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• Allurion Program: A comprehensive, physician-supported weight loss program that integrates the Allurion Balloon with digital tools and lifestyle modification support.
• Allurion Balloon (formerly Elipse Balloon): A swallowable, procedure-less gastric balloon designed to create a feeling of fullness and facilitate weight loss.
• Allurion Virtual Care Suite: A suite of digital health tools, including a connected scale, smartwatch, and app, to support patients and clinicians throughout the weight loss journey.

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Allurion Technologies (symbol: ALUR) primarily sells its Allurion Program, which includes the Allurion Balloon and associated digital tools and support, to healthcare providers rather than directly to individuals. These providers then offer the program to their patients.

Therefore, Allurion's major customers fall into the following categories of healthcare entities:

• Weight Loss Clinics and Bariatric Centers: Specialized medical facilities focused on obesity management, offering various weight loss solutions, including non-surgical options.
• Gastroenterology and Endocrinology Practices: Private medical practices or departments within larger groups that manage digestive health and metabolic disorders, where the Allurion Program can be offered as a treatment option for weight management.
• Hospitals and Health Systems: Larger medical institutions that may integrate the Allurion Program into their broader obesity care departments, wellness programs, or specialized clinics for metabolic health.

Allurion typically works with a wide network of these healthcare providers globally, and its customer base is generally fragmented across numerous clinics and medical groups rather than concentrated in a few large, publicly traded companies.

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HOYA Corporation (TSE: 7741)

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Shantanu Gaur, Chief Executive Officer and Co-Founder

Shantanu Gaur co-founded Allurion in 2009 while at Harvard Medical School. He has served as CEO since January 2009 and is currently also serving as the principal financial officer and principal accounting officer on a temporary basis since November 2024. Dr. Gaur graduated summa cum laude with a B.S. in Biology from Harvard College and an M.D. from Harvard Medical School, where he was a Paul Revere Frothingham Scholar and Paul & Daisy Soros Fellow. He is an inventor on over 40 patents.

Ram Chuttani, Chief Medical Officer and Founding Partner

Ram Chuttani has served as the Chief Medical Officer since November 2017 and is a founding member of Allurion. He has worked as Director of Endoscopy at Beth Israel Deaconess Medical Center and as a Professor at Brigham and Women's Hospital.

Brendan Gibbons, Chief Legal Officer

Brendan Gibbons has served as Allurion's Chief Legal Officer since January 2024. Prior to joining Allurion, he served as a chief legal officer at several public companies, including executive vice president, chief legal officer, and corporate secretary for Acushnet Company from December 2017 to December 2021.

Ojas Buch, Chief Operating Officer

Ojas Buch has served as Allurion's Chief Operating Officer since June 2024. He brings over 25 years of experience in the healthcare industry, having held leadership roles at GE Healthcare, St Jude Medical, CareFusion, and Philips, and most recently served as President, PENTAX Medical – Americas.

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The key risks to Allurion Technologies (ALUR) include its precarious financial health and the ongoing threat of delisting, intense competition from GLP-1 drugs, and persistent regulatory and commercialization challenges, particularly in the critical U.S. market.

1. Financial Health and Delisting Risk

Allurion Technologies faces substantial financial hurdles, evidenced by negative shareholder equity, significant debt, and continued net losses. The company recently received a notice from the New York Stock Exchange (NYSE) regarding its intent to initiate delisting proceedings. This action stems from Allurion's failure to maintain the NYSE's minimum requirements for market capitalization and stockholders' equity. While Allurion is appealing the delisting decision and has a plan to regain compliance or relist on the NYSE American, there is no assurance that these efforts will be successful. A failure to regain compliance could significantly impact the company's liquidity, investor confidence, and access to capital.

2. Competition from GLP-1 Drugs

Allurion operates in a highly competitive medical equipment industry for weight loss solutions. A significant and evolving risk comes from the impact of Glucagon-like peptide-1 (GLP-1) drugs. Allurion is actively pivoting its business strategy to focus on low-dose GLP-1 combination therapies, recognizing the growing influence of these medications. Despite the recent FDA approval for its Allurion Gastric Balloon System, the competitive landscape, particularly from GLP-1 drugs, remains a material risk.

3. Regulatory and Commercialization Challenges

Despite receiving U.S. FDA approval for the Allurion Gastric Balloon System, successful commercialization in the large U.S. market presents ongoing challenges for Allurion. The company has previously disclosed a restatement of prior financial statements and identified material weaknesses in its internal controls over financial reporting, which can undermine regulatory compliance and investor trust. The ability to obtain and maintain regulatory approval for its products, coupled with the complexities of commercializing them in a competitive and evolving regulatory environment, continues to be a notable risk to the business.

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Allurion Technologies (ALUR) addresses significant markets with its main product, the Allurion Gastric Balloon System, and its accompanying services within the Allurion Program. This program features the Allurion Gastric Balloon, a swallowable, procedure-less intragastric balloon, along with the Allurion Virtual Care Suite, which includes an AI-powered remote patient monitoring system, a mobile app, a connected scale, and a health tracker.

The addressable markets for Allurion Technologies' offerings include:

• Intragastric Balloon Market: The global intragastric balloon market was valued at approximately $32.2 million in 2023 and is projected to grow to $115.3 million by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 13.6% from 2024 to 2033. Specifically, the North American intragastric balloon market was valued at $21.1 million in 2024. Following its recent FDA approval in February 2026, the Allurion Gastric Balloon System is now available to approximately 80 million Americans with a body mass index (BMI) between 30 and 40 kg/m².
• Weight Loss and Obesity Management Market: The broader global weight loss and obesity management market was valued at USD 232.4 billion in 2023 and is anticipated to reach USD 483.8 billion by 2032, growing at a CAGR of 8.6% from 2024 to 2032. Another estimate places the global obesity management market at $140.3 billion in 2023, projected to reach $351.8 billion by 2033, with a CAGR of 9.8% from 2024 to 2033. The global obesity treatment market, encompassing various interventions, was valued at USD 15.92 billion in 2024 and is projected to reach USD 60.53 billion by 2030, exhibiting a CAGR of 22.31% from 2025 to 2030. North America dominated the global obesity treatment market with a revenue share of 73.39% in 2024.

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Share Issuance

• Allurion Technologies became publicly listed in August 2023 through a business combination with Compute Health Acquisition Corp., issuing 37,812,000 shares to Allurion equity holders based on an assumed $500 million pro forma enterprise value.
• In February 2025, Allurion completed a registered direct offering of 900,000 shares of common stock at $5.23 per share, alongside a concurrent private placement of warrants to purchase up to 1,800,000 shares, generating approximately $6.1 million in gross proceeds.
• In February 2026, Allurion received approximately $3.0 million in gross proceeds from the exercise of 2,659,565 outstanding warrants at a reduced price of $1.15 per share, and issued new warrants to purchase up to 5,319,130 additional shares.

Inbound Investments

• The SPAC merger in February 2023 provided Allurion with at least $87 million through a private financing led by RTW Investments and a non-dilutive, synthetic royalty financing.
• The 2023 merger deal also included a senior secured term loan from an affiliate of Fortress Investment Group to refinance existing debt and was supported by a $100 million Chardan Equity Facility, allowing Chardan Capital Markets to purchase up to $100 million of Allurion common stock post-merger.
• In November 2025, Allurion closed a $5 million private placement financing with participation from new and existing stockholders and a strategic partner.

Capital Expenditures

• Allurion Technologies' trailing twelve months (TTM) Capital Expenditure % CAGR 1YRS was -90.1% as of June 30, 2025.
• Research and development expenses were $1.8 million in Q2 2025, a decrease from $4.3 million in Q2 2024, primarily due to reduced costs related to the AUDACITY trial and restructuring initiatives in Q4 2024.
• The company is investing in next-generation designs for the Allurion Balloon, focusing on reducing capsule size, increasing radiopacity, and introducing new valve technology for longer residence balloons to enhance long-term weight maintenance.