Humacyte Inc.: Revising Estimates for a Slower 2026 Ramp in Trauma; Looking to Dialysis and Coronary as Key Catalysts for the Stock; Reit OW

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Humacyte Inc.: Revising Estimates for a Slower 2026 Ramp in Trauma; Looking to Dialysis and Coronary as Key Catalysts for the Stock; Reit OW

Equity Research

U.S. Medical Supplies & Devices

13 May 2026

Humacyte Inc.

Revising Estimates for a Slower

2026 Ramp in Trauma; Looking to

HUMA OVERWEIGHTDialysis and Coronary as Key

Unchanged

U.S. Medical Supplies & POSITIVECatalysts for the Stock; Reit OW Devices

Lowering our Trauma sales estimates to reflect a slower Price Target USD 1.50

ramp, with only a modest pickup in Q3 and Q4. That said, we Unchanged

remain bullish on HUMA’s long-term prospects in Price (12-May-26) USD 0.91 Potential Upside/Downside +64.8%

Source: Bloomberg, Barclays Researchbioengineered tissue-based implants and expect key

milestones in Dialysis and Coronary in June and 2H26 to be

Market Cap (USD mn) 202

positive for the stock. Shares Outstanding (mn) 222.02

Free Float (%) 90.49

Q1 Symvess fall a touch short, management tunes up commercial strategy to drive 52 Wk Avg Daily Volume (mn) 5.4

improved momentum: Q1 sales were $0.5 mil (below Bloomberg consensus of ~$1.4 mil and Dividend Yield (%) N/A

our estimate of $0.65 mil). A majority of the Y/Y growth in sales was attributable to 29 units of Return on Equity TTM (%) N/A

Symvess sales in the US, offset by the Y/Y decline in research payments related to the wind- Current BVPS (USD) 0.02

down of one of its collaborative partnerships. The company also received a commitment for a Source: Bloomberg

minimum of $1.475 mil for a clinical evaluation and outreach program in the Kingdom of Saudi

Arabia and the Israel Ministry of Health's Acceptance of Marketing Authorization Application for Price Performance Exchange-Nasdaq

Symvess for vascular injury repair. 52 Week range USD 2.93-0.55