Financial Performance - Overall net sales for Q3 2025 were $3.3 million, a decrease from $3.7 million in Q3 2024, excluding contributions from the BioEnvelope business[5] - Net sales of SimpliDerm were $2.4 million, down from $3.1 million in Q3 2024[5] - Net sales for Q3 2025 were $3,323 million, a decrease of 9.3% compared to $3,662 million in Q3 2024[17] - Gross profit for Q3 2025 was $1,853 million, representing a gross margin of 55.8%, up from 48.9% in Q3 2024[18] - The net loss for Q3 2025 was $(3,868) million, compared to a net income of $1,286 million in Q3 2024[20] - EBITDA (Non-GAAP) for Q3 2025 was $(3,316) million, compared to $1,705 million in Q3 2024[20] - The company reported a loss from discontinued operations of $(3,485) million in Q3 2025, compared to $(2,053) million in Q3 2024[20] Cost Management - Total operating expenses decreased to $7.1 million, down from $11.0 million in Q3 2024[10] - Total operating expenses for Q3 2025 were $7,061 million, down from $10,966 million in Q3 2024, primarily due to reduced litigation costs[17] - Loss from operations narrowed to $5.2 million, compared to $9.2 million in the same period last year[10] Gross Margin Improvement - Gross margin on a GAAP basis improved to 55.8%, compared to 48.9% in the previous year[10] - Adjusted gross margin increased to 63.9%, up from 56.3% in Q3 2024[10] - Adjusted gross profit (Non-GAAP) for Q3 2025 was $2,122 million, with an adjusted gross margin of 63.9%[18] Cash and Funding - Cash balance as of September 30, 2025, was $4.7 million, with an additional $80.3 million received from the BioEnvelope business sale[10] - Elutia's balance sheet was strengthened by the sale, allowing full funding for the NXT-41x platform development without shareholder dilution[4] Research and Development - Research and development expenses increased to $1,088 million in Q3 2025 from $702 million in Q3 2024, reflecting a focus on new product development[17] Future Outlook - FDA clearance for the base matrix of NXT-41x is anticipated in the second half of 2026, with the drug-eluting version expected in the first half of 2027[4] - The company anticipates continued challenges in the market, with a focus on cost reduction and strategic investments in technology[21] Shareholder Information - The weighted average common shares outstanding for basic shares increased to 42,431,314 in Q3 2025 from 32,520,134 in Q3 2024[17] Business Transactions - Elutia sold its BioEnvelope business to Boston Scientific Corporation for $88 million, with proceeds used to eliminate debt and fund the NXT-41x development program[4]
Elutia(ELUT) - 2025 Q3 - Quarterly Results