Elutia (ELUT) AI Stock Analysis

• Market Cap: $43.58M
• Dividend Yield: N/A
• Average Volume (3M): 364.18K
• Price to Earnings (P/E): 0.1
• Beta (1Y): 0.03
• Revenue Growth: -14.92%
• EPS Growth: 72.81%
• Country: US
• Employees: 51
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 1.48
• Shares Outstanding: 40,349,937
• 10 Day Avg. Volume: 362,745
• 30 Day Avg. Volume: 364,181
• PEG Ratio: >-0.01
• Price to Book (P/B): 1.04
• Price to Sales (P/S): 2.33
• P/FCF Ratio: -0.61
• Enterprise Value/Market Cap: 0.42
• Enterprise Value/Revenue: 1.49
• Enterprise Value/Gross Profit: 2.77
• Enterprise Value/Ebitda: -1.06
• 1Y Price Target: $5.00
• Price Target Upside: 681.25% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.63
• Revenue Forecast (FY): $12.90M

• Rating: 51 Neutral
• Price Target: $1.00 ▲(56.25% Upside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is held back primarily by weak financial performance (sharp revenue decline, persistent operating losses, and accelerating cash burn). Offsetting factors include a more stabilized balance sheet and liquidity following the asset sale, plus a moderately constructive earnings-call outlook on the NXT 41/41X pipeline, while technicals are mixed and valuation appears optically cheap but less reliable given cash-flow weakness.

Positive Factors

Manufacturing capacity

A single-shift manufacturing capacity of about $120M provides durable operational leverage for an initial commercial launch, reducing the need for early capital-intensive scale-ups. This supports faster time-to-market and predictable unit economics if NXT 41X attains approval and demand materializes.

Strengthened liquidity after asset sale

The $88M asset sale and subsequent debt paydown left $44.4M cash (including escrow), materially improving near-term solvency and lowering leverage. This reduces immediate refinancing pressure and funds development and launch investments, giving management time to execute regulatory milestones without urgent external financing.

Improved gross margins

A sustained gross margin uplift (driven by direct distribution and mix) strengthens long-term unit profitability for product sales. Higher margins improve operating leverage potential once scale is achieved, making future commercial economics for 41/41X more resilient to cost variability and pricing pressure.

Negative Factors

Accelerating cash burn

Operating cash flow deterioration (nearly doubled cash burn year-over-year) signals persistent negative cash generation that asset-sale proceeds may only partially offset. Over months, continued high burn increases reliance on external financing and dilutive capital raises, constraining strategic optionality and heightening execution risk.

Sharp revenue contraction

A ~42% revenue decline leaves the company at a modest commercial scale, limiting internal funding and learning opportunities from market feedback. Sustained top-line weakness reduces margin absorption and heightens sensitivity to single-product commercialization timing, making multi-quarter recovery necessary for durable stability.

Dependence on regulatory approval

The firm's strategic upside is centered on NXT 41X approval and commercialization. This single pivotal regulatory dependency creates binary outcome risk: approval drives scale, while delays or adverse review materially impair revenue prospects, cash runway assumptions, and the ability to capitalize on manufacturing capacity and payer opportunities.

Elutia Business Overview & Revenue Model

Company Description

Elutia Inc., a commercial-stage company, develops and commercializes drug-eluting biologics products for neurostimulation, wound care, and breast reconstruction in the United States. The company operates in three segments: Device Protection; Women's Health; and Cardiovascular. It offers CanGaroo Envelope, which is used to accommodate cardiac implantable electronic devices, such as pacemakers and internal defibrillators. The company also develops CanGarooRM, a combination of the CanGaroo envelope with antibiotics, to reduce the risk of infection after surgical implantation of an electronic device. In addition, it provides ProxiCor for cardiac tissue repair and pericardial closure; Tyke, an extracellular material that is used in the repair of cardiac structures for neonate and infant patients; and VasCure, a patch material to repair or reconstruct the peripheral vasculature. Further, the company offers SimpliDerm, which uses human acellular dermal matrices for tissue repair and reconstruction in various applications, such as sports medicine, hernia repair, trauma reconstruction, and breast reconstruction surgeries following mastectomy. It serves hospitals and healthcare facilities through its direct sales force, independent sales agents, and distributors. The company was formerly known as Aziyo Biologics, Inc. and changed its name to Elutia Inc. in September 2023. Elutia Inc. was incorporated in 2015 and is headquartered in Silver Spring, Maryland.

How the Company Makes Money

Elutia generates revenue primarily through the sale of its proprietary biomaterials and regenerative medical products. The company has established a multi-faceted revenue model that includes direct sales to healthcare providers, partnerships with medical device manufacturers, and collaborations with research institutions. Key revenue streams consist of product sales, licensing agreements for its technologies, and service contracts for specialized applications. Significant partnerships with hospitals and clinics enhance market access and drive sales growth, while ongoing research and development efforts ensure a steady pipeline of innovative products that meet emerging healthcare needs.

Elutia Financial Statement Overview

Summary

Overall fundamentals are weak: revenue contracted sharply (2025 down ~42% YoY), operating profitability remains deeply negative, and operating/free cash flow are consistently negative with cash burn accelerating in 2025. Offsetting positives include improved gross margin and a cleaner 2025 balance-sheet snapshot with lower leverage and positive equity, but the 2025 net income appears driven by non-operating items rather than sustainable operations.

Income Statement

Revenue has contracted sharply, with 2025 down ~42% year over year after relatively flat performance in 2023–2024. Gross margin improved to ~54% in 2025 (vs. ~44% in 2024), but the core business remains deeply unprofitable: operating results are meaningfully negative with EBIT and EBITDA margins far below zero. Net income swings to a large profit in 2025 despite weak operations, suggesting earnings are being driven by non-operating items rather than sustainable profitability.

Balance Sheet

Leverage looks modest in 2025 with debt-to-equity around 0.27 and total debt materially lower than prior years, alongside a return to positive equity. However, the capital structure has been volatile: equity was negative in 2022–2024, which is a key balance-sheet risk signal and can distort leverage and return metrics. Overall, the latest year shows stabilization, but the multi-year history indicates weaker balance-sheet resilience than the current snapshot alone implies.

Cash Flow

Cash generation is a major weakness. Operating cash flow and free cash flow are consistently negative across all years, and the cash burn accelerated in 2025 (operating cash flow roughly -$44.8M vs. about -$22.7M in 2024). While the 2025 accounting profit is positive, cash flow is not supporting it, highlighting a gap between reported earnings and cash performance and increasing reliance on external financing over time.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.29M	24.38M	24.75M	23.85M	47.39M
Gross Profit	6.60M	10.71M	11.05M	11.64M	19.02M
EBITDA	-17.24M	-45.89M	-31.92M	-27.30M	-15.72M
Net Income	53.38M	-53.95M	-37.66M	-32.90M	-24.83M
Balance Sheet
Total Assets	62.35M	36.13M	43.43M	68.84M	67.17M
Cash, Cash Equivalents and Short-Term Investments	36.35M	13.24M	19.28M	16.99M	30.39M
Total Debt	7.58M	24.74M	23.95M	25.45M	23.24M
Total Liabilities	34.68M	82.39M	82.03M	73.87M	53.65M
Stockholders Equity	27.67M	-46.26M	-38.60M	-5.03M	13.52M
Cash Flow
Free Cash Flow	-46.69M	-23.31M	-22.11M	-21.97M	-15.81M
Operating Cash Flow	-44.81M	-22.66M	-21.76M	-21.43M	-15.45M
Investing Cash Flow	78.56M	-474.00K	14.21M	-540.00K	-369.00K
Financing Cash Flow	-10.64M	17.09M	9.84M	8.54M	6.71M

Elutia Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ELUT, the sentiment is Negative. The current price of 0.64 is below the 20-day moving average (MA) of 1.12, below the 50-day MA of 1.00, and below the 200-day MA of 1.28, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 50.48 is Neutral, neither overbought nor oversold. The STOCH value of 20.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ELUT.

Elutia Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PYPD	56 Neutral	$83.78M	-2.64	-291.42%	―	―	61.23%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ELUT	51 Neutral	$43.58M	0.10	-225.83%	―	-14.92%	72.81%
IGC	47 Neutral	$26.40M	-5.18	-96.36%	―	-6.51%	58.31%
OKUR	47 Neutral	$54.83M	-0.66	-115.64%	―	―	46.20%
RANI	41 Neutral	$144.61M	-0.84	781.16%	―	―	25.08%

Elutia Corporate Events

Elutia Adopts 2026 Inducement Equity Award Plan

On March 3, 2026, Elutia Inc.’s Board of Directors adopted the Elutia Inc. 2026 Inducement Award Plan, authorizing up to 2,000,000 shares of Class A common stock for equity awards to new hires. The plan is intended to attract, retain, and motivate individuals not previously employed or recently rehired by the company or its subsidiaries, and it does not require shareholder approval under Nasdaq inducement grant rules.

Under the new plan, the Compensation Committee will administer a broad range of non-transferable awards, including non-incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock- or cash-based awards, all subject to a clawback policy. The framework gives the committee wide latitude on terms, vesting and potential award repricing, and sets change-in-control protections that allow awards to be assumed, cashed out, or accelerated, reinforcing Elutia’s ability to compete for key talent while maintaining governance controls.

The most recent analyst rating on (ELUT) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Elutia stock, see the ELUT Stock Forecast page.

Elutia Regains Full Nasdaq Compliance, Strengthening Listing Status

Elutia has resolved prior Nasdaq compliance issues that arose in late 2025, when its Class A common stock traded below the $1.00 minimum bid price for 30 consecutive business days and its market value of listed securities fell under the $35 million threshold, also failing to meet alternative equity and income standards. On February 5, 2026, Nasdaq notified Elutia that it had regained compliance with the market value requirement, and on March 2, 2026, the exchange confirmed the company had also restored compliance with the minimum bid price rule, ensuring its shares remain listed on the Nasdaq Capital Market under the symbol ELUT.

In a March 4, 2026 press release, Elutia announced that Nasdaq now considers both matters closed and that the company is in full compliance with all continued listing requirements. Management framed the recovery in share price and market value as a sign of renewed investor confidence in its drug-eluting biomatrix technology and market prospects, a development that stabilizes trading status for shareholders and supports Elutia’s visibility and credibility in the public markets.

The most recent analyst rating on (ELUT) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Elutia stock, see the ELUT Stock Forecast page.

Elutia Faces Nasdaq Noncompliance, Considers Options to Regain Listing

On December 23, 2025, Elutia Inc. disclosed that it had received a notice from Nasdaq stating the company was no longer in compliance with the exchange’s $35 million minimum market value of listed securities requirement, after its market value had remained below that threshold for 30 consecutive business days, and that it also failed to meet Nasdaq’s minimum shareholder equity or net income standards. While Elutia’s stock continues to trade on the Nasdaq Capital Market, the company has until June 22, 2026 to restore its market value and until May 6, 2026 to regain compliance with the $1.00 minimum bid price rule first flagged in November 2025, with the potential for an additional 180-day extension; failure to meet these standards could ultimately lead to delisting, underscoring mounting listing-compliance pressures and uncertainty for shareholders as the company evaluates options such as a reverse stock split and potential appeals.

The most recent analyst rating on (ELUT) stock is a Hold with a $0.52 price target. To see the full list of analyst forecasts on Elutia stock, see the ELUT Stock Forecast page.