Investor Focus on AV Access/V012 Interim Data To Intensify Post-1Q Results

研报英文原文证据摘录

Investor Focus on AV Access/V012 Interim Data To Intensify Post-1Q Results

Medical Supplies & Devices

Humacyte

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 13, 2026

Price: $1.13 (05/13/2026) Investor Focus on AV Access/V012 Interim

Price Target: $1.50 (Prior $1.00) Data To Intensify Post-1Q Results

BUY (1)

ESG SCORE: 56/100

Joshua Jennings, M.D. THE TD COWEN INSIGHT

646 562 1333

Following HUMA's 1Q26 results, we remain constructive on the stock given Symvess' long

joshua.jennings@tdsecurities.com

remaining runway in Vascular Trauma and, more importantly, potential indication expansion

John Rusch, CFA opportunities in AV access, CABG, and PAD which hold larger TAMs. The AV access indication

646 562 1324 is on deck with interim top-line V012 trial results to be presented next month followed by a BLA

john.rusch@tdsecurities.com

submission for FDA approval.

Colin Clark

646 562 1441 Overall, we remain encouraged by the longer-term potential role of ATEV within the AV access

colin.clark@tdsecurities.com market, for which Humacyte has continued to provide a series of positive updates. As we

Key Data heard during Humacyte's April KOL call (LINK), the company expects top-line interim results

Symbol NASDAQ: HUMA of its ATEV V012 trial to be presented at the Society for Vascular Surgery (SVS) in June. V012

Beta: 2.31 studies ATEV's safety and efficacy compared to AV fistulas in female hemodialysis patients.

52-Week Range: $2.77-$0.57 Though Humacyte's 1Q26 results showed slower than expected US physician uptake of

Symvess for vascular trauma, along with elevated opex as the company progresses through

Market Cap: $202.0MM

the commercialization process, we consider these headwinds to be secondary to the longer-

Net Debt (MM): $14.2

term market opportunity.