0001193125-26-221755 | 10-Q | XBRL Viewer

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Stockholders' Equity and Warrants - Registered Direct Offerings Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 06, 2025	Nov. 13, 2024	Oct. 04, 2024	Mar. 31, 2026	Dec. 31, 2025	Mar. 27, 2025	Aug. 26, 2021
Class of Stock [Line Items]
Warrants, exercise price (in dollars per share)							$ 11.5
Unpaid transaction costs				$ 5,082	$ 5,404
Price per share						$ 2
October 2024 Registered Direct Offering
Class of Stock [Line Items]
Number of shares issued (in shares)			5,681,820
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
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
Payments of stock issuance costs	$ 3,500
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
Class of Stock [Line Items]
Warrants, exercise price (in dollars per share)				$ 1.28

Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

8. 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. The 2021 Plan share reserve increased on January 1, 2026 by 4,000,000 shares, as determined by the Company’s board of directors, which was less than 5% of the number of shares of Common Stock outstanding on December 31, 2025. 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 March 31, 2026, 9,270,695 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 March 31, 2026, 16,176,340 and 3,124,566 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 the stock options on the date of grant using the following assumptions in the Black-Scholes option-pricing model:


	Three Months Ended March 31,
	2026		2025
Estimated dividend yield	0%			0	%
Expected share price volatility (weighted average and range, if applicable)	99.1% (98.9% to 99.8%)			92.2	%
Risk-free interest rate (weighted average and range, if applicable)	3.91% (3.89% to 3.91%)			4.45	%
Expected term of options (in years)		6.25	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.

•

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.

A summary of option activity under the Company’s stock option plans during the three months ended March 31, 2026 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, 2025		18,004,681		$	4.25		7.7	$	—
Granted		204,100			1.06
Exercised		—			0.00
Forfeited		(893,265	)		4.19
Options outstanding at March 31, 2026		17,315,516		$	4.21		7.8	$	—
Vested and exercisable, March 31, 2026		8,490,916		$	5.23		6.7	$	—
Vested and expected to vest, March 31, 2026		17,315,516		$	4.21		7.8	$	—

The weighted-average grant-date fair value per share of options granted during the three months ended March 31, 2026 was $0.86.

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 became 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. The 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 three months ended March 31, 2026:


	Number of Shares		Weighted Average Grant Date Fair Value
Grants outstanding at December 31, 2025		1,985,390	$	1.23
Granted		—
Exercised		—
Forfeited		—
Grants outstanding at March 31, 2026		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) income 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 condensed consolidated statements of operations and comprehensive (loss) income:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Stock options	$	2,559	$	2,487
Restricted stock units		611		—
Total stock-based compensation expense	$	3,170	$	2,487
Research and development		1,228		1,149
General and administrative		1,942		1,338
Total stock-based compensation expense	$	3,170	$	2,487

No stock-based compensation was capitalized to inventory during the three months ended March 31, 2026. As of March 31, 2026, total unrecognized stock-based compensation cost related to stock options was $21.0 million, which is expected to be recognized over a weighted-average period of 2.3 years. As of March 31, 2026, total unrecognized stock-based compensation cost related to unvested RSUs was approximately $1.5 million, which is expected to be recognized over a weighted-average period of approximately 0.6 years.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 11, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		222,019,108
Entity Central Index Key	0001818382
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
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

Summary of Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Research and development	$ 19,462	$ 15,418
Reportable Segment
Segment Reporting Information [Line Items]
Research and development	19,462	15,418
Total \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	1,415	1,430
Vascular Trauma \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	185	227
AV Access \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	1,230	1,203
Total \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	18,047	13,988
External services \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	834	1,665
Materials and supplies \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	4,303	0
Payroll and personnel expenses \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	9,793	9,545
Other research and development expenses \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	$ 3,117	$ 2,778

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 48,539	$ 50,497
Restricted cash included in prepaid expenses and other current assets	144	144
Restricted cash included in long-term assets	209	209
Total cash, cash equivalents and restricted cash	$ 48,892	$ 50,850	$ 113,200	$ 95,290

Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 3,170	$ 2,487
Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	611	0
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	2,559	2,487
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	1,228	1,149
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 1,942	$ 1,338

Debt - Schedule of Contractual Maturities of Long-term Debt (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	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

Stock-based Compensation - Narrative (Details) $ / shares in Units, $ in Millions							3 Months Ended
	May 17, 2027	May 15, 2026	Jan. 01, 2026 shares	Jan. 01, 2025 shares	Jan. 01, 2024 shares	Aug. 25, 2021 Plan	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025	Dec. 31, 2025 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)							17,315,516		18,004,681
Weighted-average grant-date fair value per share of options granted (in dollars per share) \| $ / shares							$ 0.86
Stock-based compensation capitalized to inventory \| $							$ 0.0
Unrecognized stock-based compensation cost \| $							$ 21.0
Unrecognized stock-based compensation cost, period for recognition							2 years 3 months 18 days
Long-Term Incentive Plan, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in available share reserve			5.00%	5.00%	5.00%		5.00%
Number of additional shares authorized (in shares)			4,000,000	6,501,375	5,183,686
Number of shares remaining available for grant (in shares)							9,270,695
Outstanding awards (in shares)							16,176,340
Exercise price \| $ / shares										$ 1.23
Omnibus Incentive Plan, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding awards (in shares)							3,124,566
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 share reserve							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		1,985,390
Unrecognized stock-based compensation cost \| $							$ 1.5
Unrecognized stock-based compensation cost, period for recognition							7 months 6 days
Restricted Stock Units \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%	50.00%

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

11. 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 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 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 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 granted 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 granted 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 granted 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 the Company’s 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 March 31, 2026 and 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 three months ended March 31, 2026 and the year ended December 31, 2025. On April 21, 2026, the Company and Fresenius further amended the distribution agreement. See Note 12, “Subsequent Events.

Agreements with Frenova Renal Research

In June 2024, the Company entered into a master services agreement with Frenova Renal Research (“Frenova”), a subsidiary of Fresenius Medical Care, 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 March 31, 2026, Frenova was engaged to perform clinical research services related to the Company’s V012 Phase 3 clinical trial. During the three months ended March 31, 2026 and March 31, 2025, amounts expensed under the Frenova agreement were insignificant. Amounts payable to Frenova were also insignificant as of March 31, 2026 and December 31, 2025, and were included in accrued expenses on the Company’s condensed consolidated balance sheets.

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 three months ended March 31, 2026 and March 31, 2025, there was no expense recognized in relation to this agreement with Fresenius GmbH. As of March 31, 2026 and December 31, 2025, no amount payable to Fresenius GmbH was included in accounts payable on the Company’s condensed consolidated balance sheets.

Arrangements with Yale University

The Company’s President and Chief Executive Officer, Laura Niklason M.D., PhD., serves as an Adjunct Professor in Anesthesia at Yale University. As of March 31, 2026 and December 31, 2025, the Company was a party to license agreements with Yale University as described in Note 10, Commitments and Contingencies, above. Amounts expensed in relation to the license agreements with Yale University were insignificant during the three months ended March 31, 2026 and 2025. There was an insignificant amount payable to Yale as of both March 31, 2026 and December 31, 2025 included in accounts payable on the Company’s condensed consolidated balance sheets.

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-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
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-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

Debt - Narrative (Details) - USD ($) $ in Thousands	Dec. 15, 2025	Mar. 31, 2026	Dec. 31, 2025
Line of Credit Facility [Line Items]
Contractual final payment		$ 42,363
Warrants and Rights Outstanding		10,836	$ 19,392
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%

Summary of Significant Accounting Policies - Inventory Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Inventory [Line Items]
Inventory	$ 20,443		$ 22,486
Cost of goods sold	2,038	$ 147
Inventory reserve	10,523		$ 8,897
Product [Member]
Inventory [Line Items]
Cost of goods sold	2,000	$ 100
Inventory reserve	$ 1,600

- 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

Stock-based Compensation - Assumptions Used to Estimate Fair Value of Stock Options (Details) - Exercise of options under stock plan	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
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	99.10%	92.20%
Weighted average expected share price volatility, minimum	98.90%
Weighted average expected share price volatility, maximum	99.80%
Risk-free interest rate	3.91%	4.45%
Risk-free interest rate, minimum	3.89%
Risk-free interest rate, maximum	3.91%
Expected term of options (in years)	6 years 3 months	6 years 3 months

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. 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 (as amended, the “Duke License Agreement”). Under the Duke 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 Duke 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 Duke License Agreement, the Company granted equity consideration to Duke in the form of 52,693 shares of Common Stock. Under the Duke 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 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 paid $0.5 million of license fee to Duke during the third quarter of 2025. Other payments to Duke under the Duke License Agreement were immaterial during the periods presented.

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 biovascular pancreas (“BVP”) product candidate (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 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, 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 $0.8 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 March 31, 2026 and December 31, 2025, the Company had received an aggregate Actual Award of $0.5 million 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 “JDRF Agreement Disposition Payment”). The JDRF Agreement 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) income, 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 March 31, 2026 and December 31, 2025, the carrying value of the JDRF liability was $0.6 million and $0.5 million, respectively. During the three months ended March 31, 2026, the Company recorded $0.1 million of interest expense related to the JDRF liability. During the three months ended March 31, 2025, interest expense related to the JDRF liability was insignificant.

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 (loss) income. 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. On March 31, 2026, the court partially granted and partially denied the defendants’ motion to dismiss in the Securities Litigation. Claims about financial condition, liquidity and manufacturing facility deficiencies were dismissed without prejudice, while claims related to product safety misrepresentations and omissions were sustained at the pleading stage. Discovery on the remaining claims is expected to start shortly.

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 April 21, 2026, the parties in the Consolidated Derivative Action filed a joint motion to stay the case pending a decision on summary judgment in the Securities Litigation. The court requested additional briefing explaining the need for this stay on April 24, 2026.

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. Similarly, in the Olson Action, a joint motion to stay was entered on April 21, 2026, with the court ordering additional briefing on April 24, 2026.

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 filed a joint stipulation to stay the Dusci Action pending final resolution of the Securities Litigation, which the court granted. On April 20, 2026, the parties filed another joint stipulation to continue the stay in the Dusci Action after the Court’s decision on the motion to dismiss in 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 March 31, 2026. 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 condensed consolidated financial statements.

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

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’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, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities as of March 31, 2026 and December 31, 2025 approximated their fair values due to the short-term nature of these items.

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.

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


	Fair Value Measured as of March 31, 2026
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market funds)	$	43,998	$	—	$	—	$	43,998
Common Stock Purchase Agreement derivative asset		—		672		—		672
Total financial assets	$	43,998	$	672	$	—	$	44,670
Liabilities:
Contingent Earnout Liability	$	—	$	—	$	6,760	$	6,760
Private Placement Warrants liability		—		—		—		—
October 2024 RDO Warrants liability		—		—		430		430
November 2024 RDO Warrants liability		—		—		219		219
October 2025 RDO Warrants liability		—		—		9,081		9,081
Loan Agreement Warrants liability		—		—		1,106		1,106
Loan Agreement conversion derivative liability		—		—		869		869
JDRF Agreement derivative liability		—		—		227		227
Total financial liabilities	$	—	$	—	$	18,692	$	18,692


	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

The fair value of the Contingent Earnout Liability (as defined in Note 7), liabilities associated with the Registered Direct Offering Warrants (as defined in Note 7), the derivative liability associated with the JDRF Agreement Disposition Payment (as defined in Note 10), Loan Agreement Warrants liability (as defined in Note 7), and Loan Agreement conversion derivative liability (as defined in Note 7) 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 (as defined in Note 7), Loan Agreement Warrants liability (as defined in Note 7), and the liabilities associated with the Registered Direct Offering Warrants (as defined in Note 7) are included in common stock warrant liabilities on the condensed consolidated balance sheets. The fair values of 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 condensed 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 condensed 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 condensed consolidated statements of operations and comprehensive (loss) income. There was no change in fair value of the derivative asset between December 31, 2025 and March 31, 2026, and the fair value of the Commitment Shares (as defined in Note 7) as of both March 31, 2026 and December 31, 2025 was $0.7 million.

Contingent Earnout Liability

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


	Contingent Earnout Liability
	Three Months Ended March 31,
($ in thousands)	2026			2025
Fair value as of beginning of period	$	(11,492	)	$	(70,961	)
Change in fair value included in other income (expense), net		4,732			49,731
Fair value as of end of period	$	(6,760	)	$	(21,230	)

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 7). 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 5, contained an embedded derivative related to the Put Option, as defined in Note 5, 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 5), 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 condensed consolidated statements of operations and comprehensive (loss) income and classified within Change in fair value of derivatives.

As of March 31, 2025, the discount rates used to calculate the value of the contingent derivative liability were 13.8% to calculate the present-value of the revenue forecast and 12.6% 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
($ in thousands)	Three Months Ended March 31, 2025
Fair value as of beginning of period	$	(2,415	)
Change in fair value included in other income (expense), net		(1,049	)
Fair value as of end of period	$	(3,464	)

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 7).

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


	Three Months Ended March 31, 2026
($ in thousands)	October 2024 RDO Warrants			November 2024 RDO Warrants			October 2025 RDO Warrants
Fair value as of beginning of period	$	(862	)	$	(437	)	$	(16,356	)
Change in fair value included in other income (expense), net		432			218			7,275
Fair value as of end of period	$	(430	)	$	(219	)	$	(9,081	)


	Three Months Ended March 31, 2025
($ in thousands)	October 2024 RDO Warrants			November 2024 RDO Warrants
Fair value as of beginning of period	$	(12,437	)	$	(6,432	)
Change in fair value included in other income (expense), net		10,290			5,352
Fair value as of end of period	$	(2,147	)	$	(1,080	)

Private Placement Warrants Liability

The Private Placement Warrants were valued using a Black-Scholes valuation model as of March 31, 2026 and December 31, 2025. For the comparable prior-year interim period, the Private Placement Warrants were valued using a Monte Carlo simulation model. In determining the fair value of the Private Placement Warrants liability, the Company utilized 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 7).

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


	Private Placement Warrants
	Three Months Ended March 31,
($ in thousands)	2026			2025
Fair value as of beginning of period	$	(15	)	$	(385	)
Change in fair value included in other income (expense), net		15			292
Fair value as of end of period	$	—		$	(93	)

Loan Agreement Warrants Liability

In determining the fair value of the Loan Agreement Warrants liability (as defined in Note 7), 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 7).

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


	Loan Agreement Warrants
($ in thousands)	Three Months Ended March 31, 2026
Fair value as of beginning of period	$	(1,722	)
Change in fair value included in other income (expense), net		616
Fair value as of end of period		(1,106	)

Loan Agreement Conversion Derivative Liability

In determining the fair value of the Loan Agreement conversion derivative liability (as defined in Note 7), 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 7).

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)	Three Months Ended March 31, 2026
Fair value as of beginning of period	$	(850	)
Change in fair value included in other income (expense), net		(19	)
Fair value as of end of period		(869	)

- 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	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of Shares
Beginning of period (in shares)	18,004,681
Granted (in shares)	204,100
Exercised (in shares)	0
Forfeited (in shares)	(893,265)
End of period (in shares)	17,315,516	18,004,681
Number of shares, Vested and exercisable (in shares)	8,490,916
Number of shares, Vested and expected to vest (in shares)	17,315,516
Weighted Average Exercise Price Per Share
Options outstanding, beginning of period (in dollars per share)	$ 4.25
Granted (in dollars per share)	1.06
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	4.19
Options outstanding, end of period (in dollars per share)	4.21	$ 4.25
Weighted average exercise price, Vested and exercisable (in dollars per share)	5.23
Weighted average exercise price, Vested and expected to vest (in dollars per share)	$ 4.21
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, outstanding (in years)	7 years 9 months 18 days	7 years 8 months 12 days
Weighted average remaining contractual term, Vested and exercisable (in years)	6 years 8 months 12 days
Weighted average remaining contractual term, Vested and expected to vest (in years)	7 years 9 months 18 days
Aggregate intrinsic value, outstanding	$ 0	$ 0
Aggregate intrinsic value, Vested and exercisable	0
Aggregate intrinsic value, Vested and expected to vest	$ 0

Stockholders' Equity and Warrants - Contingent Earnout Liability Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Aug. 26, 2021 USD ($) yr Tranche $ / shares shares	Mar. 31, 2026 USD ($) yr shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) yr
Business Acquisition, Contingent Consideration [Line Items]
Maximum contingent earnout (in shares) \| shares		15,000,000
Contingent Earnout Liability		$ 6,760		$ 11,492
Non-cash gain (loss) on remeasurement of Contingent Earnout Liability		(4,732)	$ (49,731)
Earnout Shares
Business Acquisition, Contingent Consideration [Line Items]
Maximum contingent earnout (in shares) \| shares	15,000,000
Number of tranches of contingent earnout shares \| Tranche	2
Number of contingent earnout shares per tranche (in shares) \| shares	7,500,000
Number of trading days	20 days
Number of consecutive trading days	30 days
Contingent Earnout Liability	$ 159,400	6,800		$ 11,500
Non-cash gain (loss) on remeasurement of Contingent Earnout Liability		$ 4,700	$ 49,700
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 and Warrants - Common Stock Narrative (Details)		3 Months Ended	12 Months Ended
	Mar. 19, 2026 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) Vote $ / shares shares	Dec. 31, 2025 USD ($) shares	Jun. 30, 2025 shares	Jun. 29, 2025 shares	Mar. 27, 2025 $ / shares
Class of Stock [Line Items]
Common stock, authorized (in shares) \| shares		350,000,000	350,000,000	350,000,000	250,000,000
Dividends, common stock \| $		$ 0
Number of vote per common share held \| Vote		1
Common stock, shares issued (in shares) \| shares		222,019,108	193,000,611
Price per share \| $ / shares						$ 2
March 2026 Registered Direct Offering
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares	25,000,000
Price per share \| $ / shares	$ 0.8
Net proceeds from sale of stock \| $	$ 18,300,000
Payments of stock issuance costs \| $	$ 400,000
Term Loan Facility
Class of Stock [Line Items]
Common stock, shares issued (in shares) \| shares		0
Conversion amount \| $		$ 2,500,000
Warrant price, percent		130.00%
Warrant price \| $ / shares		$ 0.8
Conversion Price \| $ / shares		1.04
Equity offering price \| $ / shares		$ 0.8
Oberland Capital Management LLC
Class of Stock [Line Items]
Common stock, shares issued (in shares) \| shares			5,725,190
Proceeds from the issuance of common stock \| $			$ 0

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

Third Amendment to Distribution Agreement with Fresenius Medical Care

On April 21, 2026, the Company entered into the Third Amendment to its distribution agreement with Fresenius Medical Care. Pursuant to the amendment, the Company has the sole right to develop and commercialize, and conduct all regulatory matters relating to, the Distribution Product (as defined in the distribution agreement, as amended) on a worldwide basis. In connection with the reversion of ex-U.S. rights to the Company, the Company will pay Fresenius low-single-digit royalties on

net sales of the Distribution Product outside the United States, subject to a two-year royalty-free period following launch of the Distribution Product in each applicable country. The Company will continue to pay royalties on net sales of the Distribution Product in the United States at rates ranging from mid-single digits to low double digits, and Fresenius remains obligated to support adoption of the Distribution Product as a standard of care in hemodialysis patients for which such use is supported by clinical results and health economic analyses.

Workforce Reduction and Operating Cost Reduction Plan

In May 2026, the Company implemented a plan to reduce its workforce by approximately 45 employees, defer additional planned new hires, and reduce other operating expenses. These reductions have been implemented thoughtfully, and the Company has retained key personnel, resources, and initiatives to meet its key corporate goals and milestones. These objectives include the continued growth of Symvess in the United States and the global commercial launch of Symvess outside of the United States, once approved; completion of the V012 Phase 3 pivotal trial of the ATEV in dialysis and the planned filing of a supplemental BLA with the FDA in the dialysis indication; and the commencement of a human study of the CTEV in CABG. The Company estimates that it will incur aggregate charges of approximately $0.8 million representing one-time cash expenditures for severance and other employee termination benefits, of which the majority is expected to be incurred during the second quarter of 2026.

Stockholders' Equity and Warrants - Equity Line Financing Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		18 Months Ended
	Sep. 24, 2024	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Derivative asset		$ 0		$ 0	$ 0
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	0	500,000
Derivative asset		$ 700		$ 700	$ 700
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				$ 2,500
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

Debt - Schedule of Carrying Amount of the Term Loan Facility (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 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 - Restricted Cash Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 209	$ 209
Restricted cash included in prepaid expenses and other current assets	144	144
Deposit Account
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 200	$ 200

Subsequent Events - Narrative (Details) - Employee		1 Months Ended
Subsequent Events - Narrative (Details) - Employee	Apr. 28, 2025	May 31, 2026
Subsequent Event [Line Items]
Reduction in workforce	30
Forecast
Subsequent Event [Line Items]
Reduction in workforce		45

Stockholders' Equity and Warrants - Loan Agreement Warrants Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Dec. 15, 2025	Mar. 27, 2025	Aug. 26, 2021
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share)					$ 11.5
Price per share				$ 2
Warrant fair value	$ 10,836	$ 19,392
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
March 2026 Registered Direct Offering
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share)	$ 1.28
Loan Agreement Warrants
Class of Warrant or Right [Line Items]
Base aggregate exercise value	$ 3,400	$ 3,400
Additional exercise value	$ 1,600
Warrants, exercise price (in dollars per share)	$ 0.8	$ 1.28
Warrant exercise price original per share	1.28
Warrant price	0.8
Equity offering price	$ 0.8
Warrant fair value	$ 2,200
Loan Agreement Warrants \| Loan Agreement Warrant Sales
Class of Warrant or Right [Line Items]
Warrant fair value	1,100	$ 1,700
(Gain) loss on remeasurement of warrants	$ (600)

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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	350,000,000
Common stock, shares issued (in shares)	222,019,108	193,000,611
Common stock, shares outstanding (in shares)	222,019,108	193,000,611

Stockholders' Equity and Warrants - ATM Facility Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 19, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 16, 2025	Sep. 01, 2022
Jefferies ATM Facility
Class of Stock [Line Items]
Common stock purchase agreement, amount authorized					$ 80.0
Number of shares issued (in shares)			75,793
Price per share (in dollars per share)			$ 5.04
Net proceeds from sale of stock			$ 0.4
TD Cowen ATM Facility
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		$ 4.6
Aggregate offering price				$ 60.0
TD Cowen ATM Facility \| 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
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-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
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.6-03(i)(1))
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-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

Summary of Significant Accounting Policies - Segments Narrative (Details)	3 Months Ended
	Mar. 31, 2026 Segment
Accounting Policies [Abstract]
Number of reportable segments	1
Number of operating segments	1

Stockholders' Equity and Warrants - Contingent Earnout Liability (Details)	Mar. 31, 2026 $ / shares yr	Dec. 31, 2025 $ / shares yr
Current stock price
Business Acquisition, Contingent Consideration [Line Items]
Measurement input \| $ / shares	0.61	0.96
Expected share price volatility
Business Acquisition, Contingent Consideration [Line Items]
Measurement input	0.899	0.887
Risk-free interest rate
Business Acquisition, Contingent Consideration [Line Items]
Measurement input	0.043	0.0418
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

Fair Value Measurements - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		18 Months Ended
	Sep. 24, 2024 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) yr shares	Mar. 31, 2025 shares	Mar. 31, 2026 USD ($) yr shares	Dec. 31, 2025 USD ($) yr
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common Stock Purchase Agreement derivative asset		$ 0		$ 0	$ 0
Derivative asset		0		0	0
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			0.138
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			0.126
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	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

Stock-based Compensation - RSU Activity (Details)	3 Months Ended
Stock-based Compensation - RSU Activity (Details)	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning of period (in shares)	18,004,681
End of period (in shares)	17,315,516
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning of period (in shares)	1,985,390
Number of shares granted	0
Number of shares exercised	0
Number of shares forfeited	0
End of period (in shares)	1,985,390
Weighted average grant date fair value, beginning of period \| $ / 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
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-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (f)(2)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (f)(2)(iii)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (d)(1)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-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
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Revenue Interest Purchase Agreement

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Interest Purchase Agreement

5. Revenue Interest Purchase Agreement

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. Pursuant to the Purchase Agreement, the Purchasers purchased certain revenue interests (the “Revenue Interests”) from Global in exchange for an aggregate investment amount of up to $150.0 million to be paid in multiple tranches. The Company received an initial payment of $40.0 million at inception, 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 March 2024, the Company drew a subsequent installment of $20.0 million, and elected not to draw the additional $40.0 million that later became available under the Purchase Agreement. On September 17, 2025, the Company and Humacyte Global, Inc. entered into an amendment to the Purchase Agreement, which modified certain terms of the agreement and the Company made a partial call payment of $50.0 million to the Purchasers.

Under the Purchase Agreement, the Revenue Interests entitled the Purchasers to receive a royalty initially equal to 7.5% of global net sales of the Company’s products (subject to a lower rate for net sales by specified licensees outside the United States), payable quarterly (the “Revenue Interest Payments”). The Company guaranteed 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 initially recorded a revenue interest liability net of a debt discount comprised of $2.1 million of issuance and transaction costs, $0.1 million allocated to the option agreement liability discussed below, and $2.4 million related to the embedded derivative discussed below. The Company recognized interest expense associated with this liability.

The Company recorded $2.1 million of interest expense related to the Purchase Agreement for the three months ended March 31, 2025. Revenue Interest Payments made as a result of the Company’s net product sales reduced the revenue interest liability. Revenue Interest Payments for the three months ended March 31, 2025 were immaterial.

On December 15, 2025, the Company entered into a payoff letter with the Purchasers and the Agent pursuant to which the Purchase Agreement and the Option Agreement were terminated in their entirety (the “Payoff Letter”). 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. The shares were measured at their fair value of $7.5 million based on the closing market price of Common Stock on the settlement date. The cash payment was funded with proceeds from a senior secured term loan facility with Avenue Venture Opportunities Fund II, L.P. (see Note 6, Debt). The extinguishment was accounted for as a debt extinguishment under ASC 470-50. Upon termination, all liens and security interests previously granted to the Purchasers and the Agent were released and the Company was relieved of any further obligations to the Purchasers.

Embedded Derivative Liability

The put option under the Purchase Agreement, exercisable by the Purchasers upon certain contingent events (the “Put Option”), 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.

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 7. 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 condensed consolidated balance sheets at an initial fair value of $55 thousand, and subsequent changes in the fair value were recognized in the condensed consolidated statements of operations and comprehensive (loss) income at each reporting date. In connection with the termination of the Purchase Agreement in December 2025, the Option Agreement was terminated and no right to purchase Common Stock remains outstanding.

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	March 31,			December 31,
($ in thousands)	2026			2025
Raw materials	$	6,021		$	5,823
Work in progress		—			6,541
Finished goods		14,422			10,122
Total inventory		20,443			22,486
Less: inventory reserve		(10,523	)		(8,897	)
Inventory, net	$	9,920		$	13,589

Stockholders' Equity and Warrants - Common Stock Reserved for Future Issuances (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025	May 12, 2023
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	102,542,250	149,941,529
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
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	15,000,000
Equity Line Financing
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	12,000,000	12,000,000
Common Stock reserved for TD Cowen ATM Facility
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	0	54,000,000
Common stock Reserved for Conversion Shares Under the Loan Agreement
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	2,403,846	1,800,000
Employee Stock Option
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	17,315,516	18,004,681
Vesting of RSUs Outstanding Under Stock Plans
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	1,985,390	1,985,390
Options available for issuance under stock plans
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	9,270,695	4,581,530
Warrants to purchase Common Stock
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	44,566,803	42,569,928

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	May 12, 2023	Aug. 26, 2021
Assets:
Common Stock Purchase Agreement derivative asset	$ 0	$ 0
Liabilities:
Common stock warrant liabilities	10,836	19,392
Private Placement Warrants
Liabilities:
Common stock warrant liabilities	0	15,000		$ 600
Recurring
Assets:
Common Stock Purchase Agreement derivative asset	672	672
Total financial assets	44,670	44,559
Liabilities:
Contingent Earnout Liability	6,760	11,492
Total financial liabilities	18,692	31,950
Recurring \| Private Placement Warrants
Liabilities:
Common stock warrant liabilities	0	15
Recurring \| October 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	430	862
Recurring \| November 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	219	437
Recurring \| October 2025 RDO Warrants Liability
Liabilities:
Common stock warrant liabilities	9,081	16,356
Recurring \| Loan Agreement Warrants Liability
Liabilities:
Common stock warrant liabilities	1,106	1,722
Recurring \| Option Agreement liability
Liabilities:
Derivative liability			$ 55
Recurring \| JDRF Agreement derivative liability
Liabilities:
Derivative liability	227	216
Recurring \| Loan Agreement Conversion Derivative Liability
Liabilities:
Derivative liability	869	850
Recurring \| Level 1
Assets:
Common Stock Purchase Agreement derivative asset	0	0
Total financial assets	43,998	43,887
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	0
Recurring \| Level 1 \| Loan Agreement Warrants Liability
Liabilities:
Common stock warrant liabilities	0	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	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	0
Recurring \| Level 2 \| Loan Agreement Warrants Liability
Liabilities:
Common stock warrant liabilities	0	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	0
Recurring \| Level 3
Assets:
Common Stock Purchase Agreement derivative asset	0	0
Total financial assets	0	0
Liabilities:
Contingent Earnout Liability	6,760	11,492
Total financial liabilities	18,692	31,950
Recurring \| Level 3 \| Private Placement Warrants
Liabilities:
Common stock warrant liabilities	0	15
Recurring \| Level 3 \| October 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	430	862
Recurring \| Level 3 \| November 2024 RDO Warrants liability
Liabilities:
Common stock warrant liabilities	219	437
Recurring \| Level 3 \| October 2025 RDO Warrants Liability
Liabilities:
Common stock warrant liabilities	9,081	16,356
Recurring \| Level 3 \| Loan Agreement Warrants Liability
Liabilities:
Common stock warrant liabilities	1,106	1,722
Recurring \| Level 3 \| JDRF Agreement derivative liability
Liabilities:
Derivative liability	227	216
Recurring \| Level 3 \| Loan Agreement Conversion Derivative Liability
Liabilities:
Derivative liability	869	850
Recurring \| Cash equivalents (money market funds)
Assets:
Cash equivalents (money market funds)	43,998	43,887
Recurring \| Cash equivalents (money market funds) \| Level 1
Assets:
Cash equivalents (money market funds)	43,998	43,887
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

Summary of Significant Accounting Policies - Non-Cash Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Depreciation expense	$ 1,342	$ 1,308
Stock-based compensation expense	3,170	2,487
Reportable Segment
Segment Reporting Information [Line Items]
Depreciation expense	1,342	1,308
Stock-based compensation expense	$ 3,170	$ 2,487

Organization and Description of Business

3 Months Ended

Mar. 31, 2026

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.

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 described below, borrowings under loan facilities, proceeds from a revenue interest purchase agreement and, to a lesser extent, through product revenue, governmental and other grants. At March 31, 2026 and December 31, 2025, the Company had an accumulated deficit of $744.5 million and $726.8 million, respectively. The Company’s operating losses were $28.9 million and $23.2 million for the three months ended March 31, 2026 and 2025, respectively. Net cash flows used in operating activities were $25.1 million and $28.6 million during the three months ended March 31, 2026 and 2025, 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 commercial launch of Symvess in the vascular trauma indication and other 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 and commercial operations.

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 the Company’s common stock, par value $0.0001 per share (“Common Stock”), having an aggregate value of up to $50.0 million (the “Purchase Shares”) over a 24-month period through September 24, 2026. 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 March 31, 2026, the Company had $47.5 million in remaining availability for sales of Common Stock under the Common Stock Purchase Agreement. There were no purchases made under the Common Stock Purchase Agreement during the three months ended March 31, 2026 and 2025.

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 Common Stock at a price of $0.80 per share. The net proceeds to the Company were approximately $18.3 million, after deducting the placement agent’s fees and estimated offering expenses payable by the Company. The offering closed on March 20, 2026.

As of March 31, 2026, the Company had available cash and cash equivalents of $48.5 million. The Company will not have sufficient liquidity to fund its operations beyond one year from the issuance of these condensed consolidated 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. As further disclosed in Note 12, Subsequent Events, in May 2026, the Company implemented a plan to reduce its workforce by approximately 45 employees, defer additional planned new hires, and reduce other operating expenses. These reductions have been implemented thoughtfully, and the Company has retained key personnel, resources, and initiatives to meet its key corporate goals and milestones. 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 condensed 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 condensed consolidated 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.

Stockholders' Equity and Warrants - Common Stock Reserved for Future Issuances (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 19, 2026	Mar. 31, 2026
Class of Stock [Line Items]
Conversion shares issued		$ 2.5
Maximum
Class of Stock [Line Items]
Conversion Price		$ 1.04
TD Cowen ATM Facility
Class of Stock [Line Items]
Net proceeds from sale of stock		$ 4.6
TD Cowen ATM Facility \| 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

+ Details

Inventory - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Inventory - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Inventory	$ 20,443	$ 22,486
Inventory reserve	$ 1,600

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The Company has prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s condensed consolidated financial statements reflect the operations of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Reverse Recapitalization

On August 26, 2021 (the “Closing Date”), Hunter Merger Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of Alpha Healthcare Acquisition Corp. (“AHAC”) merged with Humacyte, Inc. (“Legacy Humacyte”), with Legacy Humacyte continuing as the surviving corporation and as a wholly-owned subsidiary of AHAC (the “Merger”). 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”). As a result of the Merger, AHAC changed its name to Humacyte, Inc. and Legacy Humacyte changed its name to Humacyte Global, Inc. (“Global”).

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, right-of-use assets and lease liabilities, accruals for research and development activities, inventory valuation, the fair value of Contingent Earnout Liability, derivative liabilities (including 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.

Unaudited Interim Condensed Consolidated Financial Statements

The accompanying interim condensed consolidated financial statements and the related footnote disclosures are unaudited. These unaudited interim financial statements have been prepared on the same basis as the audited financial statements and, in management’s opinion, include all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2026 and its results of operations for the three months ended March 31, 2026 and 2025, and cash flows for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or any other period. The December 31, 2025 year-end condensed consolidated balance sheet was derived from audited annual financial statements but does not include all disclosures from the annual financial statements.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025 and the related notes included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 27, 2026, which provides a more complete discussion of the Company’s accounting policies and certain other information. There have been no significant changes to the significant accounting policies disclosed in Note 2 of the audited consolidated financial statements as of and for the years ended December 31, 2025 and 2024 included in the Company’s Annual Report.

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 condensed consolidated statements of operations and comprehensive (loss) income. The measure of segment assets provided to and reviewed by the CODM is reported on the condensed 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) income. Consolidated net (loss) income 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 selling, general and administrative expenses. Significant segment expenses within net income (loss) include cost of goods sold, research and development and selling, general and administrative expenses, which are each separately presented on the Company’s condensed consolidated statements of operations and comprehensive (loss) income. Other segment items within net (loss) income include interest income, interest expense, changes in the fair value of the Company’s Contingent Earnout Liability (as defined in Note 7, Stockholders’ Equity (Deficit) and Warrants), and changes in the fair value of derivatives.

Additional disaggregated significant segment expenses that are not separately presented on the Company’s condensed consolidated statements of operations and comprehensive (loss) income are presented below:

Research and Development Expenses


	Three Months Ended March 31,
($ in thousands)	2026		2025
Direct Expenses
Vascular Trauma	$	185	$	227
AV Access		1,230		1,203
Total		1,415		1,430
Unallocated Expenses
External services		834		1,665
Materials and supplies		4,303		—
Payroll and personnel expenses		9,793		9,545
Other research and development expenses		3,117		2,778
Total		18,047		13,988
Total research and development expenses	$	19,462	$	15,418

Direct expenses for the Company’s vascular trauma, arteriovenous (“AV”) access for hemodialysis and peripheral artery disease (“PAD”) indications include costs related to the Company’s clinical trials, including fees paid to clinical research organizations (“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 cost prior to inventory capitalization, 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


	Three Months Ended March 31,
($ in thousands)	2026		2025
Depreciation expense	$	1,342	$	1,308
Stock-based compensation expense		3,170		2,487

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) income 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 $20.4 million of inventory as of March 31, 2026 and $22.5 million as of December 31, 2025. 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.

As of March 31, 2026 and December 31, 2025, the Company’s allowance for inventory obsolescence was $10.5 million and $8.9 million, respectively. Provision for inventory reserves and write-downs is recorded within cost of goods sold in the condensed consolidated statements of operations and comprehensive (loss) income. Cost of goods sold was $2.0 million for the three months ended March 31, 2026, which includes a $1.6 million provision to increase the allowance for inventory obsolescence, overhead related to unused production capacity, and royalty expense related to product sales. Cost of goods sold was $0.1 million for the three months ended March 31, 2025.

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 is derived 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 return, and replacements for damaged products are provided free of charge. Accounts receivable related to product sales were approximately $0.4 million as of both March 31, 2026, and December 31, 2025.

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) income. 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 as of both March 31, 2026, and December 31, 2025.

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 the Company’s net product revenue. Cost of goods sold may also include period costs related to excess, dated, or obsolete inventory adjustment charges, and unabsorbed manufacturing and other overhead costs. Inventory is expensed to costs of goods sold when revenue is recognized related to the product.

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 condensed consolidated statements of operations and comprehensive (loss) income.

Comprehensive (Loss) Income

Comprehensive (loss) income includes net (loss) income 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) income and comprehensive (loss) income for the periods ended March 31, 2026 and March 31, 2025.

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 March 31, 2026 and December 31, 2025. 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 March 31, 2026.

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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, $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.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total of the amounts shown in the condensed consolidated statements of cash flows as of March 31, 2026 and December 31, 2025.


	March 31,		December 31,
($ in thousands)	2026		2025
Cash and cash equivalents	$	48,539	$	50,497
Restricted cash included in prepaid expenses and other current assets		144		144
Restricted cash included in long-term assets		209		209
Total cash, cash equivalents and restricted cash	$	48,892	$	50,850

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.

Net (Loss) Income per Share Attributable to Common Stockholders

Basic net (loss) income per share attributable to common stockholders is computed by dividing net (loss) income attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period. Potentially dilutive securities are excluded from basic net (loss) income per share. Diluted net (loss) income 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 or otherwise resulted in the issuance of shares of Common Stock, except when the effect would be anti-dilutive. The calculation of net (loss) income per share also considers the effect of participating securities. The Common Stock warrants issued in the Company’s October 2024, November 2024, and October 2025 registered direct offerings are considered participating securities and are included in the computation of net (loss) 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 shares and participating securities based on their respective weighted-average shares outstanding for the period. During periods of net loss, no allocation is made to participating securities because they do not share in the Company’s losses.

The following table presents the calculation of basic and diluted net (loss) income per share for the periods presented:


	Three Months Ended March 31,
($ in thousands, except share and per share amounts)	2026			2025
Numerator:
Net (loss) income	$	(17,619	)	$	39,139
Less: Undistributed earnings allocated to participating securities		—			(2,374	)
Net (loss) income attributable to common stockholders	$	(17,619	)	$	36,765

Denominator:
Weighted-average common shares outstanding - basic		197,846,786			131,496,877
Dilutive effect of assumed conversion of options to purchase common stock		—			262,425
Weighted-average common shares outstanding - diluted		197,846,786			131,759,302

Net (loss) income attributable to common stockholders - basic	$	(0.09	)	$	0.28
Net (loss) income attributable to common stockholders - diluted	$	(0.09	)	$	0.28

The following potential shares of Common Stock were excluded from the computation of diluted net (loss) income per share for each period because including them would have been anti-dilutive:


	Three Months Ended March 31,
	2026		2025
Exercise of options under stock plan		17,315,516		15,250,541
Vesting of RSUs under stock plan		1,985,390		—
Warrants to purchase Common Stock		44,566,803		14,079,314
Conversion shares issuable under the Loan Agreement		2,403,846		—

The 15,000,000 Contingent Earnout Shares (as defined in Note 7) were 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 shares subject to the Option Agreement, as defined in Note 5, Revenue Interest Purchase Agreement, were excluded from the anti-dilutive table in the prior period presented 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.

Other Risks and Uncertainties

The Company is subject to risks and uncertainties common to 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, its 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.

Recently Adopted Accounting Pronouncements

In July 2025, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”). ASU 2025-05 amends the guidance in ASC 326 to simplify the estimation of credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606 by permitting entities to elect a practical expedient to assume that current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing reasonable and supportable forecasts for expected credit losses. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, with early adoption permitted. Companies that elect the practical expedient are required to apply the amendments prospectively. The Company adopted ASU 2025-05 in the first quarter of 2026 on a prospective basis and elected the practical expedient. The adoption of ASU 2025-05 did not have a material impact on the Company’s condensed consolidated financial statements.

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 of adopting ASU 2024-03 on the Company’s consolidated financial statements and related 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 of adopting ASU 2025-10 on the Company’s consolidated financial statements and related 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 of adopting ASU 2025-11 on the Company’s consolidated financial statements and related disclosures.

Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventory

4. Inventory

As of March 31, 2026, the Company capitalized costs of $20.4 million associated with the manufacturing of Symvess as a result of regulatory approval and the Company’s determination that subsequent commercialization and future economic benefit from the sales of Symvess was probable.

During the three months ended March 31, 2026, the Company recorded $1.6 million of inventory reserve expense in cost of goods sold to reduce certain inventory to its 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:


	March 31,			December 31,
($ in thousands)	2026			2025
Raw materials	$	6,021		$	5,823
Work in progress		—			6,541
Finished goods		14,422			10,122
Total inventory		20,443			22,486
Less: inventory reserve		(10,523	)		(8,897	)
Inventory, net	$	9,920		$	13,589

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

Mar. 31, 2026

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.

Fair Value Measurements - Schedule of Changes in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Contingent Earnout Liability
Changes in the fair value of the Level 3 financial instruments
Beginning balance	$ (11,492)	$ (70,961)
Change in fair value included in other income (expense), net	4,732	49,731
Ending balance	(6,760)	(21,230)
Contingent derivative liability
Changes in the fair value of the Level 3 financial instruments
Beginning balance		(2,415)
Change in fair value included in other income (expense), net		(1,049)
Ending balance		(3,464)
October 2024 RDO Warrants liability
Changes in the fair value of the Level 3 financial instruments
Beginning balance	(862)	(12,437)
Change in fair value included in other income (expense), net	432	10,290
Ending balance	(430)	(2,147)
November 2024 RDO Warrants liability
Changes in the fair value of the Level 3 financial instruments
Beginning balance	(437)	(6,432)
Change in fair value included in other income (expense), net	218	5,352
Ending balance	(219)	(1,080)
October 2025 RDO Warrants Liability
Changes in the fair value of the Level 3 financial instruments
Beginning balance	(16,356)
Change in fair value included in other income (expense), net	7,275
Ending balance	(9,081)
Private Placement Warrants
Changes in the fair value of the Level 3 financial instruments
Beginning balance	(15)	(385)
Change in fair value included in other income (expense), net	15	292
Ending balance	0	$ (93)
Loan Agreement Warrants
Changes in the fair value of the Level 3 financial instruments
Beginning balance	(1,722)
Change in fair value included in other income (expense), net	616
Ending balance	(1,106)
Loan Agreement Conversion Derivative Liability
Changes in the fair value of the Level 3 financial instruments
Beginning balance	(850)
Change in fair value included in other income (expense), net	(19)
Ending balance	$ (869)

Revenue Interest Purchase Agreement - Narrative (Details)						3 Months Ended
	Dec. 15, 2025 USD ($) shares	Sep. 17, 2025 USD ($)	Mar. 11, 2024 USD ($)	Feb. 29, 2024 USD ($)	May 12, 2023 USD ($) $ / shares	Mar. 31, 2025 USD ($)	Mar. 31, 2026 $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2024 USD ($)
Revenue Interest Liability [Line Items]
Common stock, shares issued (in shares) \| shares							222,019,108	193,000,611
Common stock, par value (in dollars per share) \| $ / shares							$ 0.0001	$ 0.0001
Option Agreement \| Recurring
Revenue Interest Liability [Line Items]
Derivative Liability					$ 55,000
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
Royalty percentage					0.075
Payments of transaction costs related to Revenue Interest Purchase Agreement					$ 2,100,000
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
Interest expense						$ 2,100,000
Revenue Interest Purchase Agreement \| Unsecured Debt
Revenue Interest Liability [Line Items]
Payments on revenue interest liability		$ 50,000,000
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
Option agreement, remaining right to purchase common stock								$ 0
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 and Warrants - Loan Agreement Warrants (Details) - Equity-classified Warrants	Mar. 31, 2026 $ / shares yr	Dec. 31, 2025 $ / shares yr
Market price of public stock
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.61	0.96
Exercise price
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.8	1.28
Expected term (years)
Class of Warrant or Right [Line Items]
Warrants, measurement input \| yr	4.71	4.96
Expected share price volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.942	0.91
Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.039	0.0373
Estimated dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input	0	0

Stockholders' Equity and Warrants

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Warrants

7. Stockholders’ Equity and Warrants

Public Offerings

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 condensed 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 condensed consolidated statements of operations and comprehensive (loss) income. Through March 31, 2026, the Company has sold 500,000 shares to Lincoln Park for aggregate gross proceeds of $2.5 million and as of March 31, 2026, 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 three months ended March 31, 2026.

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 (the “October 2024 RDO Warrants”) in a registered direct offering (the “October 2024 Registered Direct Offering”).

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 (the “November 2024 RDO Warrants”) in a registered direct offering (the “November 2024 Registered Direct Offering”).

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.

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”). During the three months ended March 31, 2025, the Company sold an aggregate of 75,793 shares of Common Stock under the Jefferies ATM Facility at an average price of $5.04 per share for net proceeds of approximately $0.4 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 Securities (USA) LLC (“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. During the three months ended March 31, 2026, the Company sold an aggregate of 4,018,497 shares of Common Stock under the TD Cowen ATM Facility at an average price of $1.16 per share for net proceeds of approximately $4.6 million.

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

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. Through March 31, 2026, 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 5. 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 5.

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 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 $18.3 million, after deducting the placement agent’s fees and offering expenses of approximately $0.4 million. The March 2026 Registered Direct Offering closed on March 20, 2026.

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 (the “Conversion Shares”) at a conversion price per share (the “Conversion Price”) equal to 130% of the Warrant Price (as defined below). As a result of the March 2026 Registered Direct Offering, which had a Common Stock offering price of $0.80 per share, the Warrant Price was reset to $0.80 per share; accordingly, the Conversion Price is $1.04 per share. No shares had been issued pursuant to this conversion feature as of March 31, 2026. See Note 6 for additional information.

The Company had reserved Common Stock for future issuances as follows:


	March 31,		December 31,
	2026		2025
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 TD Cowen ATM Facility(a)		—		54,000,000
Common stock reserved for Conversion Shares under the Loan Agreement(b)		2,403,846		1,800,000
Exercise of options outstanding under stock plans		17,315,516		18,004,681
Vesting of RSUs outstanding under stock plans		1,985,390		1,985,390
Options available for issuance under stock plans		9,270,695		4,581,530
Warrants to purchase Common Stock		44,566,803		42,569,928
		102,542,250		149,941,529

(a) 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.

(b) As of March 31, 2026, Conversion Shares issuable are calculated as $2.5 million divided by the Conversion Price of $1.04 per share.

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, preferences and relative, participating, optional, special and other rights shall be stated and expressed in such resolutions and the certificate of designations. There were 20,000,000 shares designated as preferred stock and none were outstanding as of March 31, 2026 and December 31, 2025.

Warrants

The Company had the following Common Stock warrants outstanding:


	March 31,		December 31,
	2026		2025
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		2,840,910
November 2024 RDO Warrants		1,404,494		1,404,494
October 2025 RDO Warrants		28,436,018		28,436,018
Loan Agreement Warrants(a)(b)		4,265,625		2,666,015
Total Common Stock Warrants		42,535,553		40,935,943

_______________________________________

(a) As of December 31, 2025, shares issuable are calculated as $3.4 million (base exercise value) divided by $1.28 per share.

(b) As of March 31, 2026, shares issuable are calculated as $3.4 million (base exercise value) divided by $0.80 per share. The exercise price reset from $1.28 in March 2026 in connection with the March 2026 Registered Direct Offering.

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 three months ended March 31, 2026 or March 31, 2025.

Legacy Humacyte Common Stock Warrants

In connection with the Company’s former loan agreement with SVB, in 2021 the Company granted warrants to the lenders to purchase up to 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 the Common Stock.

Public and Private Placement Warrants

In connection with the Merger, which closed on August 26, 2021, 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 FASB ASC Topic 480, Distinguishing Liabilities from Equity. The Company then evaluated the Common Stock Warrants under FASB ASC Topic 815, Derivatives and Hedging.

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) income 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. See Note 3, Fair Value Measurements, for a summary of the change in the fair value of the Private Placement Warrants during the three months ended March 31, 2026 and 2025. The remeasurement of the Private Placement Warrant liability to a fair value of $0 as of March 31, 2026 from a fair value of $15 thousand as of December 31, 2025 resulted in an insignificant non-cash gain for the three months ended March 31, 2026, compared to non-cash gain of $0.3 million for the three months ended March 31, 2025. The remeasurement of the Private Placement Warrant liability is classified within Change in fair value of derivatives in the condensed consolidated statements of operations and comprehensive (loss) income.

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.60		$	0.96
Exercise price	$	11.50		$	11.50
Expected term (years)		0.41			0.65
Expected share price volatility		154.2	%		178.6	%
Risk-free interest rate		3.71	%		3.54	%
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 condensed consolidated balance sheets at fair value, with subsequent changes in their respective fair values recognized within Change in fair value of derivatives in the condensed consolidated statements of operations and comprehensive (loss) income at each reporting date.

The October 2024 RDO Warrants were immediately exercisable. October 2024 RDO Warrants to purchase 2,840,910 shares of Common Stock had an exercise price of $5.28 per share, and expired 180 days from the date of issuance unexercised. 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 remeasurement of the October 2024 RDO Warrants liability to a fair value of $0.4 million as of March 31, 2026 from a fair value of $0.8 million as of December 31, 2025 resulted in a non-cash gain of $0.4 million for the three months ended March 31, 2026, compared to a non-cash gain of $10.3 million for the three months ended March 31, 2025.

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.61		$	0.96
Exercise price	$	5.28		$	5.28
Expected term (years)		3.02			3.27
Expected share price volatility		104.3	%		98.4	%
Risk-free interest rate		3.74	%		3.51	%
Estimated dividend yield		0	%		0	%

The November 2024 RDO Warrants were immediately exercisable. November 2024 RDO Warrants to purchase 1,404,494 shares of Common Stock had an exercise price of $5.34 per share, and expired 180 days from the date of issuance unexercised. 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 remeasurement of the November 2024 RDO Warrants liability to a fair value of $0.2 million as of March 31, 2026 from a fair value of $0.4 million as of December 31, 2025 resulted in a non-cash gain of $0.2 million for the three months ended March 31, 2026, compared to a non-cash gain of $5.4 million for the three months ended March 31, 2025.

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.61		$	0.96
Exercise price	$	5.34		$	5.34
Expected term (years)		3.13			3.37
Expected share price volatility		103.8	%		98.2	%
Risk-free interest rate		3.75	%		3.52	%
Estimated dividend yield		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 remeasurement of the October 2025 RDO Warrants liability to a fair value of $9.1 million as of March 31, 2026 from a fair value of $16.4 million as of December 31, 2025 resulted in a non-cash gain of $7.3 million for the three months ended March 31, 2026.

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.61		$	0.96
Exercise price	$	2.11		$	2.11
Expected term (years)		5.02			5.27
Expected share price volatility		92.0	%		89.3	%
Risk-free interest rate		3.92	%		3.76	%
Estimated dividend yield		0	%		0	%

See Note 3 for a summary of changes in the fair value of the RDO Warrants during the three months ended March 31, 2026 and March 31, 2025.

Loan Agreement Warrants

In connection with, and as consideration of the commitments under, the Term Loan Facility, the Company issued warrants to purchase shares of Common Stock to the Lenders (the “Loan Agreement Warrants”). See Note 6 for more details.

The Loan Agreement Warrants are a freestanding instrument that entitles 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 (the “Warrant Price”) was equal to the lower of (i) $1.28 per share or (ii) the price of any qualifying equity offering completed prior to March 31, 2026, subject to specified exclusions. As a result of the March 2026 Registered Direct Offering, which had a Common Stock offering price of $0.80 per share, the Warrant

Price was reset to $0.80 per share. No further adjustments to the Warrant Price are permitted based on equity offerings consummated after March 31, 2026; however, the Warrant Price remains subject to customary anti-dilution adjustments under the warrant agreement (including for stock splits, stock dividends and similar events).

The Loan Agreement Warrants were immediately exercisable upon issuance and expire on December 15, 2030. 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 $1.1 million as of March 31, 2026 from a fair value of $1.7 million as of December 31, 2025 resulted in a non-cash gain of $0.6 million for the three months ended March 31, 2026. See Note 3 for a summary of the change in the fair value of the Loan Agreement Warrants during the three months ended March 31, 2026.

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.61		$	0.96
Exercise price	$	0.80		$	1.28
Expected term (years)		4.71			4.96
Expected share price volatility		94.2	%		91.0	%
Risk-free interest rate		3.90	%		3.73	%
Estimated dividend yield		0	%		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 additional shares of Common Stock issuable upon the satisfaction of specified post-closing market-based conditions (the “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 (“Contingent Earnout 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 $6.8 million as of March 31, 2026 from a fair value of $11.5 million as of December 31, 2025, resulted in a non-cash gain of $4.7 million for the three months ended March 31, 2026, compared to a non-cash gain of $49.7 million for the three months ended March 31, 2025. The remeasurement of the Contingent Earnout Liability is classified within Change in fair value of Contingent Earnout Liability in the condensed consolidated statements of operations and comprehensive (loss) income.

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


	March 31,			December 31,
	2026			2025
Current stock price	$	0.61		$	0.96
Expected share price volatility		89.9	%		88.7	%
Risk-free interest rate		4.30	%		4.18	%
Estimated dividend yield		0	%		0	%
Expected term (years)		10.00			10.00

See Note 3 for a summary of the change in the fair value of the Contingent Earnout Liability during the three months ended March 31, 2026 and 2025.

Loan Agreement Conversion Derivative Liability

In connection with the Term Loan Facility and pursuant to the equity-settled conversion feature described above, 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 Conversion Shares at the Conversion Price. The Conversion Price is equal to 130% of the Warrant Price, subject to the beneficial ownership limitation and other 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, 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 $0.9 million at March 31, 2026 from a fair value of $0.9 million as of December 31, 2025 resulted in an immaterial non-cash loss for the three months ended March 31, 2026.

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.61		$	0.96
Exercise price	$	1.04		$	1.66
Expected term (years)		3.67			3.92
Expected share price volatility		99.9	%		96.5	%
Risk-free interest rate		3.87	%		3.64	%
Estimated dividend yield		0	%		0	%

See Note 3 for a summary of the change in the fair value of the Loan Agreement Conversion Derivative Liability during the three months ended March 31, 2026.

- 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

Stockholders' Equity and Warrants - Warrants (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025	Aug. 26, 2021
Class of Warrant or Right [Line Items]
Warrants (in shares)	42,535,553	40,935,943
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	2,840,910
November 2024 RDO Warrants liability
Class of Warrant or Right [Line Items]
Warrants (in shares)	1,404,494	1,404,494
October 2025 RDO Warrants Liability
Class of Warrant or Right [Line Items]
Warrants (in shares)	28,436,018	28,436,018
Loan Agreement Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	4,265,625	2,666,015
Warrants, exercise price (in dollars per share)	$ 0.8	$ 1.28
Legacy Humacyte Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	411,006	411,006

Stockholders' Equity and Warrants - Warrants (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Aug. 26, 2021
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share)			$ 11.5
March 2026 Registered Direct Offering
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share)	$ 1.28
Loan Agreement Warrants
Class of Warrant or Right [Line Items]
Base aggregate exercise value	$ 3.4	$ 3.4
Warrants, exercise price (in dollars per share)	$ 0.8	$ 1.28

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 ($)	Mar. 31, 2026 USD ($) shares	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	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			$ 1,677				$ 1,583
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										$ 800
Milestone payments			500				500
Other long-term liabilities			600				$ 500
Interest expense			$ 100
Royalty cap, actual award multiplier										4.00%
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		$ 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

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market funds)	$	43,998	$	—	$	—	$	43,998
Common Stock Purchase Agreement derivative asset		—		672		—		672
Total financial assets	$	43,998	$	672	$	—	$	44,670
Liabilities:
Contingent Earnout Liability	$	—	$	—	$	6,760	$	6,760
Private Placement Warrants liability		—		—		—		—
October 2024 RDO Warrants liability		—		—		430		430
November 2024 RDO Warrants liability		—		—		219		219
October 2025 RDO Warrants liability		—		—		9,081		9,081
Loan Agreement Warrants liability		—		—		1,106		1,106
Loan Agreement conversion derivative liability		—		—		869		869
JDRF Agreement derivative liability		—		—		227		227
Total financial liabilities	$	—	$	—	$	18,692	$	18,692


	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

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
	Three Months Ended March 31,
($ in thousands)	2026			2025
Fair value as of beginning of period	$	(11,492	)	$	(70,961	)
Change in fair value included in other income (expense), net		4,732			49,731
Fair value as of end of period	$	(6,760	)	$	(21,230	)


	Contingent Derivative Liability
($ in thousands)	Three Months Ended March 31, 2025
Fair value as of beginning of period	$	(2,415	)
Change in fair value included in other income (expense), net		(1,049	)
Fair value as of end of period	$	(3,464	)

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


	Three Months Ended March 31, 2026
($ in thousands)	October 2024 RDO Warrants			November 2024 RDO Warrants			October 2025 RDO Warrants
Fair value as of beginning of period	$	(862	)	$	(437	)	$	(16,356	)
Change in fair value included in other income (expense), net		432			218			7,275
Fair value as of end of period	$	(430	)	$	(219	)	$	(9,081	)


	Three Months Ended March 31, 2025
($ in thousands)	October 2024 RDO Warrants			November 2024 RDO Warrants
Fair value as of beginning of period	$	(12,437	)	$	(6,432	)
Change in fair value included in other income (expense), net		10,290			5,352
Fair value as of end of period	$	(2,147	)	$	(1,080	)

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


	Private Placement Warrants
	Three Months Ended March 31,
($ in thousands)	2026			2025
Fair value as of beginning of period	$	(15	)	$	(385	)
Change in fair value included in other income (expense), net		15			292
Fair value as of end of period	$	—		$	(93	)

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


	Loan Agreement Warrants
($ in thousands)	Three Months Ended March 31, 2026
Fair value as of beginning of period	$	(1,722	)
Change in fair value included in other income (expense), net		616
Fair value as of end of period		(1,106	)

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)	Three Months Ended March 31, 2026
Fair value as of beginning of period	$	(850	)
Change in fair value included in other income (expense), net		(19	)
Fair value as of end of period		(869	)

Stockholders' Equity and Warrants - Loan Agreement Conversion Derivative Liability (Details)	Mar. 31, 2026 $ / shares yr	Dec. 31, 2025 $ / shares yr
Market price of public stock
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input	0.61	0.96
Exercise price
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input	1.04	1.66
Expected term (years)
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input \| yr	3.67	3.92
Expected share price volatility
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input	0.999	0.965
Risk-free interest rate
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input	0.0387	0.0364
Estimated dividend yield
Business Acquisition, Contingent Consideration [Line Items]
Derivative liability, measurement input	0	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 and Warrants - Registered Direct Offering Warrants Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 USD ($)	Oct. 31, 2025 USD ($) $ / shares	Oct. 06, 2025 $ / shares 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) \| $ / shares										$ 11.5
Common stock warrant liabilities \| $	$ 10,836		$ 19,392
Registered Direct Offerings
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)	0	0
October 2025 Registered Direct Offering
Class of Warrant or Right [Line Items]
Warrants, exercise price (in dollars per share) \| $ / shares					$ 2.11
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)									2,840,910
Warrants, exercise price (in dollars per share) \| $ / shares									$ 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)									2,840,910
Warrants, exercise price (in dollars per share) \| $ / shares									$ 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)									5,681,820
Common stock warrant liabilities \| $	$ 400		800					$ 15,200
(Gain) loss on remeasurement of warrants \| $	(400)	$ (10,300)
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)							1,404,494
Warrants, exercise price (in dollars per share) \| $ / shares							$ 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)							1,404,494
Warrants, exercise price (in dollars per share) \| $ / shares							$ 5.34
Expected term (years)							1640 days
October 2025 RDO Warrants Liability \| Registered Direct Offerings
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)					28,436,018
October 2025 RDO Warrants Liability \| October 2025 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)					28,436,018
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) \| $ / shares				$ 2.11
Expected term (years)				180 days
Common stock warrant liabilities \| $	9,100		16,400	$ 34,300
(Gain) loss on remeasurement of warrants \| $	(7,300)
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)							2,808,988
Common stock warrant liabilities \| $	200		$ 400			$ 6,100
(Gain) loss on remeasurement of warrants \| $	$ (200)	$ (5,400)

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. No such adjustment was made as of March 31, 2026. The Company’s effective federal and state tax rate for the three months ended March 31, 2026 and 2025 was 0%, primarily as a result of accumulating net operating losses for the fiscal year to date offset by the increase in the valuation allowance against the related deferred tax asset.

The Company did not record any income tax expense or benefit during the three months ended March 31, 2026 and 2025. 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. All losses before income taxes arose in the United States.

- Definition

The entire disclosure for income tax.

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Carrying Amount of the Term Loan Facility

The carrying amount of the Term Loan Facility was as follows:


	March 31, 2026					December 31, 2025
($ in thousands)	Principal		Carrying Amount(a)			Principal		Carrying Amount(a)
Term Loan Facility due 2029(b)	$	40,000	$	40,146		$	40,000	$	40,000
Less: unamortized debt issuance costs				(1,145	)				(1,220	)
Less: unamortized debt discounts				(3,130	)				(3,336	)
			$	35,871				$	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 under the Term Loan Facility.

Contractual Maturities of Long-term Debt

As of March 31, 2026, 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 and Warrants - Public and Private Placement Warrants Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Aug. 26, 2021 USD ($) shares $ / shares	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) $ / shares	Dec. 31, 2025 USD ($) $ / shares
Class of Warrant or Right [Line Items]
Common stock warrant liabilities \| $			$ 10,836	$ 19,392
Common Stock Warrant, number of shares holder is entitled to purchase (in 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		$ 0	$ 15,000
(Gain) loss on remeasurement of warrants \| $		$ 300
Fair Value Adjustment of Warrants \| $		$ 300
Private Placement Warrants \| Measurement Input, Share Price [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input \| $ / shares			0.6	0.96
Warrants, measurement input \| $ / shares			0.6	0.96
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)	177,500
Public Warrants
Class of Warrant or Right [Line Items]
Expiration period (in days)	5 years
Expected term (years)	5 years
Public Warrants \| Measurement Input, Share Price [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	2.8
Warrants, measurement input	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)	5,000,000

Related Party Transactions (Details) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended
	Aug. 26, 2021	Feb. 16, 2021	Aug. 31, 2021	Jun. 30, 2018	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)					222,019,108		193,000,611
Accounts payable					$ 5,082		$ 5,404
Accrued expenses					8,677		10,540
Fresenius Medical Care
Related Party Transaction [Line Items]
Accounts payable					200		200
Fresenius Medical Care \| Fresenius Medical Care
Related Party Transaction [Line Items]
Financing transaction				$ 150,000
Conversion of stock (in shares)	15,812,735
Proceeds from PIPE financing			$ 25,000
Common stock, shares issued (in shares)			2,500,000
Distribution agreement, termination period		12 months
Fresenius Medical Care \| Fresenius Medical Care Deutschland GmbH
Related Party Transaction [Line Items]
Clinical research services expense					0	$ 0
Accounts payable					$ 0		$ 0

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Public Stock Offering	Registered Direct Offerings	Jefferies ATM Facility	TD Cowen ATM Facility	Common Stock	Common Stock Public Stock Offering	Common Stock Registered Direct Offerings	Common Stock Jefferies ATM Facility	Common Stock TD Cowen ATM Facility	Additional Paid-in Capital	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 TD Cowen ATM Facility	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024						130,027,509
Beginning balance at Dec. 31, 2024	$ (52,669)					$ 13					$ 633,333					$ (686,015)
Issuance of common stock (in shares)							25,000,000		75,793
Issuance of common stock		$ 46,660		$ 370			$ 3					$ 46,657		$ 370
Proceeds from the exercise of stock options (in shares)						15,514
Proceeds from the exercise of stock options	56										56
Stock-based compensation	2,487										2,487
Net (loss) income	39,139															39,139
Ending balance (in shares) at Mar. 31, 2025						155,118,816
Ending balance at Mar. 31, 2025	$ 36,043					$ 16					682,903					(646,876)
Beginning balance (in shares) at Dec. 31, 2025	193,000,611					193,000,611
Beginning balance at Dec. 31, 2025	$ 3,109					$ 20					729,937					(726,848)
Issuance of common stock (in shares)								25,000,000		4,018,497
Issuance of common stock			$ 18,319		$ 4,645			$ 3					$ 18,316		$ 4,645
Proceeds from the exercise of stock options (in shares)	0
Stock-based compensation	$ 3,170										3,170
Net (loss) income	$ (17,619)															(17,619)
Ending balance (in shares) at Mar. 31, 2026	222,019,108					222,019,108
Ending balance at Mar. 31, 2026	$ 11,624					$ 23					$ 756,068					$ (744,467)

- Definition

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

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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Stockholders' Equity and Warrants - Public Offering Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 27, 2025	Mar. 25, 2025
Class of Stock [Line Items]
Price per share (in dollars per share)	$ 2
Public Stock Offering
Class of Stock [Line Items]
Number of shares issued (in shares)	25,000,000
Net proceeds from issuance and sale of stock	$ 46.7
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

+ Details

Stockholders' Equity and Warrants - Preferred Stock Narrative (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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

Summary of Significant Accounting Policies - Schedule of Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net (loss) income	$ (17,619)	$ 39,139
Less: Undistributed earnings allocated to participating securities, basic	0	(2,374)
Less: Undistributed earnings allocated to participating securities, diluted	0	(2,374)
Net (loss) income attributable to common stockholders, basic	(17,619)	36,765
Net (loss) income attributable to common stockholders, diluted	$ (17,619)	$ 36,765
Denominator:
Weighted-average common shares outstanding - basic	197,846,786	131,496,877
Dilutive effect of assumed conversion of options to purchase common stock	0	262,425
Weighted-average common shares outstanding - diluted	197,846,786	131,759,302
Net (loss) income attributable to common stockholders - basic	$ (0.09)	$ 0.28
Net (loss) income attributable to common stockholders - diluted	$ (0.09)	$ 0.28

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Estimate Fair Value of Stock Options

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


	Three Months Ended March 31,
	2026		2025
Estimated dividend yield	0%			0	%
Expected share price volatility (weighted average and range, if applicable)	99.1% (98.9% to 99.8%)			92.2	%
Risk-free interest rate (weighted average and range, if applicable)	3.91% (3.89% to 3.91%)			4.45	%
Expected term of options (in years)		6.25	6.25

Schedule of Stock Option Activity

A summary of option activity under the Company’s stock option plans during the three months ended March 31, 2026 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, 2025		18,004,681		$	4.25		7.7	$	—
Granted		204,100			1.06
Exercised		—			0.00
Forfeited		(893,265	)		4.19
Options outstanding at March 31, 2026		17,315,516		$	4.21		7.8	$	—
Vested and exercisable, March 31, 2026		8,490,916		$	5.23		6.7	$	—
Vested and expected to vest, March 31, 2026		17,315,516		$	4.21		7.8	$	—

Schedule of Restricted Stock Activity

The following table summarizes the Company’s RSU activity for the three months ended March 31, 2026:


	Number of Shares		Weighted Average Grant Date Fair Value
Grants outstanding at December 31, 2025		1,985,390	$	1.23
Granted		—
Exercised		—
Forfeited		—
Grants outstanding at March 31, 2026		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 condensed consolidated statements of operations and comprehensive (loss) income:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Stock options	$	2,559	$	2,487
Restricted stock units		611		—
Total stock-based compensation expense	$	3,170	$	2,487
Research and development		1,228		1,149
General and administrative		1,942		1,338
Total stock-based compensation expense	$	3,170	$	2,487

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue	$ 495	$ 517
Operating expenses:
Cost of goods sold	2,038	147
Research and development	19,462	15,418
General and administrative	7,930	8,136
Total operating expenses	29,430	23,701
Loss from operations	(28,935)	(23,184)
Other income (expense), net
Interest income	330	662
Change in fair value of Contingent Earnout Liability	4,732	49,731
Interest expense	(2,271)	(3,000)
Change in fair value of derivatives	8,525	14,930
Total other income, net	11,316	62,323
Net (loss) income and comprehensive (loss) income	$ (17,619)	$ 39,139
Net (loss) income per share attributable to common stockholders, basic	$ (0.09)	$ 0.28
Weighted-average shares outstanding used in computing net (loss) income per share attributable to common stockholders, basic	197,846,786	131,496,877
Net (loss) income per share attributable to common stockholders, diluted	$ (0.09)	$ 0.28
Weighted-average shares outstanding used in computing net (loss) income per share attributable to common stockholders, diluted	197,846,786	131,759,302
Product [Member]
Revenue	$ 493	$ 147
Operating expenses:
Cost of goods sold	2,000	100
Contract Revenue [Member]
Revenue	$ 2	$ 370

Summary of Significant Accounting Policies - Revenue Recognition Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 434	$ 441
Product [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 400	$ 400

Stockholders' Equity (Deficit) and Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Reserved for Future Issuances

The Company had reserved Common Stock for future issuances as follows:


	March 31,		December 31,
	2026		2025
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 TD Cowen ATM Facility(a)		—		54,000,000
Common stock reserved for Conversion Shares under the Loan Agreement(b)		2,403,846		1,800,000
Exercise of options outstanding under stock plans		17,315,516		18,004,681
Vesting of RSUs outstanding under stock plans		1,985,390		1,985,390
Options available for issuance under stock plans		9,270,695		4,581,530
Warrants to purchase Common Stock		44,566,803		42,569,928
		102,542,250		149,941,529

Schedule of Common Stock Warrants Outstanding

The Company had the following Common Stock warrants outstanding:


	March 31,		December 31,
	2026		2025
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		2,840,910
November 2024 RDO Warrants		1,404,494		1,404,494
October 2025 RDO Warrants		28,436,018		28,436,018
Loan Agreement Warrants(a)(b)		4,265,625		2,666,015
Total Common Stock Warrants		42,535,553		40,935,943

_______________________________________

(a) As of December 31, 2025, shares issuable are calculated as $3.4 million (base exercise value) divided by $1.28 per share.

Schedule of Assumptions Used in the Valuations

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.60		$	0.96
Exercise price	$	11.50		$	11.50
Expected term (years)		0.41			0.65
Expected share price volatility		154.2	%		178.6	%
Risk-free interest rate		3.71	%		3.54	%
Estimated dividend yield		0	%		0	%

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.61		$	0.96
Exercise price	$	5.28		$	5.28
Expected term (years)		3.02			3.27
Expected share price volatility		104.3	%		98.4	%
Risk-free interest rate		3.74	%		3.51	%
Estimated dividend yield		0	%		0	%

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.61		$	0.96
Exercise price	$	5.34		$	5.34
Expected term (years)		3.13			3.37
Expected share price volatility		103.8	%		98.2	%
Risk-free interest rate		3.75	%		3.52	%
Estimated dividend yield		0	%		0	%

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.61		$	0.96
Exercise price	$	2.11		$	2.11
Expected term (years)		5.02			5.27
Expected share price volatility		92.0	%		89.3	%
Risk-free interest rate		3.92	%		3.76	%
Estimated dividend yield		0	%		0	%

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.61		$	0.96
Exercise price	$	0.80		$	1.28
Expected term (years)		4.71			4.96
Expected share price volatility		94.2	%		91.0	%
Risk-free interest rate		3.90	%		3.73	%
Estimated dividend yield		0	%		0	%

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


	March 31,			December 31,
	2026			2025
Current stock price	$	0.61		$	0.96
Expected share price volatility		89.9	%		88.7	%
Risk-free interest rate		4.30	%		4.18	%
Estimated dividend yield		0	%		0	%
Expected term (years)		10.00			10.00

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


	March 31,			December 31,
	2026			2025
Market price of public stock	$	0.61		$	0.96
Exercise price	$	1.04		$	1.66
Expected term (years)		3.67			3.92
Expected share price volatility		99.9	%		96.5	%
Risk-free interest rate		3.87	%		3.64	%
Estimated dividend yield		0	%		0	%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (17,619)	$ 39,139

- Definition

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

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
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

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

6. 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 5. 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 7 for further details.

As of March 31, 2026, the Term Loan Facility is classified as long-term debt on the condensed 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 7.

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 7 and are not components of interest expense.

The carrying amount of the Term Loan Facility was as follows:


	March 31, 2026					December 31, 2025
($ in thousands)	Principal		Carrying Amount(a)			Principal		Carrying Amount(a)
Term Loan Facility due 2029(b)	$	40,000	$	40,146		$	40,000	$	40,000
Less: unamortized debt issuance costs				(1,145	)				(1,220	)
Less: unamortized debt discounts				(3,130	)				(3,336	)
			$	35,871				$	35,444

_____________________

(b) Interest payable monthly beginning on January 1, 2026 under the Term Loan Facility.

As of March 31, 2026, 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
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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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

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 48,539

$ 50,497

Inventory, net

9,920

13,589

Accounts receivable

434

441

Prepaid expenses and other current assets

4,704

3,268

Total current assets

63,597

67,795

Restricted cash

209

Property and equipment, net

17,381

18,544

Finance lease right-of-use assets, net

28,698

29,146

Other long-term assets

672

Total assets

110,557

116,366

Current liabilities

Accounts payable

5,082

5,404

Accrued expenses

8,677

10,540

Finance lease obligation, current portion

2,428

Total current liabilities

16,187

18,372

Long-term debt

^[1]

35,871

35,444

Contingent Earnout Liability

6,760

11,492

Common stock warrant liabilities

10,836

19,392

Finance lease obligation, net of current portion

27,602

26,974

Other long-term liabilities

1,677

1,583

Total liabilities

98,933

113,257

Commitments and contingencies (Note 10)

Stockholders' equity

Preferred stock, $0.0001 par value; 20,000,000 shares designated as of March 31, 2026 and December 31, 2025; 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025

Common stock, $0.0001 par value; 350,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 222,019,108 and 193,000,611 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

756,068

729,937

Accumulated deficit

(744,467)

(726,848)

Total stockholders' equity

11,624

3,109

Total liabilities and stockholders' equity

$ 110,557

$ 116,366

[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 (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Line of Credit Facility [Line Items]

Principal

$ 1,700

Less: unamortized debt issuance costs

^[1]

(1,145)

$ (1,220)

Less: unamortized debt discounts

^[1]

(3,130)

(3,336)

Long-Term Debt

^[1]

35,871

35,444

Term Loan Facility due 2029

Line of Credit Facility [Line Items]

Principal

^[2]

40,000

Carrying Amount

^[1],[2]

$ 40,146

$ 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 under the Term Loan Facility.

- 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
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-Name Accounting Standards Codification
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-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))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Organization and Description of Business (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended		18 Months Ended
	Mar. 19, 2026 USD ($) $ / shares shares	Apr. 28, 2025 Employee	Sep. 24, 2024 USD ($) $ / shares	May 31, 2026 Employee	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) shares	Mar. 31, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares	Mar. 27, 2025 $ / shares
Subsidiary, Sale of Stock [Line Items]
Accumulated deficit					$ (744,467)		$ (744,467)	$ (726,848)
Operating losses					28,935	$ 23,184
Net cash flows used in operating activities					$ 25,104	$ 28,601
Common stock, par value (in dollars per share) \| $ / shares					$ 0.0001		$ 0.0001	$ 0.0001
Price per share \| $ / shares									$ 2
Cash and cash equivalents					$ 48,539		$ 48,539	$ 50,497
Reduction in workforce \| Employee		30
Forecast
Subsidiary, Sale of Stock [Line Items]
Reduction in workforce \| Employee				45
Equity Line Financing
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Common stock purchase agreement, amount authorized			$ 50,000
Common stock purchase agreement, term			24 months
Common stock purchase agreement, amount remaining					$ 47,500		$ 47,500
Number of shares issued (in shares) \| shares					0	0	500,000
March 2026 Registered Direct Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) \| shares	25,000,000
Price per share \| $ / shares	$ 0.8
Net proceeds from sale of stock	$ 18,300

Stockholders' Equity and Warrants - Loan Agreement Conversion Derivative Liability Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Dec. 15, 2025	Mar. 31, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Common stock warrant liabilities		$ 10,836	$ 19,392
Loan Agreement Conversion Derivative Liability
Class of Warrant or Right [Line Items]
Conversion amount	$ 2,500
Warrant price, percent	130.00%
Beneficial ownership cap rate		9.985%
Common stock warrant liabilities	$ 1,100	$ 900	$ 900

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Unaudited Interim Condensed Consolidated Financial Statements

Use of Estimates

Segments

Research and Development Expenses


	Three Months Ended March 31,
($ in thousands)	2026		2025
Direct Expenses
Vascular Trauma	$	185	$	227
AV Access		1,230		1,203
Total		1,415		1,430
Unallocated Expenses
External services		834		1,665
Materials and supplies		4,303		—
Payroll and personnel expenses		9,793		9,545
Other research and development expenses		3,117		2,778
Total		18,047		13,988
Total research and development expenses	$	19,462	$	15,418

Non-cash Operating Expenses


	Three Months Ended March 31,
($ in thousands)	2026		2025
Depreciation expense	$	1,342	$	1,308
Stock-based compensation expense		3,170		2,487

Inventory

Revenue Recognition

Revenue from Customers

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) Income

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 March 31, 2026.

Cash and Cash Equivalents

Restricted Cash


	March 31,		December 31,
($ in thousands)	2026		2025
Cash and cash equivalents	$	48,539	$	50,497
Restricted cash included in prepaid expenses and other current assets		144		144
Restricted cash included in long-term assets		209		209
Total cash, cash equivalents and restricted cash	$	48,892	$	50,850

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.

•

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.

•

Net (Loss) Income per Share Attributable to Common Stockholders

The following table presents the calculation of basic and diluted net (loss) income per share for the periods presented:


	Three Months Ended March 31,
($ in thousands, except share and per share amounts)	2026			2025
Numerator:
Net (loss) income	$	(17,619	)	$	39,139
Less: Undistributed earnings allocated to participating securities		—			(2,374	)
Net (loss) income attributable to common stockholders	$	(17,619	)	$	36,765

Denominator:
Weighted-average common shares outstanding - basic		197,846,786			131,496,877
Dilutive effect of assumed conversion of options to purchase common stock		—			262,425
Weighted-average common shares outstanding - diluted		197,846,786			131,759,302

Net (loss) income attributable to common stockholders - basic	$	(0.09	)	$	0.28
Net (loss) income attributable to common stockholders - diluted	$	(0.09	)	$	0.28

The following potential shares of Common Stock were excluded from the computation of diluted net (loss) income per share for each period because including them would have been anti-dilutive:


	Three Months Ended March 31,
	2026		2025
Exercise of options under stock plan		17,315,516		15,250,541
Vesting of RSUs under stock plan		1,985,390		—
Warrants to purchase Common Stock		44,566,803		14,079,314
Conversion shares issuable under the Loan Agreement		2,403,846		—

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Inventory - Inventory Stated at Lower Costs or Net Realizable Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 6,021	$ 5,823
Work in progress	0	6,541
Finished goods	14,422	10,122
Total inventory	20,443	22,486
Less: inventory reserve	(10,523)	(8,897)
Inventory, net	$ 9,920	$ 13,589

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Segment Reporting Information, by Segment

Research and Development Expenses


	Three Months Ended March 31,
($ in thousands)	2026		2025
Direct Expenses
Vascular Trauma	$	185	$	227
AV Access		1,230		1,203
Total		1,415		1,430
Unallocated Expenses
External services		834		1,665
Materials and supplies		4,303		—
Payroll and personnel expenses		9,793		9,545
Other research and development expenses		3,117		2,778
Total		18,047		13,988
Total research and development expenses	$	19,462	$	15,418

Non-cash Operating Expenses


	Three Months Ended March 31,
($ in thousands)	2026		2025
Depreciation expense	$	1,342	$	1,308
Stock-based compensation expense		3,170		2,487

Schedule of Cash and Cash Equivalents


	March 31,		December 31,
($ in thousands)	2026		2025
Cash and cash equivalents	$	48,539	$	50,497
Restricted cash included in prepaid expenses and other current assets		144		144
Restricted cash included in long-term assets		209		209
Total cash, cash equivalents and restricted cash	$	48,892	$	50,850

Schedule of Restricted Cash


	March 31,		December 31,
($ in thousands)	2026		2025
Cash and cash equivalents	$	48,539	$	50,497
Restricted cash included in prepaid expenses and other current assets		144		144
Restricted cash included in long-term assets		209		209
Total cash, cash equivalents and restricted cash	$	48,892	$	50,850

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the calculation of basic and diluted net (loss) income per share for the periods presented:


	Three Months Ended March 31,
($ in thousands, except share and per share amounts)	2026			2025
Numerator:
Net (loss) income	$	(17,619	)	$	39,139
Less: Undistributed earnings allocated to participating securities		—			(2,374	)
Net (loss) income attributable to common stockholders	$	(17,619	)	$	36,765

Denominator:
Weighted-average common shares outstanding - basic		197,846,786			131,496,877
Dilutive effect of assumed conversion of options to purchase common stock		—			262,425
Weighted-average common shares outstanding - diluted		197,846,786			131,759,302

Net (loss) income attributable to common stockholders - basic	$	(0.09	)	$	0.28
Net (loss) income attributable to common stockholders - diluted	$	(0.09	)	$	0.28

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

The following potential shares of Common Stock were excluded from the computation of diluted net (loss) income per share for each period because including them would have been anti-dilutive:


	Three Months Ended March 31,
	2026		2025
Exercise of options under stock plan		17,315,516		15,250,541
Vesting of RSUs under stock plan		1,985,390		—
Warrants to purchase Common Stock		44,566,803		14,079,314
Conversion shares issuable under the Loan Agreement		2,403,846		—

Summary of Significant Accounting Policies - Antidilutive Securities Excluded From Computation (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	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) income per share (in shares)	17,315,516	15,250,541
Vesting 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) income 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) income per share (in shares)	44,566,803	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) income per share (in shares)	2,403,846	0

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Operating Loss Carryforwards [Line Items]
Effective tax rate	0.00%	0.00%
Income tax expense (benefit)	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ 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
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Topic 250
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-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net (loss) income	$ (17,619)	$ 39,139
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation expense	1,342	1,308
Stock-based compensation expense	3,170	2,487
Change in fair value of Contingent Earnout Liability	(4,732)	(49,731)
Non-cash interest expense	209	2,152
Change in fair value of derivatives	(8,525)	(14,930)
Inventory reserve	1,626	0
Amortization expense	448	524
Non-cash operating lease costs	0	14
Amortization of debt discount	282	0
Changes in operating assets and liabilities:
Accounts receivable	7	(308)
Inventory	2,043	(8,020)
Prepaid expenses and other current assets	(1,437)	392
Accounts payable	(362)	653
Accrued expenses	(2,184)	(2,267)
Finance lease obligation	628	0
Operating lease obligation	0	(14)
Net cash used in operating activities	(25,104)	(28,601)
Cash flows from investing activities
Purchase of property and equipment	(175)	(228)
Net cash used in investing activities	(175)	(228)
Cash flows from financing activities
Proceeds from the exercise of stock options	0	56
Payments of finance lease principal	0	(687)
Net cash provided by financing activities	23,321	46,739
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,958)	17,910
Cash, cash equivalents and restricted cash at the beginning of the period	50,850	95,290
Cash, cash equivalents and restricted cash at the end of the period	48,892	113,200
Supplemental disclosure of noncash activities:
Unpaid issuance costs in connection with public offering	357	340
Purchase of property and equipment in accounts payable and accrued expenses	26	545
Public Stock Offering
Cash flows from financing activities
Proceeds from the issuance of common stock	0	47,000
Registered Direct Offerings
Cash flows from financing activities
Proceeds from the issuance of common stock	18,676	0
ATM Facility
Cash flows from financing activities
Proceeds from the issuance of common stock	$ 4,645	$ 370

Stockholders' Equity and Warrants - Private Placement Warrants (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) $ / shares yr	Dec. 31, 2025 USD ($) $ / shares yr	Aug. 26, 2021 USD ($)
Class of Warrant or Right [Line Items]
Common stock warrant liabilities		$ 10,836	$ 19,392
Private Placement Warrants
Class of Warrant or Right [Line Items]
Common stock warrant liabilities		$ 0	$ 15,000	$ 600
(Gain) loss on remeasurement of warrants	$ 300
Private Placement Warrants \| Market price of public stock
Class of Warrant or Right [Line Items]
Warrants, measurement input \| $ / shares		0.6	0.96
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		0.41	0.65
Private Placement Warrants \| Expected share price volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input		1.542	1.786
Private Placement Warrants \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants, measurement input		0.0371	0.0354
Private Placement Warrants \| Estimated dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input		0	0

Stockholders' Equity and Warrants - Warrants Narrative (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025	Oct. 06, 2025	Apr. 05, 2025	Mar. 31, 2025	Dec. 31, 2021	Aug. 26, 2021
Class of Warrant or Right [Line Items]
Warrants (in shares)	42,535,553	40,935,943
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	2,840,910
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	1,404,494
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	28,436,018
October 2025 RDO Warrants Liability \| Registered Direct Offerings
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			28,436,018