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.
Price Chart
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
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
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
Investment Themes
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 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 9w ago | Press Release | $0.8568 $0.8800 | ▲ +2.71% | ▼ −0.28% | $0.7787 (−9.12%) |
Jun 16, 2026 15w ago | 8-K | $0.9914 $0.9500 | ▼ −4.18% | ▼ −5.49% | $0.7787 (−21.45%) |
May 14, 2026 20w ago | 8-K | $1.03 $0.9690 | ▼ −5.92% | ▼ −8.04% | $0.7787 (−24.40%) |
Mar 11, 2026 29w ago | 8-K | $1.15 $1.13 | ▼ −1.74% | ▼ −3.71% | $0.7787 (−32.29%) |
US Market Status
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