Elutia Inc
ELUTHealthcare|Biotechnology|US
$0.84
+0.09 (+11.52%)
DCF Value
$0.08
Tangible Book / Share
$0.33
Graham Number
$2.94
Cash / Share
$0.66
Financials
Financial Snapshot
Market Cap
$37.1M
Enterprise Value
$8.0M
Revenue (TTM)
$9.9M
Net Income (TTM)
$49.2M
Cash & Investments
$29.1M
Net Cash
$29.1M
Free Cash Flow (TTM)
-$45.5M
Operating CF (TTM)
-$44.0M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$29.1M
Quarterly Burn
$11.0M
Monthly Burn
$3.7M
Est. Runway
~2.6 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $2.4M | $2.5M | $39.1M | $30.4M | $17.0M | $19.3M | $13.2M | $36.4M | $29.1M | |
| Operating Cash Flow | -$5.1M | -$7.2M | -$13.6M | -$15.4M | -$21.4M | -$21.8M | -$22.7M | -$44.8M | -$44.0M | |
| Free Cash Flow | -$5.3M | -$7.8M | -$14.3M | -$15.8M | -$22.0M | -$22.1M | -$23.3M | -$46.7M | -$45.5M | |
| Capital Expenditure | -$190.0K | -$577.0K | -$640.0K | -$369.0K | -$540.0K | -$346.0K | -$654.0K | -$1.9M | -$1.5M | |
| Financing Cash Flow | $7.0M | $8.0M | $51.2M | $6.7M | $8.5M | $9.8M | $17.1M | -$10.6M | -$23.4M |
R&D Spending
R&D (TTM)
$8.7M
R&D Intensity
87.4%
R&D Growth vs Prior
+108.8%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.0M | $42.9M | $42.7M | $47.4M | $23.8M | $24.7M | $24.4M | $12.3M | $9.9M | |
| R&D Expense | $2.5M | $2.4M | $6.0M | $9.3M | $7.7M | $4.4M | $3.8M | $4.2M | $8.7M | |
| R&D % of Revenue | 6.4% | 5.6% | 13.9% | 19.6% | 32.4% | 17.8% | 15.5% | 33.9% | 87.4% | |
| SG&A | $21.7M | $25.8M | $28.2M | $32.5M | $33.9M | $27.2M | $31.2M | $20.8M | $16.2M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.0M | $42.9M | $42.7M | $47.4M | $23.8M | $24.7M | $24.4M | $12.3M | $9.9M | |
| Cost of Revenue | $23.1M | $23.1M | $22.1M | $28.4M | $12.2M | $13.7M | $13.7M | $5.7M | $4.1M | |
| Gross Profit | $15.9M | $19.8M | $20.6M | $19.0M | $11.6M | $11.1M | $10.7M | $6.6M | $5.9M | |
| R&D | $2.5M | $2.4M | $6.0M | $9.3M | $7.7M | $4.4M | $3.8M | $4.2M | $8.7M | |
| SG&A | $21.7M | $25.8M | $28.2M | $32.5M | $33.9M | $27.2M | $31.2M | $20.8M | $16.2M | |
| Operating Income | -$8.2M | -$8.4M | -$13.6M | -$23.0M | -$35.2M | -$30.5M | -$35.7M | -$18.4M | -$26.1M | |
| Interest Expense | $5.5M | $5.4M | $5.6M | $5.3M | $5.1M | $5.8M | $4.8M | -$387.0K | -$3.5M | |
| Pretax Income | -$11.5M | -$11.9M | -$21.8M | -$24.8M | -$36.1M | -$41.2M | -$54.1M | -$15.9M | -$28.5M | |
| Net Income | -$11.6M | -$11.9M | -$21.8M | -$24.8M | -$32.9M | -$37.7M | -$53.9M | $53.4M | $49.2M | |
| EPS (Diluted) | -1.08 | -1.12 | -2.13 | -2.38 | -2.38 | -2.07 | -1.86 | 0.87 | 1.09 | |
| EBITDA | -$2.2M | -$2.7M | -$12.3M | -$15.7M | -$27.3M | -$31.7M | -$48.3M | -$13.5M | -$31.6M | |
| Shares Out. (M) | 10.67 | 10.67 | 10.23 | 10.44 | 13.83 | 18.16 | 29.07 | 45.94 | 47.54 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.4M | $2.5M | $39.1M | $30.4M | $17.0M | $19.3M | $13.2M | $36.4M | $29.1M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $18.1M | $18.4M | $59.7M | $47.4M | $50.7M | $31.3M | $26.2M | $55.8M | $42.2M | |
| Total Assets | $47.7M | $44.8M | $82.8M | $67.2M | $68.8M | $43.4M | $36.1M | $62.4M | $48.2M | |
| Total Current Liabilities | $13.3M | $18.3M | $26.8M | $26.0M | $42.6M | $43.0M | $37.8M | $25.1M | $16.0M | |
| Long-Term Debt | $75.9M | $19.6M | $17.8M | $10.4M | $24.3M | $20.4M | $22.6M | $2.8M | $0.00 | |
| Total Liabilities | $91.1M | $99.9M | $62.0M | $53.6M | $73.9M | $82.0M | $82.4M | $34.7M | $32.9M | |
| Stockholders' Equity | -$43.4M | -$55.1M | $20.8M | $13.5M | -$5.0M | -$38.6M | -$46.3M | $27.7M | $15.3M | |
| Retained Earnings | -$45.0M | -$56.9M | -$80.3M | -$105.1M | -$138.0M | -$175.6M | -$229.6M | -$176.2M | -$192.6M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.1M | -$7.2M | -$13.6M | -$15.4M | -$21.4M | -$21.8M | -$22.7M | -$44.8M | -$44.0M | |
| Capital Expenditure | -$190.0K | -$577.0K | -$640.0K | -$369.0K | -$540.0K | -$346.0K | -$654.0K | -$1.9M | -$1.5M | |
| Free Cash Flow | -$5.3M | -$7.8M | -$14.3M | -$15.8M | -$22.0M | -$22.1M | -$23.3M | -$46.7M | -$45.5M | |
| Investing Cash Flow | -$190.0K | -$577.0K | -$640.0K | -$369.0K | -$540.0K | $14.2M | -$474.0K | $78.6M | $78.8M | |
| Financing Cash Flow | $7.0M | $8.0M | $51.2M | $6.7M | $8.5M | $9.8M | $17.1M | -$10.6M | -$23.4M | |
| Issuance of Stock | $0.00 | $0.00 | $43.0M | $13.8M | $10.1M | $0.00 | $0.00 | $13.9M | $80.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$32.0K | -$1.2M | $0.00 | $0.00 | |
| Net Debt Issuance | -$4.0M | $6.7M | $7.0M | -$4.5M | $1.6M | -$2.0M | -$2.0M | -$23.1M | -$23.1M | |
| Stock Based Comp. | $0.00 | $208.0K | $779.0K | $3.5M | $3.6M | $2.4M | $7.9M | $4.4M | $4.7M | |
| Net Change in Cash | $1.7M | $177.0K | $36.9M | -$9.1M | -$13.4M | $2.3M | -$6.0M | $23.1M | $11.4M |
Dilution Tracker
Shares outstanding grew 349.3% over 5 years — significant dilution
Shares Outstanding
44M
5-Year Share Growth
+349.3%
Stock Issuance (TTM)
$80.0K
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 10.67 | 10.67 | 10.23 | 10.44 | 13.83 | 18.16 | 29.07 | 45.94 | 47.54 | |
| Change vs Prior % | — | 0.0% | -4.1% | 2.1% | 32.4% | 31.3% | 60.1% | 58.0% | 3.5% | |
| Stock Issuance | $0.00 | $0.00 | $43.0M | $13.8M | $10.1M | $0.00 | $0.00 | $13.9M | $80.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$32.0K | -$1.2M | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $208.0K | $779.0K | $3.5M | $3.6M | $2.4M | $7.9M | $4.4M | $4.7M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 40.8% | 46.1% | 48.2% | 40.1% | 48.8% | 44.7% | 43.9% | 53.7% | 59.0% | |
| Operating Margin % | -21.1% | -19.6% | -31.9% | -48.6% | -147.5% | -123.4% | -146.3% | -149.8% | -262.2% | |
| Net Margin % | -29.6% | -27.8% | -51.1% | -52.4% | -137.9% | -152.2% | -221.3% | 434.2% | 494.3% | |
| EBITDA Margin % | -5.7% | -6.2% | -28.8% | -33.2% | -114.5% | -128.0% | -198.0% | -109.5% | -318.1% | |
| FCF Margin % | -13.6% | -18.2% | -33.4% | -33.4% | -92.1% | -89.3% | -95.6% | -379.8% | -457.1% | |
| ROE % | 26.6% | 21.7% | -104.8% | -183.7% | 653.6% | 97.6% | 116.6% | 192.9% | 242.0% | |
| ROA % | -24.2% | -26.7% | -26.4% | -37.0% | -47.8% | -86.7% | -149.3% | 85.6% | 102.0% | |
| ROIC % | -22.0% | -25.9% | -19.8% | -42.7% | -133.0% | -765.6% | 13059.0% | -43.9% | -81.1% | |
| R&D / Revenue % | 6.4% | 5.6% | 13.9% | 19.6% | 32.4% | 17.8% | 15.5% | 33.9% | 87.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 9.9% | -0.5% | 11.0% | -49.7% | 3.8% | -1.5% | -49.6% | |
| Gross Profit | 0.0% | 24.0% | 4.0% | -7.5% | -38.8% | -5.0% | -3.1% | -38.4% | |
| Operating Income | 0.0% | -2.3% | -61.7% | -69.4% | -52.8% | 13.3% | -16.8% | 48.4% | |
| Net Income | 0.0% | -3.2% | -82.8% | -13.8% | -32.5% | -14.5% | -43.3% | 198.9% | |
| EPS (Diluted) | 0.0% | -3.7% | -90.2% | -11.7% | 0.0% | 13.0% | 10.1% | 146.8% | |
| Operating Cash Flow | 0.0% | -41.0% | -88.6% | -13.4% | -38.8% | -1.5% | -4.1% | -97.8% | |
| Free Cash Flow | 0.0% | -46.8% | -82.9% | -10.9% | -38.9% | -0.6% | -5.4% | -100.3% | |
| R&D Expense | 0.0% | -3.3% | 148.1% | 55.6% | -16.6% | -43.1% | -14.0% | 10.0% | |
| SG&A Expense | 0.0% | 18.9% | 9.4% | 15.3% | 4.3% | -19.8% | 14.8% | -33.2% | |
| Total Assets | 0.0% | -6.2% | 85.0% | -18.9% | 2.5% | -36.9% | -16.8% | 72.6% | |
| Book Value / Share | 0.0% | -27.0% | 139.4% | -36.5% | -128.1% | -484.2% | 25.1% | 142.0% | |
| Debt | 0.0% | -69.0% | 20.0% | -24.1% | 9.5% | -5.9% | 0.3% | -53.5% | |
| Diluted Shares | 0.0% | 0.0% | -4.1% | 2.1% | 32.4% | 31.3% | 60.1% | 58.0% |
Valuation
P/E (TTM)0.65
P/S3.73
10Y Low / Med / High1.39 / 3.27 / 4.46
P/B2.42
10Y Low / Med / High1.04 / 4.87 / 6.69
EV/EBITDAAt Loss
EV/Revenue0.80
10Y Low / Med / High0.29 / 3.07 / 6.01
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.08
Tangible Book / Share
$0.33
Net Current Assets / Share
$0.21
Graham Number
$2.94
Cash / Share
$0.66
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -13.43 | -12.95 | -6.40 | -2.65 | -1.79 | -1.04 | -2.01 | 0.54 | 0.65 | |
| P/S Ratio | 3.96 | 3.61 | 3.27 | 1.39 | 2.47 | 1.59 | 4.46 | 2.33 | 3.73 | |
| P/B Ratio | -3.56 | -2.81 | 6.69 | 4.87 | -11.68 | -1.02 | -2.35 | 1.04 | 2.42 | |
| EV/EBITDA | -105.65 | -66.51 | -10.64 | -3.73 | -2.46 | -1.39 | -2.48 | -0.26 | -0.25 | |
| EV/Revenue | 6.01 | 4.14 | 3.07 | 1.24 | 2.82 | 1.77 | 4.90 | 0.29 | 0.80 |
Analyst Estimates & Quality
Altman Z-Score
-6.29
Distress
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 |
|---|---|---|
| Revenue | $7.5M | $4.3M |
| Net Income | -$28.9M | -$24.8M |
| EPS | $-0.63 | $-0.54 |
| # Analysts (EPS) | 1 | 1 |
Revenue Segments
By Product
| Segment | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cardiovascular | $5.0M | $2.9M | $3.2M |
| Women's Health | $10.3M | $11.6M | $9.1M |