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XGN

Exagen Inc.

XGN

Exagen Inc. • NASDAQ
$7.90 ▲ 2.07% (+0.16)
Market Cap $179.04 M
52w High $12.23
52w Low $2.67
Dividend Yield 0%
P/E -8.49
Volume 186.99K
Outstanding Shares 22.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.244M ▲ $13.175M ▲ $-7.087M ▼ -41.098% ▼ $-0.31 ▼ $-5.304M ▼
Q2-2025 $17.202M ▲ $13.025M ▲ $-4.439M ▼ -25.805% ▼ $-0.21 ▼ $-2.812M ▼
Q1-2025 $15.498M ▲ $12.488M ▲ $-3.752M ▲ -24.21% ▲ $-0.2 $-2.767M ▲
Q4-2024 $13.655M ▲ $11.86M ▲ $-3.761M ▲ -27.543% ▲ $-0.2 ▲ $-2.771M ▲
Q3-2024 $12.507M $11.644M $-5.028M -40.201% $-0.28 $-4.044M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $35.652M ▲ $62.823M ▲ $44.685M ▲ $18.138M ▼
Q2-2025 $30.033M ▲ $58.76M ▲ $37.726M ▲ $21.034M ▲
Q1-2025 $11.194M ▼ $40.294M ▼ $33.891M ▼ $6.403M ▼
Q4-2024 $22.036M ▲ $44.689M ▲ $35.149M ▲ $9.54M ▼
Q3-2024 $22.035M $43.605M $30.737M $12.868M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.087M ▼ $2.944M ▲ $-275K ▼ $2.95M ▼ $5.619M ▼ $2.669M ▲
Q2-2025 $-4.439M ▼ $-2.885M ▲ $-209K ▼ $21.933M ▲ $18.839M ▲ $-3.094M ▲
Q1-2025 $-3.752M ▲ $-10.671M ▼ $-107K ▲ $-64K ▲ $-10.842M ▼ $-10.784M ▼
Q4-2024 $-3.761M ▲ $363K ▲ $-146K ▲ $-216K ▼ $1K ▲ $217K ▲
Q3-2024 $-5.028M $-2.176M $-147K $-121K $-2.444M $-2.323M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $0 ▲$20.00M ▲$20.00M ▲$20.00M ▲
Shipping and Handling
Shipping and Handling
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been slowly increasing over the past few years, but the company still operates at a loss. Gross profits are reasonably healthy for a diagnostics business, yet they are not large enough to cover sales, marketing, and overhead costs. Losses were at their worst a few years ago and have been narrowing since then, which suggests better cost control and scale, but the business is still firmly in the red. Earnings per share remain negative, reflecting this ongoing unprofitability.

Balance Sheet

Balance Sheet The balance sheet has become leaner over time. Total assets and cash have both stepped down from earlier, stronger levels, showing the impact of several years of losses. Debt is present but not excessive and has come down from its peak, which is a positive. However, equity has eroded as losses have accumulated, leaving a thinner capital cushion. Overall, financial flexibility looks more limited than a few years ago, and the company appears more sensitive to any extended period of weak performance.

Cash Flow

Cash Flow The company is not yet generating cash from its operations. It has been using cash year after year to fund the business, although the rate of cash burn has eased from the most difficult period. Capital spending is very light, so most of the outflow is tied to running and growing the commercial and R&D operations rather than large equipment or facility projects. Continued access to capital or a clear move toward operating cash breakeven will be important for long‑term sustainability.

Competitive Edge

Competitive Edge Exagen sits in a focused niche within autoimmune disease diagnostics, especially lupus and related connective tissue diseases. Its proprietary CB‑CAPs technology, AVISE test brand, and dedicated rheumatology sales force give it a differentiated position versus generalist labs. Growing payer coverage and partnerships with large pharma and lab players further support its standing. At the same time, its small size, concentration in a narrow specialty, and the presence of much larger diagnostics companies mean it must keep proving its clinical value and cost‑effectiveness to maintain and grow its share.

Innovation and R&D

Innovation and R&D Innovation is a clear centerpiece of the strategy. The company is building on its core CB‑CAPs platform with broader panels for lupus and rheumatoid arthritis, new markers for harder‑to‑diagnose patients, and a developing platform for lupus nephritis based on licensed academic biomarkers. Partnerships with universities and major drug companies help validate and extend the technology. This pipeline, however, requires ongoing R&D spending, clinical validation, and reimbursement wins, so the path from scientific progress to commercial impact can be lengthy and uncertain.

Summary

Exagen is a specialized diagnostics company with a strong scientific story in autoimmune disease and a focused commercial footprint in rheumatology. Financially, it has modest but gradually rising revenue, improving but still negative profitability, and a balance sheet that has thinned as losses have accumulated. The core opportunity lies in scaling its AVISE platform, deepening payer coverage, and successfully launching new tests, particularly in lupus nephritis and rheumatoid arthritis. Key risks center on reimbursement, competition from larger labs, and the need to manage cash carefully until the business can consistently cover its own costs.

NEWS

November 11, 2025 · 9:00 AM UTC

Exagen Inc. to Participate in Fourth Quarter Investor Conferences

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November 4, 2025 · 8:00 AM UTC

Exagen Inc. Reports Strong Q3 2025 Results

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October 23, 2025 · 9:15 AM UTC

Exagen Announces Acceptance of Six Abstracts at 2025 American College of Rheumatology Convergence

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October 21, 2025 · 4:05 PM UTC

Exagen Inc. to Announce Third Quarter 2025 Financial Results on November 4, 2025

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