Sequential Unit Volume Growth but Results Still Variable Early in the Launch; Maintain Buy but Trim PT to $2

Research evidence excerpt

Sequential Unit Volume Growth but Results Still Variable Early in the Launch; Maintain Buy but Trim PT to $2

Investment Thesis

Humacyte (HUMA) is a pre-commercial clinical development-stage regenerative technology company that has developed human

acellular vessels (HAV) for use in a variety of indications. HUMA came to market via a SPAC with Alpha Healthcare Acquisition Corp

(AHAC; ALPAU, Not Rated), giving HUMA sufficient capital and a public vehicle to bring the HAV to market in Vascular Trauma,MEDICAL Dialysis AV Access, and Peripheral Arterial Disease totaling market opportunities of $20.2B over the next few years with an extensive

pipeline that follows in market opportunities >$150B. Underpinning these opportunities are clinical studies which have shown the

technology to be safe, efficacious, and scalable as HUMA has developed significant manufacturing prowess through proprietary

technology. Further, with a partnership agreement with Fresenius (FME, Not Rated), commercial launch in the vascular market is

significantly de-risked as FME operates 65 vascular clinics that can help support use in Vascular Trauma and AV Access. Given the

cellular make-up of blood vessels combined with HUMA's master cell line, we believe it's likely that if the HAV proves successful

in one indication, others should not be far behind.TECHNOLOGY

Upcoming Catalysts Price Performance

■ 2Q26 - Interim analysis of first ~80 patients in V012 to be presented at the Society $3

of Vascular Surgery’s (SVS) Vascular Annual Meeting

$2.5EQUITY ■ 1H26 - Expected initiation of Symvess post market study

■ 2H26 - Planned submission for V007 BLA supplement for AV access $2

■ 2H26 - First-in-human CTEV and CABG studies

■ FY26 - Growing contributions from Symvess launch in trauma $1.5