$XGN

EXAGEN INC.

CIK:0001274737|SEC Filings

Unaudited Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 19,941	$ 17,202	$ 37,247	$ 32,700
Cost of revenue	7,724	6,807	14,825	13,182
Gross profit	12,217	10,395	22,422	19,518
Operating expenses:
Selling, general and administrative expenses	12,513	11,542	24,579	22,746
Research and development expenses	1,426	1,483	2,979	2,767
Total operating expenses	13,939	13,025	27,558	25,513
Loss from operations	(1,722)	(2,630)	(5,136)	(5,995)
Interest expense	(1,201)	(1,124)	(2,468)	(1,669)
Loss on extinguishment of debt	0	(295)	0	(295)
Change in fair value of warrant liability	(426)	(438)	456	(438)
Other income (expense), net	153	85	21	243
Loss before income taxes	(3,196)	(4,402)	(7,127)	(8,154)
Income tax expense	0	(37)	(36)	(37)
Net loss	$ (3,196)	$ (4,439)	$ (7,163)	$ (8,191)
Net loss per share, basic (in dollars per share)	$ (0.13)	$ (0.21)	$ (0.30)	$ (0.41)
Net loss per share, diluted (in dollars per share)	$ (0.13)	$ (0.21)	$ (0.30)	$ (0.41)
Weighted-average number of shares used to compute net loss per share, basic (in shares)	24,164,569	21,085,749	24,012,761	19,830,265
Weighted-average number of shares used to compute net loss per share, diluted (in shares)	24,164,569	21,085,749	24,012,761	19,830,265

Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (7,163)	$ (8,191)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,227	906
Amortization of debt discount and debt issuance costs	273	121
Amortization of loan commitment fees	840	184
Change in fair value of warrant liability	(456)	438
Loss on extinguishment of debt	0	295
Bad debt expense	0	455
Non-cash operating lease expense	513	473
Stock-based compensation	1,635	860
Other	(99)	146
Changes in assets and liabilities:
Accounts receivable, net	(1,552)	(6,892)
Prepaid expenses and other current assets	(885)	798
Other assets	196	288
Operating lease liabilities	(586)	(533)
Accounts payable	201	(1,577)
Deferred revenue	817	283
Accrued and other current liabilities	(1,390)	(1,610)
Net cash used in operating activities	(6,429)	(13,556)
Cash flows from investing activities:
Purchases of property and equipment	(771)	(322)
Proceeds from disposal of property and equipment	0	6
Net cash used in investing activities	(771)	(316)
Cash flows from financing activities:
Proceeds from common stock issued, net of issuance costs	0	18,777
Proceeds from common stock issued under Employee Stock Purchase Plan	295	199
Principal payments on finance lease obligations	(387)	(139)
Principal payments on notes payable obligations	(340)	(265)
Proceeds from issuance of debt and warrants, net of discounts	0	23,672
Payment to extinguish debt	0	(19,705)
Payment of debt issuance costs	0	(670)
Net cash used in financing activities	(432)	21,869
Net decrease in cash, cash equivalents and restricted cash	(7,632)	7,997
Cash, cash equivalents and restricted cash, beginning of period	32,420	22,236
Cash, cash equivalents and restricted cash, end of period	24,788	30,233
Supplemental disclosure of cash flow information:
Cash paid for interest	1,712	1,222
Supplemental disclosure of non-cash items:
Unpaid equipment settled under financing arrangement	0	682
Right-of-use assets obtained in exchange for lease liabilities	1,031	0
Recognition of warrant liability	0	3,525
Unpaid financing costs included in accounts payable and accrued liabilities	0	350
Costs incurred, but not paid, in connection with capital expenditures	$ 110	$ 0

Unaudited Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 24,588	$ 32,220
Accounts receivable, net	12,407	10,855
Prepaid expenses and other current assets	5,862	5,818
Total current assets	42,857	48,893
Property and equipment, net	6,565	6,938
Operating lease right-of-use assets	1,953	1,435
Other assets	560	756
Total assets	51,935	58,022
Current liabilities:
Accounts payable	4,439	4,153
Accrued and other current liabilities	4,939	6,327
Deferred revenue	1,492	675
Finance lease liabilities, current	1,091	1,135
Operating lease liabilities, current	979	1,226
Borrowings, current	517	643
Total current liabilities	13,457	14,159
Borrowings, non-current, net of discounts and debt issuance costs	22,322	22,264
Finance lease liabilities, non-current	1,617	1,960
Operating lease liabilities, non-current	1,130	438
Warrant liability	1,193	1,752
Total liabilities	39,719	40,573
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value per share; 200,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 24,193,101 and 22,911,575 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	24	23
Additional paid-in capital	333,637	331,708
Accumulated deficit	(321,445)	(314,282)
Total stockholders' equity	12,216	17,449
Total liabilities and stockholders' equity	$ 51,935	$ 58,022