Durham, NC-based Humacyte, Inc. (NASDAQ:HUMA), a biotechnology company specializing in biological products, has reported a reshuffle of its board of directors and the ratification of its independent auditor, according to an 8-K filing with the Securities and Exchange Commission.
On Monday, the company held its 2024 Annual Meeting of Stockholders, where six Class III directors were elected to serve until the 2027 annual meeting or until their successors are elected. The elected directors include John P. Bamforth, Emery N. Brown, Michael T. Constantino, Keith Anthony Jones, Laura E. Niklason, and Susan Windham-Bannister. Following the election, Drs. Bamforth and Jones were moved from Class III to Class II directors to balance the classes on the board, resulting in their immediate resignation and reappointment without interruption to their service or compensation.
Additionally, stockholders ratified the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was nearly unanimous, with 69,075,479 votes for, 883,816 against, and 72,146 abstentions. No broker non-votes were reported for this proposal.
The company's proxy statement, filed on April 29, 2024, provided detailed information about the proposals. The voting results showed strong support for the board's nominees and the continued partnership with PricewaterhouseCoopers LLP.
Humacyte, known previously as Alpha Healthcare Acquisition Corp., operates from its headquarters at 2525 East North Carolina Highway 54, Durham, NC. The company's common stock and warrants are listed on The Nasdaq Stock Market under the symbols HUMA and HUMAW, respectively.
In other recent news, biotechnology company Humacyte, Inc. has announced its financial results for the first quarter of 2024, revealing a net loss of $31.9 million, a reduction from the previous year's first quarter. Concurrently, the company has revealed that the U.S. Food and Drug Administration (FDA) has accepted its Biologics License Application for the Humacyte Vascular Access Graft (HAV), granting it Priority Review. As part of preparations for a potential market launch, Humacyte has secured $63 million in funding and is actively engaging with payers, while also assembling a sales team. The company ended the quarter with $115.5 million in cash and cash equivalents.
These recent developments indicate Humacyte's strong strides towards the commercial launch of its flagship product, the HAV. The company is also anticipating results from the Phase 3 trial of the HAV in end-stage renal disease patients in the third quarter of 2024. Furthermore, Humacyte has submitted an application for an ICD-10 code for the HAV in trauma and plans to apply for a new technology add-on payment with CMS post-approval.
InvestingPro Insights
In light of Humacyte, Inc.'s recent corporate governance developments, it's valuable to consider the company's financial position and market performance. According to InvestingPro data, Humacyte holds a market capitalization of approximately $858 million. Despite challenges such as weak gross profit margins, as indicated by the last twelve months as of Q1 2024 with gross profits at -$5.7 million, the company has experienced significant stock price appreciation. Over the last six months, the price total return has surged by 152.23%, and year-to-date, the return has reached an impressive 158.45%.
Two notable InvestingPro Tips for potential investors include the fact that Humacyte holds more cash than debt on its balance sheet, which could provide a degree of financial stability, and the observation that liquid assets exceed short-term obligations, suggesting short-term financial health. However, analysts are not expecting the company to be profitable this year, which aligns with the reported operating income of -$101.01 million for the same period.
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