Welcome to our dedicated page for Exagen SEC filings (Ticker: XGN), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Reimbursement tables, lupus test volumes, and biomarker R&D costs in Exagen’s SEC reports can feel like a maze. If you’ve ever hunted for a single Medicare rate change buried in the company’s 10-K, you know the challenge. Stock Titan’s AI turns hundreds of pages into concise insights, so you can spot revenue drivers and risk factors in minutes—not hours.
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Exagen Inc. (Nasdaq: XGN) has filed a Form S-3 shelf registration statement to cover the potential resale of up to 1,150,000 shares of common stock that may be issued upon exercise of a warrant granted to Perceptive Credit Holdings IV, LP. The warrant was issued as part of a senior secured delayed-draw term loan facility signed on 25 April 2025.
Key equity details
- Shares registered: 1,150,000, representing future dilution of roughly 6.3 % of the 18.3 million shares outstanding (FY-2024 10-K).
- Current market value (based on the 18 June 2025 close of $7.36): ≈ $8.5 million.
- Vesting schedule: 400 k shares vested at closing; 150 k each vest on Tranche B & C borrowings; 450 k vest on Tranche D.
- Proceeds: Company receives no proceeds from stockholder resales; it will receive cash only if the warrant is exercised for cash.
Debt financing structure
- Total commitment: $75 million senior secured term loan (the “Perceptive Term Loan Facility”).
- Draws: $25 m funded (Tranche A); additional Tranches B ($10 m), C ($10 m) and D ($30 m) available through Mar-2027, subject to revenue and business-development milestones.
- Interest: greater of Term SOFR or 4.75 % plus 7 % margin (effective floor rate 11.75 %).
- Maturity: 25 April 2030; interest-only during the term with principal due at maturity.
The filing grants Perceptive registration rights, allowing it to sell shares from time to time via multiple distribution methods. While Exagen strengthens liquidity through the credit facility, investors should weigh potential dilution and elevated leverage at a double-digit interest rate. The company will also bear all registration expenses, and secondary selling could pressure the share price.
Strategic context
Exagen’s core business focuses on its AVISE® rheumatology diagnostics platform. Management seeks non-dilutive capital to fund growth, yet the warrant structure nonetheless introduces share issuance risk. The extended six-year draw window and five-year interest-only period provide operating flexibility but lock the company into a high-cost debt instrument until 2030.