Overview
Compare with BIOTRICITY INC., Profound Medical Corp. or Vivos Therapeutics, Inc., or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
All Other Countries brought in 74% of the revenue ALLURION TECHNOLOGIES, INC. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| All Other Countries | $25.4M | $11.2M |
| Spain | $4.0M | $2.2M |
| Italy | $2.7M | $1.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue37¢$5.7M
- Research and development50¢$7.6M
- Other costs13¢$1.9M
- Income tax0¢$74.0K
Out of $15.2M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $15.2M | $32.1M |
| Cost of revenue | $5.7M | $10.6M |
| Gross profit | $9.6M | $21.5M |
| Sales and marketing | $10.8M | $25.9M |
| Research and development | $7.6M | $17.4M |
| General and administrative | $21.4M | $28.4M |
| Total operating expenses: | $39.7M | $71.7M |
| Loss from operations | -$30.2M | -$50.2M |
| Interest expense | $0 | -$2.3M |
| Changes in fair value of warrants | $12.8M | $17.0M |
| Changes in fair value of debt | -$3.6M | $18.1M |
| Changes in fair value of Revenue Interest Financing and PIPE Conversion Option | -$9.1M | -$4.8M |
| Change in fair value of earn-out liabilities | $1.1M | $22.9M |
| Loss on extinguishment of debt | -$660.0K | -$8.7M |
| Other income (expense), net | $982.0K | $1.5M |
| Total other income: | $1.5M | $43.7M |
| Loss before income taxes | -$28.7M | -$6.5M |
| Provision for income taxes | -$74.0K | -$718.0K |
| Net loss | -$28.8M | -$7.2M |
| Net loss per share - Basic | -$3.81 | -$3.20 |
| Net loss per share - Diluted | -$3.81 | -$3.20 |
| Weighted-average shares outstanding - Basic | 7.5M shares | 2.2M shares |
| Weighted-average shares outstanding - Diluted | 7.5M shares | 2.2M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $5.4M | $15.4M | |
| Accounts receivable, net of allowance of doubtful accounts of $5,159 and $6,701 respectively | $4.0M | $7.1M | |
| Inventory, net | $2.7M | $3.4M | |
| Prepaid expenses and other current assets | $759.0K | $1.2M | |
| Total current assets | $12.8M | $27.2M | |
| Property and equipment, net | $1.4M | $2.5M | |
| Right-of-use asset | $950.0K | $2.1M | |
| Other long-term assets | $663.0K | $1.1M | |
| Total assets | $15.8M | $32.8M | |
| Accounts payable | $3.6M | $6.6M | |
| Current portion of lease liabilities | $398.0K | $869.0K | |
| Accrued expenses and other current liabilities | $6.4M | $11.4M | |
| Current portion of convertible notes payable | $28.1M | $0 | |
| Total current liabilities | $38.4M | $18.9M | |
| Warrant liabilities | $5.8M | $4.6M | |
| Revenue Interest Financing liability | $47.7M | $49.2M | |
| Earn-out liabilities | $31.0K | $1.1M | |
| Convertible notes payable | $0 | $35.7M | |
| Lease liabilities, net of current portion | $571.0K | $1.3M | |
| Other liabilities | $385.0K | $17.0K | |
| Total liabilities | $93.0M | $110.8M | |
| Common stock, $0.0001 par value - 1,000,000,000 shares authorized as of December 31, 2025; 12,279,181 and 2,710,607 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $6.0K | $3.0K | |
| Additional paid-in capital | $168.6M | $152.6M | |
| Accumulated other comprehensive gain (loss) | $5.1M | -$8.4M | |
| Accumulated deficit | -$251.0M | -$222.2M | |
| Total stockholders' deficit | -$77.2M | -$78.0M | -$71.3M |
| Total liabilities and stockholders' deficit | $15.8M | $32.8M | |
| Allowance of doubtful accounts | $5.2M | $6.7M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 100.0M shares | 100.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 1.0B shares | 1.0B shares | |
| Common stock, shares issued | 12.3M shares | 2.7M shares | |
| Common stock, shares outstanding | 12.3M shares | 2.7M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $5.4M | $15.4M | |
| Accounts receivable, net of allowance of doubtful accounts of $5,159 and $6,701 respectively | $4.0M | $7.1M | |
| Inventory, net | $2.7M | $3.4M | |
| Prepaid expenses and other current assets | $759.0K | $1.2M | |
| Total current assets | $12.8M | $27.2M | |
| Property and equipment, net | $1.4M | $2.5M | |
| Right-of-use asset | $950.0K | $2.1M | |
| Other long-term assets | $663.0K | $1.1M | |
| Total assets | $15.8M | $32.8M | |
| Accounts payable | $3.6M | $6.6M | |
| Current portion of lease liabilities | $398.0K | $869.0K | |
| Accrued expenses and other current liabilities | $6.4M | $11.4M | |
| Current portion of convertible notes payable | $28.1M | $0 | |
| Total current liabilities | $38.4M | $18.9M | |
| Warrant liabilities | $5.8M | $4.6M | |
| Revenue Interest Financing liability | $47.7M | $49.2M | |
| Earn-out liabilities | $31.0K | $1.1M | |
| Convertible notes payable | $0 | $35.7M | |
| Lease liabilities, net of current portion | $571.0K | $1.3M | |
| Other liabilities | $385.0K | $17.0K | |
| Total liabilities | $93.0M | $110.8M | |
| Common stock, $0.0001 par value - 1,000,000,000 shares authorized as of December 31, 2025; 12,279,181 and 2,710,607 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $6.0K | $3.0K | |
| Additional paid-in capital | $168.6M | $152.6M | |
| Accumulated other comprehensive gain (loss) | $5.1M | -$8.4M | |
| Accumulated deficit | -$251.0M | -$222.2M | |
| Total stockholders' deficit | -$77.2M | -$78.0M | -$71.3M |
| Total liabilities and stockholders' deficit | $15.8M | $32.8M | |
| Allowance of doubtful accounts | $5.2M | $6.7M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 100.0M shares | 100.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 1.0B shares | 1.0B shares | |
| Common stock, shares issued | 12.3M shares | 2.7M shares | |
| Common stock, shares outstanding | 12.3M shares | 2.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$28.8M | -$7.2M |
| Non-cash lease expense | $679.0K | $765.0K |
| Depreciation and amortization | $983.0K | $997.0K |
| Stock-based compensation | $3.1M | $3.1M |
| Provision for uncollectible accounts | $2.8M | $1.4M |
| Unrealized exchange gain (loss) and other | -$206.0K | $594.0K |
| Provision for inventory | $1.2M | $2.2M |
| Change in fair value of warrant liabilities | -$12.8M | -$17.0M |
| Change in fair value of derivative liabilities | -$1.9M | |
| Change in fair value of debt | $3.6M | -$18.1M |
| Change in fair value of Revenue Interest Financing and PIPE Conversion Option | $9.1M | $4.8M |
| Change in fair value of earn-out liabilities | -$1.1M | -$22.9M |
| Change in fair value of RTW Share Obligation | $370.0K | |
| Interest paid on debt recorded at fair value | -$2.4M | -$3.1M |
| Non-cash interest expense | $1.5M | |
| Loss on extinguishment of debt | $660.0K | $8.7M |
| Debt issuance costs associated with debt recorded at fair value | $1.4M | |
| Issuance costs associated with warrants recorded at fair value | $1.5M | $942.0K |
| Accounts receivable | $844.0K | $9.0M |
| Inventory | -$486.0K | $543.0K |
| Prepaid expenses, other current and long-term assets | $800.0K | $913.0K |
| Lease liabilities | -$796.0K | -$836.0K |
| Accounts payable | -$3.1M | -$3.9M |
| Accrued expenses and other current liabilities | -$5.0M | -$4.1M |
| Net cash used in operating activities | -$28.9M | -$42.3M |
| Purchases of property and equipment | -$611.0K | |
| Net cash used in investing activities | -$611.0K | |
| Proceeds from issue of convertible notes | $48.0M | |
| Proceeds from private offerings, net of issuance costs | $4.6M | $2.6M |
| Proceeds from public offerings, net of issuance costs | $13.6M | $17.7M |
| Payment of debt issuance costs | -$1.4M | |
| Repayment of Fortress Term Loan | -$47.7M | |
| Proceeds from option and warrant exercises | $26.0K | |
| Proceeds from equity line financing | $795.0K | $1.0M |
| Net cash provided by financing activities | $19.0M | $20.2M |
| Net decrease in cash and cash equivalents and restricted cash | -$10.0M | -$22.7M |
| Cash paid for interest | $2.7M | |
| Deferred financing costs in accounts payable and accrued expenses | $115.0K | $323.0K |
| Change in fair value of RTW Convertible Notes through OCI | $5.3M | -$4.7M |
| Change in fair value of Revenue Interest Financing through OCI | $8.2M | -$4.4M |
| Conversion of Series A Preferred Stock into Common Stock | -$979.0K | |
| Common stock issued for conversion of convertible notes | -$6.6M | |
| Exercise of PIPE Conversion Option | -$547.0K |
No quarter-by-quarter statement was filed.
Corporate structure
ALLURION TECHNOLOGIES, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of ALLURION TECHNOLOGIES, INC.
- RTW INVESTMENTS, LP Filed SCHEDULE 13D/A on ALLURION TECHNOLOGIES, INC., latest Sep 2, 2026 (14 filings since Aug 11, 2023)
- ARMISTICE CAPITAL, LLC Filed SCHEDULE 13G/A on ALLURION TECHNOLOGIES, INC., latest May 15, 2025 (4 filings since Aug 9, 2024)
- Leavitt Equity Partners III, L.P. Filed SCHEDULE 13G on ALLURION TECHNOLOGIES, INC., latest Feb 26, 2025
- CITADEL ADVISORS LLC Filed SC 13G/A on ALLURION TECHNOLOGIES, INC., latest Nov 14, 2024 (3 filings since Dec 26, 2023)
- ALLURION TECHNOLOGIES, INC. Natick, Massachusetts
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What ALLURION TECHNOLOGIES, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $5.7M3 Dec 31, 2025 | $6.8M3 Dec 31, 2024 | −16.1% |
| Accumulated depreciation | $4.3M3 Dec 31, 2025 | $4.4M3 Dec 31, 2024 | −0.3% |
| Property and equipment, net | $1.4M3 Dec 31, 2025 | $2.5M3 Dec 31, 2024 | −44.6% |
| Operating-lease assets (leased space) | $950.0K3 Dec 31, 2025 | $2.1M3 Dec 31, 2024 | −54.3% |
Real estate and locations
Investments
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $2.7M3 Dec 31, 2025 | $3.4M3 Dec 31, 2024 | −21.5% |
| Raw materials | $1.2M3 Dec 31, 2025 | $848.0K3 Dec 31, 2024 | +45.0% |
| Work in process | $793.0K3 Dec 31, 2025 | $763.0K3 Dec 31, 2024 | +3.9% |
| Finished goods | $647.0K3 Dec 31, 2025 | $1.8M3 Dec 31, 2024 | −63.8% |
Properties, in its own words
Our corporate headquarters are located in Natick, Massachusetts, where we lease approximately 9,900 square feet of office space pursuant to a lease agreement that commenced on June 15, 2016 and expires on February 28, 2028. We also lease approximately 10,200 square feet of manufacturing space in Natick, Massachusetts pursuant to a lease agreement that commenced on January 8, 2018 and expires on February 28, 2028. We also lease approximately 9,800 square feet of warehouse space in Hudson, Massachusetts pursuant to a lease agreement that commenced on February 11, 2022 and expired on February 28, 2026. We believe that our existing facilities are suitable and adequate for our needs.
Item 2 of the 10-K filed Mar 30, 2026.9
Leadership
Who has led ALLURION TECHNOLOGIES, INC., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerShantanu Gaur Aug 1, 2023 to now10
- Chief financial officerChristopher J. Geberth Aug 1, 2023 to Aug 1, 202311
- Chief operating officerOjas Buch Jun 5, 2024 to now12
Board members and other officers (13)
- Chief Commercial OfficerBenoit Chardon Aug 1, 2023 to Dec 14, 202313
- Chief Medical OfficerRam Chuttani Aug 1, 2023 to May 6, 202414
- Board memberRobert Jason Richey Jan 7, 2025 to Jan 7, 202515
- Board memberRoderick Wong Apr 17, 2025 to now16
- Board memberMilena Alberti-Perez Mar 21, 2024 to Mar 21, 202417
- Board memberKeith B. Johns Ii. Sep 12, 2024 to Nov 12, 202418
- Board memberKrishna K. Gupta Aug 1, 2023 to Oct 25, 202319
- Board memberLarson Douglas Hudson Aug 1, 2023 to Oct 25, 202320
- Board memberMichael R. Davin Aug 1, 2023 to now21
- Board memberNicholas Sheridan Lewin Aug 1, 2023 to Oct 25, 202322
- Board memberOmar Ishrak Aug 1, 2023 to Oct 25, 202323
- Board memberShantanu Gaur Aug 1, 2023 to now10
- General counselBrendan M. Gibbons Feb 1, 2024 to now24
Named in SEC Form D filings
People the company listed in its private-offering notices.
Former names
- ALLURION TECHNOLOGIES HOLDINGS, INC.Feb 9, 2023 to Aug 1, 20232
Timeline
- Aug 24, 20268-K Executive or director change27
- Jul 24, 20268-K Entered a material agreement; Ended a material agreement; Unregistered sale of shares28
- Jul 23, 20268-K Executive or director change29
- Jul 7, 20268-K Executive or director change30
- Jun 30, 20268-K Executive or director change31
- Jun 17, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events32
- May 27, 20268-K Change of auditor33
- Mar 12, 20268-K Listing notice or transfer; Other events34
- Mar 2, 20268-K Listing notice or transfer; Other events35
- Feb 25, 20268-K Entered a material agreement; Unregistered sale of shares; Change to shareholders' rights36
- Feb 23, 20268-K Regulation FD disclosure37
- Jan 12, 20268-K Results of operations38
- Aug 1, 2023New chief executive Shantanu Gaur becomes CEO10
Calendar
When it reported results
- Jan 12, 2026Reported quarterly or annual results38
- Nov 12, 2025Reported quarterly or annual results39
- Aug 13, 2025Reported quarterly or annual results40
- Aug 7, 2025Reported quarterly or annual results41
- May 14, 2025Reported quarterly or annual results42
- Mar 26, 2025Reported quarterly or annual results43
- Jan 17, 2025Reported quarterly or annual results44
- Jan 8, 2025Reported quarterly or annual results45
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
318 filings to the SEC since October 2021: 6 annual reports, 13 quarterly reports, 56 major events, 40 insider forms, 22 large holders, 3 private raises, 178 other. The latest 20:
- Oct 13, 202625-NSE EDGAR
- Sep 2, 2026SCHEDULE 13D/A EDGAR
- Aug 24, 20268-K EDGAR
- Aug 14, 2026NT 10-Q EDGAR
- Jul 24, 20268-K EDGAR
- Jul 23, 2026SCHEDULE 13D/A EDGAR
- Jul 23, 20264 EDGAR
- Jul 23, 20268-K EDGAR
- Jul 7, 20268-K EDGAR
- Jun 30, 20268-K EDGAR
- Jun 17, 20268-K EDGAR
- May 27, 20268-K EDGAR
- May 15, 202610-Q EDGAR
- Mar 30, 202610-K EDGAR
- Mar 12, 20268-K EDGAR
- Mar 2, 2026SCHEDULE 13D/A EDGAR
- Mar 2, 20268-K EDGAR
- Feb 25, 20268-K EDGAR
- Feb 23, 20268-K EDGAR
- Feb 17, 20265 EDGAR
The 318 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
4 open-market trades by officers, directors and large owners since October 2021: 2 buys and 2 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 4, 2025 | Davin Michael RDirector | Sale | 1,606 | $1.58 | $2.5K | Form 4 |
| Dec 3, 2025 | Davin Michael RDirector | Sale | 1,606 | $1.48 | $2.4K | Form 4 |
| May 19, 2025 | Gaur ShantanuChief Executive Officer | Buy | 8,000 | $3.06 | $24.5K | Form 4 |
| Mar 28, 2025 | Gaur ShantanuChief Executive Officer | Buy | 8,000 | $3.35 | $26.8K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- RTW INVESTMENTS, LPSCHEDULE 13D/A, 14 filings Aug 11, 2023 to Sep 2, 202646
- ARMISTICE CAPITAL, LLCSCHEDULE 13G/A, 4 filings Aug 9, 2024 to May 15, 202547
- Leavitt Equity Partners III, L.P.SCHEDULE 13G, 1 filing Feb 26, 202548
- CITADEL ADVISORS LLCSC 13G/A, 3 filings Dec 26, 2023 to Nov 14, 202449
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2024 | Dr. Shantanu Gaur | 39 | $620.0K | $2.8M50 |
| 2024 | Brendan Gibbons | $371.3K | $1.1M50 | |
| 2024 | Ojas Buch | $233.3K | $989.7K50 | |
| 2023 | Chief Executive Officer | $354.9K | $661.2K50 |
Funding
Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.
- Private raises (Form D) $12.6M
- PPP loans $2.0M
Figures by year
| Year | Private raises (Form D) | PPP loans | Total |
|---|---|---|---|
| 2025 | $12.4M | – | $12.4M |
| 2023 | $122.5K | – | $122.5K |
| 2021 | – | $1.0M | $1.0M |
| 2020 | – | $1.0M | $1.0M |
Private raises
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
- Nov 14, 2025Raised $5 million in a private offering of equity25 Form D: 16 investors so far Form D
- Jan 27, 2025Raised $7.4 million in a private offering of securities51 Form D: 14 investors so far Form D
- Dec 18, 2023Raised $122,513 in a private offering of equity26 Form D: $100.1 million offered in all Form D
PPP loans
Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA52. Matched to this company by name and state.
SEC filer profile
How ALLURION TECHNOLOGIES, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARALLURION TECHNOLOGIES, INC.1
- CIK0001964979
- Employer ID (EIN)92-21822079
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company9
- Incorporated inDelaware9
- Fiscal year endsDecember 311
- Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus1
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
- Business address11 Huron Dr Ste 200, Natick, MA 017601
- Phone508-647-40001
- Shares outstanding15,006,253 as of May 12, 20267
- Public float$20.7M as of Jun 30, 20259
- AuditorDeloitte & Touche LLP, Boston, Massachusetts PCAOB ID 34; no auditor attestation of internal control over financial reporting9
- On EDGAR sinceFeb 9, 20231
- Filings318 in all: 424B3 (77), 8-K (55), 4 (21), 3 (15), CORRESP (15), EFFECT (12), UPLOAD (12), SCHEDULE 13D/A (10)1
All 46 form types
10-Q (9), 425 (7), S-1/A (7), S-4/A (6), S-1 (5), 10-Q/A (4), POS AM (4), 10-K (3), 10-K/A (3), 424B5 (3), D (3), DEF 14A (3), NT 10-Q (3), PRE 14A (3), S-3 (3), SC 13D/A (3), SC 13G/A (3), 4/A (2), 5 (2), ARS (2), DEFA14A (2), DRS (2), S-8 (2), SC 13G (2), SCHEDULE 13G/A (2), 144 (1), 25-NSE (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), DRSLTR (1), PRER14A (1), RW (1), S-3/A (1), S-4 (1), SC 13D (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Mar 30, 2026
Quarterly report (10-Q) May 15, 2026
Proxy statement (DEF 14A) Nov 24, 2025
Latest 8-K (8-K) Aug 24, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.0001 per share | ALUR | |
| Warrants to purchase 0.056818 shares of Common Stock for $202.50 per share | ALUR WS |
From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).9
Risk factors and legal proceedings
The risks ALLURION TECHNOLOGIES, INC. names in Item 1A of its 10-K filed Mar 30, 2026: 74 risks under these headings, as written.9
- Risks Related to the Development and Commercialization of Our Products
- We have a limited operating history and may face difficulties encountered by companies early in their commercialization in competitive and rapidly evolving markets.
- We have incurred losses to date and expect to incur losses for the foreseeable future, our ability to achieve and maintain profitability depends on the commercial success of the Allurion Smart Capsule, and we expect our revenues to continue to be driven primarily by sales of the Allurion Smart Capsule.
- The failure of the Allurion Smart Capsule to achieve and maintain market acceptance, especially in the United States where we just received FDA approval in February 2026, could result in us achieving sales below our expectations, which would cause our business, financial condition and operating results to be materially and adversely affected.
- Commercial success of the Allurion Smart Capsule in the United States or elsewhere depends on our ability to accurately forecast customer demand and manufacture sufficient quantities of product that patients and health care providers request, and to manage inventory effectively. The failure to do so could have a material adverse effect on our business, financial condition, results of operations and growth prospects.
- Except for limited exceptions, we do not expect health care providers or patients will receive third-party reimbursement for treatment with our products in the near future. As a result, we expect that our success will depend on the ability and willingness of health care providers to adopt self-pay practice management infrastructure and of patients to pay out-of-pocket for treatment with our products.
- Changes in coverage and reimbursement for obesity treatments and procedures could affect the adoption of the Allurion Program and our future revenues.
- A substantial proportion of our sales are through third-party distributors, and we do not have direct control over the efforts these distributors may use to sell our products. If our relationships with these distributors deteriorate, or if these distributors fail to sell our products or engage in activities that harm our reputation, or fail to adhere to medical device regulations, our financial results may be negatively affected.
- In certain large markets, we engage in direct sales efforts. We may fail to maintain and develop our direct sales force, and our revenues and financial outcomes could suffer as a result. Furthermore, our direct sales personnel may not effectively sell our products.
- The effectiveness and safety of the Allurion Smart Capsule depends critically on our ability to educate health care providers on its safe and proper use. If we are unable to do so, we may not achieve our expected growth and may be subject to risks and liabilities.
- The misuse or off-label use of our products may harm our image in the marketplace, result in injuries that lead to product liability suits or result in costly investigations and sanctions by regulatory bodies if we are deemed to have engaged in the promotion of these uses, any of which could be costly to our business.
- The Allurion Gastric Balloon System, featuring the Allurion Smart Capsule, is approved in more than 80 countries, including the United States and the European Union. Maintaining regulatory approval in these jurisdictions may require further clinical trials and investment and cannot be guaranteed.
The other 63 risks
- Our business depends on maintaining our brand, reputation, and ongoing demand for our products and services, and a significant reduction in sentiment or demand could affect our results of operations.
- Risks Related to our Business and Industry
- The weight loss and obesity management industries are highly competitive. We also compete with companies that make weight loss drugs and other weight loss solutions outside the medical device industry, including compounded drugs. If our competitors are able to develop and market products that are safer, more effective, easier to use or more readily adopted by patients and health care providers, our commercial opportunities will be reduced or eliminated.
- Our current international operations and any expansion of our business internationally expose us to business, regulatory, political, operational, financial, and economic risks associated with doing business internationally.
- We depend on a limited number of single source suppliers to manufacture our components, sub-assemblies and materials, which makes us vulnerable to supply shortages and price fluctuations.
- Negative publicity, product defects and any resulting litigation concerning our products or our competitors’ products could harm our reputation and reduce demand for the Allurion Smart Capsule, either of which could negatively impact our financial results.
- We depend on our senior management team and the loss of one or more key employees or an inability to attract and retain highly skilled employees could harm our business.
- We may acquire other businesses, form joint ventures or make investments in other companies or technologies in the future. If we are not successful in integrating these businesses, as well as identifying and controlling risks associated with the past operations of these businesses, we may incur significant costs, receive penalties or other sanctions from various regulatory agencies, and/or incur significant diversions of management time and attention.
- If changes in the economy and/or consumer spending, consumer preference and other trends reduce consumer demand for our products, our sales and profitability would suffer.
- Changes in our business and operations have placed, and may continue to place, significant demands on our management team and infrastructure. If we fail to manage these demands effectively, we may be unable to execute our business plan, maintain high levels of customer and patient satisfaction, or address competitive challenges adequately.
- We may be subject to substantial warranty or product liability claims or other litigation in the ordinary course of business that may adversely affect our business, financial condition and operating results.
- Any future collaboration agreements (including with respect to product manufacturing, distribution, or commercialization) we may enter into with respect to our current or future products may place the development or commercialization of such products outside our control, or may otherwise be on terms unfavorable to us.
- We rely on third parties to conduct certain components of our clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, which could interfere with or delay our ability to get regulatory approval or commercialize our products.
- The failure of third parties to meet their contractual, regulatory, and other obligations could adversely affect our business.
- We have significant exposure to the economic and political situations in emerging market countries, and developments in these countries could materially impact our financial results, or our business more generally.
- Increasing scrutiny and changing expectations from investors with respect to our environmental, social and governance practices may impose additional costs on us or expose us to reputational or other risks.
- Risks Related to Government Regulation
- Upon receipt of regulatory approval to market the Allurion Smart Capsule in a given jurisdiction, we are (or will be) subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense and subject us to penalties if we fail to comply with applicable regulatory requirements.
- Inadequate funding for the FDA, the SEC and other government agencies, including from government shutdowns, or other disruptions to these agencies’ operations, could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
- If patients using our products experience adverse events or other undesirable side effects, regulatory authorities could withdraw or modify our regulatory approvals, which would adversely affect our reputation and commercial prospects and/or result in other significant negative consequences.
- Health care reform measures could hinder or prevent our planned products’ commercial success.
- Our business could be adversely affected by a disruption to our contractual relationships for the provision of telehealth services.
- Our and the Contracted Telehealth Groups' activities are subject to laws governing the provision of telehealth services, which could be subject to changes that result in additional operational complexity or increase costs.
- Evolving government regulations and enforcement activities may require increased costs or adversely affect our results of operations.
- If we fail to comply with health care regulations, we could face substantial penalties and our business, operations and financial condition could be adversely affected.
- We have not historically maintained a compliance policy relating to U.S. or foreign economic sanctions, export controls or anti-corruption laws and regulations, and failure to comply with these regimes creates the potential for significant liabilities, penalties and reputational harm.
- Unstable global economic and geopolitical conditions could adversely affect our business, financial condition, stock price, and results of operations.
- We may be affected by regulatory responses to climate-related issues.
- The U.S. Congress, the presidential administration, or any new administration may make substantial changes to fiscal, tax, and other federal policies that may adversely affect our business.
- Risks Related to Intellectual Property
- The medical device industry is characterized by patent litigation and we could become subject to litigation that could be costly, result in the diversion of management’s time and efforts, require us to pay damages or prevent us from marketing our existing or future products.
- Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.
- If we fail to comply with our obligations in our intellectual property agreements, we could lose intellectual property rights that are important to our business.
- If we are not able to obtain and maintain intellectual property protection for our products and technologies, if the scope of our patents is not sufficiently broad, or our patents are invalidated, we may not be able to effectively maintain our market leading technology position.
- If our trademarks and tradenames are not adequately protected, then we may not be able to build name recognition in our markets and our business may be adversely affected.
- We may be subject to claims that we or our employees have misappropriated the intellectual property of a third party, including trade secrets or know-how, or are in breach of non-competition or non-solicitation agreements with our competitors.
- Others may challenge inventorship or claim an ownership interest in our intellectual property which could expose us to litigation and have a significant adverse effect on our prospects.
- We may become involved in legal proceedings to protect or enforce our intellectual property rights, which could be expensive, time consuming, or unsuccessful.
- If we are unable to protect the confidentiality of our trade secrets, the value of our technology could be materially adversely affected, harming our business and competitive position.
- We may not be able to protect or enforce our intellectual property rights throughout the world.
- Changes in the interpretation of patent law in the United States and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.
- Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
- We may need to acquire or license intellectual property from third parties, and such licenses may not be available or may not be available on commercially reasonable terms.
- The Allurion VCS and other products or services contain third-party open source software components. Certain use of such open source components with our proprietary software could adversely affect our ability to charge fees for, or otherwise protect the value of, our offerings.
- Our internal computer systems, or those used by third parties which we rely on, may fail or suffer security breaches.
- We rely on internet infrastructure, bandwidth providers, third-party computer hardware and software and other third parties for providing services to our customers and patients, and any failure or interruption in the services provided by these third parties could expose us to litigation and negatively impact our relationships with customers and patients, adversely affecting our operating results.
- Our failure to adequately protect personal information in compliance with evolving legal requirements could harm our business.
- Our business could be affected negatively by increased public scrutiny, regulatory enforcement, or changes in law with respect to online privacy and security.
- If we are not able to satisfy data protection, security, privacy, and other government- and industry-specific requirements, our business could be harmed.
- We have incorporated, and plan to incorporate in the future, artificial intelligence, or AI, into some of our products. This technology is new and developing and may present risks that could affect our business.
- Risks Related to Our Financial Condition and Capital Requirements
- We have incurred net operating losses in the past and expect to incur net operating losses for the foreseeable future and there is substantial doubt about our ability to continue as a going concern.
- We have a significant amount of debt, which may affect our ability to operate our business and secure additional financing in the future.
- We may need additional funds to support our operations, and such funding may not be available to us on acceptable terms, or at all, which would force us to delay, reduce or suspend our planned development and commercialization efforts. Raising additional capital may subject us to unfavorable terms, cause dilution to our existing stockholders, restrict our operations, or require us to relinquish rights to our products and technologies.
- We receive the majority of our revenue from sales to health care providers and other third-party distributors, and the failure to collect receivables from them could adversely affect our financial position and results of operations.
- We have restated certain of our previously issued financial statements, which may lead to additional risks and uncertainties, including unanticipated costs, legal proceedings and regulatory actions, and may adversely affect investor confidence, our share price, our reputation and our ability to raise capital in the future.
- If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our results of operations could be adversely affected.
- Our strategic restructuring and cash preservation activities, including the reduction in force, may not result in anticipated savings, could result in total costs and expenses that are greater than expected and could disrupt our business.
- Risks Related to Ownership of Our Securities
- Our share price may be volatile, and purchasers of our securities could incur substantial losses.
- We do not intend to pay cash dividends for the foreseeable future.
- Future sales of our common stock, or the perception that future sales may occur, may cause the market price of our common stock to decline, regardless of our operating performance.
- Future sales and issuances of our common stock could result in additional dilution of the percentage ownership of our stockholders and could cause our share price to fall.
- We will incur increased costs and demands upon management as a result of complying with the laws and regulations affecting public companies, which could adversely affect our business, results of operations, and financial condition.
- Certain parties have the right to nominate directors to our board of directors, and their interests may conflict with ours or yours in the future.
- We are an “emerging growth company” and a “smaller reporting company” within the meaning of the Securities Act, and we intend to take advantage of certain exemptions from disclosure requirements available to emerging growth companies and/or smaller reporting companies, which could make our securities less attractive to investors and may make it more difficult to compare our performance with that of other public companies.
- We could be subject to securities class action litigation.
- We have previously identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future. If we fail to remediate a material weakness or if we otherwise fail to establish and maintain effective control over financial reporting, it may adversely affect our ability to accurately and timely report our financial results, and may adversely affect investor confidence and business operations.
Legal proceedings
From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not currently a party to any material legal proceedings. Regardless of outcome, such proceedings or claims can have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors, and there can be no assurances that favorable outcomes will be obtained.
On August 12, 2025, Vanderbilt University Medical Center (“Vanderbilt”) filed a complaint against us in the United States District Court for the Middle District of Tennessee, captioned Vanderbilt University Medical Center v. Allurion Technologies, Inc., d/b/a Allurion. Vanderbilt’s complaint alleges that we breached the Clinical Trial Agreement, dated June 30, 2022, by and between us and Vanderbilt, related to the clinical trial for the Allurion Balloon by failing to reimburse medical expenses incurred in treating a patient enrolled in such trial at Vanderbilt. Vanderbilt is seeking damages of approximately $2.5 million. We intend to defend against such claims vigorously, but we cannot be sure that we will be successful in prevailing in such proceeding or that it will not incur material costs in defending against such allegations.
The opening of Item 3, Legal Proceedings.9
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12SEC EDGAROjas Buch, Chief operating officer
- 13
- 14SEC EDGARRam Chuttani, Chief Medical Officer
- 15SEC EDGARRobert Jason Richey, Board member
- 16SEC EDGARRoderick Wong, Board member
- 17SEC EDGARMilena Alberti-Perez, Board member
- 18SEC EDGARKeith B. Johns Ii., Board member
- 19SEC EDGARKrishna K. Gupta, Board member
- 20SEC EDGARLarson Douglas Hudson, Board member
- 21SEC EDGARMichael R. Davin, Board member
- 22
- 23SEC EDGAROmar Ishrak, Board member
- 24SEC EDGARBrendan M. Gibbons, General counsel
- 25
- 26
- 27SEC EDGARExecutive or director change
- 28
- 29SEC EDGARExecutive or director change
- 30SEC EDGARExecutive or director change
- 31SEC EDGARExecutive or director change
- 32
- 33SEC EDGARChange of auditor
- 34
- 35
- 36
- 37SEC EDGARRegulation FD disclosure
- 38SEC EDGARResults of operations
- 39
- 40
- 41
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52