ELUT 8-K SEC Filing Analysis

Latest settled — T+5d

ELUT ▲ +12.62% at T+5d

NEUTRAL call ✓ call won +12.62% · α vs SPY +11.66% · entry $1.03 → $1.16

Next anchor: T+20d due yesterday

Currently $0.9600 · -6.80% from $1.03 entry

Entry anchored
May 14, 2026
via day open

T+1d

+6.80%

call +6.80% · α +6.86%

$1.10

settled 29d ago

T+5d

+12.62%

call +12.62% · α +11.66%

$1.16

settled 23d ago

T+20d

—

call — · α —

—

due yesterday

T+60d

—

call — · α —

—

in 8w

Price Chart

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Executive Summary

Elutia reported Q1 2026 revenue of $3.1M (+6% YoY) and a GAAP net loss of $7.5M, widening from a $3.9M loss in Q1 2025, driven by a $6.7M non-cash swing in warrant liability revaluation. The core story remains the NXT-41x pipeline, with FDA clearance for NXT-41 on track for Q4 2026 and NXT-41x for 1H27, supported by a new automated manufacturing process targeting >80% gross margins at scale. The balance sheet is stable with $36.5M in cash and escrow, but the company is pre-revenue on its key catalyst and burning ~$4.4M in adjusted EBITDA per quarter.

Key Financial Metrics

Gross Margin

57.9%

Actionable Insight

The stock trades on NXT-41x pipeline milestones, not current financials. Watch for FDA clearance of NXT-41 in Q4 2026 and any SimpliDerm/Cardiovascular divestiture announcements that could extend cash runway. The $8.0M escrow release in Q4 2026 is a near-term liquidity catalyst.

Key Facts

Q1 2026 net sales $3.1M, up 6% from $3.0M in Q1 2025
GAAP net loss $7.5M vs $3.9M loss in Q1 2025, driven by non-cash warrant revaluation swing
Adjusted EBITDA loss widened to $4.4M from $2.8M in Q1 2025
Cash and escrow $36.5M ($28.5M cash + $8.0M escrow), expected to fund operations into 2027
NXT-41 510(k) clearance on track for Q4 2026; NXT-41x clearance anticipated 1H27
New automated manufacturing process installed, targeting >80% gross margins at scale
Strategic processes for SimpliDerm and Cardiovascular product lines advancing
44.2M Class A shares outstanding plus 3.2M pre-funded warrants as of March 31, 2026

Financial Impact

Quarterly revenue $3.1M, net loss $7.5M, adjusted EBITDA loss $4.4M

revenuenet lossadjusted EBITDAcash burn

Risk Factors

FDA clearance delays for NXT-41 or NXT-41x
Cash burn of ~$4.4M/quarter adjusted EBITDA could require additional financing before NXT-41x commercialization
Dilution risk from 3.2M pre-funded warrants outstanding
SimpliDerm and Cardiovascular revenue declining (SimpliDerm -19% YoY) as focus shifts to NXT-41x

Market Snapshot

Exchange

Nasdaq

Sector

Biological Products, (No Diagnostic Substances)

Analyst Consensus

86% bullish (7 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001104659-26-061150
Document: elut-20260514x8k.htm	0001104659-26-061150
Document: 0001104659-26-061150-index-headers.html	0001104659-26-061150
Document: 0001104659-26-061150-index.html	0001104659-26-061150
Document: 0001104659-26-061150.txt	0001104659-26-061150
8-K Data (Synthetic)	0001104659-26-061150

2 reports for ELUT

T+1T+5T+20T+60

Filters

Reports for ELUT — sortable, filterable
	Type				Now
May 14, 2026 29d ago	8-K NEUTRAL ★ 5/10	$1.03 $1.16	▲ +12.62%	▲ +11.66%	$0.9600 (−6.80%)
Mar 11, 2026 13w ago	8-K MIXED ★ 7/10	$1.15 $1.05	▼ −8.70%	▼ −7.72%	$0.9600 (−16.52%)

US Market Status

Market Closed — Opens Mon (45h 40m)

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