Humacyte (HUMA) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 05, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39532
Entity Registrant Name	Humacyte, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1763759
Entity Address, Address Line One	2525 East North Carolina Highway 54
Entity Address, City or Town	Durham,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27713
City Area Code	919
Local Phone Number	313-9633
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		103,004,572
Entity Central Index Key	0001818382
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	HUMA
Security Exchange Name	NASDAQ
Redeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
Document Information [Line Items]
Title of 12(b) Security	Redeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
Trading Symbol	HUMAW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 198,222	$ 217,502
Short-term investments	8,000	8,000
Accounts receivable	233	176
Prepaid expenses and other current assets	2,840	3,662
Total current assets	209,295	229,340
Finance lease right-of-use assets, net	20,917	21,432
Operating lease right-of-use assets, net	716	727
Property and equipment, net	33,540	35,034
Total assets	264,468	286,533
Current liabilities
Accounts payable	3,037	2,094
Accrued expenses	5,460	6,757
Finance lease obligation, current portion	2,047	1,981
Deferred payroll tax, current portion	173	173
Operating lease obligation, current portion	46	45
Total current liabilities	10,763	11,050
Contingent earnout liability	100,402	103,660
Finance lease obligation, net of current portion	20,581	21,109
SVB loan payable	27,739	27,361
Operating lease obligation, net of current portion	670	682
Common stock warrant liabilities	423	497
Total liabilities	160,578	164,359
Commitments and contingencies (Note 11)
Stockholders’ equity
Preferred stock, $0.0001 par value; 20,000,000 shares designated as of March 31, 2022 and December 31, 2021; 0 shares issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 250,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 103,004,572 and 103,003,646 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.	10	10
Additional paid-in capital	538,285	536,737
Accumulated deficit	(434,405)	(414,573)
Total stockholders' equity	103,890	122,174
Total liabilities and stockholders’ equity	$ 264,468	$ 286,533

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares designated (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	103,004,572	103,003,646
Common stock, shares outstanding (in shares)	103,004,572	103,003,646

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Grant revenue	$ 233	$ 155
Operating expenses:
Research and development	16,314	15,137
General and administrative	5,682	4,787
Total operating expenses	21,996	19,924
Loss from operations	(21,763)	(19,769)
Other income (expense), net:
Interest income	31	1
Change in fair value of contingent earnout liability	3,258	0
Interest expense	(1,432)	(533)
Change in fair value of common stock warrant liabilities	74	0
Total other income (expense), net	1,931	(532)
Net loss	(19,832)	(20,301)
Comprehensive loss	$ (19,832)	$ (20,301)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.19)	$ (3.46)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.19)	$ (3.46)
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic (in shares)	103,004,088	5,874,700
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, diluted (in shares)	103,004,088	5,874,700

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 420,989
Beginning balance (in shares) at Dec. 31, 2020	69,613,562
Ending balance at Mar. 31, 2021	$ 420,989
Ending balance (in shares) at Mar. 31, 2021	69,613,562
Beginning balance at Dec. 31, 2020	$ (350,317)	$ 1	$ 37,778	$ (388,096)
Beginning balance (in shares) at Dec. 31, 2020		5,822,396
Equity
Proceeds from the exercise of stock options	206		206
Proceeds from the exercise of stock options (in shares)		116,149
Stock-based compensation	2,528		2,528
Issuance of warrants in conjunction with debt	2,360		2,360
Net loss	(20,301)			(20,301)
Ending balance at Mar. 31, 2021	(365,524)	$ 1	42,872	(408,397)
Ending balance (in shares) at Mar. 31, 2021		5,938,545
Beginning balance at Dec. 31, 2021	$ 0
Beginning balance (in shares) at Dec. 31, 2021	0
Ending balance at Mar. 31, 2022	$ 0
Ending balance (in shares) at Mar. 31, 2022	0
Beginning balance at Dec. 31, 2021	$ 122,174	$ 10	536,737	(414,573)
Beginning balance (in shares) at Dec. 31, 2021		103,003,646
Equity
Proceeds from the exercise of stock options	$ 1		1
Proceeds from the exercise of stock options (in shares)	926	926
Stock-based compensation	$ 1,547		1,547
Net loss	(19,832)			(19,832)
Ending balance at Mar. 31, 2022	$ 103,890	$ 10	$ 538,285	$ (434,405)
Ending balance (in shares) at Mar. 31, 2022		103,004,572

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (19,832)	$ (20,301)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,525	1,555
Stock-based compensation expense	1,547	2,528
Change in fair value of contingent earnout liability	(3,258)	0
Change in fair value of common stock warrant liabilities	(74)	0
Amortization expense	515	515
Non-cash operating lease costs	11	10
Amortization of SVB debt discount	378	0
Accrued interest on PPP loan obligation	0	8
Changes in operating assets and liabilities:
Accounts receivable	(57)	(42)
Prepaid expenses and other current assets	822	7
Accounts payable	934	595
Accrued expenses	(1,297)	593
Operating lease obligation	(11)	(11)
Net cash used in operating activities	(18,797)	(14,543)
Cash flows from investing activities
Purchase of property and equipment	(22)	(29)
Net cash used in investing activities	(22)	(29)
Cash flows from financing activities
Proceeds from the exercise of stock options	1	206
Payment of finance lease principal	(462)	(402)
Proceeds from SVB loan	0	19,659
Payment of deferred offering costs	0	(192)
Net cash (used in) provided by financing activities	(461)	19,271
Net (decrease) increase in cash and cash equivalents	(19,280)	4,699
Cash and cash equivalents at the beginning of the period	217,502	39,929	$ 39,929
Cash and cash equivalents at the end of the period	198,222	44,628	$ 217,502
Supplemental disclosure
Cash paid for interest on SVB loan	563	0
Supplemental disclosure of noncash activities:
Unpaid liabilities assumed in connection with Merger	130	0
Purchase of property and equipment in accounts payable	30	0
Issuance of warrants in conjunction with debt	0	2,360
Unpaid deferred offering costs	$ 0	$ 2,199

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Organization Humacyte, Inc. and subsidiary (the “Company”) is pioneering the development and manufacture of off-the-shelf, universally implantable, bioengineered human tissues, complex tissue systems, and organs designed to improve the lives of patients and transform the practice of medicine. The Company is leveraging its technology platform to develop proprietary, bioengineered, acellular human tissues, complex tissue systems, and organs for use in the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas. On August 26, 2021 (the “ Closing Date ” ), Alpha Healthcare Acquisition Corp. ( “ AHAC ” ) consummated a merger pursuant to a Business Combination Agreement, dated as of February 17, 2021 (the “Merger Agreement”), by and among Humacyte, Inc., a Delaware Corporation (“Legacy Humacyte”), AHAC and Hunter Merger Sub, Inc. (“Merger Sub”), a Delaware corporation and wholly owned subsidiary of AHAC. As contemplated by the Merger Agreement, Merger Sub merged with and into Legacy Humacyte, with Legacy Humacyte continuing as the surviving corporation and as a wholly owned subsidiary of AHAC (such transactions, the “Merger,” and, collectively with the other transactions described in the Merger Agreement, the “Reverse Recapitalization”). On the Closing Date, AHAC changed its name to Humacyte, Inc. (“New Humacyte”) and Legacy Humacyte changed its name to Humacyte Global, Inc. The Merger is accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and under this method of accounting, AHAC is treated as the acquired company for financial reporting purposes and Legacy Humacyte is treated as the acquirer. Operations prior to the Merger are those of Legacy Humacyte. Refer to Note 3 — Reverse Recapitalization for further details of the Merger. Liquidity and Going Concern Since its inception in 2004, the Company has generated no product revenue and has incurred net losses and negative cash flows from operations in each year. To date, the Company has financed its operations primarily through the sale of equity securities and convertible debt, proceeds from the Reverse Recapitalization, borrowings under loan facilities and, to a lesser extent, through governmental and other grants. At March 31, 2022 and December 31, 2021, the Company had an accumulated deficit of $434.4 million and $414.6 million, respectively. The Company ’ s net losses were $19.8 million and $20.3 million for the three months ended March 31, 2022 and 2021, respectively. Net cash flows used in operating activities were $18.8 million and $14.5 million during the three months ended March 31, 2022 and 2021, respectively. Substantially all of the Company ’ s net losses resulted from costs incurred in connection with the Company ’ s research and development programs and from general and administrative costs associated with the Company ’ s operations. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future as the Company advances its product candidates. As of March 31, 2022, the Company had cash and cash equivalents and short-term investments of $206.2 million. The Company believes its combined cash and cash equivalents and short-term investments on hand will be sufficient to fund operations, including clinical trial expenses and capital expenditure requirements, for at least 12 months from the issuance date of these interim financial statements. Impact of COVID-19 The COVID-19 pandemic has caused many governments to implement measures to slow the spread of the outbreak, including shelter-in-place orders and the mandatory shutdown of certain businesses. The outbreak and government measures taken in response have had a significant impact, both direct and indirect, on the Company ’ s business, as supply chains have been disrupted, and facilities and production have been suspended. The future progression of the pandemic and its effects on the Company ’ s business and operations are uncertain. The COVID-19 pandemic may affect the Company ’ s ability to initiate and complete preclinical studies, delay its clinical trials or future clinical trials, disrupt regulatory activities, or have other adverse effects on its business and operations. The pandemic has already caused significant disruptions in the financial markets, and may continue to cause such disruptions, which could impact the Company ’ s ability to raise additional funds to support its operations. Moreover, the pandemic has significantly impacted economies worldwide and could result in adverse effects on the Company ’ s business and operations. To date, there have been no material financial impacts or impairment losses in the carrying values of the Company ’ s assets as a result of the pandemic and the Company is not aware of any specific related event or circumstance that would require it to revise the estimates reflected in these financial statements. The extent to which the COVID-19 pandemic will directly or indirectly impact the Company ’ s business, results of operations and financial condition, including current and future clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related economic impact of the pandemic.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company has prepared the accompanying financial statements in conformity with U.S. GAAP. The Company ’ s condensed consolidated financial statements reflect the operations of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Unless otherwise noted, the Company has retroactively adjusted all common and preferred share and related price information to give effect to the exchange ratio established in the Merger Agreement. Operations prior to the Merger are those of Legacy Humacyte. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in the financial statements include stock-based compensation costs, right-of-use assets, accruals for research and development activities, contingent earnout liability, fair value of common stock warrants, redeemable convertible preferred stock and income taxes. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Unaudited Interim Condensed Consolidated Financial Statements The accompanying interim condensed consolidated financial statements and the related footnote disclosures are unaudited. These unaudited interim financial statements have been prepared on the same basis as the audited financial statements, and in management ’ s opinion, include all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of the Company ’ s financial position as of March 31, 2022 and its results of operations for the three months ended March 31, 2022 and 2021, and cash flows for the three months ended March 31, 2022 and 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ended December 31, 2022 or any other period. The December 31, 2021 year-end condensed consolidated balance sheet was derived from audited annual financial statements but does not include all disclosures from the annual financial statements. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 and the related notes included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 29, 2022 (the “Annual Report”), which provides a more complete discussion of the Company’s accounting policies and certain other information. There have been no significant changes to the significant accounting policies disclosed in Note 2 of the audited consolidated financial statements as of and for the years ended December 31, 2021 and 2020 included in the Company ’ s Annual Report. Segments The Company operates and manages its business as one reportable and operating segment. The Company is developing proprietary, bioengineered, acellular human tissues, complex tissue systems, and organs that are designed to be used in the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas. The Company ’ s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of evaluating financial performance and allocating resources. Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and short-term investments consisting of certificates of deposit (“CDs”). Total cash balances exceeded insured balances by the Federal Deposit Insurance Corporation (“FDIC”) as of March 31, 2022 and December 31, 2021. The Company has cash equivalents that are invested in highly rated money market funds invested only in obligations of the U.S. government and its agencies. As of both March 31, 2022 and December 31, 2021, the Company had approximately $10.0 million in CDs. These cash deposits are deposited at a bank that is a member of the Certificate of Deposit Account Registry Service (“CDARS”), in which large deposits are divided into smaller amounts and placed with other FDIC insured banks which are also members of the CDARS network. Those members issue CDs in amounts under $250,000, so that the entire deposit balance is eligible for FDIC insurance. As of both March 31, 2022 and December 31, 2021, t he Company classified $2.0 million of its certificates of deposit as cash and cash equivalents and $8.0 million of its certificates of deposit as short-term investments on its condensed consolidated balance sheets. During the three months ended March 31, 2022 and 2021, 100% of the Company’s total revenue relates to an award it received from the Department of Defense (“DoD”) in August 2017. As of March 31, 2022 and December 31, 2021 100% of the Company’s accounts receivable relates to the DoD grant. All of the Company ’ s revenues were generated from grants from government and other entities located in the United States, for the three months ended March 31, 2022 and 2021. Net Loss per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period without consideration of potentially dilutive common stock. Diluted net loss per share attributable to common stockholders reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company unless inclusion of such shares would be anti-dilutive. As the Company has only incurred losses, basic and diluted net loss per share is the same. The potential shares of common stock that were excluded from the computation of diluted net loss per share for each period because including them would have had an antidilutive effect were as follows: March 31, 2022 2021 Shares issuable upon conversion of Series A redeemable convertible preferred stock — 18,421,897 Shares issuable upon conversion of Series B redeemable convertible preferred stock — 24,137,647 Shares issuable upon conversion of Series C redeemable convertible preferred stock — 11,241,283 Shares issuable upon conversion of Series D redeemable convertible preferred stock — 15,812,735 Exercise of options under stock plan 6,641,647 6,237,914 Warrants to purchase common stock 5,588,506 287,704 The 15,000,000 Contingent Earnout Shares, as defined in Note 3, are excluded from the anti-dilutive table for the three months ended March 31, 2022 as such shares are contingently issuable until the share price of the Company exceeds specified thresholds that have not yet been achieved, or upon the occurrence of a change in control. Other Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, successful discovery and development of its product candidates, the success of clinical trials and other studies for its product candidates, including for its ongoing V005 Phase II/III clinical trial and V007 Phase III clinical trial, the regulatory approval and commercialization of its HAVs and other product candidates, the expected size of the target populations for the Company ’ s product candidates, the degree of market acceptance of the HAVs, if approved, the availability of third-party coverage and reimbursement, development by competitors of new technological innovations, the ability to manufacture HAVs and other product candidates in sufficient quantities, expectations regarding the Company ’ s strategic partnerships, dependence on third parties, key personnel and the ability to attract and retain qualified employees, protection of proprietary technology and confidentiality of trade secrets, compliance with governmental regulations, the impact of the COVID-19 pandemic, the Company ’ s implementation and maintenance of effective internal controls, and the ability to secure additional capital to fund operations and commercial success of its product candidates. Product candidates currently under development will require extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if the Company ’ s commercialization efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales, and the Company may depend on certain strategic relationships to distribute its products, including the Company ’ s strategic partnership with Fresenius Medical Care Holdings, Inc., (“Fresenius Medical Care”), to sell, market and distribute its 6 millimeter HAV for certain specified indications outside the United States. Recently Adopted Accounting Pronouncements In May 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2021-04, “Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options” (“ASU 2021-04”). The FASB issued this update to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity classified written call options (for example, warrants) that remain equity classified after modification or exchange. ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring after the effective date of the amendments. The Company adopted ASU 2021-04 as of January 1, 2022. The adoption of this ASU had no impact on the Company ’ s financial statements and related disclosures.

Reverse Recapitalization

Reverse Recapitalization	3 Months Ended
	Mar. 31, 2022
Reverse Recapitalization [Abstract]
Reverse Recapitalization	Reverse Recapitalization On August 26, 2021, Merger Sub, a wholly-owned subsidiary of AHAC, merged with Legacy Humacyte, with Legacy Humacyte surviving as a wholly-owned subsidiary of AHAC. At the effective time of the Merger: • each outstanding share of Legacy Humacyte common stock was converted into approximately 0.26260 shares of the Company’s common stock, par value $0.0001 (“Common Stock”); • each outstanding share of preferred stock of Legacy Humacyte was cancelled and converted into the aggregate number of shares of New Humacyte’s common stock that would be issued upon conversion of the shares of Legacy Humacyte preferred stock based on the applicable conversion ratio immediately prior to the effective time, multiplied by approximately 0.26260; and • each outstanding option or warrant to purchase Legacy Humacyte common stock was converted into an option or warrant, as applicable, to purchase a number of shares of Common Stock equal to the number of shares of Legacy Humacyte common stock subject to such option or warrant multiplied by approximately 0.26260, at an exercise price per share equal to the current exercise price per share for such option or warrant divided by approximately 0.26260; in each case, rounded down to the nearest whole share. In addition, upon the closing of the merger (the “Closing”), 2,500,000 Class B shares of AHAC (the “Founder Shares”) automatically converted into shares of Common Stock, on a one-for-one basis. Former holders of the Legacy Humacyte common stock and Legacy Humacyte preferred stock are eligible to receive up to an aggregate of 15,000,000 additional shares of Common Stock (the “Contingent Earnout Shares”) in the aggregate, comprised of two equal tranches of 7,500,000 shares per tranche if the volume-weighted average closing sale price of the Common Stock is greater than or equal to $15.00 and $20.00, respectively, for any 20 trading days within any 30 consecutive trading day period. At the Closing on August 26, 2021, the Company recorded a liability (“Contingent Earnout Liability”) of $159.4 million, based on the estimated fair value of the 15,000,000 Contingent Earnout Shares with a corresponding reduction of additional paid-in capital in the equity section of the Company’s condensed consolidated balance sheet. Concurrently with the execution of the Merger Agreement, AHAC entered into subscription agreements (the “Subscription Agreements”) with certain investors (the “PIPE Investors”). Pursuant to the Subscription Agreements, the PIPE Investors purchased an aggregate of 17,500,000 shares of Common Stock (the “PIPE Shares”) in a private placement at a price of $10.00 per share for an aggregate purchase price of $175 million (the “PIPE Financing”). The PIPE Financing was consummated in connection with the Closing. The number of shares of Common Stock outstanding immediately following the consummation of the Merger was: Shares Common stock of AHAC, outstanding prior to Merger 10,355,000 Less redemption of AHAC shares (3,008,551) Common stock of AHAC 7,346,449 AHAC Founder Shares 2,500,000 New Humacyte shares issued to PIPE Investors 17,500,000 Issuance of common stock upon reverse recapitalization and PIPE Financing 27,346,449 New Humacyte shares issued in Merger to Legacy Humacyte stockholders 75,656,935 (1) Total shares of Common Stock immediately after Merger 103,003,384 ________________ (1) Includes 69,613,562 shares of Common Stock issued upon conversion of Legacy Humacyte’s redeemable convertible preferred stock. The Merger is accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, AHAC is treated as the acquired company for financial reporting purposes and Legacy Humacyte is treated as the acquirer. This determination is primarily based on the fact that subsequent to the Merger, the Legacy Humacyte stockholders hold a majority of the voting rights of the combined company, Legacy Humacyte comprises all of the ongoing operations of the combined company, Legacy Humacyte comprises a majority of the carryover governing body of the combined company, and Legacy Humacyte’s senior management comprises all of the senior management of the combined company. Accordingly, for accounting purposes, the Merger was treated as the equivalent of Legacy Humacyte issuing shares for the net assets of AHAC, accompanied by a recapitalization. The net assets of AHAC were stated at historical costs. No goodwill or other intangible assets were recorded. Operations prior to the Merger are those of Legacy Humacyte. In connection with the Merger, the Company received $242.4 million in proceeds from the Merger and related PIPE Financing. The Company incurred $3.9 million of transaction costs, consisting of banking, legal, and other professional fees, of which $3.9 million was recorded as a reduction of proceeds to additional paid-in capital, and less than $0.1 million related to the Private Placement Warrants, which are classified as liabilities in the condensed consolidated balance sheets, was expensed in the condensed consolidated statements of operations and comprehensive loss during the three months ended September 30, 2021. All transaction costs were paid as of December 31, 2021. Legacy Humacyte assumed $15.2 million of liabilities, including PIPE Financing fees and legal fees, and $0.1 million of assets from AHAC. Of the $15.2 million of liabilities assumed from AHAC, as of March 31, 2022 and December 31, 2021, $0.1 million was included in accrued expenses.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. Accounting Standards Codification (“ASC”) 820, Fair Value Measurement and Disclosures , establishes a hierarchy whereby inputs to valuation techniques used in measuring fair value are prioritized, or the fair value hierarchy. There are three levels to the fair value hierarchy based on reliability of inputs, as follows: • Level 1 — Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs in which little or no market data exists, therefore requiring the Company to develop its own assumptions. The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period, utilizing valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The determination requires significant judgments to be made by the Company. The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows: ($ in thousands) Fair Value Measured as of March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 191,152 $ — $ — $ 191,152 Cash equivalents (certificates of deposit) — 2,000 — 2,000 Short-term investments (certificates of deposit) — 8,000 — 8,000 Total financial assets $ 191,152 $ 10,000 $ — $ 201,152 Liabilities: Contingent Earnout Liability $ — $ — $ 100,402 $ 100,402 Private Placement Warrants liability — — 423 423 Total financial liabilities $ — $ — $ 100,825 $ 100,825 ($ in thousands) Fair Value Measured as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 208,821 $ — $ — $ 208,821 Cash equivalents (certificates of deposit) — 2,000 — 2,000 Short-term investments (certificates of deposit) — 8,000 — 8,000 Total financial assets $ 208,821 $ 10,000 $ — $ 218,821 Liabilities: Contingent Earnout Liability $ — $ — $ 103,660 $ 103,660 Private Placement Warrants liability — — 497 497 Total financial liabilities $ — $ — $ 104,157 $ 104,157 The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments: ($ in thousands) Contingent Private Placement Fair value as of December 31, 2021 $ (103,660) $ (497) Change in fair value included in other income (expense), net 3,258 74 Fair value as of March 31, 2022 $ (100,402) $ (423) The fair value of the Contingent Earnout Liability and Private Placement Warrants (as defined in Note 8 — Stockholders’ Equity (Deficit)) liability are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the Contingent Earnout Liability, the Company used the Monte Carlo simulation value model using a distribution of potential outcomes on a monthly basis over a 10-year period prioritizing the most reliable information available. The assumptions utilized in the calculation were based on the achievement of certain stock price milestones, including the current Common Stock price, expected volatility, risk-free rate, expected term and expected dividend yield (see Note 8 — Stockholders’ Equity (Deficit)). Contingent earnout payments involve certain assumptions requiring significant judgment and actual results can differ from assumed and estimated amounts. In determining the fair value of the Private Placement Warrants liability, the Company used the Monte Carlo simulation valuation model to estimate the fair value utilizing assumption including the current Company stock price, expected volatility, risk-free rate, expected term and expected dividend yield (see Note 8 — Stockholders’ Equity (Deficit)). The Company’s money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Certificates of deposit are carried at amortized cost in the Company’s condensed consolidated balance sheets, which approximates their fair value based on Level 2 inputs. The carrying values of other receivables, accounts payable and accrued expenses as of March 31, 2022 and December 31, 2021 approximated their fair values due to the short-term nature of these items.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consist of the following: ($ in thousands) March 31, December 31, Scientific equipment (1) $ 27,673 $ 27,641 Computer equipment 155 155 Software 335 335 Furniture and fixtures 988 988 Leasehold improvements 26,355 26,355 55,506 55,474 Accumulated depreciation (21,966) (20,440) Property and equipment, net $ 33,540 $ 35,034 ___________________________ (1) Includes $3.6 million as of both March 31, 2022 and December 31, 2021 related to scientific equipment not placed into service and therefore not being depreciated. Depreciation expense totaled $1.5 million and $1.6 million for the three months ended March 31, 2022 and 2021, respectively. All long-lived assets are maintained in the United States.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consisted of the following: ($ in thousands) March 31, December 31, Accrued external research, development and manufacturing costs $ 2,348 $ 2,520 Accrued employee compensation and benefits 2,781 3,943 Accrued professional fees 331 294 Total $ 5,460 $ 6,757

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt On March 30, 2021, the Company entered into a term loan agreement with Silicon Valley Bank and SVB Innovation Credit Fund VIII, L.P., as amended in June 2021 and September 2021 (the “Loan Agreement”), which provides a term loan facility of up to $50.0 million with a maturity date of March 1, 2025. The Company ’ s obligations under the Loan Agreement are secured by substantially all of its assets except for its intellectual property. The Loan Agreement contains certain customary covenants, including, but not limited to, those relating to additional indebtedness, liens, asset divestitures, and affiliate transactions. If a minimum liquidity amount is not maintained, 50% of the outstanding principal and interest will become cash collateralized. As of March 31, 2022, the Company was in compliance with all covenants. The Company may use the proceeds of borrowings under the Loan Agreement as working capital and to fund its general business requirements. The Loan Agreement provides that the term loans will be distributed in tranches. The initial term loan tranche of $20.0 million was drawn on March 31, 2021, and on October 13, 2021, the Company borrowed an additional $10.0 million under the Loan Agreement. Borrowings under the Loan Agreement are accounted for net of issuance costs which are being accreted to interest expense over the term of the loan using the effective interest method. As of March 31, 2022, two subsequent $10.0 million term loan tranches were eligible to be disbursed at the request of the Company during specified draw periods between now and 2023 if certain business milestones and other requirements are met by the dates specified in the Loan Agreement. Borrowings bear interest at the greater of 7.5% or the Wall Street Journal Prime Rate plus 4.25% (7.75% as of March 31, 2022). Interest only payments on the principal amount outstanding are due monthly beginning in the first month after the loan is dispersed. Repayment of principal may begin as soon as July 1, 2023 under the level of borrowing outstanding at March 31, 2022, and no later than April 1, 2024 if the remaining two loan tranches are drawn. The term loans may only be prepaid in full, and such prepayment requires 30 days ’ advance notice and was subject initially to a prepayment fee of 3.00% that was stepped down to 2.00% after March 30, 2022 (with a further step down to 1.00% after March 30, 2023). The Company is not obligated to pay a prepayment fee if the Company makes a prepayment after March 30, 2024. In connection with the Loan Agreement, the Company granted warrants to the lenders to purchase shares of Common Stock at an exercise price of $10.28 per share, of which 287,704 warrants were immediately exercisable. The warrants are classified within stockholders ’ equity as the settlement of the warrants is indexed to the Company ’ s own stock. The Company recognized the fair value of the warrants immediately exercisable within stockholders ’ equity using a Black-Scholes valuation model at issuance. At issuance, the Company initially determined that the funding of an additional tranche was not probable, and therefore no value was ascribed to the remaining 123,302 warrants that were only exercisable upon the funding of the additional tranche. As a result of the Company’s additional $10.0 million borrowings under the Loan Agreement on October 13, 2021, the warrants to purchase the additional 123,302 shares of Common Stock became exercisable at an exercise price of $10.28 per share and the value of the warrants was recorded as of that date. The additional warrants are classified within stockholders’ equity using a Black-Scholes valuation model, as the settlement of the warrants is indexed to the Company’s own stock. As of March 31, 2022, the fair value of warrants ($3.3 million), a 5% final payment fee ($1.5 million) and debt issuance costs ($0.3 million) are being accreted to interest expense over the term of the loan using the effective interest method. SVB loan payable and net discount or premium balances are as follows: ($ in thousands) March 31, Principal amount of SVB loan payable $ 30,000 Final payment amount of SVB loan payable 1,500 Net premium associated with accretion of final payment and other debt issuance costs (3,761) SVB loan payable, current and noncurrent 27,739 Less SVB loan payable, current portion — SVB loan payable, noncurrent portion $ 27,739 Future minimum payments of principal on the Company ’ s outstanding variable rate borrowings as of March 31, 2022 are as follows: Year ending December 31: ($ in thousands) 2022 (remainder) $ — 2023 10,000 2024 17,143 2025 2,857 Total future payments $ 30,000

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity (Deficit)	Stockholders ’ Equity (Deficit) Redeemable Convertible Preferred Stock Immediately prior to the Merger, Legacy Humacyte had outstanding series A redeemable convertible preferred stock, series B redeemable convertible preferred stock, series C redeemable convertible preferred stock and series D redeemable convertible preferred stock, which are collectively referred to as “ redeemable convertible preferred stock. ” In connection with the Merger, all previously issued and outstanding redeemable convertible preferred stock was converted into an equivalent number of shares of Common Stock of the Company on a one-for-one basis, then multiplied by the exchange ratio pursuant to the Merger Agreement and the amounts were reclassified as additional paid-in capital. Common Stock On August 26, 2021, the Merger and related PIPE Financing was consummated and the Company issued 27,346,449 shares of common stock for proceeds of $242.4 million. The Company incurred $3.9 million of transaction costs, consisting of banking, legal, and other professional fees. Legacy Humacyte assumed $15.2 million of liabilities, including PIPE Financing fees and legal fees, and $0.1 million of assets from AHAC. Immediately following the Merger, there were 103,003,384 shares of Common Stock outstanding with a par value of $0.0001. As of March 31, 2022, the Company ’ s Second Amended and Restated Certificate of Incorporation authorized the Company to issue 250,000,000 shares of Common Stock. The number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding or reserved for issuance) by the affirmative vote of the holders of a majority of the capital stock of the Company entitled to vote and may require a separate class vote of the Common Stock. The holders of Common Stock are entitled to receive dividends from time to time as may be declared by the Company ’ s board of directors. Through March 31, 2022, no dividends have been declared. The holders of Common Stock are entitled to one vote for each share held with respect to all matters voted on by the common stockholders of the Company. In the event of a reorganization of the Company, after payment to the preferred stockholders of their liquidation preferences, holders of Common Stock are entitled to share ratably in all remaining assets of the Company. As of March 31, 2022, the Company had reserved Common Stock for future issuances as follows: March 31, Common stock reserved for Contingent Earnout Shares 15,000,000 Exercise of options under stock plans 6,641,647 Issuance of options under stock plans 7,487,556 Shares available for grant under ESPP 1,030,033 Warrants to purchase Common Stock 5,588,506 35,747,742 Preferred Stock The Company ’ s Second Amended and Restated Certificate of Incorporation provides the Company ’ s board of directors with the authority to issue $0.0001 par value preferred stock in one more series and to establish from time to time the number of shares to be included in each such series, by adopting a resolution and filing a certification of designations. Voting powers, designations, powers, preferences and relative, participating, optional, special and other rights shall be stated and expressed in such resolutions. There were 20,000,000 shares designated as preferred stock and none were outstanding as of March 31, 2022 and December 31, 2021. Warrants There were no issuances, exercises or expirations of warrants during the three months ended March 31, 2022. During the three months ended March 31, 2021 there were 32,961 of warrants exercised that were issued in conjunction with a long-term debt agreement entered into on March 2006 and paid in full during 2011. See Note 7 — Debt for a discussion of common stock warrants issued in conjunction with the Company ’ s Loan Agreement in 2021 (such warrants, “Legacy Humacyte Common Stock Warrants”). There were no expirations of warrants during the three months ended March 31, 2021. The Company had the following common stock warrants outstanding as of March 31, 2022 and December 31, 2021: Common Stock Warrants Outstanding Legacy Humacyte Common Stock Warrants 411,006 Private Placement Warrants 177,500 Public Warrants 5,000,000 Total Common Stock Warrants 5,588,506 In connection with the Merger, the Company assumed 5,000,000 publicly-traded warrants ( “ Public Warrants ” ) and 177,500 private placement warrants issued to AHAC Sponsor LLC (the “ Sponsor ” ), Oppenheimer & Co. Inc. and Northland Securities, Inc, in connection with AHAC ’ s initial public offering ( “ Private Placement Warrants ” and, together with the Public Warrants, the “ Common Stock Warrants ” ). The Common Stock Warrants entitle the holder to purchase one share of Common Stock at an exercise price of $11.50 per share. The Company evaluated the Common Stock Warrants to determine the appropriate financial statement classification upon the consummation of the Merger. The Common Stock Warrants are not mandatorily redeemable and are considered to be freestanding instruments as they are separately exercisable into common shares. As such, the Common Stock Warrants were not classified as liabilities under FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”). The Company then evaluated the Common Stock Warrants under FASB ASC Topic 815, Derivatives and Hedging . Public Warrants The Public Warrants are publicly traded and are exercisable for cash unless certain conditions occur, such as the failure to have an effective registration statement related to the shares issuable upon exercise or redemption by the Company under certain conditions, at which time the warrants may be eligible for a cashless exercise. The Public Warrants may only be exercised for a whole number of shares and will expire five years after the completion of the Merger. The Public Warrants became exercisable 30 days after the completion of the Merger. The Public Warrants are considered to be “indexed to the Company’s own stock”. The agreement provides that in the event of a tender or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of the Company ’ s Common Stock, all holders of the Common Stock Warrants (both the Public Warrants and the Private Placement Warrants) would be entitled to receive cash for all of their Common Stock Warrants. As the Company has a single class of Common Stock, a qualifying cash tender offer of more than 50% of the Company ’ s Common Stock will always result in a change in control and would not preclude permanent equity classification of the Public Warrants. Based on this evaluation, the Company concluded that the Public Warrants meet the criteria to be classified within stockholders ’ equity. The Public Warrants were initially recognized as equity on the Closing Date at a fair value of $2.80 per share. Private Placement Warrants The Private Placement Warrants are non-redeemable for cash so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants are redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The agreement governing the Common Stock Warrants includes a provision, the application of which could result in a different settlement value for the Private Placement Warrants depending on their holder. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on the Company ’ s ordinary shares, the Private Placement Warrants are not considered to be “ indexed to the Company ’ s own stock ” and therefore are not classified in stockholders ’ equity. As the Private Placement Warrants meet the definition of a derivative, the Company recorded these warrants as liabilities on the condensed consolidated balance sheet at fair value, with subsequent changes in their respective fair values recognized in the condensed consolidated statements of operations and comprehensive loss at each reporting date. The Private Placement Warrants were initially recognized as a liability on the Closing Date, at a fair value of $0.6 million, and the liability was remeasured to an estimated fair value of $0.5 million as of December 31, 2021. The Private Placement Warrant liability was remeasured to a fair value of $0.4 million as of March 31, 2022, resulting in a non-cash gain of $0.1 million for the three months ended March 31, 2022, classified within Change in fair value of common stock warrant liabilities in the condensed consolidated statements of operations and comprehensive loss. The Private Placement Warrants were valued using the following assumptions under the Monte Carlo simulation value model: March 31, December 31, Market price of public stock $ 7.06 $ 7.25 Exercise price $ 11.50 $ 11.50 Expected term (years) 4.41 4.65 Expected share price volatility 55.8 % 61.0 % Risk-free interest rate 2.43 % 1.21 % Estimated dividend yield 0 % 0 % Contingent Earnout Liability Following the Closing, former holders of Legacy Humacyte common and preferred shares may receive up to 15,000,000 additional shares of Common Stock in the aggregate, in two equal tranches of 7,500,000 shares of Common Stock per tranche. The first and second tranches are issuable if the closing volume weighted average price ( “ VWAP ” ) per share of Common Stock quoted on Nasdaq (or the exchange on which the shares of Common Stock are then listed) is greater or equal to $15.00 and $20.00, respectively, over any 20 trading days within any 30 consecutive trading day period. Upon the Closing, the contingent obligation to issue Contingent Earnout Shares was accounted for as a liability because the triggering events that determine the number of Contingent Earnout Shares required to be issued include events that are not solely indexed to the Common Stock. The Contingent Earnout Shares are subsequently remeasured at each reporting date with changes in fair value recorded as a component of other (expense) income, net in the condensed consolidated statements of operations and comprehensive loss. The estimated fair value of the total Contingent Earnout Shares at the Closing on August 26, 2021 was $159.4 million based on a Monte Carlo simulation valuation model using a distribution of potential outcomes on a monthly basis over a ten-year period using the most reliable information available. The estimated fair value of the total Contingent Earnout Shares at December 31, 2021 was $103.7 million. The Contingent Earnout Liability was remeasured to a fair value of $100.4 million as of March 31, 2022, resulting in the recording of a non-cash gain of $3.3 million for the three months ended March 31, 2022, classified within Change in fair value of contingent earnout liability in the condensed consolidated statements of operations and comprehensive loss. The assumptions utilized in the calculations of fair value were based on the achievement of certain stock price milestones, including the current Common Stock price, expected volatility, risk-free rate, expected term and expected dividend yield. Assumptions used in the valuations are described below: March 31, December 31, Current stock price $ 7.06 $ 7.25 Expected share price volatility 82.7 % 85.8 % Risk-free interest rate 2.32 % 1.52 % Estimated dividend yield 0.0 % 0 % Expected term (years) 10.00 10.00

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation At Closing, the 2021 Long-Term Incentive Plan, (the “2021 Plan”), and the 2021 Employee Stock Purchase Plan, (the “ESPP”), became effective. As of March 31, 2022, 7,487,556 and 1,030,033 shares of Common Stock were available under the 2021 Plan and ESPP, respectively. The 2021 Plan and ESPP provide that on January 1 of each year commencing January 1, 2022, the 2021 Plan and the ESPP reserve will automatically increase in an amount equal to the lesser of (a) 5% and 1%, respectively, of the number of shares of the Company ’ s Common Stock outstanding on December 31 of the preceding year and (b) a number of shares of Common Stock determined by the Company ’ s board of directors. In December 2021, the Company’s board of directors determined that there would be no automatic increase in the number of shares reserved under the 2021 Plan or the ESPP on January 1, 2022. Under the 2021 Plan, the Company can grant non-statutory stock options (“NSOs”), incentive stock options (“ISOs), stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance awards and other forms of awards. Under the ESPP, when and if implemented, eligible employees will be permitted to purchase shares of the Company’s Common Stock at the lower of 85% of the closing trading price per share of the Company’s Common Stock on the first day of the offering or 85% of the closing trading price per share on the exercise date, which will occur on the last day of each offering. Prior to the Closing, Legacy Humacyte had two equity incentive plans, the 2015 Omnibus Incentive Plan, as amended (the “2015 Plan”), and the 2005 Stock Option Plan (the “2005 Plan”). As a result of the Merger, no further awards may be granted under either the 2015 Plan or the 2005 Plan. All awards previously granted and outstanding as of the effective date of the Merger, were adjusted to reflect the impact of the Merger as set forth in the Merger Agreement, but otherwise remain in effect pursuant to their original terms. The shares underlying any award granted under the 2021 Plan or the 2015 Plan that are forfeited, cancelled or reacquired by the Company prior to vesting, that expire or that are paid out in cash rather than shares will become available for grant and issuance under the 2021 Plan. As of March 31, 2022, 5,700,883 and 517,506 shares of Common Stock remain reserved for outstanding options issued under the 2015 Plan and 2005 Plan, respectively. The Company ’ s stock option plans allow for the grant of awards that the Company believes aid in aligning the interests of award recipients with those of its stockholders. The Company ’ s board of directors or compensation committee determines the specific terms of equity incentive grants, including the exercise price per share and vesting period for option awards. Option awards are granted with an exercise price equal to the fair market value of the Company ’ s Common Stock at the date of grant. The Company has granted options that include either a service-based or performance-based vesting condition, or both, and a 10-year contractual term. The service-based vesting condition for the plans is generally satisfied over 36 to 48 months from the date of grant. The performance-based vesting conditions are satisfied upon the attainment of certain product development milestones. The Company recognizes stock-based compensation expense based on the grant date fair value of the awards measured using the Black-Scholes option pricing model. Compensation expense related to awards with service-based vesting conditions is recognized on a straight-line basis over the requisite service period. Option valuation models, including the Black-Scholes option-pricing model, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility, the expected term of the award, and the fair value of the underlying Common Stock on the date of grant. Forfeitures are accounted for as they occur. Compensation expense related to awards with performance-based vesting conditions is recognized over the requisite service period using the accelerated attribution method to the extent achievement of the performance-based condition is probable. The Company does not recognize compensation expense related to awards with performance-based vesting conditions until it is probable that the performance-based vesting condition will be achieved. Forfeitures are accounted for as they occur. Option awards under the Company ’ s option plans generally provide for accelerated vesting of the unvested portions of any option award in the event of an involuntary termination, as such term is defined in the relevant stock option agreement, of a grantee ’ s employment during the period that commences 30 days prior to the effective date of a corporate transaction and that ends 12 months following the effective date of such transaction. Additionally, the Company ’ s board of directors may, in its sole discretion, accelerate the vesting of any unvested stock options in the event of a corporate transaction. The Company estimated the fair value of the stock options on the date of grant using the following assumptions in the Black-Scholes option-pricing model: Three Months Ended March 31, 2022 2021 Estimated dividend yield 0 % 0 % Expected share price volatility (weighted average and range, if applicable) 100 % 91.5% (91.5% to 92.1%) Risk-free interest rate (weighted average and range, if applicable) 1.89 % 0.62% (0.62% to 0.97%) Expected term of options (in years) 6.25 6.00 • Fair Value of Common Stock. Prior to the Merger, as the Company ’ s common stock was not publicly traded, the fair value of the shares of its common stock underlying the options was determined by the Company ’ s board of directors with input from management, after considering independent third-party valuation reports. Subsequent to the Merger, the fair value of the Common Stock has been determined based on the closing price of the shares on the Nasdaq market. • Expected Term. The expected term represents the period that stock options are expected to be outstanding. The Company calculated the expected term using the simplified method for options, which is available where there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting-tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting-tranches, the times from grant until the mid-points for each of the tranches may be averaged to provide an overall expected term. • Expected Volatility. The expected volatility was based on the historical share volatility of several publicly traded peer companies over a period of time equal to the expected term of the options, as the Company has a limited trading history to use the volatility of its Common Stock. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies. • Risk-Free Interest Rate. The risk-free interest rate was based on the yields of U.S. Treasury zero-coupon securities with maturities similar in duration to the expected term of the options. • Expected Dividend Yield. The Company has not paid dividends on its Common Stock nor does it expect to pay dividends in the foreseeable future. Accordingly, the Company has estimated the dividend yield to be zero. At March 31, 2022, there were 7,487,556 options remaining available for grant under the 2021 Plan. The Company has sufficient authorized and unissued shares to make all issuances currently available under the 2021 Plan. The following tables show a summary of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021, and remaining unrecognized cost as of March 31, 2022 and December 31, 2021: Three Months Ended March 31, ($ in thousands) 2022 2021 Research and development $ 281 $ 636 General and administrative 1,266 1,892 Total $ 1,547 $ 2,528 ($ in thousands) March 31, December 31, Unrecognized share-based compensation cost $ 10,584 $ 13,346 Expected weighted average period compensation costs to be recognized (years) 2.0 2.3 A summary of option activity under the Company ’ s stock option plans during the three months ended March 31, 2022 is presented below: Number of Shares Weighted Weighted Aggregate Options outstanding at December 31, 2021 6,711,192 $ 7.48 5.3 $ 8,276 Granted 113,700 $ 5.90 Exercised (926) $ 1.15 Forfeited (182,319) $ 9.50 Options outstanding at March 31, 2022 6,641,647 $ 7.40 5.1 $ 8,028 Vested and exercisable, March 31, 2022 4,645,602 $ 6.30 3.4 $ 7,896 Vested and expected to vest, March 31, 2022 6,641,647 $ 7.40 5.1 $ 8,028

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company ’ s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. No such adjustment was made as of March 31, 2022. The Company ’ s effective federal tax rate for the three months ended March 31, 2022 and 2021 was 0%, primarily as a result of estimated tax losses for the fiscal year to date offset by the increase in the valuation allowance in the net operating loss carryforwards. The Company did not record any income tax expense or benefit during the three months ended March 31, 2022 and 2021. The Company has a net operating loss and has provided a valuation allowance against net deferred tax assets due to uncertainties regarding the Company ’ s ability to realize these assets. All losses before income taxes arose in the United States.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Patent License Agreements Duke University In March 2006, the Company entered into a license agreement with Duke University (“Duke”), which was subsequently amended in 2011, 2014, 2015, 2018, 2019 and January 2022. Under this license agreement, Duke granted the Company a worldwide, exclusive, sublicensable license to certain patents related to decellularized tissue engineering, referred to as the patent rights, as well as a non-exclusive license to use and practice certain know-how related to the patent rights. The relevant licensed patent on decellularization of tissue expired in 2021. The Company has agreed to use commercially reasonable efforts to develop, register, market and sell products utilizing the patent rights, referred to as the licensed products. Any services provided to a third party utilizing licensed products are referred to as licensed services. The Company has also agreed to meet certain benchmarks in its development efforts, including as to development events, clinical trials, regulatory submissions and marketing approval, within specified timeframes. Under the license agreement, Duke retains the right to use the patent rights for its own educational and research purposes, and to provide the patent rights to other non-profit, governmental or higher-learning institutions for non-commercial purposes without paying royalties or other fees. In connection with the Company ’ s entry into the license agreement, the Company granted equity consideration to Duke in the form of 52,693 shares of the Company ’ s common stock. Under the license agreement, the Company also agreed to pay Duke: • a low single-digit percentage royalty on eligible sales of licensed products and licensed services, plus a low double-digit percentage of any sublicensing revenue; • an annual minimum royalty beginning in 2012, which increases in the calendar year immediately following the first commercial sale of licensed products or licensed services (whichever occurs first); and • an additional amount in license fees, as certain milestones are met. The license agreement remains effective until the later of (i) the last of the patent rights expires or (ii) four years after the Company ’ s first commercial sale, unless terminated earlier. Either party may terminate the agreement for fraud, willful misconduct or illegal conduct, or uncured material breach. Duke may terminate the agreement if the Company becomes insolvent. Duke may also terminate the license, convert the license into a non-exclusive license or seek assignment of any sublicense if the Company fails to reach diligence milestones within the applicable time period. If the Company abandons any claim, patent or patent application, its rights under the license with respect to such patent rights will be terminated in the territory in which the Company abandons such rights. The Company may terminate the license agreement unilaterally upon three months ’ prior notice to Duke. The Company agrees to indemnify Duke against certain third-party claims. Payments to Duke under the license agreement were immaterial during the periods presented. Yale University In February 2014, the Company entered into a license agreement with Yale University (“Yale”) that granted the Company a worldwide license to the patents related to coatings for small-diameter vessels to inhibit clotting. The license granted under the agreement is exclusive in the field of engineered vascular tissues and tissues and extracellular matrix-based implants used for vascular repair, reconstruction and replacement (provided that all uses are vascular tissues within the range of 1 – 12mm in diameter), except that it is subject to Yale ’ s non-exclusive right, on behalf of itself and all other non-profit academic institutions, to use the licensed products for research, teaching, and other non-commercial purposes. The Company has agreed to pay to Yale an annual maintenance fee, increasing between the first and fourth anniversaries of the agreement up to a maximum of less than $0.1 million per year for this license. In August 2019, the Company entered into a license agreement with Yale, that granted the Company a worldwide license to the patents related to Bioartificial Vascular Pancreas (“BVP”). The license granted under the agreement is exclusive in the field of engineered vascular tissues that deliver pancreatic islet cells to patients, except that it is subject to Yale ’ s non-exclusive right, on behalf of itself and all other non-profit academic institutions, to use the licensed products for research, teaching, and other non-commercial purposes. The Company has agreed to pay to Yale an annual maintenance fee, increasing between the first and fourth anniversaries of the agreement up to a maximum of less than $0.1 million per year for this license. In August 2019, the Company entered into a license agreement with Yale that granted the Company a worldwide license to the patents related to tubular prostheses. The license granted under the agreement is exclusive in the field of engineered urinary conduits, engineered tracheas/airways, and engineered esophagi, except that it is subject to Yale ’ s non-exclusive right, on behalf of itself and all other non-profit academic institutions, to use the licensed products for research, teaching, and other non-commercial purposes. The Company has agreed to pay to Yale an annual maintenance fee, increasing between the first and fourth anniversaries of the agreement up to a maximum of less than $0.1 million per year for this license. The Company has agreed to use reasonable commercial efforts to develop and commercialize the licensed patents and any licensed products and methods, and to use reasonable efforts to make the licensed products available to patients in low and low-middle income countries. The Company is also obligated to provide Yale periodically an updated and revised copy of its plan for each license, which must indicate progress of its development and commercialization. The Company may also sublicense the Company ’ s rights without Yale ’ s prior written consent, but such sublicense is subject to certain conditions. In connection with its entry into the license agreement, the Company paid Yale upfront cash fees. The Company has also agreed to pay Yale: • annual maintenance fees, increasing between the first anniversary of the agreement until the fifth anniversary for the coating and BVP licenses and until the fourth anniversary for the tubular prostheses license up to a maximum of less than $0.1 million per year; • milestone payments upon achievement of certain regulatory and commercial milestones of $0.2 million and $0.6 million, respectively; • a low single-digit percentage royalty on worldwide net sales, subject to reductions for third-party license fees; and • a low double-digit percentage of sublicensing income. If the Company or any of its future sublicensees bring a patent challenge against Yale or assists another party in bringing a patent challenge against Yale, the license fees described above will be subject to certain increases and penalties. The agreements expire on a country-by-country basis on the date on which the last of the patents in such country expires, lapses or is declared invalid. Yale may terminate the agreements if the Company fails to (i) provide written diligence reports, (ii) provide commercially reasonable diligence plans, (iii) implement the plans in accordance with the obligations under the agreements, or (iv) reach certain research and development milestones within the scheduled timeframe set forth in the agreements; however, any such termination right would be limited in scope to the country to which such failure relates. Yale may also terminate for the Company ’ s non-payment, uncured material breach, failure to obtain adequate insurance, bringing or assisting in bringing of a patent challenge against Yale, abandonment of the research and development of the Company ’ s products or insolvency. The Company may terminate the license agreements (i) on 90 days ’ prior written notice to Yale, provided the Company is not in breach of the license agreements and has made all required payments to Yale thereunder and (ii) on written notice to Yale following an uncured material breach. With respect to the license agreements related to small-diameter vessels and BVP, the Company ’ s rights under the license agreements will also terminate automatically with respect to a patent application or patent within the licensed patents in a specified country if, upon receipt of written notice from Yale, the Company does not agree to pay the patent filing, prosecution and maintenance fees incurred by Yale for such patent applications or patents in the specified country. Under certain circumstances, Yale may, at its option, convert the exclusive licenses to non-exclusive licenses if the Company declines to initiate certain infringement or interference proceedings with respect to the licensed patents. The Company has agreed to indemnify Yale against certain third-party claims. Payments to Yale under the license agreement were immaterial during the periods presented. Legal Matters The Company currently is not aware of any legal proceedings or claims that management believes will have, individually or in the aggregate, a material adverse effect on the Company ’ s business, financial condition, results of operations, or cash flows. Indemnification To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at the Company ’ s request in such capacity. The indemnification period covers all pertinent events and occurrences during the director ’ s or officer ’ s service. The maximum potential amount of future payments the Company could be required to make under these indemnification arrangements is not specified in such arrangements; however, the Company has director and officer insurance coverage that is intended to reduce its exposure and enable the Company to recover a portion of any potential future amounts the Company could be required to make. To date, the Company has not incurred any costs as a result of such obligations and has not accrued any liabilities related to such obligations in the condensed consolidated financial statements.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Fresenius Medical Care investments and distribution agreement In June 2018, the Company completed a $150 million financing transaction pursuant to which Fresenius Medical Care purchased shares of series D redeemable convertible preferred stock that at the Closing of the Merger converted into 15,812,735 shares of the Company ’ s common stock. In August 2021, Fresenius Medical Care invested $25 million as part of the PIPE Financing and received an additional 2.5 million shares of the Company ’ s common stock. In addition, the Company entered into a distribution agreement with Fresenius Medical Care in June 2018 which, as amended as of February 16, 2021, granted Fresenius Medical Care and its affiliates exclusive rights to develop outside the United States and European Union (the “EU”) and commercialize outside of the United States the Company ’ s 6 millimeter x 42 centimeter HAV and all improvements thereto, and modifications and derivatives thereof (including any changes to the length, diameter or configuration of the foregoing), for use in vascular creation, repair, replacement or construction, including renal replacement therapy for dialysis access, the treatment of peripheral arterial disease, and the treatment of vascular trauma, but excluding coronary artery bypass graft, pediatric heart surgery, or adhering pancreatic islet cells onto the outer surface of the distribution product for use in diabetic patients. Within the United States, Fresenius Medical Care will collaborate with the Company in its commercialization of the product in the field, including adoption of the distribution product as a standard of care in patients for which such use is supported by clinical results and health economic analyses. The Company is responsible for developing and seeking regulatory approval for the distribution product in the field in the United States. For countries outside the United States, the parties agreed to use commercially reasonable efforts to satisfy certain agreed minimum market entry criteria for the distribution product in the field in such country. For the EU, once such criteria have been satisfied for the applicable country, or if the parties otherwise mutually agree to obtain regulatory approval for the distribution product in the field in the applicable country, the Company agreed to use commercially reasonable efforts to obtain such regulatory approval (other than pricing approval), and Fresenius Medical Care agreed to use commercially reasonable efforts to obtain the corresponding pricing approval. For the rest of the world (i.e., outside the United States and the EU), once such criteria have been satisfied for the applicable country, or if the parties otherwise mutually agree to obtain regulatory and pricing approval for the distribution product in the field in the applicable country, Fresenius Medical Care agreed to use commercially reasonable efforts to obtain such approvals, and the Company agreed to use commercially reasonable efforts to support Fresenius Medical Care in its efforts. Under the distribution agreement, the Company grants an exclusive, sublicensable license to Fresenius Medical Care under the patents, know-how and regulatory materials controlled by the Company during the term to commercialize the distribution product in the field outside the United States, subject to the Company ’ s retained rights to carry out its obligations under the distribution agreement. The Company also grants a non-exclusive, sublicensable license to Fresenius Medical Care under the patents, know-how and regulatory materials controlled by the Company during the term to develop the distribution product in accordance with the terms of the distribution agreement. In addition, the Company grants to Fresenius Medical Care, among other things, a perpetual, irrevocable, non-exclusive sublicensable license under the patents and know-how that primarily relate to the distribution product or its manufacture and that were created, conceived or developed solely or jointly by or on behalf of Fresenius Medical Care in the performance of its activities under the distribution agreement. The distribution agreement provides that the Company will own all know-how and patents that primarily relate to the distribution product or its manufacture that are created, conceived or developed by or on behalf of either party in the performance of activities under the distribution agreement. Ownership of all other know-how, patents, materials and other intellectual property created, conceived or developed during the performance of activities under the distribution agreement will be determined in accordance with U.S. patent laws for determining inventorship. The Company is obligated to make payments to Fresenius Medical Care based on a share of aggregate net sales by or on behalf of the Company of the distribution product in the United States in the field. Such revenue-share payments will be a percentage of net sales in the low double digits, without regard to the calendar year in which such net sales are attributable, until such time that the Company has paid to Fresenius Medical Care a certain total amount, at which time the revenue-share will decrease to a percentage of net sales in the mid-single digits. The amounts that Fresenius Medical Care will be obligated to pay the Company under the distribution agreement for sales of the distribution product in the field outside of the United States will vary. Fresenius Medical Care agreed to pay the Company initially, on a country-by-country basis for sales outside of the United States, the amount equal to the average cost of manufacturing the Company ’ s distribution product plus a fixed dollar amount per unit. Following a specified period, on a country-by-country basis outside of the United States, Fresenius Medical Care will pay the Company a fixed percentage of net sales for each unit sold in such country, such that the Company will receive more than half of such net sales. The distribution agreement will generally continue on a country-by-country basis until the later of (a) the tenth anniversary of the launch date of the distribution product in the relevant country or (b) the expiration of the last-to-expire valid claim of specified patents in such country. Each party is permitted to terminate the distribution agreement for insolvency of, or, under certain circumstances, including various cure periods, material breach by the other party. Subject to a cure period, Fresenius Medical Care may also terminate the distribution agreement in its entirety or on a country-by-country basis (i) for certain withdrawals of regulatory approval or (ii) for termination or expiration of any of our in-licenses that is necessary for the exercise of Fresenius Medical Care ’ s rights, or the satisfaction of its obligations, under the distribution agreement. In addition, Fresenius Medical Care may terminate the distribution agreement for convenience on a country-by-country basis upon not less than 12 months ’ written notice to the Company, although Fresenius Medical Care is not permitted to give such notice prior to the end of the second year following launch of the distribution product in such country. Each party is required to indemnify one another for certain third-party claims. Arrangements with Yale University The Company’s President and Chief Executive Officer, Laura Niklason M.D., PhD., serves as an Adjunct Professor in Anesthesia at Yale University. As of March 31, 2022 and December 31, 2021, the Company was a party to license agreements with Yale University as described in Note 11 — Commitments and Contingencies, above. The following table shows a summary of related party expenses included in the statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, ($ in thousands) 2022 2021 License expenses $ 50 $ 50 Other 2 35 Total 52 85

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Unaudited Interim Condensed Consolidated Financial Statements	Basis of Presentation The Company has prepared the accompanying financial statements in conformity with U.S. GAAP. The Company ’ s condensed consolidated financial statements reflect the operations of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Unless otherwise noted, the Company has retroactively adjusted all common and preferred share and related price information to give effect to the exchange ratio established in the Merger Agreement. Operations prior to the Merger are those of Legacy Humacyte. Unaudited Interim Condensed Consolidated Financial Statements The accompanying interim condensed consolidated financial statements and the related footnote disclosures are unaudited. These unaudited interim financial statements have been prepared on the same basis as the audited financial statements, and in management ’ s opinion, include all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of the Company ’ s financial position as of March 31, 2022 and its results of operations for the three months ended March 31, 2022 and 2021, and cash flows for the three months ended March 31, 2022 and 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ended December 31, 2022 or any other period. The December 31, 2021 year-end condensed consolidated balance sheet was derived from audited annual financial statements but does not include all disclosures from the annual financial statements. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 and the related notes included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 29, 2022 (the “Annual Report”), which provides a more complete discussion of the Company’s accounting policies and certain other information. There have been no significant changes to the significant accounting policies disclosed in Note 2 of the audited consolidated financial statements as of and for the years ended December 31, 2021 and 2020 included in the Company ’ s Annual Report.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in the financial statements include stock-based compensation costs, right-of-use assets, accruals for research and development activities, contingent earnout liability, fair value of common stock warrants, redeemable convertible preferred stock and income taxes. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Segments	Segments The Company operates and manages its business as one reportable and operating segment. The Company is developing proprietary, bioengineered, acellular human tissues, complex tissue systems, and organs that are designed to be used in the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas. The Company ’ s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of evaluating financial performance and allocating resources.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and short-term investments consisting of certificates of deposit (“CDs”). Total cash balances exceeded insured balances by the Federal Deposit Insurance Corporation (“FDIC”) as of March 31, 2022 and December 31, 2021. The Company has cash equivalents that are invested in highly rated money market funds invested only in obligations of the U.S. government and its agencies.
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period without consideration of potentially dilutive common stock. Diluted net loss per share attributable to common stockholders reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company unless inclusion of such shares would be anti-dilutive. As the Company has only incurred losses, basic and diluted net loss per share is the same.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In May 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2021-04, “Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options” (“ASU 2021-04”). The FASB issued this update to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity classified written call options (for example, warrants) that remain equity classified after modification or exchange. ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring after the effective date of the amendments. The Company adopted ASU 2021-04 as of January 1, 2022. The adoption of this ASU had no impact on the Company ’ s financial statements and related disclosures.
Fair Value of Financial Instruments	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. Accounting Standards Codification (“ASC”) 820, Fair Value Measurement and Disclosures , establishes a hierarchy whereby inputs to valuation techniques used in measuring fair value are prioritized, or the fair value hierarchy. There are three levels to the fair value hierarchy based on reliability of inputs, as follows: • Level 1 — Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs in which little or no market data exists, therefore requiring the Company to develop its own assumptions. The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period, utilizing valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The determination requires significant judgments to be made by the Company.
Stock-Based Compensation	The Company recognizes stock-based compensation expense based on the grant date fair value of the awards measured using the Black-Scholes option pricing model. Compensation expense related to awards with service-based vesting conditions is recognized on a straight-line basis over the requisite service period. Option valuation models, including the Black-Scholes option-pricing model, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility, the expected term of the award, and the fair value of the underlying Common Stock on the date of grant. Forfeitures are accounted for as they occur. Compensation expense related to awards with performance-based vesting conditions is recognized over the requisite service period using the accelerated attribution method to the extent achievement of the performance-based condition is probable. The Company does not recognize compensation expense related to awards with performance-based vesting conditions until it is probable that the performance-based vesting condition will be achieved. Forfeitures are accounted for as they occur. Fair Value of Common Stock. Prior to the Merger, as the Company ’ s common stock was not publicly traded, the fair value of the shares of its common stock underlying the options was determined by the Company ’ s board of directors with input from management, after considering independent third-party valuation reports. Subsequent to the Merger, the fair value of the Common Stock has been determined based on the closing price of the shares on the Nasdaq market. • Expected Term. The expected term represents the period that stock options are expected to be outstanding. The Company calculated the expected term using the simplified method for options, which is available where there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting-tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting-tranches, the times from grant until the mid-points for each of the tranches may be averaged to provide an overall expected term. • Expected Volatility. The expected volatility was based on the historical share volatility of several publicly traded peer companies over a period of time equal to the expected term of the options, as the Company has a limited trading history to use the volatility of its Common Stock. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies. • Risk-Free Interest Rate. The risk-free interest rate was based on the yields of U.S. Treasury zero-coupon securities with maturities similar in duration to the expected term of the options. • Expected Dividend Yield. The Company has not paid dividends on its Common Stock nor does it expect to pay dividends in the foreseeable future. Accordingly, the Company has estimated the dividend yield to be zero.
Common Stock Warrants	In connection with the Merger, the Company assumed 5,000,000 publicly-traded warrants ( “ Public Warrants ” ) and 177,500 private placement warrants issued to AHAC Sponsor LLC (the “ Sponsor ” ), Oppenheimer & Co. Inc. and Northland Securities, Inc, in connection with AHAC ’ s initial public offering ( “ Private Placement Warrants ” and, together with the Public Warrants, the “ Common Stock Warrants ” ). The Common Stock Warrants entitle the holder to purchase one share of Common Stock at an exercise price of $11.50 per share. The Company evaluated the Common Stock Warrants to determine the appropriate financial statement classification upon the consummation of the Merger. The Common Stock Warrants are not mandatorily redeemable and are considered to be freestanding instruments as they are separately exercisable into common shares. As such, the Common Stock Warrants were not classified as liabilities under FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”). The Company then evaluated the Common Stock Warrants under FASB ASC Topic 815, Derivatives and Hedging . Public Warrants The Public Warrants are publicly traded and are exercisable for cash unless certain conditions occur, such as the failure to have an effective registration statement related to the shares issuable upon exercise or redemption by the Company under certain conditions, at which time the warrants may be eligible for a cashless exercise. The Public Warrants may only be exercised for a whole number of shares and will expire five years after the completion of the Merger. The Public Warrants became exercisable 30 days after the completion of the Merger. The Public Warrants are considered to be “indexed to the Company’s own stock”. The agreement provides that in the event of a tender or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of the Company ’ s Common Stock, all holders of the Common Stock Warrants (both the Public Warrants and the Private Placement Warrants) would be entitled to receive cash for all of their Common Stock Warrants. As the Company has a single class of Common Stock, a qualifying cash tender offer of more than 50% of the Company ’ s Common Stock will always result in a change in control and would not preclude permanent equity classification of the Public Warrants. Based on this evaluation, the Company concluded that the Public Warrants meet the criteria to be classified within stockholders ’ equity. The Public Warrants were initially recognized as equity on the Closing Date at a fair value of $2.80 per share. Private Placement Warrants The Private Placement Warrants are non-redeemable for cash so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants are redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The agreement governing the Common Stock Warrants includes a provision, the application of which could result in a different settlement value for the Private Placement Warrants depending on their holder. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on the Company ’ s ordinary shares, the Private Placement Warrants are not considered to be “ indexed to the Company ’ s own stock ” and therefore are not classified in stockholders ’
Contingent Earnout Liability	Upon the Closing, the contingent obligation to issue Contingent Earnout Shares was accounted for as a liability because the triggering events that determine the number of Contingent Earnout Shares required to be issued include events that are not solely indexed to the Common Stock. The Contingent Earnout Shares are subsequently remeasured at each reporting date with changes in fair value recorded as a component of other (expense) income, net in the condensed consolidated statements of operations and comprehensive loss.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of securities that could potentially dilute net loss per share in the future that were not included in the computation of diluted net loss per share	The potential shares of common stock that were excluded from the computation of diluted net loss per share for each period because including them would have had an antidilutive effect were as follows: March 31, 2022 2021 Shares issuable upon conversion of Series A redeemable convertible preferred stock — 18,421,897 Shares issuable upon conversion of Series B redeemable convertible preferred stock — 24,137,647 Shares issuable upon conversion of Series C redeemable convertible preferred stock — 11,241,283 Shares issuable upon conversion of Series D redeemable convertible preferred stock — 15,812,735 Exercise of options under stock plan 6,641,647 6,237,914 Warrants to purchase common stock 5,588,506 287,704

Reverse Recapitalization (Table

Reverse Recapitalization (Tables)	3 Months Ended
	Mar. 31, 2022
Reverse Recapitalization [Abstract]
Schedule of Common Stock Outstanding Immediately Following the Consummation of the Merger	The number of shares of Common Stock outstanding immediately following the consummation of the Merger was: Shares Common stock of AHAC, outstanding prior to Merger 10,355,000 Less redemption of AHAC shares (3,008,551) Common stock of AHAC 7,346,449 AHAC Founder Shares 2,500,000 New Humacyte shares issued to PIPE Investors 17,500,000 Issuance of common stock upon reverse recapitalization and PIPE Financing 27,346,449 New Humacyte shares issued in Merger to Legacy Humacyte stockholders 75,656,935 (1) Total shares of Common Stock immediately after Merger 103,003,384 ________________ (1) Includes 69,613,562 shares of Common Stock issued upon conversion of Legacy Humacyte’s redeemable convertible preferred stock.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows: ($ in thousands) Fair Value Measured as of March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 191,152 $ — $ — $ 191,152 Cash equivalents (certificates of deposit) — 2,000 — 2,000 Short-term investments (certificates of deposit) — 8,000 — 8,000 Total financial assets $ 191,152 $ 10,000 $ — $ 201,152 Liabilities: Contingent Earnout Liability $ — $ — $ 100,402 $ 100,402 Private Placement Warrants liability — — 423 423 Total financial liabilities $ — $ — $ 100,825 $ 100,825 ($ in thousands) Fair Value Measured as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 208,821 $ — $ — $ 208,821 Cash equivalents (certificates of deposit) — 2,000 — 2,000 Short-term investments (certificates of deposit) — 8,000 — 8,000 Total financial assets $ 208,821 $ 10,000 $ — $ 218,821 Liabilities: Contingent Earnout Liability $ — $ — $ 103,660 $ 103,660 Private Placement Warrants liability — — 497 497 Total financial liabilities $ — $ — $ 104,157 $ 104,157
Summary of Changes in Fair Value of Level 3 Financial Instruments	The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments: ($ in thousands) Contingent Private Placement Fair value as of December 31, 2021 $ (103,660) $ (497) Change in fair value included in other income (expense), net 3,258 74 Fair value as of March 31, 2022 $ (100,402) $ (423)

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment, net consist of the following: ($ in thousands) March 31, December 31, Scientific equipment (1) $ 27,673 $ 27,641 Computer equipment 155 155 Software 335 335 Furniture and fixtures 988 988 Leasehold improvements 26,355 26,355 55,506 55,474 Accumulated depreciation (21,966) (20,440) Property and equipment, net $ 33,540 $ 35,034 ___________________________ (1) Includes $3.6 million as of both March 31, 2022 and December 31, 2021 related to scientific equipment not placed into service and therefore not being depreciated.

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: ($ in thousands) March 31, December 31, Accrued external research, development and manufacturing costs $ 2,348 $ 2,520 Accrued employee compensation and benefits 2,781 3,943 Accrued professional fees 331 294 Total $ 5,460 $ 6,757

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of SVB Loan Payable and Net Discount or Premium Balances	SVB loan payable and net discount or premium balances are as follows: ($ in thousands) March 31, Principal amount of SVB loan payable $ 30,000 Final payment amount of SVB loan payable 1,500 Net premium associated with accretion of final payment and other debt issuance costs (3,761) SVB loan payable, current and noncurrent 27,739 Less SVB loan payable, current portion — SVB loan payable, noncurrent portion $ 27,739
Summary of Future Minimum Payments of Principal	Future minimum payments of principal on the Company ’ s outstanding variable rate borrowings as of March 31, 2022 are as follows: Year ending December 31: ($ in thousands) 2022 (remainder) $ — 2023 10,000 2024 17,143 2025 2,857 Total future payments $ 30,000

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Summary of common stock reserved for future issuances	As of March 31, 2022, the Company had reserved Common Stock for future issuances as follows: March 31, Common stock reserved for Contingent Earnout Shares 15,000,000 Exercise of options under stock plans 6,641,647 Issuance of options under stock plans 7,487,556 Shares available for grant under ESPP 1,030,033 Warrants to purchase Common Stock 5,588,506 35,747,742
Schedule of activity of warrants	The Company had the following common stock warrants outstanding as of March 31, 2022 and December 31, 2021: Common Stock Warrants Outstanding Legacy Humacyte Common Stock Warrants 411,006 Private Placement Warrants 177,500 Public Warrants 5,000,000 Total Common Stock Warrants 5,588,506
Schedule of assumptions used in the valuations	The Private Placement Warrants were valued using the following assumptions under the Monte Carlo simulation value model: March 31, December 31, Market price of public stock $ 7.06 $ 7.25 Exercise price $ 11.50 $ 11.50 Expected term (years) 4.41 4.65 Expected share price volatility 55.8 % 61.0 % Risk-free interest rate 2.43 % 1.21 % Estimated dividend yield 0 % 0 % Assumptions used in the valuations are described below: March 31, December 31, Current stock price $ 7.06 $ 7.25 Expected share price volatility 82.7 % 85.8 % Risk-free interest rate 2.32 % 1.52 % Estimated dividend yield 0.0 % 0 % Expected term (years) 10.00 10.00

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Assumptions Used to Estimate Fair Value of Stock Options	The Company estimated the fair value of the stock options on the date of grant using the following assumptions in the Black-Scholes option-pricing model: Three Months Ended March 31, 2022 2021 Estimated dividend yield 0 % 0 % Expected share price volatility (weighted average and range, if applicable) 100 % 91.5% (91.5% to 92.1%) Risk-free interest rate (weighted average and range, if applicable) 1.89 % 0.62% (0.62% to 0.97%) Expected term of options (in years) 6.25 6.00
Summary of Stock-Based Compensation Expense and Remaining Unrecognized Costs	The following tables show a summary of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021, and remaining unrecognized cost as of March 31, 2022 and December 31, 2021: Three Months Ended March 31, ($ in thousands) 2022 2021 Research and development $ 281 $ 636 General and administrative 1,266 1,892 Total $ 1,547 $ 2,528 ($ in thousands) March 31, December 31, Unrecognized share-based compensation cost $ 10,584 $ 13,346 Expected weighted average period compensation costs to be recognized (years) 2.0 2.3
Summary of Stock Option Activity	A summary of option activity under the Company ’ s stock option plans during the three months ended March 31, 2022 is presented below: Number of Shares Weighted Weighted Aggregate Options outstanding at December 31, 2021 6,711,192 $ 7.48 5.3 $ 8,276 Granted 113,700 $ 5.90 Exercised (926) $ 1.15 Forfeited (182,319) $ 9.50 Options outstanding at March 31, 2022 6,641,647 $ 7.40 5.1 $ 8,028 Vested and exercisable, March 31, 2022 4,645,602 $ 6.30 3.4 $ 7,896 Vested and expected to vest, March 31, 2022 6,641,647 $ 7.40 5.1 $ 8,028

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Summary of Related Party Expenses	The following table shows a summary of related party expenses included in the statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, ($ in thousands) 2022 2021 License expenses $ 50 $ 50 Other 2 35 Total 52 85

Organization and Description _2

Organization and Description of Business (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 434,405		$ 414,573
Net loss	19,832	$ 20,301
Net cash used in operating activities	18,797	$ 14,543
Cash, cash equivalents, and short-term investments	$ 206,200

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Segments (Details)	3 Months Ended
	Mar. 31, 2022segment
Accounting Policies [Abstract]
Number of reportable segment	1
Number of operating segments	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Concentration Risk [Line Items]
Certificates of deposit	$ 10		$ 10
Government Contracts Concentration Risk | Revenue Benchmark | Grant Revenue
Concentration Risk [Line Items]
Risk concentration	100.00%	100.00%
Credit Concentration Risk | Accounts Receivable | Grant Revenue
Concentration Risk [Line Items]
Risk concentration	100.00%		100.00%
Cash and Cash Equivalents
Concentration Risk [Line Items]
Certificates of deposit	$ 2		$ 2
Short-term Investments
Concentration Risk [Line Items]
Certificates of deposit	$ 8		$ 8

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Net Loss per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Maximum contingent earnout (in shares)	15,000,000
Redeemable convertible preferred stock | Series A preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities that were not included in the computation of diluted net loss per share (in shares)	0	18,421,897
Redeemable convertible preferred stock | Series B preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities that were not included in the computation of diluted net loss per share (in shares)	0	24,137,647
Redeemable convertible preferred stock | Series C preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities that were not included in the computation of diluted net loss per share (in shares)	0	11,241,283
Redeemable convertible preferred stock | Series D preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities that were not included in the computation of diluted net loss per share (in shares)	0	15,812,735
Exercise of options under stock plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities that were not included in the computation of diluted net loss per share (in shares)	6,641,647	6,237,914
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities that were not included in the computation of diluted net loss per share (in shares)	5,588,506	287,704

Reverse Recapitalization - Narr

Reverse Recapitalization - Narrative (Details) $ / shares in Units, $ in Thousands	Aug. 26, 2021USD ($)tranche$ / sharesshares	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)$ / shares
Asset Acquisition [Line Items]
Legacy Humacyte common stock conversion ratio to common stock	0.26260
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001		$ 0.0001
Founder shares conversion ratio	1
Maximum contingent earnout (in shares) | shares		15,000,000
Proceeds from issuance of common stock	$ 242,400
Transaction costs recorded in APIC	3,900
Transaction costs expensed (less than)	100
Unpaid liabilities assumed in connection with Merger		$ 130	$ 0
Alpha Healthcare Acquisition Corp. and Hunter Merger Sub, Inc.
Asset Acquisition [Line Items]
Liabilities assumed	15,200
Assets assumed	$ 100
AHAC Founders
Asset Acquisition [Line Items]
Founder shares converted to common stock (in shares) | shares	2,500,000
Private Placement
Asset Acquisition [Line Items]
Number of shares issued (in shares) | shares	17,500,000
Price per share (in dollars per share) | $ / shares	$ 10
Aggregate purchase price	$ 175,000
Earnout Shares
Asset Acquisition [Line Items]
Maximum contingent earnout (in shares) | shares	15,000,000
Number of tranches of contingent earnout shares | tranche	2
Number of contingent earnout shares per tranche (in shares) | shares	7,500,000
Number of trading days	20 days
Number of consecutive trading days	30 days
Contingent earnout liability recognized upon the closing of the reverse capitalization	$ 159,400
Tranche one | Earnout Shares
Asset Acquisition [Line Items]
Closing stock price to trigger contingent earnout shares (in dollars per share) | $ / shares	$ 15
Tranche two | Earnout Shares
Asset Acquisition [Line Items]
Closing stock price to trigger contingent earnout shares (in dollars per share) | $ / shares	$ 20
Accrued Liabilities
Asset Acquisition [Line Items]
Unpaid liabilities assumed in connection with Merger		$ 100		$ 100

Reverse Recapitalization - Comm

Reverse Recapitalization - Common Stock Outstanding Immediately Following the Consummation of the Merger (Details) - shares	Aug. 26, 2021	Mar. 31, 2022	Dec. 31, 2021	Aug. 25, 2021
Schedule of Reverse Recapitalization [Line Items]
Common stock, shares outstanding (in shares)	103,003,384	103,004,572	103,003,646
New Humacyte shares issued to PIPE Investors (in shares)	17,500,000
Issuance of common stock upon reverse recapitalization and PIPE Financing (in shares)	27,346,449
New Humacyte shares issued in Merger to Legacy Humacyte stockholders (in shares)	75,656,935
Conversion of redeemable convertible preferred stock into common stock in connection with the Merger and related PIPE financing (in shares)	69,613,562
Common Shareholders
Schedule of Reverse Recapitalization [Line Items]
Shares acquired (in shares)	7,346,449
AHAC Founders
Schedule of Reverse Recapitalization [Line Items]
Shares acquired (in shares)	2,500,000
AHAC
Schedule of Reverse Recapitalization [Line Items]
Common stock, shares outstanding (in shares)				10,355,000
Less redemption of AHAC shares (in shares)	(3,008,551)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Liabilities:
Private Placement Warrants liability	$ 423	$ 497
Recurring
Assets:
Short-term investments (certificates of deposit)	8,000	8,000
Total financial assets	201,152	218,821
Liabilities:
Contingent Earnout Liability	100,402	103,660
Private Placement Warrants liability	423	497
Total financial liabilities	100,825	104,157
Recurring | Level 1
Assets:
Short-term investments (certificates of deposit)	0	0
Total financial assets	191,152	208,821
Liabilities:
Contingent Earnout Liability	0	0
Private Placement Warrants liability	0	0
Total financial liabilities	0	0
Recurring | Level 2
Assets:
Short-term investments (certificates of deposit)	8,000	8,000
Total financial assets	10,000	10,000
Liabilities:
Contingent Earnout Liability	0	0
Private Placement Warrants liability	0	0
Total financial liabilities	0	0
Recurring | Level 3
Assets:
Short-term investments (certificates of deposit)	0	0
Total financial assets	0	0
Liabilities:
Contingent Earnout Liability	100,402	103,660
Private Placement Warrants liability	423	497
Total financial liabilities	100,825	104,157
Recurring | Cash equivalents (money market funds)
Assets:
Cash equivalents	191,152	208,821
Recurring | Cash equivalents (money market funds) | Level 1
Assets:
Cash equivalents	191,152	208,821
Recurring | Cash equivalents (money market funds) | Level 2
Assets:
Cash equivalents	0	0
Recurring | Cash equivalents (money market funds) | Level 3
Assets:
Cash equivalents	0	0
Recurring | Cash equivalents (certificates of deposit)
Assets:
Cash equivalents	2,000	2,000
Recurring | Cash equivalents (certificates of deposit) | Level 1
Assets:
Cash equivalents	0	0
Recurring | Cash equivalents (certificates of deposit) | Level 2
Assets:
Cash equivalents	2,000	2,000
Recurring | Cash equivalents (certificates of deposit) | Level 3
Assets:
Cash equivalents	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Change in fair value included in other income (expense), net
Changes in the fair value of the Level 3 financial instruments
Beginning balance	$ (103,660)
Change in fair value included in other income (expense), net	3,258
Ending balance	(100,402)
Private Placement Warrants
Changes in the fair value of the Level 3 financial instruments
Beginning balance	(497)
Change in fair value included in other income (expense), net	74
Ending balance	$ (423)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Expected term (years) - yr	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	10	10
Contingent Earnout Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	10

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 55,506		$ 55,474
Accumulated depreciation	(21,966)		(20,440)
Property and equipment, net	33,540		35,034
Depreciation expense	1,525	$ 1,555
Scientific equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	27,673		27,641
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	155		155
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	335		335
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	988		988
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	26,355		26,355
Scientific Equipment, Not Placed Into Service
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,600		$ 3,600

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued external research, development and manufacturing costs	$ 2,348	$ 2,520
Accrued employee compensation and benefits	2,781	3,943
Accrued professional fees	331	294
Total	$ 5,460	$ 6,757

Debt - Term Loan (Details)

Debt - Term Loan (Details)	Oct. 13, 2021USD ($)$ / sharesshares	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)tranche	Dec. 31, 2021USD ($)	Aug. 26, 2021$ / shares	Mar. 30, 2021USD ($)$ / sharesshares
Line of Credit Facility [Line Items]
Warrants, exercise price (in dollars per share) | $ / shares					$ 11.50
Common stock warrant liabilities			$ 423,000	$ 497,000
Term Loan Agreement
Line of Credit Facility [Line Items]
Amount of loan drawn	$ 10,000,000	$ 20,000,000
Number of tranches | tranche			2
Amount that are eligible to disburse per tranche			$ 10,000,000
Minimum fixed rate on variable rate			7.50%
Advance notice period			30 days
Common stock warrant liabilities			$ 3,300,000
Final payment fee percentage			5.00%
Final payment amount of SVB loan payable			$ 1,500,000
Debt issuance costs			$ 300,000
Term Loan Agreement | Debt Instrument, Prepayment Fee, Period One
Line of Credit Facility [Line Items]
Prepayment fee			3.00%
Term Loan Agreement | Debt Instrument, Prepayment Fee, Period Two
Line of Credit Facility [Line Items]
Prepayment fee			2.00%
Term Loan Agreement | Debt Instrument, Prepayment Fee, Period Three
Line of Credit Facility [Line Items]
Prepayment fee			1.00%
Term Loan Agreement | Warrants to purchase common stock
Line of Credit Facility [Line Items]
Warrants, exercise price (in dollars per share) | $ / shares	$ 10.28					$ 10.28
Warrants immediately exercisable (in shares) | shares						287,704
Exercisable warrants upon funding of additional tranche (in shares) | shares	123,302					123,302
Term Loan Agreement | Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate			4.25%
Effective interest rate			7.75%
Term Loan Agreement | Silicon Valley Bank and SVB Innovation Credit Fund VIII, L.P.,
Line of Credit Facility [Line Items]
Maximum loan facility amount						$ 50,000,000
Outstanding principal and interest collateralized			50.00%

Debt - SVB Loan Payable and Net

Debt - SVB Loan Payable and Net Discount or Premium Balances (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
SVB loan payable, current and noncurrent	$ 30,000
SVB Loan payable
Debt Instrument [Line Items]
Principal amount of SVB loan payable	30,000
Final payment amount of SVB loan payable	1,500
Net premium associated with accretion of final payment and other debt issuance costs	(3,761)
SVB loan payable, current and noncurrent	27,739
Less SVB loan payable, current portion	0
SVB loan payable, noncurrent portion	$ 27,739

Debt - Future Minimum Payments

Debt - Future Minimum Payments of Principal (Details) $ in Thousands	Mar. 31, 2022USD ($)
Future minimum payments of principal and estimated payments of interest
2022 (remainder)	$ 0
2023	10,000
2024	17,143
2025	2,857
SVB loan payable, current and noncurrent	$ 30,000

Stockholders' Equity (Deficit_2

Stockholders' Equity (Deficit) - Common Stock (Details)	Aug. 26, 2021USD ($)$ / sharesshares	Mar. 31, 2022USD ($)Vote$ / sharesshares	Dec. 31, 2021$ / sharesshares
Business Acquisition [Line Items]
Issuance of common stock upon reverse recapitalization and PIPE Financing (in shares) | shares	27,346,449
Proceeds from issuance of common stock	$ 242,400,000
Transaction costs	$ 3,900,000
Common stock, shares outstanding (in shares) | shares	103,003,384	103,004,572	103,003,646
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, authorized (in shares) | shares		250,000,000	250,000,000
Dividends, common stock		$ 0
Number of vote per common share held | Vote		1
Alpha Healthcare Acquisition Corp. and Hunter Merger Sub, Inc.
Business Acquisition [Line Items]
Liabilities assumed	$ 15,200,000
Assets assumed	$ 100,000
Common Stock
Business Acquisition [Line Items]
Issuance of common stock upon reverse recapitalization and PIPE Financing (in shares) | shares	27,346,449

Stockholders' Equity (Deficit_3

Stockholders' Equity (Deficit) - Common stock for future issuances (Details)	Mar. 31, 2022shares
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	35,747,742
Common stock reserved for Contingent Earnout Shares
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	15,000,000
Exercise of options under stock plan
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	6,641,647
Issuance of options under stock plans
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	7,487,556
Shares available for grant under ESPP
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	1,030,033
Warrants to purchase common stock
Class of Stock [Line Items]
Reserved common stock for future issuances (in shares)	5,588,506

Stockholders' Equity (Deficit_4

Stockholders' Equity (Deficit) - Preferred Stock (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares outstanding (in shares)	0	0

Stockholders' Equity (Deficit_5

Stockholders' Equity (Deficit) - Warrants Narrative (Details) - $ / shares	Aug. 26, 2021	Mar. 31, 2022	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)		0	32,961
Warrants, exercise price (in dollars per share)	$ 11.50
Merger Agreement | Warrants to purchase common stock | Assumption Of Publicly Traded Securities
Class of Warrant or Right [Line Items]
Number of securities issued or issuable (in shares)	5,000,000
Merger Agreement | Warrants to purchase common stock | Private Placement
Class of Warrant or Right [Line Items]
Number of securities issued or issuable (in shares)	177,500

Stockholders' Equity (Deficit_6

Stockholders' Equity (Deficit) - Warrants (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Warrants (in shares)	5,588,506	5,588,506
Humacyte, Inc.
Class of Warrant or Right [Line Items]
Warrants (in shares)	411,006	411,006
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	177,500	177,500
Public Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	5,000,000	5,000,000

Stockholders' Equity (Deficit_7

Stockholders' Equity (Deficit) - Public Warrants (Details)	Aug. 26, 2021$ / shares
Class of Warrant or Right [Line Items]
Share accepting a tender offer entitles warrants to receive cash (as a percent)	50.00%
Warrants exercised, minimum percent of outstanding shares, to receive cash	50.00%
Public Warrants
Class of Warrant or Right [Line Items]
Warrants term	5 years
Number of days warrants become exercisable after the completion of merger	30 days
Fair Value per share on Closing Date (in dollars per share)	$ 2.80

Stockholders' Equity (Deficit_8

Stockholders' Equity (Deficit) - Private Placement Warrants (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / shares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)$ / shares	Aug. 26, 2021USD ($)
Class of Warrant or Right [Line Items]
Common stock warrant liabilities	$ 423		$ 497
Change in fair value of common stock warrant liabilities	(74)	$ 0
Private Placement Warrants
Class of Warrant or Right [Line Items]
Common stock warrant liabilities	400		$ 500	$ 600
Change in fair value of common stock warrant liabilities	$ (100)
Warrants term	4 years 4 months 28 days		4 years 7 months 24 days
Private Placement Warrants | Market price of public stock
Class of Warrant or Right [Line Items]
Warrants, measurement input | $ / shares	7.06		7.25
Private Placement Warrants | Exercise price
Class of Warrant or Right [Line Items]
Warrants, measurement input | $ / shares	11.50		11.50
Private Placement Warrants | Expected share price volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.558		0.610
Private Placement Warrants | Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0243		0.0121
Private Placement Warrants | Estimated dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input	0		0

Stockholders' Equity (Deficit_9

Stockholders' Equity (Deficit) - Contingent Earnout Liability (Details) $ in Thousands	Aug. 26, 2021USD ($)yrtranche$ / sharesshares	Mar. 31, 2022USD ($)yr$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)$ / sharesyr
Business Acquisition, Contingent Consideration [Line Items]
Maximum contingent earnout (in shares) | shares		15,000,000
Contingent earnout liability | $		$ 100,402		$ 103,660
Change in fair value of contingent earnout liability | $		$ 3,258	$ 0
Earnout Shares
Business Acquisition, Contingent Consideration [Line Items]
Maximum contingent earnout (in shares) | shares	15,000,000
Number of tranches of contingent earnout shares | tranche	2
Number of contingent earnout shares per tranche (in shares) | shares	7,500,000
Number of trading days	20 days
Number of consecutive trading days	30 days
Contingent earnout liability recognized upon the closing of the reverse capitalization | $	$ 159,400
Current stock price
Business Acquisition, Contingent Consideration [Line Items]
Measurement input | $ / shares		7.06		7.25
Expected term (years)
Business Acquisition, Contingent Consideration [Line Items]
Measurement input | yr		10		10
Expected term (years) | Earnout Shares
Business Acquisition, Contingent Consideration [Line Items]
Measurement input | yr	10
Expected share price volatility
Business Acquisition, Contingent Consideration [Line Items]
Measurement input		0.827		0.858
Risk-free interest rate
Business Acquisition, Contingent Consideration [Line Items]
Measurement input		0.0232		0.0152
Estimated dividend yield
Business Acquisition, Contingent Consideration [Line Items]
Measurement input		0		0
Tranche one | Earnout Shares
Business Acquisition, Contingent Consideration [Line Items]
Closing stock price to trigger contingent earnout shares (in dollars per share) | $ / shares	$ 15
Tranche two | Earnout Shares
Business Acquisition, Contingent Consideration [Line Items]
Closing stock price to trigger contingent earnout shares (in dollars per share) | $ / shares	$ 20

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details)	Aug. 25, 2021plan	Mar. 31, 2022shares	Mar. 31, 2021	Dec. 31, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans | plan	2
Outstanding awards (in shares)		6,641,647		6,711,192
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares remaining available for grant (in shares)		1,030,033
Annual increase in available shares		1.00%
Closing trading price per share of common stock		85.00%
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		10 years
Accelerated vesting commencement period		30 days
Accelerated vesting ending period		12 months
Estimated dividend yield		0.00%	0.00%
Long-Term Incentive Plan, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares remaining available for grant (in shares)		7,487,556
Annual increase in available shares		5.00%
Long-Term Incentive Plan, 2021 | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares remaining available for grant (in shares)		7,487,556
Omnibus Incentive Plan, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding awards (in shares)		5,700,883
Stock Option Plan, 2005
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding awards (in shares)		517,506
Minimum | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		36 months
Maximum | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		48 months

Stock-based Compensation - Assu

Stock-based Compensation - Assumptions Used to Estimate Fair Value of Stock Options (Details) - Options	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Assumptions on the date of grant to estimate the fair value of the stock options
Estimated dividend yield	0.00%	0.00%
Weighted average expected share price volatility	100.00%	91.50%
Weighted average expected share price volatility, minimum		91.50%
Weighted average expected share price volatility, maximum		92.10%
Risk-free interest rate	1.89%	0.62%
Risk-free interest rate, minimum		0.62%
Risk-free interest rate, maximum		0.97%
Expected term of options (in years)	6 years 3 months	6 years

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,547	$ 2,528
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	281	636
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,266	$ 1,892

Stock-based Compensation - Rema

Stock-based Compensation - Remaining Unrecognized Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Unrecognized share-based compensation cost	$ 10,584	$ 13,346
Expected weighted average period compensation costs to be recognized (years)	2 years	2 years 3 months 18 days

Stock-based Compensation - St_2

Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Shares
Options outstanding, beginning of period (in shares)	6,711,192
Granted (in shares)	113,700
Exercised (in shares)	(926)
Forfeited (in shares)	(182,319)
Options outstanding, end of period (in shares)	6,641,647	6,711,192
Number of shares, vested and exercisable (in shares)	4,645,602
Number of shares, vested and expected to vest (in shares)	6,641,647
Weighted Average Exercise Price Per Share
Options outstanding, beginning of period (in dollars per share)	$ 7.48
Granted (in dollars per share)	5.90
Exercised (in dollars per share)	1.15
Forfeited (in dollars per share)	9.50
Options outstanding, end of period (in dollars per share)	7.40	$ 7.48
Weighted average exercise price, vested and exercisable (in dollars per share)	6.30
Weighted average exercise price, vested and expected to vest (in dollars per share)	$ 7.40
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, outstanding (in years)	5 years 1 month 6 days	5 years 3 months 18 days
Weighted average remaining contractual term, vested and exercisable (in years)	3 years 4 months 24 days
Weighted average remaining contractual term, vested and expected to vest (in years)	5 years 1 month 6 days
Aggregate intrinsic value, outstanding	$ 8,028	$ 8,276
Aggregate intrinsic value, vested and exercisable	7,896
Aggregate intrinsic value, vested and expected to vest	$ 8,028

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%	0.00%
Income tax expense or benefit	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - License Agreement - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Aug. 31, 2019	Feb. 28, 2014	Mar. 31, 2022
Duke University | Decellularized Tissue Engineering Patent Rights
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued under agreement (in shares)			52,693
Expiration period of agreement			4 years
Termination period			3 months
Yale University
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Termination period			90 days
Maximum annual maintenance fee			$ 0.1
Yale University | Small-Diameter Vessels Patent Rights
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum annual maintenance fee		$ 0.1
Yale University | BVP Patent Rights
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum annual maintenance fee	$ 0.1
Yale University | Tubular Prostheses Patent Rights
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum annual maintenance fee	$ 0.1
Yale University | Regulatory Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments			0.2
Yale University | Commercial Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments			$ 0.6

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	Aug. 26, 2021	Feb. 16, 2021	Aug. 31, 2021	Jun. 30, 2018	Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Common stock issued (in shares)					103,004,572	103,003,646
Fresenius Medical Care
Related Party Transaction [Line Items]
Financing transaction				$ 150
Conversion of stock (in shares)	15,812,735
Proceeds from PIPE			$ 25
Common stock issued (in shares)			2,500,000
Distribution agreement, termination period		12 months

Related Party Transactions - Re

Related Party Transactions - Related Party Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Related party expenses	$ 52	$ 85
License expenses
Related Party Transaction [Line Items]
Related party expenses	50	50
Other
Related Party Transaction [Line Items]
Related party expenses	$ 2	$ 35