HD data from investor presentation today

Every day, for months, I wait for Humacyte to give me a reason to buy. I like the concept, but I’m concerned about their ability to execute and about how large a market they truly have compared to current standards of care.

I’ve been on the sidelines for a while. And every time I think there’s an opportunity for the company to do or say something meaningful, they either don’t do it, or they do the opposite.

In their presentation today - which I just finished watching - they offered zero new information or detail on the trauma side.

But honestly I don’t really care about that. The trauma indication lives or dies with FDA approval and there isn’t much Humacyte can do at this point beyond wait.

I tuned in because I wanted more details on the HD data. They offered nothing beyond their press release. More concerning, they offered nothing with regard to adverse events. In fact the CEO didn’t even mention it despite the fact that it was a bullet on the slide.

For their “co-primary endpoints” - patency at 6 months and at 12 months, they included a combined P value. I’m a clinician-scientist and the only reason I can see why they’d do that is because the 12 month patency rate (68% vs 62%) wasn’t statistically significant on it’s own. I’ve read a lot of research over the years, and that was a “yada yada” that I did not want.

So i remain on the sidelines, hoping again to be shown something at the upcoming research meetings this fall. I were an investor, I’d be very concerned about what those data end up showing. They can yada yada over things in a press release or investor conference, but not at a scientific meeting or in peer reviewed publications and until the publication of those data I don’t see the buy case here yet.