Exagen Q3 revenue rises 7% to $18.4M; net loss narrows
Full-year 2026 revenue guidance remains $72 million to $75 million, and Exagen says its myositis offering is on track for early 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Exagen Inc. (XGN) reported third-quarter revenue of $18.417 million, up 7% from $17.244 million in the 2025 quarter. Revenue for the nine months ended September 30, 2026 was $55.664 million, up 11% from $49.944 million; gross margin was 58.8%, compared with 58.4%.
Third-quarter net loss narrowed to $6.336 million from $7.087 million, while loss from operations increased to $4.408 million from $3.100 million. For the first nine months, net loss was $13.499 million, reduced 12%, and adjusted EBITDA loss improved by over 30% to $4.206 million from $6.124 million. Quarterly adjusted EBITDA loss was $1.932 million versus $1.895 million.
Cash and cash equivalents were $28.092 million as of September 30, 2026, compared with $35.652 million as of September 30, 2025. Exagen reiterated full-year 2026 revenue guidance of $72 million to $75 million. It acquired certain assets on July 16, 2026, including rights to technology, software, source code, know-how and patents comprising an AI-enabled rheumatology workflow-optimization platform, and recognized a $587,000 in-process research and development charge. Exagen said its myositis offering remains on track for launch early in 2027.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month revenue increased 11% to $55.664 million.
- Moderate pointNine-month net loss fell 12% to $13.499 million.
- Moderate pointNine-month adjusted EBITDA loss improved over 30% to $4.206 million.
Negative
- Moderate pointQuarterly loss from operations rose to $4.408 million from $3.100 million.
Filing Explained
The balance sheet reports 25,420,340 common shares issued and outstanding at
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter revenue: $18.417 million
Nine-month revenue: $55.664 million
Loss from operations: $4.408 million loss
+5 more
8 metrics
Third-quarter revenue
$18.417 million
Three months ended September 30, 2026; up 7% from 2025
Nine-month revenue
$55.664 million
Nine months ended September 30, 2026; up 11% from 2025
Loss from operations
$4.408 million loss
Three months ended September 30, 2026; $3.100 million loss in 2025
Third-quarter net loss
$6.336 million loss
Three months ended September 30, 2026; $7.087 million loss in 2025
Nine-month net loss
$13.499 million loss
Nine months ended September 30, 2026; reduced 12% from 2025
Nine-month adjusted EBITDA
$4.206 million loss
Nine months ended September 30, 2026; loss improved over 30% from 2025
Cash and cash equivalents
$28.092 million
As of September 30, 2026
Full-year 2026 revenue guidance
$72 million to $75 million
Reiterated
Key Terms
Adjusted EBITDA, trailing-twelve-month average selling price (ASP), in-process research and development, asset acquisition, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA (Non-GAAP)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
trailing-twelve-month average selling price (ASP) financial
"Trailing-twelve-month average selling price (ASP)"
in-process research and development financial
"recognized an in-process research and development (IPR&D) charge"
Unfinished research and development work—such as drug candidates, prototypes, or process designs—that a company is actively developing but has not yet completed or commercialized. Investors care because it represents potential future products or technologies (like a half-built prototype) whose value is uncertain; it affects how acquisitions are priced, how future profits and costs are forecast, and can be written down if the project fails.
asset acquisition financial
"transaction was accounted for as an asset acquisition"
An asset acquisition is when a company buys specific pieces of another business—such as equipment, buildings, patents, customer lists, or inventory—rather than buying the other company’s stock. For investors, it matters because this lets a buyer add value or cut costs without taking on unwanted liabilities, similar to shopping for and installing only the useful appliances in a house instead of buying the whole property; the move can change future revenue, costs and risk.
warrant liability financial
"change in fair value of warrant liability"
Warrant liability is the financial obligation a company records when it grants warrants—special options giving the holder the right to buy company shares at a set price in the future. It matters to investors because changes in this liability can affect a company's reported earnings and overall financial health, similar to how a pending contract can influence a company's future value.
Earnings Snapshot
Third-quarter revenue: $18.417 million · Guidance included
Three and nine months ended September 30, 2026
Third-quarter revenue
$18.417 million
Up 7% from $17.244 million in 2025
Nine-month revenue
$55.664 million
Up 11% from $49.944 million in 2025
Third-quarter net loss
$6.336 million loss
Compared with a $7.087 million loss in 2025
Nine-month net loss
$13.499 million loss
Reduced 12% from a $15.278 million loss in 2025
Nine-month adjusted EBITDA
$4.206 million loss
Loss improved over 30% from $6.124 million in 2025
Guidance
Full-year 2026 revenue guidance reiterated at $72 million to $75 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was XGN's third-quarter 2026 revenue?
Exagen reported third-quarter revenue of $18.417 million, up 7% from $17.244 million in the third quarter of 2025.
What is XGN's 2026 revenue guidance?
Exagen reiterated full-year 2026 revenue guidance of $72 million to $75 million.
What assets did XGN acquire in July 2026?
On July 16, 2026, Exagen acquired certain assets, including rights to technology, software, source code, know-how and patents comprising an AI-enabled rheumatology practice workflow-optimization software platform. It accounted for the transaction as an asset acquisition and recognized a $587,000 in-process research and development charge.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 10, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(760 ) 560-1501
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 10, 2026 , the Company reported its financial results for the three and nine months ended September 30, 2026. A copy of the press release issued by the Company is furnished as Exhibit 99.1 to this report.
The information furnished with Item 2.02 of this report, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filings under the Exchange Act or under the Securities Act of 1933, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated November 10, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EXAGEN INC. | ||||||||||||||||||||
Date: | By: | /s/ Jeffrey G. Black | ||||||||||||||||||
| Jeffrey G. Black | ||||||||||||||||||||
| Chief Financial Officer | ||||||||||||||||||||
Exagen Inc. Reports Third Quarter 2026 Financial Results
Third Quarter Revenue Grew 7% to $18.4 Million
Year-to-Date Revenue Grew 11%, Net Loss Reduced by 12% and Adjusted EBITDA Loss Improved by Over 30%
November 10, 2026
Carlsbad, Calif., – Exagen Inc. (Nasdaq: XGN), a precision medicine company bringing clarity to autoimmune disease, today reported financial results for the quarter ended September 30, 2026, and recent corporate updates.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Unaudited. In thousands, except ASP data. | ||||||||||||||||||||||||||
| Revenue | $ | 18,417 | $ | 17,244 | $ | 55,664 | $ | 49,944 | ||||||||||||||||||
| Gross margin | 58.8 | % | 58.4 | % | 59.7 | % | 59.3 | % | ||||||||||||||||||
| Operating expenses | $ | 15,244 | $ | 13,175 | $ | 42,802 | $ | 38,688 | ||||||||||||||||||
| Operating loss | $ | (4,408) | $ | (3,100) | $ | (9,544) | $ | (9,095) | ||||||||||||||||||
| Net loss | $ | (6,336) | $ | (7,087) | $ | (13,499) | $ | (15,278) | ||||||||||||||||||
| Adjusted EBITDA | $ | (1,932) | $ | (1,895) | $ | (4,206) | $ | (6,124) | ||||||||||||||||||
| Trailing-twelve-month average selling price (ASP) | $ | 451 | $ | 441 | $ | 451 | $ | 441 | ||||||||||||||||||
| Cash and cash equivalents (as of September 30) | $ | 28,092 | $ | 35,652 | $ | 28,092 | $ | 35,652 | ||||||||||||||||||
Third Quarter 2026 and Recent Corporate Highlights:
•Achieved total revenue of $18.4 million, an increase of 7% compared to third quarter 2025.
•Expanded AVISE CTD trailing twelve-month ASP to $451 per test, an increase of $10 per test compared to third quarter 2025 and the 14th consecutive quarter of growth.
•Ended the quarter with approximately $28.1 million in cash and cash equivalents.
•Presented nine abstracts at the 2026 American College of Rheumatology (ACR) Convergence Conference, including two podium presentations on proprietary T-cell marker disease associations and an analysis of phenotypic patterns across more than 375,000 AVISE CTD tests.
“Our third quarter extends what is fast becoming a record year for Exagen, and our ability to execute against our vision is increasingly evident in the results. The team grew the business again, with test volume and ASP both ahead of the same period last year,” said John Aballi, President and Chief Executive Officer of Exagen. “Beyond our financial performance, our strong showing at ACR Convergence demonstrates that our science continues to push the boundaries of traditional autoimmune care. We also remain on track to launch our myositis offering early in 2027, bringing greater clarity and confidence to clinicians and patients in an area of significant need.”
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Exagen Forward: Building the Autoimmune Platform
The company will host an educational webcast on December 15, 2026, at 12:00 p.m. ET (9:00 a.m. PT) to discuss the significant unmet clinical need in myositis, Exagen’s unique myositis solution, and additional pipeline development efforts. Further details, including registration information, will be provided at a later date.
2026 Guidance
The company reiterated full-year 2026 revenue guidance of $72 million to $75 million.
Conference Call and Webcast
John Aballi, President and Chief Executive Officer, and Jeff Black, Chief Financial Officer, will host a webcast at 8:00 a.m. ET (5:00 a.m. PT) this morning to review the results.
The webcast will be available on the Exagen Investor Relations website at investors.exagen.com. Participants wishing to join by phone should register in advance using the following link for dial-in instructions: https://register-conf.media-server.com/register/BId7f4a0dc53154d5e84d4eb39ccfa279d.
A replay of the webcast will be available for 12 months via the Exagen Investor Relations website at investors.exagen.com
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 other income (expense), net, interest income (expense), income tax expense (benefit), depreciation and amortization expense, stock‑based compensation expense, change in fair value of warrant liability, acquired in-process research and development, and certain other non‑cash, unusual or non‑recurring items, including, for example, losses on extinguishment of debt; 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 this measure provides useful supplemental information in addition to its operating performance reported in accordance with GAAP. Exagen believes adjusted EBITDA may enhance an evaluation of the 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 the 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 the 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
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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 specialized diagnostics company with an autoimmune platform that empowers physicians to make more confident decisions, earlier. Its flagship test, AVISE® CTD, provides diagnostic clarity in complex autoimmune conditions such as lupus, rheumatoid arthritis, and Sjögren's disease. Based in San Diego County, California, Exagen operates a CLIA-certified, CAP-accredited rheumatology laboratory delivering precise, timely results to physicians and partners across healthcare and biopharma. Through ongoing research and innovation, Exagen is committed to advancing care for autoimmune disease.
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. Words such as “anticipate,” “believe,” “expect,” “guidance,” “intend,” “may,” “on track,” “plan,” “will” and similar expressions are intended to identify 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; the timing of Exagen’s myositis and pipeline development; the impact of Exagen’s revenue cycle management strategy on the timing of collections and cash burn; potential stockholder value and growth; and full-year 2026 revenue 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; changes in laws and regulations related to Exagen’s regulatory requirements; fluctuations in the fair value of its warrant liability; Exagen’s commercial success, which 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; Exagen’s 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 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, filed with the SEC on March 10, 2026, its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026, June 30, 2026, and September 30, 2026, filed with the SEC May 11, 2026, August 4, 2026, and November 10, 2026, and any subsequent filings with the SEC.
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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
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Exagen Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Revenue | $ | 18,417 | $ | 17,244 | $ | 55,664 | $ | 49,944 | ||||||||||||||||||
| Cost of revenue | 7,581 | 7,169 | 22,406 | 20,351 | ||||||||||||||||||||||
| Gross profit | 10,836 | 10,075 | 33,258 | 29,593 | ||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Selling, general and administrative expenses | 12,834 | 11,445 | 37,413 | 34,191 | ||||||||||||||||||||||
| Research and development expenses | 1,823 | 1,730 | 4,802 | 4,497 | ||||||||||||||||||||||
| In-process research and development expenses* | 587 | — | 587 | — | ||||||||||||||||||||||
| Total operating expenses | 15,244 | 13,175 | 42,802 | 38,688 | ||||||||||||||||||||||
| Loss from operations | (4,408) | (3,100) | (9,544) | (9,095) | ||||||||||||||||||||||
| Interest expense | (1,201) | (1,319) | (3,669) | (2,988) | ||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | (295) | ||||||||||||||||||||||
| Change in fair value of warrant liability | (909) | (2,670) | (453) | (3,108) | ||||||||||||||||||||||
| Other income (expense), net | 181 | 3 | 202 | 246 | ||||||||||||||||||||||
| Loss before income taxes | (6,337) | (7,086) | (13,464) | (15,240) | ||||||||||||||||||||||
| Income tax (expense) benefit | 1 | (1) | (35) | (38) | ||||||||||||||||||||||
| Net loss | $ | (6,336) | $ | (7,087) | $ | (13,499) | $ | (15,278) | ||||||||||||||||||
| Net loss per share, basic and diluted | $ | (0.25) | $ | (0.31) | $ | (0.56) | $ | (0.73) | ||||||||||||||||||
| Weighted-average number of shares used to compute net loss per share, basic and diluted | 24,849,797 | 22,940,412 | 24,294,839 | 20,878,373 | ||||||||||||||||||||||
*On July 16, 2026, the Company acquired certain assets including the rights to technology, software, source code, know-how and patents comprising an AI-enabled rheumatology practice workflow-optimization software platform. The transaction was accounted for as an asset acquisition. The Company recognized an in-process research and development (IPR&D) charge of $587,000 related to the transaction.
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Exagen Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
| September 30, 2026 | December 31, 2025 | |||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 28,092 | $ | 32,220 | ||||||||||
| Accounts receivable, net | 11,481 | 10,855 | ||||||||||||
| Prepaid expenses and other current assets | 5,759 | 5,818 | ||||||||||||
| Total current assets | 45,332 | 48,893 | ||||||||||||
| Property and equipment, net | 6,058 | 6,938 | ||||||||||||
| Operating lease right-of-use assets | 3,356 | 1,435 | ||||||||||||
| Other assets | 607 | 756 | ||||||||||||
| Total assets | $ | 55,353 | $ | 58,022 | ||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 3,747 | $ | 4,153 | ||||||||||
| Accrued and other current liabilities | 5,570 | 6,327 | ||||||||||||
| Deferred revenue | 1,398 | 675 | ||||||||||||
| Finance lease liabilities, current | 1,062 | 1,135 | ||||||||||||
| Operating lease liabilities, current | 870 | 1,226 | ||||||||||||
| Borrowings, current | 453 | 643 | ||||||||||||
| Total current liabilities | 13,100 | 14,159 | ||||||||||||
| Borrowings, non-current, net of discounts and debt issuance costs | 22,359 | 22,264 | ||||||||||||
| Finance lease liabilities, non-current | 1,439 | 1,960 | ||||||||||||
| Operating lease liabilities, non-current | 2,578 | 438 | ||||||||||||
| Warrant liability | 2,102 | 1,752 | ||||||||||||
| Total liabilities | 41,578 | 40,573 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Stockholders' equity: | ||||||||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued or outstanding as of September 30, 2026 and December 31, 2025 | — | — | ||||||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 25,420,340 and 22,911,575 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 25 | 23 | ||||||||||||
Additional paid-in capital | 341,531 | 331,708 | ||||||||||||
| Accumulated deficit | (327,781) | (314,282) | ||||||||||||
| Total stockholders' equity | 13,775 | 17,449 | ||||||||||||
| Total liabilities and stockholders' equity | $ | 55,353 | $ | 58,022 | ||||||||||
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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 Exagen's use of non-GAAP financial measures.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||||
| Net loss | $ | (6,336) | $ | (7,087) | $ | (13,499) | $ | (15,278) | ||||||||||||||||||
| Other (income) expense, net | (181) | (3) | (202) | (246) | ||||||||||||||||||||||
| Interest expense | 1,201 | 1,319 | 3,669 | 2,988 | ||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | 295 | ||||||||||||||||||||||
| Change in fair value of warrant liability | 909 | 2,670 | 453 | 3,108 | ||||||||||||||||||||||
| Income tax expense (benefit) | (1) | 1 | 35 | 38 | ||||||||||||||||||||||
| Depreciation and amortization expense | 650 | 612 | 1,877 | 1,518 | ||||||||||||||||||||||
| Stock-based compensation expense | 1,239 | 593 | 2,874 | 1,453 | ||||||||||||||||||||||
| In-process research and development expense | 587 | — | 587 | — | ||||||||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,932) | $ | (1,895) | $ | (4,206) | $ | (6,124) | ||||||||||||||||||
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