ELUTIA INC. — Director's Dealing 2025

Dec 19, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ELUTIA INC. (ELUT)
CIK: 0001708527
Period of Report: 2025-12-17

Reporting Person: RAKIN KEVIN (Director, 10% Owner)
Reporting Person: HighCape Partners GP II, LLC (10% Owner)
Reporting Person: HighCape Partners GP II, L.P. (10% Owner)
Reporting Person: HighCape Partners QP II, L.P. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-17	Class A Common Stock	P	50000	$0.5199	Acquired	322419	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	126120	Direct
Class A Common Stock	4706559	Indirect

Footnotes

F1: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.51980 to $0.51999, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this range.

F2: Includes: (i) 4,562,431 shares of Class A Common Stock held of record by HighCape Partners QP II, L.P.; and (ii) 144,128 shares owned by other HighCape entities that are not reporting persons hereunder, but over whom Mr. Rakin may be deemed to exercise beneficial ownership in his capacity as managing member of the general partner of such entity or as managing member of the general partner of the general partner of such entity.

F3: Mr. Rakin is the managing member of HighCape Partners GP II, LLC, which is the general partner of HighCape Partners GP II, L.P., which is the general partner of HighCape Partners QP II, L.P. and another HighCape entity that owns shares of record but is not a reporting person hereunder. In addition, Mr. Rakin is a managing member of the general partner of another HighCape entity that owns shares of record but is not a reporting person hereunder.

F4: Mr. Rakin, HighCape Partners GP II, LLC and HighCape Partners GP II, L.P. may be deemed to beneficially own the securities held by HighCape Partners QP II, L.P. and the other entity for which HighCape Partners GP II, L.P. serves as general partner. Additionally, Mr. Rakin may be deemed to beneficially own the securities held by another HighCape entity by virtue of his serving as managing member of such entity's general partner. Each of the reporting persons disclaims beneficial ownership of the securities held by the other reporting persons and the non-reporting persons referred to herein except to the extent of each reporting person's pecuniary interest therein, if any.