Elutia Inc 10-Q for FY2025 Q2

Elutia Inc. (ELUT)

10-Q 2025-08-14 For: 2025-06-30

Added on April 10, 2026

About this 10-Q

Elutia Inc filed this 10-Q on August 14, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $6.26M; down 0.4% from $6.29M a year earlier
Net loss: $9.61M; compared with a net loss of $28.18M a year earlier
Diluted EPS: -$0.26; compared with -$1.13 a year earlier

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Delaware		47-4790334
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

20 Firstfield Road Gaithersburg, MD		20878
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.001 per share	ELUT	The Nasdaq Capital Market

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting company ☒
		Emerging growth company ☒

		Page
FORWARD-LOOKING STATEMENTS		1
WEBSITE DISCLOSURE		2
TRADEMARKS, TRADE NAMES AND SERVICE MARKS		3
INDUSTRY AND OTHER DATA		3
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit)	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	43
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3.	Defaults Upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	44
Item 6.	Exhibits	44
Signatures		46


	June 30,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	8,500	$	13,239
Accounts receivable, net		3,150		2,276
Inventory		5,243		3,911
Insurance receivables of litigation costs		4,297		4,760
Prepaid expenses and other current assets		1,090		1,986
Total current assets		22,280		26,172

Property and equipment, net		2,071		773
Intangible assets, net		6,575		8,273
Operating lease right-of-use assets and other		2,923		909
Total assets	$	33,849	$	36,127

Liabilities and Stockholders’ Deficit

Current liabilities:
Accounts payable	$	6,074	$	4,149
Accrued expenses		6,304		7,104
Current portion of long-term debt		3,750		1,250
Current portion of revenue interest obligation		4,400		4,400
Contingent liability for legal proceedings		17,015		20,432
Current operating lease liabilities		405		460
Total current liabilities		37,948		37,795

Long-term debt		21,370		22,603
Long-term revenue interest obligation		4,692		5,490
Warrant liability		8,966		16,076
Long-term operating lease liabilities		2,716		423
Total liabilities		75,692		82,387

Commitments and contingencies (Note 9)

Stockholders’ equity (deficit):
Class A Common stock, $0.001 par value per share, 200,000,000 shares authorized as of June 30, 2025 and December 31, 2024, and 38,081,935 and 30,897,232 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		38		31
Class B Common stock, $0.001 par value per share, 20,000,000 shares authorized as of June 30, 2025 and December 31, 2024 and 4,313,406 issued and outstanding as of June 30, 2025 and December 31, 2024		4		4
Additional paid-in capital		201,251		183,298
Accumulated deficit		(243,136)		(229,593)
Total stockholders’ deficit		(41,843)		(46,260)
Total liabilities and stockholders' deficit	$	33,849	$	36,127


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net sales	$	6,263	$	6,291	$	12,293	$	12,985
Cost of goods sold		3,205		3,492		6,778		7,343
Gross profit		3,058		2,799		5,515		5,642
Sales and marketing		3,778		3,330		6,809		6,639
General and administrative		3,695		4,689		7,566		9,745
Research and development		1,456		1,001		2,361		2,173
Litigation costs, net		4,004		2,289		6,576		4,074
Total operating expenses		12,933		11,309		23,312		22,631
Loss from operations		(9,875)		(8,510)		(17,797)		(16,989)
Interest expense, net		518		1,267		1,603		2,580
(Gain) loss on revaluation of warrant liability		(2,233)		18,337		(7,420)		27,974
Other expense (income), net		1,442		257		1,547		(1,186)
Loss before provision for income taxes		(9,602)		(28,371)		(13,527)		(46,357)
Income tax expense		8		(11)		16		(3)
Net loss from continuing operations		(9,610)		(28,360)		(13,543)		(46,354)
Income from discontinued operations		—		180		—		180
Net loss		(9,610)		(28,180)		(13,543)		(46,174)
Less: dilutive gain on revaluation of warrant liability		(2,233)		—		(7,419)		—
Net loss for diluted earnings per share	$	(11,843)	$	(28,180)	$	(20,962)	$	(46,174)

Net loss from continuing operations per share - basic	$	(0.23)	$	(1.14)	$	(0.34)	$	(1.90)
Net loss from continuing operations per share - diluted	$	(0.26)	$	(1.14)	$	(0.47)	$	(1.90)
Net income from discontinued operations per share - basic and diluted	$	—	$	0.01	$	—	$	0.01
Net loss per share - basic	$	(0.23)	$	(1.13)	$	(0.34)	$	(1.89)
Net loss per share - diluted	$	(0.26)	$	(1.13)	$	(0.47)	$	(1.89)

Weighted average common shares outstanding - basic		41,782,556		24,900,167		40,239,372		24,408,651
Weighted average common shares outstanding - diluted		46,308,642		24,900,167		44,765,897		24,408,651


	Class A			Class B
	Common Stock			Common Stock
							Additional				Total
	Number of			Number of			Paid-in		Accumulated		Stockholders'
	Shares	Amount		Shares	Amount		Capital		Deficit		Equity (Deficit)
Balance, March 31, 2025	36,552,348	$	37	4,313,406	$	4	$	197,027	$	(233,526)	$	(36,458)
Issuance of common stock as payment under revenue interest obligation	1,105,528		1	—		—		2,199		—		2,200
Issuance of common stock as payment of interest	50,000		—	—		—		83		—		83
Exercise of Prefunded Warrants	249,910		—	—		—		890		—		890
Vesting of restricted stock units, net of shares withheld and taxes paid	124,149		—	—		—		(97)				(97)
Stock-based compensation	—		—	—		—		1,149		—		1,149
Net loss	—		—	—		—		—		(9,610)		(9,610)
Balance, June 30, 2025	38,081,935	$	38	4,313,406	$	4	$	201,251	$	(243,136)	$	(41,843)

Balance, March 31, 2024	20,036,508	$	20	4,313,406	$	4	$	143,315	$	(193,638)	$	(50,299)
Issuance of common stock in connection with registered direct offering, net of issuance costs of $1.1 million	3,175,000		3	—		—		9,669				9,672
Exercises of Common Warrants and Prefunded Warrants	551,664		1	—		—		2,073		—		2,074
Vesting of restricted stock units, net of shares withheld and taxes paid	199,929		—	—		—		(316)		—		(316)
Stock-based compensation	—		—	—		—		2,711		—		2,711
Net loss	—		—	—		—				(28,180)		(28,180)
Balance, June 30, 2024	23,963,101	$	24	4,313,406	$	4	$	157,452	$	(221,818)	$	(64,338)

	Class A			Class B
	Common Stock			Common Stock
							Additional				Total
	Number of			Number of			Paid-in		Accumulated		Stockholders'
	Shares	Amount		Shares	Amount		Capital		Deficit		Equity (Deficit)
Balance, December 31, 2024	30,897,232	$	31	4,313,406	$	4	$	183,298	$	(229,593)	$	(46,260)
Issuance of common stock in connection with registered direct offering, net of issuance costs of $1.1 million	5,520,000		6	—		—		12,590		—		12,596
Issuance of common stock as payment under revenue interest obligation	1,105,528		1	—		—		2,199		—		2,200
Issuance of common stock as payment of interest	50,000		—	—		—		83		—		83
Exercise of Prefunded Warrants	249,910		—	—		—		890		—		890
Issuance of common stock under Employee Stock Purchase Plan	31,558		—	—		—		80		—		80
Vesting of restricted stock units, net of shares withheld and taxes paid	227,707		—	—		—		(249)		—		(249)
Stock-based compensation	—		—	—		—		2,360		—		2,360
Net loss	—		—	—		—		—		(13,543)		(13,543)
Balance, June 30, 2025	38,081,935	$	38	4,313,406	$	4	$	201,251	$	(243,136)	$	(41,843)

Balance, December 31, 2023	18,884,196	$	19	4,313,406	$	4	$	137,021	$	(175,644)	$	(38,600)
Issuance of common stock in connection with registered direct offering, net of issuance costs of $1.1 million	3,175,000		3	—		—		9,669				9,672
Exercises of Common Warrants and Prefunded Warrants	1,627,489		2	—		—		6,106		—		6,108
Issuance of common stock under Employee Stock Purchase Plan	65,459		—	—		—		70		—		70
Vesting of restricted stock units, net of shares withheld and taxes paid	210,957		—	—		—		(322)		—		(322)
Stock-based compensation	—		—	—		—		4,908		—		4,908
Net loss	—		—	—		—		—		(46,174)		(46,174)
Balance, June 30, 2024	23,963,101	$	24	4,313,406	$	4	$	157,452	$	(221,818)	$	(64,338)


Processing and research equipment		5 to 10 years
Office equipment and furniture		3 to 5 years
Computer hardware and software		3 years


				Weighted-
				Average
		Weighted-		Remaining		Aggregate
		Average		Contractual		Intrinsic
		Exercise		Term		Value
	Number of Shares	Price		(years)		(in thousands)
Outstanding, December 31, 2024	3,220,991	$	5.23		7.3	$	475
Granted	331,865	$	1.65
Exercised	—	$	—
Forfeited	(17,076)	$	4.90
Outstanding, June 30, 2025	3,535,780	$	4.90		8.0	$	109
Vested and exercisable, June 30, 2025	2,193,869	$	5.60		7.7	$	-


	2023 Prefunded Warrants	2024 Prefunded Warrants	2025 Prefunded Warrants
Outstanding, December 31, 2024	3,573,326	725,000	—
Issued	—	—	480,000
Exercised	(250,000)	—	—
Outstanding, June 30, 2025	3,323,326	725,000	480,000


Common stock price	$	4.96
Expected term (years)		0.1
Risk-free interest rate		5.5	%
Volatility factor		88.4	%
Dividend yield		—	%


	Three Months Ended				Six Months Ended
(in thousands, except share and per share data)	June 30,				June 30,
	2025		2024		2025		2024
Numerator:
Net loss from continuing operations	$	(9,610)	$	(28,360)	$	(13,543)	$	(46,354)
Income from discontinued operations		—		180		—		180
Net loss		(9,610)		(28,180)		(13,543)		(46,174)
Less: dilutive gain on revaluation of warrant liability		(2,233)		—		(7,419)		—
Net loss for diluted earnings per share	$	(11,843)	$	(28,180)	$	(20,962)	$	(46,174)

Denominator:
Weighted average number of common shares - basic		41,782,556		24,900,167		40,239,372		24,408,651
Effect of dilutive prefunded warrants		4,526,086		—		4,526,525		—
Weighted average number of common shares - diluted		46,308,642		24,900,167		44,765,897		24,408,651

Net loss from continuing operations per share - basic	$	(0.23)	$	(1.14)	$	(0.34)	$	(1.90)
Net loss from continuing operations per share - diluted	$	(0.26)	$	(1.14)	$	(0.47)	$	(1.90)
Net income from discontinued operations per share - basic and diluted	$	—	$	0.01	$	—	$	0.01
Net loss per share - basic	$	(0.23)	$	(1.13)	$	(0.34)	$	(1.89)
Net loss per share - diluted	$	(0.26)	$	(1.13)	$	(0.47)	$	(1.89)


		Device Protection		Women's Health		Cardiovascular		Total
Net sales	$	3,516	$	2,011	$	736	$	6,263
Cost of goods sold, excluding intangible asset amortization		1,332		895		129		2,356
Segment gross profit	$	2,184	$	1,116	$	607	$	3,907


	Three Months Ended June 30,
	2025				2024				Change 2024 / 2025
			% of Net				% of Net
(in thousands, except percentages)	Amount		Sales		Amount		Sales		$		%
Net sales	$	6,263	100.0	%	$	6,291	100.0	%	$	(28)	(0.4)	%
Cost of goods sold		3,205	51.2	%		3,492	55.5	%		(287)	(8.2)	%
Gross profit		3,058	48.8	%		2,799	44.5	%		259	9.3	%
Sales and marketing		3,778	60.3	%		3,330	52.9	%		448	13.5	%
General and administrative		3,695	59.0	%		4,689	74.5	%		(994)	(21.2)	%
Research and development		1,456	23.2	%		1,001	15.9	%		455	45.5	%
Litigation costs, net		4,004	63.9	%		2,289	36.4	%		1,715	74.9	%
Total operating expenses		12,933	206.5	%		11,309	179.8	%		1,624	14.4	%
Loss from operations		(9,875)	(157.7)	%		(8,510)	(135.3)	%		(1,365)	16.0	%
Interest expense, net		518	8.3	%		1,267	20.1	%		(749)	(59.1)	%
Gain on revaluation of warrant liability		(2,233)	(35.7)	%		18,337	291.5	%		(20,570)	NM
Other expense (income), net		1,442	23.0	%		257	4.1	%		1,185	NM
Loss before provision for income taxes		(9,602)	(153.3)	%		(28,371)	(451.0)	%		18,769	(66.2)	%
Income tax expense		8	0.1	%		(11)	(0.2)	%		19	(172.7)	%
Net income (loss) from continuing operations		(9,610)	(153.4)	%		(28,360)	(450.8)	%		18,750	(66.1)	%
Discontinued operations		—	—	%		180	2.9	%		(180)	(100.0)	%
Net income (loss)	$	(9,610)	(153.4)	%	$	(28,180)	(447.9)	%	$	18,570	65.9	%


	Six Months Ended June 30,
	2025				2024				Change 2024 / 2025
			% of Net				% of Net
(in thousands, except percentages)	Amount		Sales		Amount		Sales		$		%
Net sales	$	12,293	100.0	%	$	12,985	100.0	%	$	(692)	(5.3)	%
Cost of goods sold		6,778	55.1	%		7,343	56.5	%		(565)	(7.7)	%
Gross profit		5,515	44.9	%		5,642	43.5	%		(127)	(2.3)	%
Sales and marketing		6,809	55.4	%		6,639	51.1	%		170	2.6	%
General and administrative		7,566	61.5	%		9,745	75.0	%		(2,179)	(22.4)	%
Research and development		2,361	19.2	%		2,173	16.7	%		188	8.7	%
Litigation costs, net		6,576	53.5	%		4,074	31.4	%		2,502	61.4	%
Total operating expenses		23,312	189.6	%		22,631	174.3	%		681	3.0	%
Loss from operations		(17,797)	(144.8)	%		(16,989)	(130.8)	%		(808)	(4.8)	%
Interest expense, net		1,603	13.0	%		2,580	19.9	%		(977)	(37.9)	%
(Gain) loss on revaluation of warrant liability		(7,420)	(60.4)	%		27,974	215.4	%		(35,394)	NM
Other expense (income), net		1,547	12.6	%		(1,186)	(9.1)	%		2,733	NM
Loss before provision of income taxes		(13,527)	(110.0)	%		(46,357)	(357.0)	%		32,830	(70.8)	%
Income tax expense		16	0.1	%		(3)	(0.0)	%		19	(633.3)	%
Net loss from continuing operations		(13,543)	(110.2)	%		(46,354)	(357.0)	%		32,811	70.8	%
Discontinued operations		—	—	%		180	1.4	%		(180)	(100.0)	%
Net loss	$	(13,543)	(110.2)	%	$	(46,174)	(355.6)	%	$	32,631	70.7	%


		Weighted-
		Average
	Number of Shares	Grant Date
	Underlying RSUs	Fair Value
Unvested, December 31, 2024	1,417,123	$	3.58
Granted	92,000	$	2.81
Vested	(327,634)	$	3.83
Forfeited	(13,498)	$	3.71
Unvested, June 30, 2025	1,167,991	$	3.45


	June 30,		December 31,
	2025		2024
Raw materials	$	889	$	440
Work in process		1,069		740
Finished goods		3,285		2,731
Total	$	5,243	$	3,911


	June 30,		December 31,
	2025		2024
Term Loan Facility, net of unamortized discount and deferred financing costs	$	25,120	$	23,853
Current Portion		(3,750)		(1,250)
Long-Term Debt	$	21,370	$	22,603


Exhibit Number		Description	Form	File No.	Exhibit	Filing Date	Filed/ Furnished Herewith
2.1		Asset Purchase Agreement, dated September 17, 2023, by and among Elutia Inc., Berkeley Biologics, LLC, and GNI Group, Ltd. (solely with respect to Section 11.18)	8-K	001-39577	10.1	9/19/2023

3.1a	Restated Certificate of Incorporation of Elutia Inc.		8-K	001-39577	3.1	10/13/2020

3.1b		Certificate of Amendment to the Restated Certificate of Incorporation of Elutia Inc.	8-K	001-39577	3.1	09/07/2023

3.2		Amended and Restated Bylaws of Elutia Inc.	8-K	001-39577	3.2	10/13/2020

4.1		Second Amended and Restated Investor Rights Agreement, dated as of September 14, 2020, among the Registrant and the investors named therein	S-1	333-248788	4.1	09/14/2020

4.2		Specimen stock certificate evidencing the shares of Class A common stock	S-1	333-248788	4.2	09/14/2020

4.3		Specimen stock certificate evidencing the shares of Class B common stock	S-1/A	333-248788	4.3	09/30/2020

4.4		Warrant to Purchase Stock, issued on August 10, 2022, by Elutia Inc.to SWK Funding LLC.	8-K	001-39577	4.1	8/15/2022

4.5		Form of Common Warrant	8-K	001-39577	4.1	9/21/2023

4.6		2023 Form of Prefunded Warrant	8-K	001-39577	4.2	9/21/2023

4.7		Registration Rights Agreement, dated September 21, 2023, by and among Elutia Inc. and the Investors named therein	8-K	001-39577	10.2	9/21/2023

4.8		2024 Form of Prefunded Warrant	8-K	001-39577	4.1	6/18/2024

4.10		2025 Form of Prefunded Warrant	8-K	001-39577	4.1	2/4/2025

10.37		Subscription Agreement and Amendment No. 2 to Royalty Agreement dated May 8, 2025 between Elutia Inc., Elutia Med LLC and Ligand Pharmaceuticals Incorporation	10-Q	001-39577	10.37	5/13/2025

10.38	Fourth Amendment to Credit Agreement dated May 7, 2025 by and among Elutia Inc., SWK Funding LLC as Agent and the lenders from time to time party thereto	10-Q	001-39577	10.38	5/13/2025

31.1	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					*

31.2	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					*

32.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					**

32.2	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					**

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101.SCH	Inline XBRL Taxonomy Extension Schema Document					*

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document					*

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101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document					*

101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document					*

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)					*


	ELUTIA INC.

Date: August 14, 2025	By:	/s/ C. Randal Mills, Ph.D.
		C. Randal Mills, Ph.D.
		President and Chief Executive Officer
		(principal executive officer)

Date: August 14, 2025	By:	/s/ Matthew Ferguson
		Matthew Ferguson
		Chief Financial Officer
		(principal financial officer and principal accounting officer)