Elutia (ELUT) AI Stock Analysis

• Market Cap: $36.04M
• Dividend Yield: N/A
• Average Volume (3M): 364.18K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.07
• Revenue Growth: -14.92%
• EPS Growth: 72.81%
• Country: US
• Employees: 51
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.19
• Shares Outstanding: 40,349,937
• 10 Day Avg. Volume: 362,745
• 30 Day Avg. Volume: 364,181
• PEG Ratio: 0.20
• Price to Book (P/B): -2.35
• Price to Sales (P/S): 4.46
• P/FCF Ratio: -4.66
• Enterprise Value/Market Cap: 3.34
• Enterprise Value/Revenue: 5.72
• Enterprise Value/Gross Profit: 12.44
• Enterprise Value/Ebitda: -7.97
• 1Y Price Target: $3.50
• Price Target Upside: 446.88% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $0.87 ▲(35.31% Upside)

The score is held down primarily by weak financial performance (losses, negative equity, and negative cash flows). Technicals are modestly supportive with improving short-term momentum, but the longer-term trend remains down. The earnings call adds a positive offset due to the cash-generating divestiture and margin/expense improvements, while Nasdaq noncompliance events add meaningful risk.

Positive Factors

Balance Sheet Strengthening

The $88M divestiture provides ~ $49M net proceeds, materially improving liquidity and reducing leverage. This durable capital buffer lowers short-term solvency pressure, funds development/commercialization of NXT-41x, and reduces the need for highly dilutive financing while management executes strategy.

High Gross Margins & Cost Cuts

Sustained mid-50s to mid-60s gross margins, combined with lower operating expenses, indicate resilient unit economics in Elutia's biomaterials. Durable margins provide room to invest in sales and R&D while improving operating leverage and lowering cash burn as revenues scale, supporting longer-term path to profitability.

Commercial Traction & Product Validation

Regaining direct control of SimpliDerm with sequential growth and rapid cardiovascular sales expansion demonstrate repeatable commercial execution. Early EluPro traction validated the drug-eluting platform, indicating scalable go-to-market capability and a diversified revenue base that can sustain recovery over multiple quarters.

Negative Factors

Negative Equity & Solvency Risk

Negative stockholders' equity reflects cumulative operating losses and signals structural solvency concerns. This weak capital structure restricts borrowing capacity, raises counterparty risk, and limits strategic flexibility; even with recent proceeds, capital adequacy remains a multi-quarter constraint on growth and M&A options.

Declining Revenues & Ongoing Losses

Persistent top-line decline and negative EBIT/EBITDA margins indicate the company has not achieved sustainable revenue growth or operating profitability. Continued sales weakness increases cash burn, constrains reinvestment in commercialization and R&D, and extends the timeline to self-sustaining cash generation.

Nasdaq Listing-Compliance Risk

Nasdaq noncompliance and potential delisting constitute a structural governance and liquidity risk. Remedies like reverse splits or appeals can reduce institutional ownership, impair access to capital, distract management, and harm employee/partner confidence, all of which can materially impede long-term execution.

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

Aziyo Biologics is facing significant financial challenges, including declining revenues, high operating losses, and negative equity. Despite a stable gross profit margin, the overall financial health is weak, requiring strategic interventions to improve profitability and reduce leverage.

Income Statement

Aziyo Biologics has faced declining revenue growth, with a negative growth rate of -10.97% in the TTM. The company is experiencing significant losses, as indicated by negative net profit, EBIT, and EBITDA margins. The gross profit margin is relatively stable at 48.35%, but overall profitability is severely impacted by high operating losses.

Balance Sheet

The balance sheet reveals a negative stockholders' equity, leading to a negative debt-to-equity ratio. This indicates financial instability and high leverage. The return on equity is positive due to negative equity, but this is misleading as it reflects significant losses rather than profitability. The equity ratio is also negative, highlighting potential solvency issues.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, with a slight improvement in free cash flow growth. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting that cash flow is somewhat aligned with reported losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	21.08M	24.38M	24.75M	23.85M	47.39M	42.68M
Gross Profit	9.69M	10.71M	11.05M	11.64M	19.02M	20.56M
EBITDA	-15.13M	-45.89M	-31.92M	-27.30M	-15.72M	-12.30M
Net Income	-26.47M	-53.95M	-37.66M	-32.90M	-24.83M	-21.82M
Balance Sheet
Total Assets	29.41M	36.13M	43.43M	68.84M	67.17M	82.81M
Cash, Cash Equivalents and Short-Term Investments	4.72M	13.24M	19.28M	16.99M	30.39M	39.15M
Total Debt	26.32M	24.74M	23.95M	25.45M	23.24M	30.64M
Total Liabilities	73.33M	82.39M	82.03M	73.87M	53.65M	61.98M
Stockholders Equity	-43.92M	-46.26M	-38.60M	-5.03M	13.52M	20.83M
Cash Flow
Free Cash Flow	-29.85M	-23.31M	-22.11M	-21.97M	-15.81M	-14.27M
Operating Cash Flow	-29.37M	-22.66M	-21.76M	-21.43M	-15.45M	-13.63M
Investing Cash Flow	-486.00K	-474.00K	14.21M	-540.00K	-369.00K	-640.00K
Financing Cash Flow	12.61M	17.09M	9.84M	8.54M	6.71M	51.21M

Elutia Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ELUT, the sentiment is Positive. The current price of 0.64 is below the 20-day moving average (MA) of 0.64, below the 50-day MA of 0.68, and below the 200-day MA of 1.50, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 61.02 is Neutral, neither overbought nor oversold. The STOCH value of 79.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ELUT.

Elutia Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PYPD	56 Neutral	$68.99M	-1.47	-390.53%	―	―	61.23%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ELUT	48 Neutral	$36.04M	-0.89	―	―	-14.92%	72.81%
IGC	47 Neutral	$28.72M	-3.73	-83.34%	―	-6.51%	58.31%
OKUR	42 Neutral	$43.22M	-0.49	-115.64%	―	―	46.20%
RANI	41 Neutral	$170.13M	-1.76	―	―	―	25.08%

Elutia Corporate Events

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.

Aziyo Biologics Faces Nasdaq Delisting Risk Notice

On November 7, 2025, Elutia Inc., a Delaware corporation, received a notification from Nasdaq regarding its Class A common stock, which had a closing bid price below $1.00 for 30 consecutive business days, risking non-compliance with Nasdaq’s listing requirements. The company has been given a 180-day compliance period to rectify this issue, with potential for an additional 180-day period if necessary. Elutia intends to monitor the situation closely and explore options to maintain its Nasdaq listing, though there is no assurance of compliance.

The most recent analyst rating on (ELUT) stock is a Buy with a $2.00 price target. To see the full list of analyst forecasts on Aziyo Biologics stock, see the ELUT Stock Forecast page.