EXAGEN INC.

Listed Company

XGNCIK 0001274737NasdaqNon-AcceleratedSmaller ReportingServices-Medical LaboratoriesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$66.58M

Net Income

$-19.95M

Total Assets

$58.02M

Equity

$17.45M

Shares Out

24.05M

Op. Cash Flow

$-13.63M

Business

EXAGEN INC. designs, develops and commercializes next‑generation diagnostic tests for differential diagnosis, prognosis and monitoring of complex rheumatic and autoimmune diseases. Its products are AVISE®‑branded laboratory tests, led by AVISE® CTD and AVISE® Lupus, and other diagnostic, prognostic and monitoring assays. The company operates as a single reporting segment centered on a specialty clinical laboratory and supports research and development, sales, client services and quality assurance functions. It markets and distributes tests across the United States primarily to rheumatologists via a specialized field sales force, inside sales and third‑party payors.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	67	56	53	46	48
Cost of revenue	28	23	23	24	21
Gross profit	39	33	29	—	—
Selling, general and administrative expenses	47	41	47	52	45
Research and development expenses	6	5	5	10	7
Total operating expenses	53	47	52	92	72
Loss from operations	−14	−14	−23	−46	−24
Interest expense	−4	−2	−2	—	—
Loss on extinguishment of debt	−295,000	0	—	—	—
Change in fair value of warrant liability	−2	0	—	—	—
Interest income	289,000	767,000	2	—	—
Loss before income taxes	−20	−15	−24	−48	−27
Income tax expense	−51,000	−12,000	−33,000	282,000	−175,000
Net loss	−20	−15	−24	−47	−27
Net loss per share, basic (in dollars per share)	−0.93	−0.83	−1.34	−2.77	−1.68
Net loss per share, diluted (in dollars per share)	−0.93	−0.83	−1.34	−2.77	−1.68
Weighted-average number of shares used to compute net loss per share, basic (in shares)	22	18	18	17	16
Weighted-average number of shares used to compute net loss per share, diluted (in shares)	22	18	18	17	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	32	22	36	62	99
Accounts receivable, net	11	8	7	6	10
Prepaid expenses and other current assets	6	7	5	4	4
Total current assets	49	36	48	73	113
Property and equipment, net	7	5	5	8	5
Operating lease right-of-use assets	1	2	3	5	0
Other assets	756,000	550,000	616,000	528,000	433,000
Total assets	58	45	57	86	123
Accounts payable	4	4	3	3	2
Accrued and other current liabilities	6	7	8	5	7
Deferred revenue	675,000	733,000	—	—	—
Finance lease liabilities, current	1	201,000	—	—	—
Operating lease liabilities, current	1	1	976,000	1	0
Borrowings, current	643,000	423,000	264,000	190,000	0
Total current liabilities	14	14	12	10	9
Borrowings, non-current, net of discounts and debt issuance costs	22	20	19	29	27
Finance lease liabilities, non-current	2	157,000	—	—	—
Operating lease liabilities, non-current	438,000	2	3	4	0
Warrant liability	2	0	—	—	—
Total liabilities	41	35	34	44	39
Commitments and contingencies (Note 6)	—	—	—	—	—
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, $0.001 par value per share; 200,000,000 shares authorized at December 31, 2025 and December 31, 2024; 22,911,575 and 17,640,328 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	23,000	18,000	17,000	17,000	16,000
Additional paid-in capital	332	304	302	298	293
Accumulated deficit	−314	−294	−279	−256	−208
Total stockholders' equity	17	10	23	42	85
Total liabilities and stockholders' equity	58	45	57	86	123

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	2	2	2	2	948,000
Amortization of debt discount and debt issuance costs	378,000	154,000	156,000	161,000	279,000
Amortization of loan commitment fees	700,000	0	—	—	—
Non-cash operating lease expense	967,000	884,000	—	—	—
Stock-based compensation	2	2	4	5	5
Other	147,000	387,000	0	36,000	0
Accounts receivable, net	−3	−1	−474,000	4	−744,000
Prepaid expenses and other current assets	1	−2	−654,000	−505,000	521,000
Other assets	792,000	63,000	−101,000	−47,000	−167,000
Operating lease liabilities	−1	−976,000	−1	−854,000	0
Accounts payable	42,000	308,000	67,000	901,000	−655,000
Deferred revenue	−58,000	733,000	—	—	—
Accrued and other current liabilities	251,000	−133,000	2	−1	984,000
Net cash used in operating activities	−14	−13	−14	−32	−20
Purchases of property and equipment	−641,000	−515,000	−828,000	−4	−2
Proceeds from disposal of property and equipment	15,000	0	24,000	0	—
Net cash used in investing activities	−626,000	−515,000	−804,000	−4	−2
Proceeds from common stock issued in public offering, net of issuance costs	19	0	—	—	—
Proceeds from common stock issued under ATM, net of issuance costs	3	0	—	0	69
Proceeds from common stock issued under Employee Stock Purchase Plan	398,000	176,000	279,000	385,000	390,000
Proceeds from exercise of stock options	0	22,000	27,000	61,000	89,000
Principal payment on finance lease obligations	−494,000	−490,000	−697,000	−667,000	−525,000
Principal payment on note payable obligations	−592,000	−371,000	−241,000	−29,000	0
Proceeds from issuance of debt and warrants, net of discounts	24	0	—	—	—
Payment to extinguish debt	−20	0	—	—	—
Payment of debt issuance costs	−869,000	0	—	—	—
Net cash provided by (used in) financing activities	24	−663,000	−11	−489,000	65
Net change in cash, cash equivalents and restricted cash	10	−14	−26	−37	42
Cash paid for interest expense	3	2	2	2	2
Cash paid for taxes	35,000	32,000	—	—	—
Unpaid equipment settled under financing arrangement	682,000	0	—	—	—
Right-of-use assets obtained in exchange for finance lease liabilities	3	0	0	741,000	1
Recognition of warrant liability	4	0	—	—	—
Cashless exercise of warrants	3	0	—	—	—
Equipment purchased under notes payable obligations	0	706,000	250,000	807,000	0
Costs incurred, but not paid, in connection with capital expenditures	25,000	717,000	66,000	182,000	685,000

Filings

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