Exagen Inc. Announces Closing of $20.2 Million Public Offering Including Full Exercise of Underwriter’s Option to Purchase Additional Shares

Rhea-AI Summary

Exagen Inc. (XGN) has successfully completed its public offering, raising approximately $20.2 million in gross proceeds. The offering included the sale of 3,350,000 shares of common stock, plus an additional 502,500 shares due to the full exercise of the underwriter's option, all priced at $5.25 per share. The transaction closed on May 9, 2025, with Canaccord Genuity acting as the sole bookrunner. The offering was conducted under Exagen's shelf registration statement previously filed with the SEC.

Positive

• Successfully raised $20.2 million in gross proceeds to strengthen balance sheet
• Full exercise of underwriter's option indicates strong demand for the offering

Negative

• Share offering will cause dilution for existing shareholders
• Offering price of $5.25 per share may represent a discount to market price

News Market Reaction – XGN

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+1.05% News Effect

On the day this news was published, XGN gained 1.05%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

CARLSBAD, Calif., May 09, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today announced that it has completed the sale of an additional 502,500 shares of its common stock at a public offering price of $5.25 per share on May 8, 2025, pursuant to the full exercise of the option granted by Exagen to the underwriter in connection with its previously announced public offering of 3,350,000 shares of common stock, which closed on May 9, 2025.

All of the shares in the public offering, including the full exercise of the underwriter’s option, were sold by Exagen, with gross proceeds to Exagen of approximately $20.2 million, before deducting underwriting discounts and commissions and offering expenses.

Canaccord Genuity acted as sole bookrunner for the offering.

The public offering was made pursuant to a shelf registration statement on Form S-3 (including a base prospectus) that was previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on November 29, 2023. A final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov, and may be obtained from Canaccord Genuity LLC, Attention: Syndication Department, 1 Post Office Square, Suite 3000, Boston, MA 02109, or by email at prospectus@cgf.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Exagen

Exagen Inc. (Nasdaq: XGN) is a leading provider of autoimmune diagnostics, committed to transforming care for patients with chronic and debilitating autoimmune conditions. Based in San Diego County, California, Exagen’s mission is to provide clarity in autoimmune disease decision making and improve clinical outcomes through its innovative testing portfolio. The Company’s flagship product, AVISE^® CTD, enables clinicians to more effectively diagnose complex autoimmune conditions such as lupus, rheumatoid arthritis, and Sjögren’s syndrome earlier and with greater accuracy. Exagen’s laboratory specializes in the testing of rheumatic diseases, delivering precise and timely results, supported by a full suite of AVISE^®-branded tests for disease diagnosis, prognosis, and monitoring. With a focus on research, innovation, education, and patient-centered care, Exagen is dedicated to addressing the ongoing challenges of autoimmune disease management. For more information, please visit Exagen.com or follow @ExagenInc on X.

Contact

Ryan Douglas
Exagen Inc.
ir@exagen.com
760.560.1525

FAQ

How much money did Exagen (XGN) raise in its May 2025 public offering?

Exagen raised approximately $20.2 million in gross proceeds through the public offering of 3,852,500 shares at $5.25 per share.

How many shares did Exagen (XGN) sell in its May 2025 public offering?

Exagen sold a total of 3,852,500 shares, consisting of 3,350,000 initial shares plus 502,500 additional shares from the full exercise of the underwriter's option.

What was the price per share for Exagen's (XGN) May 2025 public offering?

The public offering price was $5.25 per share.

Who was the underwriter for Exagen's (XGN) May 2025 public offering?

Canaccord Genuity acted as the sole bookrunner for the offering.

What will Exagen (XGN) use the proceeds from the May 2025 offering for?

The press release does not specify the intended use of proceeds from the offering.