Exagen(US:XGN)2025-11-04 13:03Financial Performance - Exagen reported record total revenue of $17.2 million for Q3 2025, a 38% increase compared to Q3 2024, or a 26% increase before one-time adjustments [4]. - Operating loss for Q3 2025 was $3.1 million, an improvement from a loss of $4.7 million in Q3 2024 [3]. - Net loss for Q3 2025 was $7.1 million, compared to a net loss of $5.0 million in Q3 2024 [3]. - Adjusted EBITDA for Q3 2025 was $(1.9) million, an improvement from $(4.0) million in Q3 2024 [3]. - Exagen expects full-year 2025 revenue to be between $65 million and $70 million, with positive adjusted EBITDA anticipated in Q4 2025 at the high end of the revenue range [5]. Cash and Assets - The company ended Q3 2025 with $35.7 million in cash and cash equivalents, an increase from $30.0 million in Q2 2025 [4]. - Total assets increased to $62.8 million as of September 30, 2025, compared to $44.7 million at the end of 2024 [21]. Test Volume and Pricing - The AVISE CTD test volume grew by 16% compared to Q3 2024, with the trailing twelve-month average selling price (ASP) increasing to $441 per test, up $37 from the previous year [4]. Expenses - Interest expense increased to $1,319 thousand in Q3 2025 from $562 thousand in Q3 2024 [25]. - Depreciation and amortization expense rose to $612 thousand in Q3 2025, compared to $422 thousand in Q3 2024 [25]. - Stock-based compensation expense increased to $593 thousand in Q3 2025 from $217 thousand in Q3 2024 [25]. - Other income/expense for Q3 2025 was $(3) thousand, a decrease from $(197) thousand in Q3 2024 [25]. - Income tax expense for Q3 2025 was $1 thousand, compared to no expense in Q3 2024 [25]. - Loss on extinguishment of debt was recorded as $295 thousand for the nine months ended September 30, 2025, with no loss in the same period of 2024 [25]. Research and Development - Exagen launched seronegative RA markers for anti-PAD4, enhancing the AVISE CTD panel [4]. - The company presented six abstracts at the American College of Rheumatology Conference, focusing on the development of a lupus nephritis platform [4]. Adjusted EBITDA - Total adjusted EBITDA for the nine months ended September 30, 2025 was $(6,124) thousand, compared to $(7,614) thousand for the same period in 2024 [25]. - Adjusted EBITDA for Q3 2025 was $(1,895) thousand, compared to $(4,024) thousand in Q3 2024, showing an improvement [25]. Warrant Liability - Change in fair value of warrant liability was $2,670 thousand in Q3 2025, with no corresponding figure in Q3 2024 [25].