ELUTHIGH SIGNALFINANCIAL10-K

ELUT shows a dramatically deteriorating cash flow position with operating cash flow losses nearly doubling while the balance sheet underwent significant restructuring.

The company's operating cash flow deteriorated substantially, indicating serious operational challenges that could threaten business continuity. However, the major reduction in total liabilities and modest improvement in operating losses suggests the company may have completed a significant restructuring or refinancing that temporarily worsened cash flows but potentially strengthened the balance sheet foundation.

Comparing 2026-03-13 vs 2025-03-11View on EDGAR →
FINANCIAL ANALYSIS

ELUT's financial profile shows mixed signals with operating cash flow losses substantially worsening alongside declining gross profit and reduced inventory and receivables. The balance sheet transformation is striking, with total assets growing meaningfully while liabilities were dramatically reduced, suggesting a major capital restructuring event. The modest improvement in operating income losses, combined with lower debt levels, indicates potential progress toward operational stability despite the near-term cash flow pressures.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-97.8%
-$22.7M→-$44.8M

Operating cash flow fell 97.8% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Assets
Balance Sheet
+72.6%
$36.1M→$62.4M

Asset base grew 72.6% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
-57.9%
$82.4M→$34.7M

Liabilities reduced 57.9% — deleveraging improves balance sheet strength and financial flexibility.

Gross Profit
P&L
-38.4%
$10.7M→$6.6M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Current Liabilities
Balance Sheet
-33.5%
$37.8M→$25.1M

Current liabilities reduced — improved short-term financial position and working capital health.

Inventory
Balance Sheet
-33.1%
$3.9M→$2.6M

Inventory drawn down 33.1% — strong sell-through or deliberate destocking; watch for supply constraints.

Operating Income
P&L
+24.5%
-$35.7M→-$26.9M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Accounts Receivable
Balance Sheet
-23.8%
$2.3M→$1.7M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Total Debt
Balance Sheet
-23.4%
$24.1M→$18.5M

Debt reduced 23.4% — deleveraging strengthens balance sheet and reduces financial risk.

LANGUAGE CHANGES
NEW — 2026-03-13
PRIOR — 2025-03-11
ADDED
As of March 4, 2026, there were 42,784,848 shares of the registrant s Class A common stock and no shares of the registrant s Class B common stock outstanding.
( Medtronic ), amounts recoverable under insurance, indemnity and contribution agreements and the impact of such lawsuits and claims on our future financial position are forward-looking statements.
TRADEMARKS, TRADE NAMES AND SERVICE MARKS This Annual Report includes our trademarks, trade names and service marks, including, without limitation, Elutia , ProxiCor , Tyke , VasCure , SimpliDerm , SimpliDerm Ellipse and our logo, which are our property and are protected under applicable intellectual property laws.
The principal risks and uncertainties affecting our business include the following: our ability to enhance our products, expand our product indications and successfully develop, acquire and commercialize additional product offerings, including NXT-41 and NXT-41x; our ability to obtain regulatory approval or other marketing authorizations by the U.S.
We develop proprietary drug-eluting biomatrix products for use in surgical reconstruction and related applications.
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REMOVED
As of March 3, 2025, there were 36,423,482 shares of the registrant s Class A common stock and 4,313,406 shares of the registrant s Class B common stock outstanding.
( Medtronic ), amounts recoverable under insurance, indemnity and contribution agreements and the impact of such lawsuits and claims on our future financial position, and our expectations and plans regarding pursuit of any strategic transactions are forward-looking statements.
As used in this Annual Report, unless otherwise specified or the context otherwise requires, references to we, us, our, the Company and Elutia refer to the operations of Elutia Inc.
(formerly known as Aziyo Biologics, Inc.) and its consolidated subsidiaries.
As a commercial-stage company, we seek to leverage our unique understanding of biologics combined with local drug delivery to improve the interaction between implanted medical devices and patients by reducing complications associated with these surgeries.
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