Elutia reports Q4 revenue up 16%, eliminates $26.9M debt

Elutia Inc. (NASDAQ: ELUT) reported preliminary fourth quarter 2025 revenue of approximately $3.3 million, representing a 16% increase compared to the same period in 2024. The company eliminated $26.9 million in outstanding debt during the quarter and ended the year with $36.3 million in cash.

The medical device company repaid the full principal, accrued interest, and exit fees associated with its loan from SWK Holdings during the fourth quarter. An additional $8.0 million related to the BioEnvelope divestiture is held in escrow and expected to be released during 2026, subject to potential indemnification claims.

Elutia sold its EluPro business to Boston Scientific in October 2025 for $88 million. The company is now focused on developing NXT-41x, an antibiotic-eluting biomatrix for plastic and reconstructive surgery applications.

The company plans to submit an FDA filing for NXT-41, its base matrix product, in the first half of 2026, with anticipated FDA clearance in the second half of 2026. Elutia expects FDA clearance for NXT-41x in the first half of 2027.

As of December 31, 2025, Elutia had 42.8 million shares of Class A common stock outstanding and 4.5 million pre-funded warrants. The company reported no Class B common stock outstanding.

The preliminary financial results exclude contributions from the divested BioEnvelope business for both fourth quarter periods. The company noted that final results may vary from preliminary figures as accounting procedures and independent audits are not yet complete.

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