diff --git a/include/circt/Dialect/SV/SVPasses.h b/include/circt/Dialect/SV/SVPasses.h
index 6084319784f7..bac54e229d62 100644
--- a/include/circt/Dialect/SV/SVPasses.h
+++ b/include/circt/Dialect/SV/SVPasses.h
@@ -29,7 +29,9 @@ std::unique_ptr<mlir::Pass>
 createHWMemSimImplPass(bool replSeqMem = false,
                        bool ignoreReadEnableMem = false,
                        bool stripMuxPragmas = false);
-std::unique_ptr<mlir::Pass> createSVExtractTestCodePass();
+std::unique_ptr<mlir::Pass>
+createSVExtractTestCodePass(bool disableInstanceExtraction = false,
+                            bool disableModuleInlining = false);
 std::unique_ptr<mlir::Pass>
 createHWExportModuleHierarchyPass(llvm::Optional<std::string> directory = {});
 /// Generate the code for registering passes.
diff --git a/include/circt/Dialect/SV/SVPasses.td b/include/circt/Dialect/SV/SVPasses.td
index 4b84e691f2d1..5e71b1c66ac6 100644
--- a/include/circt/Dialect/SV/SVPasses.td
+++ b/include/circt/Dialect/SV/SVPasses.td
@@ -114,6 +114,12 @@ def SVExtractTestCode : Pass<"sv-extract-test-code", "ModuleOp"> {
 
   let constructor = "circt::sv::createSVExtractTestCodePass()";
   let dependentDialects = ["circt::sv::SVDialect"];
+  let options = [
+    Option<"disableInstanceExtraction", "disable-instance-extraction", "bool",
+           "false", "Disable extracting instances only that feed test code">,
+    Option<"disableModuleInlining", "disable-module-inlining", "bool",
+           "false", "Disable inlining modules that only feed test code">
+  ];
   let statistics = [
     Statistic<"numOpsExtracted", "num-ops-extracted", "Number of ops extracted">,
     Statistic<"numOpsErased", "num-ops-erased", "Number of ops erased">
diff --git a/lib/Dialect/SV/Transforms/SVExtractTestCode.cpp b/lib/Dialect/SV/Transforms/SVExtractTestCode.cpp
index 81c5ac9b1d64..35713cb37ba1 100644
--- a/lib/Dialect/SV/Transforms/SVExtractTestCode.cpp
+++ b/lib/Dialect/SV/Transforms/SVExtractTestCode.cpp
@@ -448,6 +448,11 @@ namespace {
 
 struct SVExtractTestCodeImplPass
     : public SVExtractTestCodeBase<SVExtractTestCodeImplPass> {
+  SVExtractTestCodeImplPass(bool disableInstanceExtraction,
+                            bool disableModuleInlining) {
+    this->disableInstanceExtraction = disableInstanceExtraction;
+    this->disableModuleInlining = disableModuleInlining;
+  }
   void runOnOperation() override;
 
 private:
@@ -490,7 +495,9 @@ struct SVExtractTestCodeImplPass
 
     // Find instances that directly feed the clone set, and add them if
     // possible.
-    addInstancesToCloneSet(inputs, opsToClone, opsToErase, extractedInstances);
+    if (!disableInstanceExtraction)
+      addInstancesToCloneSet(inputs, opsToClone, opsToErase,
+                             extractedInstances);
     numOpsExtracted += opsToClone.size();
     numOpsErased += opsToErase.size();
 
@@ -629,7 +636,7 @@ void SVExtractTestCodeImplPass::runOnOperation() {
                                     coverBindFile, bindTable, opsToErase);
 
       // Inline any modules that only have inputs for test code.
-      if (anyThingExtracted)
+      if (!disableModuleInlining && anyThingExtracted)
         inlineInputOnly(rtlmod, instanceGraph, bindTable, opsToErase);
 
       // Erase any instances that were extracted, and their forward dataflow.
@@ -661,6 +668,9 @@ void SVExtractTestCodeImplPass::runOnOperation() {
   top->removeAttr("firrtl.extract.testbench");
 }
 
-std::unique_ptr<Pass> circt::sv::createSVExtractTestCodePass() {
-  return std::make_unique<SVExtractTestCodeImplPass>();
+std::unique_ptr<Pass>
+circt::sv::createSVExtractTestCodePass(bool disableInstanceExtraction,
+                                       bool disableModuleInlining) {
+  return std::make_unique<SVExtractTestCodeImplPass>(disableInstanceExtraction,
+                                                     disableModuleInlining);
 }
diff --git a/test/firtool/extract-test-code.fir b/test/firtool/extract-test-code.fir
new file mode 100644
index 000000000000..ea47318b8be5
--- /dev/null
+++ b/test/firtool/extract-test-code.fir
@@ -0,0 +1,57 @@
+; RUN: firtool %s -extract-test-code | FileCheck %s
+; RUN: firtool %s -extract-test-code -etc-disable-instance-extraction | FileCheck %s --check-prefix=DISABLEINSTANCE
+; RUN: firtool %s -extract-test-code -etc-disable-module-inlining | FileCheck %s --check-prefix=DISABLEMODULE
+
+circuit Top:
+  module Foo:
+    input a : UInt<1>
+    output b : UInt<1>
+    b <= a
+
+  ; Ensure foo is extracted by default.
+  ; CHECK-LABEL: module InstanceExtracted_assert(
+  ; CHECK: Foo foo
+
+  ; Ensure foo is not extracted when disabled.
+  ; DISABLEINSTANCE-LABEL: module InstanceExtracted(
+  ; DISABLEINSTANCE: Foo foo
+
+  module InstanceExtracted:
+    input clock : Clock
+    input cond : UInt<1>
+    output out : UInt<1>
+
+    wire b : UInt<1>
+    inst foo of Foo
+    foo.a <= cond
+    b <= foo.b
+
+    assert(clock, cond, b, "Some assertion")
+
+    out <= cond
+
+  ; Ensure InputOnly is inlined by default.
+  ; CHECK-NOT: module InputOnly(
+
+  ; Ensure InputOnly is not inlined when disabled.
+  ; DISABLEMODULE-LABEL: module InputOnly(
+
+  module InputOnly:
+    input clock : Clock
+    input cond : UInt<1>
+    assert(clock, cond, cond, "Some assertion")
+
+  module Top:
+    input clock : Clock
+    input cond : UInt<1>
+    output out : UInt<1>
+
+    inst instance_extracted of InstanceExtracted
+    instance_extracted.clock <= clock
+    instance_extracted.cond <= cond
+    out <= instance_extracted.out
+
+    inst input_only of InputOnly
+    input_only.clock <= clock
+    input_only.cond <= cond
+
diff --git a/tools/firtool/firtool.cpp b/tools/firtool/firtool.cpp
index c3d6fc1f37ae..0990cb0b9ee6 100644
--- a/tools/firtool/firtool.cpp
+++ b/tools/firtool/firtool.cpp
@@ -312,6 +312,16 @@ static cl::opt<bool> disableInferRW("disable-infer-rw",
                                     cl::init(false), cl::Hidden,
                                     cl::cat(mainCategory));
 
+static cl::opt<bool> etcDisableInstanceExtraction(
+    "etc-disable-instance-extraction",
+    cl::desc("Disable extracting instances only that feed test code"),
+    cl::init(false), cl::cat(mainCategory));
+
+static cl::opt<bool> etcDisableModuleInlining(
+    "etc-disable-module-inlining",
+    cl::desc("Disable inlining modules that only feed test code"),
+    cl::init(false), cl::cat(mainCategory));
+
 enum OutputFormatKind {
   OutputParseOnly,
   OutputIRFir,
@@ -751,7 +761,8 @@ processBuffer(MLIRContext &context, TimingScope &ts, llvm::SourceMgr &sourceMgr,
                                             stripMuxPragmas));
 
       if (extractTestCode)
-        pm.addPass(sv::createSVExtractTestCodePass());
+        pm.addPass(sv::createSVExtractTestCodePass(etcDisableInstanceExtraction,
+                                                   etcDisableModuleInlining));
 
       // If enabled, run the optimizer.
       if (!disableOptimization) {