Exagen Inc. Reports Strong Fourth Quarter and Full-Year 2025 Results
Rhea-AI Summary
Exagen (NASDAQ: XGN) reported record 2025 results with $66.6M total revenue, a 20% increase, and AVISE CTD test volume growth of >11%. Trailing-twelve-month ASP rose to $441 (+7%). Company ended 2025 with $32.4M cash and raised capital via a $20M public offering and $25M credit facility.
Net loss was $19.95M for the year; 2026 revenue guidance is $70M–$73M.
Positive
- Total revenue reached $66.6M, up 20% year-over-year
- AVISE CTD test volume growth of over 11% versus 2024
- Trailing twelve-month AVISE CTD ASP increased to $441 (+7%)
- Strengthened liquidity with $32.4M cash and new financing ($20M offering, $25M credit)
Negative
- Net loss of $19.95M for full-year 2025
- Adjusted EBITDA of $(9.79M) for 2025
- Loss from operations of $(14.07M) for 2025
News Market Reaction – XGN
On the day this news was published, XGN declined 3.85%, reflecting a moderate negative market reaction. Argus tracked a peak move of +17.4% during that session. Argus tracked a trough of -9.0% from its starting point during tracking. Our momentum scanner triggered 21 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $3M from the company's valuation, bringing the market cap to $86M at that time. Trading volume was above average at 1.6x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
XGN was up 2.74% pre-news while notable peers like PRE (17.76%), MDXH (5.3%) and BNR (3.26%) also gained. Momentum scanner flags MYGN and PRE moving up and PSNL down, indicating mixed sector flows rather than a unified move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 03 | Investor conferences | Neutral | -3.4% | Planned participation in March 2026 investor conferences and meetings. |
| Feb 24 | Earnings date set | Neutral | -0.3% | Announcement of March 10, 2026 date for Q4 and full-year 2025 results. |
| Jan 11 | Prelim 2025 results | Positive | -6.2% | Preliminary 2025 revenue, volume and ASP growth in line with guidance. |
| Nov 11 | Investor conferences | Neutral | -2.5% | Management participation in November 2025 New York investor conferences. |
| Nov 04 | Q3 2025 earnings | Positive | -9.0% | Strong Q3 2025 revenue, higher gross margin and improved adjusted EBITDA loss. |
Recent positive financial updates (preliminary 2025 results and strong Q3 2025) were followed by negative price reactions, suggesting a pattern of selling into upbeat fundamentals.
Over the last few months, Exagen highlighted stronger operating trends, including Q3 2025 revenue of $17.2M and preliminary 2025 revenue of $66M–$67M with higher ASP and cash of $32M. Despite this, shares fell after the preliminary results and the strong Q3 print. Other items, such as investor conference participation and the earnings date announcement, drew modest negative moves. Today’s full-year 2025 report confirms those earlier preliminary metrics and extends the narrative of revenue and ASP growth alongside ongoing losses.
Regulatory & Risk Context
An effective Form S-3 filed on 2025-06-20 registers up to 1,150,000 warrant shares for potential resale tied to a $75 million Perceptive term loan facility, implying possible future dilution and elevated leverage at a double‑digit interest rate.
Market Pulse Summary
This announcement details record 2025 revenue of $66.6M, improved AVISE CTD ASP of $441, and over 11% test volume growth, alongside continued net and adjusted EBITDA losses. It confirms earlier preliminary results and introduces 2026 revenue guidance of $70M–$73M. Investors may watch execution toward cash flow positivity, gross margin trends versus the 58.3% level, and any usage of the warrant-linked Form S-3 facility that could affect dilution and leverage.
Key Terms
adjusted EBITDA financial
non-GAAP financial
GAAP financial
warrant liabilities financial
AI-generated analysis. Not financial advice.
Record full-year total revenue and AVISE® CTD average selling price
New biomarkers and sales force expansion drove over
CARLSBAD, Calif., March 10, 2026 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing, today reported financial results for the fourth quarter and full year ended December 31, 2025, and recent business highlights.
| Three Months Ended December 31, | Year Ended December 31, | ||||||
| 2025 | 2025 | ||||||
| (in thousands, except ASP data) | |||||||
| Revenue | $ | 16,631 | $ | 66,575 | |||
| Gross margin | 55.4 | % | 58.3 | % | |||
| Operating expenses | $ | 14,181 | $ | 52,869 | |||
| Loss from operations | $ | (4,975 | ) | $ | (14,070 | ) | |
| Net loss | $ | (4,673 | ) | $ | (19,951 | ) | |
| Adjusted EBITDA | $ | (3,670 | ) | $ | (9,794 | ) | |
| Cash, cash equivalents and restricted cash | |||||||
| Trailing-twelve-month average selling price (ASP) | |||||||
2025 Highlights:
- Supported the diagnosis and management of care for over 137,000 patients tested by AVISE CTD.
- Delivered record total revenue of
$66.6 million , an increase of20% compared to 2024. - Grew AVISE CTD test volume over
11% compared to 2024. - Expanded AVISE CTD trailing twelve-month ASP to
$441 per test, an increase of$30 per test, or7% compared to 2024. - Enhanced the AVISE CTD platform with commercial launch of novel T-Cell and seronegative RA biomarkers, including anti-RA33 and anti-PAD4.
- Enriched leadership team through appointment of Michael Mahler, PhD, as Chief Scientific Officer and expanded the Board of Directors with appointment of Chas McKhann.
- Positioned balance sheet to support Company's path to cash flow positivity through
$20 million public offering of common stock and$25 million credit facility, ending the year with$32 million in cash and cash equivalents.
“Exagen is committed to improving care for autoimmune disease, delivering clarity for patients and confidence for clinicians,” said John Aballi, President and CEO. “I’m incredibly proud of our team’s accomplishments throughout 2025. Their disciplined execution advanced our operational turnaround and delivered record revenue performance, driven by both test volume growth and gains to ASP. We are clearly building a stronger foundation for long-term, profitable growth and value creation. Looking ahead, we plan to expand Exagen’s reach across autoimmune disease, addressing multiple, high-impact clinical dilemmas in one of the largest and most underserved markets in healthcare.”
Financial Outlook
The Company expects full-year 2026 revenue of
Conference Call
A conference call to review fourth quarter and full-year 2025 financial results is scheduled for today, March 10, 2026, at 8:30 a.m. ET (5:30 a.m. PT). Interested parties may access the conference call by dialing (877) 407-0890 (U.S.), or +1 (201) 389-0918 (international). Additionally, a link to a live webcast of the call will be available in the Investor Relations section of Exagen's website at investors.exagen.com. Participants are asked to join a few minutes prior to the call to register for the event.
A replay of the conference call will be available until March 24, 2026. Interested parties may access the replay by dialing (877) 660-6853 (U.S.) or +1 (201) 612-7415 (international) using passcode 13757484. A link to the replay of the webcast will also be available in the Investor Relations section of Exagen's website.
Use of Non-GAAP Financial Measures (Unaudited)
In addition to the financial results prepared in accordance with generally accepted accounting principles in the United States (GAAP), this press release contains the metric adjusted EBITDA, which is not calculated in accordance with GAAP and is a non-GAAP financial measure. Adjusted EBITDA is defined as net loss adjusted for interest income (expense), income tax expense (benefit), depreciation and amortization expense, stock‑based compensation expense, and certain other non‑cash, unusual or non‑recurring items, including, for example, losses on extinguishment of debt and changes in the fair value of warrant liabilities; we do not exclude normal, recurring, cash operating expenses from this measure. Such items could have a significant impact on the calculation of GAAP net loss.
Exagen uses adjusted EBITDA internally because the company believes these metrics provide useful supplemental information in assessing its operating performance reported in accordance with GAAP. Exagen believes adjusted EBITDA may enhance an evaluation of our operating performance because it excludes the impact of prior decisions made about capital investment, financing, investing and certain expenses the company believes are not indicative of our ongoing performance. However, this non-GAAP financial measure may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes.
This non-GAAP financial measure is not meant to be considered in isolation or used as a substitute for net loss reported in accordance with GAAP, should be considered in conjunction with our financial information presented in accordance with GAAP, has no standardized meaning prescribed by GAAP, is unaudited, and is not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that Exagen may exclude for purposes of these non-GAAP financial measures, and the company may in the future cease to exclude items that it has historically excluded for purposes of these non-GAAP financial measures. Likewise, Exagen may determine to modify the nature of adjustments to arrive at these non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measure as used by the company in this press release and the accompanying reconciliation table have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Accordingly, investors should not place undue reliance on non-GAAP financial measures.
A reconciliation of net loss to non-GAAP adjusted EBITDA is provided in the financial schedules that are part of this press release.
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 disease earlier and with greater accuracy. Exagen’s CLIA-certified, CAP-accredited laboratory specializes in the testing of rheumatic diseases, delivering precise and timely results, supported by a 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, visit Exagen.com or follow Exagen on LinkedIn.
Forward Looking Statements
Exagen cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Exagen’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding: Exagen’s goals, strategies, positioning, and ambitions; evaluations and judgments regarding financial results and the potential implications of those results, potential future financial and business performance, including any improvements to adjusted EBITDA, ASP, net loss and potential profitability; the potential utility and effectiveness of Exagen’s services and testing solutions; potential stockholder value and growth and full-year 2026 guidance. The inclusion of forward-looking statements should not be regarded as a representation by Exagen that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Exagen’s business, including, without limitation: delays in reimbursement and coverage decisions from Medicare and third-party payors and interactions with regulatory authorities, and delays in ongoing and planned clinical trials involving its tests; the potential effects of inflation and tariffs on Exagen’s margins; and changes in laws and regulations related to Exagen’s regulatory requirements. Exagen’s commercial success depends upon attaining and maintaining significant market acceptance of its testing products among rheumatologists, patients, third-party payors and others in the medical community; Exagen’s ability to successfully execute on its business strategies; and ability to obtain additional funding; third-party payors not providing coverage and adequate reimbursement for Exagen’s testing products, including Exagen’s ability to collect on funds due; Exagen’s ability to obtain and maintain intellectual property protection for its testing products; regulatory developments affecting Exagen’s business; and other risks described in Exagen’s prior press releases and Exagen’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in Exagen’s Annual Report on Form 10-K for the year ended December 31, 2025, expected to be filed with the SEC on March 10, 2026, and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Exagen undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors:
Tina Jacobsen, CFA
Exagen Inc.
ir@exagen.com
| Exagen Inc. Statements of Operations (in thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (Unaudited) | |||||||||||||||
| Revenue | $ | 16,631 | $ | 13,655 | $ | 66,575 | $ | 55,641 | |||||||
| Costs of revenue | 7,425 | 5,178 | 27,776 | 22,529 | |||||||||||
| Gross profit | 9,206 | 8,477 | 38,799 | 33,112 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling, general and administrative expenses | 12,424 | 10,204 | 46,615 | 41,373 | |||||||||||
| Research and development expenses | 1,757 | 1,656 | 6,254 | 5,375 | |||||||||||
| Total operating expenses | 14,181 | 11,860 | 52,869 | 46,748 | |||||||||||
| Loss from operations | (4,975 | ) | (3,383 | ) | (14,070 | ) | (13,636 | ) | |||||||
| Interest expense | (1,330 | ) | (563 | ) | (4,318 | ) | (2,234 | ) | |||||||
| Loss on extinguishment of debt | — | — | (295 | ) | — | ||||||||||
| Change in fair value of warrant liability | 1,602 | — | (1,506 | ) | — | ||||||||||
| Interest income | 43 | 185 | 289 | 767 | |||||||||||
| Loss before income taxes | (4,660 | ) | (3,761 | ) | (19,900 | ) | (15,103 | ) | |||||||
| Income tax expense | (13 | ) | — | (51 | ) | (12 | ) | ||||||||
| Net loss | $ | (4,673 | ) | $ | (3,761 | ) | $ | (19,951 | ) | $ | (15,115 | ) | |||
| Net loss per share, basic and diluted | $ | (0.20 | ) | $ | (0.20 | ) | $ | (0.93 | ) | $ | (0.83 | ) | |||
| Weighted-average number of shares used to compute net loss per share, basic and diluted | 23,575,693 | 18,427,887 | 21,558,245 | 18,203,044 | |||||||||||
| Exagen Inc.Balance Sheets (in thousands, except share and per share amounts) | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 32,220 | $ | 22,036 | |||
| Accounts receivable, net | 10,855 | 7,835 | |||||
| Prepaid expenses and other current assets | 5,818 | 6,584 | |||||
| Total current assets | 48,893 | 36,455 | |||||
| Property and equipment, net | 6,938 | 5,283 | |||||
| Operating lease right-of-use assets | 1,435 | 2,401 | |||||
| Other assets | 756 | 550 | |||||
| Total assets | $ | 58,022 | $ | 44,689 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 4,153 | $ | 4,137 | |||
| Accrued and other current liabilities | 6,327 | 6,916 | |||||
| Deferred revenue | 675 | 733 | |||||
| Finance lease liabilities, current | 1,135 | 201 | |||||
| Operating lease liabilities, current | 1,226 | 1,096 | |||||
| Borrowings, current | 643 | 423 | |||||
| Total current liabilities | 14,159 | 13,506 | |||||
| Borrowings, non-current, net of discounts and debt issuance costs | 22,264 | 19,822 | |||||
| Finance lease liabilities, non-current | 1,960 | 157 | |||||
| Operating lease liabilities, non-current | 438 | 1,664 | |||||
| Warrant liability | 1,752 | — | |||||
| Total liabilities | 40,573 | 35,149 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity: | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 23 | 18 | |||||
| Additional paid-in capital | 331,708 | 303,853 | |||||
| Accumulated deficit | (314,282 | ) | (294,331 | ) | |||
| Total stockholders' equity | 17,449 | 9,540 | |||||
| Total liabilities and stockholders' equity | $ | 58,022 | $ | 44,689 | |||
Exagen Inc.
Reconciliation of Non-GAAP Financial Measures (UNAUDITED)
The table below presents the reconciliation of adjusted EBITDA, which is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures (UNAUDITED)" above for further information regarding the Company's use of non-GAAP financial measures.
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (in thousands) | |||||||||||||||
| Adjusted EBITDA | |||||||||||||||
| Net loss | $ | (4,673 | ) | $ | (3,761 | ) | $ | (19,951 | ) | $ | (15,115 | ) | |||
| Interest income | (43 | ) | (185 | ) | (289 | ) | (767 | ) | |||||||
| Interest expense | 1,330 | 563 | 4,318 | 2,234 | |||||||||||
| Loss on extinguishment of debt | — | — | 295 | — | |||||||||||
| Change in fair value of warrant liability | (1,602 | ) | — | 1,506 | — | ||||||||||
| Income tax expense | 13 | — | 51 | 12 | |||||||||||
| Depreciation and amortization expense | 600 | 415 | 2,118 | 1,724 | |||||||||||
| Stock-based compensation expense | 705 | 433 | 2,158 | 1,763 | |||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (3,670 | ) | $ | (2,535 | ) | $ | (9,794 | ) | $ | (10,149 | ) | |||
FAQ
What were Exagen's fourth-quarter and full-year 2025 revenues (XGN)?
How did AVISE CTD test volumes and ASP change in 2025 for XGN?
What were Exagen's 2025 profitability metrics and cash position (XGN)?
What financing did Exagen complete to support its 2026 plan (XGN)?
What revenue guidance did Exagen provide for full-year 2026 (XGN)?
What commercial progress did Exagen report for its AVISE CTD platform in 2025 (XGN)?
