Exosomes are the most studied EV subtype, with the term ‘exosome’ often used interchangeably with ‘extracellular vesicle’ despite the lack of consensus on exosome-specific biomarkers and unavailability of methods to selectively isolate exosomes from other subtypes of EVs [
38]. Exosomes are specifically defined as EVs of endosomal origin, formed through the inward budding of the membrane of late endosomes/multivesicular bodies (MVBs) to form intraluminal vesicles (ILVs), followed by the fusion of these MVBs with the plasma membrane which then releases exosomes from the cell [
42] (
Figure 2). The endosomal sorting complexes required for the transport (ESCRT)-dependent pathway is the main well-characterised mechanism of exosome biogenesis. It consists of five complexes which work to form ILVs in MVBs [
43]. Briefly, ESCRT-0, consisting of Hrs (hepatocyte growth factor-regulated tyrosine kinase substrate) and STAM1/2 (signal transducing adaptor molecule 1/2) binds phosphatidylinositol 3-phosphate at the endosomal membrane and ubiquitin on ubiquitinated proteins, enabling ubiquitin-dependent sorting into endosomes [
44,
45]. ESCRT-0 recruits ESCRT-I (composed of tumour susceptibility gene 101 (Tsg101), human multivesicular body 12 (hMvb12), and the vacuolar protein sorting (Vps) proteins, Vps28 and Vps37) [
46]. ESCRT-I interacts with both ESCRT-0 and ESCRT-II. ESCRT-II consists of Vps22, Vps36 and two Vps25 subunits [
47]. ESCRT-II has a high affinity for phosphatidylinositol 3-phosphate, enabling localisation to endosomes. ESCRT-III is composed of the charged multivesicular body proteins (CHMPs), CHMP2, CHMP3, CHMP4 and CHMP6 [
48]. ESCRT-III monomers exist in an autoinhibited state in the cytoplasm and come together upon activation and recruitment by ESCRT-II [
49]. Cargo is then deubiquitinated prior to loading into ILVs and ESCRT-III dissociates from the endosome membrane by the action of ATPase Vps4 and its co-factor, vacuolar protein sorting-associated protein VTA1 homolog (VTA1) which enables the recycling of the ESCRT machinery [
43]. Through this process, the endosomal membrane undergoes inward budding before scission occurs and ILVs are released into the MVB [
50]. RAB proteins then mediate the transport of the MVBs to the plasma membrane along microtubules where the MVBs then dock and SNARE (soluble N-ethylmaleimide-sensitive fusion protein attachment protein receptor) complexes mediate the fusion of MVBs with the plasma membrane, releasing the ILVs as exosomes [
51,
52].
Additionally, exosomes can be formed in an ESCRT-independent manner. Sphingomyelinase-enriched microdomains containing ceramides within endosome membranes are thought to promote a negative curvature in the membrane, resulting in inward budding [
53]. Tetraspanins also participate in cargo selection [
54]. Furthermore, RAB31 has been recently shown to control an ESCRT-independent pathway where it works through flotillin proteins to selectively package cargo into ILVs and inhibits RAB7, preventing lysosomal degradation and enhancing the release of ILVs as exosomes [
55].