gave TPC Investments III LP and TPC Investment Solutions LP (the “Holders”) the right to purchase, in the aggregate, up to $10.0 million worth of shares of Common Stock (the “Option”) at a purchase price per share equal to the greater of $7.50, or the 15 day volume-weighted average price as of the exercise date, exercisable in cash only at any time prior to the earlier of (i) December 31, 2026 and (ii) the closing date of a corporate reorganization. The Holders also received certain registration rights relating to the shares underlying the Option pursuant to the Option Agreement. The Holders purchased $1,950,000 shares of Common Stock in the Offering, as defined in Note 10, and as of December 31, 2024, the Holders had the right to purchase up to $8,050,000 of shares of Common Stock under the Option Agreement. As of December 31, 2025, the Option Agreement was no longer in effect and no right to purchase Common Stock remained outstanding.

The Option granted to the Holders represented a freestanding instrument separate from the Purchasers' commitments outlined in the Purchase Agreement. The Option Agreement did not qualify for the equity contract scope exception under ASC 815-40 and the Company recorded the Option as a liability (“Option Agreement liability”) on the consolidated balance sheet at an initial fair value of $55 thousand, and subsequent changes in the fair value were recognized in the consolidated statements of operations and comprehensive loss at each reporting date. In connection with the termination of the Purchase Agreement in December 2025, the Option Agreement was terminated. The fair value of the Option Agreement liability as of December 31, 2024 was $64 thousand.

Summary of Significant Accounting Policies - Revenue Recognition Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 441	$ 0
Product [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	400	0
Contract Revenue [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 200	$ 200

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued external research, development and manufacturing costs	$ 3,154	$ 4,889
Accrued employee compensation and benefits	6,633	6,242
Accrued professional fees	568	293
Accrued royalties	185	0
Total	$ 10,540	$ 11,424

Fair Value Measurements - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended	15 Months Ended
	Sep. 24, 2024 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) yr shares	Dec. 31, 2025 USD ($) yr shares	Dec. 31, 2024 USD ($) yr
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common Stock Purchase Agreement derivative asset		$ 672	$ 672	$ 672
Derivative asset		$ 672	$ 672	$ 672
Expected term (years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input \| yr		10	10	10
Measurement Input, Revenue Forecast, Discount Rate \| Contingent derivative liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent derivative, measurement input		0.126	0.126	0.142
Measurement Input, Payoff of Instrument, Discount Rate \| Contingent derivative liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent derivative, measurement input		0.122	0.122	0.118
Contingent Earnout Liability \| Expected term (years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input \| yr		10	10
Equity Line Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares issued (in shares) \| shares		0	500,000
Common stock purchase agreement, amount authorized	$ 50,000
Common Stock Purchase Agreement derivative asset		$ 700	$ 700	$ 700
Price per share (in dollars per share) \| $ / shares	$ 6.12
Derivative asset		$ 700	$ 700	$ 700
Equity Line Financing \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets
Common Stock Purchase Agreement derivative asset	$ 700
Derivative asset	$ 700
Commitment Shares \| Equity Line Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares issued (in shares) \| shares	115,705

Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Employer matching contribution rate	4.00%
Employer's contribution for retirement plan	$ 1.4	$ 1.1

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 59,876	$ 59,150
Less: accumulated depreciation	(41,332)	(36,087)
Property and equipment, net	18,544	23,063
Scientific and manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	29,715	29,059
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	104	100
Software
Property, Plant and Equipment [Line Items]
Total property and equipment	1,024	1,024
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	1,066	1,066
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 27,967	$ 27,901

Summary of Significant Accounting Policies - Contingent Earnout Liability (Details)	Dec. 31, 2025 yr shares	Dec. 31, 2024 yr	Aug. 26, 2021 yr Tranche shares	Feb. 17, 2021 Tranche shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Maximum contingent earnout (in shares) \| shares	15,000,000
Expected term (years)
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Measurement input \| yr	10	10
Earnout Shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Maximum contingent earnout (in shares) \| shares			15,000,000	15,000,000
Number of tranches of contingent earnout shares \| Tranche			2	2
Number of contingent earnout shares per tranche (in shares) \| shares			7,500,000	7,500,000
Earnout Shares \| Expected term (years)
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Measurement input \| yr			10
Contingent Earnout Liability \| Expected term (years)
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Measurement input \| yr	10

Accrued Expenses

12 Months Ended

Dec. 31, 2025

Accrued Liabilities, Current [Abstract]

Accrued Expenses

6. Accrued Expenses

Accrued expenses consisted of the following:


	As of December 31,
($ in thousands)	2025		2024
Accrued external research, development and manufacturing costs	$	3,154	$	4,889
Accrued employee compensation and benefits		6,633		6,242
Accrued professional fees		568		293
Accrued royalties		185		0
Total	$	10,540	$	11,424

Stockholders' Equity (Deficit) and Warrants - Loan Agreement Conversion Derivative Liability Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 15, 2025	Dec. 31, 2025	Dec. 31, 2024
Class of Warrant or Right [Line Items]
Loan facility	$ 77,500
Common stock warrant liabilities		$ 19,392	$ 19,254
Loan Agreement Conversion Derivative Liability
Class of Warrant or Right [Line Items]
Loan facility	77,500
Conversion amount	$ 2,500
Warrant price, percent	130.00%
Beneficial ownership cap rate		9.985%
Common stock warrant liabilities	$ 1,100	$ 800
Gain on remeasurement of warrants		$ 300

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Mar. 24, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39532
Entity Registrant Name	Humacyte, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1763759
Entity Address, Address Line One	2525 East North Carolina Highway 54
Entity Address, City or Town	Durham,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27713
City Area Code	919
Local Phone Number	313-9633
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 280.3
Entity Common Stock, Shares Outstanding		222,019,108
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement relative to the 2026 Annual Meeting of Shareholders are incorporated by reference in Part III hereof.
Entity Central Index Key	0001818382
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Raleigh, North Carolina
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	HUMA
Security Exchange Name	NASDAQ
Redeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
Document Information [Line Items]
Title of 12(b) Security	Redeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
Trading Symbol	HUMAW
Security Exchange Name	NASDAQ

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
Income tax benefit at statutory rate	$ (8,575)	$ (31,227)
State income taxes, net of federal benefit	376	(2,399)
Research and development tax credits	(5,346)
Tax credits	(20,629)	(4,548)
Change in valuation allowance	31,624	31,189
Stock compensation	1,161
Other nondeductible expenses	37	6,702
Deferred rate changes		2,256
Deferred tax adjustment	1,352	(1,973)
Provision for income taxes	$ 0	$ 0
Rate
Income tax benefit at statutory rate (as a percent)	21.00%	21.00%
State income taxes, net of federal benefit (as a percent)	(0.90%)	1.60%
Research and development tax credits (as a percent)	13.10%
Tax credits (as a percent)	50.50%	3.10%
Change in valuation allowance (as a percent)	(77.40%)	(21.00%)
Stock compensation (as a percent)	(2.80%)
Other nondeductible expenses (as a percent)	0.10%	(4.50%)
Deferred rate changes (as a percent)		(1.50%)
Deferred tax adjustment (as a percent)	(3.30%)	1.30%
Provision for income taxes (as a percent)	0.00%	0.00%

Summary of Significant Accounting Policies - Antidilutive Securities Excluded From Computation (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	May 12, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Maximum contingent earnout (in shares)	15,000,000
TPC Investments III LP and TPC Investment Solutions LP \| Option Purchase Agreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Option agreement, minimum exercise price (in dollars per share)			$ 7.5
Exercise of options under stock plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities that were not included in the computation of diluted net loss per share (in shares)	18,004,681	12,274,139
Exercise of RSUs under stock plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities that were not included in the computation of diluted net loss per share (in shares)	1,985,390	0
Warrants to purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities that were not included in the computation of diluted net loss per share (in shares)	42,569,928	14,079,314
Conversion shares issuable under the Loan Agreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities that were not included in the computation of diluted net loss per share (in shares)	2,500,000	0
Exercise of option by underwriters
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities that were not included in the computation of diluted net loss per share (in shares)	308,219	0

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

9. Leases

On September 29, 2025, we executed a Sixth Amendment to our lease agreements. The amendment extends the non-cancelable term to March 31, 2037, resets base rent effective January 1, 2026 with 3% annual escalations thereafter, and provides two rent abatement periods (January 1, 2026, through March 31, 2026, and January 1, 2027, through March 31, 2027). Accounting for the amendment resulted in remeasurement of the lease liability and right-of-use asset as of September 30, 2025 using our incremental borrowing rate at that date.

As a result, during the year ended December 31, 2025, the Company recorded a net non-cash increase of $15.0 million to right-of-use assets and lease liabilities resulting from lease remeasurements associated with the lease modification.

As of December 31, 2025 and December 31, 2024, the Company had finance lease liabilities of $29.4 million and $16.5 million, respectively, and right-of-use assets of $29.1 million and $15.5 million, respectively. As of December 31, 2024, the Company had operating lease liabilities of $0.6 million, primarily included in other long-term liabilities with the remaining balance classified in other current liabilities, and related right-of-use assets of $0.6 million included in other long-term assets on the consolidated balance sheets. As of December 31, 2025, the Company had no operating lease liabilities or right-of-use assets on the condensed consolidated balance sheets.

The Company’s lease does not require any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees. The Company’s lease includes renewal options and escalation clauses; renewal options have been included in the calculation of the lease liabilities and right-of-use assets as the Company is reasonably certain to exercise the options due to the specialized nature of the leased building. Variable expenses generally represent the Company’s share of the landlord’s operating expenses. The Company does not act as a lessor in any lease arrangements.

The following summarizes quantitative information about the Company’s leases:


	Year Ended December 31,
($ in thousands)	2025		2024
Finance lease cost
Amortization of right-of-use assets	$	2,017	$	2,086
Interest on lease liabilities		1,624		1,523
Total finance lease cost		3,641		3,609
Operating lease cost		79		105
Total lease cost	$	3,720	$	3,714


	Year Ended December 31, 2025						Year Ended December 31, 2024
($ in thousands)	Finance Leases			Operating Leases			Finance Leases			Operating Leases
Operating cash flows from leases	$	(1,624	)	$	(79	)	$	(1,523	)	$	(105	)
Financing cash flows from leases	$	(2,754	)	$	—		$	(2,579	)	$	—
Weighted-average remaining lease term		9.90		n/a				3.74			4.25
Weighted-average discount rate		8.50	%		—			8.50	%		8.50	%

As of December 31, 2025, the maturities of the Company’s lease liabilities were as follows:


($ in thousands)	Finance Leases
2026	$	2,428
2027(a)		(301	)
2028		2,500
2029		3,537
2030		3,643
Thereafter		49,358
Total		61,165
Less: present value discount		(31,763	)
Lease liabilities	$	29,402

________________________

(a) For the year ending 2027, the negative amount reflects a reimbursement from the lessor for tenant improvement costs. The reimbursement exceeds the scheduled lease payments for that period.

Leases

9. Leases

The following summarizes quantitative information about the Company’s leases:


	Year Ended December 31,
($ in thousands)	2025		2024
Finance lease cost
Amortization of right-of-use assets	$	2,017	$	2,086
Interest on lease liabilities		1,624		1,523
Total finance lease cost		3,641		3,609
Operating lease cost		79		105
Total lease cost	$	3,720	$	3,714


	Year Ended December 31, 2025						Year Ended December 31, 2024
($ in thousands)	Finance Leases			Operating Leases			Finance Leases			Operating Leases
Operating cash flows from leases	$	(1,624	)	$	(79	)	$	(1,523	)	$	(105	)
Financing cash flows from leases	$	(2,754	)	$	—		$	(2,579	)	$	—
Weighted-average remaining lease term		9.90		n/a				3.74			4.25
Weighted-average discount rate		8.50	%		—			8.50	%		8.50	%

As of December 31, 2025, the maturities of the Company’s lease liabilities were as follows:


($ in thousands)	Finance Leases
2026	$	2,428
2027(a)		(301	)
2028		2,500
2029		3,537
2030		3,643
Thereafter		49,358
Total		61,165
Less: present value discount		(31,763	)
Lease liabilities	$	29,402

________________________

(a) For the year ending 2027, the negative amount reflects a reimbursement from the lessor for tenant improvement costs. The reimbursement exceeds the scheduled lease payments for that period.

Stockholders' Equity (Deficit) and Warrants - Warrants Narrative (Details) - $ / shares	Dec. 31, 2025	Oct. 06, 2025	May 14, 2025	Apr. 05, 2025	Dec. 31, 2024	Dec. 31, 2021	Aug. 26, 2021
Class of Warrant or Right [Line Items]
Warrants (in shares)	40,935,943				14,079,314
Warrants, exercise price (in dollars per share)							$ 11.5
Registered Direct Offerings
Class of Warrant or Right [Line Items]
Warrants (in shares)	0				0
Expired warrants (in shares)	0				0
Class of warrant or right, number of securities called by warrants or rights (in shares)	0				0
Warrants to purchase Common Stock \| Loan Agreement with SVB
Class of Warrant or Right [Line Items]
Warrants (in shares)						411,006
Warrants, exercise price (in dollars per share)						$ 10.28
October 2024 RDO Warrants liability
Class of Warrant or Right [Line Items]
Warrants (in shares)	2,840,910				5,681,820
Expired warrants (in shares)				2,840,910
November 2024 RDO Warrants liability
Class of Warrant or Right [Line Items]
Warrants (in shares)	1,404,494				2,808,988
Expired warrants (in shares)			1,404,494
October 2025 RDO Warrants Liability
Class of Warrant or Right [Line Items]
Warrants (in shares)	28,436,018				0
Class of warrant or right, number of securities called by warrants or rights (in shares)		28,436,018

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets and Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Impairment of Long-Lived Assets
Impairment of long lived assets	$ 0	$ 0
Income Taxes
Unrecognized tax benefits	0	0
Accrued interest or penalties related to uncertain tax positions	0	0
Interest or penalties related to uncertain tax positions expensed	$ 0	$ 0

Retirement Plan

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Plan

13. Retirement Plan

The Company currently maintains a defined contribution employee retirement plan, or 401(k) plan, for all employees upon their date of hire. The 401(k) plan is intended to qualify as tax-qualified plans under Section 401(k) of the Internal Revenue Code of 1986, as amended. The plan permits employees to contribute, on a pre-tax basis, a portion of their salary up to the Federally mandated limits. The Company matches an employee’s contribution up to 4% of the employee’s compensation. Contributions to the 401(k) plan by the Company totaled $1.4 million and $1.1 million for the years ended December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Summary of Significant Accounting Policies - Non-Cash Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Depreciation expense	$ 5,328	$ 5,104
Stock-based compensation expense	9,753	6,137
Reportable Segment
Segment Reporting Information [Line Items]
Depreciation expense	5,328	5,104
Stock-based compensation expense	$ 10,411	$ 6,137

Summary of Significant Accounting Policies - Restricted Cash Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 17, 2025	Dec. 31, 2024
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 209		$ 50,209
Restricted cash included in prepaid expenses and other current assets	144		144
Revenue Interest Purchase Agreement
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	$ 50,000	50,000
Deposit Account
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 200		$ 200

Stockholders' Equity (Deficit) and Warrants - Loan Agreement Conversion Derivative Liability (Details)	Dec. 31, 2025 $ / shares yr
Market price of public stock
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input	0.96
Exercise price
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input	1.66
Expected term (years)
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input \| yr	3.92
Expected share price volatility
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input	0.965
Risk-free interest rate
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input	0.0364
Estimated dividend yield
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stockholders' Equity (Deficit) and Warrants

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity (Deficit) and Warrants

10. Stockholders’ Equity (Deficit) and Warrants

Public Offering

On February 29, 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Cowen and Company, LLC and Cantor Fitzgerald & Co., as representatives of the several underwriters named therein (collectively, the “Underwriters”), relating to the issuance and sale in an underwritten offering (the “2024 Public Offering”) of 15,410,000 shares of Common Stock, which included a full exercise of the Underwriters’ option to purchase additional shares, at a price to the public of $3.00 per share. The net proceeds to the Company from the 2024 Public Offering were approximately $43.0 million after deducting underwriting discounts and commissions and offering expenses. The 2024 Public Offering closed on March 5, 2024.

On March 25, 2025, the Company entered into an underwriting agreement with TD Securities (USA) LLC, Barclays Capital Inc. and BTIG, LLC, as representatives of the several underwriters named therein, relating to the issuance and sale in an underwritten offering (the “2025 Public Offering”) of 25,000,000 shares of Common Stock, at a price to the public of $2.00 per share (the “Firm Shares”). The Company also granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of Common Stock at the same price as the Firm Shares, which the underwriters did not exercise. The net proceeds to the Company from the 2025 Public Offering were approximately $46.7 million after deducting underwriting discounts and commissions and offering expenses. The 2025 Public Offering closed on March 27, 2025.

Equity Line Financing

On September 24, 2024, the Company entered into the Common Stock Purchase Agreement with Lincoln Park for an equity line financing, which provides that, subject to the terms and conditions set forth therein, the Company has the sole right, but not the obligation, to sell to Lincoln Park shares of Common Stock having an aggregate value of up to $50.0 million over a 24-month period. The Company controls the timing and amount of any sales of Purchase Shares to Lincoln Park pursuant to the Common Stock Purchase Agreement in its sole discretion. In consideration for entering into the Common Stock Purchase Agreement, the

Company issued 115,705 shares of Common Stock (the “Commitment Shares”) to Lincoln Park. The Company did not receive any cash proceeds from the issuance of the Commitment Shares. The fair value of the Common Stock Purchase Agreement was measured on the issuance date based on the fair value of the Commitment Shares, which was the consideration given to Lincoln Park in exchange for entering into the agreement. The fair value of the Commitment Shares on the issuance date was determined to be $0.7 million based on the closing price of the Common Stock on September 24, 2024, which was $6.12 per share. The Company recognized the fair value of the Commitment Shares as a non-current asset as a component of other long-term assets on the consolidated balance sheets. The Common Stock Purchase Agreement is subsequently remeasured at each reporting date with changes in fair value recorded within Change in fair value of derivatives in the consolidated statements of operations and comprehensive loss. Through December 31, 2025, the Company has sold 500,000 shares to Lincoln Park for aggregate gross proceeds of $2.5 million, and the Company had $47.5 million in remaining availability for sales of Common Stock under the Common Stock Purchase Agreement as of December 31, 2025. During the year ended December 31, 2024, the Company incurred $0.2 million of transaction costs related to the Common Stock Purchase Agreement, consisting of legal and professional fees, which were expensed in the consolidated statements of operations and comprehensive loss. There were no purchases under the Common Stock Purchase Agreement during the fiscal year ended December 31, 2025.

Registered Direct Offerings

On October 4, 2024, the Company entered into a securities purchase agreement with an institutional investor pursuant to which the investor purchased 5,681,820 shares of Common Stock and warrants to purchase up to 5,681,820 shares of Common Stock in a registered direct offering (the “October 2024 Registered Direct Offering”). See below for additional information regarding the October 2024 RDO Warrants. The purchase price for one share of Common Stock and one warrant issued in the October 2024 Registered Direct Offering was $5.28. The net proceeds to the Company from the October 2024 Registered Direct Offering were approximately $28.0 million after deducting placement agent’s fees and offering expenses of approximately $2.0 million. The October 2024 Registered Direct Offering closed on October 7, 2024. During the year ended December 31, 2024, the Company expensed $0.1 million of transaction costs related to the October 2024 Registered Direct Offering in the consolidated statements of operations and comprehensive loss.

On November 13, 2024, the Company entered into a securities purchase agreement with an institutional investor pursuant to which the investor purchased 2,808,988 shares of Common Stock and warrants to purchase up to 2,808,988 shares of Common Stock in a registered direct offering (the “November 2024 Registered Direct Offering”). See below for additional information regarding the November 2024 RDO Warrants. The purchase price for one share of Common Stock and one warrant issued in the November 2024 Registered Direct Offering was $5.34. The net proceeds to the Company from the November 2024 Registered Direct Offering were approximately $14.9 million after deducting offering expenses of approximately $0.1 million. The November 2024 Registered Direct Offering closed on November 15, 2024. All offering costs were expensed in the consolidated statements of operations and comprehensive loss.

On October 6, 2025, the Company entered into a securities purchase agreement with an institutional investor pursuant to which the investor purchased 28,436,018 shares of Common Stock and the October 2025 RDO Warrants to purchase up to 28,436,018 shares of Common Stock in the October 2025 Registered Direct Offering (the “October 2025 Registered Direct Offering”). The purchase price for one share of Common Stock and one October 2025 RDO Warrant was $2.11. The net proceeds to the Company from the October 2025 RDO Warrants were approximately $56.5 million after deducting placement agent’s fees and offering expenses of approximately $3.5 million. The October 2025 Registered Direct Offering closed on October 8, 2025. As of December 31, 2025, there were $0.2 million of unpaid transaction costs related to the October 2025 Registered Direct Offering included in accounts payable on the consolidated balance sheets.

On March 19, 2026, the Company entered into certain securities purchase agreements pursuant to which the Company agreed to issue and sell to certain investors in a registered direct offering 25,000,000 shares of the Common Stock at a price of $0.80 per share (the “March 2026 Registered Direct Offering”). The net proceeds to the Company from the March 2026 Registered Direct Offering were approximately $18,400,000, after deducting the placement agent’s fees and estimated expenses

payable by the Company. The March 2026 Registered Direct Offering closed on March 20, 2026. See Note 16, Subsequent Events for additional information.

ATM Facilities

On September 1, 2022, the Company entered into a sales agreement with Jefferies LLC, acting as sales agent (the “Jefferies ATM Sales Agreement”) for the sale from time to time of up to $80.0 million of shares of Common Stock (the “Jefferies ATM Facility”). In December 2024, the Company sold an aggregate of 1,333,596 shares of Common Stock under the Jefferies ATM Facility at an average price of $5.26 per share for net proceeds of approximately $6.8 million. In the year ended December 31, 2025, the Company completed sales of shares under the Jefferies ATM Facility that provided net proceeds of approximately $10.0 million. On November 21, 2025, the Company delivered a notice to Jefferies LLC terminating the Jefferies ATM Sales Agreement, which termination became effective 10 days thereafter.

On December 16, 2025, the Company entered into a sales agreement with TD Cowen, acting as sales agent, or the TD Cowen ATM Facility, pursuant to which the Company may sell shares of Common Stock from time to time up to an aggregate offering price of $60.0 million. As of December 31, 2025, no shares had been sold under the TD Cowen ATM Facility. On March 19, 2026, the Company delivered written notice to TD Cowen, that it was suspending and terminating the prospectus, dated December 16, 2025 (the “ATM Prospectus”), relating to the sale of up to $60 million of Common Stock, that may be issued and sold pursuant to the Sales Agreement, dated as of December 16, 2025, by and between the Company and TD Cowen (the “Sales Agreement”). The Company will not make any further sales of its Common Stock pursuant to the Sales Agreement unless and until a new prospectus, prospectus supplement or registration statement is filed. Other than the suspension and termination of the ATM Prospectus, the Sales Agreement remains in full force and effect.

Common Stock

As of December 31, 2024, the Company’s Second Amended and Restated Certificate of Incorporation authorized the Company to issue 250,000,000 shares of Common Stock. The number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares then outstanding or reserved for issuance) by the affirmative vote of the holders of a majority in interest of the Common Stock. In June 2025, the Company amended its Second Amended and Restated Certificate of Incorporation to increase the authorized number of shares of Common Stock from 250,000,000 to 350,000,000.

The holders of Common Stock are entitled to receive dividends from time to time as may be declared by the Company’s board of directors. As of December 31, 2025 and 2024, no dividends have been declared. The Loan Agreement limits the Company’s ability to pay cash dividends to the holders of Common Stock.

The holders of Common Stock are entitled to one vote for each share held with respect to all matters voted on by the common stockholders of the Company.

In the event of a reorganization of the Company, after payment to any preferred stockholders of their liquidation preferences, holders of Common Stock are entitled to share ratably in all remaining assets of the Company.

In December 2025, the Company issued 5,725,190 shares of Common Stock to affiliates of Oberland Capital Management LLC as partial consideration for the termination and extinguishment of the Purchase Agreement, as defined in Note 1. The shares were issued together with cash consideration and the payment of certain legal fees and satisfied all amounts owing under the Purchase Agreement, including the termination of the related Option Agreement. The shares were issued directly to the Purchase Agreement counterparties without a placement agent or underwriter, and the Company did not receive any cash proceeds from the issuance of Common Stock. The accounting for the Purchase Agreement extinguishment is described in Note 7.

The Company’s senior secured Term Loan Facility includes an equity-settled conversion feature that permits the Lenders, at their option, to convert up to $2.5 million of outstanding principal into shares of Common Stock at a price per share equal to 130% of the Warrant Price, which is the lower of (a) $1.28, and (b) the lowest effective sale price per share paid in cash by third party investors to the Company for its Common Stock, (the “Conversion Shares”). No shares had been issued pursuant to this

conversion feature as of December 31, 2025. See Note 8, Debt for additional information.

As of December 31, 2025 and 2024, the Company had reserved Common Stock for future issuances as follows:


	December 31,
	2025		2024
Common Stock reserved for Contingent Earnout Shares		15,000,000		15,000,000
Common Stock reserved for the Common Stock Purchase Agreement		12,000,000		12,000,000
Common Stock reserved for Jefferies ATM Facility		—		18,666,404
Common Stock reserved for TD Cowen ATM Facility(b)		54,000,000		—
Common Stock reserved for Option Agreement(a)		—		1,073,333
Common stock reserved for Conversion Shares under the Loan Agreement		1,800,000		—
Exercise of options outstanding under stock plans		18,004,681		12,274,139
Vesting of RSUs outstanding under stock plans		1,985,390		—
Options available for issuance under stock plans		4,581,530		5,817,353
Shares available for grant under ESPP		—		1,030,033
Warrants to purchase Common Stock		42,569,928		14,079,314
		149,941,529		79,940,576

(a) The Option Agreement related to the Purchase Agreement was terminated in December 2025 with no further obligation for stock issuance remaining.

Preferred Stock

The Company’s Second Amended and Restated Certificate of Incorporation provides the Company’s board of directors with the authority to issue preferred stock, par value $0.0001 per share, in one more series and to establish from time to time the number of shares to be included in each such series, by adopting a resolution and filing a certificate of designations. Voting powers, designations, powers, preferences and relative, participating, optional, special and other rights shall be stated and expressed in such resolutions. There were 20,000,000 shares designated as preferred stock and none were outstanding as of December 31, 2025 and 2024.

Warrants

The Company had the following Common Stock warrants outstanding as of December 31, 2025 and 2024:


	December 31,
	2025		2024
Legacy Humacyte Common Stock Warrants		411,006		411,006
Private Placement Warrants		177,500		177,500
Public Warrants		5,000,000		5,000,000
October 2024 RDO Warrants		2,840,910		5,681,820
November 2024 RDO Warrants		1,404,494		2,808,988
October 2025 RDO Warrants		28,436,018		—
Loan Agreement Warrants(a)		2,666,015		—
Total Common Stock Warrants		40,935,943		14,079,314

____________________

On April 5, 2025, October 2024 RDO Warrants to purchase 2,840,910 shares of Common Stock expired. On May 14, 2025,

November 2024 RDO Warrants to purchase 1,404,494 shares of Common Stock expired. On October 6, 2025, in connection with the October 2025 Registered Direct Offering, the Company issued the October 2025 RDO Warrants to purchase 28,436,018 shares of Common Stock. Other than as disclosed above, there were no issuances, exercises or expirations of warrants during the years ended December 31, 2025 and 2024.

Legacy Humacyte Common Stock Warrants

In connection with the entry by the Company into a loan agreement with SVB, in 2021 the Company granted warrants to the lenders to purchase 411,006 shares of common stock at an exercise price of $10.28 per share (such warrants, “Legacy Humacyte Common Stock Warrants”). The Company recognized the fair value of the warrants within stockholders’ equity using a Black-Scholes valuation model, as the settlement of the warrants is indexed to Common Stock.

Public and Private Placement Warrants

In connection with the Merger, the Company assumed 5,000,000 publicly-traded warrants (“Public Warrants”) and 177,500 private placement warrants issued to AHAC Sponsor LLC (the “Sponsor”), Oppenheimer & Co. Inc. and Northland Securities, Inc., in connection with AHAC’s initial public offering (“Private Placement Warrants”and, together with the Public Warrants, the “Common Stock Warrants”). The Common Stock Warrants entitle the holder to purchase one share of Common Stock at an exercise price of $11.50 per share. The Company evaluated the Common Stock Warrants to determine the appropriate financial statement classification upon the consummation of the Merger. The Common Stock Warrants are not mandatorily redeemable and are considered to be freestanding instruments as they are separately exercisable into Common Stock. As such, the Common Stock Warrants were not classified as liabilities under ASC 480. The Company then evaluated the Common Stock Warrants under ASC 815.

Private Placement Warrants

The Private Placement Warrants are non-redeemable for cash so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants are redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

The agreement governing the Common Stock Warrants includes a provision, the application of which could result in a different settlement value for the Private Placement Warrants depending on their holder. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on the Common Stock, the Private Placement Warrants are not considered to be “indexed to the Company’s own stock” and therefore are not classified in stockholders’ equity. As the Private Placement Warrants met the definition of a derivative, the Company recorded these warrants as liabilities on the condensed consolidated balance sheet at fair value, with subsequent changes in their respective fair values recognized in the condensed consolidated statements of operations and comprehensive loss at each reporting date.

The Private Placement Warrants were initially recognized as a liability on the Closing Date at a fair value of $0.6 million. The remeasurement of the Private Placement Warrant liability to a fair value of $15 thousand as of December 31, 2025 from $0.4 million as of December 31, 2024 resulted in a non-cash gain of $0.4 million for the year ended December 31, 2025, compared to a non-cash loss of $0.3 million for the year ended December 31, 2024. The remeasurement of the Private Placement Warrant liability is classified within Change in fair value of derivatives in the consolidated statements of operations and comprehensive loss. See Note 3, Fair Value Measurements for a summary of the change in the fair value of the Private Placement Warrants during the years ended December 31, 2025 and 2024.

The Private Placement Warrants were valued using the following assumptions under the Black-Scholes model:


	As of December 31,
	2025			2024
Market price of public stock	$	0.96		$	5.05
Exercise price	$	11.50		$	11.50
Expected term (years)		0.65			1.65
Expected share price volatility		178.6	%		128.0	%
Risk-free interest rate		3.54	%		4.22	%
Estimated dividend yield		0	%		0	%

Public Warrants

The Public Warrants are publicly traded and are exercisable for cash unless certain conditions occur, such as the failure to have an effective registration statement related to the shares issuable upon exercise or redemption by the Company under certain conditions, at which time the Public Warrants may be eligible for a cashless exercise. The Public Warrants may only be exercised for a whole number of shares and will expire five years after the completion of the Merger.

The Public Warrants are considered to be “indexed to the Company’s own stock.” The agreement provides that in the event of a tender or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of Common Stock, all holders of the Common Stock Warrants (both the Public Warrants and the Private Placement Warrants) would be entitled to receive cash for all of their Common Stock Warrants. As the Company has a single class of Common Stock, a qualifying cash tender offer of more than 50% of the shares of Common Stock will always result in a change in control and would not preclude permanent equity classification of the Public Warrants. Based on this evaluation, the Company concluded that the Public Warrants met the criteria to be classified within stockholders’ equity. The Public Warrants were initially recognized as equity on the Closing Date at a fair value of $2.80 per share.

Registered Direct Offering Warrants

Collectively, the October 2024 RDO Warrants, the November 2024 RDO Warrants, and the October 2025 RDO Warrants are referred to as the “Registered Direct Offering Warrants.”

The Registered Direct Offering Warrants holders are entitled to participate in dividends and other distributions of assets to the same extent as if the holders held the number of shares of Common Stock issuable upon exercising the Registered Direct Offering Warrants. Therefore, the Registered Direct Offering Warrants are considered participating securities and are included in the computation of net income per share pursuant to the two-class method. In applying the two-class method, during periods of net income, earnings are allocated to both Common Stock and participating securities based on their respective weighted-average shares outstanding for the period. During periods of net loss, no effect is given to participating securities since they do not share in the losses of the Company.

The Company evaluated the Registered Direct Offering Warrants to determine the appropriate financial statement classification upon issuance.

The agreements governing the Registered Direct Offering Warrants include a provision, the application of which could result in a different settlement value for the Registered Direct Offering Warrants. The Registered Direct Offering Warrants cannot be exercised if after the exercise the warrant holder would own more than 4.99% of the Company’s outstanding Common Stock (“Beneficial Ownership Limitation”). The holder may elect to increase the Beneficial Ownership Limitation to 9.99%. The Beneficial Ownership Limitation constitutes an exercise contingency in that it limits or defers the exercise of some of the Registered Direct Offering Warrants if the limitation would otherwise be reached, depending on the number of shares of Common Stock that are outstanding. The exercise contingency is not based on either an observable market or an observable index, so it does not preclude the Registered Direct Offering Warrants from being considered indexed to the Company’s own

stock.

There is a provision related to fundamental transactions (defined in the Registered Direct Offering Warrants to include various merger and change in control transactions) that results in liability classification. As the Registered Direct Offering Warrants meet the definition of a derivative, the Company recorded these Registered Direct Offering Warrants as liabilities on the consolidated balance sheet at fair value, with subsequent changes in their respective fair values recognized in the consolidated statements of operations and comprehensive loss at each reporting date.

The October 2024 RDO Warrants were immediately exercisable. The October 2024 RDO Warrants to purchase 2,840,910 shares of Common Stock have an exercise price of $5.28 per share, and expired 180 days after the date of issuance. The remaining October 2024 RDO Warrants to purchase 2,840,910 shares of Common Stock have an exercise price of $5.28 per share, and will expire 1,640 days from the date of issuance.

The October 2024 RDO Warrants were initially recognized as a liability at a fair value of $15.2 million on the issuance date. The subsequent remeasurement of the October RDO Warrants liability to a fair value of approximately $1 million as of December 31, 2025 resulted in a non-cash gain of $11.6 million for the year ended December 31, 2025, compared to a non-cash gain of $2.8 million for the year ended December 31, 2024. The non-cash gain was recognized within Change in fair value of derivatives in the consolidated statements of operations and comprehensive loss.

The October 2024 RDO Warrants were valued using the following assumptions in the Black-Scholes valuation model:


	180 Day Warrants			1,640 Day Warrants
	December 31, 2024			December 31, 2025			December 31, 2024
Market price of public stock	$	5.05		$	0.96		$	5.05
Exercise price	$	5.28		$	5.28		$	5.28
Expected term (years)		0.27			3.27			4.27
Expected share price volatility		106.7	%		98.4	%		88.4	%
Risk-free interest rate		4.27	%		3.51	%		4.25	%
Estimated dividend yield		0	%		0	%		0	%

The November 2024 RDO Warrants were immediately exercisable. The November 2024 RDO Warrants to purchase 1,404,494 shares of Common Stock have an exercise price of $5.34 per share, and expired 180 days after the date of issuance. The remaining November 2024 RDO Warrants to purchase 1,404,494 shares of Common Stock have an exercise price of $5.34 per share, and will expire 1,640 days from the date of issuance.

The November 2024 RDO Warrants were initially recognized as a liability at a fair value of $6.1 million on the issuance date. The subsequent remeasurement of the November 2024 RDO Warrants liability to a fair value of $0.4 million as of December 31, 2025 resulted in a non-cash gain of $6.0 million for the year ended December 31, 2025, compared to a non-cash loss of $0.3 million for the year ended December 31, 2024. The non-cash gain or loss was recognized within Change in fair value of derivatives in the consolidated statements of operations and comprehensive loss.

The November 2024 RDO Warrants were valued using the following assumptions in the Black-Scholes valuation model:


	180 Day Warrants			1,640 Day Warrants
	December 31, 2024			December 31, 2025			December 31, 2024
Market price of public stock	$	5.05		$	0.96		$	5.05
Exercise price	$	5.34		$	5.34		$	5.34
Expected term (years)		0.37			3.37			4.37
Expected share price volatility		106.7	%		98.2	%		88.4	%
Risk-free interest rate		4.22	%		3.52	%		4.25	%
Estimated dividend yield		0	%		0	%		0	%

The October 2025 RDO Warrants will become exercisable 180 days following the date of issuance, and will expire on April 7, 2031. The October 2025 RDO Warrants have an exercise price of $2.11 per share.

The October 2025 RDO Warrants were initially recognized as a liability at a fair value of $34.3 million on the issuance date. The subsequent remeasurement of the October 2025 RDO Warrants liability to a fair value of $16.4 million as of December 31, 2025 resulted in a non-cash gain of $17.9 million for the year ended December 31, 2025, recognized within Change in fair value of derivatives in the consolidated statements of operations and comprehensive loss.

The October 2025 RDO Warrants were valued using the following assumptions in the Black-Scholes valuation model:


	December 31, 2025
Market price of public stock	$	0.96
Exercise price	$	2.11
Expected term (years)		5.27
Expected share price volatility		89.3	%
Risk-free interest rate		3.76	%
Estimated dividend yield		0	%

See Note 3 for a summary of the changes in the fair value of the RDO Warrants during the years ended December 31, 2025 and 2024.

Loan Agreement Warrants

In connection with, and as consideration of the commitments pursuant to, the Loan Agreement entered into on December 15, 2025, the Company issued warrants to purchase shares of Common Stock to the Lenders (the “Loan Agreement Warrants”). The Term Loan Facility, as defined in Note 8, provides for a senior secured term loan facility of up to $77.5 million in the aggregate, including an initial funded tranche and additional delayed draw tranches subject to specified conditions. See Note 8 for more details.

The Loan Agreement Warrants are a freestanding instrument that entitle the holders to purchase shares of Common Stock for an aggregate exercise price of up to $5.0 million. The warrants consist of a base exercise value of $3.4 million that was exercisable upon issuance and an additional exercise value of $1.6 million that becomes exercisable only upon the funding of Tranche 3 under the Term Loan Facility. The exercise price per share is equal to the lower of (i) $1.28 per share or (ii) the price of any qualifying equity offering completed through (but excluding) March 31, 2026, subject to specified exclusions. The Loan Agreement Warrants were immediately exercisable upon issuance and expire on December 15, 2030. The warrant agreement includes customary anti-dilution adjustments, including a down-round provision. The Loan Agreement Warrants provide for cashless exercise, including automatic cashless exercise upon expiration if the fair market value of Common Stock exceeds the exercise price at expiration. The Loan Agreement Warrants also include a beneficial ownership limitation and a change-of-control provision that provides for automatic exercise in connection with a change of control, as defined in the warrant agreement.

The Company evaluated the Loan Agreement Warrants to determine the appropriate financial statement classification in accordance with ASC 480 and ASC 815. Although the Loan Agreement Warrants are a freestanding financial instrument, the Company concluded that it does not meet all requirements for equity classification under ASC 815, including the requirement that the contract be indexed to the Company’s own stock, because certain provisions affect the settlement amount in a manner that is not consistent with the inputs to the valuation of a fixed-for-fixed option on the Company’s equity shares. Accordingly, the Loan Agreement Warrant is classified as a warrant liability (the “Loan Agreement Warrants liability”) with an offset recorded as a debt discount within the Term Loan carrying amount, to be amortized to interest expense over the loan term using the effective interest method.

The Company estimated the fair value of the Loan Agreement Warrants liability using a Black-Scholes option pricing model that required significant assumptions on expected volatility and expected term, and certain data inputs, including the Company’s common stock price, risk-free interest rate, and expected dividend yield. The estimated fair value of the warrants liability recognized at issuance was $2.2 million. The valuation reflected the base exercise value of the warrants and excluded the additional exercise value associated with Tranche 3, as the funding of Tranche 3 was contingent and not considered probable at issuance. The remeasurement of the Loan Agreement Warrants liability to a fair value of $1.7 million at December 31, 2025 resulted in a non-cash gain of $0.5 million for the year ended December 31, 2025. See Note 3 for a summary of the change in the fair value of the Loan Agreement Warrants during the year ended December 31, 2025.

The assumptions and data inputs used in the Black-Scholes valuation model at the year-end were as follows:


	December 31, 2025
Market price of public stock	$	0.96
Exercise price	$	1.28
Expected term (years)		4.96
Expected share price volatility		91.0	%
Risk-free interest rate		3.73	%
Estimated dividend yield		0	%

Contingent Earnout Liability

Following the Closing, former holders of Legacy Humacyte common and preferred shares are eligible to receive up to 15,000,000 Contingent Earnout Shares in the aggregate, in two equal tranches of 7,500,000 shares of Common Stock per tranche. The first and second tranches are issuable if the closing volume weighted average price (“VWAP”) per share of Common Stock quoted on Nasdaq (or the exchange on which the shares of Common Stock are then listed), is greater or equal to $15.00 and $20.00, respectively, over any 20 trading days within any 30 consecutive trading day period.

Upon the Closing, the contingent obligation to issue Contingent Earnout Shares was accounted for as a liability because the triggering events that determine the number of Contingent Earnout Shares required to be issued include events that are not solely indexed to the Common Stock. The estimated fair value of the total Contingent Earnout Shares at the Closing on August 26, 2021 was $159.4 million based on a Monte Carlo simulation valuation model using a distribution of potential outcomes on a monthly basis over a 10-year period using the most reliable information available.

The remeasurement of the Contingent Earnout Liability to a fair value of $11.5 million at December 31, 2025 resulted in a non-cash gain of $59.5 million for the year ended December 31, 2025, compared to a non-cash loss of $33.0 million for the year ended December 31, 2024 . The non-cash gain or loss was recognized within Change in fair value of Contingent Earnout Liability in the consolidated statements of operations and comprehensive loss. See Note 3, Fair Value Measurements for a summary of the changes in the fair value of the Contingent Earnout Liability during the years ended December 31, 2025 and December 31, 2024.

The assumptions and data inputs used in the valuations are described below:


	As of December 31,
	2025			2024
Current stock price	$	0.96		$	5.05
Expected share price volatility		88.7	%		84.8	%
Risk-free interest rate		4.18	%		4.58	%
Estimated dividend yield		0	%		0	%
Expected term (years)		10.00			10.00

Loan Agreement Conversion Derivative Liability

On December 15, 2025, the Company entered into a loan and security agreement providing for a senior secured term loan facility of up to $77.5 million in the aggregate, or the Term Loan Facility (as defined in Note 8). The Term Loan Facility provides that the lenders may jointly elect, at any time and from time to time after the closing date and prior to the payment in full of the loans, to convert up to $2.5 million of the principal amount of the term loans outstanding into shares of Common Stock (the “Conversion Shares”). The conversion price is fixed at 130 % of the warrant exercise price, subject to ownership limits and customary conditions.

The Term Loan principal converted is deemed paid and satisfied in full and ceases to accrue interest from and after the conversion date. Any interest accrued and unpaid through the conversion date remains payable in cash unless the parties elect otherwise in writing. The conversion feature is subject to certain limitations, including a beneficial ownership cap (generally 9.985% as provided in the Loan Agreement) and limitations intended to comply with applicable stock exchange rules. The Loan Agreement also includes provisions related to rounding of fractional shares and cash or principal adjustments in lieu of fractional shares.

The Company initially recognized the bifurcated conversion feature as a derivative liability, or the Loan Agreement conversion derivative liability (as defined in Note 2), at fair value on the issuance date with an offset recorded as a debt discount within the Term Loan carrying amount, to be amortized to interest expense over the loan term using the effective interest method. The estimated fair value of the Loan Agreement conversion derivative liability at closing date was $1.1 million based on the Black-Scholes valuation model.

The remeasurement of the Loan Agreement conversion derivative liability to a fair value of $0.8 million at December 31, 2025 resulted in a non-cash gain of $0.3 million for the year ended December 31, 2025.

The assumptions and data inputs used in the Black-Scholes valuation model at the year-end were as follows:


	December 31, 2025
Market price of public stock	$	0.96
Exercise price	$	1.66
Expected term (years)		3.92
Expected share price volatility		96.5	%
Risk-free interest rate		3.64	%
Estimated dividend yield		0	%

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The estimated useful lives for significant asset categories are as follows:


Property and equipment		Estimated Useful Lives (Years)
Scientific equipment		5 – 7
Computer equipment		5
Software		3
Furniture and fixtures		5 – 7
Leasehold improvements		Lesser of useful life or life of lease
Construction in progress		N/A

Property and equipment, net consisted of the following:


	As of December 31,
($ in thousands)	2025			2024
Scientific and manufacturing equipment	$	29,715		$	29,059
Computer equipment		104			100
Software		1,024			1,024
Furniture and fixtures		1,066			1,066
Leasehold improvements		27,967			27,901
Total property and equipment		59,876			59,150
Less: accumulated depreciation		(41,332	)		(36,087	)
Property and equipment, net	$	18,544		$	23,063

Stock-based Compensation - RSU Activity (Details)	12 Months Ended
Stock-based Compensation - RSU Activity (Details)	Dec. 31, 2025 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning of period (in shares)	12,274,139
End of period (in shares)	18,004,681
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning of period (in shares)	0
Number of shares granted	1,985,390
Number of shares exercised	0
Number of shares forfeited	0
End of period (in shares)	1,985,390
Weighted average grant date fair value, granted \| $ / shares	$ 1.23
Weighted average grant date fair value, end of period \| $ / shares	$ 1.23

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The Company has prepared the accompanying financial statements in conformity with U.S. GAAP. The Company’s consolidated financial statements reflect the operations of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in the financial statements include stock-based compensation costs, right-of-use assets, accruals for research and development activities, contingent earnout liability, revenue interest liability, derivatives, fair value of common stock warrants and income taxes. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation. In the accompanying consolidated balance sheets, amounts previously included within “Other current liabilities” as of December 31, 2024 have been reclassified to separately present the current portion of the “Revenue interest liability, current portion.” These reclassifications were made to enhance the clarity and comparability of the Company’s financial statement presentation and had no impact on previously reported total assets, total liabilities, stockholders’ deficit, or net loss.

Segments

The Company is developing proprietary, bioengineered, acellular human tissues, advanced tissue constructs and organ systems that are designed to be used in the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas. The Company’s operations are managed and reported to its Chief Executive Officer, the Company’s chief operating decision maker (“CODM”), on a consolidated basis. The CODM evaluates financial performance, allocates resources and monitors budget versus actual results based on the Company’s consolidated statements of operations and comprehensive loss. The measure of segment assets provided to and reviewed by the CODM is reported on the consolidated balance sheets as total assets. Segment asset information is not used by the CODM to evaluate performance, allocate resources or make strategic decisions. Under the current organizational and reporting structure, the Company operates and manages its business on a consolidated basis as one reportable and operating segment.

As a single reportable segment entity, the Company’s segment performance measure is consolidated net loss. Consolidated net loss is used to monitor the budget versus actual results and to help make key operating decisions such as the allocation of budget between research and development and general and administrative expenses. Significant segment expenses within net loss include cost of goods sold, research and development, and general and administrative expenses, which are each separately presented on the Company’s consolidated statements of operations and comprehensive loss. Other segment items within net loss include interest income, interest expense, the change in fair value of the Company’s Contingent Earnout Liability and the change in fair value of derivatives.

Additional disaggregated significant segment expenses that are not separately presented on the Company’s consolidated statements of operations and comprehensive loss are presented below.

Research and Development Expenses


	Year Ended December 31,
($ in thousands)	2025		2024
Direct Expenses
Vascular Trauma	$	892	$	2,181
AV Access		5,944		6,620
PAD		—		143
Total		6,836		8,944
Unallocated Expenses
External services		5,241		7,071
Materials and supplies		16,173		21,765
Payroll and personnel expenses		33,380		36,537
Other research and development expenses		7,672		14,282
Total		62,466		79,655
Total research and development expenses	$	69,302	$	88,599

Direct expenses for the Company’s vascular trauma, AV access for hemodialysis and PAD indications include costs related to the Company’s clinical trials, including fees paid to CROs, consultants, clinical sites and investigators. Costs related to development activities which broadly support multiple programs using the Company’s technology platform, including personnel, materials and supplies, external services costs, and other internal expenses, such as facilities and overhead costs, are not allocated to individual research and development programs. Other research and development expenses reported in the table above include direct costs not identifiable with a specific product candidate, including costs associated with the Company’s research and

development platform used across programs, process development, manufacturing analytics and preclinical research and development for prospective product candidates and new technologies.

Non-cash Operating Expenses


	Year Ended December 31,
($ in thousands)	2025		2024
Depreciation expense	$	5,328	$	5,104
Stock-based compensation expense		10,411		6,137

Inventory

The Company capitalizes inventory when it concludes that commercialization and future economic benefit from the sale of products is probable. Prior to this conclusion, the Company expenses inventory as research and development expense in the condensed consolidated statements of operations and comprehensive loss in the period incurred. The determination to capitalize inventory costs is based on various factors, including the product’s historical shelf life, the product’s current status in the development and regulatory approval process, results from related clinical trials, results from meetings with relevant regulatory agencies, potential obstacles to the approval process and viability of commercialization and market trends.

In early 2025, based on the Company’s assessment of the legal and regulatory process related to Symvess, the Company concluded that it met the criteria to capitalize expenditures as inventory. The Company capitalized $22.5 million of inventory as of December 31, 2025 and none as of December 31, 2024.

Inventory is stated at the lower of cost or net realizable value. The Company’s inventory is valued under the first in, first out method. Cost includes direct materials, direct labor and an allocation of manufacturing overhead. Raw and intermediate materials that may be used for either research and development or commercial purposes are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is used for research and development, it is expensed as research and development once that determination is made.

The Company evaluates inventory for excess, obsolete or slow-moving items based on historical and forecasted demand, product shelf life, regulatory considerations and other factors that may affect the recoverability of inventory. When necessary, the Company records a reserve to reduce inventory to its estimated net realizable value. The determination of any required inventory reserve involves significant judgment and is based on estimates of future sales volumes, expected market acceptance and demand for the Company’s products. As the Company commenced commercialization of Symvess in 2025 and has limited commercial sales history, actual future demand may differ from current estimates. Changes in demand forecasts, market conditions, manufacturing performance or other factors could result in additional inventory write-downs in future periods.

During the year ended December 31, 2025, the Company recorded an inventory reserve of $8.9 million to adjust certain inventory to its estimated net realizable value. Provision for inventory reserves and write-downs is recorded within cost of goods sold in the consolidated statements of operations and comprehensive loss. Cost of goods sold was $9.7 million for the year ended December 31, 2025, which includes the $8.9 million inventory reserve, overhead related to unused production capacity, and royalty expense related to product sales. No cost of goods sold was recognized during the year ended December 31, 2024.

Revenue Recognition

Revenue from Customers

Under Accounting Standards Codification 606, “Revenue from Contracts with Customers” (“ASC 606”), revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity

satisfies a performance obligation. ASC 606 also impacts certain other areas, such as the accounting for costs to obtain or fulfill a contract.

In addition, ASC 606 requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.

For contracts where the period between when the Company transfers a promised good or service to the customer and when the customer pays is one year or less, the Company has elected the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component.

Product Revenue

The Company’s current source of product revenue has been from U.S. sales of Symvess. The Company recognizes product revenue upon delivery of Symvess to the customer. Revenue is recognized based on the price stated in the approved contract or purchase order. There are no contractual rights of returns and replacements for damaged products are provided free of charge. Accounts receivable related to product sales were approximately $0.4 million as of December 31, 2025. There were no accounts receivable related to product sales as of December 31, 2024.

Contract Revenue

Contract revenue consists of revenue related to a single contract with a customer to recover contract expenses. The expenses incurred related to the contract are primarily classified as research and development expenses on the Company’s condensed consolidated statements of operations and comprehensive loss. The Company recognizes revenue associated with each performance obligation as the research and development services are provided using an input method, according to the actual costs incurred compared to the total costs expected to be incurred to satisfy the performance obligation. The transfer of control occurs as the program expenses are incurred and, in management’s judgment, is the best measure of progress towards satisfying each performance obligation. The transaction price is determined based on the milestones within the contract and there is no variable consideration. Accounts receivable related to the Company’s contract revenue were insignificant and $0.2 million as of December 31, 2025 and December 31, 2024, respectively.

Cost of Goods Sold

Cost of goods sold consists of manufacturing costs, transportation and freight, depreciation, indirect overhead costs (including salary related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Symvess, and third-party royalties payable on our net product revenue. Cost of goods sold may also include period costs related to excess, dated or obsolete inventory adjustment charges, unabsorbed manufacturing and other overhead costs.

Interest Expense

Interest expense is recognized using the effective interest method, which reflects a constant rate of interest over the estimated term of the related financing arrangement. Interest expense includes stated interest, as well as the amortization of original issue discounts, issuance costs, premiums, and other amounts that are economically part of the borrowing. Debt is initially recorded at the proceeds received, net of any discounts and issuance costs, and subsequently amortized and accreted to the contractual repayment amount over the estimated term of the arrangement. Changes in the timing or amount of expected cash flows, when applicable, are accounted for in accordance with U.S. GAAP and reflected prospectively through amortization and accretion into interest expense. Interest expense is recorded in interest expense in the consolidated statements of operations and comprehensive loss.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. There was no difference between net loss and comprehensive loss for the years ended December 31, 2025 and 2024.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, including amounts classified as restricted cash. Total cash balances exceeded insured balances by the Federal Deposit Insurance Corporation as of December 31, 2025 and December 31, 2024. The Company believes it mitigates this risk by monitoring the financial stability of the institutions holding material cash and cash equivalents balances. The Company maintains the majority of these balances at a Global Systemically Important Bank, as designated by the Financial Stability Board. The Company has cash equivalents that are invested in highly rated money market funds that are invested only in obligations of the U.S. government and its agencies. The Company has not experienced any credit loss relating to its cash and cash equivalents.

The Company believes that credit risks associated with its customers and contractual partners are not significant and has not recorded an allowance for credit loss as of December 31, 2025.

Cash and Cash Equivalents

The Company considers all short-term, highly liquid investments, including certificates of deposit (“CDs”) purchased with an original maturity of three months or less at the date of purchase, to be cash equivalents. Cash deposits are held with financial institutions with investment-grade ratings in the U.S. Cash deposits typically exceed federally insured limits. As of December 31, 2025 and 2024, cash and cash equivalents consisted of cash on deposit with banks denominated in U.S. dollars and investments in money market funds.

Restricted Cash

The Company classifies as restricted cash all cash pledged as collateral to secure long-term obligations and all cash whose use is otherwise limited by contractual provisions. As of December 31, 2025 and 2024, the Company classified $0.2 million in funds maintained in a separate deposit account to secure a letter of credit for the benefit of the lessor of the Company’s headquarters lease, and $0.1 million in cash balances held as collateral for the Company’s employee credit card program as restricted cash. As of December 31, 2024, the Company classified $50.0 million as stipulated under the Purchase Agreement as restricted cash. The Purchase Agreement was terminated during the year ended December 31, 2025. See Note 7, Revenue Interest Purchase Agreement for further details.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total of the amounts shown in the consolidated statements of cash flows as of December 31, 2025 and 2024.


	As of December 31,
($ in thousands)	2025		2024
Cash and cash equivalents	$	50,497	$	44,937
Restricted cash included in prepaid expenses and other current assets		144		144
Restricted cash included in long-term assets		209		50,209
Total cash, cash equivalents and restricted cash	$	50,850	$	95,290

Revenue Interest Liability

On May 12, 2023, Humacyte, Inc. and Global entered into the Purchase Agreement (as defined in Note 1) with the Purchasers and another affiliate of Oberland, as agent for the Purchasers. The revenue interest liability associated with the Purchase Agreement was presented net of a debt discount comprised of issuance costs, transaction costs, the fair value of a

freestanding option agreement related to the Purchase Agreement, and the fair value of embedded derivatives requiring bifurcation on the consolidated balance sheets. The Company imputed interest expense associated with this liability.

On December 15, 2025, the Company entered into a payoff letter with the Purchasers and the Purchasers’ Agent pursuant to which the Purchase Agreement and the Option Agreement were terminated in their entirety. As consideration for the termination of these agreements and the satisfaction of all obligations thereunder, the Company paid $38.0 million in cash and issued 5,725,190 shares of Common Stock to the Purchasers. The shares were measured at their fair value of $7.5 million, based on the closing market price of the Company's common stock on the settlement date, which was included as a component of the loss on extinguishment of debt on the consolidated statements of operations and comprehensive loss. The shares issued to the Purchasers in connection with the payoff are discussed in more detail in Note 10. The cash payment was funded with proceeds from a senior secured term loan facility with Avenue Venture Opportunities Fund II, L.P. (see Note 8, Debt). Pursuant to the Loan Agreement, as defined in Note 8, the proceeds of the Term Loan Facility, as defined in Note 8, were required to be used to repay outstanding indebtedness under the Purchase Agreement and for other general corporate purposes. The funding of the first tranche of the Term Loan Facility was conditioned upon delivery of a payoff letter with respect to all indebtedness outstanding under the Purchase Agreement and evidence that the liens securing such indebtedness would be released. The extinguishment of the Purchase Agreement was accounted for as a debt extinguishment under ASC 470-50. The termination of the Purchase Agreement released all liens and security interests previously granted to the Purchasers and their agent and relieved the Company of any further obligations to the Purchasers. See Note 7 for further details.

Derivative Liabilities

The Company evaluates debt instruments and other hybrid contracts for embedded features that may be required to be separated and accounted for as derivative instruments in accordance with ASC Topic 815, “Derivatives and Hedging” (“ASC 815”), and, when applicable, ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”).

In evaluating whether an embedded equity-linked feature qualifies for a derivative scope exception, the Company considers the guidance in ASC 815-40, “Contracts on an Entity’s Own Equity” (“ASC 815-40”), including whether the feature is indexed to the Company’s own stock and meets the related equity classification conditions.

When the Company concludes that an embedded conversion feature must be bifurcated, the Company records the bifurcated embedded feature as a derivative liability at fair value on the issuance date (or modification date, as applicable). The host debt instrument is accounted for under the applicable debt guidance, with the proceeds allocated between the host and the bifurcated derivative, which generally results in a debt discount that is amortized to interest expense over the term of the related debt using the effective interest method.

The derivative liability is subsequently remeasured to fair value at each reporting date, with changes in fair value recognized in earnings within Change in fair value of derivatives in other income (expense), net. The Company estimates fair value using valuation techniques appropriate to the terms of the instrument, which may include option-pricing models, such as Black-Scholes option pricing model, that require highly volatile assumptions and data inputs, including the Company’s common stock price, expected volatility, expected term, risk-free interest rate, and expected dividend yield.

The Company performs its embedded derivative assessment at contract inception and upon modification and also evaluates, each reporting period, whether changes in facts and circumstances affect the accounting for, classification of, or required disclosures related to derivative liabilities.

Contingent Derivative Liability

The Put Option under the Purchase Agreement, as defined in Note 7, exercisable by the Purchasers upon certain contingent events, was determined to be an embedded derivative requiring bifurcation and separately accounted for as a single compound derivative instrument (the “Contingent derivative liability”). In connection with the termination of the Purchase Agreement in December 2025, the embedded derivative was extinguished and derecognized. See Note 7 for further details.

Loan Agreement Conversion Derivative Liability

On December 15, 2025, the Company entered into the Loan Agreement (as defined in Note 8), providing for the Term Loan Facility (as defined in Note 8) of up to $77.5 million in aggregate. Under the Loan Agreement the Lenders (as defined in Note 8), may convert up to $2.5 million of outstanding principal into shares of the Common Stock at a contractually specified price, subject to ownership limitations and customary conditions. The Company evaluated the conversion feature in accordance with ASC 815 and concluded that it does not qualify for the scope exception for contracts indexed to the Company’s own equity. Certain provisions, including those that affect the economics of settlement upon a change in control, result in outcomes that are not consistent with the settlement of a fixed-for-fixed equity instrument. Accordingly, the conversion feature is bifurcated from the host debt and accounted for as a derivative liability at fair value, with subsequent changes in fair value recognized in earnings. At issuance, the Company recognized the bifurcated conversion feature as a derivative liability (the “Loan Agreement conversion derivative liability”), with a corresponding debt discount recorded against the carrying amount of the related term loan. See Note 10 for additional information.

Net Loss per Share Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period without consideration of potentially dilutive shares of Common Stock. Diluted net loss per share attributable to common stockholders reflects the potential dilution that could occur if securities or other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in the earnings of the Company unless inclusion of such shares would be anti-dilutive. As the Company has incurred losses for the years ended December 31, 2025 and 2024, basic and diluted net loss per share is the same for each period.

The following potential shares of Common Stock were excluded from the computation of diluted net loss per share for each period because including them would have had an antidilutive effect:


	Year Ended December 31,
	2025		2024
Exercise of options under stock plan		18,004,681		12,274,139
Exercise of RSUs under stock plan		1,985,390		—
Warrants to purchase Common Stock		42,569,928		14,079,314
Conversion shares issuable under the Loan Agreement		2,500,000		—
Exercise of option by underwriters		308,219		—

The 15,000,000 Contingent Earnout Shares (defined below) are excluded from the anti-dilutive table for all periods presented, as such shares are contingently issuable until the share price of the Company exceeds specified thresholds that have not yet been achieved, or upon the occurrence of a change in control. The Option Agreement, as defined in Note 7, was excluded from the anti-dilutive table for the year ended December 31, 2024, based on the Company’s assumption that the Option Agreement would not be exercised unless the Company’s stock price exceeded $7.50 per share, the minimum purchase price under the Option Agreement. In connection with the termination of the Purchase Agreement in December 2025, the Option Agreement was terminated in its entirety, and as a result, was excluded from the anti-dilutive table for the year ended December 31, 2025. See Note 7 for further details.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. ASC 820, Fair Value Measurement and Disclosures, establishes a hierarchy whereby inputs to valuation techniques used in measuring fair value are prioritized, or the fair value hierarchy. There are three levels to the fair value hierarchy based on reliability of inputs, as follows:

•

Level 1 — Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets.

•

Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 — Unobservable inputs in which little or no market data exists, therefore requiring the Company to develop its own assumptions.

The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period, utilizing valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The determination requires significant judgments to be made by the Company.

Property and Equipment, Net

Property and equipment, net are recorded at cost less accumulated depreciation. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets.

The estimated useful lives for significant asset categories are as follows:


Property and equipment		Estimated Useful Lives (Years)
Scientific equipment		5 – 7
Computer equipment		5
Software		3
Furniture and fixtures		5 – 7
Leasehold improvements		Lesser of useful life or life of lease
Construction in progress		N/A

Impairment of Long-Lived Assets

The Company reviews the carrying value of property and equipment for indicators of possible impairment whenever events and circumstances indicate that the carrying value of an asset or asset group may not be recoverable from the estimated future net undiscounted cash flows expected to result from its use and eventual disposition. In cases where estimated future net undiscounted cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of the asset or asset group. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on this assessment, during the years ended December 31, 2025 and 2024, respectively, the Company concluded there were no such events or changes in circumstances requiring review of the carrying amount of the Company’s long-lived assets and there was no impairment during the years ended December 31, 2025 and 2024.

Income Taxes

Income taxes are computed using the asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements. A valuation allowance is recorded, if necessary, to reduce net deferred tax assets to their realizable values if management does not believe it is more likely than not that the net deferred tax assets will be realized. As of December 31, 2025 and 2024, the Company has recorded a full valuation allowance against its deferred tax assets.

The Company applies the accounting guidance for uncertainties in income taxes, which prescribes a recognition threshold and measurement process for recording uncertain tax positions taken, or expected to be taken, in a tax return in the financial statements. Additionally, the guidance also prescribes the treatment for derecognition, classification, accounting in interim periods and disclosure requirements for uncertain tax positions. The Company accrues for the estimated amount of taxes for uncertain tax positions if it is more likely than not that the Company would be required to pay such additional taxes.

The Company recognizes the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit can be recognized. Assessing an uncertain tax position begins with the initial determination of the sustainability of the position and is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed. Additionally, the Company must accrue interest and related penalties, if applicable, on all tax exposures for which reserves have been established consistent with jurisdictional tax laws.

The Company has analyzed its filing positions in all significant Federal and state jurisdictions where it is required to file income tax returns, as well as open tax years in these jurisdictions. As of December 31, 2025 and 2024, the Company has determined that no uncertain tax positions would have a material impact on the financials statements of the Company. The Company is no longer subject to Federal, state, and local tax examinations by tax authorities for years before 2021 although carry-forward attributes that were generated prior to 2021 may still be adjusted upon examination by the taxing authorities if they either have been or will be used in a future period. No income tax returns are currently under examination by taxing authorities.

As of December 31, 2025 and 2024, the Company had not recorded any amounts for unrecognized tax benefits. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in the provision for income taxes. As of December 31, 2025 and 2024, the Company had no accrued interest or penalties related to uncertain tax positions, and no amounts had been recognized in the Company’s statements of operations and comprehensive loss.

Intellectual Property

The Company seeks to protect its intellectual property by filing patent applications in the United States and abroad related to novel technologies and product candidates that it views as important to its business. The patent positions of biotechnology companies generally, including the Company’s patent positions, is highly uncertain and involves complex legal and factual questions for which legal principles remain unresolved. Patent costs have been expensed as incurred as general and administrative expense.

Research and Development

The Company expenses research and development costs as operating expenses as incurred. Research and development expenses consist primarily of:

•

salaries and related overhead expenses for personnel in research and development functions, including stock-based compensation and benefits;

•

fees paid to CROs and consultants, including in connection with clinical trials, and other related clinical trial fees, such as for clinical site fees and investigator grants related to patient screening and treatment, conduct of clinical trials, laboratory work and statistical compilation and analysis;

•

allocation of facility lease and maintenance costs;

•

depreciation of leasehold improvements, laboratory equipment and computers;

•

costs related to purchasing raw materials for and producing product candidates for clinical trials;

•

costs related to compliance with regulatory requirements;

•

costs related to the manufacturing scale-out initiative; and

•

license fees related to in-licensed technologies.

Accrued Research and Development

The Company has entered into various agreements with CROs, which conduct preclinical studies and clinical trials. The Company’s research and development accruals are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced, are included in accrued expenses on the balance sheet. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets until the services are rendered.

Stock-Based Compensation

The Company accounts for stock-based awards to employees and non-employees in accordance with ASC 718, Compensation - Stock Compensation. Stock-based awards are measured at the grant date based on the award’s fair value and recognized as compensation expense over the requisite service period, which is generally the vesting period.

For awards with graded vesting schedules, the Company recognized compensation expense on a straight-line basis over the requisite period for each separately vesting tranche. For awards with performance-based vesting conditions, compensation expense is recognized over the requisite service period using the accelerated attribution method to the extent achievement of the performance-based condition is probable. The Company does not recognize compensation expense related to awards with performance-based vesting conditions until it is probable that the performance-based vesting condition will be achieved. Forfeitures are accounted for as they occur.

Stock Options

The Company recognizes stock-based compensation expense of stock options based on the grant-date fair value of the awards estimated using the Black-Scholes option-pricing model. Option valuation models, including the Black-Scholes option-pricing model, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility, the expected term of the award, and the fair value of the underlying Common Stock on the date of grant. Forfeitures are accounted for as they occur.

Restricted Stock Units (“RSUs”)

The fair value of RSUs is measured on the grant date based on the closing market price of Common Stock on the grant date. Compensation cost related to RSUs is recognized on a straight-line basis over the requisite service period and is adjusted for forfeitures as they occur.

Common Stock Warrants

The Company evaluates warrants and other freestanding equity-linked financial instruments to determine the appropriate classification as equity or liabilities in accordance with the guidance ASC 480 and ASC 815. In performing this assessment, the Company considers, among other factors, whether the warrant is a freestanding financial instrument, whether the warrant is required to be classified as a liability under ASC 480, and whether the warrant qualifies for the scope exception from derivative accounting for contracts on an entity’s own equity under ASC 815, including whether the warrant is indexed to the Company’s common stock and meets the related equity classification conditions. This assessment requires the use of judgment and is performed at the time of issuance, upon modification, and at the end of each reporting period while warrants remain outstanding.

Equity-classified warrants are classified in stockholders’ equity and are initially recorded at fair value at the issuance date or at the modification date, as applicable. Equity-classified warrants are not subsequently remeasured, unless the warrants are modified and such modification results in reclassification or other accounting consequences.

Warrants that do not meet all criteria for equity classification are recorded as warrant liabilities on the consolidated balance sheets at fair value on the issuance date. Warrant liabilities are subsequently remeasured at fair value at each reporting date, with changes in fair value recognized in earnings in the consolidated statements of operations and comprehensive loss.

The fair value of warrant liabilities is estimated using valuation techniques that are appropriate to the terms of the instruments, which may include option-pricing models, such as Black-Scholes option pricing model, that require highly volatile assumptions and data inputs, including the Company’s common stock price, expected volatility, expected term, risk-free interest rate, and expected dividend yield. Warrant liabilities are classified as Level 3 in the fair value hierarchy due to unobservable inputs. See Note 10, Stockholders’ Equity (Deficit) and Warrants for more details on the Company's outstanding warrants.

Contingent Earnout Liability

Pursuant to the Merger Agreement, following the closing of the Merger (the “Closing”), Legacy Humacyte equity holders are entitled to receive additional merger consideration of up to 15,000,000 additional shares of Common Stock (the “Contingent Earnout Shares”), comprised of two separate tranches of 7,500,000 shares per tranche, for no consideration upon the occurrence of certain triggering events, including a change of control event that is not solely indexed to the Common Stock. In accordance with ASC 815-40, as the earnout shares were not indexed to the common stock, they were accounted for as a liability (“Contingent Earnout Liability”) at the Reverse Recapitalization date and subsequently remeasured at each reporting date with changes in fair value recorded as a component of other income (expense), net in the consolidated statements of operations and comprehensive loss.

The estimated fair value of the Contingent Earnout Liability was determined using a Monte Carlo simulation using a distribution of potential outcomes on a monthly basis over a 10-year period prioritizing the most reliable information available. The assumptions utilized in the calculation were based on the achievement of certain stock price milestones, including the expected volatility and expected term, as well as certain data inputs, including the Common Stock price, risk-free interest rate, and expected dividend yield.

The Contingent Earnout Shares are categorized as a Level 3 fair value measurement (see “Fair Value of Financial Instruments” accounting policy described above) because the Company estimated projections over a 10-year period utilizing unobservable inputs. Contingent earnout payments involve certain assumptions requiring significant judgment and actual results can differ from assumed and estimated amounts.

Leases

The Company accounts for its leases under ASC 842, Leases. The Company determines if an arrangement is or contains a lease and the classification of that lease at inception of a contract. The Company’s operating lease assets are included in “other long-term assets”, and the current and non-current portions of the operating lease liabilities are included in “other current liabilities”, and “other long-term liabilities”, respectively, on the consolidated balance sheets. The Company’s finance lease assets are included in “finance lease right-of-use assets, net”, and the current and non-current portions of the finance lease liabilities are included in “finance lease obligation, current portion”, and “finance lease obligation, net of current portion”, respectively, on the consolidated balance sheets.

Under this guidance, arrangements meeting the definition of a lease are classified as operating or finance leases, and are recorded on the consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease right-of-use assets and lease obligations are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Operating lease right-of-use assets are adjusted for (i) payments made at or before the commencement date, (ii) initial direct costs incurred, and (iii) tenant incentives under the lease. As the implicit rate for the operating leases were

not determinable, the Company used an incremental borrowing rate based on the information available at the respective lease commencement dates in determining the present value of future payments. The incremental borrowing rate represents the interest rate the Company would expect to incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The Company determined the incremental borrowing rate by considering various factors, such as its credit rating, interest rates of similar debt instruments of entities with comparable credit ratings, the lease term and the currency in which the lease was denominated. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably certain the Company will exercise any option to extend the contract.

Lease expenses for minimum lease payments for operating leases are recognized on a straight-line basis over the lease term. Amortization expense of the right-of-use asset for finance leases is recognized on a straight-line basis over the lease term and interest expense for finance leases is recognized based on the incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term.

In calculating the right-of-use assets and lease liabilities, the Company has elected to combine lease and non-lease components for all asset classes. The Company excludes short-term leases, if any, having initial terms of 12 months or less from the guidance under ASC 842 as an accounting policy election, and recognizes rent expense on a straight-line basis over the lease term.

During the third quarter of 2025, the Company executed an amendment to its lease agreements that extended the lease term and modified key financial terms, including rent and related provisions. The amendment also resulted in a remeasurement of the related lease liability and right-of-use asset as of September 30, 2025, using the Company’s incremental borrowing rate at that date. See Note 9, Leases for additional details regarding the amendment and its impact to the condensed consolidated financial statements.

Other Risks and Uncertainties

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, successful discovery and development of its product candidates, the success of clinical trials and other studies for its product candidates, including its ongoing V007 and V012 Phase 3 clinical trials, successful commercialization of Symvess and regulatory approval and commercialization of its product candidates, if approved, the expected size of the target populations for the Company’s product candidates, the degree of market acceptance of Symvess, and if approved by regulatory authorities, our product candidates, the availability of third-party coverage and reimbursement, development by competitors of new technological innovations, the ability to manufacture Symvess and its product candidates in sufficient quantities, expectations regarding the Company’s strategic partnerships, dependence on third parties, key personnel and the ability to attract and retain qualified employees, protection of proprietary technology and confidentiality of trade secrets, compliance with governmental regulations, the Company’s implementation and maintenance of effective internal controls, and the ability to secure additional capital to fund operations and the commercial success of its product candidates.

Product candidates currently under development will require extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s commercialization efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales, and the Company may depend on certain strategic relationships to distribute its products, including the Company’s strategic partnership with Fresenius Medical Care to sell, market and distribute its 6 millimeter ATEV for certain specified indications outside the United States.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures” (“ASU 2023-09”). The FASB issued this update to improve the transparency and comparability of income tax disclosures, including requiring consistent categories and greater disaggregation of information in the rate reconciliation and further disaggregation of income taxes paid by jurisdiction. This standard is effective for fiscal years beginning after December

15, 2024, with early adoption permitted. Entities should apply the amendments prospectively, with retrospective application permitted. The Company adopted ASU 2023-09 in the fourth quarter of the fiscal year 2025 on a prospective basis. The adoption of this ASU had no impact on the Company’s financial position, results of operations, or cash flows. Refer to Note 12, Income Taxes for updated disclosures following the adoption.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement: Reporting Comprehensive Income - Expense Disaggregation Disclosures” (Subtopic 220-40), “Disaggregation of Income Statement Expenses” (“ASU 2024-03”). In January 2025, the FASB issued ASU No. 2025-01, “Income Statement: Reporting Comprehensive Income - Expense Disaggregation Disclosures” (Subtopic 220-40), “Clarifying the Effective Date” (“ASU 2025-01”). ASU 2024-03 requires additional disclosure about the nature and amounts of expenses included in certain expense captions presented on the income statement to enhance the transparency of the relevant expense captions. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Entities may elect to apply the amendments either prospectively or retrospectively. The Company is currently evaluating the impact the adoption of ASU 2024-03 may have on the Company’s consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU No. 2025-10, ”Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities” (“ASU 2025-10”), to provide guidance on how business entities should recognize, measure, and present government grants received. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. Early adoption is permitted, and the amendments may be applied using a modified prospective, modified retrospective, or full retrospective adoption. The Company is currently evaluating the impact the adoption of ASU 2025-10 may have on the Company’s consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU No. 2025-11, ”Interim Reporting (Topic 270): Narrow-Scope Improvements” (“ASU 2025-11”), which is intended to improve the navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with U.S. GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively or retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact the adoption of ASU 2025-11 may have on the Company’s consolidated financial statements and disclosures.

Debt - Schedule of Contractual Maturities of Long-term Debt (Details)
$ in Thousands

Dec. 31, 2025

USD ($)

Contractual Obligation, Fiscal Year Maturity [Abstract]

$ 0

1,667

20,000

20,696

^[1]

Total

$ 42,363

[1]	(a) Includes a contractual final payment of $2.4 million due at maturity.

Stockholders' Equity (Deficit) and Warrants - Private Placement Warrants (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares yr	Dec. 31, 2024 USD ($) $ / shares yr	Aug. 26, 2021 USD ($)
Class of Warrant or Right [Line Items]
Common stock warrant liabilities	$ 19,392	$ 19,254
Private Placement Warrants
Class of Warrant or Right [Line Items]
Common stock warrant liabilities	15	400	$ 600
(Gain) loss on remeasurement of warrants	$ (400)	$ 300
Private Placement Warrants \| Market price of public stock
Class of Warrant or Right [Line Items]
Warrants, measurement input \| $ / shares	0.96	5.05
Private Placement Warrants \| Exercise price
Class of Warrant or Right [Line Items]
Warrants, measurement input \| $ / shares	11.5	11.5
Private Placement Warrants \| Expected term (years)
Class of Warrant or Right [Line Items]
Warrants, measurement input \| yr	0.65	1.65
Private Placement Warrants \| Expected share price volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input	1.786	1.28
Private Placement Warrants \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0354	0.0422
Private Placement Warrants \| Estimated dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input	0	0

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	May 12, 2023	Aug. 26, 2021
Liabilities:
Common stock warrant liabilities	$ 19,392	$ 19,254
Private Placement Warrants
Liabilities:
Common stock warrant liabilities	15	400		$ 600
Recurring
Assets:
Common Stock Purchase Agreement derivative asset	672	672
Total financial assets	44,559	32,716
Liabilities:
Contingent Earnout Liability	11,492	70,961
Total financial liabilities	31,950	92,815
Recurring \| Private Placement Warrants
Liabilities:
Common stock warrant liabilities	15	385
Recurring \| October 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	862	12,437
Recurring \| November 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	437	6,432
Recurring \| October 2025 RDO Warrants Liability
Liabilities:
Common stock warrant liabilities	16,356
Recurring \| Loan Agreement Warrants Liability
Liabilities:
Common stock warrant liabilities	1,722
Recurring \| Contingent derivative liability
Liabilities:
Derivative liability		2,415
Recurring \| Option Agreement liability
Liabilities:
Derivative liability		64	$ 55
Recurring \| JDRF Agreement derivative liability
Liabilities:
Derivative liability	216	121
Recurring \| Loan Agreement Conversion Derivative Liability
Liabilities:
Derivative liability	850
Recurring \| Level 1
Assets:
Common Stock Purchase Agreement derivative asset	0	0
Total financial assets	43,887	32,044
Liabilities:
Contingent Earnout Liability	0	0
Total financial liabilities	0	0
Recurring \| Level 1 \| Private Placement Warrants
Liabilities:
Common stock warrant liabilities	0	0
Recurring \| Level 1 \| October 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	0	0
Recurring \| Level 1 \| November 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	0	0
Recurring \| Level 1 \| October 2025 RDO Warrants Liability
Liabilities:
Common stock warrant liabilities	0
Recurring \| Level 1 \| Loan Agreement Warrants Liability
Liabilities:
Common stock warrant liabilities	0
Recurring \| Level 1 \| Contingent derivative liability
Liabilities:
Derivative liability		0
Recurring \| Level 1 \| Option Agreement liability
Liabilities:
Derivative liability		0
Recurring \| Level 1 \| JDRF Agreement derivative liability
Liabilities:
Derivative liability	0	0
Recurring \| Level 1 \| Loan Agreement Conversion Derivative Liability
Liabilities:
Derivative liability	0
Recurring \| Level 2
Assets:
Common Stock Purchase Agreement derivative asset	672	672
Total financial assets	672	672
Liabilities:
Contingent Earnout Liability	0	0
Total financial liabilities	0	0
Recurring \| Level 2 \| Private Placement Warrants
Liabilities:
Common stock warrant liabilities	0	0
Recurring \| Level 2 \| October 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	0	0
Recurring \| Level 2 \| November 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	0	0
Recurring \| Level 2 \| October 2025 RDO Warrants Liability
Liabilities:
Common stock warrant liabilities	0
Recurring \| Level 2 \| Loan Agreement Warrants Liability
Liabilities:
Common stock warrant liabilities	0
Recurring \| Level 2 \| Contingent derivative liability
Liabilities:
Derivative liability		0
Recurring \| Level 2 \| Option Agreement liability
Liabilities:
Derivative liability		0
Recurring \| Level 2 \| JDRF Agreement derivative liability
Liabilities:
Derivative liability	0	0
Recurring \| Level 2 \| Loan Agreement Conversion Derivative Liability
Liabilities:
Derivative liability	0
Recurring \| Level 3
Assets:
Common Stock Purchase Agreement derivative asset	0	0
Total financial assets	0	0
Liabilities:
Contingent Earnout Liability	11,492	70,961
Total financial liabilities	31,950	92,815
Recurring \| Level 3 \| Private Placement Warrants
Liabilities:
Common stock warrant liabilities	15	385
Recurring \| Level 3 \| October 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	862	12,437
Recurring \| Level 3 \| November 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	437	6,432
Recurring \| Level 3 \| October 2025 RDO Warrants Liability
Liabilities:
Common stock warrant liabilities	16,356
Recurring \| Level 3 \| Loan Agreement Warrants Liability
Liabilities:
Common stock warrant liabilities	1,722
Recurring \| Level 3 \| Contingent derivative liability
Liabilities:
Derivative liability		2,415
Recurring \| Level 3 \| Option Agreement liability
Liabilities:
Derivative liability		64
Recurring \| Level 3 \| JDRF Agreement derivative liability
Liabilities:
Derivative liability	216	121
Recurring \| Level 3 \| Loan Agreement Conversion Derivative Liability
Liabilities:
Derivative liability	850
Recurring \| Cash equivalents (money market funds)
Assets:
Cash equivalents (money market funds)	43,887	32,044
Recurring \| Cash equivalents (money market funds) \| Level 1
Assets:
Cash equivalents (money market funds)	43,887	32,044
Recurring \| Cash equivalents (money market funds) \| Level 2
Assets:
Cash equivalents (money market funds)	0	0
Recurring \| Cash equivalents (money market funds) \| Level 3
Assets:
Cash equivalents (money market funds)	$ 0	$ 0

Leases - Narrative (Details) $ in Thousands		12 Months Ended
Leases - Narrative (Details) $ in Thousands	Sep. 29, 2025 Term	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Leases [Abstract]
Annual escalations	3.00%
Rent abatement term \| Term	2
Increase in lease liability		$ 15,000
Lease liabilities		29,402	$ 16,500
Finance lease right-of-use assets, net		29,146	15,490
Lease liabilities		0	600
Right-of-use assets		$ 0	$ 600
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]			Other long-term assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]			Other Assets, Noncurrent

Fair Value Measurements - Schedule of Changes in Fair Value (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Contingent Earnout Liability

Changes in the fair value of the Level 3 financial instruments

Beginning balance

$ (70,961)

$ (37,916)

Change in fair value included in other income (expense), net

59,469

(33,045)

Ending balance

(11,492)

(70,961)

Contingent derivative liability

Changes in the fair value of the Level 3 financial instruments

Beginning balance

(2,415)

(2,636)

Issuances

(1,552)

Change in fair value included in other income (expense), net

2,126

1,773

Settlement of Contingent derivative liability

^[1]

289

Ending balance

(2,415)

October 2024 RDO Warrants liability

Changes in the fair value of the Level 3 financial instruments

Beginning balance

(12,437)

Issuances

(15,249)

Change in fair value included in other income (expense), net

11,575

2,812

Ending balance

(862)

(12,437)

November 2024 RDO Warrants liability

Changes in the fair value of the Level 3 financial instruments

Beginning balance

(6,432)

Issuances

(6,132)

Change in fair value included in other income (expense), net

5,995

(300)

Ending balance

(437)

(6,432)

October 2025 RDO Warrants Liability

Changes in the fair value of the Level 3 financial instruments

Beginning balance

Issuances

(34,245)

Change in fair value included in other income (expense), net

17,889

Ending balance

(16,356)

Private Placement Warrants

Changes in the fair value of the Level 3 financial instruments

Beginning balance

(385)

(78)

Change in fair value included in other income (expense), net

370

(307)

Ending balance

(15)

(385)

Loan Agreement Warrants Liability

Changes in the fair value of the Level 3 financial instruments

Beginning balance

Issuances

(2,221)

Change in fair value included in other income (expense), net

499

Ending balance

(1,722)

Loan Agreement Conversion Derivative Liability

Changes in the fair value of the Level 3 financial instruments

Beginning balance

Issuances

(1,115)

Change in fair value included in other income (expense), net

265

Ending balance

$ (850)

$ 0

[1]	(a) Contingent derivative liability was extinguished in connection with the termination of the Purchase Agreement in December 2025.

Inventory - Inventory Stated at Lower Costs or Net Realizable Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 5,823	$ 0
Work in progress	6,541	0
Finished goods	10,122	0
Total inventory	22,486	0
Less: inventory reserve	(8,897)	0
Inventory, net	$ 13,589	$ 0

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current assets

Cash and cash equivalents

$ 50,497

$ 44,937

Inventory, net

13,589

Accounts receivable

441

Prepaid expenses and other current assets

3,268

2,922

Total current assets

67,795

47,859

Restricted cash

209

50,209

Property and equipment, net

18,544

23,063

Finance lease right-of-use assets, net

29,146

15,490

Other long-term assets

672

1,251

Total assets

116,366

137,872

Current liabilities

Accounts payable

5,404

4,490

Accrued expenses

10,540

11,424

Finance lease obligation, current portion

2,428

2,917

Revenue interest liability, current portion

885

Other current liabilities

238

Total current liabilities

18,372

19,954

Long-term debt

35,444

^[1]

Contingent Earnout Liability

11,492

70,961

Revenue interest liability

63,354

Common stock warrant liabilities

19,392

19,254

Finance lease obligation, net of current portion

26,974

13,620

Contingent derivative liability

2,415

Other long-term liabilities

1,583

983

Total liabilities

113,257

190,541

Stockholders’ equity (deficit)

Preferred stock, $0.0001 par value; 20,000,000 shares designated as of December 31, 2025 and 2024, 0 shares issued and outstanding as of December 31, 2025 and 2024

Common stock, $0.0001 par value; 350,000,000 and 250,000,000 shares authorized as of December 31, 2025 and 2024, respectively; 193,000,611 and 130,027,509 shares issued and outstanding as of December 31, 2025 and 2024, respectively

Additional paid-in capital

729,937

633,333

Accumulated deficit

(726,848)

(686,015)

Total stockholders’ equity (deficit)

3,109

(52,669)

Total liabilities and stockholders’ equity (deficit)

$ 116,366

$ 137,872

[1]	(a) Principal payable in 24 consecutive monthly installments of $1.7 million beginning December 1, 2027, or December 1, 2028 if the second tranche is funded, with the final payment fee of $2.4 million due at maturity.

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 5,328	$ 5,104

Leases - Quantitative Information About Company's Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finance Leases
Operating cash flows from leases	$ (1,624)	$ (1,523)
Financing cash flows from leases	$ (2,754)	$ (2,579)
Weighted-average remaining lease term	9 years 10 months 24 days	3 years 8 months 26 days
Weighted-average discount rate	8.50%	8.50%
Operating Leases
Operating cash flows from leases	$ (79)	$ (105)
Weighted-average remaining lease term		4 years 3 months
Weighted-average discount rate	0.00%	8.50%

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue	$ 2,038	$ 0
Operating expenses:
Cost of goods sold	9,702	0
Research and development	69,302	88,599
General and administrative	31,171	25,799
Total operating expenses	110,175	114,398
Loss from operations	(108,137)	(114,398)
Other income (expense), net
Interest income	2,587	4,104
Change in fair value of Contingent Earnout Liability	59,469	(33,045)
Interest expense	(11,250)	(9,277)
Change in fair value of derivatives	38,765	3,915
Loss on extinguishment of debt	(22,267)	0
Total other expense, net	67,304	(34,303)
Net loss and comprehensive loss	$ (40,833)	$ (148,701)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.26)	$ (1.26)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.26)	$ (1.26)
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic (in shares)	158,160,468	118,479,097
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, diluted (in shares)	158,160,468	118,479,097
Product [Member]
Revenue	$ 1,389	$ 0
Operating expenses:
Cost of goods sold	9,700	0
Contract Revenue [Member]
Revenue	$ 649	$ 0

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of December 31,
($ in thousands)	2025			2024
Scientific and manufacturing equipment	$	29,715		$	29,059
Computer equipment		104			100
Software		1,024			1,024
Furniture and fixtures		1,066			1,066
Leasehold improvements		27,967			27,901
Total property and equipment		59,876			59,150
Less: accumulated depreciation		(41,332	)		(36,087	)
Property and equipment, net	$	18,544		$	23,063

Depreciation expense totaled $5.3 million and $5.1 million for the years ended December 31, 2025 and 2024, respectively. All long-lived assets are maintained in the United States.

Subsequent Events - Narrative (Details) - USD ($)	Mar. 20, 2026	Mar. 19, 2026	Mar. 25, 2025	Mar. 27, 2025	Mar. 05, 2024
Subsequent Event [Line Items]
Price per share				$ 2	$ 3
ATM Prospectus
Subsequent Event [Line Items]
Number of shares issued			3,750,000
Subsequent Event \| March 2026 Registered Direct Offering
Subsequent Event [Line Items]
Number of shares issued	25,000,000	25,000,000
Price per share		$ 0.8
Net proceeds from sale of stock	$ 18,400,000
Subsequent Event \| ATM Prospectus \| ATM Facility Termination \| Maximum
Subsequent Event [Line Items]
Net proceeds from sale of stock		$ 60,000,000

Stockholders' Equity (Deficit) and Warrants - ATM Facility Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 19, 2026	Dec. 31, 2024	Mar. 17, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 16, 2025	Sep. 01, 2022
Class of Stock [Line Items]
Payments of stock issuance costs				$ 340	$ 350
Jefferies ATM Facility
Class of Stock [Line Items]
Common stock purchase agreement, amount authorized							$ 80,000
Number of shares issued (in shares)		1,333,596
Price per share (in dollars per share)		$ 5.26
Net proceeds from sale of stock		$ 6,800		$ 10,000
TD Cowen ATM Facility
Class of Stock [Line Items]
Aggregate offering price						$ 60,000
TD Cowen ATM Facility \| Subsequent Event
Class of Stock [Line Items]
Number of shares issued (in shares)			4,018,497
Price per share (in dollars per share)			$ 1.16
Net proceeds from sale of stock			$ 4,600
TD Cowen ATM Facility \| Maximum \| Subsequent Event
Class of Stock [Line Items]
Net proceeds from sale of stock	$ 60,000

Stockholders' Equity (Deficit) and Warrants - Warrants (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Aug. 26, 2021
Class of Warrant or Right [Line Items]
Warrants (in shares)	40,935,943	14,079,314
Warrants, exercise price (in dollars per share)			$ 11.5
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	177,500	177,500
Public Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	5,000,000	5,000,000
October 2024 RDO Warrants liability
Class of Warrant or Right [Line Items]
Warrants (in shares)	2,840,910	5,681,820
November 2024 RDO Warrants liability
Class of Warrant or Right [Line Items]
Warrants (in shares)	1,404,494	2,808,988
October 2025 RDO Warrants Liability
Class of Warrant or Right [Line Items]
Warrants (in shares)	28,436,018	0
Loan Agreement Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	2,666,015	0
Warrants, exercise price (in dollars per share)	$ 1.28
Legacy Humacyte Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	411,006	411,006

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows:


	Fair Value Measured as of December 31, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market funds)	$	43,887	$	—	$	—	$	43,887
Common Stock Purchase Agreement derivative asset		—		672		—		672
Total financial assets	$	43,887	$	672	$	—	$	44,559
Liabilities:
Contingent Earnout Liability	$	—	$	—	$	11,492	$	11,492
Private Placement Warrants liability		—		—		15		15
October 2024 RDO Warrants liability		—		—		862		862
November 2024 RDO Warrants liability		—		—		437		437
October 2025 RDO Warrants liability		—		—		16,356		16,356
Loan Agreement Warrants liability		—		—		1,722		1,722
Loan Agreement conversion derivative liability		—		—		850		850
JDRF Agreement derivative liability		—		—		216		216
Total financial liabilities	$	—	$	—	$	31,950	$	31,950


	Fair Value Measured as of December 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market funds)	$	32,044	$	—	$	—	$	32,044
Common Stock Purchase Agreement derivative asset		—		672		—		672
Total financial assets	$	32,044	$	672	$	—	$	32,716
Liabilities:
Contingent Earnout Liability	$	—	$	—	$	70,961	$	70,961
Contingent derivative liability		—		—		2,415		2,415
Private Placement Warrants liability		—		—		385		385
October 2024 RDO Warrants liability		—		—		12,437		12,437
November 2024 RDO Warrants liability		—		—		6,432		6,432
Option Agreement liability		—		—		64		64
JDRF Agreement derivative liability		—		—		121		121
Total financial liabilities	$	—	$	—	$	92,815	$	92,815

The Company’s money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The carrying values of cash, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities as of December 31, 2025 and 2024 approximated their fair values due to the short-term nature of these items.

The fair value of the Contingent Earnout Liability, Contingent derivative liability related to the Put Option (as defined in Note 7 and discussed below), Private Placement Warrants liability, liabilities associated with the Registered Direct Offering Warrants (as defined in Note 10), Option Agreement liability (as defined in Note 7), the derivative liability associated with the JDRF Agreement Disposition Payment, Loan Agreement Warrants liability (as defined in Note 10), and Loan Agreement conversion derivative liability are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. The fair values of the Private Placement Warrants liability, Loan Agreement Warrants liability, and the liabilities associated with the Registered Direct Offering Warrants are included in common stock warrant liabilities on the

consolidated balance sheets. The fair values of the Option Agreement liability, the Loan Agreement conversion derivative liability, and the derivative liability associated with the JDRF Agreement Disposition Payment are included in other long-term liabilities on the consolidated balance sheets.

Common Stock Purchase Agreement

The Company evaluated the Common Stock Purchase Agreement and determined that the agreement should be accounted for in accordance with ASC 815-40, “Derivatives and Hedging — Contracts on an Entity’s Own Equity.” Accordingly, the Company recorded a derivative asset with an initial fair value based on the 115,705 shares of Common Stock issued to Lincoln Park as consideration for its irrevocable commitment to purchase up to $50.0 million in shares of Common Stock. The initial fair value of $0.7 million was based on the closing price of the Common Stock on September 24, 2024, which was $6.12 per share, and the derivative asset is reported as a component of long-term assets on the consolidated balance sheets. Subsequent changes in the fair value of the derivative asset are dependent upon, among other things, changes in the closing share price of Common Stock, the quantity and purchase price of the shares purchased by Lincoln Park during the reporting period and the unused capacity under the Common Stock Purchase Agreement. The Common Stock Purchase Agreement is subsequently remeasured at each reporting date with changes in fair value recorded within Change in fair value of derivatives in the consolidated statements of operations and comprehensive loss. Changes in the fair value of the derivative asset during the period were not significant, and the fair value of the Commitment Shares was $0.7 million as of both December 31, 2025 and December 31, 2024.

Contingent Earnout Liability

The following table presents a summary of the changes in the fair value of the Contingent Earnout Liability:


	Contingent Earnout Liability
	Year Ended December 31,
($ in thousands)	2025			2024
Fair value as of beginning of period	$	(70,961	)	$	(37,916	)
Change in fair value included in other income (expense), net		59,469			(33,045	)
Fair value as of end of period	$	(11,492	)	$	(70,961	)

In determining the fair value of the Contingent Earnout Liability, the Company used the Monte Carlo simulation value model using a distribution of potential outcomes on a monthly basis over a 10-year period prioritizing the most reliable information available. The assumptions utilized in the calculation were based on the achievement of certain stock price milestones, including the expected volatility and expected term, as well as certain data inputs, including the Company’s common stock price, risk-free interest rate, and expected dividend yield (see Note 10). Contingent earnout payments involve certain assumptions requiring significant judgment and actual results can differ from assumed and estimated amounts.

Contingent Derivative Liability

The debt pursuant to the Purchase Agreement, as defined in Note 1, contained an embedded derivative related to the Put Option, as defined in Note 7, requiring bifurcation as a single compound derivative instrument. The Company estimated the fair value of the derivative liability using a “with-and-without” methodology. The “with-and-without” methodology involves valuing the whole instrument on an as-is basis and then valuing the instrument without the individual embedded derivative. The difference between the entire instrument with the embedded derivative compared to the instrument without the embedded derivative was the fair value of the derivative liability at issuance and each subsequent reporting period.

In determining the fair value of the Contingent derivative liability, the Company used the Monte Carlo simulation value model using a distribution of potential outcomes on a monthly basis over a 10-year period. The estimated probability and timing of underlying events triggering the exercisability of the Put Option contained within the Purchase Agreement, forecasted cash flows and the discount rates are significant unobservable inputs used to determine the estimated fair value of the entire instrument with the embedded derivative.

In December 2025, the Purchase Agreement, including the embedded Put Option, was terminated in connection with the extinguishment of the Purchase Agreement (as defined in Note 1), and the Contingent derivative liability was derecognized. Prior to termination, the Contingent derivative liability was measured at fair value, with changes in fair value recognized in other income (expense) in the consolidated statements of operations and comprehensive loss and classified within Change in fair value of derivatives.

The discount rates used in the final fair value measurement prior to termination were 12.6% for the present value of the revenue forecast and 12.2% for the present value of the payoff of the Put Option. As of December 31, 2024, the discount rates used to calculate the value of the Contingent derivative liability were 14.2% to calculate the present value of the revenue forecast and 11.8% to calculate the present value of the payoff of the Put Option.

The following table presents a summary of the changes in the fair value of the Contingent derivative liability:


	Contingent Derivative Liability
	Year Ended December 31,
($ in thousands)	2025			2024
Fair value as of beginning of period	$	(2,415	)	$	(2,636	)
Fair value of embedded derivative upon issuance of debt		—			(1,552	)
Change in fair value included in other income (expense), net		2,126			1,773
Settlement of Contingent derivative liability(a)		289			—
Fair value as of end of period	$	—		$	(2,415	)

_______________________

(a) Contingent derivative liability was extinguished in connection with the termination of the Purchase Agreement in December 2025.

Registered Direct Offering Warrants Liabilities

In determining the fair values of the Registered Direct Offering Warrants liabilities, the Company used the Black-Scholes valuation model to estimate fair value utilizing significant assumptions for expected volatility and expected term and data inputs including the current Common Stock price, risk-free rate, and expected dividend yield (see Note 10, Stockholders’ Equity (Deficit) and Warrants).

The following tables present a summary of the changes in the fair values of the Registered Direct Offering Warrants liabilities:


	Year Ended December 31, 2025
($ in thousands)	October 2024 RDO Warrants			November 2024 RDO Warrants			October 2025 RDO Warrants
Fair value as of beginning of period	$	(12,437	)	$	(6,432	)	$	—
Issuances		—			—			(34,245	)
Change in fair value included in other income (expense), net		11,575			5,995			17,889
Fair value as of end of period	$	(862	)	$	(437	)	$	(16,356	)


	Year Ended December 31, 2024
($ in thousands)	October 2024 RDO Warrants			November 2024 RDO Warrants
Fair value as of beginning of period	$	—		$	—
Issuances		(15,249	)		(6,132	)
Change in fair value included in other income (expense), net		2,812			(300	)
Fair value as of end of period	$	(12,437	)	$	(6,432	)

Private Placement Warrants Liability

In determining the fair value of the Private Placement Warrants liability, the Company used the Black-Scholes valuation model to estimate fair value utilizing significant assumptions for expected volatility and expected term and data inputs including the current Common Stock price, risk-free rate, and expected dividend yield (see Note 10).

The following table presents a summary of the changes in the fair value of the Private Placement Warrants liability:


	Private Placement Warrants
	Year Ended December 31,
($ in thousands)	2025			2024
Fair value as of beginning of period	$	(385	)	$	(78	)
Change in fair value included in other income (expense), net		370			(307	)
Fair value as of end of period	$	(15	)	$	(385	)

Loan Agreement Warrants Liability

In determining the fair value of the Loan Agreement Warrants liability (as defined in Note 10), the Company used the Black-Scholes valuation model to estimate fair value utilizing significant assumptions for expected volatility and expected term and data inputs including the current Common Stock price, risk-free rate, and expected dividend yield (see Note 10).

The following table presents a summary of the changes in the fair value of the Loan Agreement Warrants liability:


	Loan Agreement Warrants Liability
($ in thousands)	Year Ended December 31, 2025
Fair value as of beginning of period	$	—
Fair value upon issuance		(2,221	)
Change in fair value included in other income (expense), net		499
Fair value as of end of period		(1,722	)

Loan Agreement Conversion Derivative Liability

In determining the fair value of the Loan Agreement conversion derivative liability, the Company used the Black-Scholes valuation model to estimate fair value utilizing significant assumptions for expected volatility and expected term and data inputs including the current Common Stock price, risk-free rate, and expected dividend yield (see Note 10).

The following table presents a summary of the changes in the fair value of the Loan Agreement conversion derivative liability:


	Loan Agreement Conversion Derivative Liability
($ in thousands)	Year Ended December 31, 2025
Fair value as of beginning of period	$	—
Fair value of embedded derivative upon issuance of debt		(1,115	)
Change in fair value included in other income (expense), net		265
Fair value as of end of period		(850	)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Shares
Beginning of period (in shares)	12,274,139
Granted (in shares)	9,811,647
Exercised (in shares)	(19,614)
Forfeited (in shares)	(4,061,491)
End of period (in shares)	18,004,681	12,274,139
Number of shares, Vested and exercisable (in shares)	7,651,474
Number of shares, Vested and expected to vest (in shares)	18,004,681
Weighted Average Exercise Price Per Share
Options outstanding, beginning of period (in dollars per share)	$ 4.96
Granted (in dollars per share)	3.3
Exercised (in dollars per share)	3.14
Forfeited (in dollars per share)	4.13
Options outstanding, end of period (in dollars per share)	4.25	$ 4.96
Weighted average exercise price, Vested and exercisable (in dollars per share)	5.38
Weighted average exercise price, Vested and expected to vest (in dollars per share)	$ 4.25
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, outstanding (in years)	7 years 8 months 12 days	7 years 8 months 12 days
Weighted average remaining contractual term, Vested and exercisable (in years)	5 years 10 months 24 days
Weighted average remaining contractual term, Vested and expected to vest (in years)	7 years 8 months 12 days
Aggregate intrinsic value, outstanding	$ 0	$ 16,202
Aggregate intrinsic value, Vested and exercisable	0
Aggregate intrinsic value, Vested and expected to vest	$ 0

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The Company did not record any income tax expense or benefit during the years ended December 31, 2025 and 2024. The Company has a net operating loss and has provided a valuation allowance against net deferred tax assets due to uncertainties regarding the Company’s ability to realize these assets. The majority of losses before income taxes arose in the U.S.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Significant components of the Company’s deferred tax assets and deferred tax liabilities, including valuation allowances, are as follows:


	As of December 31,
($ in thousands)	2025			2024
Deferred tax assets:
Net operating loss	$	126,657		$	97,880
Capitalized research and development		54,491			57,498
Research credits		32,624			27,278
Stock-based compensation		1,276			1,141
Inventory reserve		1,905			—
Right-of-use lease liability		—			127
Accrued expenses		96			105
Other		1			1
Total deferred tax asset		217,050			184,030
Less: valuation allowance		(216,288	)		(182,867	)
Total net deferred tax asset		762			1,163
Deferred tax liabilities:
Basis difference in fixed assets		(762	)		(1,041	)
Right-of-use lease assets		—			(122	)
Total deferred tax liability		(762	)		(1,163	)
Total net deferred tax asset/(liability)	$	—		$	—

For the years ended December 31, 2025 and 2024, the Company had no income taxes paid, net of refunds received.

A valuation allowance is provided for deferred tax assets where the recoverability of the assets is uncertain. The determination to provide a valuation allowance is dependent upon the assessment of whether it is more likely than not that

sufficient future taxable income will be generated to utilize the deferred tax assets. Based on the weight of the available evidence, which includes the Company’s historical operating losses, lack of taxable income and the accumulated deficit, the Company provided a full valuation allowance against the deferred tax assets resulting from the tax loss and credits carried forward as of December 31, 2025 and December 31, 2024.

On November 18, 2021, North Carolina enacted the 2021 Appropriations Act, which included a gradual corporate income tax rate decrease from the current 2.5% to 0% by 2030. The Company is in a cumulative loss position and does not have significant deferred tax liabilities that can be utilized as a source of taxable income in the future. Therefore, the Company has reduced its North Carolina deferred tax assets, including the net operating losses, to zero, as no benefit is expected to be realized from these deferred tax assets prior to 2030 when there would be no income tax in North Carolina. If the Company becomes profitable prior to 2030, the Company will recognize an income tax benefit related to the portion of its North Carolina deferred tax assets utilized.

The reconciliation of the U.S. federal income tax provision at the statutory federal income tax rate of 21% for the year ended December 31, 2025, to our provision for income taxes was as follows:



	Year Ended December 31, 2025
($ in thousands)	Amount			Rate
Income tax benefit at statutory rate	$	(8,575	)		21.0	%
State income taxes, net of federal benefit(a)		376			(0.9	)%
Research and development tax credits		(5,346	)		13.1	%
Change in valuation allowance		31,624			(77.4	)%
Other nondeductible expenses:
Stock compensation		1,161			(2.8	)%
Fair value adjustments		(20,629	)		50.5	%
Other nondeductible expenses		37			(0.1	)%
Deferred tax adjustment		1,352			(3.3	)%
Provision for income taxes	$	—			0.0	%

(a) State taxes in North Carolina made up the majority (greater than 50%) of the tax effect in the state and local income taxes, net of federal income tax effect category for 2025.

The reconciliation of the U.S. federal income tax provision for 2025 above reflects the adoption of ASU 2023-09, which was adopted prospectively for the year ended December 31, 2025. See Note 2, Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncements for additional information on the adoption of ASU 2023-09.

The reconciliation of the U.S. federal income tax provision at the statutory federal income tax rate of 21% for the year ended December 31, 2024 to our provision for income taxes, as previously disclosed, prior to the adoption of ASU 2023-09, was as follows:


	Year Ended December 31, 2024
($ in thousands)	Amount			Rate
Income tax benefit at statutory rate	$	(31,227	)		21.0	%
State income taxes, net of federal benefit		(2,399	)		1.6	%
Tax credits		(4,548	)		3.1	%
Other nondeductible expenses		6,702			(4.5	)%
Deferred rate changes		2,256			(1.5	)%
Deferred tax true-up(a)		(1,973	)		1.3	%
Change in valuation allowance		31,189			(21.0	)%
Provision for income taxes	$	—			0.0	%

(a) The deferred tax true-up for 2024 primarily relates to executive compensation subject to IRC Section 162(m) limitations.

The domestic and foreign components of pretax earnings from continuing operations for the year ended December 31, 2025 are as follows:


($ in thousands)	Year Ended December 31, 2025
United States	$	(40,833	)
Foreign		(1	)
Total	$	(40,834	)

As of December 31, 2025 the Company had approximately $599.4 million and $614.8 million of gross Federal and state net operating losses, respectively. Of this amount, $438.2 million of Federal net operating losses are subject to an 80% limitation on taxable income, do not expire and will carry forward indefinitely, while the remaining amount begins to expire in 2026. Some of these state net operating losses included in these amounts follow the Federal Tax Cuts and Jobs Act and are carried over indefinitely. The Company’s state net operating losses began to expire in 2020 and will expire completely in 2045. The state operating loss carryforwards are inclusive of North Carolina net operating losses, which are recorded at a zero benefit.

As of December 31, 2025 and 2024, the Company had Federal and state research tax credit carryforwards of $32.6 million and $27.3 million, respectively. These credit carryforwards will begin to expire in 2026 and will expire completely in 2045.

Net operating loss carryforwards and tax credit carryforwards are subject to review and possible adjustment by the IRS, and may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant stockholders or groups over a three-year period in excess of 50% as defined under Sections 382 and 383 in the Internal Revenue Code, which could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not determined whether there have been any cumulative ownership changes or the impact on the utilization of the loss carryforwards if such changes have occurred. A section 382 study will be performed at a time when forthcoming profitability is reasonably anticipated.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law, which includes significant changes to U.S. tax law. The Company has evaluated the impact of OBBBA and determined that it does not have a material impact on the financial statements as of and for the year ended December 31, 2025 due to a full valuation allowance established against net deferred tax assets. The Company will continue to evaluate the potential impact of OBBBA on future periods.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue Interest Purchase Agreement - Summary of Revenue Interest Liability Activity (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 15, 2025

Sep. 17, 2025

May 08, 2024

Dec. 31, 2025

Dec. 31, 2024

Revenue Interest Liability Activity [Roll Forward]

Revenue interest liability at December 31, 2024

$ 0

Revenue interest payments

(45)

$ 0

Settlement of the Purchase Agreement

(88,000)

Revenue interest liability at December 31, 2025

35,444

^[1]

Revenue Interest Purchase Agreement

Revenue Interest Liability Activity [Roll Forward]

Interest expense recognized

8,700

7,700

Revenue interest payments

(100)

Partial call payment under Purchase Agreement Amendment

$ (50,000)

Settlement of the Purchase Agreement

$ (38,000)

Revenue Interest Purchase Agreement | Unsecured Debt

Revenue Interest Liability Activity [Roll Forward]

Revenue interest liability at December 31, 2024

64,239

Interest expense recognized

8,743

Revenue interest payments

(45)

Partial call payment under Purchase Agreement Amendment

$ (50,000)

(50,000)

Settlement of the Purchase Agreement

(22,937)

Revenue interest liability at December 31, 2025

$ 0

$ 64,239

[1]	(a) Principal payable in 24 consecutive monthly installments of $1.7 million beginning December 1, 2027, or December 1, 2028 if the second tranche is funded, with the final payment fee of $2.4 million due at maturity.

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Significant Components of Deferred Tax Assets and Deferred Tax Liabilities

Significant components of the Company’s deferred tax assets and deferred tax liabilities, including valuation allowances, are as follows:


	As of December 31,
($ in thousands)	2025			2024
Deferred tax assets:
Net operating loss	$	126,657		$	97,880
Capitalized research and development		54,491			57,498
Research credits		32,624			27,278
Stock-based compensation		1,276			1,141
Inventory reserve		1,905			—
Right-of-use lease liability		—			127
Accrued expenses		96			105
Other		1			1
Total deferred tax asset		217,050			184,030
Less: valuation allowance		(216,288	)		(182,867	)
Total net deferred tax asset		762			1,163
Deferred tax liabilities:
Basis difference in fixed assets		(762	)		(1,041	)
Right-of-use lease assets		—			(122	)
Total deferred tax liability		(762	)		(1,163	)
Total net deferred tax asset/(liability)	$	—		$	—

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the U.S. federal income tax provision at the statutory federal income tax rate of 21% for the year ended December 31, 2025, to our provision for income taxes was as follows:



	Year Ended December 31, 2025
($ in thousands)	Amount			Rate
Income tax benefit at statutory rate	$	(8,575	)		21.0	%
State income taxes, net of federal benefit(a)		376			(0.9	)%
Research and development tax credits		(5,346	)		13.1	%
Change in valuation allowance		31,624			(77.4	)%
Other nondeductible expenses:
Stock compensation		1,161			(2.8	)%
Fair value adjustments		(20,629	)		50.5	%
Other nondeductible expenses		37			(0.1	)%
Deferred tax adjustment		1,352			(3.3	)%
Provision for income taxes	$	—			0.0	%

(a) State taxes in North Carolina made up the majority (greater than 50%) of the tax effect in the state and local income taxes, net of federal income tax effect category for 2025.


	Year Ended December 31, 2024
($ in thousands)	Amount			Rate
Income tax benefit at statutory rate	$	(31,227	)		21.0	%
State income taxes, net of federal benefit		(2,399	)		1.6	%
Tax credits		(4,548	)		3.1	%
Other nondeductible expenses		6,702			(4.5	)%
Deferred rate changes		2,256			(1.5	)%
Deferred tax true-up(a)		(1,973	)		1.3	%
Change in valuation allowance		31,189			(21.0	)%
Provision for income taxes	$	—			0.0	%

(a) The deferred tax true-up for 2024 primarily relates to executive compensation subject to IRC Section 162(m) limitations.

Schedule of Domestic and Foreign Components of Pretax Earnings From Continuing Operations

The domestic and foreign components of pretax earnings from continuing operations for the year ended December 31, 2025 are as follows:


($ in thousands)	Year Ended December 31, 2025
United States	$	(40,833	)
Foreign		(1	)
Total	$	(40,834	)

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Carrying Amount of the Term Loan Facility

As of December 31, 2025, the carrying amount of the Term Loan Facility was as follows:


	As of December 31, 2025
($ in thousands)	Principal		Carrying Amount(a)
Term Loan Facility due 2029(b)	$	40,000	$	40,000
Less: unamortized debt issuance costs				(1,220	)
Less: unamortized debt discounts				(3,336	)
			$	35,444

_____________________

(a) Principal payable in 24 consecutive monthly installments of $1.7 million beginning December 1, 2027, or December 1, 2028 if the second tranche is funded, with the final payment fee of $2.4 million due at maturity.

(b) Interest payable monthly beginning on January 1, 2026.

Contractual Maturities of Long-term Debt

As of December 31, 2025, the contractual maturities of long-term debt were as follows:


($ in thousands)	Maturities
2026	$	—
2027		1,667
2028		20,000
2029(a)		20,696
Total	$	42,363

_____________________

(a) Includes a contractual final payment of $2.4 million due at maturity.

Stockholders' Equity (Deficit) and Warrants - Common Stock Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) Vote $ / shares shares	Dec. 31, 2024 USD ($) shares	Jun. 30, 2025 shares	Jun. 29, 2025 shares
Class of Stock [Line Items]
Common stock, authorized (in shares)	350,000,000	250,000,000	350,000,000	250,000,000
Dividends, common stock \| $	$ 0	$ 0
Number of vote per common share held \| Vote	1
Common stock, shares issued (in shares)	193,000,611	130,027,509
Term Loan Facility
Class of Stock [Line Items]
Common stock, shares issued (in shares)	0
Conversion amount \| $	$ 2,500,000
Warrant price, percent	130.00%
Common stock price lower level \| $ / shares	$ 1.28
Oberland Capital Management LLC
Class of Stock [Line Items]
Common stock, shares issued (in shares)	5,725,190
Proceeds from the issuance of common stock \| $	$ 0

Revenue Interest Purchase Agreement - Narrative (Details)								12 Months Ended
	Dec. 15, 2025 USD ($) shares	Sep. 17, 2025 USD ($)	Aug. 14, 2024 USD ($)	May 08, 2024 USD ($)	Mar. 11, 2024 USD ($)	Feb. 29, 2024 USD ($)	May 12, 2023 USD ($) $ / shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 19, 2024 USD ($)
Revenue Interest Liability [Line Items]
Restricted cash								$ 209,000	$ 50,209,000
Payments of transaction costs related to Revenue Interest Purchase Agreement								774,000	0
Revenue interest payment								45,000	0
Purchase agreement cash repayment								$ 88,000,000	$ 0
Common stock, shares issued (in shares) \| shares								193,000,611	130,027,509
Revenue interest liability, current portion								$ 0	$ 885,000
Loss on extinguishment of debt								(22,267,000)	0
Embedded Derivative Financial Instruments, Revenue Interest Purchase Agreement \| Recurring
Revenue Interest Liability [Line Items]
Derivative Liability									2,415,000
Option Agreement \| Recurring
Revenue Interest Liability [Line Items]
Derivative Liability							$ 55,000		64,000
Revenue Interest Purchase Agreement
Revenue Interest Liability [Line Items]
Total investment amount							150,000,000
Upfront payment received							$ 40,000,000
Milestone payment, borrowing capacity, amount undrawn										$ 40,000,000
Payments on revenue interest liability		$ 50,000,000
Contingent cash collateral, restricted amount				$ 50,000,000				12,500,000
Royalty percentage							0.075
Percentage of cumulative purchaser payments							1
Percentage of cumulative purchaser payments less total revenue interest payments due							1
Percentage threshold of cumulative purchaser payments required for discontinuance of revenue interest payments							1.50
Percentage threshold of cumulative purchaser payments required for termination of purchase agreement							1.95
Purchaser payments, at discounted repurchase price							$ 95,500,000
Purchase Agreement, Discounted Repurchase Price, Portion Satisfied Through Issuance of Common Stock							7,500,000
Contingent cash collateral funded			$ 54,000,000
Contingent cash collateral, restricted amount			$ 50,000,000
Restricted cash		50,000,000						0	50,000,000
Payments of transaction costs related to Revenue Interest Purchase Agreement							2,100,000		500,000
Revenue interest payment								100,000	0
Purchase agreement cash repayment	$ 38,000,000
Common stock, shares issued (in shares) \| shares	5,725,190
Fair value of common stock shares for repayment of debt	$ 7,500,000
Unsecured Debt									64,200,000
Revenue interest liability, current portion									900,000
Interest expense								8,700,000	7,700,000
Loss on extinguishment of debt								22,300,000
Revenue Interest Purchase Agreement \| Unsecured Debt
Revenue Interest Liability [Line Items]
Payments on revenue interest liability		$ 50,000,000		$ 50,000,000				50,000,000
Revenue interest payment								45,000
Purchase agreement cash repayment								22,937,000
Interest expense								8,743,000
Revenue Interest Purchase Agreement \| Embedded Derivative Financial Instruments, Revenue Interest Purchase Agreement
Revenue Interest Liability [Line Items]
Debt discount from embedded contingent derivative liability					$ 1,600,000		2,400,000
TPC Investments III LP and TPC Investment Solutions LP \| Option Purchase Agreement
Revenue Interest Liability [Line Items]
Option agreement, value of shares authorized for issuance							$ 10,000,000
Option agreement, minimum exercise price (in dollars per share) \| $ / shares							$ 7.5
Option agreement, number of days volume-weighted average price							15 days
Option agreement, common stock issued						$ 1,950,000,000
Option agreement, remaining right to purchase common stock								$ 0	$ 8,050,000
Period Two \| Revenue Interest Purchase Agreement
Revenue Interest Liability [Line Items]
Percentage of cumulative purchaser payments, repurchase price							1.75
Period Three \| Revenue Interest Purchase Agreement
Revenue Interest Liability [Line Items]
Percentage of cumulative purchaser payments, repurchase price							1.95
Subsequent Installment One
Revenue Interest Liability [Line Items]
Milestone payment received					20,000,000
Subsequent Installment One \| Revenue Interest Purchase Agreement
Revenue Interest Liability [Line Items]
Milestone payment received					$ 20,000,000

Stockholders' Equity (Deficit) and Warrants - Warrants (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Aug. 26, 2021
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share)		$ 11.5
Loan Agreement Warrants
Class of Warrant or Right [Line Items]
Base aggregate exercise value	$ 3.4
Warrants, exercise price (in dollars per share)	$ 1.28

Organization and Description of Business

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

1. Organization and Description of Business

Organization

Humacyte, Inc. and subsidiaries (unless the context indicates otherwise, collectively, the “Company”) is pioneering the development and manufacture of off-the-shelf, universally implantable, bioengineered human tissues, advanced tissue constructs and organ systems with the goal of improving the lives of patients and transforming the practice of medicine. The Company is leveraging its regenerative medicine technology platform to develop proprietary product candidates for use in the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas.

On August 26, 2021 (the “Closing Date”), Alpha Healthcare Acquisition Corp. (“AHAC”) consummated a merger pursuant to a Business Combination Agreement, dated as of February 17, 2021 (the “Merger Agreement”), by and among Humacyte, Inc. (“Legacy Humacyte”), AHAC and Hunter Merger Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of AHAC. As contemplated by the Merger Agreement, Merger Sub merged with and into Legacy Humacyte, with Legacy Humacyte continuing as the surviving corporation and as a wholly-owned subsidiary of AHAC (such transactions, the “Merger,” and, collectively with the other transactions described in the Merger Agreement, the “Reverse Recapitalization”). On the Closing Date, AHAC changed its name to Humacyte, Inc. and Legacy Humacyte changed its name to Humacyte Global, Inc. (“Global”). The Merger was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and under this method of accounting, AHAC was treated as the acquired company for financial reporting purposes and Legacy Humacyte was treated as the acquirer. Operations prior to the Merger are those of Legacy Humacyte.

Liquidity and Going Concern

Since its inception in 2004, the Company has incurred operating losses and negative cash flows from operations in each year. To date, the Company has financed its operations primarily through the sale of equity securities and convertible debt, proceeds from the Reverse Recapitalization, borrowings under loan facilities, proceeds from a revenue interest purchase agreement and, to a lesser extent, through product revenue, governmental and other grants. At December 31, 2025 and December 31, 2024, the Company had an accumulated deficit of $726.8 million and $686.0 million, respectively. The Company’s operating losses were $108.1 million and $114.4 million for the years ended December 31, 2025 and 2024, respectively. Net cash flows used in operating activities were $105.0 million and $98.1 million during the years ended December 31, 2025 and 2024, respectively. Substantially all of the Company’s operating losses resulted from costs incurred in connection with the Company’s research and development programs and from general and administrative costs associated with the Company’s operations. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future as the Company advances its product candidates.

As of December 31, 2025, the Company had available cash and cash equivalents of $50.5 million. Subsequent to December 31, 2025, on March 20, 2026, we issued and sold to certain investors in a registered direct offering 25,000,000 shares of Common Stock at a price of $0.80 per share (the “March 2026 Registered Direct Offering”). Net proceeds to the Company from the March 2026 Registered Direct Offering were approximately $18,400,000, after deducting the placement agent’s fees and estimated expenses payable by the Company. Also, from January 1, 2026 until March 17, 2026, we sold an aggregate of 4,018,497 shares of Common Stock under the TD Cowen ATM Facility (defined in Note 10) at an average price of $1.16 per share for net proceeds of approximately $4.6 million. On March 19, 2026, we suspended and terminated the ATM Prospectus (defined in Note 10), pursuant to which shares had been sold under the TD Cowen ATM Facility.

As further disclosed in Note 7, Revenue Interest Purchase Agreement, on May 12, 2023, Humacyte, Inc. and Global entered into a Revenue Interest Purchase Agreement (the “Purchase Agreement”) with two purchasers, both affiliates of Oberland Capital Management LLC (the “Purchasers”), and another affiliate of Oberland Capital Management LLC (“Oberland”), as agent for the Purchasers (the “Agent”), to obtain financing with respect to the further development and commercialization of the

Company’s ATEV, to repay the Company’s then-existing credit facility with Silicon Valley Bank (“SVB”), and for other general corporate purposes.

The Purchase Agreement contained customary representations and warranties and affirmative covenants for transactions of this type, including, among others, the provision of financial and other information to the Purchaser, notice to the Purchaser upon the occurrence of certain material events, and compliance with applicable laws. The Purchase Agreement also contained customary negative covenants, including certain restrictions on the ability to incur indebtedness and grant liens or security interests on assets. On February 18, 2024, the Company reached an agreement with the Purchasers and the Agent to waive certain breaches related to, and extend the deadline for certain post-closing obligations under, the Purchase Agreement, including the requirement for the Company to deliver a leasehold mortgage in favor of the Agent over the Company’s headquarters. On May 8, 2024, the Company agreed with the Purchasers to amend the Purchase Agreement to remove requirements related to the leasehold mortgage. In exchange for removing this requirement, the Company agreed to fund an account in the amount of $54.0 million over which the Agent had certain consent and other rights to $50.0 million of the funds. The Company funded an account with the required $54.0 million on August 14, 2024. On September 17, 2025, the Company and Humacyte Global, Inc. (“Humacyte Global”) entered into a second amendment to the Purchase Agreement (the “Purchase Agreement Amendment”) with the Purchasers and the Agent to amend the Purchase Agreement. In connection with the Purchase Agreement Amendment, the Company made a $50.0 million repayment under the Purchase Agreement (the “Purchase Agreement Amendment Payment”), funded from the restricted cash previously maintained for the benefit of the Agent. As a result of the Purchase Agreement Amendment Payment, the Company was no longer obligated to maintain $50.0 million of restricted cash in an account for the benefit of the Agent. As of December 31, 2025 and 2024, $0.0 million and $50.0 million, respectively, related to the Purchase Agreement was classified as restricted cash on the accompanying consolidated balance sheets.

On December 15, 2025, the Company entered into a payoff letter with the Purchasers and the Purchasers’ Agent pursuant to which the Purchase Agreement and the Option Agreement were terminated in their entirety. As consideration for the termination of these agreements and the satisfaction of all obligations thereunder, the Company paid $38.0 million in cash and issued 5,725,190 shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”), to the Purchasers. The cash payment was funded with proceeds from the Term Loan Facility (see Note 8, Debt). Pursuant to the Loan Agreement, the proceeds of the Term Loan Facility are required to be used to repay outstanding indebtedness under the Purchase Agreement and for other general corporate purposes. The funding of the first tranche of the Term Loan Facility was conditioned upon delivery of a payoff letter with respect to all indebtedness outstanding under the Purchase Agreement and evidence that the liens securing such indebtedness would be released. The extinguishment of the Purchase Agreement was accounted for as a debt extinguishment under ASC 470-50. The termination of the Purchase Agreement released all liens and security interests previously granted to the Purchasers and their agent and relieved the Company of any further obligations to the Purchasers. The shares issued to the Purchasers in connection with the payoff are discussed in more detail in Note 10, Stockholders’ Equity (Deficit) and Warrants. As of December 31, 2025 and 2024, $0.0 million and $64.2 million, respectively, was recorded as a revenue interest liability on the accompanying consolidated balance sheets. See Note 7, Revenue Interest Purchases Agreement, for further discussion

On September 24, 2024, the Company entered into a common stock purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”) for an equity line financing (the “Common Stock Purchase Agreement”). The Common Stock Purchase Agreement provides that, subject to the terms and conditions set forth therein, the Company has the sole right, but not the obligation, to sell to Lincoln Park shares of Common Stock, having an aggregate value of up to $50.0 million (the “Purchase Shares”) over a 24-month period. The Company controls the timing and amount of any sales of Purchase Shares to Lincoln Park pursuant to the Common Stock Purchase Agreement in its sole discretion. As of December 31, 2025, the Company had $47.5 million in remaining availability for sales of Common Stock under the Common Stock Purchase Agreement. There were no purchases under the Common Stock Purchase Agreement during the fiscal year ended December 31, 2025. As of December 31, 2024, the Company had completed sales of shares under the Common Stock Purchase Agreement that provided $2.5 million in gross proceeds. See Note 10 for further discussion.

On September 1, 2022, we entered into a sales agreement with Jefferies LLC, acting as sales agent (the “Jefferies ATM Sales Agreement”) for the sale from time to time of up to $80.0 million of shares of Common Stock (the “Jefferies ATM

Facility”). In December 2024, we sold an aggregate of 1,333,596 shares of Common Stock under the Jefferies ATM Facility at an average price of $5.26 per share for net proceeds of approximately $6.8 million. In the year ended December 31, 2025, the Company completed sales of shares under the Jefferies ATM Facility that provided net proceeds of approximately $10.0 million. On November 21, 2025, the Company delivered a notice to Jefferies LLC terminating the Jefferies ATM Sales Agreement, which termination became effective 10 days thereafter. As of December 31, 2025, no shares remained available for issuance under the Jefferies ATM Facility.

The Company will not have sufficient liquidity to fund its operations beyond one year from the issuance of these financial statements if the Company is unable to generate sufficient cash flows from commercial sales on a timely basis and/or obtain additional capital. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The future viability of the Company is dependent on its ability to generate cash flows from the sale of Symvess and raise additional capital to finance its operations. The Company plans to seek additional funding through private or public equity financings, debt financings, debt refinancings or restructurings, collaborations, strategic alliances, and marketing, distribution or licensing arrangements. Adequate additional capital may not be available to the Company when needed or on acceptable terms. If the Company is unable to raise capital, the Company plans to implement a program that delays, reduces, suspends or ceases certain of its planned capital expenditures, research and development programs or any future commercialization efforts, which would have a negative impact on its business, prospects, operating results and financial condition. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (40,833)	$ (148,701)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stock-based Compensation - Narrative (Details) $ / shares in Units, $ in Millions						12 Months Ended
	May 17, 2027	May 15, 2026	Jan. 01, 2025 shares	Jan. 01, 2024 shares	Aug. 25, 2021 Plan	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Nov. 30, 2025 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans \| Plan					2
Outstanding awards (in shares)						18,004,681	12,274,139
Weighted-average grant-date fair value per share of options granted (in dollars per share) \| $ / shares						$ 2.58	$ 4.82
Total intrinsic value of options exercised \| $							$ 2.0
Stock-based compensation capitalized to inventory \| $						$ 0.7
Unrecognized stock-based compensation cost \| $						$ 23.5
Unrecognized stock-based compensation cost, period for recognition						2 years 6 months
Long-Term Incentive Plan, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in available shares			5.00%	5.00%		5.00%
Number of additional shares authorized (in shares)			6,501,375	5,183,686
Number of shares remaining available for grant (in shares)						4,581,530
Outstanding awards (in shares)						16,704,562
Exercise price \| $ / shares								$ 1.23
Omnibus Incentive Plan, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding awards (in shares)						3,285,509
Stock Option Plan, 2005
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding awards (in shares)						0
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent of closing trading price						85.00%
Annual increase in available shares						1.00%
Exercise of options under stock plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term						10 years
Accelerated vesting commencement period						30 days
Accelerated vesting ending period						12 days
Estimated dividend yield						0.00%	0.00%
Exercise of options under stock plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						0 months
Exercise of options under stock plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						48 months
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding awards (in shares)						1,985,390	0
Unrecognized stock-based compensation cost \| $						$ 2.1
Unrecognized stock-based compensation cost, period for recognition						10 months 24 days
Restricted Stock Units \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%	50.00%

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net Income (Loss)	$ (40,833,000)	$ (148,701,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	5,328,000	5,104,000
Stock-based compensation expense	9,753,000	6,137,000
Change in fair value of Contingent Earnout Liability	(59,469,000)	33,045,000
Non-cash interest expense	9,109,000	7,754,000
Change in fair value of derivatives	(38,765,000)	(3,915,000)
Loss on disposal of property and equipment	5,000	4,000
Loss on extinguishment of debt	22,267,000	0
Inventory reserve	8,897,000	0
Amortization expense	2,017,000	2,086,000
Non-cash operating lease costs	44,000	53,000
Changes in operating assets and liabilities:
Accounts receivable	(261,000)	0
Inventory	(21,827,000)	0
Prepaid expenses and other current assets	(527,000)	88,000
Accounts payable	973,000	(1,962,000)
Accrued expenses	(1,709,000)	2,238,000
Operating lease obligation	(44,000)	(53,000)
Net cash used in operating activities	(105,042,000)	(98,122,000)
Cash flows from investing activities
Purchase of property and equipment, net	(884,000)	(1,572,000)
Net cash used in investing activities	(884,000)	(1,572,000)
Cash flows from financing activities
Proceeds from the Term Loan Facility	39,783,000	0
Payments of transaction costs related to the Loan Agreement	(774,000)	0
Payments of costs related to public offering	(340,000)	(350,000)
Payments on revenue interest liability	(45,000)	0
Settlement of the Purchase Agreement	(88,000,000)	0
Proceeds from the Purchase Agreement, net of issuance costs	0	20,000,000
Payments of transaction costs related to the Purchase Agreement	0	(500,000)
Proceeds from the exercise of stock options	61,000	1,511,000
Proceeds from the JDRF Agreement	175,000	240,000
Payments of finance lease principal	(2,754,000)	(2,579,000)
Net cash provided by financing activities	61,486,000	114,183,000
Net increase (decrease) in cash, cash equivalents and restricted cash	(44,440,000)	14,489,000
Cash, cash equivalents and restricted cash at the beginning of the period	95,290,000	80,801,000
Cash, cash equivalents and restricted cash at the end of the period	50,850,000	95,290,000
Supplemental disclosure of noncash activities:
Unpaid transaction costs related to the Loan Agreement	446,000	0
Increase in right-of-use assets and lease liabilities resulting from lease remeasurement	14,965,000	0
Accrual of transaction costs associated with public offering	156,000	0
Debt discount from embedded contingent derivative liability	0	1,552,000
Issuance of commitment shares pursuant to the Common Stock Purchase Agreement	0	708,000
Public Stock Offering
Cash flows from financing activities
Proceeds from the issuance of common stock	47,000,000	43,396,000
Registered Direct Offerings
Cash flows from financing activities
Proceeds from the issuance of common stock	56,450,000	43,126,000
Jefferies ATM Facility
Cash flows from financing activities
Proceeds from the issuance of common stock	9,930,000	6,809,000
Common Stock Purchase Agreement
Cash flows from financing activities
Proceeds from the issuance of common stock	$ 0	$ 2,530,000

Stockholders' Equity (Deficit) and Warrants - Equity Line Financing Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended		15 Months Ended
	Sep. 24, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Class of Stock [Line Items]
Unpaid transaction costs		$ 5,404	$ 4,490	$ 5,404
Recurring
Class of Stock [Line Items]
Derivative asset		$ 672	672	$ 672
Equity Line Financing
Class of Stock [Line Items]
Common stock purchase agreement, amount authorized	$ 50,000
Common stock purchase agreement, term	24 months
Number of shares issued (in shares)		0		500,000
Derivative asset		$ 700	700	$ 700
Closing price of common stock (in dollars per share)	$ 6.12
Common stock purchase agreement, amount remaining		47,500		47,500
Price per share (in dollars per share)	$ 6.12
Proceeds from issuance and sale of common stock		$ 0	2,530	$ 2,500
Transaction costs expensed			$ 200
Equity Line Financing \| Recurring
Class of Stock [Line Items]
Derivative asset	$ 700
Equity Line Financing \| Commitment Shares
Class of Stock [Line Items]
Number of shares issued (in shares)	115,705

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares designated (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000	250,000,000
Common stock, shares issued (in shares)	193,000,611	130,027,509
Common stock, shares outstanding (in shares)	193,000,611	130,027,509

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Segment Reporting Information, by Segment

Research and Development Expenses


	Year Ended December 31,
($ in thousands)	2025		2024
Direct Expenses
Vascular Trauma	$	892	$	2,181
AV Access		5,944		6,620
PAD		—		143
Total		6,836		8,944
Unallocated Expenses
External services		5,241		7,071
Materials and supplies		16,173		21,765
Payroll and personnel expenses		33,380		36,537
Other research and development expenses		7,672		14,282
Total		62,466		79,655
Total research and development expenses	$	69,302	$	88,599

Non-cash Operating Expenses


	Year Ended December 31,
($ in thousands)	2025		2024
Depreciation expense	$	5,328	$	5,104
Stock-based compensation expense		10,411		6,137

Schedule of Cash and Cash Equivalents


	As of December 31,
($ in thousands)	2025		2024
Cash and cash equivalents	$	50,497	$	44,937
Restricted cash included in prepaid expenses and other current assets		144		144
Restricted cash included in long-term assets		209		50,209
Total cash, cash equivalents and restricted cash	$	50,850	$	95,290

Schedule of Restricted Cash


	As of December 31,
($ in thousands)	2025		2024
Cash and cash equivalents	$	50,497	$	44,937
Restricted cash included in prepaid expenses and other current assets		144		144
Restricted cash included in long-term assets		209		50,209
Total cash, cash equivalents and restricted cash	$	50,850	$	95,290

Schedule of Securities That Could Potentially Dilute Net Loss Per Share in the Future That Were Not Included in the Computation of Diluted Net Income Loss Per Share

The following potential shares of Common Stock were excluded from the computation of diluted net loss per share for each period because including them would have had an antidilutive effect:


	Year Ended December 31,
	2025		2024
Exercise of options under stock plan		18,004,681		12,274,139
Exercise of RSUs under stock plan		1,985,390		—
Warrants to purchase Common Stock		42,569,928		14,079,314
Conversion shares issuable under the Loan Agreement		2,500,000		—
Exercise of option by underwriters		308,219		—

Summary of Estimated Useful Lives for Significant Asset Categories

The estimated useful lives for significant asset categories are as follows:


Property and equipment		Estimated Useful Lives (Years)
Scientific equipment		5 – 7
Computer equipment		5
Software		3
Furniture and fixtures		5 – 7
Leasehold improvements		Lesser of useful life or life of lease
Construction in progress		N/A

Property and equipment, net consisted of the following:


	As of December 31,
($ in thousands)	2025			2024
Scientific and manufacturing equipment	$	29,715		$	29,059
Computer equipment		104			100
Software		1,024			1,024
Furniture and fixtures		1,066			1,066
Leasehold improvements		27,967			27,901
Total property and equipment		59,876			59,150
Less: accumulated depreciation		(41,332	)		(36,087	)
Property and equipment, net	$	18,544		$	23,063

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

Sales of Shares

On March 19, 2026, the Company entered into certain securities purchase agreements pursuant to which the Company agreed to issue and sell to certain investors in the March 2026 Registered Direct Offering 25,000,000 shares of Common Stock at a price of $0.80 per share. The net proceeds to the Company from the March 2026 Registered Direct Offering were

approximately $18,400,000, after deducting the placement agent’s fees and estimated expenses payable by the Company. The March 2026 Registered Direct Offering closed on March 20, 2026.

In addition, as a result of the March 2026 Registered Direct Offering described above, the exercise price of the warrant issued to the Lenders in connection with the Loan Agreement was adjusted downward in accordance with the terms of the warrant agreement.

ATM Prospectus Suspension

On March 19, 2026, the Company delivered written notice to TD Cowen (as defined in Note 1), that it was suspending and terminating the ATM Prospectus (as defined in Note 10), relating to the sale of up to $60 million of Common Stock, that may be issued and sold pursuant to the Sales Agreement (as defined in Note 10). The Company will not make any further sales of its Common Stock pursuant to the Sales Agreement unless and until a new prospectus, prospectus supplement or registration statement is filed. Other than the suspension and termination of the ATM Prospectus, the Sales Agreement remains in full force and effect.

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

8. Debt

On December 15, 2025, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Avenue Venture Opportunities Fund II, L.P. and its affiliates (the “Lenders”), as administrative agent and collateral agent, providing for a senior secured term loan facility (the “Term Loan Facility”) of up to $77.5 million in the aggregate that matures on December 1, 2029. At closing, the Company drew $40.0 million under the first tranche of the Term Loan Facility, the proceeds of which were used primarily to repay the outstanding liabilities under the Purchase Agreement, as discussed in Note 7. Additional tranches of up to $12.5 million and $25.0 million may be made available in the future, at the discretion of the Lenders, upon the satisfaction of specified revenue, regulatory approval, and liquidity conditions. The Company is not obligated to draw any additional amounts.

Borrowings under the Term Loan Facility bear interest at a rate equal to the greater of 11.50% or the Wall Street Journal Prime Rate plus 4.50%. Interest-only payments are due monthly beginning in January 2026. As of December 31, 2025, the carrying value of the Term Loan Facility approximated its fair value. The Company entered into the Term Loan Facility in mid-December 2025, and its stated interest rate of 11.50% was consistent with market terms for similar debt instruments as of year end.

The Company is not required to make principal payments until December 1, 2027, or December 1, 2028 if the second tranche is funded. Beginning on that date, principal will be repaid in equal monthly installments through the maturity date.

The Term Loan Facility includes a contractual final payment fee of $2.4 million due at maturity, which is recognized as additional interest cost and is accreted to the Term Loan balance using the effective interest method over the contractual term of the Term Loan. Accretion of the final payment fee, together with amortization of debt discounts and debt issuance costs, is included in interest expense.

The Term Loan Facility is secured by substantially all of the assets of the Company and certain of its subsidiaries and is subject to customary affirmative and negative covenants.

In connection with the entry into the Term Loan Facility, the Company issued the Lenders warrants to purchase up to $5.0 million in Common Stock. In addition, the Lenders have the right, subject to certain conditions, to convert up to $2.5 million of outstanding principal into shares of Common Stock. See Note 10 for further details.

As of December 31, 2025, the Term Loan Facility is classified as long-term debt on the consolidated balance sheets and is recorded at amortized cost, net of unamortized debt discounts and issuance costs. The debt discounts were recorded upon issuance as a result of the initial recognition of (i) Lender warrants classified as a liability and (ii) a bifurcated conversion feature classified as a derivative liability, each discussed in Note 10.

Debt issuance costs and debt discounts are amortized to interest expense over the contractual term of the Term Loan Facility using the effective interest method. Changes in the fair value of the Lender warrants and the derivative liability are recognized in earnings in accordance with the accounting described in Note 10 and are not components of interest expense.

As of December 31, 2025, the carrying amount of the Term Loan Facility was as follows:


	As of December 31, 2025
($ in thousands)	Principal		Carrying Amount(a)
Term Loan Facility due 2029(b)	$	40,000	$	40,000
Less: unamortized debt issuance costs				(1,220	)
Less: unamortized debt discounts				(3,336	)
			$	35,444

_____________________

(b) Interest payable monthly beginning on January 1, 2026.

As of December 31, 2025, the contractual maturities of long-term debt were as follows:


($ in thousands)	Maturities
2026	$	—
2027		1,667
2028		20,000
2029(a)		20,696
Total	$	42,363

_____________________

(a) Includes a contractual final payment of $2.4 million due at maturity.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Reclassifications

Segments

Additional disaggregated significant segment expenses that are not separately presented on the Company’s consolidated statements of operations and comprehensive loss are presented below.

Research and Development Expenses


	Year Ended December 31,
($ in thousands)	2025		2024
Direct Expenses
Vascular Trauma	$	892	$	2,181
AV Access		5,944		6,620
PAD		—		143
Total		6,836		8,944
Unallocated Expenses
External services		5,241		7,071
Materials and supplies		16,173		21,765
Payroll and personnel expenses		33,380		36,537
Other research and development expenses		7,672		14,282
Total		62,466		79,655
Total research and development expenses	$	69,302	$	88,599

development platform used across programs, process development, manufacturing analytics and preclinical research and development for prospective product candidates and new technologies.

Non-cash Operating Expenses


	Year Ended December 31,
($ in thousands)	2025		2024
Depreciation expense	$	5,328	$	5,104
Stock-based compensation expense		10,411		6,137

Inventory

Revenue Recognition

Revenue from Customers

satisfies a performance obligation. ASC 606 also impacts certain other areas, such as the accounting for costs to obtain or fulfill a contract.

In addition, ASC 606 requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.

Product Revenue

Contract Revenue

Cost of Goods Sold

Interest Expense

Comprehensive Loss

Concentration of Credit Risk

The Company believes that credit risks associated with its customers and contractual partners are not significant and has not recorded an allowance for credit loss as of December 31, 2025.

Cash and Cash Equivalents

Restricted Cash


	As of December 31,
($ in thousands)	2025		2024
Cash and cash equivalents	$	50,497	$	44,937
Restricted cash included in prepaid expenses and other current assets		144		144
Restricted cash included in long-term assets		209		50,209
Total cash, cash equivalents and restricted cash	$	50,850	$	95,290

Revenue Interest Liability

The revenue interest liability associated with the Purchase Agreement was presented net of a debt discount comprised of issuance costs, transaction costs, the fair value of a

On December 15, 2025, the Company entered into a payoff letter with the Purchasers and the Purchasers’ Agent pursuant to which the Purchase Agreement and the Option Agreement were terminated in their entirety. As consideration for the termination of these agreements and the satisfaction of all obligations thereunder, the Company paid $38.0 million in cash and issued 5,725,190 shares of Common Stock to the Purchasers. The shares were measured at their fair value of $7.5 million, based on the closing market price of the Company's common stock on the settlement date, which was included as a component of the loss on extinguishment of debt on the consolidated statements of operations and comprehensive loss. The shares issued to the Purchasers in connection with the payoff are discussed in more detail in Note 10. The cash payment was funded with proceeds from a senior secured term loan facility with Avenue Venture Opportunities Fund II, L.P. (see Note 8, Debt). Pursuant to the Loan Agreement, as defined in Note 8, the proceeds of the Term Loan Facility, as defined in Note 8, were required to be used to repay outstanding indebtedness under the Purchase Agreement and for other general corporate purposes. The funding of the first tranche of the Term Loan Facility was conditioned upon delivery of a payoff letter with respect to all indebtedness outstanding under the Purchase Agreement and evidence that the liens securing such indebtedness would be released. The extinguishment of the Purchase Agreement was accounted for as a debt extinguishment under ASC 470-50. The termination of the Purchase Agreement released all liens and security interests previously granted to the Purchasers and their agent and relieved the Company of any further obligations to the Purchasers. See Note 7 for further details.

Derivative Liabilities

Contingent Derivative Liability

Loan Agreement Conversion Derivative Liability

Net Loss per Share Attributable to Common Stockholders

Fair Value of Financial Instruments

•

Level 1 — Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets.

•

Level 3 — Unobservable inputs in which little or no market data exists, therefore requiring the Company to develop its own assumptions.

Property and Equipment, Net

The estimated useful lives for significant asset categories are as follows:


Property and equipment		Estimated Useful Lives (Years)
Scientific equipment		5 – 7
Computer equipment		5
Software		3
Furniture and fixtures		5 – 7
Leasehold improvements		Lesser of useful life or life of lease
Construction in progress		N/A

Impairment of Long-Lived Assets

Income Taxes

The Company’s policy is to recognize interest and penalties related to uncertain tax positions in the provision for income taxes.

Intellectual Property

Research and Development

The Company expenses research and development costs as operating expenses as incurred. Research and development expenses consist primarily of:

•

salaries and related overhead expenses for personnel in research and development functions, including stock-based compensation and benefits;

•

allocation of facility lease and maintenance costs;

•

depreciation of leasehold improvements, laboratory equipment and computers;

•

costs related to purchasing raw materials for and producing product candidates for clinical trials;

•

costs related to compliance with regulatory requirements;

•

costs related to the manufacturing scale-out initiative; and

•

license fees related to in-licensed technologies.

Accrued Research and Development

Stock-Based Compensation

Stock Options

Restricted Stock Units (“RSUs”)

•

Fair Value of Common Stock. The fair value of the Common Stock has been determined based on the closing price of the shares on Nasdaq.

•

Expected Term. The expected term represents the period that stock options are expected to be outstanding. The Company calculated the expected term using the simplified method for options, which is available where there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting-tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting-tranches, the times from grant until the mid-points for each of the tranches may be averaged to provide an overall expected term.

•

Expected Volatility. The expected volatility was determined based on a blended approach using the historical share volatility of the Common Stock and that of several publicly traded peer companies over a period of time equal to the expected term of the options, as the Company has a limited trading history. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies.

•

Risk-Free Interest Rate. The risk-free interest rate was based on the yields of U.S. Treasury zero-coupon securities with maturities similar in duration to the expected term of the options.

•

Expected Dividend Yield. The Company has not paid dividends on its Common Stock nor does it expect to pay dividends in the foreseeable future. Accordingly, the Company has estimated the dividend yield to be zero.

Common Stock Warrants

Contingent Earnout Liability

Leases

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Common Stock Purchase Agreement

Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 10,411	$ 6,137
Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	305	0
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	10,106	6,137
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	4,391	2,851
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 6,020	$ 3,286

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Commitment Shares	Public Stock Offering	Registered Direct Offerings	Jefferies ATM Facility	Common Stock Purchase Agreement	Common Stock	Common Stock Commitment Shares	Common Stock Public Stock Offering	Common Stock Registered Direct Offerings	Common Stock Jefferies ATM Facility	Common Stock Common Stock Purchase Agreement	Additional Paid-in Capital	Additional Paid-in Capital Commitment Shares	Additional Paid-in Capital Public Stock Offering	Additional Paid-in Capital Registered Direct Offerings	Additional Paid-in Capital Jefferies ATM Facility	Additional Paid-in Capital Common Stock Purchase Agreement	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023							103,673,728
Beginning balance at Dec. 31, 2023	$ 13,546						$ 10						$ 550,850						$ (537,314)
Equity
Issuance of common stock (in shares)								115,705	15,410,000	8,490,808	1,333,596	500,000
Issuance of common stock		$ 708	$ 43,046	$ 21,745	$ 6,809	$ 2,530			$ 2	$ 1				$ 708	$ 43,044	$ 21,744	$ 6,809	$ 2,530
Proceeds from the exercise of stock options (in shares)							503,672
Proceeds from the exercise of stock options	1,511												1,511
Stock-based compensation	6,137												6,137
Net Income (Loss)	$ (148,701)																		(148,701)
Ending balance (in shares) at Dec. 31, 2024	130,027,509						130,027,509
Ending balance at Dec. 31, 2024	$ (52,669)						$ 13						633,333						(686,015)
Equity
Issuance of common stock (in shares)									25,000,000	28,436,018	3,792,280
Issuance of common stock			$ 46,660	$ 22,049	$ 9,930				$ 3	$ 3					$ 46,657	$ 22,046	$ 9,930
Issuance of stock in settlement of the Purchase Agreement	$ 7,500						$ 1						7,499
Issuance of stock in settlement of the Purchase Agreement (in share)							5,725,190
Proceeds from the exercise of stock options (in shares)	19,614						19,614
Proceeds from the exercise of stock options	$ 61												61
Stock-based compensation	10,411												10,411
Net Income (Loss)	$ (40,833)																		(40,833)
Ending balance (in shares) at Dec. 31, 2025	193,000,611						193,000,611
Ending balance at Dec. 31, 2025	$ 3,109						$ 20						$ 729,937						$ (726,848)

Stockholders' Equity (Deficit) and Warrants - Common Stock Reserved for Future Issuances (Parenthetical) (Details) - TD Cowen ATM Facility - Subsequent Event - USD ($) $ in Millions		3 Months Ended
	Mar. 19, 2026	Mar. 17, 2026
Class of Stock [Line Items]
Net proceeds from sale of stock		$ 4.6
Maximum
Class of Stock [Line Items]
Net proceeds from sale of stock	$ 60.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Stockholders' Equity (Deficit) and Warrants - Registered Direct Offering Warrants Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Oct. 31, 2025 USD ($) $ / shares	Oct. 06, 2025 $ / shares	Nov. 15, 2024 USD ($)	Nov. 13, 2024 $ / shares shares	Oct. 07, 2024 USD ($)	Oct. 04, 2024 $ / shares shares	Aug. 26, 2021 $ / shares
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share)									$ 11.5
Common stock warrant liabilities \| $	$ 19,392	$ 19,254
October 2024 Registered Direct Offering
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share)								$ 5.28
November 2024 Registered Direct Offering
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share)						$ 5.34
October 2025 Registered Direct Offering
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share)				$ 2.11
Registered Direct Offerings [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Beneficial Ownership Limitation, Percentage								0.0499
Class of Warrant or Right, Beneficial Ownership Limitation, Increased Election, Percentage								0.0999
Class of warrant or right, number of securities called by warrants or rights (in shares) \| shares	0	0
Registered Direct Warrants, 180 Day, October 2024 \| October 2024 Registered Direct Offering
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares) \| shares								2,840,910
Warrants, exercise price (in dollars per share)								$ 5.28
Expected term (years)								180 days
Registered Direct Warrants, 1,640 Day, October 2024 \| October 2024 Registered Direct Offering
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares) \| shares								2,840,910
Warrants, exercise price (in dollars per share)								$ 5.28
Expected term (years)								1640 days
October 2024 RDO Warrants liability \| October 2024 Registered Direct Offering
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares) \| shares								5,681,820
Common stock warrant liabilities \| $	$ 1,000						$ 15,200
(Gain) loss on remeasurement of warrants \| $	(11,600)	$ (2,800)
Registered Direct Warrants, 180 Day, November 2024 \| November 2024 Registered Direct Offering
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares) \| shares						1,404,494
Warrants, exercise price (in dollars per share)						$ 5.34
Expected term (years)						180 days
Registered Direct Warrants, 1,640 Day, November 2024 \| November 2024 Registered Direct Offering
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares) \| shares						1,404,494
Warrants, exercise price (in dollars per share)						$ 5.34
Expected term (years)						1640 days
Registered Direct Warrants, 180 Day, October 2025 \| October 2025 Registered Direct Offering
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share)			$ 2.11
Expected term (years)			180 days
Common stock warrant liabilities \| $			$ 34,300
(Gain) loss on remeasurement of warrants \| $	(17,900)
November 2024 RDO Warrants liability \| November 2024 Registered Direct Offering
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares) \| shares						2,808,988
Common stock warrant liabilities \| $	400				$ 6,100
(Gain) loss on remeasurement of warrants \| $	$ (6,000)	$ 300

Revenue Interest Purchase Agreement (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Revenue Interest Liability Activity

The following table summarizes the revenue interest liability activity during the year ended December 31, 2025:


($ in thousands)
Revenue interest liability at December 31, 2024	$	64,239
Interest expense recognized		8,743
Revenue interest payments		(45	)
Partial call payment under Purchase Agreement Amendment		(50,000	)
Settlement of the Purchase Agreement		(22,937	)
Revenue interest liability at December 31, 2025	$	—

Stockholders' Equity (Deficit) and Warrants - Public Offering Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 27, 2025	Mar. 25, 2025	Mar. 05, 2024
Class of Stock [Line Items]
Price per share (in dollars per share)	$ 2		$ 3
Public Stock Offering
Class of Stock [Line Items]
Number of shares issued (in shares)	25,000,000		15,410,000
Net proceeds from issuance and sale of stock	$ 46.7		$ 43.0
Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued (in shares)		3,750,000
Over-allotment option, period		30 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Inventory - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventory	$ 22,486	$ 0
Inventory reserve	$ 8,897	$ 0

Leases - Total Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finance lease cost
Amortization of right-of-use assets	$ 2,017	$ 2,086
Interest on lease liabilities	1,624	1,523
Total finance lease cost	3,641	3,609
Operating lease cost	79	105
Total lease cost	$ 3,720	$ 3,714

Stockholders' Equity (Deficit) and Warrants - Loan Agreement Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 15, 2025	Dec. 31, 2024	Aug. 26, 2021
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share)				$ 11.5
Warrant fair value	$ 19,392		$ 19,254
Loan facility		$ 77,500
Term Loan Facility due 2029
Class of Warrant or Right [Line Items]
Warrant fair value		5,000
Loan facility		$ 77,500
Loan Agreement Warrant Sales
Class of Warrant or Right [Line Items]
Base aggregate exercise value	5,000
Loan Agreement Warrants
Class of Warrant or Right [Line Items]
Base aggregate exercise value	3,400
Additional exercise value	$ 1,600
Warrants, exercise price (in dollars per share)	$ 1.28
Warrant fair value	$ 2,200
Loan Agreement Warrants \| Loan Agreement Warrant Sales
Class of Warrant or Right [Line Items]
Warrant fair value	1,700
Gain on remeasurement of warrants	$ 500

Income Taxes - Schedule of Domestic and Foreign Components of Pretax Earnings From Continuing Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
United States	$ (40,833)
Foreign	(1)
Total	$ (40,834)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Nov. 18, 2021
Operating Loss Carryforwards [Line Items]
Deferred tax assets, state			$ 0
Statutory federal income tax rate	21.00%	21.00%
Income tax expense (benefit)	$ 0	$ 0
Income taxes paid, net of refunds received	$ 0	0
Limitation on taxable income (as a percent)	80.00%
Research tax credit carryforwards	$ 32,600,000	$ 27,300,000
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	599,400,000
Operating loss carryforwards not subject to expiration	438,200,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 614,800,000

Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

11. Stock-based Compensation

At Closing, the 2021 Long-Term Incentive Plan, (the “2021 Plan”), and the 2021 Employee Stock Purchase Plan, (the “ESPP”), became effective. Under the 2021 Plan, the Company can grant non-statutory stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance awards and other forms of

equity-based awards. Under the ESPP, when and if implemented, eligible employees will be permitted to purchase shares of Common Stock at the lower of 85% of the closing trading price per share of Common Stock on the first day of the offering period or 85% of the closing trading price per share on the exercise date, which will occur on the last day of each offering period.

The 2021 Plan and ESPP provide that on January 1 of each year, the share reserve under the 2021 Plan and the ESPP will automatically increase in an amount equal to the lesser of (a) 5% and 1%, respectively, of the number of shares of Common Stock outstanding on December 31 of the preceding year and (b) a number of shares of Common Stock determined by the Company’s board of directors. The Company’s board of directors determined that there would be no automatic increase in the number of shares reserved under the 2021 Plan on January 1, 2023. The 2021 Plan share reserve automatically increased on January 1, 2024 by 5,183,686 shares, which was equivalent to 5% of the number of shares of Common Stock outstanding on December 31, 2023. The 2021 Plan share reserve automatically increased on January 1, 2025 by 6,501,375 shares, which was equivalent to 5% of the number of shares of Common Stock outstanding on December 31, 2024. Since the inception of the ESPP, the Company’s board of directors has determined that there would be no automatic increase in the number of shares reserved under the ESPP. Effective April 17, 2025, the Company’s board of directors reduced the number of shares reserved under the ESPP to zero shares of Common Stock. As of December 31, 2025, 4,581,530 shares of Common Stock were available under the 2021 Plan.

Prior to the Closing, Legacy Humacyte had two equity incentive plans, the 2015 Omnibus Incentive Plan, as amended, (the “2015 Plan”), and the 2005 Stock Option Plan (the “2005 Plan”). As a result of the Merger, after the Closing no further awards were granted under either the 2015 Plan or the 2005 Plan. All awards previously granted and outstanding as of the effective date of the Merger were adjusted to reflect the impact of the Merger as set forth in the Merger Agreement, but otherwise retained their original terms. The shares underlying any award granted under the 2021 Plan or the 2015 Plan that are forfeited, cancelled or reacquired by the Company prior to vesting, that expire or that are paid out in cash rather than shares will become available for grant and issuance under the 2021 Plan. As of December 31, 2025, 16,704,562 and 3,285,509 shares of Common Stock remain reserved for outstanding options issued under the 2021 Plan and the 2015 Plan, respectively, and there were no shares of Common Stock outstanding under the 2005 Plan. The Company has sufficient authorized and unissued shares to issue Common Stock in satisfaction of any outstanding awards and any awards available for grant under the 2021 Plan.

Stock Options

The Company’s stock option plans allow for the grant of awards that the Company believes aid in aligning the interests of award recipients with those of its stockholders. The Company’s board of directors or compensation committee determines the specific terms of equity incentive grants, including the exercise price per share and vesting period for option awards. Option awards are granted with an exercise price equal to the fair market value of the Common Stock at the date of grant.

The Company has granted options that include either a service-based or performance-based vesting condition, or both, and a 10-year contractual term. The service-based vesting condition for the plans is generally satisfied over 0 to 48 months from the date of grant. The performance-based vesting conditions are satisfied upon the attainment of certain product development milestones.

Option awards under the Company’s option plans generally provide for accelerated vesting of the unvested portions of any option award in the event of an involuntary termination, as such term is defined in the relevant stock option agreement, of a grantee’s employment during the period that commences 30 days prior to the effective date of a corporate transaction and that ends 12 months following the effective date of such transaction. Additionally, the Company’s board of directors may, in its sole discretion, accelerate the vesting of any unvested stock options in the event of a corporate transaction.

The Company estimated the fair value of stock options on the date of grant using the following assumptions in the Black-Scholes option-pricing model:


	Year Ended December 31,
	2025			2024
Estimated dividend yield		0	%		0	%
Expected share price volatility (weighted average and range, if applicable)	92.7% (91.7% to 100.9%)			91.8% (90.8% to 92.8%)
Risk-free interest rate (weighted average and range, if applicable)	4.23% (3.76% to 4.45%)			4.12% (3.54% to 4.41%)
Expected term of options (in years)		6.06			6.25

•

Fair Value of Common Stock. The fair value of the Common Stock has been determined based on the closing price of the shares on Nasdaq.

•

Risk-Free Interest Rate. The risk-free interest rate was based on the yields of U.S. Treasury zero-coupon securities with maturities similar in duration to the expected term of the options.

•

A summary of option activity under the Company’s stock option plans during the year ended December 31, 2025 is presented below:


	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2024		12,274,139		$	4.96		7.7	$	16,202
Granted		9,811,647			3.30
Exercised		(19,614	)		3.14
Forfeited		(4,061,491	)		4.13
Options outstanding at December 31, 2025		18,004,681		$	4.25		7.7	$	—
Vested and exercisable, December 31, 2025		7,651,474		$	5.38		5.9	$	—
Vested and expected to vest, December 31, 2025		18,004,681		$	4.25		7.7	$	—

The weighted-average grant-date fair value per share of options granted during the years ended December 31, 2025 and 2024 was $2.58 and $4.82, respectively. The total intrinsic value of options exercised during the years ended December 31, 2025 and 2024 was insignificant and $2.0 million, respectively.

In November 2025, the Company granted stock options to certain members of executive management under the 2021 Plan. The stock options have an exercise price of $1.23 per share, equal to the closing price of Common Stock at the grant date. The first one-third of the options becomes exercisable on February 14, 2026, after which one-third of the options will become exercisable on November 16, 2026, and the remaining one-third will become exercisable on November 16, 2027.

Restricted Stock Units (“RSUs”)

In November 2025, the Company granted RSUs to certain members of executive management and certain non-executive employees under the 2021 Plan. Each RSU represents a contingent right to receive one share of Common Stock upon vesting.

The RSUs vest based on continued service. First 50% of the RSUs will vest on May 15, 2026, and the remaining 50% will vest on May 15, 2027. Unvested RSUs are forfeited upon termination of service. The Company does not issue shares or pay dividend equivalents with respect to RSUs until the awards vest.

The following table summarizes the Company's RSU activity for the year ended December 31, 2025:


	Number of Shares		Weighted Average Grant Date Fair Value
Grants outstanding at December 31, 2024		—
Granted		1,985,390	$	1.23
Exercised		—
Forfeited		—
Grants outstanding at December 31, 2025		1,985,390	$	1.23

Stock-based Compensation Expense

Stock-based compensation expense is included in research and development expense and general and administrative expense in the consolidated statements of operations and comprehensive loss based on where the associated employee compensation costs are generally classified.

The following table shows a summary of stock-based compensation expense included in the consolidated statements of operations and comprehensive loss:


	Year Ended December 31,
($ in thousands)	2025		2024
Stock options		10,106		6,137
Restricted stock units		305		—
Total stock-based compensation expense	$	10,411	$	6,137
Research and development		4,391		2,851
General and administrative		6,020		3,286
Total stock-based compensation expense	$	10,411	$	6,137

Approximately $0.7 million of stock-based compensation was capitalized to inventory as of December 31, 2025. As of December 31, 2025, total unrecognized stock-based compensation cost related to stock options was $23.5 million, which is expected to be recognized over a weighted-average period of 2.5 years. As of December 31, 2025, total unrecognized stock-based compensation cost related to unvested RSUs was approximately $2.1 million, which is expected to be recognized over a weighted-average period of approximately 0.9 years.

Stockholders' Equity (Deficit) and Warrants - Registered Direct Offering Warrants (Details)	Dec. 31, 2025 $ / shares yr	Dec. 31, 2024 $ / shares yr
Market price of public stock \| Equity-classified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0096
Exercise price \| Equity-classified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0128
Expected term (years) \| Equity-classified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0496
Expected share price volatility \| Equity-classified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.91
Risk-free interest rate \| Equity-classified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0373
Estimated dividend yield \| Equity-classified Warrants
Class of Warrant or Right [Line Items]
Warrants, measurement input	0
Registered Direct Warrants, 180 Day, October 2024 \| Market price of public stock
Class of Warrant or Right [Line Items]
Warrants, measurement input		5.05
Registered Direct Warrants, 180 Day, October 2024 \| Exercise price
Class of Warrant or Right [Line Items]
Warrants, measurement input		5.28
Registered Direct Warrants, 180 Day, October 2024 \| Expected term (years)
Class of Warrant or Right [Line Items]
Warrants, measurement input \| yr		0.27
Registered Direct Warrants, 180 Day, October 2024 \| Expected share price volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input		1.067
Registered Direct Warrants, 180 Day, October 2024 \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants, measurement input		0.0427
Registered Direct Warrants, 180 Day, October 2024 \| Estimated dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input		0
Registered Direct Warrants, 1,640 Day, October 2024 \| Market price of public stock
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.96	5.05
Registered Direct Warrants, 1,640 Day, October 2024 \| Exercise price
Class of Warrant or Right [Line Items]
Warrants, measurement input	5.28	5.28
Registered Direct Warrants, 1,640 Day, October 2024 \| Expected term (years)
Class of Warrant or Right [Line Items]
Warrants, measurement input \| yr	3.27	4.27
Registered Direct Warrants, 1,640 Day, October 2024 \| Expected share price volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.984	0.884
Registered Direct Warrants, 1,640 Day, October 2024 \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0351	0.0425
Registered Direct Warrants, 1,640 Day, October 2024 \| Estimated dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input	0	0
Registered Direct Warrants, 180 Day, November 2024 \| Market price of public stock
Class of Warrant or Right [Line Items]
Warrants, measurement input		5.05
Registered Direct Warrants, 180 Day, November 2024 \| Exercise price
Class of Warrant or Right [Line Items]
Warrants, measurement input		5.34
Registered Direct Warrants, 180 Day, November 2024 \| Expected term (years)
Class of Warrant or Right [Line Items]
Warrants, measurement input \| yr		0.37
Registered Direct Warrants, 180 Day, November 2024 \| Expected share price volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input		1.067
Registered Direct Warrants, 180 Day, November 2024 \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants, measurement input		0.0422
Registered Direct Warrants, 180 Day, November 2024 \| Estimated dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input		0
Registered Direct Warrants, 1,640 Day, November 2024 \| Market price of public stock
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.96	5.05
Registered Direct Warrants, 1,640 Day, November 2024 \| Exercise price
Class of Warrant or Right [Line Items]
Warrants, measurement input	5.34	5.34
Registered Direct Warrants, 1,640 Day, November 2024 \| Expected term (years)
Class of Warrant or Right [Line Items]
Warrants, measurement input \| yr	3.37	4.37
Registered Direct Warrants, 1,640 Day, November 2024 \| Expected share price volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.982	0.884
Registered Direct Warrants, 1,640 Day, November 2024 \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0352	0.0425
Registered Direct Warrants, 1,640 Day, November 2024 \| Estimated dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input	0	0
Registered Direct Warrants, 180 Day, October 2025 \| Market price of public stock
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.96
Registered Direct Warrants, 180 Day, October 2025 \| Exercise price
Class of Warrant or Right [Line Items]
Warrants, measurement input	2.11
Registered Direct Warrants, 180 Day, October 2025 \| Expected term (years)
Class of Warrant or Right [Line Items]
Warrants, measurement input \| yr	5.27
Registered Direct Warrants, 180 Day, October 2025 \| Expected share price volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.893
Registered Direct Warrants, 180 Day, October 2025 \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0376
Registered Direct Warrants, 180 Day, October 2025 \| Estimated dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input	0