Exagen Inc. (XGN) shares soared 5.5% in the last trading session to close at $7.32. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1.7% loss over the past four weeks.The sharp upsurge in XGN shares can be attributed to positive market sentiment following bullish analyst coverage and growing confidence in Exagen’s clinical testing platform. On July 23, Craig-Hallum initiated coverage with a Buy rating and a $12 price target, impl ...

CARLSBAD, Calif., July 17, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of innovative autoimmune testing solutions, announced today the appointment of Chas McKhann to its Board of Directors, effective July 17, 2025. Mr. McKhann is an accomplished leader with over 25 years of experience in the life sciences industry, including Board and C-suite positions leading turnaround and transformational growth at multiple medical technology companies. Most recently, Mr. McKhann served as Boar ...

CARLSBAD, Calif., July 15, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of innovative autoimmune testing, will release financial results for the quarter ended June 30, 2025, before the market opens on Tuesday, July 29, 2025. John Aballi, Exagen’s President and Chief Executive Officer, and Jeff Black, Chief Financial Officer, will host a conference call to review the company’s results at 8:30 a.m. ET (5:30 a.m. PT). Interested parties may access the conference call by dialing 201-38 ...

Core Insights - Exagen Inc. has completed the sale of an additional 502,500 shares of common stock at a public offering price of $5.25 per share, resulting in gross proceeds of approximately $20.2 million [1][2] Company Overview - Exagen Inc. is a leading provider of autoimmune diagnostics, focused on transforming care for patients with chronic autoimmune conditions. The company aims to improve clinical outcomes through its innovative testing portfolio, including its flagship product AVISE® CTD, which aids in the diagnosis of complex autoimmune conditions [5] Offering Details - The public offering was conducted under a shelf registration statement on Form S-3, which was declared effective by the SEC on November 29, 2023. The offering included a final prospectus supplement that describes the terms of the offering [3] Underwriter Information - Canaccord Genuity acted as the sole bookrunner for the offering, facilitating the sale of all shares in the public offering [2]

CARLSBAD, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today announced the pricing of its previously announced underwritten public offering of 3,350,000 shares of its common stock at a public offering price of $5.25 per share. All of the shares in the offering will be sold by Exagen, with gross proceeds to Exagen expected to be $17,587,500 before deducting underwriting discounts and commissions and offering expenses. Exagen has grant ...

Exagen Inc. (XGN) came out with a quarterly loss of $0.20 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.19 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post a loss of $0.27 per share when it actually produced a loss of $0.20, delivering a surprise of 25.93%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.Exagen, which belongs to the Zacks Medical - ...

Financial Data and Key Metrics Changes - The company achieved record revenue of $15,500,000 for Q1 2025, representing an approximately 8% increase compared to Q1 2024 [23] - The average selling price (ASP) for advised CTD tests increased to $419 per test, driven by the addition of new biomarkers [24] - Gross margin for Q1 was 58.9%, slightly down from 59.6% in 2024, with expectations for improvement throughout 2025 [26][27] - The net loss for Q1 was $3,800,000 compared to $3,400,000 in the same period last year, with an adjusted EBITDA loss of $2,500,000 versus $2,000,000 in Q1 2024 [29] Business Line Data and Key Metrics Changes - The company reported a 6% increase in testing volume over Q4 performance, attributed to the successful launch of new biomarkers [11] - The ASP is expected to receive an incremental boost of approximately $90 by the end of the year from the new markers [10] Market Data and Key Metrics Changes - The company has secured positive medical policy with TRICARE, which will enhance reimbursement for active duty service members and their families [9] - The company is focusing on expanding its presence in the rheumatology market, currently servicing about one-third of the community [40] Company Strategy and Development Direction - The company aims to achieve positive adjusted EBITDA by the end of 2025, with a focus on expanding ASP and volume [11][34] - Future innovations include the launch of seronegative markers expected by the end of the year, which are anticipated to improve sensitivity for identifying rheumatoid arthritis patients [16][17] - The company is exploring strategic transactions related to autoimmune disease diagnostics, with a focus on novel biomarker development [70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about meeting profitability goals, citing strong early traction from new biomarkers and improved sales team stability [22][34] - The company is well-positioned from a balance sheet perspective, with nearly $80,000,000 in combined cash, accounts receivable, and available future credit capacity as of April 30 [34] Other Important Information - The company has successfully won its first ALJ hearing, which is expected to set a precedent for future appeals [8] - The new credit facility with Perceptive Advisors extends the maturity of prior term debt, providing flexibility for growth initiatives [31][32] Q&A Session Summary Question: Expectations for volume growth throughout the year - Management is pleased with Q1 volume growth and expects it to continue, focusing on existing physician bases and expanding into the rheumatology market [40][42] Question: Update on the launch of the second wave of RIM markers - The launch is expected around year-end, with preparations underway for regulatory approvals [58][60] Question: Market awareness of new enhanced tests - Awareness varies regionally, with ongoing educational efforts to inform physicians about new markers [61][64] Question: Types of strategic transactions considered - The company is likely to pursue opportunities related to existing business in the autoimmune space, particularly in biomarker development [70] Question: Progress in kidney disease diagnostics - The company is committed to advancing early markers for kidney disease, with promising science and significant patient need [76][79] Question: Impact of ALJ hearing wins - Management has several hearings scheduled and expects to learn from each to improve future appeals [85]

Revenue Performance - Revenue from the AVISE® CTD product comprised 92% and 90% of total revenue for the three months ended March 31, 2025, and 2024, respectively [104]. - Revenue increased by $1.1 million, or 7.5%, for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to ASP expansion driven by new biomarkers [132]. - The number of AVISE CTD tests delivered in the three months ended March 31, 2025, increased by approximately 2% compared to the same period in 2024 [132]. Product Development - The company plans to commercially launch the PAD4 biomarker by the end of 2025, expecting an 8% increase in overall sensitivity for identifying RA patients [111]. - The company is developing a test for Lupus Nephritis using licensed intellectual property from Johns Hopkins University, with results expected in Q3 2025 [111]. - The company continues to invest in research and development to create new testing products with superior clinical utility for rheumatic conditions [109]. Financial Position - As of March 31, 2025, the company had an accumulated deficit of $298.1 million and cash and cash equivalents of $11.2 million [141]. - Net cash used in operating activities for the three months ended March 31, 2025 was $10.7 million, compared to $9.0 million for the same period in 2024 [152][153]. - Cash and cash equivalents, along with anticipated future revenue, are expected to be sufficient to meet cash requirements for at least the next 12 months [148]. Expenses and Losses - The company incurred a net loss of $3.8 million for the three months ended March 31, 2025, compared to a net loss of $3.4 million for the same period in 2024 [140]. - Cost of revenue increased by $0.6 million, or 9.6%, for the three months ended March 31, 2025, primarily due to increases in materials and employee-related expenses [132]. - Selling, general and administrative expenses increased by $0.7 million, or 6.3%, for the three months ended March 31, 2025, primarily due to increased employee-related expenses [134]. - Research and development expenses increased by $0.2 million, or 21.2%, for the three months ended March 31, 2025, primarily due to increased employee-related expenses and outside services [136]. Financing and Debt - The company entered into a Perceptive Term Loan Facility on April 25, 2025, with an initial term loan of $25 million, of which $19.7 million was used to repay a previous term loan [107]. - The Perceptive Term Loan Facility provides a senior secured delayed draw term loan facility of up to $75.0 million, with an initial tranche of $25.0 million funded [144]. - Interest expense is expected to increase by approximately $1.0 million annually in the year ending December 31, 2025, compared to the year ended December 31, 2024 [128]. Operational Strategy - The company aims to enhance gross margins and improve operating expense efficiencies through internal initiatives focused on reimbursement and clinical utility [112]. - The company is focused on expanding its base of healthcare providers and increasing penetration with existing providers to drive revenue growth [112]. - The company is pursuing partnerships with pharmaceutical companies and academic research centers to leverage its testing products and de-identified data [105]. Cash Management - The company implemented several revenue cycle management initiatives during the year ended December 31, 2023, to optimize cash collections [122]. - The net change in cash, cash equivalents, and restricted cash for the three months ended March 31, 2025 was a decrease of $10.8 million [151]. - The company expects to finance operations through equity offerings, debt financings, or other capital sources until it can generate sufficient revenue [149]. Compliance and Governance - As of March 31, 2025, the company maintained compliance with all covenants of the Amended Loan Agreement with Innovatus [143]. - The company has not sold any shares of its common stock under the Sales Agreement with TD Securities as of March 31, 2025 [145].

Exagen (XGN) Q1 2025 Earnings Call May 05, 2025 08:30 AM ET Speaker0 Greetings, and welcome to the Exagen Inc. First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Ryan Douglas, Investor Relations for Exagen Inc. Thank you. You may begin. Speaker1 Good morning, and th ...

Financial Performance - Exagen reported record Q1 2025 revenue of $15.5 million, an increase from $14.4 million in Q1 2024, representing a growth of 7.5% year-over-year[2] - The net loss for Q1 2025 was $3.8 million, compared to a net loss of $3.4 million in Q1 2024, indicating a 11.6% increase in losses[2] - Adjusted EBITDA for Q1 2025 was $(2.5) million, worsening from $(2.0) million in Q1 2024[25] - Exagen expects full-year 2025 revenue to be at least $65 million and aims to achieve positive adjusted EBITDA in Q4 2025[4] Operating Expenses - Operating expenses for Q1 2025 were $12.5 million, compared to $11.6 million in Q1 2024, reflecting an increase of 7.6%[2] Product Development - The trailing twelve-month average selling price (ASP) for AVISE CTD tests increased to $419, up $42 per test compared to Q1 2024[3] - Exagen launched new biomarkers for systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA), with expected reimbursement of $90 per test[3] Cash and Financing - The company ended Q1 2025 with cash, cash equivalents, and restricted cash totaling $11.2 million, with accounts receivable of $14.7 million[3] - The company closed a $25 million senior secured credit facility to refinance existing debt and extend maturity, with potential for additional borrowing capacity[9] Business Expansion - Exagen initiated commercial expansion with the identification of new sales territories[9]