Liquidity remains a primary concern as the company burned $8.3 million in free cash flow during 2026Q1, highlighting a structural inability to convert operational activity into positive cash generation.
| Cash from Operations | -43.76M | -44.81M | -22.66M | -21.76M | -21.43M | -15.45M | -13.63M | -7.22M | -5.13M |
| Operating CF Margin % | - | -364.52% | -92.95% | -87.94% | -89.87% | -32.59% | -31.92% | -16.84% | -13.13% |
| Operating CF Growth % | -164.8% | -97.78% | -4.12% | -1.53% | -38.77% | -13.36% | -88.6% | -40.98% | - |
| Net Income | 49.84M | 53.38M | -53.95M | -37.66M | -32.9M | -24.83M | -21.82M | -11.94M | -11.57M |
| Depreciation & Amortization | 1.85M | 1.17M | 3.67M | 3.73M | 3.73M | 3.73M | 3.86M | 3.86M | 3.8M |
| Stock-Based Compensation | 2.95M | 4.4M | 7.89M | 2.44M | 3.65M | 3.54M | 779K | 208K | 0 |
| Deferred Taxes | 0 | 13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -84.09M | -85.04M | 15.64M | 661K | -1.63M | -254K | 6.22M | 1.12M | 9.02M |
| Working Capital Changes | -18.18M | -18.73M | 4.09M | 9.07M | 5.71M | 2.38M | -2.67M | -467K | 1.38M |
| Change in Receivables | -717K | -2K | 527K | 802K | -14.65M | 1.17M | 64K | -30K | -1.61M |
| Change in Inventory | -1.31M | -1.64M | -58K | -609K | -498K | 563K | -2.93M | 269K | 1.1M |
| Change in Payables | 2.83M | -6.55M | 0 | 0 | 0 | 0 | 0 | -627K | 352K |
| Cash from Investing | 78.8M | 78.56M | -474K | 14.21M | -540K | -369K | -640K | -577K | -190K |
| Capital Expenditures | -2.06M | -1.88M | -654K | -346K | -540K | -369K | -640K | -577K | -190K |
| CapEx % of Revenue | 12.88% | 15.26% | 2.68% | 1.4% | 2.26% | 0.78% | 1.5% | 1.34% | 0.49% |
| Acquisitions | 80.86M | 80.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 180K | 14.55M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -23.91M | -10.64M | 17.09M | 9.84M | 8.54M | 6.71M | 51.21M | 7.98M | 6.99M |
| Debt Issued (Net) | -23.06M | -23.06M | -2M | -1.96M | 1.62M | -4.53M | 6.98M | 6.73M | -3.96M |
| Equity Issued (Net) | -19K | 13.91M | -1.19M | -32K | 10.09M | 13.75M | 46.47M | 2.28M | 442K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -97K | 0 | -1.19M | -32K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -830K | -1.48M | 20.28M | 11.83M | -3.18M | -2.51M | -2.24M | -1.03M | 10.51M |
| Net Change in Cash | 11.13M | 23.11M | -6.04M | 2.29M | -13.44M | -9.1M | 36.94M | 177K | 1.67M |
| Free Cash Flow | -45.82M | -46.69M | -23.31M | -22.11M | -21.97M | -15.81M | -14.27M | -7.8M | -5.32M |
| FCF Margin % | -286.88% | -379.78% | -95.63% | -89.34% | -92.14% | -33.37% | -33.42% | -18.19% | -13.61% |
| FCF Growth % | -53.68% | -100.27% | -5.45% | -0.61% | -38.94% | -10.86% | -82.85% | -46.79% | - |
| FCF per Share | -1.07 | -1.02 | -0.80 | -1.22 | -1.59 | -1.51 | -1.40 | -0.73 | -0.50 |
| FCF Conversion (FCF/Net Income) | -0.92x | -0.84x | 0.42x | 0.58x | 0.65x | 0.62x | 0.62x | 0.61x | 0.44x |
| Interest Paid | 22K | 0 | 12.69M | 2.32M | 5.48M | 4.98M | 5.11M | 4.4M | 3.47M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 32K | 25K | 16K |
Persistent operational cash burn
As reported in recent financial statements, Elutia's operating cash flow consistently trails net income, with the company recording a negative $7.8 million in operating cash flow against a $7.5 million net loss in 2026Q1, highlighting a structural inability to convert operational activity into positive liquidity.
The persistent negative OCF/NI relationship suggests that the company's accrual-based accounting does not capture the full extent of the cash-intensive nature of its biologic manufacturing process. Investors should monitor whether this gap narrows as the company pivots, as current figures indicate that operational cash outflows remain decoupled from reported earnings.
Based on quarterly cash flow data, Elutia's free cash flow trajectory remains firmly in negative territory, with the company burning $8.3 million in 2026Q1 alone, a trend that underscores the significant capital requirements needed to sustain its specialized biologic scaffold production and clinical sales force.
The consistent negative FCF margins, which reached -2.7% in the most recent quarter, suggest that the company is far from achieving self-sustaining operations. This trajectory implies that the business model is currently dependent on external financing or divestiture proceeds to bridge the gap between high operating costs and insufficient revenue generation.
According to historical cash flow filings, Elutia has experienced significant working capital volatility, including a $15.6 million outflow in 2025Q4, which suggests that the company's inventory management and collection cycles are currently exerting substantial pressure on its already constrained cash position.
The erratic nature of these working capital changes may indicate challenges in managing the supply chain for porcine-derived tissues or potential inefficiencies in the transition to the new product portfolio. Analysts should investigate whether these outflows represent temporary timing differences or a more permanent structural requirement for higher inventory levels.
As evidenced by the $80.4 million in net acquisition-related cash inflows recorded in 2025Q4, Elutia has relied on asset divestitures to bolster its balance sheet, a strategy that obscures the underlying cash burn inherent in its core drug-eluting biologic platform development and commercialization efforts.
While these non-recurring inflows provide a temporary liquidity cushion, they do not address the fundamental issue of negative operating cash flow. Investors should be cautious, as the reliance on capital recycling to fund operations may be unsustainable if the core business does not reach a commercial inflection point soon.
Quick answers to the most common questions about buying ELUT stock.
Elutia Inc. (ELUT) generated $-44.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Elutia Inc. (ELUT) reported negative free cash flow of $46.7M in 2025, indicating capital requirements exceeded cash from operations.
Elutia Inc. (ELUT) spent $1.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.