Humacyte, Inc.

Planned Reorganization

On April 28, 2025, the Company implemented a cost reduction action to reduce its workforce by approximately 31 employees, cease recruitment of additional planned new hires, and reduce other operating expenses. Employees impacted by this plan were notified on May 7, 2025. Humacyte is undertaking these cost reductions to improve its cash runway and to better align the Company’s organizational structure with its top business objectives. These objectives include the commercial launch of Symvess in the extremity vascular trauma indication, including sales, marketing and manufacturing; completion of the V012 Phase 3 trial of the ATEV in dialysis and the planned filing of a supplemental BLA with the FDA for the dialysis indication; and the filing of an IND to commence a human study of the small-diameter ATEV in CABG. The Company estimates that it will incur aggregate charges representing a one-time cash expenditure for severance and other employee termination benefits of approximately $0.8 million, of which the majority is expected to be incurred during the second quarter of 2025. Humacyte estimates that it will incur savings due to the workforce and other operating cost reductions, and reduced capital expenditures, net of termination severance and benefits, totaling approximately $13.8 million in 2025 and up to approximately $38.0 million in 2026. The Company does not believe these cost-saving measures will impair its ability to conduct any of its key business functions. However, the Company may not be able to realize all of the cost savings and benefits initially anticipated as a result of these actions, and costs may be greater than expected.

Chief Operating Officer Transition

On May 7, 2025, in connection with the planned reorganization described above, an agreement was reached with Dr. Heather Prichard under which she will cease to serve as Chief Operating Officer of Humacyte, effective June 7, 2025. Dr. Prichard is expected to receive severance and other benefits in accordance with the employment agreement, dated September 13, 2019, between her and Humacyte. The circumstances giving rise to Dr. Prichard’s departure do not involve any disagreement between Dr. Prichard and the Company or relate to any accounting matters, financial statements, financial disclosures or related disclosure controls and procedures.

Director and Officer Trading Arrangements

During the three months ended March 31, 2025, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted orterminated any “Rule 10b5-1 trading arrangement” or any “non Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.