# EDGAR Filing Document

**Accession Number:** 0001708527
**File Stem:** 0001558370-25-011590
**Filing Date:** 2025-8
**Character Count:** 199704
**Document Hash:** 42b173c98dd48334a849a8d37b47a9ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-011590.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001558370-25-011590

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ELUTIA INC.
- **CENTRAL INDEX KEY:** 0001708527
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 474790334
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39577
- **FILM NUMBER:** 251220681

**BUSINESS ADDRESS:**
- **STREET 1:** 12510 PROSPERITY DRIVE
- **STREET 2:** SUITE 370
- **CITY:** SILVER SPRING
- **STATE:** MD
- **ZIP:** 20904
- **BUSINESS PHONE:** 240-247-1143

**MAIL ADDRESS:**
- **STREET 1:** 12510 PROSPERITY DRIVE
- **STREET 2:** SUITE 370
- **CITY:** SILVER SPRING
- **STATE:** MD
- **ZIP:** 20904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AZIYO BIOLOGICS, INC.
- **DATE OF NAME CHANGE:** 20170605

?xml version='1.0' encoding='ASCII'? Elutia Inc._June 30, 2025

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

(Mark One)

&nbsp;&nbsp;&nbsp;&nbsp;☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended June 30, 2025**

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to**

**Commission file number: 001-39577**

**Elutia Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **47-4790334** |
| (State or other jurisdiction of incorporation or <br>organization) | (I.R.S. Employer Identification No.) |
| **20 Firstfield Road**<br>**Gaithersburg, MD** | **20878** |
| (Address of principal executive offices) | (Zip Code) |

---

(Registrant's telephone number, including area code): **(240) 247-1170**

**12510 Prosperity Drive, Suite 370, Silver Spring, MD**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.001 per share | ELUT | The Nasdaq Capital Market |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer&nbsp;&nbsp;&nbsp;&nbsp; ☐ &nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ <br> Non-accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒ Smaller reporting company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ <br> Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 8, 2025, there were 38,081,935 shares of the registrant's Class A common stock and 4,313,406 shares of the registrant's Class B common stock outstanding.

------

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#### FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (the "Quarterly Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report, including, without limitation, statements regarding our results of operations, financial position, and business strategy; expectations regarding our products and their targeted effects; plans for our sales and marketing growth; expectations regarding the potential payment of post-closing earnout payments from the sale of our former Orthobiologics segment (the "Orthobiologics Business") to Berkeley Biologics, LLC ("Berkeley"); our anticipated expansion of our product development and research activities; increases in expenses and seasonality; expectations regarding our competitive advantages, and overall clinical and commercial success; expectations regarding the pending lawsuits and claims related to our recall of a single lot of Fiber Viable Bone Matrix ("FiberCel") and a separate single lot of viable bone matrix ("VBM") and expectations regarding the litigation matter with Medtronic Sofamor Danek USA, Inc. ("Medtronic"), amounts recoverable under insurance, indemnity and contribution agreements and the impact of such lawsuits and claims on our future financial position; and our expectations and plans regarding pursuit of any strategic transactions are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Without limiting the foregoing, the words "aim," "believe," "may," "will," "should," "expect," "exploring," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "seeks," or "continue" or the negative of these terms or other similar expressions, are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are not a guarantee of future results, performance, or achievements, and one should avoid placing undue reliance on such statements.

These forward-looking statements are based on our management's beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in the forward-looking statements, including, but not limited to the following:

● our ability to continue as a going concern;

● our ability to successfully commercialize, market and sell our newly approved EluPro® antibacterial envelope device;

● our ability to achieve or sustain profitability;

● the risk of product liability claims and our ability to obtain or maintain adequate product liability insurance;

● our ability to defend against the various lawsuits related to FiberCel and VBM and avoid a material adverse financial consequence;

● our ability to raise funds in the future in the amounts and at the times needed;

● our ability to manage our significant indebtedness and other obligations, such as our Revenue Interest Obligation to Ligand Pharmaceuticals Incorporated, including our ability to negotiate waivers and similar accommodations as needed;

● the continued and future acceptance of our products by the medical community;

● our ability to enhance our products, expand our product indications and develop, acquire and commercialize additional product offerings;

[**Table of Contents**](#TOC)

● our dependence on our commercial partners and independent sales agents to generate a substantial portion of our net sales;

● our dependence on a limited number of third-party suppliers and manufacturers, which, in certain cases are exclusive suppliers for products essential to our business;

● our ability to successfully realize the anticipated benefits of the sale of our Orthobiologics Business;

● physician awareness of the distinctive characteristics, benefits, safety, clinical efficacy and cost-effectiveness of our products;

● our ability to compete against other companies, most of which have longer operating histories, more established products and/or greater resources than we do;

● pricing pressure as a result of cost-containment efforts of our customers, purchasing groups, third-party payors and governmental organizations could adversely affect our sales and profitability;

● our ability to obtain regulatory approval or other marketing authorizations by the U.S. Food and Drug Administration and comparable foreign authorities for our products and product candidates; and

● our ability to obtain, maintain and adequately protect our intellectual property rights.

These and other important factors discussed in Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part II, Item 1A. "Risk Factors" in this Quarterly Report, and in Part I, Item 1A. "Risk Factors" and Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "Annual Report") and in our other filings with the Securities and Exchange Commission (the "SEC"), each of which filings are accessible on the SEC's website at www.sec.gov and the Investor Relations page of our website at https://investors.Elutia.com/financials/sec-filings, could cause actual results to differ materially from those indicated by the forward-looking statements made in this Quarterly Report.

Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

You should read this Quarterly Report and the documents that we reference in this Quarterly Report completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

As used in this Quarterly Report, unless otherwise specified or the context otherwise requires, references to "we," "us," "our," the "Company" and "Elutia" refer to the operations of Elutia Inc. and its consolidated subsidiaries.

#### WEBSITE DISCLOSURE
We may use our website as a distribution channel of material information about the Company. Financial and other important information regarding the Company is routinely posted on and accessible through the Investor Relations sections of its website at *www.Elutia.com*. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the "Email Alerts" option under the IR Resources menu of the Investor Relations of our website at *www.Elutia.com*. The reference to our website address does not constitute incorporation by reference of the information contained on or available through our website, and you should not consider such information to be a part of this Quarterly Report.

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#### TRADEMARKS, TRADE NAMES AND SERVICE MARKS
This Quarterly Report includes our trademarks, trade names and service marks, including, without limitation, "Elutia®," "CanGaroo®," "EluPro®," "CanGarooRM®," "ProxiCor®," "Tyke®," "VasCure®," "SimpliDerm®," "SimpliDerm Ellipse®" and our logo, which are our property and are protected under applicable intellectual property laws. This Quarterly Report also contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. Solely for convenience, trademarks, trade names and service marks may appear in this Quarterly Report without the®, TM and SM symbols, but such references are not intended to indicate, in any way, that we or the applicable owner forgo or will not assert, to the fullest extent permitted under applicable law, our rights or the rights of any applicable licensors to these trademarks, trade names and service marks. We do not intend our use or display of other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.

#### INDUSTRY AND OTHER DATA
Unless otherwise indicated, information contained in this Quarterly Report concerning our industry and the markets in which we operate, including our general expectations, market position and market opportunity, is based on our management's estimates and research, as well as industry and general publications and research, surveys and studies conducted by third parties. We believe the information from these third-party publications, research, surveys and studies included in this Quarterly Report is reliable. Management's estimates are derived from publicly available information, their knowledge of our industry and their assumptions based on such information and knowledge, which we believe to be reasonable. This data involves a number of assumptions and limitations which are subject to a high degree of uncertainty and risk due to a variety of factors, including those described in this Quarterly Report under "Forward-Looking Statements" and Part I, Item 1A. "Risk Factors" in our Annual Report which can be found at https://investors.Elutia.com/financials/sec-filings. These and other factors could cause our future performance to differ materially from our assumptions and estimates.

[**Table of Contents**](#TOC)

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | Page |
| [FORWARD-LOOKING STATEMENTS](#FORWARDLOOKINGSTATEMENTS_207286) | [FORWARD-LOOKING STATEMENTS](#FORWARDLOOKINGSTATEMENTS_207286) | 1 |
| [WEBSITE DISCLOSURE](#WEBSITEDISCLOSURE_212612)  | [WEBSITE DISCLOSURE](#WEBSITEDISCLOSURE_212612)  | 2 |
| [TRADEMARKS, TRADE NAMES AND SERVICE MARKS](#TRADEMARKS_NAMES_SERVICEMARKS_9239) | [TRADEMARKS, TRADE NAMES AND SERVICE MARKS](#TRADEMARKS_NAMES_SERVICEMARKS_9239) | 3 |
| [INDUSTRY AND OTHER DATA](#INDUSTRYANDOTHERDATA_184363) | [INDUSTRY AND OTHER DATA](#INDUSTRYANDOTHERDATA_184363) | 3 |
| [PART I – FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_244549) | [PART I – FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_244549) | [PART I – FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_244549) |
| [Item 1.](#Item1FinancialStatements_101569) | [Financial Statements (Unaudited)](#Item1FinancialStatements_101569) |  |
|  | [Condensed Consolidated Balance Sheets](#CONDENSEDCONSOLIDATEDBALANCESHEETS_10466) | 5 |
|  | [Condensed Consolidated Statements of Operations](#CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATI) | 6 |
|  | [Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit)](#CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGES) | 7 |
|  | [Condensed Consolidated Statements of Cash Flows](#CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLO) | 8 |
|  | [Notes to Condensed Consolidated Financial Statements](#NOTESTOCONDENSEDCONSOLIDATEDFINANCIALSTA) | 9 |
| [Item 2.](#Item2ManagementsDiscussionandAnalysisofF) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF) | 27 |
| [Item 3.](#Item3QuantitativeandQualitativeDisclosur) | [Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur) | 42 |
| [Item 4.](#Item4ControlsandProcedures_472757) | [Controls and Procedures](#Item4ControlsandProcedures_472757) | 43 |
| [PART II – OTHER INFORMATION](#PARTIIOTHERINFORMATION_343778) | [PART II – OTHER INFORMATION](#PARTIIOTHERINFORMATION_343778) | [PART II – OTHER INFORMATION](#PARTIIOTHERINFORMATION_343778) |
| [Item 1.](#Item1LegalProceedings_778412) | [Legal Proceedings](#Item1LegalProceedings_778412) | 43 |
| [Item 1A.](#Item1ARiskFactors_985070) | [Risk Factors](#Item1ARiskFactors_985070) | 43 |
| [Item 2.](#Item2UnregisteredSalesofEquitySecurities) | [Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities) | 43 |
| [Item 3.](#Item3DefaultsUponSeniorSecurities_323509) | [Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_323509) | 43 |
| [Item 4.](#Item4MineSafetyDisclosures_851610) | [Mine Safety Disclosures](#Item4MineSafetyDisclosures_851610) | 43 |
| [Item 5.](#Item5OtherInformation_139851) | [Other Information](#Item5OtherInformation_139851) | 44 |
| [Item 6.](#Item6Exhibits_211620) | [Exhibits](#Item6Exhibits_211620) | 44 |
| [Signatures](#SIGNATURES_900854) | [Signatures](#SIGNATURES_900854) | 46 |

---

[**Table of Contents**](#TOC)

**PART I – FINANCIAL INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements.**

**ELUTIA INC.**

#### CONDENSED CONSOLIDATED BALANCE SHEETS
**(In Thousands, Except for Share and Per Share Data)**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $8500 | $13239 |
| &nbsp;&nbsp;Accounts receivable, net | 3150 | 2276 |
| &nbsp;&nbsp;Inventory | 5243 | 3911 |
| &nbsp;&nbsp;Insurance receivables of litigation costs | 4297 | 4760 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 1090 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 22280 | 26172 |
| Property and equipment, net | 2071 | 773 |
| Intangible assets, net | 6575 | 8273 |
| Operating lease right-of-use assets and other | 2923 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**33849** | $**36127** |
| **Liabilities and Stockholders' Deficit** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $6074 | $4149 |
| &nbsp;&nbsp;Accrued expenses | 6304 | 7104 |
| &nbsp;&nbsp;Current portion of long-term debt | 3750 | 1250 |
| &nbsp;&nbsp;Current portion of revenue interest obligation | 4400 | 4400 |
| &nbsp;&nbsp;Contingent liability for legal proceedings | 17015 | 20432 |
| &nbsp;&nbsp;Current operating lease liabilities | 405 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 37948 | 37795 |
| Long-term debt | 21370 | 22603 |
| Long-term revenue interest obligation | 4692 | 5490 |
| Warrant liability | 8966 | 16076 |
| Long-term operating lease liabilities | 2716 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 75692 | 82387 |
| Commitments and contingencies (Note 9) |  |  |
| Stockholders' equity (deficit): |  |  |
| &nbsp;&nbsp;Class A Common stock, $0.001 par value per share, 200,000,000 shares authorized as of June 30, 2025 and December 31, 2024, and 38,081,935 and 30,897,232 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 38 | 31 |
| &nbsp;&nbsp;Class B Common stock, $0.001 par value per share, 20,000,000 shares authorized as of June 30, 2025 and December 31, 2024 and 4,313,406 issued and outstanding as of June 30, 2025 and December 31, 2024 | 4 | 4 |
| &nbsp;&nbsp;Additional paid-in capital | 201251 | 183298 |
| &nbsp;&nbsp;Accumulated deficit | (243136) | (229593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (41843) | (46260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' deficit** | $**33849** | $**36127** |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### ELUTIA INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
**(In Thousands, Except Share and Per Share Data)**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net sales | $6263 | $6291 | $12293 | $12985 |
| Cost of goods sold | 3205 | 3492 | 6778 | 7343 |
| &nbsp;&nbsp;Gross profit | 3058 | 2799 | 5515 | 5642 |
| Sales and marketing | 3778 | 3330 | 6809 | 6639 |
| General and administrative | 3695 | 4689 | 7566 | 9745 |
| Research and development | 1456 | 1001 | 2361 | 2173 |
| Litigation costs, net | 4004 | 2289 | 6576 | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 12933 | 11309 | 23312 | 22631 |
| &nbsp;&nbsp;Loss from operations | (9875) | (8510) | (17797) | (16989) |
| Interest expense, net | 518 | 1267 | 1603 | 2580 |
| (Gain) loss on revaluation of warrant liability | (2233) | 18337 | (7420) | 27974 |
| Other expense (income), net | 1442 | 257 | 1547 | (1186) |
| &nbsp;&nbsp;Loss before provision for income taxes | (9602) | (28371) | (13527) | (46357) |
| Income tax expense | 8 | (11) | 16 | (3) |
| &nbsp;&nbsp;Net loss from continuing operations | (9610) | (28360) | (13543) | (46354) |
| Income from discontinued operations |  | 180 |  | 180 |
| &nbsp;&nbsp;Net loss | (9610) | (28180) | (13543) | (46174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: dilutive gain on revaluation of warrant liability | (2233) |  | (7419) |  |
| &nbsp;&nbsp;Net loss for diluted earnings per share  | $(11843) | $(28180) | $(20962) | $(46174) |
| Net loss from continuing operations per share - basic | $(0.23) | $(1.14) | $(0.34) | $(1.90) |
| Net loss from continuing operations per share - diluted | $(0.26) | $(1.14) | $(0.47) | $(1.90) |
| Net income from discontinued operations per share - basic and diluted | $— | $0.01 | $— | $0.01 |
| Net loss per share - basic | $(0.23) | $(1.13) | $(0.34) | $(1.89) |
| Net loss per share - diluted | $(0.26) | $(1.13) | $(0.47) | $(1.89) |
| Weighted average common shares outstanding - basic | 41782556 | 24900167 | 40239372 | 24408651 |
| Weighted average common shares outstanding - diluted | 46308642 | 24900167 | 44765897 | 24408651 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### ELUTIA INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
**(In Thousands, Except Share Amounts)**

**(UNAUDITED)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class B** | **Class B** | | | |
|  | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | | | |
|  | <br>**Number of**<br>**Shares** | <br>**Amount** | <br>**Number of**<br>**Shares** | <br>**Amount** | <br>**Additional**<br>**Paid-in**<br>**Capital** | <br>**Accumulated**<br>**Deficit** | <br>**Total** <br>**Stockholders'**<br>**Equity (Deficit)** |
| **Balance, March 31, 2025** | **36552348** | $**37** | **4313406** | $**4** | $**197027** | $**(233526)** | $**(36458)** |
| Issuance of common stock as payment under revenue interest obligation | 1105528 | 1 |  |  | 2199 |  | 2200 |
| Issuance of common stock as payment of interest  | 50000 |  |  |  | 83 |  | 83 |
| Exercise of Prefunded Warrants  | 249910 |  |  |  | 890 |  | 890 |
| Vesting of restricted stock units, net of shares withheld and taxes paid | 124149 |  |  |  | (97) |  | (97) |
| Stock-based compensation |  |  |  |  | 1149 |  | 1149 |
| Net loss |  |  |  |  |  | (9610) | (9610) |
| **Balance, June 30, 2025** | **38081935** | $**38** | **4313406** | $**4** | $**201251** | $**(243136)** | $**(41843)** |
| **Balance, March 31, 2024** | **20036508** | $**20** | **4313406** | $**4** | $**143315** | $**(193638)** | $**(50299)** |
| Issuance of common stock in connection with registered direct offering, net of issuance costs of $1.1 million | 3175000 | 3 |  |  | 9669 |  | 9672 |
| Exercises of Common Warrants and Prefunded Warrants | 551664 | 1 |  |  | 2073 |  | 2074 |
| Vesting of restricted stock units, net of shares withheld and taxes paid | 199929 |  |  |  | (316) |  | (316) |
| Stock-based compensation |  |  |  |  | 2711 |  | 2711 |
| Net loss |  |  |  |  |  | (28180) | (28180) |
| **Balance, June 30, 2024** | **23963101** | $**24** | **4313406** | $**4** | $**157452** | $**(221818)** | $**(64338)** |
|  | **Class A** | **Class A** | **Class B** | **Class B** |  |  |  |
|  | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** |  |  |  |
|  |  |  |  |  | **Additional** |  | **Total**  |
|  | **Number of** |  | **Number of** |  | **Paid-in** | **Accumulated** | **Stockholders'** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Capital** | **Deficit** | **Equity (Deficit)** |
| **Balance, December 31, 2024** | **30897232** | $**31** | **4313406** | $**4** | $**183298** | $**(229593)** | $**(46260)** |
| Issuance of common stock in connection with registered direct offering, net of issuance costs of $1.1 million | 5520000 | 6 |  |  | 12590 |  | 12596 |
| Issuance of common stock as payment under revenue interest obligation | 1105528 | 1 |  |  | 2199 |  | 2200 |
| Issuance of common stock as payment of interest  | 50000 |  |  |  | 83 |  | 83 |
| Exercise of Prefunded Warrants  | 249910 |  |  |  | 890 |  | 890 |
| Issuance of common stock under Employee Stock Purchase Plan | 31558 |  |  |  | 80 |  | 80 |
| Vesting of restricted stock units, net of shares withheld and taxes paid | 227707 |  |  |  | (249) |  | (249) |
| Stock-based compensation |  |  |  |  | 2360 |  | 2360 |
| Net loss  |  |  |  |  |  | (13543) | (13543) |
| **Balance, June 30, 2025** | **38081935** | $**38** | **4313406** | $**4** | $**201251** | $**(243136)** | $**(41843)** |
| **Balance, December 31, 2023** | **18884196** | $**19** | **4313406** | $**4** | $**137021** | $**(175644)** | $**(38600)** |
| Issuance of common stock in connection with registered direct offering, net of issuance costs of $1.1 million | 3175000 | 3 |  |  | 9669 |  | 9672 |
| Exercises of Common Warrants and Prefunded Warrants | 1627489 | 2 |  |  | 6106 |  | 6108 |
| Issuance of common stock under Employee Stock Purchase Plan | 65459 |  |  |  | 70 |  | 70 |
| Vesting of restricted stock units, net of shares withheld and taxes paid | 210957 |  |  |  | (322) |  | (322) |
| Stock-based compensation |  |  |  |  | 4908 |  | 4908 |
| Net loss |  |  |  |  |  | (46174) | (46174) |
| **Balance, June 30, 2024** | **23963101** | $**24** | **4313406** | $**4** | $**157452** | $**(221818)** | $**(64338)** |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

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#### ELUTIA INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
**(In Thousands)**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| &nbsp;&nbsp;Net loss | $(13543) | $(46174) |
| &nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1760 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of Orthobiologics Business |  | (180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on revaluation of warrant liability | (7420) | 27974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on revaluation of revenue interest obligation |  | (1443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt discount | 107 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense recorded as additional revenue interest obligation and long-term debt | 2646 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 2360 | 4908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (874) | (255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (1332) | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables of litigation costs | 463 | (1725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 1153 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses  | 1021 | (751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent liability for legal proceedings | (3417) | 5174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (33) | 132 |
| **Net cash used in operating activities** | **(17109)** | **(6973)** |
| **INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Proceeds from sale of Orthobiologics Business |  | 180 |
| &nbsp;&nbsp;Expenditures for property and equipment | (392) | (13) |
| **Net cash provided by (used in) investing activities** | **(392)** | **167** |
| **FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Proceeds from private placement and warrants, net of offering costs | 13796 | 12390 |
| &nbsp;&nbsp;Repayments of long-term debt |  | (2000) |
| &nbsp;&nbsp;Proceeds from exercises of Common Warrants and Prefunded Warrants |  | 1928 |
| &nbsp;&nbsp;Payments on revenue interest obligation |  | (5200) |
| &nbsp;&nbsp;Repayments of insurance premium financings | (865) | (1148) |
| &nbsp;&nbsp;Payments for taxes upon vesting of restricted stock units | (249) | (322) |
| &nbsp;&nbsp;Proceeds from stock option exercises and issuance of common stock under ESPP | 80 | 70 |
| **Net cash provided by (used in) financing activities** | **12762** | **5718** |
| **Net decrease in cash and cash equivalents** | **(4739)** | **(1088)** |
| **Cash and cash equivalents, beginning of period** | **13239** | **19276** |
| **Cash and cash equivalents, end of period** | $**8500** | $**18188** |
| **Supplemental Cash Flow and Non-Cash Financing Activities Disclosures:** |  |  |
| Cash paid for interest | $548 | $3492 |
| Issuance of common stock as payment under revenue interest obligation | $2200 | $— |
| Operating lease right-of-use assets executed | $2271 | $1379 |
| Conversion of Common Warrants and Prefunded Warrants to common stock | $890 | $4180 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

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#### ELUTIA INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**(UNAUDITED)**

#### Note 1. Organization and Description of Business
Elutia Inc. (together with its consolidated subsidiaries, "Elutia" or the "Company") is a commercial-stage company leveraging its unique understanding of biologics combined with local drug delivery to improve the interaction between implanted medical devices and patients by reducing complications associated with these surgeries. The Company has developed a portfolio of products using both human and porcine tissue that are designed to be as close to natural biological material as possible. Elutia's portfolio of products spans the Device Protection, Women's Health and Cardiovascular markets. These products are primarily sold to healthcare providers or commercial partners.

#### Note 2. Summary of Significant Accounting Policies

#### Basis of Presentation and Liquidity
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company's consolidated financial statements and accompanying notes included in the Company's annual report on Form 10-K ("Annual Report") for the fiscal year ended December 31, 2024. The financial information as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 is unaudited, but in the opinion of management, all adjustments considered necessary for a fair statement of the results for these interim periods have been included. The condensed consolidated balance sheet data as of December 31, 2024 was derived from audited financial statements but does not include all disclosures required by GAAP. The results of the Company's operations for any interim period are not necessarily indicative of the results that may be expected for any other interim period or any future year or period.

The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.

On November 8, 2023, the Company completed the sale of substantially all of the assets relating to its Orthobiologics segment (the "Orthobiologics Business") to Berkeley Biologics, LLC ("Berkeley"). The Orthobiologics Business was comprised of assets relating to researching, developing, administering, insuring, operating, commercializing, manufacturing, selling and marketing the Company's Orthobiologics products, and the business of contract manufacturing of particulate bone, precision milled bone, cellular bone matrix, acellular dermis, soft tissue and other products. The assets sold represent the entirety of the Company's Orthobiologics segment. In the sale, the Company received approximately $14.6 million, and the Company may earn up to an additional $20 million, in the aggregate, in the form of earn-out payments. The earn-out payments are equal to 10% of the actual revenue earned by Berkeley in each of the five years after the closing of the sale from sales of specified Orthobiologics products under the purchase agreement (including improvements, modifications, derivatives and enhancements related to those products). There were no earn-out payments earned or paid in the six months ended June 30, 2025. Additionally, the purchase agreement provides for a customary indemnity holdback in the amount of $1.5 million to be retained by Berkeley for 24 months after close. In the purchase agreement, the Company has retained the liabilities arising out of the VBM and FiberCel matters, as described in Note 9, both of which products were part of the Orthobiologics Business. The Company recognized a gain of $6.0 million on the sale of the Orthobiologics Business in the fourth quarter of 2023 and an additional gain of $0.2 million in the second quarter of 2024 from an adjustment payment related to the final working capital received by Berkeley at the sale date. The indemnity holdback is available as a source of recovery for Berkeley for claims of indemnification under the purchase agreement, and some or all of the holdback may be retained by Berkeley if Berkeley is successful in asserting a claim or

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claims for indemnification against the Company. The Company is aware of certain indemnity-related claims raised, including a claim from a former supplier alleging breach of contract. Based on the Company's ongoing assessment of these claims, along with the remaining indemnity holdback of $1.5 million, the Company does not consider a loss to be probable or estimable as of June 30, 2025. Should the Company receive incremental proceeds in the future through an earn-out payment or payment of the holdback amount, an additional gain will be recorded upon the receipt of such amounts.

In accordance with Accounting Standards Update ("ASU") 2014-15, *Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (Subtopic 205-40)*, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. For the six months ended June 30, 2025, the Company incurred a net loss of $13.5 million, and as of June 30, 2025, the Company had an accumulated deficit of $243.1 million. In addition, during the six months ended June 30, 2025, the Company used $17.1 million of cash in operating activities and expects to continue to incur cash outflows from operating activities during the remainder of 2025. Because of the numerous risks and uncertainties associated with the Company's commercialization and development efforts, the Company is unable to predict when it will become profitable, and it may never become profitable. The Company's inability to achieve and then maintain profitability would negatively affect its business, financial condition, results of operations and cash flows. Furthermore, even if the Company does achieve profitability, it may not be able to sustain or increase profitability on an ongoing basis, or, in general, be able to satisfy its obligations, including those related to the FiberCel Litigation and VBM Litigation described in Note 9, when they become due.

In order to mitigate the current and potential future liquidity issues caused by the matters noted above, the Company may seek to raise capital through the issuance of common stock or debt such as the offerings described in Note 8, issue common stock to satisfy certain obligations in lieu of cash such as the Ligand amendment described in Note 7 or pursue asset sales or other transactions, such as the sale of the Orthobiologics Business described above. In the future, the Company may also seek to obtain waivers, amendments or other accommodations with lenders or other obligees in order to help manage the Company's indebtedness and other obligations, such as the May 2025 amendment to the SWK Loan Facility described in Note 6. However, such transactions may not be successful, and we may not be able to raise additional equity, refinance our debt instruments, sell assets or obtain waivers or amendments to our obligations on acceptable terms, or at all. As such, based on our current operating plans, we believe there is uncertainty as to whether our future cash flows, along with our existing cash, issuances of additional equity and cash generated from expected future sales will be sufficient to meet our anticipated operating needs through twelve months from the condensed consolidated financial statement issuance date. Due to these factors, there is substantial doubt about our ability to continue as a going concern within one year after the issuance of the condensed consolidated financial statements.

The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. That is, the accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business.

#### Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions relating to inventories, receivables, long-lived assets, the valuation of stock-based awards, the valuation of the revenue interest obligation, the valuation of the warrant liability, the contingent liabilities for legal proceedings and deferred income taxes are made at the end of each financial reporting period by management. Management continually re-evaluates its estimates, judgments and assumptions, and management's evaluation could change. Actual results could differ from those estimates.

#### Net Income (Loss) per Share
Our common stock has a dual class structure, consisting of Class A common stock, $0.001 par value per share (the "Class A common stock") and Class B common stock, $0.001 par value per share (the "Class B common stock").

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Other than voting rights, the Class B common stock has the same rights as the Class A common stock, and therefore, both are treated as the same class of stock for purposes of the earnings per share calculation.

Basic net loss per share is computed by dividing net loss available to each class of shares by the weighted-average number of shares of common stock and participating securities outstanding during the period. Participating securities include common and prefunded warrants. Net loss is not allocated to participating securities as they do not have an obligation to fund losses. For purposes of the diluted net loss per share calculation, stock options, restricted stock units ("RSUs") and warrants are considered to be common stock equivalents. See Note 10 for further discussion of net loss per share attributable to common stockholders.

#### Fair Value of Financial Instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

**Level 1 -** Valuations based on quoted prices for identical assets and liabilities in active markets.

**Level 2 -** Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

**Level 3 -** Valuations based on unobservable inputs reflecting the Company's own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

The estimated fair value of financial instruments disclosed in the financial statements has been determined by using available market information and appropriate valuation methodologies. The carrying value of all current assets and current liabilities approximates fair value because of their short-term nature.

#### Cash and Cash Equivalents
The Company maintains its cash balances at banks and financial institutions. The balances are insured up to the legal limit. The Company maintains cash balances that may, at times, exceed this insured limit. The Company considers cash on hand, demand deposits in a bank, money market funds, and all highly liquid investments with an original maturity of 90 days or less to be cash and cash equivalents.

#### Accounts Receivable and Allowances
Accounts receivable in the accompanying balance sheets are presented net of allowances for credit losses. The Company grants credit to customers in the normal course of business but generally does not require collateral or any other security to support its receivables.

The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where a specific customer is unable to meet its financial obligations to the Company, a provision to the allowance for doubtful accounts is recorded to reduce the net recognized receivable to the amount that is reasonably expected to be collected. For all other customers, a provision to the allowance for credit losses is recorded based on factors including the length of time the receivables are past due, the current business environment and the Company's historical experience. Provisions to the allowance for doubtful accounts are recorded to general and administrative expenses. Account balances are charged off against the allowance when it is probable that the receivable will not be recovered.

#### Inventory
Inventory, consisting of purchased materials, direct labor and manufacturing overhead, is stated at the lower of cost or net realizable value, with cost determined generally using the average cost method. At each balance sheet date, the

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Company also evaluates inventory for excess quantities, obsolescence or shelf-life expiration. This evaluation includes analysis of the Company's current and future strategic plans, historical sales levels by product, projections of future demand, the risk of technological or competitive obsolescence for products, general market conditions and a review of the shelf-life expiration dates for products. To the extent that management determines there is excess or obsolete inventory or quantities with a shelf life that is too near its expiration for the Company to reasonably expect that it can sell those products prior to their expiration, the Company adjusts the carrying value to estimated net realizable value.

#### Property and Equipment
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the following estimated useful lives of the assets:

---

| | |
|:---|:---|
| Processing and research equipment | 5 to 10 years |
| Office equipment and furniture | 3 to 5 years |
| Computer hardware and software | 3 years |

---

Leasehold improvements are amortized on the straight-line method over the shorter of the lease term or the estimated useful life of the asset. Repairs and maintenance costs are expensed as incurred.

#### Leases
In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No 2016-02, *Leases* to increase the transparency and comparability about leases among entities. ASU 2016-02 and certain additional ASUs are now codified as ASC 842, *Leases*. ASC 842 supersedes the lease accounting guidance in ASC 840 and requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. The Company determines if an arrangement contains a lease at inception. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from that lease. For leases with a term greater than 12 months, ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The lease term includes the option to extend the lease when it is reasonably certain the Company will exercise that option. The Company uses the rate implicit in the lease to discount lease payments to present value unless that rate is not readily determinable. In the case the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on information available at the lease commencement date, including publicly available data for instruments with similar characteristics, to determine the present value of lease payments. The Company combines lease and non-lease elements for office leases.

In March 2025, the Company executed a new lease for 26,598 square feet. This new facility will be utilized for office, manufacturing and laboratory space. The lease expires in January 2036 with early termination dates in 2029 and 2033. Monthly lease payments (including allocation portions of property taxes, insurance and other landlord operating expenses) total approximately $75,000 with annual rent escalations of 3%. Rent is abated for the first 12 months of occupancy and is discounted at 50% for months 13 through 18. The property was made available for use to Elutia by the landlord in May 2025 and at that time, the Company recognized an ROU asset and liability of $2.3 million on the Company's condensed consolidated balance sheet using an incremental borrowing rate of 12.1%.

#### Long-Lived Assets
Purchased intangible assets with finite lives are carried at acquired fair value, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets.

The Company periodically evaluates the period of depreciation or amortization for long-lived assets to determine whether current circumstances warrant revised estimates of useful lives. The Company reviews its property and equipment and intangible assets for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Impairment exists when the carrying value of the company's asset exceeds the related estimated undiscounted future cash flows expected to be derived from the asset. If impairment exists, the carrying value of that asset is adjusted to its fair value. A discounted cash flow analysis is used to estimate an asset's fair value, using assumptions

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that market participants would apply. The results of impairment tests are subject to management's estimates and assumptions of projected cash flows and operating results. Changes in assumptions or market conditions could result in a change in estimated future cash flows and could result in a lower fair value and therefore an impairment, which could impact reported results. There were no impairment losses for the six months ended June 30, 2025 or 2024.

***Warrant Liability***

The Company accounts for its warrants in accordance with ASC 815, *Derivatives and Hedging – Contracts in Entity's Own Equity*, as either liabilities or as equity instruments depending on the specific terms of the warrant agreement. The warrants issued in connection with the September 2023 private placement, June 2024 registered direct offering and 2025 registered direct offering (see Note 8) are classified as liabilities and are recorded at fair value. The warrants are subject to re-measurement at each settlement date and at each balance sheet date and any change in fair value is recognized in (gain) loss on revaluation of warrant liability net in the condensed consolidated statements of operations.

#### Revenue Recognition
The Company's revenue is generated from contracts with customers in accordance with ASC 606. The core principle of ASC 606 is that the Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The ASC 606 revenue recognition model consists of the following five steps: (1) identify the contracts with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

As noted above, the Company enters into contracts to primarily sell and distribute products to healthcare providers or commercial partners. Revenue is recognized when the Company has met its performance obligations pursuant to its contracts with its customers in an amount that the Company expects to be entitled to in exchange for the transfer of control of the products to the Company's customers. For all product sales, the Company has no further performance obligations and revenue is recognized at the point control transfers, which occurs either when: i) the product is shipped via common carrier; or ii) the product is delivered to the customer or distributor, in accordance with the terms of the agreement.

A portion of the Company's product revenue is generated from consigned inventory maintained at hospitals and from inventory physically held by distributors and direct sales representatives. For these types of product sales, the Company retains control until the product has been used or implanted, at which time revenue is recognized.

The Company elected to account for shipping and handling activities as a fulfillment cost rather than a separate performance obligation. Amounts billed to customers for shipping and handling are included as part of the transaction price and recognized as revenue when control of the underlying products is transferred to the customer. The related shipping and freight charges incurred by the Company are included in sales and marketing costs.

Contracts with customers state the final terms of the sale, including the description, quantity, and price of each implant distributed. The payment terms and conditions in the Company's contracts vary; however, as a common business practice, payment terms are typically due in full within 30 to 60 days of delivery. The Company, at times, extends volume discounts to customers.

The Company permits returns of its products in accordance with the terms of contractual agreements with customers. Allowances for returns are provided based upon analysis of the Company's historical patterns of returns matched against the revenues from which they originated. The Company records estimated returns as a reduction of revenue in the same period revenue is recognized.

#### Stock-Based Compensation Plans
The Company accounts for its stock-based compensation plans in accordance with FASB Accounting Standards Codification ("ASC") 718, *Accounting for Stock Compensation*. ASC 718 requires the measurement and recognition of

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compensation expense for all stock-based awards made to employees and directors, including employee stock options and restricted stock units. Stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense on a straight-line basis over the requisite service period of the entire award.

#### Research and Development Costs
Research and development costs, which include mainly salaries, outside services and supplies, are expensed as incurred.

#### Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Company's cash balances with individual institutions may at times exceed the federally insured limits.

There was one customer that represented 14% of the Company's accounts receivable as of December 31, 2024. No customer represented greater than 10% of the Company's accounts receivable as of June 30, 2025.

#### Comprehensive Income (Loss)
Comprehensive income (loss) comprises net income (loss) and other changes in equity that are excluded from net income (loss). For the six months ended June 30, 2025 and 2024, the Company's net loss equaled its comprehensive loss and accordingly, no additional disclosure is presented.

#### Income Taxes
The Company uses the asset and liability method of accounting for income taxes. Deferred income taxes are recorded to reflect the tax consequences on future years for differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to amounts that are more likely than not to be realized.

The Company is subject to income taxes in the federal and state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. In accordance with the authoritative guidance on accounting for uncertainty in income taxes, the Company recognizes tax liabilities for uncertain tax positions when it is more likely than not that a tax position will not be sustained upon examination and settlement with various taxing authorities. Liabilities for uncertain tax positions are measured based upon the largest amount of benefit that is more likely than not (greater than 50%) of being realized upon settlement. The Company's policy is to recognize interest and/or penalties related to income tax matters in income tax expense.

In July 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law. The OBBBA amends U.S. tax laws, including provisions related to bonus depreciation and deductions for research and development expenses. The Company is currently evaluating the impact of the OBBBA on its consolidated financial statements.

#### Note 3. Recently Issued Accounting Standards
In December 2023, the FASB issued ASU No. 2023-09, *Income Taxes* (Topic 740): *Improvement to Income Tax Disclosures*. This update improves income tax disclosure requirements, primarily through enhanced transparency and decision usefulness of disclosures. The amendments in this update should be applied prospectively with the option to apply retrospectively and are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the adoption of this guidance to have any material effects on its financial condition, results of operations or cash flows. The Company is currently evaluating any new disclosures that may be required upon adoption of ASU 2023-09.

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In November 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures* (Topic 220-40). This update assesses the disaggregation of income statement expense which requires more detailed information about specified categories of expenses included in certain expense captions presented on the face of the income statement. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating any new disclosures that may be required upon adoption of ASU 2024-03.

#### Note 4. Stock-Based Compensation
In 2015, the Company established the Elutia Inc. 2015 Stock Option/Stock Issuance Plan, as amended (the "2015 Plan") which provided for the granting of incentive and non-qualified stock options to employees, directors and consultants of the Company. On October 7, 2020, in connection with the Company's initial public offering ("IPO"), the Company adopted the Elutia Inc. 2020 Incentive Award Plan, and on June 8, 2023, the Company's stockholders approved the amendment and restatement of that plan (as amended and restated, the "2020 Plan"), which authorizes the grant of incentive and non-qualified stock options, restricted stock, restricted stock units and stock appreciation rights to employees, directors and consultants. Shares of Class A common stock totaling 1,636,000 were initially reserved for issuance pursuant to the 2020 Plan, and in June 2023, the number of shares of Class A common stock reserved for issuance under the 2020 Plan was increased by 2,000,000 shares. In addition, the shares reserved for issuance under the 2020 Plan also include shares reserved but not issued under the 2015 Plan as well as an annual increase as set forth in the 2020 Plan. As of June 30, 2025, the Company had 1,411,696 shares of Class A common stock available for issuance under the 2020 Plan.

#### Stock Options
The Company's policy is to grant stock options at an exercise price equal to 100% of the market value of a share of Class A common stock at closing on the date of the grant. The Company's stock options generally have contractual terms of ten years and vest over a four-year period from the date of grant.

A summary of stock option activity under the Company's 2015 Plan and 2020 Plan for the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Number of Shares** | <br>**Weighted-**<br>**Average**<br>**Exercise**<br>**Price** | **Weighted-**<br>**Average**<br>**Remaining**<br>**Contractual**<br>**Term**<br>**(years)** | <br>**Aggregate** <br>**Intrinsic** <br>**Value**<br>**(in thousands)** |
| Outstanding, December 31, 2024 | 3220991 | $5.23 | 7.3 | $475 |
| &nbsp;&nbsp;Granted  | 331865 | $1.65 |  |  |
| &nbsp;&nbsp;Exercised  |  | $— |  |  |
| &nbsp;&nbsp;Forfeited  | (17076) | $4.90 |  |  |
| Outstanding, June 30, 2025 | 3535780 | $4.90 | 8.0 | $109 |
| Vested and exercisable, June 30, 2025 | 2193869 | $5.60 | 7.7 | $- |

---

As of June 30, 2025, there was approximately $2.5 million of total unrecognized compensation expense related to unvested stock options. These costs are expected to be recognized over a weighted-average period of 1.4 years.

The Company uses the Black-Scholes model to value its stock option grants that vest based on the passage of time or the achievement of certain performance criteria and expenses the related compensation cost using the straight-line method over the vesting period. The fair value of stock options is determined on the grant date using assumptions for the estimated fair value of the underlying common stock, expected term, expected volatility, dividend yield, and the risk-free interest rate. The Company uses the simplified method for estimating the expected term used to determine the fair value of options. The expected volatility of the Class A common stock is based on the Company's historical stock data. The Company uses a zero-dividend yield assumption as the Company has not paid dividends since inception nor does it

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anticipate paying dividends in the future. The risk-free interest rate approximates recent U.S. Treasury note auction results with a similar life to that of the option. The period expense is then determined based on the valuation of the options and is recognized on a straight-line basis over the requisite service period for the entire award.

The following weighted-average assumptions were used to determine the fair value of time-based options granted during the six months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| Expected term (years)  | 5.5 | 5.9 |
| Risk-free interest rate  | 4.0% | 3.3% |
| Volatility factor  | 107.2% | 100.9% |
| Dividend yield  |  |  |

---

The Company has granted stock options that vest upon the achievement of certain share price thresholds for twenty consecutive days of trading at each respective threshold. For these stock options, the Company accounted for the awards as market condition awards and used an option pricing model, the Monte Carlo model, to determine the fair value of the respective equity instruments and an expense recognition term of approximately three years. As of June 30, 2025, there were a total of 345,011 stock options outstanding that are market condition stock option awards.

#### Restricted Stock Units
Restricted stock units ("RSUs") represent rights to receive common shares at a future date. There is no exercise price and no monetary payment is required for receipt of restricted stock units or the shares issued in settlement of the award.

A summary of the RSU activity under the Company's 2020 Plan for the six months ended June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | <br>**Number of Shares**<br>**Underlying RSUs** | **Weighted-**<br>**Average**<br>**Grant Date**<br>**Fair Value** |
| Unvested, December 31, 2024 | 1417123 | $3.58 |
| &nbsp;&nbsp;Granted | 92000 | $2.81 |
| &nbsp;&nbsp;Vested | (327634) | $3.83 |
| &nbsp;&nbsp;Forfeited | (13498) | $3.71 |
| Unvested, June 30, 2025 | 1167991 | $3.45 |

---

The total fair value of the RSUs granted during the six months ended June 30, 2025 was $0.3 million. For the performance vesting RSUs, the fair value was based on the fair market value of the Company's Class A common stock on the date of grant. The market condition RSUs are valued as described below. The respective fair values are amortized to expense on a straight-line basis over the vesting period of generally three to four years.

As of June 30, 2025, $3.3 million of unrecognized compensation costs related to RSUs is expected to be recognized over a weighted average period of 1.6 years.

The Company has granted RSUs that vest upon the achievement of certain share price thresholds for twenty consecutive days of trading at each respective threshold. For these RSUs, the Company accounted for the awards as market condition awards and used a Monte Carlo model to determine the fair value of these RSUs as well as the expense recognition term of approximately three years using the graded vesting method. As of June 30, 2025, there were 252,394 RSUs outstanding that were market condition RSU awards.

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***Employee Stock Purchase Plan***

The Company makes shares of its Class A common stock available for purchase under its 2020 Employee Stock Purchase Plan (the "ESPP"). The ESPP provides for separate six-month offering periods that begin in March and September of each year. Under the ESPP, employees may purchase a limited number of shares of Elutia Class A common stock at 85% of the fair market value on either the first day of the offering period or the purchase date, whichever is lower. The ESPP is considered compensatory for purposes of stock-based compensation expense. The number of shares reserved under the ESPP will automatically increase on the first day of each fiscal year through January 1, 2030, in an amount as set forth in the ESPP. As of June 30, 2025, the total shares of Class A common stock authorized for issuance under the ESPP was 1,126,448, of which 791,675 remained available for future issuance. During the six months ended June 30, 2025, shares of Class A common stock totaling 31,558 were issued under the ESPP.

#### Stock-Based Compensation Expense
Stock-based compensation expense recognized during the three and six months ended June 30, 2025 and 2024 was comprised of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Sales and marketing | $176 | $485 | 364 | 933 |
| General and administrative | 811 | 1778 | 1672 | 3201 |
| Research and development | 142 | 356 | 284 | 610 |
| Cost of goods sold | 20 | 92 | 40 | 164 |
| &nbsp;&nbsp;Total stock-based compensation expense | $1149 | $2711 | $2360 | $4908 |

---

#### Note 5. Inventory
Inventory as of June 30, 2025 and December 31, 2024 was comprised of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| Raw materials | $889 | $440 |
| Work in process | 1069 | 740 |
| Finished goods | 3285 | 2731 |
| &nbsp;&nbsp;Total | $5243 | $3911 |

---

#### Note 6. Long-Term Debt
On August 10, 2022, the Company entered into a senior secured term loan facility with SWK Funding LLC, as agent, and other lenders party thereto for an aggregate principal amount of $25 million, and the Company amended the facility in May 2023, March 2024 and September 2024 (as amended, the "SWK Loan Facility"). An initial draw of $21 million was made in August 2022, and an additional $4 million was made on December 14, 2022. The SWK Loan Facility also allows for the establishment of a separate, new asset-based revolving loan facility of up to $8 million, which has not been entered into to date. The SWK Loan Facility matures on August 10, 2027 and accrues interest, payable quarterly in arrears. Principal amortization of the SWK Loan Facility, as amended in September 2024, starts in November 2025. Principal payments during the amortization period will be limited based on revenue-based caps, although as of June 30, 2025, no such caps are applicable and quarterly principal payments will be in an amount equal to 5% of the aggregate principal amount funded with the balance paid at maturity. The SWK Loan Facility also includes both minimum revenue and liquidity covenants, restrictions as to payment of dividends, and is secured by all assets of the Company, subject to certain customary exceptions. As of June 30, 2025, Elutia was in compliance with its financial covenants under the agreement governing the SWK Loan Facility ("SWK Loan Facility Agreement"). See below for discussion of an amendment to the minimum liquidity covenant in May 2025.

All of the SWK Loan Facility borrowings take the form of Secured Overnight Financing Rate ("SOFR") loans and bear interest at a rate per annum equal to the sum of an applicable margin of (i) 7.75% and the "Term SOFR Rate"

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(based upon an interest period of 3 months), or (ii) if the Company has elected the PIK Interest option (as defined below), 3.75% and the "Term SOFR Rate." The Company may elect a portion of the interest due, to be paid in-kind at a rate per annum of 4.5% ("PIK Interest"), and such election may be made until November 15, 2025. The "Term SOFR Rate" is subject to a floor of 2.75%. The agreement governing the SWK Loan Facility also includes an exit fee equal to 6.5% of the aggregate principal amount funded prior to termination plus $112,500. The weighted average interest rate on the SWK Loan Facility was 12.6% and 13.6% for the three and six months ended June 30, 2025 and 2024, respectively .

In May 2025, Elutia entered into an amendment to the SWK Loan Facility. This amendment, among other things: (i) allows for 100% of the interest payment due in May 2025 to be paid as PIK Interest, (ii) removed mandatory repayment obligations related to non-ordinary course asset sales, (iii) allows the Company to request that SWK advance a new term loan in the amount of up to $5.0 million, which advance will be in the sole and absolute discretion of SWK and (iv) fixed the amount of the minimum liquidity covenant to be $8.0 million. In consideration for the amendment, the Company agreed to issue SWK 50,000 shares of its Class A Common Stock in a private placement.

On August 10, 2022 (the "Closing Date"), the Company issued to SWK Funding LLC a warrant ("SWK Warrant") to purchase, in the aggregate, up to 187,969 shares of Class A common stock of the Company, $0.001 par value per share at an exercise price of $6.65 per share. The SWK Warrant is immediately exercisable for up to 187,969 shares of Class A common stock from time to time on or after the Closing Date. The exercise price and number of shares of Class A common stock issuable upon exercise of the SWK Warrant are subject to adjustment in the event of stock dividends, stock splits and certain other events affecting the SWK common stock. Unless earlier exercised or terminated in accordance with its terms, the SWK Warrant will expire on the seventh anniversary of the Closing Date. Upon issuance, the Company valued the SWK Warrant at approximately $0.6 million using the Black-Scholes model. The recognition of the SWK Warrant as well as deferred financing costs of approximately $0.5 million incurred in securing the SWK Loan Facility served to reduce the recorded value of the associated debt. The debt discount and deferred financing costs are recognized as interest expense through the maturity of the loan.

Prior to the May 2025 amendment described above, the SWK Loan Facility Agreement required certain mandatory prepayments, subject to certain exceptions, with: (1) 100% of any net casualty proceeds in excess of $250,000 and (2) for non-ordinary course asset sales, an amount equal to the difference between (x) the proportion of divested gross profit (as defined in the SWK Loan Facility Agreement) to the Company's total gross profit (as defined in the SWK Loan Facility Agreement) multiplied by the outstanding loans under the SWK Loan Facility and (y) the difference between $1,000,000 and the aggregate sale proceeds of any assets previously sold during the fiscal year. The closing of the divestiture of the Orthobiologics Business in November 2023 triggered a mandatory prepayment of $4.0 million. Of such amount, $2.0 million was paid shortly after closing of the divestiture in 2023 and the remainder was paid in February 2024 based on mutual agreement between the parties.

Long-term debt was comprised of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| Term Loan Facility, net of unamortized discount and deferred financing costs | $25120 | $23853 |
| Current Portion | (3750) | (1250) |
| &nbsp;&nbsp;Long-Term Debt | $21370 | $22603 |

---

In addition to the above, the Company finances the annual premiums of certain insurance policies through short-term financing arrangements and includes the liabilities associated with such arrangements within accrued liabilities in accompanying consolidated balance sheets. The fair value of all debt instruments, which is based on inputs considered to be Level 2 under the fair value hierarchy, approximates the respective carrying values as of June 30, 2025 and December 31, 2024.

#### Note 7. Revenue Interest Obligation
On May 31, 2017, the Company completed an asset purchase agreement with CorMatrix Cardiovascular, Inc. ("CorMatrix") and acquired all CorMatrix commercial assets and related intellectual property (the "CorMatrix

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Acquisition"). As part of the CorMatrix Acquisition, the Company assumed a restructured, long-term royalty obligation (the "Revenue Interest Obligation") to Ligand Pharmaceuticals Incorporated ("Ligand") with an estimated present value on the acquisition date of $27.7 million. On January 10, 2024, the Company entered into an amendment to the Revenue Interest Obligation (the "Amended Revenue Interest Obligation"). Pursuant to the Amended Revenue Interest Obligation, subject to annual minimum payments of $4.4 million per year, the terms of the Revenue Interest Obligation require Elutia to pay Ligand 5% of future sales of the products Elutia acquired from CorMatrix, including CanGaroo, ProxiCor, Tyke and VasCure, as well as products substantially similar to those products, such as EluPro. Furthermore, a $5.0 million payment would be due to Ligand if cumulative sales exceed $300 million during the ten-year term of the agreement which expires on May 31, 2027.

In connection with the execution of the Amended Revenue Interest Obligation, the Company made payments totaling $3.0 million (50% paid in January 2024 and 50% paid in April 2024) in satisfaction of all royalty obligations for the first three fiscal quarters of 2023 and made a payment in February 2024 of $1.1 million in satisfaction of the royalty obligations for the fourth quarter of 2023. In May 2025, Elutia entered into a subscription agreement and further amendment to the Amended Revenue Interest Obligation with Ligand. Through such amendment, $2.2 million in outstanding royalty obligations (royalty obligations for the fiscal quarters ended December 31, 2024 and March 31, 2025) owed by Elutia to Ligand under the Amended Revenue Interest Obligation was satisfied by the issuance of 1,105,528 shares of Elutia's Class A common stock to Ligand in a transaction registered with the Securities and Exchange Commission. No additional payments to Ligand have been made during the six months ended June 30, 2025. Total payments to Ligand during the six months ended June 30, 2024 were $5.2 million comprised of the aforementioned 2023 amounts due and a 2024 quarterly minimum payment of $1.1 million.

The Company records the present value of the estimated total future payments under both the Revenue Interest Obligation and Amended Revenue Interest Obligation as a long-term obligation, with the short-term portion being recorded as described below. At each reporting period, the value of the Revenue Interest Obligation is re-measured based on current estimates of future payments, with changes to be recorded in the condensed consolidated statements of operations using the catch-up method. The Amended Revenue Interest Obligation changed the timing and extent of future payments by the Company to Ligand and such change to the estimated future payments yielded a reduction to the total obligation of approximately $1.4 million during the first quarter of 2024. The resulting gain was recognized as other income in the accompanying condensed consolidated statement of operations. During the second quarter of 2025, the Company identified and corrected an accounting error related to the January 2024 amendment of the Revenue Interest Obligation. The Company inappropriately recorded a gain instead of accounting for the amendment as a modification. As a result, the Company recorded a gain of $1.4 million recognized in the first quarter of 2024 and overstated interest expense in the subsequent periods. The Company has determined that the error was not material to the current or any of the prior periods. However, as of the second quarter of 2025 the revenue interest obligation was understated by $0.8 million. As such, the Company corrected this as an out of period adjustment through a $1.4 million increase in "Other expense (income), net" to reverse the original gain and a reduction of $0.6 million in "Interest expense, net" to reverse the overstatement of interest expense. The out of period correction is not material to the condensed consolidated financial statements.

After the effects of these corrections, interest expense related to the Revenue Interest Obligation of approximately $(0.4) million and $0.4 million was recorded for the three months ended June 30, 2025 and 2024, respectively and approximately ($0.1) million and $0.9 million was recorded for the six months ended June 30, 2025 and 2024, respectively.

***Note 8. Common Stock and Warrants***

***Registered Direct Offering of Common Stock and Warrants***

On February 4, 2025, the Company sold, in a registered direct offering ("2025 Registered Offering"), an aggregate of (i) 5,520,000 shares of our Class A common stock and (ii) prefunded warrants ("2025 Prefunded Warrants") to purchase up to an aggregate of 480,000 shares of Class A Common Stock. The public offering price for each share of Class A Common Stock was $2.50, and the public offering price for each 2025 Prefunded Warrant was $2.499, for aggregate gross proceeds of approximately $15.0 million, before deducting offering expenses. The 2025 Prefunded Warrants have an exercise price of $0.001 per share of Class A Common Stock, are exercisable immediately and will expire when exercised

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in full. The Company incurred transaction fees, including commissions and legal fees, of approximately $1.3 million in connection with the 2025 Registered Offering, of which $1.2 million were allocated to the issuance of the common stock.

On June 16, 2024, the Company sold, in a registered direct offering ("2024 Registered Offering"), an aggregate of (i) 3,175,000 shares of the Company's Class A common stock and (ii) prefunded warrants ("2024 Prefunded Warrants") to purchase up to an aggregate of 725,000 shares of Class A Common Stock. The public offering price for each share of Class A Common Stock was $3.40, and the public offering price for each 2024 Prefunded Warrant was $3.399, for aggregate gross proceeds of approximately $13.3 million, before deducting offering expenses. The 2024 Prefunded Warrants have an exercise price of $0.001 per share of Class A Common Stock, are exercisable immediately and will expire when exercised in full. The Company incurred transaction fees, including commissions and legal fees, of approximately $1.4 million in connection with the 2024 Registered Offering, of which $1.1 million were allocated to the issuance of the common stock.

***Private Placement of Common Stock and Warrants***

On September 21, 2023, the Company sold, in a private offering ("Private Offering") an aggregate of (i) 6,852,811 units ("Common Units") each comprised of (a) one share of the Company's Class A common stock and (b) a warrant ("Common Warrant") to purchase one and one half shares of Class A Common Stock, and (ii) 503,058 units (the "Prefunded Units"), each comprised of (a) a prefunded warrant ("2023 Prefunded Warrant") to purchase one share of Class A Common Stock, and (b) a Common Warrant. The Common Units were sold at a purchase price of $1.4275 per unit, and the Prefunded Units were sold at a purchase price of $1.4265 per unit, for aggregate gross proceeds of approximately $10.5 million, before deducting offering expenses. Each Common Warrant was exercisable until July 31, 2024, the date which was 30 trading days after the clearance by the FDA of the Company's EluPro product, at an exercise price per share of $1.4275. As discussed below, all Common Warrants were exercised before they expired. Each 2023 Prefunded Warrant is exercisable at any time at a nominal exercise price per share of $0.001 (with the remainder of the exercise price per share of Class A Common Stock having been prefunded to the Company). The Company incurred transaction fees, including commissions and legal fees, of approximately $1.1 million in connection with the Private Offering, of which $0.4 million were allocated to the issuance of the common stock.

See below for discussion of the accounting for the warrants and the allocation of the remainder of the transaction fees from the 2025 Registered Offering, 2024 Registered Offering and Private Offering.

***Warrant Liabilities***

The Company has concluded that the outstanding 2025 Prefunded Warrants, 2024 Prefunded Warrants and 2023 Prefunded Warrants do not meet the equity contract scope exception under ASC 815-40 as in the event of a (i) fundamental transaction such as a merger and (ii) failure to timely deliver warrant shares upon exercise, certain provisions of which may require the Company to adjust the settlement value in a manner that is not consistent with a fixed-for-fixed option pricing model. As a result, the Company allocated a portion of the gross proceeds from the respective offerings to 2025 Prefunded Warrants, 2024 Prefunded Warrants and 2023 Prefunded Warrants based on their fair values and have recorded such amounts as a warrant liability in the accompanying condensed consolidated balance sheet as of June 30, 2025 and December 31, 2024. Additionally, the Company allocated a portion of the transaction fees from the 2024 Registered Offering, 2025 Registered Offering and the Private Offering to the respective warrants and recognized the expense within other expense (income), net. Such expenses totaled $0.1 million for the six months ended June 30, 2025.

As noted above, the last exercise date for the Common Warrants was July 31, 2024. All Common Warrants outstanding were exercised by such date yielding exercise proceeds of $13.8 million in July 2024. Certain of these exercises ultimately resulted in their conversion to 2023 Prefunded Warrants.

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A summary of the warrant activity for the six months ended June 30, 2025 is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2023 Prefunded Warrants** | **2024 Prefunded Warrants** | **2025 Prefunded Warrants** |
| Outstanding, December 31, 2024 | 3573326 | 725000 |  |
| Issued |  |  | 480000 |
| Exercised  | (250000) |  |  |
| Outstanding, June 30, 2025 | 3323326 | 725000 | 480000 |

---

The valuation of the warrants is adjusted to fair value (Level 3) at each subsequent balance sheet date until the warrants are settled. The following table provides a rollforward of the aggregate fair value of the warrant liability for the six months ended June 30, 2025 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2023 Prefunded Warrants** | **2024 Prefunded Warrants** | **2025 Prefunded Warrants** | **Total Offering Warrants** |
| Warrant liability, December 31, 2024 | $13365 | $2711 | $- | $16076 |
| Fair value upon issuance | - | - | 1200 | 1200 |
| Gain on revaluation of warrant liability | (5894) | (1276) | (250) | (7420) |
| Exercised  | (890) | - | - | (890) |
| Warrant liability, June 30, 2025 | $6581 | $1435 | $950 | $8966 |

---

The Company has used the price of its Class A Common Stock to estimate the fair value of the 2025 Prefunded Warrants, 2024 Prefunded Warrants and 2023 Prefunded Warrants at each measurement date. The price of the Company's Class A Common Stock approximates fair value of the 2025 Prefunded Warrants, 2024 Prefunded Warrants and 2023 Prefunded Warrants due to the exercise price per share of $0.001. The fair value adjustments, which include a $2.2 million gain recognized during the three months ended June 30, 2025, have been recorded as (gain) loss on revaluation of warrant liability in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2025.

The Company had previously calculated the fair value of the Common Warrants using the Black-Scholes option pricing model with the following inputs as of June 30, 2024:

---

| | |
|:---|:---|
| Common stock price | $4.96 |
| Expected term (years)  | 0.1 |
| Risk-free interest rate  | 5.5% |
| Volatility factor  | 88.4% |
| Dividend yield  | —% |

---

#### Note 9. Commitments and Contingencies
***Cook Biotech License and Supply Agreements***

Elutia has entered into a license agreement, as amended, with Cook Biotech ("Cook"), now owned by Evergen, for an exclusive, worldwide license to the porcine tissue for use in the Company's Cardiac Patch, CanGaroo and EluPro products, subject to certain co-exclusive rights retained by Cook (the "Cook License Agreement"). The term of such license is through the date of the last to expire of the licensed Cook patents, which is anticipated to be July 2031. Along with this license agreement, Elutia entered into a supply agreement whereby Cook would be the exclusive supplier to Elutia of licensed porcine tissue. Under certain limited circumstances, Elutia has the right to manufacture the licensed product and pay Cook a royalty of 3% of sales of the Elutia-manufactured tissue. The supply agreement expires on the same date as the related license agreement. No royalties were due or paid to Cook during the six months ended June 30, 2025 or 2024. The Cook License Agreement also provides for a worldwide exclusive license to the porcine tissue for use with neuromodulation devices in addition to cardiovascular devices and includes license fee payments of $0.1 million per year in each of the years 2021 through 2026. Such license payments would accelerate if Elutia undergoes a change in control,

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as defined in the Cook License Agreement. The Company, in its sole discretion, can terminate the Cook License Agreement at any time.

***Legal Proceedings***

From time to time, the Company may be involved in claims and proceedings arising in the course of the Company's business. The outcome of any such claims or proceedings, regardless of the merits, is inherently uncertain. The Company records accruals for contingencies when it is probable that a liability has been incurred and the amount can be reasonably estimated. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. When a material loss contingency is reasonably possible, but not probable, the Company does not record a liability, but instead discloses the nature of the matter and an estimate of the loss or range of loss, to the extent such estimate can be made. Accruals recorded are adjusted periodically as assessments change or additional information becomes available, and management's judgments may be materially different than the actual outcomes.

*FiberCel Litigation*

As previously disclosed, in June 2021, the Company announced a voluntary recall of a single lot of FiberCel fiber viable bone matrix ("FiberCel"). Since September 2021, 110 product liability lawsuits or claims have been filed or asserted against the Company involving FiberCel. As of June 30, 2025, there were 47 active lawsuits or claims against the Company, including 34 lawsuits or claims where settlements have been reached but had not yet been paid by quarter-end. The lawsuits, which have been filed against Elutia, certain Medtronic entities, and others, allege that the plaintiffs were exposed to and/or contracted tuberculosis and/or suffered substantial symptoms and complications following the implantation of FiberCel during orthopedic fusion operations. Such lawsuits were filed in various U.S. federal courts and in state courts in Indiana, Delaware, Florida, Maryland and Ohio. The Company refers to all of the aforementioned litigation, or claim notices, collectively as the "FiberCel Litigation."

*Viable Bone Matrix Litigation* 

As also previously disclosed, in July 2023, the Company announced a voluntary recall of a single lot of a certain viable bone matrix ("VBM") product and the market withdrawal of all of its VBM products produced after a specified date (the "VBM Recall"). Based on our discussions with the CDC, the Company believes that a total of 36 patients were treated with product from the single donor lot. As of June 30, 2025, there were 13 active lawsuits or claims filed or asserted against the Company. The lawsuits, which have been filed against Elutia and others, allege that the plaintiffs were exposed to and/or contracted tuberculosis and/or suffered substantial symptoms and complications following the implantation of VBM during orthopedic fusion operations. Such lawsuits were filed in various U.S. federal courts and in the California state court. The Company refers to all of the aforementioned litigation, or claim notices, collectively as the "VBM Litigation."

*Medtronic Litigation*

In June 2024, the Company filed an action against Medtronic Sofamor Danek USA, Inc. ("Medtronic") in the Superior Court of the State of Delaware. The Company's complaint alleges breach of the 2019 Tissue Product Supply Agreement (the "Supply Agreement") between the Company and Medtronic. In particular, the complaint alleges that Medtronic did not honor its contractual obligations to obtain insurance coverage and to defend and indemnify the Company for over 100 lawsuits against the Company alleging claims arising from the use of FiberCel products distributed by Medtronic. The complaint does not specify the amount of damages owed by Medtronic for these breaches. On July 31, 2024, Medtronic responded to the complaint by denying Elutia's claims and asserting a single counterclaim alleging that Elutia breached certain representations and warranties under the Supply Agreement and owes ongoing indemnity obligations to Medtronic. The counterclaim does not specify the amount of any alleged damages. On October 15, 2024, Medtronic filed a motion to dismiss Elutia's claims. The court held a hearing on January 9, 2025, and a decision was rendered by the court on April 8, 2025. In its decision, the court dismissed the Company's claim with respect to Medtronic's failure to obtain insurance coverage, but allowed the Company to continue with its claim that Medtronic

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breached its indemnity obligations to Elutia. Given the early stages of this matter and the Company's intention to vigorously defend Medtronic's counterclaim, we do not consider a loss to be probable or estimable at this time.

*Contingent Liability for Legal Proceedings*

FiberCel Litigation

Since August 2022, the Company has engaged in a process to negotiate and attempt to resolve many of the cases in the FiberCel Litigation. In total, Elutia's liability in 63 of the cases has been settled for a total cash outlay of $21.5 million, with $9.6 million of such total settlement outlays having been paid through insurance proceeds. For the remaining 47 cases, the Company estimated a probable loss related to each case and has recorded a liability at a total estimated amount of $13.3 million at June 30, 2025, which is recorded as Contingent Liability for Legal Proceedings in the accompanying condensed consolidated balance sheets. Such liability includes $11.1 million for which the settlements have been reached but had not yet been paid by quarter-end.

In order to reasonably estimate the liability for the unsettled FiberCel Litigation cases, the Company, along with outside legal counsel, has assessed a variety of factors, including (i) the extent of the injuries incurred, (ii) recent experience on the settled claims, (iii) settlement offers made to the other parties to the litigation and (iv) any other factors that may have a material effect on the FiberCel Litigation. While the Company believes its estimated liability to be reasonable, the actual loss amounts are highly variable and are dependent upon the relevant facts and case by case resolutions. As more information is learned about asserted claims and potential future trends, adjustments may be made to this Contingent Liability for Legal Proceedings as appropriate. Management believes that it is reasonably possible that the Company could incur liabilities in excess of amounts accrued and the ultimate liability could be material to the Company's financial position, results of operations and cash flows in the period recognized. The Company, however, is unable to estimate the possible loss or range of loss in excess of the amount recognized at this time.

VBM Litigation

Since June 2023, the Company has also engaged in a process to negotiate and attempt to resolve many of the cases in the VBM Litigation. In total, Elutia's liability in 12 of the cases has been settled for a total cash outlay of approximately $1.5 million. For the remaining 23 cases (which includes unasserted claims that the Company believes are probable of assertion and excludes one case where the statute of limitations has elapsed), the Company estimated a probable loss at an estimated amount of $3.7 million at June 30, 2025, which is recorded as Contingent Liability for Legal Proceedings in the accompanying consolidated balance sheets. Such liability includes $0.1 million for which a settlement has been reached but had not yet been paid by quarter-end. The expense related to this estimate was recorded within Litigation costs, net in the accompanying consolidated statement of operations, with the entirety of such expense offset by insurance recoveries received or receivable as further described below.

In order to reasonably estimate the liability for the unsettled VBM Litigation cases and unasserted claims, the Company, along with outside legal counsel, has assessed a variety of factors, including (i) the extent of the injuries incurred, (ii) recent experience on the settled claims, (iii) settlement offers made to the other parties to the litigation and (iv) any other factors that may have a material effect on the VBM Litigation. While the Company believes its estimated liability to be reasonable, the actual loss amounts are highly variable and are dependent upon the relevant facts and case-by-case resolutions. As more information is learned about asserted and unasserted claims and potential future trends, adjustments may be made to this Contingent Liability for Legal Proceedings as appropriate. Management believes that it is reasonably possible that the Company could incur liabilities in excess of amounts accrued and the ultimate liability could be material to the Company's financial position, results of operations and cash flows in the period recognized. The Company, however, is unable to estimate the possible loss or range of loss in excess of the amount recognized at this time.

Defense costs for both the FiberCel Litigation and VBM Litigation are recognized in the accompanying condensed consolidated statements of operations as incurred, with the entirety of such expense related to the VBM Litigation offset by the insurance received or receivable as further described below.

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*Receivables of Litigation Costs*

The Company has purchased insurance coverage that, subject to common contract exclusions, provided coverage for the FiberCel Litigation and VBM Litigation product liability losses as well as legal defense costs. When settlements are reached and/or amounts are recorded in the related Contingent Liability for Legal Proceedings, the Company calculates amounts due to be reimbursed pursuant to the terms of the coverage and related agreements, and pursuant to other indemnity or contribution claims, in respect of product liability losses and related defense costs. The amounts probable of reimbursement or recovery from this calculation are recorded as receivables. The determination that the recorded receivables are probable of collection is based on the terms of agreements reached in respect of indemnity and contribution claims as well as the advice of the Company's outside legal counsel. These receivables as of June 30, 2025 totaled $4.3 million and are recorded as Insurance Receivables of Litigation Costs in the accompanying consolidated balance sheets.

As of June 30, 2025, all amounts recorded as Insurance Receivables of Litigation Costs related to the VBM Litigation, and additional insurance remains available to cover the future cost of the VBM Litigation and related defense costs. Conversely, the Company has no more insurance to cover the cost of the FiberCel Litigation and the related defense costs.

As of both June 30, 2025 and 2024, the Company was not a party to, or aware of, any legal matters or claims with material financial exposure, except for the FiberCel Litigation, VBM Litigation and Medtronic matter.

#### Note 10. Net Income (Loss) Per Share

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended** | **Six Months Ended** |
| **(in thousands, except share and per share data)** | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Numerator: |  |  |  |  |
| &nbsp;&nbsp;Net loss from continuing operations  | $(9610) | $(28360) | $(13543) | $(46354) |
| &nbsp;&nbsp;Income from discontinued operations |  | 180 |  | 180 |
| &nbsp;&nbsp;Net loss | (9610) | (28180) | (13543) | (46174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: dilutive gain on revaluation of warrant liability | (2233) |  | (7419) |  |
| &nbsp;&nbsp;Net loss for diluted earnings per share | $(11843) | $(28180) | $(20962) | $(46174) |
| Denominator: |  |  |  |  |
| &nbsp;&nbsp;Weighted average number of common shares - basic  | 41782556 | 24900167 | 40239372 | 24408651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive prefunded warrants | 4526086 |  | 4526525 |  |
| &nbsp;&nbsp;Weighted average number of common shares - diluted | 46308642 | 24900167 | 44765897 | 24408651 |
| Net loss from continuing operations per share - basic | $(0.23) | $(1.14) | $(0.34) | $(1.90) |
| Net loss from continuing operations per share - diluted | $(0.26) | $(1.14) | $(0.47) | $(1.90) |
| Net income from discontinued operations per share - basic and diluted | $— | $0.01 | $— | $0.01 |
| Net loss per share - basic | $(0.23) | $(1.13) | $(0.34) | $(1.89) |
| Net loss per share - diluted | $(0.26) | $(1.13) | $(0.47) | $(1.89) |

---

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Certain of the Company's potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| Options to purchase common stock | 3535780 | 3238414 |
| Restricted stock units | 1167991 | 2218216 |
| SWK Warrants | 187969 | 187969 |
| Common Warrants |  | 9667779 |
| 2023 Prefunded Warrants |  | 241588 |
| 2024 Prefunded Warrants |  | 725000 |
| 2025 Prefunded Warrants |  |  |
| &nbsp;&nbsp;Total | 4891740 | 16278966 |

---

#### Note 11. Segment Information
With the divestiture in 2023 of the Orthobiologics Business, the Company now operates in three segments. The Company determined its operating and reportable segments to be consistent with its major product groupings – Device Protection, Women's Health and Cardiovascular. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

The Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. The CODM evaluates the performance of our segments based upon, among other things, segment net sales and segment gross profit, excluding intangible asset amortization ("segment gross profit"). Segment gross profit is what the CODM uses in evaluating our results of operations and the financial measure that provides insight into our overall performance and financial position. The CODM considers budget-to-actual variances and variances against prior years using segment gross profit when making decisions about allocating resources to the segments. Asset information is not provided as the Company's CODM does not regularly review or utilize detailed asset data to assess segment performance.

For the three months ended June 30, 2025, the Company's segment gross profit was comprised of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Device Protection** | **Women's Health** | &nbsp;&nbsp;&nbsp;&nbsp;**Cardiovascular** | **Total** |
| Net sales | $3516 | $2011 | $736 | $6263 |
| Cost of goods sold, excluding intangible asset amortization | 1332 | 895 | 129 | 2356 |
| Segment gross profit | $2184 | $1116 | $607 | $3907 |

---

No customer for the three months ended June 30, 2025 represented greater than 10% of total net sales.

For the six months ended June 30, 2025, the Company's segment gross profit was comprised of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Device Protection** | **Women's Health** | &nbsp;&nbsp;&nbsp;&nbsp;**Cardiovascular** | **Total** |
| Net sales | $6595 | $4636 | $1062 | $12293 |
| Cost of goods sold, excluding intangible asset amortization | 2758 | 2068 | 253 | 5079 |
| Segment gross profit | $3837 | $2568 | $809 | $7214 |

---

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The net sales for the six months ended June 30, 2025 include the revenues derived from one customer which represents 11% of total net sales. Such customer is included within the Women's Health segment.

For the three months ended June 30, 2024, the Company's segment gross profit was comprised of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Device Protection** | **Women's Health** | &nbsp;&nbsp;&nbsp;&nbsp;**Cardiovascular** | **Total** |
| Net sales | $2639 | $2571 | $1081 | $6291 |
| Cost of goods sold, excluding intangible asset amortization | 1068 | 1161 | 414 | 2643 |
| Segment gross profit | $1571 | $1410 | $667 | $3648 |

---

The net sales for the three months ended June 30, 2024 include the revenues derived from one customer which represents 11% of total net sales. Such customer is included within the Women's Health segment. Additionally, the net sales for the three months ended June 30, 2024 include the revenues derived from another customer which represents 15% of total net sales. Such customer is included within the Cardiovascular segment.

For the six months ended June 30, 2024, the Company's segment gross profit was comprised of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Device Protection** | **Women's Health** | &nbsp;&nbsp;&nbsp;&nbsp;**Cardiovascular** | **Total** |
| Net sales | $4996 | $6138 | $1851 | $12985 |
| Cost of goods sold, excluding intangible asset amortization | 1796 | 3162 | 686 | 5644 |
| Segment gross profit | $3200 | $2976 | $1165 | $7341 |

---

The net sales for the six months ended June 30, 2024 include the revenues derived from one customer which represents 14% of total net sales. Such customer is included within the Women's Health segment. Additionally, the net sales for the three months ended June 30, 2024 include the revenues derived from another customer which represents 11% of total net sales. Such customer is included within the Cardiovascular segment.

The following table is a reconciliation of segment gross profit to the consolidated loss before provision for income taxes for the three and six months ended June 30, 2025 and 2024, (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Segment gross profit | $3907 | $3648 | $7214 | $7341 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset amortization expense | (849) | (849) | (1699) | (1699) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | (3778) | (3330) | (6809) | (6639) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | (3695) | (4689) | (7566) | (9745) |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | (1456) | (1001) | (2361) | (2173) |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation costs, net | (4004) | (2289) | (6576) | (4074) |
| &nbsp;&nbsp;Loss from operations | (9875) | (8510) | (17797) | (16989) |
| Interest expense, net | 518 | 1267 | 1603 | 2580 |
| (Gain) loss on revaluation of warrant liability | (2233) | 18337 | (7420) | 27974 |
| Other expense (income), net | 1442 | 257 | 1547 | (1186) |
| &nbsp;&nbsp;Loss before provision for income taxes | $(9602) | $(28371) | $(13527) | $(46357) |

---

During the six months ended June 30, 2025 and 2024, the Company did not have any material international product sales, and the Company did not own any long-lived assets outside the United States.

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#### Item 2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations.
*The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report, as well as the audited financial statements and the related notes thereto, and the discussion under Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report. This discussion contains forward-looking statements reflecting our current expectations, estimates, plans and assumptions concerning events and financial trends that involve risks and may affect our future operating results and financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the sections entitled "Forward-Looking Statements" and Part II, Item 1A. "Risk Factors" of this Quarterly Report and in the section entitled "Risk Factor Summary" and in Part I, Item IA. "Risk Factors" of our Annual Report.*

#### Overview
At Elutia, our mission is to humanize medicine so that patients can thrive without compromise. As a commercial-stage company, we seek to leverage our unique understanding of biologics combined with local drug delivery to improve the interaction between implanted medical devices and patients by reducing complications associated with these surgeries. These complications include infection, device migration, erosion, implant rejection, non-union of implants, fibrosis and scar formation.

We estimate that in 2024, more than 700,000 surgical procedures were performed annually in the United States involving the implantation of medical devices such as pacemakers, defibrillators, neurostimulators or tissue expanders for breast reconstruction. This number has been driven by advances in medical device technologies, reimbursement models focused on patient outcomes, and an aging population with a growing incidence of comorbidities, including diabetes, obesity and cardiovascular and peripheral vascular diseases. These comorbidities can exacerbate various immune responses and contribute to other complications upon device implant.

Our products are targeted to address unmet clinical needs with the goal of promoting healthy tissue formation and avoiding complications associated with medical device implants, such as scar tissue formation, capsular contraction, erosion, migration and infection. We currently focus on two priority markets – Device Protection and Women's Health.

In Device Protection, we sell EluPro, a unique bioenvelope designed to mitigate cardiac implantable electronic device complications including infection, device migration and erosion. The bioenvelope features a biomatrix comprised of extracellular matrix, which supports healthy wound healing and may facilitate re-operative procedures by reducing scar formation and fibrosis. Additionally, EluPro is embedded with the powerful antibiotics rifampin and minocycline, which are gradually released into the surrounding tissue over several weeks post-implantation to provide antimicrobial protection. Currently, EluPro is the only drug-eluting biomatrix ("DEB") offering in the U.S. implantable electronic device protection market. Alongside EluPro, we market the CanGaroo bioenvelope, our first generation product, which uses the same biomatrix but does not contain antibiotics.

In Women's Health, we have developed both patented and proprietary technologies, culminating in the creation of SimpliDerm—a novel biological matrix that leverages the inherent science of natural healing processes. SimpliDerm's design uses human-based hydrated acellular dermal matrix ("ADM") with heightened structural integrity and superior handling capabilities, which may mitigate inflammation and enhance tissue incorporation, leading to a better healing experience as compared to other ADM products. We believe that these acellular dermal matrices represent an ideal choice for tissue repair and reconstruction, finding applications in fields such as breast reconstruction, sports medicine, hernia repair and trauma reconstruction.

With respect to pipeline products, we plan to expand our DEB offerings beyond EluPro and are pioneering DEBs to help solve problems unaddressed by available options. We also intend to leverage our DEB platform technology by developing and commercializing products for markets with similar unmet needs, including breast reconstruction and neurostimulation.

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We sell EluPro and CanGaroo in the United States using our direct sales force and our commercial partner, Boston Scientific, which acts as a sales agent and gives us access to approximately 900 sales representatives and clinical specialists to further expand our footprint and accelerate our sales. Our primary customers are electrophysiologists, cardiac surgeons and neurosurgeons. Our direct sales force is focused on gaining additional market access and driving market penetration, not only by selling our products, but also, where appropriate, by managing our commercial partners and providing technical assistance for selling our products. Our sales team provides the critical knowledge of the advantages that EluPro and CanGaroo provide for patients over those of our competitors. We ship the product directly to hospitals.

We sell SimpliDerm through independent sales agents to plastic and reconstructive surgeons. Additionally, in March 2023, we entered into an agreement with Sientra, a medical aesthetics company uniquely focused on plastic surgery, to expand the distribution of SimpliDerm. In April 2024, the agreement was acquired by Tiger Aesthetics Medical ("Tiger") in connection with their asset acquisition of Sientra. Under the agreement terms, Elutia has granted Tiger certain non-exclusive rights in the United States to market, sell and distribute SimpliDerm. This agreement with Tiger gives us access to approximately 50 sales representatives to further expand our footprint and accelerate our sales.

We also sell legacy products into the Cardiovascular market. In Cardiovascular, we sell our specialized porcine small intestine submucosa, which is based on the same biomatrix used to make EluPro and CanGaroo, for use as an intracardiac and vascular patch as well as for pericardial reconstruction. In addition, our TYKE product is designed for use in the neonatal patient population. From May 2017 through March 2023, we sold these products directly to hospitals and other healthcare facilities primarily through our sales force and independent sales agents. In April 2023, we entered into an exclusive distribution agreement with LeMaitre Vascular through which we sold these products in the United States. On May 1, 2025, the exclusive distribution agreement terminated and we began selling these products directly to hospitals and other healthcare facilities through independent sales agents.

We produce all of our EluPro, CanGaroo and cardiovascular products at our manufacturing facility in Roswell, Georgia and stock inventory of raw materials, supplies and finished goods at this location. We rely on a single or limited number of suppliers for certain raw materials and supplies. We have a long-term supply agreement with Cook Biotech, now owned by Evergen, the porcine tissue supplier of our raw materials for EluPro, CanGaroo and our cardiovascular products. SimpliDerm was historically processed by us at our Richmond, California facility; however, that facility was included with the divestiture of the Orthobiologics Business, and SimpliDerm is now provided to us through a long-term supply agreement with the purchaser of the Orthobiologics Business, Berkeley Biologics, LLC ("Berkeley"). We intend to develop our own in-house capability for the production of certain components of EluPro as well as the potential internal production of current and future Women's Health products. To this end, in March 2025, we signed a lease for 26,598 square feet of production, laboratory and administrative space in Gaithersburg, Maryland and moved our executive offices to that location in May 2025. We anticipate being able to internally produce certain components of EluPro in the fourth quarter of 2025.

We have focused much of our attention recently on EluPro, which was cleared for marketing by the FDA in June 2024 and is indicated for use with implantable electronic devices including cardiac and neurostimulator devices. We believe the Company's success is highly dependent on the successful commercialization, marketing and sale of EluPro, as well as the extension of our DEB technology into potential adjacent applications. Furthermore, we believe the commercialization and marketing efforts with respect to EluPro will require significant investments in time and resources. However, there can be no assurance that we will have or be able to obtain sufficient resources to make the necessary investments in order to increase the sales and market penetration of EluPro, or that if made, such investments will yield the results sought.

#### Discontinued Operations – Sale of Orthobiologics Business
On November 8, 2023, we completed the sale of substantially all of the assets relating to our former Orthobiologics Business to Berkeley. The Orthobiologics Business was comprised of assets relating to researching, developing, administering, insuring, operating, commercializing, manufacturing, selling and marketing our Orthobiologics products, and the business of contract manufacturing of particulate bone, precision milled bone, cellular bone matrix, acellular dermis, soft tissue and other products. The assets sold represent the entirety of our Orthobiologics segment. In the sale, we received $14.6 million, and we may earn up to an additional $20 million, in the aggregate, in the form of earn-

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out payments. The earn-out payments are equal to 10% of the actual revenue earned by Berkeley in each of the five years after the closing of the sale from sales of specified Orthobiologics products under the purchase agreement (including improvements, modifications, derivatives and enhancements related to those products). There have been no earn-out payments made to date. Additionally, the purchase agreement provides for a customary indemnity holdback in the amount of $1.5 million to be retained by Berkeley for 24 months after close. The indemnity holdback is available as a source of recovery for Berkeley for claims of indemnification under the purchase agreement, and some or all of the holdback may be retained by Berkeley if Berkeley is successful in asserting a claim or claims for indemnification against us. In the purchase agreement, the Company has retained the liabilities arising out of the viable bone matrix ("VBM") and FiberCel matters, as described in Note 9, both of which products were part of the Orthobiologics Business. We recognized a gain of $6.0 million on the sale of the Orthobiologics Business in 2023 and an additional gain of $0.2 million in the second quarter of 2024 from an adjustment payment related to the final working capital received by Berkeley at the sale date. Should we receive incremental proceeds in the future through an earn-out payment or payment of the holdback amount, an additional gain will be recorded upon the receipt of such amounts.

**Product Recalls**

In June 2021, we issued a voluntary recall pertaining to a single donor lot of our FiberCel Fiber Viable Bone Matrix, a bone repair product formerly manufactured under a contract with Medtronic PLC, which also distributed the product. The recall was issued after learning of postsurgical infections reported in several patients treated with the product, including some patients that tested positive for tuberculosis. Additionally, in July 2023, we announced a voluntary recall of a single lot of one of our viable bone matrix ("VBM") products and the market withdrawal of all of our VBM products produced after a specified date. Notice of the voluntary recall was issued to centers after we learned of post-surgical tuberculosis infections in two patients treated with product from a single donor lot of our VBM product. Both of these products were part of our Orthobiologics Business, which we have fully divested as described above. For information about legal proceedings in which we are involved and the possible future financial implications, see Note 9 to the condensed consolidated financial statements included elsewhere in this Quarterly Report.

#### Components of Our Results of Operations
*Net Sales*

We recognize revenue on the sale of our products. Our Device Protection products are sold to hospitals and other healthcare facilities primarily through our direct sales force, commercial partners or independent sales agents. Our Women's Health products are sold directly to hospitals and other healthcare facilities through independent sales agents or through our distribution agreement with Tiger. From April 2023 through April 2025, our cardiovascular products were sold through a distribution agreement with LeMaitre Vascular. In April 2025, this agreement with LeMaitre Vascular terminated, and, in May 2025, we began selling these products directly to hospitals and other healthcare facilities through independent sales agents.

*Expenses*

In recent years, we have incurred significant costs in the operation of our business. We expect that our recurring operating costs will largely stabilize, or increase at modest rates, in the near future through the identification of efficiencies as we grow. We may, however, still experience more significant expense increases to the extent we expand our sales and marketing, product development and clinical and research activities. As a result, we will need to generate significant net sales in order to achieve profitability. Below is a breakdown of our main expense categories and the related expenses incurred in each category:

*Cost of Goods Sold*

Our cost of goods sold relate to purchased raw materials and the processing and conversion costs of such raw materials consisting primarily of salaries and benefits, supplies, quality control testing and the manufacturing overhead incurred at our processing facility in Roswell, Georgia. The Roswell facility has additional capacity, which if utilized,

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would further leverage our fixed overhead. Cost of goods sold also includes the amortization of intangibles generated from the CorMatrix Acquisition in 2017.

*Sales and Marketing Expenses*

Sales and marketing expenses are primarily related to our direct sales force, consisting of salaries, commission compensation, fringe benefits, meals and other expenses. Auto and travel costs also contribute to sales and marketing expenses. Outside of our direct sales force, we incur significant expenses relating to commissions to our CanGaroo and SimpliDerm commercial partners and independent sales agents. Additionally, this expense category includes distribution costs as well as market research, trade show attendance, advertising and public relations related to our products, and customer service expenses.

*General and Administrative Expenses*

General and administrative ("G&A") expenses consist primarily of compensation, consulting, legal, human resources, information technology, accounting, insurance and general business expenses. Our G&A expenses have increased as a result of operating as a public company, especially as a result of hiring additional personnel and incurring greater director and officer insurance premiums, greater investor relations costs, and additional costs associated with accounting, legal, tax-related and other services associated with maintaining compliance with exchange listing and SEC requirements.

*Research and Development Expenses*

Research and development ("R&D") expenses consist primarily of salaries and fringe benefits, laboratory supplies, clinical studies and outside service costs. Over the last several years, our product development efforts have primarily related to activities associated with the development of EluPro, our initial DEB product offering, which gained FDA clearance in June 2024. Future development efforts are expected to focus on (i) expanding our EluPro offering with additional sizes and product features, (ii) developing new products within the DEB product portfolio and (iii) conducting clinical studies to validate the performance characteristics of our products and to capture patient data necessary to support our commercial efforts.

*Litigation Costs, net*

Litigation costs, net consist primarily of legal fees and the estimated and actual costs to resolve the outstanding FiberCel and VBM litigation cases offset by the estimated and actual amounts recoverable or recovered under insurance, indemnity and contribution agreements for such costs.

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#### Results of Operations

#### Comparison of the Three Months Ended June 30, 2025 and 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | |
| | **2025** | **2025** | **2024** | **2024** | <br>**Change 2024 / 2025** |
| <br>**(in thousands, except percentages)** | <br>**Amount** | **% of Net**<br>**Sales** | <br>**Amount** | **% of Net**<br>**Sales** | <br>$**%** |
| Net sales | $6263 | 100.0% | $6291 | 100.0% | (0.4)% |
| Cost of goods sold | 3205 | 51.2% | 3492 | 55.5% | (8.2)% |
| &nbsp;&nbsp;Gross profit | 3058 | 48.8% | 2799 | 44.5% | 9.3% |
| Sales and marketing | 3778 | 60.3% | 3330 | 52.9% | 13.5% |
| General and administrative | 3695 | 59.0% | 4689 | 74.5% | (21.2)% |
| Research and development | 1456 | 23.2% | 1001 | 15.9% | 45.5% |
| Litigation costs, net | 4004 | 63.9% | 2289 | 36.4% | 74.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 12933 | 206.5% | 11309 | 179.8% | 14.4% |
| &nbsp;&nbsp;Loss from operations | (9875) | (157.7)% | (8510) | (135.3)% | 16.0% |
| Interest expense, net | 518 | 8.3% | 1267 | 20.1% | (59.1)% |
| Gain on revaluation of warrant liability | (2233) | (35.7)% | 18337 | 291.5% | NM |
| Other expense (income), net | 1442 | 23.0% | 257 | 4.1% | NM |
| &nbsp;&nbsp;Loss before provision for income taxes | (9602) | (153.3)% | (28371) | (451.0)% | (66.2)% |
| Income tax expense | 8 | 0.1% | (11) | (0.2)% | (172.7)% |
| &nbsp;&nbsp;Net income (loss) from continuing operations | (9610) | (153.4)% | (28360) | (450.8)% | (66.1)% |
| Discontinued operations |  | —% | 180 | 2.9% | (100.0)% |
| **Net income (loss)** | $**(9610)** | **(153.4)%** | $**(28180)** | **(447.9)%** | **65.9%** |

---

#### NM = not meaningful

#### Net Sales
Net sales information for our products is summarized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | |
| | **2025** | **2025** | **2024** | **2024** | |
| | | | | | <br>**Change 2024 / 2025** |
| <br>**(in thousands, except percentages)** | <br>**Amount** | **% of Net**<br>**Sales** | <br>**Amount** | **% of Net**<br>**Sales** | $**%** |
| Products: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Device Protection | $3516 | 56.1% | $2639 | 41.9% | 33.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Women's Health | 2011 | 32.1% | 2571 | 40.9% | (21.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardiovascular | 736 | 11.7% | 1081 | 17.2% | (31.9)% |
| **Total Net Sales** | $**6263** | **100.0%** | $**6291** | **100.0%** | **(0.4)%** |

---

Total net sales were $6.3 million in both the three months ended June 30, 2025 and 2024. While total net sales were essentially unchanged, the revenues from Device Protection increased by $0.9 million compared to the prior year's second quarter due to volume growth from EluPro, for which the full commercial launch commenced in January 2025 after FDA clearance in June 2024. Such increase, however, was offset by declines in Women's Health and Cardiovascular. The decline in Women's Health was caused by various physician users of SimpliDerm who transferred to hospitals where SimpliDerm is not yet available and by decreased sales generated by Tiger. With respect to Cardiovascular, as noted above, the exclusive distribution agreement with LeMaitre Vascular terminated in April 2025, and we recommenced selling these products directly through independent sales agents in May 2025. We anticipate Cardiovascular sales will increase in future quarters of 2025, both through volume growth and higher unit prices as such sales will be at end-user pricing versus contracted prices.

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#### Cost of Goods Sold
Cost of goods sold and gross margin percentage information for our products is summarized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | |
| | **2025** | **2025** | **2024** | **2024** | |
| | | | | | <br>**Change 2024 / 2025** |
| <br>**(in thousands, except percentages)** | <br>**Amount** | **Gross**<br>**Margin %** | <br>**Amount** | **Gross**<br>**Margin %** | $**%** |
| Products: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Device Protection | $1332 | 62.1% | $1068 | 59.5% | 24.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Women's Health | 895 | 55.5% | 1161 | 54.8% | (22.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardiovascular | 129 | 82.4% | 414 | 61.7% | (68.8)% |
| Cost of goods sold, excluding intangible asset amortization | 2356 | 62.4% | 2643 | 58.0% | (10.9)% |
| &nbsp;&nbsp;Intangible asset amortization expense | 849 | (13.6)% | 849 | (13.5)% | —% |
| **Total Cost of Goods Sold** | $**3205** | **48.8%** | $**3492** | **44.5%** | **(8.2)%** |

---

Total cost of goods sold decreased $0.3 million to $3.2 million in the three months ended June 30, 2025 compared to $3.5 million in the three months ended June 30, 2024. Gross margin was 48.8% in the three months ended June 30, 2025 compared to 44.5% in the three months ended June 30, 2024. Gross margin, excluding intangible asset amortization, was 62.4% in the three months ended June 30, 2025 compared to 58.0% in the three months ended June 30, 2024. The improvement between years was due primarily to favorability in Device Protection, where the gross margins in the 2024 period were impacted by certain production inefficiencies that were not present in the 2025 period with robust production being now required to ensure the supply of EluPro keeps pace with anticipated sales growth.

#### Operating Expenses
*Sales and Marketing*

Sales and marketing expenses increased $0.5 million, or 13.5%, to $3.8 million in the three months ended June 30, 2025 compared to $3.3 million in the three months ended June 30, 2024. As a percentage of sales, sales and marketing expenses increased to 60.3% in the three months ended June 30, 2025 from 52.9% in the three months ended June 30, 2024. The increase was largely attributable to sales commission expense growth commensurate with higher Device Protection revenues and a return in the second quarter of 2025 to the direct selling of our Cardiovascular products. These increases were partially offset by lower non-cash equity compensation in the 2025 period.

*General and Administrative*

G&A expenses decreased $1.0 million, or 21.2%, to $3.7 million in the three months ended June 30, 2025 compared to $4.7 million in the three months ended June 30, 2024. As a percentage of net sales, G&A expenses decreased to 59.0% in the three months ended June 30, 2025 from 74.5% in the three months ended June 30, 2024. The decrease in expense was primarily driven by lower non-cash equity compensation in the 2025 period.

*Research and Development*

R&D expenses increased $0.5 million, or 45.5% to $1.5 million in the three months ended June 30, 2025 compared to $1.0 million in the three months ended June 30, 2024. The increase in expense reflects our heightened development activity in the 2025 period. Our future development efforts are focused on expanding our EluPro offering with additional sizes and product features, (ii) developing new products within the DEB product portfolio and (iii) conducting clinical studies to validate the performance characteristics of our products and to capture patient data necessary to support our commercial efforts.

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*Litigation Costs, net*

Litigation costs, net increased to $4.0 million in the three months ended June 30, 2025 compared to $2.3 million in the three months ended June 30, 2024. The increase in expense was primarily due to the continued evaluation of the contingent FiberCel liability. As of June 30, 2025, insurance remains available to cover the cost of the VBM Litigation and related defense costs; however, we have no more insurance to cover the cost of the FiberCel Litigation and the related defense costs. See further discussion in Note 9 to the condensed consolidated financial statements.

#### Interest Expense
Interest expense was approximately $0.5 million in the three months ended June 30, 2025 compared to $1.3 million in the three months ended June 30, 2024. The decrease was primarily due to the error correction related to the January 2024 Ligand amendment described in Note 7 to the condensed consolidated financial statements.

#### Comparison of the Six Months Ended June 30, 2025 and 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | |
| | **2025** | **2025** | **2024** | **2024** | <br>**Change 2024 / 2025** |
| <br>**(in thousands, except percentages)** | <br>**Amount** | **% of Net**<br>**Sales** | <br>**Amount** | **% of Net**<br>**Sales** | <br>$**%** |
| Net sales | $12293 | 100.0% | $12985 | 100.0% | (5.3)% |
| Cost of goods sold | 6778 | 55.1% | 7343 | 56.5% | (7.7)% |
| &nbsp;&nbsp;Gross profit | 5515 | 44.9% | 5642 | 43.5% | (2.3)% |
| Sales and marketing | 6809 | 55.4% | 6639 | 51.1% | 2.6% |
| General and administrative | 7566 | 61.5% | 9745 | 75.0% | (22.4)% |
| Research and development | 2361 | 19.2% | 2173 | 16.7% | 8.7% |
| Litigation costs, net | 6576 | 53.5% | 4074 | 31.4% | 61.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 23312 | 189.6% | 22631 | 174.3% | 3.0% |
| &nbsp;&nbsp;Loss from operations | (17797) | (144.8)% | (16989) | (130.8)% | (4.8)% |
| Interest expense, net | 1603 | 13.0% | 2580 | 19.9% | (37.9)% |
| (Gain) loss on revaluation of warrant liability | (7420) | (60.4)% | 27974 | 215.4% | NM |
| Other expense (income), net | 1547 | 12.6% | (1186) | (9.1)% | NM |
| &nbsp;&nbsp;Loss before provision of income taxes | (13527) | (110.0)% | (46357) | (357.0)% | (70.8)% |
| Income tax expense | 16 | 0.1% | (3) | (0.0)% | (633.3)% |
| &nbsp;&nbsp;Net loss from continuing operations | (13543) | (110.2)% | (46354) | (357.0)% | 70.8% |
| Discontinued operations |  | —% | 180 | 1.4% | (100.0)% |
| **Net loss** | $**(13543)** | **(110.2)%** | $**(46174)** | **(355.6)%** | **70.7%** |

---

#### NM = not meaningful

#### Net Sales
Net sales information for our products is summarized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | |
| | **2025** | **2025** | **2024** | **2024** | |
| | | | | | <br>**Change 2024 / 2025** |
| <br>**(in thousands, except percentages)** | <br>**Amount** | **% of Net**<br>**Sales** | <br>**Amount** | **% of Net**<br>**Sales** | $**%** |
| Products: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Device protection | $6595 | 53.6% | $4996 | 38.5% | 32.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Women's health | 4636 | 37.7% | 6138 | 47.3% | (24.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardiovascular | 1062 | 8.6% | 1851 | 14.3% | (42.6)% |
| **Total Net Sales** | $**12293** | **100.0%** | $**12985** | **100.0%** | **(5.3)%** |

---

[**Table of Contents**](#TOC)

Total net sales decreased $0.7 million, or 5.3%, to $12.3 million in the six months ended June 30, 2025 compared to $13.0 million in the six months ended June 30, 2024. Revenues from Device Protection increased compared to the prior year period due to volume growth from EluPro, for which the full commercial launch commenced in January 2025 after FDA clearance in June 2024. Such increase, however, was offset by declines in Women's Health and Cardiovascular. The decline in Women's Health was caused by various physician users of SimpliDerm who transferred to hospitals where SimpliDerm is not yet available and by decreased sales generated by Tiger. With respect to Cardiovascular, as noted above, the exclusive distribution agreement with LeMaitre Vascular terminated in April 2025 and we recommenced selling these products directly through independent sales agents in May 2025. We anticipate Cardiovascular sales will increase in future quarters of 2025 both through volume growth and higher unit prices as such sales will be at end-user pricing versus contracted prices.

#### Cost of Goods Sold
Cost of goods sold and gross margin percentage information for our products is summarized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | |
| | **2025** | **2025** | **2024** | **2024** | |
| | | | | | <br>**Change 2024 / 2025** |
| <br>**(in thousands, except percentages)** | <br>**Amount** | **Gross**<br>**Margin %** | <br>**Amount** | **Gross**<br>**Margin %** | $**%** |
| Products: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Device protection | $2758 | 58.2% | $1796 | 64.1% | 53.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Women's health | 2068 | 55.4% | 3162 | 48.5% | (34.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardiovascular | 253 | 76.2% | 686 | 62.9% | (63.1)% |
| Cost of goods sold, excluding intangible asset amortization | 5079 | 58.7% | 5644 | 56.5% | (10.0)% |
| &nbsp;&nbsp;Intangible asset amortization expense | 1699 | (13.8)% | 1699 | (13.1)% | —% |
| **Total Cost of Goods Sold** | $**6778** | **44.9%** | $**7343** | **43.5%** | **(7.7)%** |

---

Total cost of goods sold decreased $0.6 million to $6.8 million in the six months ended June 30, 2025 compared to $7.3 million in the six months ended June 30, 2024. Gross margin was 44.9% in the six months ended June 30, 2025 compared to 43.5% in the six months ended June 30, 2024. Gross margin, excluding intangible asset amortization, was 58.7% in the six months ended June 30, 2025 compared with 56.5% in the six months ended June 30, 2024. While the overall changes between years in the gross margin measures were modest, the overall increase included growth in the Women's Health gross margin due to certain non-recurring write-offs in the prior year period, and declines to the Device Protection gross margin due to the addition of EluPro in 2025, which currently carries a lower gross margin than CanGaroo.

#### Operating Expenses
*Sales and Marketing*

Sales and marketing expenses increased $0.2 million, or 2.6%, to $6.8 million in the six months ended June 30, 2025 compared to $6.6 million in the six months ended June 30, 2024. As a percentage of sales, sales and marketing expenses increased to 55.4% in the six months ended June 30, 2025 from 51.1% in the six months ended June 30, 2024. The increase was largely attributable to sales commission expense growth commensurate with higher Device Protection revenues and a return in the second quarter of 2025 to the direct selling of our Cardiovascular products. These increases were partially offset by lower non-cash equity compensation in the 2025 period.

*General and Administrative*

G&A expenses decreased $2.2 million, or 22.4%, to $7.6 million in the six months ended June 30, 2025 compared to $9.7 million in the six months ended June 30, 2024. As a percentage of net sales, G&A expenses decreased to 61.5% in the six months ended June 30, 2025 from 75.0% in the six months ended June 30, 2024. The decrease in expense resulted largely from the non-cash equity compensation grants made in January 2024.

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*Research and Development*

R&D expenses increased to $2.4 million in the six months ended June 30, 2025 compared to $2.2 million in the six months ended June 30, 2024. The increase in expense reflects our heightened development activity in the 2025 period. Our future development efforts are focused on expanding our EluPro offering with additional sizes and product features, (ii) developing new products within the DEB product portfolio and (iii) conducting clinical studies to validate the performance characteristics of our products and to capture patient data necessary to support our commercial efforts.

*Litigation Costs, net*

FiberCel litigation costs increased to $6.6 million in the six months ended June 30, 2025 compared to $4.1 million in the six months ended June 30, 2024. The increase in expense was primarily due to the continued evaluation of the contingent FiberCel liability. As of June 30, 2025, insurance remains available to cover the cost of the VBM Litigation and related defense costs; however, we have no more insurance to cover the cost of the FiberCel Litigation and the related defense costs. See further discussion in Note 9 to the condensed consolidated financial statements.

#### Interest Expense
Interest expense was approximately $1.6 million in the six months ended June 30, 2025 compared to $2.6 million in the six months ended June 30, 2024. The decrease was primarily due to the error correction related to the January 2024 Ligand amendment described in Note 7 to the condensed consolidated financial statements.

#### Non-GAAP Financial Measures
This Quarterly Report presents our gross margin, excluding intangible asset amortization, for the three and six months ended June 30, 2025 and 2024. We calculate gross margin, excluding intangible asset amortization, as gross profit, excluding amortization expense relating to intangible assets we acquired in the CorMatrix Acquisition, divided by net sales. Gross margin, excluding intangible asset amortization, is a supplemental measure of our performance, is not defined by or presented in accordance with U.S. generally accepted accounting principles ("GAAP"), has limitations as an analytical tool and should not be considered in isolation or as an alternative to our GAAP gross margin, gross profit or any other financial performance measure presented in accordance with GAAP. We present gross margin, excluding intangible asset amortization, because we believe that it provides meaningful supplemental information regarding our operating performance by removing the impact of amortization expense, which is not indicative of our overall operating performance. We believe this provides our management and investors with useful information to facilitate period-to-period comparisons of our operating results. Our management uses this metric and the results of the segments in assessing the health of our business and our operating performance, and we believe investors' understanding of our operating performance is similarly enhanced by our presentation of this metric.

Although we use gross margin, excluding intangible asset amortization, as described above, this metric has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may use other measures to evaluate their performance, which could reduce the usefulness of this non-GAAP financial measure as a tool for comparison.

The following table presents a reconciliation of our gross margin, excluding intangible asset amortization, for the six months ended June 30, 2025 and 2024, to the most directly comparable GAAP financial measure, which is our GAAP gross margin (in thousands).

[**Table of Contents**](#TOC)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net sales | $6263 | $6291 | $12293 | $12985 |
| Cost of goods sold | 3205 | 3492 | 6778 | 7343 |
| Gross profit | 3058 | 2799 | 5515 | 5642 |
| &nbsp;&nbsp;Intangible asset amortization expense | 849 | 849 | 1699 | 1699 |
| Gross profit, excluding intangible asset amortization | $3907 | $3648 | $7214 | $7341 |
| Gross margin | 48.8% | 44.5% | 44.9% | 43.5% |
| Gross margin, excluding intangible asset amortization | 62.4% | 58.0% | 58.7% | 56.5% |

---

#### Seasonality
Historically, we have experienced seasonality in our first and fourth quarters, and we generally expect this trend to continue but may also see quarter-to-quarter fluctuations that are inconsistent with this trend. We have experienced and may in the future experience higher sales in the fourth quarter as a result of hospitals in the United States increasing their purchases of our products to coincide with the end of their budget cycles. Satisfaction of patient deductibles throughout the course of the year also results in increased sales later in the year, once patients have paid their annual insurance deductibles in full, which reduces their out-of-pocket costs. Conversely, our first quarter generally has lower sales than the preceding fourth quarter as patient deductibles are re-established with the new year, which increases their out-of-pocket costs.

#### Liquidity and Capital Resources
As of June 30, 2025, we had cash of approximately $8.5 million compared to $13.2 million as of December 31, 2024. Since inception, we have financed our operations primarily through amounts borrowed under our credit facilities, proceeds from our initial public offering ("IPO"), sales of our products and more recently, the sale of our Orthobiologics Business, proceeds from follow-on offerings and private placements of our common stock and warrants and substitution of certain cash payment obligations with stock issuances. Our historical cash outflows have primarily been associated with acquisitions and integration, manufacturing and administrative costs, general and marketing, research and development, clinical activity, purchase of property and equipment used in our production activities, litigation defense and settlement costs and investing in our commercial infrastructure through our direct sales force and our commercial partners in order to expand our presence and to promote awareness and adoption of our products. Such commercial infrastructure costs are likely to become more significant in the future as we further commercialize the newly approved EluPro product. As of June 30, 2025, our accumulated deficit was $243.1 million.

On February 4, 2025, we sold, in a registered direct offering ("2025 Registered Offering") an aggregate of (i) 5,520,000 shares of our Class A common stock and (ii) prefunded warrants ("2025 Prefunded Warrants") to purchase up to an aggregate of 480,000 shares of Class A Common Stock. The public offering price for each share of Class A Common Stock was $2.50, and the public offering price for each 2025 Prefunded Warrant was $2.499, for aggregate gross proceeds of approximately $15.0 million, before deducting offering expenses. The 2025 Prefunded Warrants have an exercise price of $0.001 per share of Class A Common Stock, are exercisable immediately and will expire when exercised in full.

On June 18, 2024, we sold, in a registered direct offering ("2024 Registered Offering") an aggregate of (i) 3,175,000 shares of our Class A common stock and (ii) prefunded warrants ("2024 Prefunded Warrants") to purchase up to an aggregate of 725,000 shares of Class A Common Stock. The public offering price for each share of Class A Common Stock was $3.40, and the public offering price for each 2024 Prefunded Warrant was $3.399, for aggregate gross proceeds of approximately $13.3 million, before deducting offering expenses. The 2024 Prefunded Warrants have an exercise price of $0.001 per share of Class A Common Stock, are exercisable immediately and will expire when exercised in full.

On September 21, 2023, we sold, in a private offering ("Private Offering") an aggregate of (i) 6,852,811 units ("Common Units"), each comprised of (a) one share of our Class A common stock and (b) a warrant ("Common Warrant") to purchase one and one half shares of Class A Common Stock, and (ii) 503,058 units (the "Prefunded Units"), each comprised of (a) a prefunded warrant ("2023 Prefunded Warrant") to purchase one share of Class A Common Stock, and

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(b) a Common Warrant. The Common Units were sold at a purchase price of $1.4275 per unit, and the 2023 Prefunded Units were sold at a purchase price of $1.4265 per unit, for aggregate gross proceeds of approximately $10.5 million, before deducting offering expenses. Each Common Warrant was exercisable until July 31, 2024, the date which was 30 trading days after the clearance by the FDA of the Company's EluPro product, at an exercise price per share of $1.4275. All Common Warrants were exercised by such date yielding exercise proceeds of $15.7 million in 2024. Certain of these exercises ultimately resulted in their conversion to 2023 Prefunded Warrants. Each 2023 Prefunded Warrant is exercisable at any time at a nominal exercise price per share of $0.001 (with the remainder of the exercise price per share of Class A Common Stock having been prefunded to us).

We expect our losses to continue for the foreseeable future and these losses will continue to have an adverse effect on our financial position. Because of the numerous risks and uncertainties associated with our commercialization and development efforts, including our ability to successfully commercialize our new EluPro product, we are unable to predict when we will become profitable, and we may never become profitable. Our inability to achieve and then maintain profitability would negatively affect our business, financial condition, results of operations and cash flows.

In order to mitigate the current and potential future liquidity issues caused by the matters noted above, we may seek to raise capital through the issuance of equity or debt securities, as we did in the 2025 Registered Offering, 2024 Registered Offering and Private Offering described above; issue common stock to satisfy certain obligations in lieu of cash, as we did in the May 2025 Ligand amendment described below or pursue asset sale or other transactions, such as the sale of the Orthobiologics Business described above. In the future, the Company may also seek to obtain waivers, amendments or other accommodations with lenders or other obligees in order to help manage the Company's indebtedness and other obligations, such as the May 2025 amendment to the SWK Loan Facility described below. However, such transactions may not be successful, and we may not be able to raise additional equity, refinance our debt instruments, sell assets or obtain waivers or amendments to our obligations on acceptable terms, or at all. As such, based on our current operating plans, we believe there is uncertainty as to whether our future cash flows along with our existing cash, issuances of additional equity and cash generated from expected future sales will be sufficient to meet our anticipated operating needs through twelve months from the financial statement issuance date. Due to these factors, there is substantial doubt about our ability to continue as a going concern within one year after the issuance of the financial statements.

#### Cash Flows for the Six Months ended June 30, 2025 and 2024

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| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Net cash provided by (used in): |  |  |
| &nbsp;&nbsp;Operating activities | $(17109) | $(6973) |
| &nbsp;&nbsp;Investing activities | (392) | 167 |
| &nbsp;&nbsp;Financing activities | 12762 | 5718 |
| **Net decrease in cash and cash equivalents** | $**(4739)** | $**(1088)** |

---

*Cash Flows From Operating Activities*

Net cash used in operating activities for the six months ended June 30, 2025 was $17.1 million compared to $7.0 million for the six months ended June 30, 2024. The year-over-year increase was primarily due to inventory growth in the 2025 period to keep pace with EluPro sales growth, as well as FiberCel settlement payments of $7.1 million in the six months ended June 30, 2025.

*Cash Flows From Investing Activities*

Net cash used in investing activities for the six months ended June 30, 2025 was $0.4 million compared to net cash provided by investing activities of $0.2 million for the six months ended June 30, 2024. The current year period reflects purchases of property and equipment for our production facilities. The prior year period reflects our receipt of an adjustment payment related to the final working capital received by Berkeley at the sale date of our Orthobiologics Business.

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*Cash Flows From Financing Activities*

Net cash provided by financing activities for the six months ended June 30, 2025 was $12.8 million compared to cash used in financing activities of $5.7 million for the six months ended June 30, 2024. The current year's cash generation was primarily through the 2025 Registered Offering which yielded net proceeds of $13.8 million. The prior year's cash generation was primarily through the 2024 Registered Offering and warrant exercises, which yielded net proceeds of $12.4 million offset by long-term debt and the revenue interest obligation payments totaling $7.2 million.

#### Credit Facilities
*General*

As of June 30, 2025, we had $24.3 million of indebtedness outstanding, consisting of $23.8 million outstanding under our SWK Loan Facility described below and $1.0 million of exit fee liabilities, net of $0.5 million of unamortized discount and deferred financing costs. Such indebtedness currently has a principal payment commencement date of November 15, 2025, with quarterly principal payments in an amount equal to 5% of the outstanding principal.

On August 10, 2022 (the "Closing Date"), we entered into a senior secured term loan facility with SWK Funding LLC ("SWK"), as agent, and other lenders party thereto (as amended and modified subsequent to the Closing Date, the "SWK Loan Facility") for an aggregate principal amount of $25 million. An initial draw of $21 million was made on the Closing Date with the additional $4 million drawn on December 14, 2022. The SWK Loan Facility also allows for the establishment of a separate, new asset-based revolving loan facility of up to $8 million, which has not been entered into to date. As of June 30, 2025, we had $23.8 million of indebtedness outstanding under our SWK Loan Facility and an exit fee liability to SWK of $1.0 million, with such balances being net of $0.5 million of unamortized discount and deferred financing costs.

*Interest Rates*

All of the SWK Loan Facility borrowings take the form of Secured Overnight Financing Rate ("SOFR") loans and bear interest at a rate per annum equal to the sum of an applicable margin of (i) 7.75% and the "Term SOFR Rate" (based upon an interest period of 3 months), or (ii) if we have elected the PIK Interest option (as defined below), 3.75% and the "Term SOFR Rate." We may elect a portion of the interest due, to be paid in-kind at a rate per annum of 4.5% ("PIK Interest"), and such election may be made until November 15, 2025. The "Term SOFR Rate" is subject to a floor of 2.75%.

*Mandatory Prepayments*

Prior to the May 2025 amendment described below, the SWK Loan Facility Agreement required certain mandatory prepayments, subject to certain exceptions, with: (1) 100% of any net casualty proceeds in excess of $250,000 and (2) for non-ordinary course asset sales, an amount equal to the difference between (x) the proportion of divested gross profit (as defined in the SWK Loan Facility) to the Company's total gross profit (as defined in the SWK Loan Facility) multiplied by the outstanding loans under the SWK Loan Facility, and (y) the difference between $1,000,000 and the aggregate sale proceeds of any assets previously sold during the fiscal year. The closing of the sale of the Orthobiologics Business in November 2023 triggered the mandatory prepayment of $4.0 million. Of such amount, $2.0 million was paid shortly after closing of the divestiture of the Orthobiologics Business in 2023 and the remainder was paid on February 15, 2024 based on mutual agreement between the parties. No such mandatory prepayments were required in the three months ended March 31, 2025.

*Optional Prepayment*

The agreement, as amended, governing the SWK Loan Facility also includes an exit fee equal to 6.5% of the aggregate principal amount funded prior to termination plus $112,500.

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*Amortization and Final Maturity*

The SWK Loan Facility matures on August 10, 2027 and accrues interest, payable quarterly in arrears. Principal amortization of the SWK Loan Facility starts on November 15, 2025. Principal payments during the amortization period will be limited based on revenue-based caps. As of June 30, 2025, quarterly principal payments will be in an amount equal to 5% of the aggregate principal amount funded with the balance paid at maturity.

*Security*

All obligations under the SWK Loan Facility are, and any future guarantees of those obligations will be, secured by, among other things, and in each case subject to certain exceptions, a first priority lien on and security interest in, upon, and to all of our assets, whether now owned or hereafter acquired, wherever located.

*Covenants and Other Matters*

The SWK Loan Facility Agreement that governs the SWK Loan Facility contains a number of covenants that, among other things and subject to certain exceptions, restrict our ability to:

● incur additional indebtedness;

● incur certain liens;

● pay dividends or make other distributions on equity interests;

● redeem, repurchase or refinance subordinated indebtedness;

● consolidate, merge or sell or otherwise dispose of assets;

● make investments, loans, advances, guarantees and acquisitions;

● enter into transactions with affiliates;

● amend or modify our governing documents;

● amend or modify certain material agreements; and

● alter the business conducted by us and our subsidiaries.

In addition, the SWK Loan Facility Agreement contains two financial covenants. The first covenant, which is measured quarterly, requires us to achieve a specified Minimum Aggregate Revenue (as defined in the SWK Loan Facility) for the preceding 12-month period or, alternatively, to maintain Consolidated Unencumbered Liquid Assets (as defined in the SWK Loan Facility) greater than either (i) the outstanding principal balance of the loan, or (ii) the aggregate operating cash burn (as defined in the SWK Loan Facility) for the preceding 12-month period. The second covenant initially required us to maintain a minimum liquidity (as defined in the SWK Loan Facility) of the greater of (a) $5.0 million and (b) the sum of the operating cash burn for the two prior consecutive fiscal quarters then ended (the "Liquidity Covenant").

In May 2025, we entered into an amendment to the SWK Loan Facility. The amendment, among other things: (i) allowed for 100% of the interest payment due and owing in May 2025 to be paid as PIK interest, (ii) removed mandatory repayment obligations related to non-ordinary course asset sales, (iii) allowed us to request that SWK advance a new term loan in the amount of up to $5.0 million, which advance will be in the sole and absolute discretion of SWK and (iv) fixed the amount of the Liquidity Covenant to a minimum liquidity of $8.0 million. In consideration for the amendment, the Company agreed to issue SWK 50,000 shares of its Class A Common Stock in a private placement.

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The SWK Loan Facility Agreement contains events of default, including, most significantly, a failure to timely pay interest or principal, insolvency, or an action by the FDA or such other material adverse event impacting the operations of Elutia. As of June 30, 2025, we were in compliance with the financial covenants, as amended, and all other covenants.

#### Ligand Revenue Interest Obligation
We are also a party to a royalty agreement with Ligand Pharmaceuticals Incorporated ("Ligand") pursuant to which we have incurred a long-term obligation to Ligand (the "Revenue Interest Obligation"). The Revenue Interest Obligation, as amended in January 2024, requires us to pay Ligand 5.0% of future sales of our CanGaroo, ProxiCor, Tyke and VasCure products, and substantially similar products, such as EluPro, through May 31, 2027, subject to annual minimum payments of $4.4 million.

Effective May 8, 2025, we entered into a subscription agreement and further amendment to the Revenue Interest Obligation with Ligand. Through the amendment, $2.2 million in outstanding royalty obligations (royalty obligations for the fiscal quarters ended December 31, 2024 and March 31, 2025) owed by Elutia to Ligand under the Revenue Interest Obligation as amended were satisfied by the issuance of 1,105,528 shares of Elutia's Class A common stock to Ligand in a transaction registered with the Securities and Exchange Commission.

#### Funding Requirements
We expect to continue to incur significant expenses and operating losses for the foreseeable future as we further commercialize EluPro and expand our product development and clinical and research activities. In addition, we expect to continue to incur significant costs and expenses associated with operating as a public company.

If our available cash balances and cash flow from operations are insufficient to satisfy our liquidity requirements, we may seek to raise additional capital through equity offerings, debt financings, substitution of cash payment obligations with equity or asset sale or other transactions. In the future, we may also seek to preserve existing capital by obtaining waivers, amendments or similar accommodations from our lenders and other obligees. However, such transactions may not be successful and we may not be able to raise additional equity or debt, sell or license assets or obtain waivers or amendments on acceptable terms, or at all. We may also consider raising additional capital in the future to expand our business, pursue strategic investments or take advantage of financing opportunities. Our present and future funding requirements will depend on many factors, including, among other things:

● the cost of fully commercializing our EluPro product;

● the costs of defending against, or the damages payable in connection with the FiberCel Litigation and VBM Litigation, associated litigation related to indemnity claims by other defendants to the FiberCel Litigation and any future litigation that we may be subject to (to the extent above the applicable insurance coverage);

● continued patient, physician and market acceptance of our products;

● the scope, rate of progress and cost of our current and future pre-clinical and clinical studies;

● the cost of our research and development activities and the cost and timing of commercializing new products or technologies;

● the cost and timing of expanding our sales and marketing capabilities;

● the cost of filing and prosecuting patent applications and maintaining, defending and enforcing our patent or other intellectual property rights;

[**Table of Contents**](#TOC)

● the cost of defending, in litigation or otherwise, any claims that we infringe, misappropriate or otherwise violate third-party patents or other intellectual property rights;

● the cost and timing of additional regulatory approvals;

● costs associated with any product recall that may occur;

● the effect of competing technological and market developments;

● the expenses we incur in manufacturing and selling our products;

● the extent to which we acquire or invest in products, technologies and businesses in the future, although we may currently have no commitments or agreements relating to any of these types of transactions;

● the costs of operating as a public company;

● unanticipated general, legal and administrative expenses; and

● the effects on any of the above from any pandemic, epidemic or outbreak of infectious disease or any other public health crisis.

In addition, our operating plans may change as a result of any number of factors, including those set forth above and other factors currently unknown to us, and we may need additional funds sooner than anticipated. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest may be materially diluted, and the terms of such securities could include liquidation or other preferences that adversely affect your rights as a common stockholder. Debt financing, if available, may involve agreements that include restrictive covenants that limit our ability to take specific actions, such as incurring additional debt, making capital expenditures, creating liens, redeeming shares of our common stock and/or declaring dividends. If we raise funds through collaborations, licensing agreements or other strategic alliances, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates, or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings or other arrangements when needed, we may be required to delay the development or commercialization of our products, license to third parties the rights to commercialize products or technologies that we would otherwise seek to commercialize and reduce marketing, customer support or other resources devoted to our products or cease operations. See our Annual Report, Part I, Item 1A. "Risk Factors — Risks Related to Our Business — *Our future capital needs are uncertain and we may need to raise funds in the future, and such funds may not be available on acceptable terms or at all*."

Based on our current operating plans, we believe there is uncertainty as to whether our future cash flows along with our existing cash, issuances of additional equity, cash saved through substitution of cash payment obligations with equity issuances and cash generated from expected future sales will be sufficient to meet our anticipated operating needs through twelve months from the financial statement issuance date. Due to these factors, there is substantial doubt about our ability to continue as a going concern within one year after the issuance of the financial statements.

#### Critical Accounting Policies and Estimates
The preparation of our unaudited condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. We have discussed the policies and estimates that we believe are critical and require the use of complex judgment in their application in our Annual Report, and, during the six months ended June 30, 2025, there were no material changes to those previously disclosed other than those outlined in Note 2, "Summary of Significant Accounting Policies."

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#### Recent Accounting Pronouncements
See Note 3, "Recently Issued Accounting Standards," to our condensed consolidated financial statements included elsewhere in this Quarterly Report for information regarding recently issued accounting pronouncements.

#### JOBS Act
Section 107 of the JOBS Act permits us, as an "emerging growth company," to take advantage of an extended transition period for adopting new or revised accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this exemption and, as a result, for so long as we remain an emerging growth company, unless we subsequently choose to affirmatively and irrevocably opt out of the extended transition period, our financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies. Section 107 of the JOBS Act provides that we can elect to opt out of the extended transition period at any time, which election is irrevocable.

We will remain an emerging growth company, and will be able to take advantage of the foregoing exemptions, until the earliest of: (i) the last day of the first fiscal year in which our annual gross revenues are $1.235 billion or more; (ii) the last day of 2025; (iii) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common equity held by non-affiliates is $700 million or more as of the last business day of our most recently completed second fiscal quarter; or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the previous three years.

.

#### Item 3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk.
We are exposed to market risks in the ordinary course of our business, including risks relating to changes in interest rates, foreign currency and inflation. The following discussion provides additional information regarding these risks.

#### Interest Rate Risk
Our primary exposure to market risk relates to changes in interest rates. Borrowings under our SWK Loan Facility bear interest at variable rates, subject to an interest rate floor. Interest rate risk is highly sensitive to many factors, including U.S. monetary and tax policies, U.S. and international economic factors and other factors beyond our control. A hypothetical 10% relative change in interest rates on our variable rate indebtedness outstanding at June 30, 2025 would not have had a material effect on our financial statements. We do not currently engage in hedging transactions to manage our exposure to interest rate risk.

#### Credit Risk
As of June 30, 2025, our cash was maintained with two financial institutions in the United States. While our deposit accounts are insured up to the legal limit, the balances we maintain may, at times, exceed this insured limit. We believe these financial institutions have sufficient assets and liquidity to conduct their operations in the ordinary course of business with little or no credit risk to us.

#### Foreign Currency Risk
Our business is primarily conducted in U.S. dollars. Any transactions that may be conducted in foreign currencies are not expected to have a material effect on our financial condition, results of operations or cash flows. As we grow our operations, our exposure to foreign currency risk could become more significant.

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#### Item 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures.

#### Limitations on Effectiveness of Controls and Procedures
In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

#### Evaluation of Disclosure Controls and Procedures
The Company's management has evaluated, with the participation of the Chief Executive Officer and the Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025.

#### Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the six months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

#### PART II – OTHER INFORMATION

#### Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings.
From time to time, we may be involved in claims and proceedings arising in the course of our business. The outcome of any such claims or proceedings, regardless of the merits, is inherently uncertain. For information about legal proceedings in which we are involved, see Note 9 to the condensed consolidated financial statements included elsewhere in this Quarterly Report.

#### Item 1A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk Factors.
Our business, financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including but not limited to those described as risk factors, any one or more of which could, directly or indirectly, cause our actual operating results and financial condition to vary materially from past, or anticipated future, operating results and financial condition. For a discussion of these potential risks and uncertainties, see Part I, Item 1A. "Risk Factors" of our Annual Report. Any of these factors, in whole or in part, could materially and adversely affect our business, financial condition, operating results and the price of our common stock. There have been no material changes in our risk factors to those included in our Annual Report.

#### Item 2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds.
None.

#### Item 3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defaults Upon Senior Securities.
None.

#### Item 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosures.
Not applicable.

[**Table of Contents**](#TOC)

#### Item 5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Information.
During the six months ended June 30, 2025, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408 of Regulation S-K).

#### Item 6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ExhibitNumber** | **Description** | **Form** | **File No.** | **Exhibit** | **Filing Date** | **Filed/ Furnished Herewith** |
| 2.1 | [Asset Purchase Agreement, dated September 17, 2023, by and among Elutia Inc., Berkeley Biologics, LLC, and GNI Group, Ltd. (solely with respect to Section 11.18)](https://www.sec.gov/Archives/edgar/data/1708527/000110465923101780/tm2326344d1_ex10-1.htm) | [8-K](https://www.sec.gov/Archives/edgar/data/1708527/000110465923101780/tm2326344d1_ex10-1.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000110465923101780/tm2326344d1_ex10-1.htm) | [10.1](https://www.sec.gov/Archives/edgar/data/1708527/000110465923101780/tm2326344d1_ex10-1.htm) | [9/19/2023](https://www.sec.gov/Archives/edgar/data/1708527/000110465923101780/tm2326344d1_ex10-1.htm) |  |
| 3.1a | [Restated Certificate of Incorporation of Elutia Inc.](https://www.sec.gov/Archives/edgar/data/1708527/000110465920114535/tm2023171d18_ex3-1.htm) | [8-K](https://www.sec.gov/Archives/edgar/data/1708527/000110465920114535/tm2023171d18_ex3-1.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000110465920114535/tm2023171d18_ex3-1.htm) | [3.1](https://www.sec.gov/Archives/edgar/data/1708527/000110465920114535/tm2023171d18_ex3-1.htm) | [10/13/2020](https://www.sec.gov/Archives/edgar/data/1708527/000110465920114535/tm2023171d18_ex3-1.htm) |  |
| 3.1b | [Certificate of Amendment to the Restated Certificate of Incorporation of Elutia Inc.](https://www.sec.gov/Archives/edgar/data/1708527/000110465923098809/tm2325574d1_ex3-1.htm) | [8-K](https://www.sec.gov/Archives/edgar/data/1708527/000110465923098809/tm2325574d1_ex3-1.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000110465923098809/tm2325574d1_ex3-1.htm) | [3.1](https://www.sec.gov/Archives/edgar/data/1708527/000110465923098809/tm2325574d1_ex3-1.htm) | [09/07/2023](https://www.sec.gov/Archives/edgar/data/1708527/000110465923098809/tm2325574d1_ex3-1.htm) |  |
| 3.2 | [Amended and Restated Bylaws of Elutia Inc.](https://www.sec.gov/Archives/edgar/data/1708527/000110465920114535/tm2023171d18_ex3-2.htm) | [8-K](https://www.sec.gov/Archives/edgar/data/1708527/000110465920114535/tm2023171d18_ex3-2.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000110465920114535/tm2023171d18_ex3-2.htm) | [3.2](https://www.sec.gov/Archives/edgar/data/1708527/000110465920114535/tm2023171d18_ex3-2.htm) | [10/13/2020](https://www.sec.gov/Archives/edgar/data/1708527/000110465920114535/tm2023171d18_ex3-2.htm) |  |
| 4.1 | [Second Amended and Restated Investor Rights Agreement, dated as of September 14, 2020, among the Registrant and the investors named therein](https://www.sec.gov/Archives/edgar/data/1708527/000110465920104884/tm2023171d8_ex4-1.htm) | [S-1](https://www.sec.gov/Archives/edgar/data/1708527/000110465920104884/tm2023171d8_ex4-1.htm) | [333-248788](https://www.sec.gov/Archives/edgar/data/1708527/000110465920104884/tm2023171d8_ex4-1.htm) | [4.1](https://www.sec.gov/Archives/edgar/data/1708527/000110465920104884/tm2023171d8_ex4-1.htm) | [09/14/2020](https://www.sec.gov/Archives/edgar/data/1708527/000110465920104884/tm2023171d8_ex4-1.htm) |  |
| 4.2 | [Specimen stock certificate evidencing the shares of Class A common stock](https://www.sec.gov/Archives/edgar/data/1708527/000110465920104884/tm2023171d8_ex4-2.htm) | [S-1](https://www.sec.gov/Archives/edgar/data/1708527/000110465920104884/tm2023171d8_ex4-2.htm) | [333-248788](https://www.sec.gov/Archives/edgar/data/1708527/000110465920104884/tm2023171d8_ex4-2.htm) | [4.2](https://www.sec.gov/Archives/edgar/data/1708527/000110465920104884/tm2023171d8_ex4-2.htm) | [09/14/2020](https://www.sec.gov/Archives/edgar/data/1708527/000110465920104884/tm2023171d8_ex4-2.htm) |  |
| 4.3 | [Specimen stock certificate evidencing the shares of Class B common stock](https://www.sec.gov/Archives/edgar/data/1708527/000110465920110107/tm2023171d11_ex4-3.htm) | [S-1/A](https://www.sec.gov/Archives/edgar/data/1708527/000110465920110107/tm2023171d11_ex4-3.htm) | [333-248788](https://www.sec.gov/Archives/edgar/data/1708527/000110465920110107/tm2023171d11_ex4-3.htm) | [4.3](https://www.sec.gov/Archives/edgar/data/1708527/000110465920110107/tm2023171d11_ex4-3.htm) | [09/30/2020](https://www.sec.gov/Archives/edgar/data/1708527/000110465920110107/tm2023171d11_ex4-3.htm) |  |
| 4.4 | [Warrant to Purchase Stock, issued on August 10, 2022, by Elutia Inc.to SWK Funding LLC.](https://www.sec.gov/Archives/edgar/data/1708527/000110465922091214/tm2223445d1_ex4-1.htm)<br>| [8-K](https://www.sec.gov/Archives/edgar/data/1708527/000110465922091214/tm2223445d1_ex4-1.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000110465922091214/tm2223445d1_ex4-1.htm) | [4.1](https://www.sec.gov/Archives/edgar/data/1708527/000110465922091214/tm2223445d1_ex4-1.htm) | [8/15/2022](https://www.sec.gov/Archives/edgar/data/1708527/000110465922091214/tm2223445d1_ex4-1.htm) |  |
| 4.5 | [Form of Common Warrant](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-1.htm) | [8-K](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-1.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-1.htm) | [4.1](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-1.htm) | [9/21/2023](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-1.htm) |  |
| 4.6 | [2023 Form of Prefunded Warrant](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-2.htm) | [8-K](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-2.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-2.htm) | [4.2](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-2.htm) | [9/21/2023](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-2.htm) |  |
| 4.7 | [Registration Rights Agreement, dated September 21, 2023, by and among Elutia Inc. and the Investors named therein](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex10-2.htm) | [8-K](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex10-2.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex10-2.htm) | [10.2](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex10-2.htm) | [9/21/2023](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex10-2.htm) |  |
| 4.8 | [2024 Form of Prefunded Warrant](https://www.sec.gov/Archives/edgar/data/1708527/000110465924072818/tm2417396d2_ex4-1.htm) | [8-K](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-1.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-1.htm) | [4.1](https://www.sec.gov/Archives/edgar/data/1708527/000110465923102812/tm2326577d1_ex4-1.htm) | [6/18/2024](https://www.sec.gov/Archives/edgar/data/1708527/000110465924072818/tm2417396d2_ex4-1.htm) |  |
| 4.10 | [2025 Form of Prefunded Warrant](https://www.sec.gov/Archives/edgar/data/1708527/000110465925009187/tm255299d1_ex4-1.htm) | [8-K](https://www.sec.gov/Archives/edgar/data/1708527/000110465925009187/tm255299d1_ex4-1.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000110465925009187/tm255299d1_ex4-1.htm) | [4.1](https://www.sec.gov/Archives/edgar/data/1708527/000110465925009187/tm255299d1_ex4-1.htm) | [2/4/2025](https://www.sec.gov/Archives/edgar/data/1708527/000110465925009187/tm255299d1_ex4-1.htm) |  |
| 10.37 | [Subscription Agreement and Amendment No. 2 to Royalty Agreement dated May 8, 2025 between Elutia Inc., Elutia Med LLC and Ligand Pharmaceuticals Incorporation](https://www.sec.gov/Archives/edgar/data/1708527/000155837025007586/elut-20250331xex10d37.htm) | [10-Q](https://www.sec.gov/Archives/edgar/data/1708527/000155837025007586/elut-20250331xex10d37.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000155837025007586/elut-20250331xex10d37.htm) | [10.37](https://www.sec.gov/Archives/edgar/data/1708527/000155837025007586/elut-20250331xex10d37.htm) | [5/13/2025](https://www.sec.gov/Archives/edgar/data/1708527/000155837025007586/elut-20250331xex10d37.htm) |  |

---

[**Table of Contents**](#TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 10.38 | [Fourth Amendment to Credit Agreement dated May 7, 2025 by and among Elutia Inc., SWK Funding LLC as Agent and the lenders from time to time party thereto](https://www.sec.gov/Archives/edgar/data/1708527/000155837025007586/elut-20250331xex10d38.htm) | [10-Q](https://www.sec.gov/Archives/edgar/data/1708527/000155837025007586/elut-20250331xex10d38.htm) | [001-39577](https://www.sec.gov/Archives/edgar/data/1708527/000155837025007586/elut-20250331xex10d38.htm) | [10.38](https://www.sec.gov/Archives/edgar/data/1708527/000155837025007586/elut-20250331xex10d38.htm) | [5/13/2025](https://www.sec.gov/Archives/edgar/data/1708527/000155837025007586/elut-20250331xex10d38.htm) |  |
| 31.1 | [Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](elut-20250630xex31d1.htm) |  |  |  |  | \* |
| 31.2 | [Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](elut-20250630xex31d2.htm) |  |  |  |  | \* |
| 32.1 | [Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](elut-20250630xex32d1.htm) |  |  |  |  | \*\* |
| 32.2 | [Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](elut-20250630xex32d2.htm) |  |  |  |  | \*\* |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |  |  |  |  | \* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |  |  |  |  | \* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  |  | \* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |  |  |  |  | \* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |  |  |  |  | \* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  |  | \* |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |  | \* |

---

\* Filed herewith.

\*\* Furnished herewith.

[**Table of Contents**](#TOC)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | ELUTIA INC. | ELUTIA INC. |
| Date: August 14, 2025 | By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ C. Randal Mills, Ph.D. |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Randal Mills, Ph.D. |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(principal executive officer)* |
| Date: August 14, 2025 | By:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Matthew Ferguson |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matthew Ferguson |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(principal financial officer and principal accounting officer)* |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATIONS**

I, C. Randal Mills, Ph.D., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 of Elutia Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ C. Randal Mills, Ph.D. |
|  |  | C. Randal Mills, Ph.D. |
|  |  | *President and Chief Executive Officer*<br>*(principal executive officer)* |

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS**

I, Matthew Ferguson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 of Elutia Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Matthew Ferguson |
|  |  | Matthew Ferguson |
|  |  | *Chief Financial Officer*<br>*(principal financial officer)* |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Elutia Inc. (the "Company") on Form 10-Q for the quarterly period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ C. Randal Mills, Ph.D. |
|  |  | C. Randal Mills, Ph.D. |
|  |  | *President and Chief Executive Officer*<br>*(principal executive officer)* |

---

The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

------

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Elutia Inc. (the "Company") on Form 10-Q for the quarterly period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Matthew Ferguson |
|  |  | Matthew Ferguson |
|  |  | *Chief Financial Officer* <br>*(principal financial officer)* |

---

The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

------