EXAGEN INC.
Business
Exagen Inc. is a medical technology company that designs, develops and commercializes diagnostic testing products under its AVISE® brand for autoimmune diseases, primarily systemic lupus erythematosus and rheumatoid arthritis. The flagship AVISE® CTD test uses proprietary biomarkers including Cell-Bound Complement Activation Products and T-Cell biomarkers. Exagen operates a specialty clinical laboratory in Vista, California and employs a direct sales force targeting U.S. rheumatologists. The company is advancing a pipeline of additional tests for lupus nephritis and disease activity assessment.
Summary from 10-K filed 2026-03-10
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is EXAGEN INC.'s CIK number?
EXAGEN INC.'s SEC CIK number is 0001274737 (1274737). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find EXAGEN INC.'s SEC filings?
All of EXAGEN INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did EXAGEN INC. last report earnings?
EXAGEN INC. (XGN) most recently filed an earnings 8-K with the SEC on May 11, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001274737-26-000027). This is EXAGEN INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is EXAGEN INC.'s most recent earnings 8-K?
EXAGEN INC.'s latest earnings 8-K (Item 2.02) was filed May 11, 2026 under accession 0001274737-26-000027. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View EXAGEN INC.'s latest earnings 8-K →
Look up any company's CIK number →