$ELUT

ELUTIA INC.

CIK:0001708527|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 2,427	$ 2,747	$ 5,541	$ 5,698
Cost of goods sold	980	1,294	2,292	2,863
Gross profit	1,447	1,453	3,249	2,835
Sales and marketing	1,366	1,273	2,846	2,268
General and administrative	3,454	3,552	7,545	7,273
Research and development	2,527	989	4,500	1,860
Litigation costs, net	2,057	4,004	2,663	6,576
Total operating expenses	9,404	9,818	17,554	17,977
Loss from operations	(7,957)	(8,365)	(14,305)	(15,142)
Interest income, net	35	491	143	307
(Gain) loss on revaluation of warrant liability	(226)	(2,233)	1,429	(7,420)
Other (income) expense, net	(58)	1,442	(129)	1,547
Loss before provision for income taxes	(7,638)	(7,083)	(15,462)	(8,962)
Income tax expense	8	8	78	16
Net loss from continuing operations	(7,646)	(7,091)	(15,540)	(8,978)
(Loss) income from discontinued operations		(2,519)	425	(4,565)
Net loss	(7,646)	(9,610)	(15,115)	(13,543)
Less: dilutive gain on revaluation of warrant liability		(2,233)		(7,419)
Net loss for dilutive earnings per share	$ (7,646)	$ (11,843)	$ (15,115)	$ (20,962)
Net loss from continuing operations per share - basic (in dollars per share)	$ (0.17)	$ (0.17)	$ (0.36)	$ (0.22)
Net loss from continuing operations per share - diluted (in dollars per share)	(0.17)	(0.2)	(0.36)	(0.37)
Net (loss) income from discontinued operations per share - basic (in dollars per share)		(0.06)	0.01	(0.11)
Net (loss) income from discontinued operations per share - diluted (In dollars per share)		(0.05)	0.01	(0.1)
Net loss per share - basic (in dollar per share)	(0.17)	(0.23)	(0.35)	(0.34)
Net loss per share - diluted (in dollar per share)	$ (0.17)	$ (0.26)	$ (0.35)	$ (0.47)
Weighted average common shares outstanding - basic (in shares)	44,223,722	41,782,556	43,622,360	40,239,372
Weighted average common shares outstanding - diluted (in shares)	44,223,722	46,308,642	43,622,360	44,765,897

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net loss	$ (15,115)	$ (13,543)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	679	1,760
Gain on sale of Orthobiologics Business	(425)
(Gain) loss on revaluation of warrant liability	1,429	(7,420)
Amortization of deferred financing costs and debt discount		107
Interest expense recorded as additional revenue interest obligation or long-term debt	285	2,646
Stock-based compensation	1,836	2,360
Changes in right-of-use assets and lease liabilities and lease incentives received	408
Payments on revenue interest obligation	(1,100)
Changes in operating assets and liabilities:
Accounts receivable	296	(874)
Inventory	(32)	(1,332)
Insurance receivables of litigation costs	994	463
Prepaid expenses and other	892	1,153
Accounts payable and accrued expenses	(816)	1,021
Contingent liability for legal proceedings	(5,623)	(3,417)
Other liabilities		(33)
Net cash used in operating activities	(16,292)	(17,109)
INVESTING ACTIVITIES:
Proceeds from sale of Orthobiologics Business	425
Expenditures for property and equipment	(550)	(392)
Net cash used in investing activities	(125)	(392)
FINANCING ACTIVITIES:
Proceeds from private placement and warrants, net of offering costs		13,796
Repayments of insurance premium financings		(865)
Payments for taxes upon vesting of restricted stock units	(86)	(249)
Proceeds from stock option exercises and issuance common stock under ESPP	49	80
Net cash provided by (used in) financing activities	(37)	12,762
Net (decrease) increase in cash and cash equivalents	(16,454)	(4,739)
Cash and cash equivalents, beginning of period	36,350	13,239
Cash and cash equivalents, end of period	19,896	8,500
Supplemental Cash Flow and Non-Cash Financing Activities Disclosures:
Cash paid for interest	1,100	548
Issuance of common stock as payment under revenue interest obligation		2,200
Conversion of Prefunded Warrants to common stock	1,390	890
Operating lease right-of-use asset extensions executed, net of early terminations	$ 113	$ 2,271

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 19,896	$ 36,350
Accounts receivable, net	1,438	1,734
Inventory	2,649	2,617
Insurance receivables of litigation costs	3,854	4,846
Prepaid expenses and other current assets	1,378	2,271
Divestiture proceeds receivable	8,000	8,000
Total current assets	37,215	55,818
Property and equipment, net	2,922	2,511
Intangible assets, net	990	1,529
Operating lease right-of-use assets and other	2,522	2,492
Total assets	43,649	62,350
Current liabilities:
Accounts payable	3,531	4,791
Accrued expenses	4,798	4,352
Current portion of revenue interest obligation	6,412	4,400
Contingent liability for legal proceedings	5,619	11,241
Current operating lease liabilities	685	355
Total current liabilities	21,045	25,139
Long-term revenue interest obligation		2,828
Warrant liability	3,163	3,124
Long-term operating lease liabilities	3,695	3,587
Total liabilities	27,903	34,678
Commitments and contingencies
Stockholders' equity (deficit):
Additional paid-in capital	207,030	203,842
Accumulated deficit	(191,328)	(176,213)
Total stockholders' equity	15,746	27,672
Total liabilities and stockholders' deficit	43,649	62,350
Class A Common stock
Stockholders' equity (deficit):
Common stock	44	43
Class B Common stock
Stockholders' equity (deficit):
Common stock