Every 10-Q that Exagen Inc. (XGN) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow XGN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full XGN filings page.
Exagen Inc. reported Q2 2026 revenue of $19.9M, up from $17.2M a year earlier, driven mainly by its AVISE® CTD autoimmune diagnostic test, which contributed about 89% of quarterly revenue. Gross profit rose to $12.2M, while the operating loss narrowed to $1.7M.
Net loss improved to $3.2M (basic and diluted net loss per share of $0.13) versus $4.4M in Q2 2025. For the first six months, operating cash outflow decreased to $6.4M, leaving cash and cash equivalents of $24.6M against total borrowings of about $22.8M. Management expects existing capital to fund operations for at least twelve months, while noting that additional financing may be required to support longer-term growth initiatives and ongoing development of new AVISE®-branded tests.
Exagen Inc. reported Q1 2026 revenue of $17.3 million, up from $15.5 million a year earlier, driven by higher AVISE® CTD test volumes and better average selling prices. AVISE® CTD accounted for about 91% of revenue.
The company posted a net loss of $4.0 million, slightly wider than Q1 2025, as operating expenses and interest costs increased. Gross profit rose to $10.2 million, producing a gross margin of about 59%.
Cash and cash equivalents were $21.5 million at March 31, 2026, with management stating this should fund obligations for at least 12 months, despite operating cash use of $10.4 million in the quarter. Long‑term borrowings, mainly the Perceptive Term Loan Facility, had a carrying value of $22.3 million, and warrant liability fell to $0.8 million as its fair value declined.
Exagen Inc. reported Q3 2025 results showing stronger top-line performance and a larger loss. Revenue was $17.2 million, up from $12.5 million a year ago, with gross profit of $10.1 million. Operating loss narrowed to $3.1 million, but higher interest and a non-cash change in warrant liability drove a net loss of $7.1 million (vs. $5.0 million).
Cash and cash equivalents rose to $35.7 million as of September 30, 2025, supported by financing. The company completed a $18.6 million public offering in May and sold $3.4 million via its ATM. It also closed a $25.0 million initial draw under a new senior secured term loan with Perceptive, using $19.7 million to repay its 2017 loan; the facility permits draws up to $75.0 million subject to milestones. A warrant liability of $6.6 million was recorded, with a $2.7 million non-cash loss in the quarter.
Total assets were $62.8 million, liabilities $44.7 million, and stockholders’ equity $18.1 million. Shares outstanding were 22,663,099 as of October 31, 2025. A supplier agreement amendment adds minimum purchases aggregating $24.0 million through 2029. A previously disclosed qui tam matter was dismissed with prejudice on July 15, 2025.
Exagen Inc. (XGN) 10-Q highlights for Q2 2025:
- Revenue: $17.2 M, up 14% YoY; six-month revenue $32.7 M (+11%). AVISE CTD accounted for 91% of sales.
- Profitability: Gross margin held at ~60% ($10.4 M). Operating loss was $2.6 M (flat YoY) but net loss widened to $4.4 M (-49 ¢ YoY) due to higher interest ($1.1 M) and a $0.4 M warrant fair-value loss. EPS was -$0.21 vs -$0.16.
- Cash flow & liquidity: Operating cash burn was $13.6 M. Cash & equivalents rose to $30.0 M (from $22.0 M at 12/24) after a $18.6 M May equity offering and a $25.0 M Tranche A draw under a new $75 M Perceptive Credit term loan. Minimum unrestricted-cash covenant is $3 M.
- Balance sheet: Total assets $58.8 M; shareholders’ equity improved to $21.0 M (was $9.5 M). Borrowings $22.3 M long-term and $0.7 M current; effective interest rate on Perceptive loan 16.2%.
- Warrants: 400 k warrants (exercise $5.27) issued; liability marked at $4.0 M. Up to 750 k more may vest with future draws.
- Customer & supplier risk: Customer A 23% of revenue; top three suppliers provided 92% of test consumables.
- Legal: DOJ qui tam case dismissed with prejudice in July 2025.
- Outlook: Management believes current cash funds operations ≥12 months but may seek additional capital to support growth and R&D pipeline.