Humacyte (NASDAQ:HUMA) unveils Q1 earnings & HAV™ FDA milestone
Full story: https://grafa.com/news/humacyte--nasdaq-huma--unveils-q1-earnings---hav--fda-milestone-220871
Humacyte (NASDAQ:HUMA) has released its financial results for the first quarter ended March 31, 2024, and provided updates on significant business developments.
During the quarter, the company reported cash and cash equivalents of $115.5 million.
Total net cash provided during the period was $35.1 million, a substantial improvement from the $20.2 million net cash used in the same period of 2023.
This boost in net cash was largely due to the receipt of approximately $43 million in net proceeds from an underwritten public offering of common stock in March 2024 and $20 million from further drawdowns under its agreement with Oberland Capital Management.
Unfortunately, the company did not generate any revenue during this quarter.
Despite this, significant progress was made, including the initiation and priority review status of the Biologics License Application (BLA) for HAV by the FDA, setting the stage for a potential market launch on the Prescription Drug User Fee Act (PDUFA) date of August 10, 2024.
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