Slide 1: 1st Quarter 2026 Earnings Call
1St Quarter 2026 Earnings Call Nasdaq: ELUT C. Randal Mills PhD Chief Executive Officer Matt Ferguson Chief Financial Officer May 14, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward- looking statements can be identified by words such as “projects
Slide 3: Today's Agenda
TODAY’S AGENDA 1Q 2026 1 1Q26 Business Highlights Earnings 2 Where We’re Headed Call May 14, 2026 C. Randal Mills, PhD Chief Executive Officer 3 Strategic Processes Update Matt Ferguson Chief Financial Officer 4 Financial Results 5 Closing Remarks and Q&A Nasdaq: ELUT 3
Slide 4: Business Highlights
Business Highlights NXT-41 FDA Review Advancing Automated Manufacturing Platform Operational Productive interactions with FDA on the NXT-41 Automated manufacturing platform installed and 510(k) submission has increased confidence in the operating. Process supports target gross margins in planned NXT
Slide 5: What are we great at?
What are we great at? Optimal Biologic Matrix + Powerful Antibiotics Sustained antibiotic release to prevent bacterial colonization and associated complications. Sold to Boston Scientific for $88M 5
Slide 6: Breast Cancer Surgery Is a Transformational Opportunity
Breast Cancer Surgery Is a Transformational Opportunity A $1.5B U.S. market with no meaningful innovation in the standard of care Big Market Big Problem Proven Solution $1.5B 15-20% $88M U.S. breast cancer surgery TAM Post-op infection rate after Boston Scientific acquired our first- mastectomy gene
Slide 7: A Large Established Market
A Large Established Market Biologics represent a $1.5B US TAM and 65% of reconstruction spend • Approximately 168,000 breast reconstruction procedures are performed annually in the U.S. • Biologic mesh is utilized in more than 85% of implant-based reconstruction procedures • Biologics account for ap
Slide 8: The Unmet Need Is Severe
The Unmet Need Is Severe Status quo is not addressing post-operative infection in breast reconstruction 1 in 3 15-20% 21% $48,344 Suffer serious Experience post-operative Up to 21% result in implant Average hospital cost of post-reconstruction infection loss reconstruction infection complications Re
Slide 9: Drug-Eluting Biomatrix Addresses Surgery's #1 Problem
Drug-Eluting Biomatrix Addresses Surgery’s #1 Problem Not a passive support. An active partner in recovery. ü Easy to Use Utilizes existing surgeon technique ü Cost Neutral for Hospital Replaces legacy products ü Powerful Antibiotic Coverage Sustained, uniform antibiotic release at the site Legacy b
Slide 10: 1Q2026 Business Highlights
1Q2026 Business Highlights FDA review | Manufacturing automation | Commercial readiness | Strategic processes 10
Slide 11: NXT-41 510(k) FDA Review Advancing
NXT-41 510(k) FDA Review Advancing Collaborative dialogue with FDA increasing confidence in NXT-41x submission NXT-41 Submission NXT-41 Expected Clearance SUBMITTED 4Q 2026 NXT-41x Submission NXT-41x Expected Clearance 4Q 2026 1H 2027 11
Slide 12: Manufacturing Automation Online
Manufacturing Automation Online Supporting gross margin in excess of 80% at scale 1Q26 Manufacturing Progress Automated platform operational Production equipment for NXT-41x at scale is now online Precision robotic coating system Automated drug-eluting layer optimized for the biologic matrices Desig
Slide 13: Commercial Launch Confidence Building
Commercial Launch Confidence Building Ligotti's first months as CCO is confirming the size and severity of the need as well as the potential to efficiently capture market share Top 50 Centers account for 38,000 cases ($300M+) THE INSIGHT: Breast reconstruction is a billion-dollar U.S. market, but mo
Slide 14: Strategic Processes Advancing
Strategic Processes Advancing Sharpening focus on the NXT-41x opportunity SimpliDerm Cardiovascular Product Line PROGRESSING WELL INBOUND INTEREST RECEIVED • Previously announced exploration of strategic options is • Acquisition interest received from multiple parties on track • Proprietary, differe
Slide 15: 1Q2026 Financial Results
1Q2026 Financial Results 15
Slide 16: 1Q26 Financial Summary
1Q26 Financial Summary Continuing operations only; excludes divested BioEnvelope business REVENUE MARGIN & PROFITABILITY BALANCE SHEET & CASH • Total net sales: $3.1M vs. $3.0M in • GAAP gross margin: 57.9% vs. • Cash on hand (Mar 31): $28.5M 1Q25 (+6%) 46.8% • Escrowed receivable from • SimpliDerm:
Slide 17: Catalysts Ahead
Catalysts Ahead 2026 CV / SimpliDerm Transaction Bolster the balance sheet with one or more divestitures of non-strategic assets 4Q 2026 NXT-41 FDA Clearance Base biologic matrix 510(k) clearance anticipated in 2H 2026 4Q 2026 NXT-41x 510(k) Submission Drug-eluting version submission to FDA 1H 2027
Slide 18: Investment Summary
Investment Summary Validated Platform Blockbuster Pipeline Fully Resourced We can Reconstruction is We have Develop it. $1.5B market. Proven team. Clear it. 162,000 surgeries. Existing GMP facility. Commercialize it. 15-20% infection rate. Cash to fund the company through product approval and launch
Slide 19: Thank you! It's GO time!
Thank you! Its GO time! 19
Slide 20: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations Three months ended March 31 (in thousands) Adjusted Gross Profit & Adjusted Gross Margin EBITDA & Adjusted EBITDA 1Q26 1Q25 1Q26 1Q25 Net sales $3,114 $2,951 Net loss $(7,469) $(3,933) Gross profit 1,802 1,382 Interest (income) expense, net (108) 184 Intangible ass