Biogenesis and receipt of extracellular vesicles (EVs). Exosomes are generated from an early endosome, which undergoes subsequent membrane inward invagination and captures a variety of cytosolic components including DNA, RNA, and proteins to form exosomes within the lumen. The resultant multivesicular bodies (MVBs) may fuse with the plasma membrane to release the exosomes, or turn into a lysosome for content degradation. In contrast, microvesicles are generated through outward budding of the plasma membrane. On receipt by a target cell, the possible fates of EVs include binding to cell surface to trigger intracellular signaling, fusing to the plasma membrane to release EV contents, and internalization through endocytosis, phagocytosis, or macropinocytosis, to eventually release EV contents into the cytoplasm.