Estados financieros detallados de Humacyte, Inc. (HUMA): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Humacyte, Inc. registró ingresos de $2.0M en el último ejercicio fiscal, con un CAGR de 5 años del 6.4%.
Márgenes de los últimos 12 meses: margen bruto -6.7%, margen operativo -52.4%, margen neto -45.6%.
Al precio actual de $0.57, HUMA presenta beneficios negativos (P/E no significativo) y un ROE del -9.38%. La capitalización bursátil es de $96M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $6.2M | $1.5M | $1.3M | $1.6M | 0 | 0 | $2.0M |
| Coste de Ventas | $75.6M | $54.1M | $61.3M | $8.3M | $76.5M | $7.2M | $17.0M |
| Beneficio Bruto | -$69.4M | -$52.6M | -$60.1M | -$6.7M | -$76.5M | -$7.2M | -$15.0M |
| I+D | $75.6M | $54.1M | $61.3M | $63.3M | $76.5M | $88.6M | $69.3M |
| Generales y Administrativos | $16.3M | $12.0M | $21.1M | $22.9M | $20.4M | $25.8M | $31.2M |
| Gastos Operativos | $16.3M | $12.0M | $21.1M | $77.9M | $23.5M | $107.2M | $92.4M |
| Beneficio Operativo | -$85.7M | -$64.6M | -$81.2M | -$84.6M | -$100.0M | -$114.4M | -$107.4M |
| EBITDA | -$78.9M | -$56.2M | -$13.9M | $2.4M | -$96.5M | -$132.2M | -$22.2M |
| Gastos por Intereses | $2.3M | $2.2M | $4.3M | $6.2M | $6.6M | $9.3M | $11.2M |
| Beneficio Antes de Impuestos | -$85.4M | -$66.5M | -$26.5M | -$12.0M | -$110.8M | -$148.7M | -$40.8M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$85.4M | -$66.5M | -$26.5M | -$12.0M | -$110.8M | -$148.7M | -$40.8M |
| BPA | $-4.25 | $-5.52 | $-0.66 | $-0.12 | $-1.07 | $-1.26 | $-0.26 |
| BPA Diluido | $-4.25 | $-5.52 | $-0.66 | $-0.12 | $-1.07 | $-1.26 | $-0.26 |
| Acciones en Circulación (Diluidas) | $103.0M | $12.4M | $40.0M | $103.1M | $103.4M | $118.5M | $158.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $753000 | $467000 | $495000 | $406000 |
| Beneficio Bruto | -$1.4M | -$10.4M | -$1.5M | -$825000 |
| Beneficio Operativo | -$24.4M | -$30.8M | -$28.9M | -$27.0M |
| EBITDA | -$13.0M | -$19.9M | -$13.6M | -$33.1M |
| Beneficio Neto | -$17.5M | -$24.8M | -$17.6M | -$36.8M |
| BPA | $-0.11 | $-0.15 | $-0.09 | $-0.16 |
| BPA Diluido | $-0.11 | $-0.15 | $-0.09 | $-0.16 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $93.7M | $39.9M | $217.5M | $149.8M | $80.4M | $44.9M | $50.5M |
| Inversiones a Corto | 0 | 0 | $8.0M | $2.1M | 0 | 0 | 0 |
| Cuentas por Cobrar | $601000 | $113000 | $176000 | $31000 | 0 | 0 | $441000 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | $13.6M |
| Activos Corrientes | $95.0M | $41.4M | $229.3M | $154.2M | $83.3M | $47.9M | $67.8M |
| Inmovilizado Material | $73.7M | $65.2M | $57.2M | $50.1M | $44.1M | $38.6M | $47.7M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $168.7M | $106.7M | $286.5M | $204.3M | $128.2M | $137.9M | $116.4M |
| Cuentas por Pagar | $3.3M | $2.3M | $2.1M | $1.6M | $6.5M | $4.5M | $5.4M |
| Deuda a Corto | $1.5M | $2.5M | 0 | $8.6M | 0 | 0 | 0 |
| Pasivos Corrientes | $10.8M | $11.2M | $11.1M | $19.6M | $18.4M | $20.0M | $18.4M |
| Deuda a Largo | 0 | $822000 | $27.4M | $20.3M | $38.6M | 0 | $35.4M |
| Pasivos Totales | $36.5M | $36.0M | $164.4M | $87.4M | $114.7M | $190.5M | $113.3M |
| Reservas | -$321.6M | -$388.1M | -$414.6M | -$426.5M | -$537.3M | -$686.0M | -$726.8M |
| Patrimonio Neto | $132.2M | $70.7M | $122.2M | $116.9M | $13.5M | -$52.7M | $3.1M |
| Deuda Total | $28.7M | $28.9M | $51.2M | $50.1M | $57.5M | $16.5M | $64.8M |
| Deuda Neta | -$65.0M | -$11.1M | -$174.3M | -$101.8M | -$23.0M | -$28.4M | $14.3M |
| Capital Circulante | $84.1M | $30.2M | $218.3M | $134.6M | $64.8M | $27.9M | $49.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $19.5M | $50.5M | $48.5M | $79.9M |
| Activos Totales | $91.5M | $116.4M | $110.6M | $138.1M |
| Pasivos Totales | $96.3M | $113.3M | $98.9M | $106.8M |
| Patrimonio Neto | -$4.8M | $3.1M | $11.6M | $31.3M |
| Deuda Total | $29.8M | $64.8M | $65.9M | $66.2M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$85.4M | -$66.5M | -$26.5M | -$12.0M | -$110.8M | -$148.7M | -$40.8M |
| Amortizaciones | $6.7M | $8.4M | $8.2M | $8.2M | $7.7M | $7.2M | $5.3M |
| Compensación en Acciones | $4.5M | 0 | $10.1M | $6.2M | $6.8M | $6.1M | $9.8M |
| Cambio en Capital Circulante | $453000 | -$2.4M | -$557000 | $1.0M | $6.6M | $311000 | -$23.4M |
| Flujo de Caja Operativo | -$71.8M | -$55.6M | -$81.2M | -$71.1M | -$73.3M | -$98.1M | -$105.0M |
| Inversiones (CapEx) | -$8.1M | -$318000 | -$220000 | -$1.0M | -$2.3M | -$1.6M | -$884000 |
| Adquisiciones | 0 | $50000 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$79.9M | -$55.9M | -$81.4M | -$72.2M | -$75.6M | -$99.7M | -$105.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$23.9M | -$26.1M | -$25.1M | -$22.1M |
| Inversiones (CapEx) | -$49000 | -$39000 | -$175000 | -$104000 |
| Flujo de Caja Libre | -$24.0M | -$26.2M | -$25.3M | -$22.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.5M | $2.5M | $3.2M | $2.6M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -75.9% | -15.3% | +23.9% | -100.0% | | |
| Crecimiento Beneficio Neto (anual) | | +22.1% | +60.2% | +54.8% | -825.8% | -34.2% | +72.5% |
| Crecimiento BPA (anual) | | -29.9% | +88.0% | +81.8% | -791.7% | -17.8% | +79.4% |
| Cambio en Acciones (anual) | | -87.9% | +221.1% | +157.8% | +0.4% | +14.6% | +33.5% |
| Crecimiento FCF (anual) | | +30.1% | -45.7% | +11.3% | -4.7% | -31.9% | -6.3% |
| Margen Bruto | -1122.0% | -3527.0% | -4756.8% | -427.5% | | | -736.5% |
| Margen Operativo | -1385.0% | -4332.7% | -6429.8% | -5404.3% | | | -5271.7% |
| Margen EBITDA | -1275.9% | -3772.6% | -1099.6% | 156.2% | | | -1091.2% |
| Margen Neto | -1380.7% | -4461.7% | -2096.4% | -764.5% | | | -2003.6% |
| Margen FCF | -1291.6% | -3748.2% | -6445.8% | -4611.9% | | | -5197.5% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.78 | $-4.49 | $-2.04 | $-0.70 | $-0.73 | $-0.84 | $-0.67 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $103.0M | $12.4M | $40.0M | $103.1M | $103.4M | $118.5M | $158.2M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -938.20% |
| Rentabilidad sobre capital invertido | -89.17% |
| Rentabilidad sobre activos | -70.05% |
| Margen bruto | -666.81% |
| Margen operativo | -5240.78% |
| Margen neto | -4560.82% |
Salud financiera
| Deuda / Patrimonio | 2.12 |
| Ratio corriente | 6.21 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -10.46 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.28 | -1.84 | -10.98 | -17.58 | -2.65 | -4.01 | -3.69 |
| P/VC | 7.53 | 1.79 | 2.37 | 1.86 | 21.68 | -11.36 | 48.86 |
| P/V | 160.99 | 84.91 | 229.44 | 138.94 | 0.00 | 0.00 | 74.54 |
| Margen Bruto | -1122.0% | -3527.0% | -4756.8% | -427.5% | 0.0% | 0.0% | -736.5% |
| Margen Operativo | -1385.0% | -4332.7% | -6429.8% | -5404.3% | 0.0% | 0.0% | -5271.7% |
| Margen Neto | -1380.7% | -4461.7% | -2096.4% | -764.5% | 0.0% | 0.0% | -2003.6% |