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Humacyte, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in research and development expenses to $22,926,000 from $18,552,000 in the same quarter the previous year. This increase is attributed to expanded research and development initiatives, including increased product manufacturing and development.
General and administrative expenses for the quarter increased to $7,307,000 from $6,070,000 in the previous year, primarily due to preparation for the planned commercial launch of the ATEV in vascular trauma.
Net loss for the quarter was $39,202,000, compared to $25,995,000 in the previous year. The increase in net loss is mainly due to a $7,345,000 increase in the non-cash loss resulting from the remeasurement of the Contingent Earnout Liability.
Cash used in operating activities was $71,545,000 for the nine months ended September 30, 2024, compared to $54,251,000 in the same period of the previous year.
Humacyte had cash and cash equivalents of $20,571,000 as of September 30, 2024. The company also had restricted cash of $50,209,000.
The company acknowledges its dependence on additional capital to continue its operations beyond one year from the issuance of the financial statements if it is unable to achieve approval of the ATEV and generate sufficient cash flows from commercial sales.
The filing also details various financial activities, including a securities purchase agreement with Lincoln Park Capital Fund, LLC for an equity line financing of up to $50,000,000 over a 24-month period.
Humacyte continues to focus on the development and commercialization of its ATEVs, with plans to expand its manufacturing capabilities and pursue regulatory approvals for its product candidates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Humacyte Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.