Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Elutia Inc.ELUT · healthcare | |
|---|---|
| Grade |  Eweakest fifth of 371 graded peers; percentile 92.4, sampling error 2.5 points; lower is stronger |
| Rank | 343 of 371 |
| Profitability | D/Epercentile 80.9 |
| Solvency | Dpercentile 63.4 |
| Growth and financing | Dpercentile 74.3 |
| Reliability | 0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025 |
| Peer failure rate | 1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $12.5M to $120M assetstotal assets $62.4M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | short runway · fortress balance sheetnot computable: dilution, distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 13, 2026210 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $0.812026-10-07; market equity $0; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 13, 2026; the document on sec.gov.
At Elutia, our mission is to humanize medicine so that patients can thrive without compromise. We develop proprietary drug-eluting biomatrix products for use in surgical reconstruction and related applications. These products are designed to improve the interaction between implanted medical devices and patients. Our focus is on addressing unmet medical needs and reducing complications associated with surgery, including infection, migration, erosion, implant rejection, and fibrosis. Our operations span research and development through the commercial distribution of biologic matrix products used in plastic and reconstructive surgery.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 80.9 | |||||||
| Gross profitability | 10.6% | [1,6] | 32.2% | 75.7 | 372 | 2025-12-31 | |
| Return on invested capital | not computable | 9.3% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | 199.4% | [1,7-9] | (6.6%) | 100.0 | 811 | 2025-12-31 | |
| Gross margin stability, five years | 4.5 pts | [2,6,10-17] | 2.8 pts | 66.9 | 243 | 2025-12-31 | |
| Solvency, sleeve percentile 63.4 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | (8.05) | [1,18-23] | (0.31) | 58.7 | 756 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.82x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | (4.51x) | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 2.22x | [18-19] | 2.96x | 68.1 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 74.3 | |||||||
| Revenue growth, three-year compound | (19.8%) | [2,11,13,15] | 10.0% | 89.1 | 415 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (3.2%) | [1,9,24-25] | 2.1% | 59.5 | 704 | 2025-12-31 | |
| Net share issuance, one year | not computable | 2.5% | |||||
| two annual share counts are required; found 0 | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.474; sampling error 2.5 percentile points on 371 peers.
Among 371 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 338 | Editas Medicine, Inc. (EDIT) Editas Medicine, Inc. (EDIT) Eweakest fifth; percentile 91.1 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $436.2M; last close $2.83 Warnings: fortress balance sheet; 7 of 14 inputs | 91.1 | E | fortress balance sheet |
| 339 | Dyadic International Inc. (DYAI) Dyadic International Inc. (DYAI) Eweakest fifth; percentile 91.4 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $16.2M; last close $0.49 Warnings: short runway, distress; 9 of 14 inputs | 91.4 | E | short runway, distress |
| 340 | Century Therapeutics, Inc. (IPSC) Century Therapeutics, Inc. (IPSC) Eweakest fifth; percentile 91.6 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $264.4M; last close $1.46 Warnings: dilution, fortress balance sheet; 7 of 14 inputs | 91.6 | E | dilution, fortress balance sheet |
| 341 | Beyond Air, Inc. (XAIR) Beyond Air, Inc. (XAIR) Eweakest fifth; percentile 91.9 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $2.2M; last close $2.36 Warnings: dilution, short runway, distress; 7 of 14 inputs | 91.9 | E | dilution, short runway, distress |
| 342 | Precision Biosciences Inc. (DTIL) Precision Biosciences Inc. (DTIL) Eweakest fifth; percentile 92.2 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $177.5M; last close $6.43 Warnings: dilution, fortress balance sheet; 7 of 14 inputs | 92.2 | E | dilution, fortress balance sheet |
| 343 | Elutia Inc. (ELUT) Elutia Inc. (ELUT) Eweakest fifth; percentile 92.4 Nasdaq · Biological Products, (No Diagnostic Substances) last close $0.81 Warnings: short runway, fortress balance sheet; 7 of 14 inputs | 92.4 | E | short runway, fortress balance sheet |
| 344 | Airsculpt Technologies, Inc. (AIRS) Airsculpt Technologies, Inc. (AIRS) Eweakest fifth; percentile 92.7 Nasdaq · Services-Offices & Clinics of Doctors of Medicine market equity $119.3M; last close $1.66 Warnings: late filer; 9 of 14 inputs | 92.7 | E | late filer |
| 345 | Sutro Biopharma, Inc. (STRO) Sutro Biopharma, Inc. (STRO) Eweakest fifth; percentile 93.0 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $254.0M; last close $15.34 Warnings: dilution, short runway, distress, fortress balance sheet; 7 of 14 inputs | 93.0 | E | dilution, short runway, distress, fortress balance sheet |
| 346 | China Pharma Holdings, Inc. (CPHI) China Pharma Holdings, Inc. (CPHI) Eweakest fifth; percentile 93.2 NYSE · Pharmaceutical Preparations market equity $41.3M; last close $0.97 Warnings: dilution, late filer; 8 of 14 inputs | 93.2 | E | dilution, late filer |
| 347 | Fortress Biotech, Inc. (FBIO) Fortress Biotech, Inc. (FBIO) Eweakest fifth; percentile 93.6 Nasdaq · Pharmaceutical Preparations last close $2.10 Warnings: fortress balance sheet; 8 of 14 inputs | 93.6 | E | fortress balance sheet |
| 348 | Fortress Biotech, Inc. (FBIOP) Fortress Biotech, Inc. (FBIOP) Eweakest fifth; percentile 93.6 Nasdaq · Pharmaceutical Preparations last close $17.95 Warnings: fortress balance sheet; 8 of 14 inputs | 93.6 | E | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 97.0 | 2204 |
| sector peers, equal sleeves (the grade) | E | 92.4 | 371 |
| same exchange, equal sleeves | E | 95.2 | 1219 |
| sector peers, equal inputs | E | 95.1 | 371 |
Each letter is one fifth of the 371 graded peers, about 74 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-07 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (2.9%) | 8.0% | 44 | hotter than 44 of 100 peers |
| Distance from 52-week high | (32.2%) | (31.4%) | 48 | closer to its high than 48 of 100 peers |
| EBIT to enterprise value | not computable | (1.5%) | required accounting or market input is missing | |
| Free cash flow yield | not computable | (1.0%) | required accounting or market input is missing | |
| Book value to price | not computable | 0.28 | required accounting or market input is missing | |
| Sales to price | not computable | 0.31 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | 20.3% | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | (0.24) | (0.14) | 44 | ahead of 44 of 100 peers |
Inputs: EBIT -$26.9M; free cash flow -$46.7M; book equity $15.7M; sales $12.3M; debt $26.1M; cash $19.9M[26].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 147.8% | ✓ pass[7,9] |
| Operating cash flow above zero | -$44.8M | ✗ fail[8] |
| Return on assets improved | 272.0 pts | ✓ pass[7,9,24,27] |
| Operating cash flow exceeds net income | -$98.2M | ✗ fail[7-8] |
| Long-term leverage fell | n/a[1,9,24,28] | |
| Current ratio improved | 152.8 pts | ✓ pass[18-19,29-30] |
| No new shares issued | n/a | |
| Gross margin improved | 7.2 pts | ✓ pass[2,6,10-11] |
| Asset turnover improved | 0.7 pts | ✓ pass[2,9,11,24] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $19.9M[3] |
| Operating cash flow, four quarters | -$44.0M[3,8,31-34] |
| Months of runway | 5.4 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 56 |
| 10-Q received Aug 14, 2026 | |
| Median daily dollar volume | $31,319 |
| 63 sessions | |
| Days since newest grade input | 210 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $62.4M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $12.3M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $19.9M | 2026-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
| 4 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $30.4M | 2021-12-31 | 2023-03-23 | 10-K | filing · viewer · series |
| 5 | total debt | us-gaap:LongTermDebt | $18.5M | 2021-12-31 | 2022-03-08 | 10-K | filing · viewer · series |
| 6 | gross profit | us-gaap:GrossProfit | $6.6M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 7 | net income | us-gaap:NetIncomeLoss | $53.4M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 8 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$44.8M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 9 | assets | us-gaap:Assets | $36.1M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 10 | gross profit | us-gaap:GrossProfit | $6.7M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $14.5M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 12 | gross profit | us-gaap:GrossProfit | $11.1M | 2023-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $24.7M | 2023-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 14 | gross profit | us-gaap:GrossProfit | $11.6M | 2022-12-31 | 2024-03-11 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $23.8M | 2022-12-31 | 2024-03-11 | 10-K | filing · viewer · series |
| 16 | gross profit | us-gaap:GrossProfit | $19.0M | 2021-12-31 | 2023-03-23 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $47.4M | 2021-12-31 | 2023-03-23 | 10-K | filing · viewer · series |
| 18 | current assets | us-gaap:AssetsCurrent | $55.8M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 19 | current liabilities | us-gaap:LiabilitiesCurrent | $25.1M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 20 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$176.2M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 21 | operating income | us-gaap:OperatingIncomeLoss | -$26.9M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 22 | book equity | us-gaap:StockholdersEquity | $27.7M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 23 | liabilities | us-gaap:Liabilities | $34.7M | 2025-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 24 | assets | us-gaap:Assets | $43.4M | 2023-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $68.8M | 2022-12-31 | 2024-03-11 | 10-K | filing · viewer · series |
| 26 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 648,679 | 2020-09-30 | 2020-11-20 | 10-Q | filing · viewer · series |
| 27 | net income | us-gaap:NetIncomeLoss | -$53.9M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 28 | long term debt | us-gaap:LongTermDebtNoncurrent | $22.6M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 29 | current assets | us-gaap:AssetsCurrent | $26.2M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 30 | current liabilities | us-gaap:LiabilitiesCurrent | $37.8M | 2024-12-31 | 2026-03-13 | 10-K | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$16.3M | 2026-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$7.8M | 2026-03-31 | 2026-05-15 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$20.0M | 2025-09-30 | 2025-11-12 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$17.1M | 2025-06-30 | 2026-08-14 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 92.4 is 12.4 points from the nearest band edge; sampling error is 2.5 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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