Detailed financial statements for Elutia Inc (ELUT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Elutia Inc., a commercial-stage company, focuses on developing drug-eluting biomatrix products for use in surgical reconstruction and related applications. The company operates in two segments, Women’s Health and Cardiovascular. Its lead development programs include NXT-41 and NXT-41x, which are designed as biologic scaffolds combined with local antibiotic delivery. The company provides SimpliDerm, a human acellular dermal matrix used in soft tissue reconstruction.
Analysis Summary
Elutia Inc reported revenue of $12.3M in the most recent fiscal year, growing at a 5-year CAGR of -22.0%.
Trailing-twelve-month margins: gross margin 57.8%, operating margin -194.0%, net margin 426.9%.
At the current price of $0.81, ELUT trades at a P/E of 0.60 and an ROE of 9.41%. Market capitalisation stands at $36M.
Balance sheet quality for ELUT: current ratio of 2.2, net cash position of $25.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$46.7M represents -87% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $39.0M | $42.9M | $42.7M | $47.4M | $23.8M | $24.7M | $24.4M | $12.3M |
| Cost of Revenue | $23.1M | $23.1M | $22.1M | $28.4M | $12.2M | $13.7M | $13.7M | $5.7M |
| Gross Profit | $15.9M | $19.8M | $20.6M | $19.0M | $11.6M | $11.1M | $10.7M | $6.6M |
| Research & Development | $2.5M | $2.4M | $6.0M | $9.3M | $7.7M | $4.4M | $3.8M | $4.2M |
| Selling, General & Admin | $21.7M | $25.8M | $28.2M | $32.5M | $33.9M | $27.2M | $31.2M | $20.8M |
| Operating Expenses | $24.2M | $28.2M | $34.2M | $42.1M | $46.8M | $41.6M | $46.4M | $25.0M |
| Operating Income | -$8.2M | -$8.4M | -$13.6M | -$23.0M | -$35.2M | -$30.5M | -$35.7M | -$18.4M |
| EBITDA | -$2.2M | -$2.7M | -$12.3M | -$15.7M | -$27.3M | -$31.9M | -$45.9M | -$13.5M |
| Interest Expense | $5.5M | $5.4M | $5.6M | $5.3M | $5.1M | $5.8M | $4.8M | -$387000 |
| Pre-tax Income | -$11.5M | -$11.9M | -$21.8M | -$24.8M | -$36.1M | -$41.2M | -$54.1M | -$15.9M |
| Income Tax | $26000 | $30000 | $26000 | $55000 | $34000 | $28000 | $7000 | $13000 |
| Net Income | -$11.6M | -$11.9M | -$21.8M | -$24.8M | -$32.9M | -$37.7M | -$53.9M | $53.4M |
| EPS | $-1.08 | $-1.12 | $-2.13 | $-2.38 | $-2.38 | $-2.07 | $-1.86 | $1.29 |
| EPS (Diluted) | $-1.08 | $-1.12 | $-2.13 | $-2.38 | $-2.38 | $-2.07 | $-1.86 | $0.87 |
| Shares Outstanding (Diluted) | $10.7M | $10.7M | $10.2M | $10.4M | $13.8M | $18.2M | $29.1M | $45.9M |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.4M | $2.5M | $39.1M | $30.4M | $17.0M | $19.3M | $13.2M | $36.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $7.2M | $7.2M | $7.2M | $6.0M | $17.6M | $6.0M | $7.0M | $14.6M |
| Inventory | $7.5M | $7.2M | $10.1M | $9.6M | $4.2M | $3.9M | $1.9M | $2.6M |
| Total Current Assets | $18.1M | $18.4M | $59.7M | $47.4M | $50.7M | $31.3M | $26.2M | $55.8M |
| Property, Plant & Equipment | $870000 | $988000 | $1.2M | $1.2M | $565000 | $504000 | $850000 | $5.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $25.3M | $21.9M | $18.5M | $15.1M | $11.7M | $2.6M | $1.5M |
| Total Assets | $47.7M | $44.8M | $82.8M | $67.2M | $68.8M | $43.4M | $36.1M | $62.4M |
| Accounts Payable | $1.6M | $2.5M | $2.1M | $1.6M | $1.4M | $3.2M | $4.1M | $4.8M |
| Short-term Debt | $6.5M | $5.9M | $12.8M | $12.8M | 0 | $3.3M | $1.2M | $4.8M |
| Total Current Liabilities | $13.3M | $18.3M | $26.8M | $26.0M | $42.6M | $43.0M | $37.8M | $25.1M |
| Long-term Debt | $75.9M | $19.6M | $17.8M | $10.4M | $24.3M | $20.4M | $22.6M | $2.8M |
| Total Liabilities | $91.1M | $99.9M | $62.0M | $53.6M | $73.9M | $82.0M | $82.4M | $34.7M |
| Retained Earnings | -$45.0M | -$56.9M | -$80.3M | -$105.1M | -$138.0M | -$175.6M | -$229.6M | -$176.2M |
| Total Equity | -$43.4M | -$55.1M | $20.8M | $13.5M | -$5.0M | -$38.6M | -$46.3M | $27.7M |
| Total Debt | $82.4M | $25.5M | $30.6M | $23.2M | $25.4M | $24.0M | $24.0M | $11.2M |
| Net Debt | $80.0M | $23.0M | -$8.5M | -$7.2M | $8.5M | $4.7M | $10.8M | -$25.2M |
| Working Capital | $4.8M | $172000 | $32.9M | $21.4M | $8.1M | -$11.8M | -$11.6M | $30.7M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$11.6M | -$11.9M | -$21.8M | -$24.8M | -$32.9M | -$37.7M | -$53.9M | $53.4M |
| Depreciation & Amortization | $3.8M | $3.9M | $3.9M | $3.7M | $3.7M | $3.7M | $3.7M | $1.2M |
| Stock-based Compensation | 0 | $208000 | $779000 | $3.5M | $3.6M | $2.4M | $7.9M | $4.4M |
| Change in Working Capital | $1.4M | -$467000 | -$2.7M | $2.4M | $5.7M | $9.1M | $4.1M | -$18.7M |
| Operating Cash Flow | -$5.1M | -$7.2M | -$13.6M | -$15.4M | -$21.4M | -$21.8M | -$22.7M | -$44.8M |
| Capital Expenditure | -$190000 | -$577000 | -$640000 | -$369000 | -$540000 | -$346000 | -$654000 | -$1.9M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $80.4M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$32000 | -$1.2M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.3M | -$7.8M | -$14.3M | -$15.8M | -$22.0M | -$22.1M | -$23.3M | -$46.7M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.9% | -0.5% | +11.0% | -49.7% | +3.8% | -1.5% | -49.6% | |
| Net Income Growth (YoY) | -3.2% | -82.8% | -13.8% | -32.5% | -14.5% | -43.3% | +198.9% | |
| EPS Growth (YoY) | -3.7% | -90.2% | -11.7% | +0.0% | +13.0% | +10.1% | +169.4% | |
| Shares Change (YoY) | +0.0% | -4.1% | +2.1% | +32.4% | +31.3% | +60.1% | +58.0% | |
| FCF Growth (YoY) | -46.8% | -82.9% | -10.9% | -38.9% | -0.6% | -5.4% | -100.3% | |
| Gross Margin | 40.8% | 46.1% | 48.2% | 40.1% | 48.8% | 44.7% | 43.9% | 53.7% |
| Operating Margin | -21.1% | -19.6% | -31.9% | -48.6% | -147.5% | -123.4% | -146.3% | -149.8% |
| EBITDA Margin | -5.7% | -6.2% | -28.8% | -33.2% | -114.5% | -129.0% | -188.3% | -109.5% |
| Net Margin | -29.6% | -27.8% | -51.1% | -52.4% | -137.9% | -152.2% | -221.3% | 434.2% |
| FCF Margin | -13.6% | -18.2% | -33.4% | -33.4% | -92.1% | -89.3% | -95.6% | -379.8% |
| Effective Tax Rate | -0.2% | -0.3% | -0.1% | -0.2% | -0.1% | -0.1% | -0.0% | -0.1% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.50 | $-0.73 | $-1.40 | $-1.51 | $-1.59 | $-1.22 | $-0.80 | $-1.02 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $10.7M | $10.7M | $10.2M | $10.4M | $13.8M | $18.2M | $29.1M | $41.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 940.81% |
| Return on Invested Capital | -79.27% |
| Return on Assets | 118.69% |
| Gross Margin | 57.82% |
| Operating Margin | -194.03% |
| Net Margin | 426.93% |
Financial Health
| Debt / Equity | 0.69 |
| Current Ratio | 1.77 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -3.65 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -13.43 | -12.95 | -6.40 | -2.65 | -1.79 | -1.04 | -2.01 | 0.54 |
| P/B | -3.56 | -2.81 | 6.69 | 4.87 | -11.68 | -1.02 | -2.35 | 1.04 |
| P/S | 3.96 | 3.61 | 3.27 | 1.39 | 2.47 | 1.59 | 4.46 | 2.33 |
| Gross Margin | 40.8% | 46.1% | 48.2% | 40.1% | 48.8% | 44.7% | 43.9% | 53.7% |
| Operating Margin | -21.1% | -19.6% | -31.9% | -48.6% | -147.5% | -123.4% | -146.3% | -149.8% |
| Net Margin | -29.6% | -27.8% | -51.1% | -52.4% | -137.9% | -152.2% | -221.3% | 434.2% |
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Explore sector: Healthcare · Biotechnology
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