ELUT // Elutia Inc. (Class A)

DES <GO> NASDAQ RQD COCKPIT → CIK 0001708527 ↗

Health Care • Biotechnology: Biological Products (No Diagnostic Substances)

$0.82 ▼ -0.02 (-1.92%)

MKT CAP: $37.1M • VOL: 34.7K

52W L $1 52W H $1

ALTMAN Z

0.20 RISK

PIOTROSKI

4 / 9

ELUT // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 31/100 [E] (+0 PT) • UNCHANGED AS OF 2026-11-03

ROARABLE E

RQD CONFIDENCE

31 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Strong Sell — Forensic Risk / Avoid

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

10 / 20

NEUTRAL

52W RANGE 57% • VS 200D +3.1% • RSI 53.2

03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

7 / 20

WARNING

FCF YIELD +0% • P/E N/A • F-SCORE 4/9

04 FRED 90D r-MATRIX

Macro Regime Fit

7 / 20

WARNING

HEADWIND • r(10Y)=-0.09 (+19bp) • r(OAS)=-0.03

05 10-K REDLINE AUDIT

Forensic 10-K Risk

[LOCKED] FLAGGED

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ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON ELUT)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // ACCRUAL & WORKING CAPITAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 92/100 Z-SCORE: +4.94σ

ELUT Accounting Gap: Net Income (+198.9%) Outpaced OCF (-97.8%) With +65.6% Working-Capital Build

CASH CONVERSION GAP

+296.7% (NI vs OCF)

RECEIVABLES / WC BLOAT

+65.6% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Elutia Inc. (Class A) (ELUT) exposes a +296.7% Cash Conversion Gap as YoY Net Income growth (+198.9%) diverged from Operating Cash Flow growth (-97.8%). Non-cash current assets and receivables expanded +65.6% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

ELUT // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -18.81%⚡ TESTING RESISTANCE

2026-11-03O $0.82H $0.84L $0.82C $0.82VOL 138.3K

RES: $0.87SUP: $0.61SMA50: $0.83SMA200: $0.97

ELUT // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 28/100

BEAR 0

100 BULL

Elutia Inc. (Class A) (ELUT) exhibits 53.7% gross margins and -35.0% return on invested capital within Health Care (Biotechnology: Biological Products (No Diagnostic Substances)), balanced against a 24.0x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 53.7% gross profitability converts into -60.0% operating margin and -35.0% ROIC, outpacing sector cost of capital.

ROIC: -35.0% // GM: 53.7%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of — paired with 2.80% free cash flow yield supports self-funded R&D and capital return.

REV YOY: — // FCF YLD: 2.80%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 0.20 and Piotroski F-Score of 4/9 indicate low near-term refinancing stress.

ALTMAN Z: 0.20 // F-SCORE: 4/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (— Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $0.82 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Biotechnology: Biological Products (No Diagnostic Substances) require continuous execution to defend 68.0% net margins.

NET MARGIN: 68.0% // D/E: 0.45x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs — forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E —

EV / EBITDA —

FCF YIELD —

GROSS MARGIN 53.7%

OPERATING MARGIN -60.0%

NET MARGIN 68.0%

ROIC % -35.0%

REV GROWTH YOY —

DILUTED EPS TTM —

DEBT / EQUITY —

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 53.2

5Y EQUITY BETA —

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // ELUTPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $0.75

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for ELUT & activate live FRED threshold breach alerts.

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