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November 6, 2025 C. Randal Mills PhD Chief Executive Officer Matt Ferguson Chief Financial Officer 3Q2025 Earnings Call
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Forward-Looking Statements 2 This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward- looking statements can be identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential,” “promise” or similar references to future periods. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including any statements and information concerning our future interactions with the U.S. Food and Drug Administration (“FDA”) regarding NXT-41x; expectations for FDA clearance of NXT-41x, including the timing and anticipated success thereof; preparations for the launch of NXT-41x, including the timing and anticipated success thereof; , the size of the breast reduction market and the potential of the Company’s next-generation drug-eluting biomatrix pipeline to compete in that market, expectations for future sales growth and cash flow gains for ProxiCor, Tyke, and VasCure, and any statements regarding future liability with respect to the FiberCel litigation. These forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in the forward-looking statements, including, but not limited to the following: our ability to enhance our products, expand our product indications and develop, acquire and commercialize additional product offerings, including NXT-41 and NXT-41x; our ability to obtain regulatory approval or other marketing authorizations by the U.S. Food and Drug Administration and comparable foreign authorities for our products and product candidates, including NXT-41 and NXT-41x; our ability to achieve or sustain profitability; our ability to maintain the listing of our common stock on the Nasdaq Capital Market; the risk of product liability claims and our ability to obtain or maintain adequate product liability insurance; our ability to defend against the various lawsuits related to FiberCel and other bone viable matrix products and avoid a material adverse financial consequence; our ability to raise funds in the future in the amounts and at the times needed; the continued and future acceptance of our products by the medical community; our dependence on independent sales agents to generate a substantial portion of our net sales; our dependence on a limited number of third-party suppliers and manufacturers, which, in certain cases are exclusive suppliers for products essential to our business; our ability to successfully realize the anticipated benefits of the October 2025 sale of our CIED business and the November 2024 sale of Orthobiologics business; physician awareness of the distinctive characteristics, benefits, safety, clinical efficacy and cost-effectiveness of our products; our ability to compete against other companies, most of which have longer operating histories, more established products and/or greater resources than we do; pricing pressure as a result of cost-containment efforts of our customers, purchasing groups, third-party payors and governmental organizations could adversely affect our sales and profitability; our ability to obtain, maintain and adequately protect our intellectual property rights.; and other important factors which can be found in the “Risk Factors” section of Elutia’s public filings with the Securities and Exchange Commission (“SEC”), including Elutia’s Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in Elutia’s other filings with the SEC, including Elutia’s Quarterly Reports on Form 10-Q, accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Elutia’s website at https://investors.elutia.com. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made by Elutia in this presentation is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, Elutia expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. In addition to the Company's financial results determined in accordance with U.S. GAAP , the Company provides non-GAAP measures that it determines to be useful in evaluating its operating performance and liquidity. The Company presents in this presentation the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), adjusted gross margin and adjusted gross profit. The Company defines EBITDA as GAAP net loss excluding interest expense, income tax expense, depreciation and amortization, and the Company defines adjusted EBITDA as EBITDA excluding loss from discontinued operations, stock-based compensation, FiberCel and VBM litigation costs, loss or gain on revaluation of warrant liability, warrant issuance expenses and loss or gain on revaluation of revenue interest obligation. The Company defines adjusted gross profit and adjusted gross margin as GAAP gross profit and GAAP gross margin, respectively, excluding amortization of acquired intangible assets. The amortization of these intangible assets will recur in future periods until such intangible assets have been fully amortized. Management believes that presentation of non-GAAP financial measures provides useful supplemental information to investors and facilitates the analysis of the Company's core operating results and comparison of operating results across reporting periods. The Company uses this non-GAAP financial information to establish budgets, manage the Company's business, and set incentive and compensation arrangements. Non- GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental information purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. For a reconciliation of these non-GAAP measures to GAAP , see below “Non-GAAP Reconciliations of EBITDA and Adjusted EBITDA” and “Non-GAAP Reconciliations of Adjusted Gross Profit and Adjusted Gross Margin.
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3 3Q25 Conference Call 1. Overview of the Basics 2. Where We’re Headed 3. Finance and Litigation Update 4. Closing Remarks and Questions
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4 Our Mission thrive without compromise . so patients can
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Optimal Biologic Matrix Powerful Antibiotics Sustained antibiotic release to prevent infection and associated complications. + 5 What are we great at? Sold to Boston Scientific for $88M
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6 Investment Highlights Validated Technology Platform Fully Resourced Blockbuster Pipeline Developed first FDA-cleared drug-eluting bioenvelope for pacemakers Sold to Boston Scientific for $88 million Taking the same technology platform into the $1.5B breast reconstruction market Proven team, state-of- the-art GMP facility, and commercial platform in place Cash to fund company through product approval and commercialization
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7 Where We’re Headed
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Now addressing breast reconstruction Breast reconstruction is a $1.5B market 8 Very Large Market Real Unmet Need Solved by Our Platform First FDA-cleared Drug-Eluting BioEnvelope 15-20% of patients face serious infection breast reconstructionWhy is a transformational opportunity
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Breast Reconstruction is a Big Market Biologics represent a $1.5B US TAM and 65% of reconstruction spend 9 $11,538 spent per breast 15% 20% 65% Implant Expander Biologic Matrix ($7,500) • There are 162,000 breasts reconstructed after mastectomy annually • Biologic mesh is used in >90% of reconstruction cases • hADMs lead the market at a cost of $7,500–$9,500 per breast • Biologics are 65% of implant costs but don't address the primary cause of reconstruction failure •ASPS 2024 Plastic Surgery Statistics Report. •Sorkin M et al. Plast Reconstr Surg. 2017;139:379e-389e. •Korn PT et al. Aesthetic Surg J. 2019;39:NP255-NP263. •Albornoz CR et al. Plast Reconstr Surg. 2013;131:1-10.
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1 in 3 patients suffer serious complications after reconstruction 15-20% experience infection up to 21% result in implant loss 10 $48,344 average economic cost to the hospital of breast reconstruction infection Despite the high cost, the status quo isn’t addressing the problem Reish RG et al. Plast Reconstr Surg. 2013;132:806e-815e. Spear SL et al. Plast Reconstr Surg. 2011;127:2189-2196. Vandergrift et al., The economic burden of post-operative infections in implant-based breast reconstruction. Plastic and Reconstructive Surgery, 2019;143(2):373e–381e.
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11 In a mastectomy, all of the breast tissue must be removed by the oncologic breast surgeon. presented by mastectomy The Unique Challenges
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Removing the breast tissue also means removing the blood vessels, which are tied off. presented by mastectomy The Unique Challenges 12
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No blood supply means systemic antibiotic therapy can’t reach the surgical pocket. 13 presented by mastectomy The Unique Challenges
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Then a plastic surgeon reconstructs the breast with an implant, along with surgical drains that open to the outside world. 14 presented by mastectomy The Unique Challenges
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A surgical mesh is used to hold the implant in place and provide a barrier between the skin and implant. 15 presented by mastectomy The Unique Challenges
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16 presented by mastectomy The Unique Challenges
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What if antibiotics were delivered locally? Concentrations would be high at the surgical site, without systemic side effects. 17 On Surgical Site Infection Flipping the Script
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Proof of Concept: Local antibiotic delivery works in breast reconstruction PMMA plate with antibiotics • Plates permanent, not resorbable • Can get dislodged, stretches skin • Pressure of plate may deform ribs • Decreases infection: 12.6% vs. 4.8% 18 Antibiotic discs & antibiotic beads • Made from resorbable cement • Historically used in orthopedic surgery • Antibiotics elute over 2-3 weeks • Decreases infection: 35% vs. 6.3% Clark, R.C., et al. Prophylactic Local Antibiotics for Tissue Expansion (PLATE) Improve Breast Reconstruction Outcomes. Plast. Reconstr. Surg. 2025 Jun 1;155(6):974e-985e. Ahmed, S. Prophylactic Absorbable Antibiotic Beads: Effect on Tissue Expander Reconstruction Outcomes following Mastectomy Skin Necrosis. ASPS abstract, 2025.
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Optimal Biologic Matrix Powerful Antibiotics Rifampin and Minocycline Sustained release with > 30 days above MIC + 19 That’s why we created Engineered extracellular matrix Purpose-built for biological remodeling
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(Current) 20 High-Level Plan We’re all in going all out (1H2027) (2H2026) Builds out commercial infrastructure. Regulatory strategy and marketing data on base matrix.
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Work Streams 21 CommercialManufacturingDevelopment Approval of a highly differentiated product that significantly improves outcomes in plastic and reconstructive surgery. There’s not a second to lose Build a robust production platform, achieving a low COGS through a proprietary in-house manufacturing process and diversified supply. Leverage SimpliDerm to establish the clinical advocacy and commercial foundation to accelerate NXT-41x adoption through our proprietary sales team.
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22 Finance and Legal Update
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BioEnvelope Transaction Overview TimingKey Assets 23 Economics $88 million cash transaction Asset sale to a Tier 1 Medtech Company EluPro and CanGaroo products Roswell, GA facility BioEnvelope operations and field teams Closed October 1, 2025 Transition Service Agreement active Financials of BioEnvelope business now reported as “Discontinued Operations” for 3Q25 as well as prior periods
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24 Building Foundation for Commercial Execution 24 • 3Q25 revenue of $2.4M, -23% Y/Y , +18% sequentially • Terminated distribution partnership in October • Expanding commercial footprint in anticipation of 41 and 41x 3Q25 Sales Results • 3Q25 revenue of $0.9M, +68% Y/Y , +28% sequentially • First full quarter following return to direct sales • Expanded footprint of contract sales agents CardioVascular
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25 Financial Update – Q3 2025 vs Q3 2024 ($ in millions) Statement of Operations • Net sales $3.3 vs $3.6 • GAAP gross margin 55.8% vs 48.9% • Adjusted gross margin1 63.9% vs 56.3% • Operating expense $7.1 vs. $11.0 • Loss from operations $5.2 vs. $9.2 • Adjusted EBITDA2 loss approximately unchanged at $2.7 Balance Sheet • Cash $4.7 • Gross proceeds of BioEnvelope sale = $80 million at closing + $8 million in escrow • Cash received at closing, net of expenses and debt repayment = $49 million FiberCel • Additional 7 cases resolved, with only 6 now remaining. • Estimated liability of remaining 6 cases = $0.7 million 1. Adjusted gross margin is defined as gross profit excluding intangible asset amortization expense divided by net sales. See Elutia’s earnings press release dated November 6, 2025 for a reconciliation of adjusted gross margin to GAAP gross margin. 2. Adjusted EBITDA is defined as net loss excluding interest expense, provision for income taxes, depreciation and amortization, income from discontinued operations, stock-based compensation, FiberCel litigation costs, loss or gain on revaluation of warrant liability, warrant issuance expenses, and gain on revaluation of revenue interest obligation. See Elutia’s earnings press release dated November 6, 2025 for a reconciliation of net loss to adjusted EBITDA.
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Why Own Elutia? Validated technology platform that physicians adopt and strategics value Derisked path to first-in-class $1.5B market with a significant unmet need Team and capital to get there without dilution Investment Summary 26
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27 GOIts time! Questions?