ELUTIA INC. Enters Material Definitive Agreement on Jan 10

TL;DR

**ELUTIA just signed a big deal, watch for details on what it means for their future.**

AI Summary

ELUTIA INC. (formerly AZIYO BIOLOGICS, INC.) filed an 8-K on January 12, 2024, reporting an "Entry into a Material Definitive Agreement" on January 10, 2024. This filing indicates a significant new contract or partnership for the company, which could impact its future revenue streams or operational costs. For investors, this matters because material agreements often signal strategic shifts, potential growth opportunities, or new financial obligations that could affect the stock's valuation.

Why It Matters

This filing signals a new, important business arrangement for ELUTIA INC., which could lead to new revenue, partnerships, or changes in its operational strategy, directly impacting its financial performance and stock price.

Risk Assessment

Risk Level: medium — The filing indicates a material agreement but lacks specific details, creating uncertainty about its financial impact and potential risks or benefits.

Analyst Insight

Investors should await further disclosures from ELUTIA INC. regarding the specifics of the "Material Definitive Agreement" to assess its potential impact on the company's financials and future prospects before making investment decisions.

Key Numbers

• $0.001 — par value per share (This is the nominal value of ELUTIA INC.'s Class A Common Stock.)

Key Players & Entities

• ELUTIA INC. (company) — registrant
• AZIYO BIOLOGICS, INC. (company) — former company name
• January 10, 2024 (date) — date of earliest event reported
• January 12, 2024 (date) — filing date
• $0.001 (dollar_amount) — par value per share of Class A Common Stock

Forward-Looking Statements

• ELUTIA INC. will provide more details about the material definitive agreement in a subsequent filing or press release. (ELUTIA INC.) — high confidence, target: Q1 2024

FAQ

Key Financial Figures

• $0.001 — hich registered Class A Common Stock, $0.001 par value per share ELUT The Nasdaq
• $2.75 million — the term of the Royalty Agreement from $2.75 million to $4.4 million; Revising the Minimum
• $4.4 million — Royalty Agreement from $2.75 million to $4.4 million; Revising the Minimum Quarterly Paymen
• $0.7 million — he Royalty Agreement from approximately $0.7 million to $1.1 million; Agreeing to a payment
• $1.1 million — ment from approximately $0.7 million to $1.1 million; Agreeing to a payment by Elutia Med o
• $3.0 million — Agreeing to a payment by Elutia Med of $3.0 million in satisfaction of all royalty obligati
• $5.0 million — he obligation of Elutia Med to make the $5.0 million milestone payment that became due to Li

Filing Documents

• elut-20240110x8k.htm (8-K) — 46KB
• elut-20240110xex10d1.htm (EX-10.1) — 84KB
• 0001558370-24-000247.txt ( ) — 264KB
• elut-20240110.xsd (EX-101.SCH) — 3KB
• elut-20240110_lab.xml (EX-101.LAB) — 16KB
• elut-20240110_pre.xml (EX-101.PRE) — 10KB
• elut-20240110x8k_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On January 10, 2024, Elutia Inc. (the "Company"), through its subsidiary Elutia Med LLC, a Delaware limited liability company (formerly known as Aziyo Med, LLC) ("Elutia Med"), entered into that certain Amendment No. 1 to Royalty Agreement (the "Amendment"), with Ligand Pharmaceuticals Incorporated, a Delaware corporation ("Ligand"). The Amendment modifies the Royalty Agreement, dated May 31, 2017, between Elutia Med and Ligand (the "Royalty Agreement"), that was entered into by Elutia Med when it assumed a restructured, long-term obligation to Ligand (the "Revenue Interest Obligation") in connection with its acquisition of the assets of CorMatrix Cardiovascular, Inc., in May 2017. The Royalty Agreement obligates Elutia Med to make royalty payments to Ligand of 5.0% of sales of CanGaroo, ProxiCor, Tyke and VasCure products, and substantially similar products, through May 31, 2027. Pursuant to the Amendment, the parties modified and restructured the Revenue Interest Obligation by: Revising the Minimum Annual Royalty (as defined in the Amendment) for 2024 and each subsequent fiscal year during the term of the Royalty Agreement from $2.75 million to $4.4 million; Revising the Minimum Quarterly Payments (as defined in the Amendment) for each fiscal quarter beginning October 1, 2023, and continuing through the term of the Royalty Agreement from approximately $0.7 million to $1.1 million; Agreeing to a payment by Elutia Med of $3.0 million in satisfaction of all royalty obligations of Elutia Med for the first three fiscal quarters of 2023, with half of such amount to be paid not later than January 20, 2024, and the remainder to be paid not later than April 10, 2024; and Waiving the obligation of Elutia Med to make the $5.0 million milestone payment that became due to Ligand in the second quarter of 2023. Elutia Med's obligations under the Royalty Agreement, as amended, are secured by a lien on the assets of

FINANCIAL STATEMENTS AND EXHIBITS

FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit No. Exhibit Description 10.1 Amendment No. 1 to Royalty Agreement, dated January 10, 2024

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ELUTIA INC. Date: January 12, 2024 By: /s/ Matthew Ferguson Matthew Ferguson Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR