Elutia, Inc. · NASDAQ:ELUT
Elutia — Q4 2025 Earnings Presentation
26 slides from Elutia's earnings presentation, Mar 11, 2026
Slide 1: 4Q2025 Earnings Call
4Q2025 Earnings Call C. Randal Mills PhD Chief Executive Officer Matt Ferguson Chief Financial Officer March 11, 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: 4Q25 Conference Call
4Q25 Conference Call 1. Overview of the Basics 2. Where We’re Headed 3. Finance 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: Welcome to the CRU!
Welcome to the CRU! Guido J. Neels Pete Ligotti Board Member Chief Commercial Officer Operating Partner at EW Healthcare Joins following a 30-year career at Integra Partners and former Chief Operating Life Sciences and Nuvasive Officer of Guidant Corporation 6
Slide 7: Where We're Headed
Where We’re Headed 7
Slide 8: Why breast reconstruction is a transformational opportunity
Why breast reconstruction is a transformational opportunity Proven Solution First FDA-cleared Now addressing Solved by Drug-Eluting BioEnvelope breast reconstruction Our Platform Big Market Very Real Big Problem Breast reconstruction Large Unmet 15-20% of patients is a $1.5B market Market Need face
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 • There are 162,000 breasts reconstructed spent per breast after mastectomy annually Implant Biologic • Biologic mesh is used in >90% of Matrix 15% ($7,500) reconstruction cases • hADMs l
Slide 10: The Unique Challenges
The Unique Challenges presented by mastectomy In a mastectomy, all of the breast tissue must be removed. 10
Slide 11: The Unique Challenges
The Unique Challenges presented by mastectomy Removing the breast tissue also means removing blood vessels, which are closed off. 11
Slide 12: The Unique Challenges
The Unique Challenges presented by mastectomy Reduced blood supply means systemic antibiotic therapy can’t reach the surgical pocket at normal concentrations. 12
Slide 13: High infection rates lead to serious complications post reconstruction
This leads to high infection rates 1 in 3 patients suffer serious complications post reconstruction $48,344 average economic cost to the hospital 15-20% experience infection of breast reconstruction infection up to 21% result in implant loss Reish RG et al. Plast Reconstr Surg. 2013;132:806e-815e. S
Slide 14: Flipping the Script on Infection
Flipping the Script on Infection What if antibiotics were delivered locally? Concentrations would be high at the surgical site, without systemic side effects. 14
Slide 15: Proof of Concept
Proof of Concept Clinical evidence suggests local antibiotic delivery can significantly reduce infection rates Antibiotic Plate: 62% Reduction Antibiotic Beads: 82% Reduction Average-risk reconstruction (n=593) High risk (mastectomy skin necrosis, n=75) • Reduces infection: 12.6% vs. 4.8% • Decrease
Slide 16: That's why we created
That’s why we created Powerful Antibiotics Rifampin and Minocycline Sustained release with > 30 days above MIC + Optimal Biologic Matrix Engineered extracellular matrix Purpose-built for biological remodeling 16
Slide 17: Development Roadmap
Development Roadmap (1H2027) (2H2026) Regulatory strategy and clinical data on base matrix SUBMITTED (Commercial) Biomatrix and therapeutic area experience 17
Slide 18: Work Streams
Work Streams There’s not a second to lose Development Manufacturing Commercial Approval of a highly Build a robust production Build KOL partnerships, differentiated product that platform, achieving a low develop health economic significantly improves COGS through a proprietary models, and generate o
Slide 19: Exploring Strategic Options
Exploring Strategic Human Acellular Dermal Matrix Options Asset Highlights • Established human acellular dermal matrix platform for soft tissue reconstruction • Surgeon-optimized design, superior handling, sterile, and hydrated ready-to-use • ~100M covered lives across the two largest U.S. payors (U
Slide 20: Built to Thrive
Built to Elutia Earns Great Place Thrive to Work Certification Results • Mission-driven team • 54% women, 62% women leaders • 50% advanced degrees, 1/3rd at the doctoral level • 6.3-year median tenure Advantages • Nearly 4x stronger financial performance • 15x more attractive to job seekers • Half t
Slide 21: Finance
Finance S) Medicine Humanized” 21
Slide 22: 4Q25 Financial Summary
4Q25 Financial Summary Continuing operations only; excludes divested BioEnvelope business REVENUE MARGIN & PROFITABILITY BALANCE SHEET & CASH ▸ Total net sales: $3.3M vs. $2.8M ▸ GAAP gross margin: 58.5% vs. ▸ Cash on hand (Dec 31): $36.4M in Q4’24 (+16%) 46.9% ▸ Cash in escrow (BioEnvelope, ▸ Simpl
Slide 23: Strategic Reset Completed in 2025
Strategic Reset Completed in 2025 Strong Execution $88M BioEnvelope business sale to Boston Scientific SWK debt facility fully repaid Balance sheet strengthened ($44.4M total cash + escrow) Company focused on NXT-41x development and launch 23
Slide 24: Come See Us!
Come See Us! Small-Cap Conference LD Micro Invitational XVI March 18-19, 2026 May 17-19, 2026 Virtual Conference Luxe Sunset Blvd Hotel Los Angeles, CA 24
Slide 25: Investment Highlights
Investment Highlights Validated Technology Blockbuster Fully Platform Pipeline Resourced Developed and commercialized the first FDA- Taking the same technology Proven team, GMP facility, cleared drug-eluting platform into the $1.5B and cash to fund company bioenvelope for pacemakers breast reconstru
Slide 26: Questions?
Questions? Its GO time S) Medicine Humanized |