Elutia, Inc. · NASDAQ:ELUT
Elutia — Q3 2025 Earnings Presentation
27 slides from Elutia's earnings presentation, Nov 6, 2025
Slide 1: 3Q2025 Earnings Call
3Q2025 Earnings Call C. Randal Mills PhD Chief Executive Officer Matt Ferguson Chief Financial Officer November 6, 2025
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: 3Q25 Conference Call
3Q25 Conference Call 1. Overview of the Basics 2. Where We’re Headed 3. Finance and Litigation Update 4. Closing Remarks and Questions 3
Slide 4: Our Mission
Our Mission so patients can thrive without compromise. 4
Slide 5: What are we great at?
What are we great at? Optimal Biologic Matrix + Powerful Antibiotics Sustained antibiotic release to prevent infection and associated complications. Sold to Boston Scientific for $88M 5
Slide 6: Investment Highlights
Investment Highlights Validated Technology Blockbuster Fully Platform Pipeline Resourced Proven team, state-of- Developed first FDA-cleared the-art GMP facility, and drug-eluting bioenvelope for Taking the same technology commercial platform pacemakers platform into the $1.5B in place breast reconst
Slide 7: Where We're Headed
Where We’re Headed 7
Slide 8: Why breast reconstruction is a transformational opportunity
Why breast is a transformational reconstruction opportunity First FDA-cleared Now addressing Solved by Drug-Eluting BioEnvelope breast reconstruction Our Platform Very Real Breast reconstruction Large Unmet 15-20% of patients is a $1.5B market Market Need face serious infection 8
Slide 9: Breast Reconstruction is a Big Market
Breast Reconstruction is a Big Market Biologics represent a $1.5B US TAM and 65% of reconstruction spend $11,538 spent per breast • There are 162,000 breasts reconstructed after mastectomy annually Implant Biologic • Biologic mesh is used in >90% of Matrix reconstruction cases 15% ($7,500) • hADMs l
Slide 10: Despite the high cost, the status quo isn't addressing the problem
Despite the high cost, the status quo isn’t addressing the problem 1 in 3 patients suffer serious complications after reconstruction $48,344 15-20% experience infection average economic cost to the hospital of breast reconstruction up to 21% result in implant loss infection Reish RG et al. Plast Rec
Slide 11: The Unique Challenges
The Unique Challenges presented by mastectomy In a mastectomy, all of the breast tissue must be removed by the oncologic breast surgeon. 11
Slide 12: The Unique Challenges
The Unique Challenges presented by mastectomy Removing the breast tissue also means removing the blood vessels, which are tied off. 12
Slide 13: The Unique Challenges
The Unique Challenges presented by mastectomy No blood supply means systemic antibiotic therapy can’t reach the surgical pocket. 13
Slide 14: The Unique Challenges
The Unique Challenges presented by mastectomy Then a plastic surgeon reconstructs the breast with an implant, along with surgical drains that open to the outside world. 14
Slide 15: The Unique Challenges
The Unique Challenges presented by mastectomy A surgical mesh is used to hold the implant in place and provide a barrier between the skin and implant. 15
Slide 16: The Unique Challenges
The Unique Challenges presented by mastectomy 16
Slide 17: Flipping the Script
Flipping the Script On Surgical Site Infection What if antibiotics were delivered locally? Concentrations would be high at the surgical site, without systemic side effects. 17
Slide 18: Proof of Concept: Local antibiotic delivery works in breast reconstruction
Proof of Concept: Local antibiotic delivery works in breast reconstruction PMMA plate with antibiotics Antibiotic discs & antibiotic beads • Plates permanent, not resorbable • Made from resorbable cement • Can get dislodged, stretches skin • Historically used in orthopedic surgery • Pressure of plat
Slide 19: That's why we created Optimal Biologic Matrix
That’s why we created Optimal Biologic Matrix Engineered extracellular matrix Purpose-built for biological remodeling + Powerful Antibiotics Rifampin and Minocycline Sustained release with > 30 days above MIC 19
Slide 20: High-Level Plan
High-Level Plan We’re all in going all out (1H2027) (2H2026) Regulatory strategy and marketing data on base matrix. (Current) Builds out commercial infrastructure. 20
Slide 21: Work Streams
Work Streams There’s not a second to lose Development Manufacturing Commercial Approval of a highly Build a robust production Leverage SimpliDerm differentiated product that platform, achieving a low to establish the clinical significantly improves COGS through a proprietary advocacy and commercial
Slide 22: Finance and Legal Update
Finance and Legal Update S) Medicine Humanized”
Slide 23: BioEnvelope Transaction Overview
BioEnvelope Transaction Overview Economics Key Assets Timing $88 million cash EluPro and CanGaroo Closed October 1, 2025 transaction products Transition Service Asset sale to a Tier 1 Roswell, GA facility Agreement active Medtech Company BioEnvelope operations and field teams Financial
Slide 24: 3Q25 Sales Results Building Foundation for Commercial Execution
3Q25 Sales Building Foundation for Results Commercial Execution CardioVascular • 3Q25 revenue of $2.4M, -23% Y/Y, +18% • 3Q25 revenue of $0.9M, +68% Y/Y, +28% sequentially sequentially • Terminated distribution partnership in October • First full quarter following return to direct sales • Expanding
Slide 25: Financial Update – Q3 2025 vs Q3 2024
Financial Update – Q3 2025 vs Q3 2024 ($ in millions) Statement of Operations • Net sales $3.3 vs $3.6 • GAAP gross margin 55.8% vs 48.9% • Adjusted gross margin1 63.9% vs 56.3% • Operating expense $7.1 vs. $11.0 • Loss from operations $5.2 vs. $9.2 • Adjusted EBITDA2 loss approximately unchanged at
Slide 26: Investment Summary
Investment Summary Why Own Elutia? Validated technology platform that physicians adopt and strategics value Derisked path to first-in-class $1.5B market with a significant unmet need Team and capital to get there without dilution 26
Slide 27: Questions?
Questions? Its GO time S) Medicine Humanized |