Exagen (Nasdaq: XGN) grows 2025 revenue 20% but remains unprofitable

Rhea-AI Filing Summary

Exagen Inc. reported strong growth but ongoing losses for the quarter and year ended December 31, 2025. Full-year revenue reached $66.6 million, up 20% from 2024, with AVISE CTD test volume growing over 11% and average selling price rising to $441 per test.

Full-year gross margin improved to 58.3%, but the company posted a net loss of $19.9 million (or $0.93 per share), wider than 2024’s loss. Adjusted EBITDA was a loss of $9.8 million, slightly better than the prior year. Exagen ended 2025 with $32.2 million in cash and cash equivalents.

Management highlighted new biomarkers, sales-force expansion, and leadership additions, and noted a strengthened balance sheet following a $20 million stock offering and a $25 million credit facility. For 2026, Exagen expects revenue between $70 million and $73 million, signaling continued topline growth despite current unprofitability.

Positive

• 2025 revenue rose 20% to $66.6 million, driven by over 11% AVISE CTD test volume growth and a higher $441 average selling price per test.
• Gross margin improved to 58.3% for 2025, supporting better unit economics even as the company continues to invest in growth.
• Adjusted EBITDA loss narrowed slightly to $9.8 million in 2025 from $10.1 million in 2024, indicating gradual operating leverage.
• Balance sheet strengthened through a $20 million public equity offering and a $25 million credit facility, ending 2025 with $32.2 million in cash and cash equivalents.
• 2026 revenue guidance of $70–73 million signals management’s expectation of continued topline growth beyond the 2025 record level.

Negative

• Net loss widened to $19.9 million in 2025 from $15.1 million in 2024, and loss from operations also increased, underscoring ongoing lack of profitability.
• Interest expense nearly doubled to $4.3 million for 2025 from $2.2 million in 2024, reflecting a higher debt burden that weighs on net results.
• Exagen remains cash flow negative, with both GAAP net loss and adjusted EBITDA in the red despite strong revenue growth and margin improvement.

Insights

Equity research analyst

Exagen delivered 20% revenue growth and higher ASP in 2025 but remains loss-making.

Exagen grew 2025 revenue to $66.6 million, a 20% increase, driven by over 11% AVISE CTD test volume growth and a higher trailing-twelve-month ASP of $441. Gross margin reached 58.3%, reflecting solid pricing and cost execution.

Despite this, the company recorded a full-year net loss of $19.9 million, wider than 2024, while adjusted EBITDA loss modestly improved to $9.8 million. Interest expense rose alongside higher borrowings, and a warrant liability introduced additional P&L volatility.

Liquidity strengthened, with cash and cash equivalents at $32.2 million after a $20 million equity offering and a $25 million credit facility. Revenue guidance of $70–73 million for 2026 implies continued but more measured growth, with future filings likely clarifying progress toward cash flow breakeven.

0001274737FALSE00012747372026-03-102026-03-10

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): March 10, 2026

EXAGEN INC.

(Exact name of registrant as specified in its charter)

Delaware

001-39049

20-0434866

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1261 Liberty Way

Vista, CA 92081

(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

Common Stock, par value $0.001 per share

XGN

The Nasdaq Global Market

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 March 10, 2026, the Company reported its financial results for the quarter and year ended December 31, 2025. 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 March 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: March 10, 2026

By:

/s/ Jeffrey G. Black

Jeffrey G. Black

Chief Financial Officer

Exagen Inc. Reports Strong Fourth Quarter and Full-Year 2025 Results

Record full-year total revenue and AVISE® CTD average selling price

New biomarkers and sales force expansion drove over 11% full-year test volume growth

Carlsbad, Calif., – 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						$32,420
Trailing-twelve-month average selling price (ASP)						$441

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 of 20% 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, or 7% 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 $70 million to $73 million.

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, $0.001 par value per share; 10,000,000 share authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024						—						—
Common stock, $0.001 par value; 200,000,000 shares authorized at December 31, 2025 and December 31, 2024; 22,911,575 and 17,640,328 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively						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

How did Exagen (XGN) perform financially in full-year 2025?

Exagen reported full-year 2025 revenue of $66.6 million, up 20% from 2024, with a gross margin of 58.3%. The company posted a net loss of $19.9 million, or $0.93 per share, and an adjusted EBITDA loss of $9.8 million.

What were Exagen’s (XGN) key operating metrics for AVISE CTD in 2025?

Exagen’s flagship AVISE CTD test saw over 11% volume growth in 2025 versus 2024 and a trailing-twelve-month average selling price of $441 per test. The company supported diagnosis and management for more than 137,000 patients during the year.

Is Exagen (XGN) profitable based on its 2025 results?

Exagen is not yet profitable. In 2025 it recorded a $19.9 million net loss and a $9.8 million adjusted EBITDA loss. Loss from operations was $14.1 million, reflecting continued investment in sales, marketing, and research activities.

What is Exagen’s (XGN) revenue guidance for 2026?

Exagen expects full-year 2026 revenue between $70 million and $73 million. This outlook implies continued topline growth from the 2025 level of $66.6 million as the company expands its autoimmune testing portfolio and commercial reach.

How strong is Exagen’s (XGN) balance sheet after 2025?

Exagen ended 2025 with $32.2 million in cash and cash equivalents and total assets of $58.0 million. The company raised $20 million via a public stock offering and secured a $25 million credit facility to support its path toward cash flow positivity.

How did Exagen’s (XGN) fourth-quarter 2025 results compare to 2024?

In Q4 2025, Exagen generated $16.6 million in revenue, up from $13.7 million in Q4 2024, and a gross margin of 55.4%. Quarterly net loss was $4.7 million, versus $3.8 million a year earlier, reflecting higher operating and interest expenses.

What non-GAAP metric does Exagen (XGN) highlight and why?

Exagen highlights adjusted EBITDA, which adjusts net loss for interest, taxes, depreciation, amortization, stock-based compensation, and certain other items. Management believes this non-GAAP measure helps assess ongoing operating performance alongside GAAP results for a more complete financial picture.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 135.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB