Humacyte, Inc. (HUMA) reported financial results for the third quarter ended September 30, 2024. The biotechnology company's stock surged 5.51% in pre-market trading following the earnings release despite posting a wider net loss compared to analyst estimates.
Humacyte reported an operating loss of $30.23 million for Q3 2024, slightly higher than the consensus estimate of $29.7 million. The net loss for the quarter came in at $39.2 million or $0.33 per share, compared to analysts' expectations of a $30 million loss.
The company did not provide additional commentary in the earnings release to explain the stock's pre-market surge. Investors may be reacting positively to other factors beyond the headline financial metrics. More details on Humacyte's outlook and future milestones could shed light on the stock movement when the company holds its earnings call later today.
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