XGN

MKT CAP:$65M

Exagen Inc.

Market Cap

$65M

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$2.71-$3.33 (-55.22%)

Apr 24, 2026

Company Details

Exagen Inc. develops and commercializes various testing products based on its cell-bound complement activation products technology under the AVISE brand in the United States. It enables rheumatologists to care for patients through the diagn...

CEO

John Aballi

IPO Date

Sep 19, 2019

Website

www.exagen.com

Key Metrics TTM

Revenue

$67M

+19.7% YoY

Net Income

-$20M

EPS (Diluted)

-$0.93

Free Cash Flow

-$14M

Revenue / Share

$3.09

Gross Margin

58.3%

Operating Margin

-21.1%

Net Margin

-30.0%

FCF Margin

-21.4%

P/S

1.0x

P/E

—

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Mar 10, 2026

$67M+19.7%EPS -$0.93

Q4 2025

Mar 10, 2026

$17M+21.8%EPS -$0.21

Q3 2025

Nov 4, 2025

$17M+37.9%EPS -$0.31

Q2 2025

Jul 29, 2025

$17M+14.2%EPS -$0.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$10M	$5M	-$10M
Q2 22	$8M	$2M	-$14M
Q3 22	$15M	$9M	-$8M
Q4 22	$13M	$7M	-$14M
Q1 23	$11M	$5M	-$8M
Q2 23	$14M	$8M	-$5M
Q3 23	$13M	$8M	-$5M
Q4 23	$14M	$8M	-$5M
Q1 24	$14M	$9M	-$3M
Q2 24	$15M	$9M	-$3M
Q3 24	$13M	$7M	-$5M
Q4 24	$14M	$8M	-$3M
Q1 25	$15M	$9M	-$3M
Q2 25	$17M	$10M	-$3M
Q3 25	$17M	$10M	-$3M
Q4 25	$17M	$9M	-$5M

Valuation

Quarter	P/S	P/E
Q1 22	3.0x	—
Q2 22	2.3x	—
Q3 22	1.1x	—
Q4 22	1.1x	—
Q1 23	0.9x	—
Q2 23	1.0x	—
Q3 23	0.8x	—
Q4 23	0.7x	—
Q1 24	0.5x	—
Q2 24	0.6x	—
Q3 24	1.0x	—
Q4 24	1.4x	—
Q1 25	1.2x	—
Q2 25	2.2x	—
Q3 25	3.6x	—
Q4 25	2.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$9M	-$10M
Q2 22	-$11M	-$13M
Q3 22	-$7M	-$8M
Q4 22	-$6M	-$6M
Q1 23	-$10M	-$10M
Q2 23	-$10M	-$10M
Q3 23	-$3M	-$3M
Q4 23	$8M	$8M
Q1 24	-$9M	-$9M
Q2 24	-$2M	-$3M
Q3 24	-$2M	-$2M
Q4 24	$363.0K	$217.0K
Q1 25	-$11M	-$11M
Q2 25	-$3M	-$3M
Q3 25	$3M	$3M
Q4 25	-$3M	-$3M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$2M
Q3 22	$879.0K
Q4 22	$406.0K
Q1 23	$396.0K
Q2 23	$324.0K
Q3 23	$2.0K
Q4 23	$106.0K
Q1 24	$86.0K
Q2 24	$136.0K
Q3 24	$147.0K
Q4 24	$146.0K
Q1 25	$113.0K
Q2 25	$209.0K
Q3 25	$275.0K
Q4 25	$44.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-1.8%	+24.3%
Q2 22	-40.4%	+17.0%
Q3 22	+20.2%	+20.2%
Q4 22	+1.2%	+44.3%
Q1 23	+8.0%	-5.7%
Q2 23	+85.9%	-12.1%
Q3 23	-8.9%	-18.0%
Q4 23	+7.2%	-30.8%
Q1 24	+28.4%	-8.0%
Q2 24	+6.6%	-7.4%
Q3 24	-6.8%	-7.1%
Q4 24	-0.8%	-9.9%
Q1 25	+7.5%	+8.3%
Q2 25	+14.2%	+12.4%
Q3 25	+37.9%	+18.5%
Q4 25	+21.8%	+26.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	13.2%
Q2 22	$1M	18.9%
Q3 22	$1M	8.9%
Q4 22	$582.0K	4.5%
Q1 23	$986.0K	8.8%
Q2 23	$978.0K	6.9%
Q3 23	$890.0K	6.6%
Q4 23	$763.0K	5.5%
Q1 24	$553.0K	3.8%
Q2 24	$560.0K	3.7%
Q3 24	$217.0K	1.7%
Q4 24	$433.0K	3.2%
Q1 25	$417.0K	2.7%
Q2 25	$443.0K	2.6%
Q3 25	$593.0K	3.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$2M	—	—	$12M
Q2 22	$3M	—	—	$13M
Q3 22	$2M	—	—	$14M
Q4 22	$3M	$12M	$800.0K	—
Q1 23	$1M	$12M	$300.0K	—
Q2 23	$1M	$12M	$400.0K	—
Q3 23	$1M	$11M	$500.0K	—
Q4 23	$1M	—	—	$12M
Q1 24	$1M	$10M	$300.0K	—
Q2 24	$1M	$10M	$400.0K	—
Q3 24	$1M	$10M	$400.0K	—
Q4 24	$2M	$10M	$400.0K	—
Q1 25	$1M	—	—	$11M
Q2 25	$1M	—	—	$12M
Q3 25	$2M	—	—	$11M
Q4 25	$2M	—	—	$12M

Revenue Segments

Quarter	Reportable Segment
Q1 25	$15M
Q2 25	$17M
Q3 25	$17M
Q4 25	$17M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$90M	$0	$90M
Q2 22	$76M	$0	$76M
Q3 22	$69M	$0	$69M
Q4 22	$62M	$0	$62M
Q1 23	$52M	$0	$52M
Q2 23	$31M	$0	$31M
Q3 23	$28M	$0	$28M
Q4 23	$36M	$0	$36M
Q1 24	$27M	$0	$27M
Q2 24	$24M	$0	$24M
Q3 24	$22M	$0	$22M
Q4 24	$22M	$0	$22M
Q1 25	$11M	$0	$11M
Q2 25	$30M	$0	$30M
Q3 25	$36M	$0	$36M
Q4 25	$32M	$0	$32M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	17M	+0.1%	+31.3%
Q2 22	17M	+0.4%	+0.8%
Q3 22	17M	+0.1%	+0.8%
Q4 22	17M	+0.7%	+1.3%
Q1 23	18M	+1.9%	+3.1%
Q2 23	18M	+0.7%	+3.5%
Q3 23	18M	+0.2%	+3.6%
Q4 23	18M	+0.8%	+3.7%
Q1 24	18M	+0.6%	+2.4%
Q2 24	18M	+1.3%	+3.0%
Q3 24	18M	+0.4%	+3.2%
Q4 24	18M	-0.3%	+2.1%
Q1 25	19M	+1.9%	+3.4%
Q2 25	21M	+13.6%	+16.0%
Q3 25	23M	+8.8%	+25.7%
Q4 25	22M	-6.0%	+18.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$47.5K	219
Q2 22	$34.7K	219
Q3 22	$67.2K	219
Q4 22	$62.9K	204
Q1 23	$55.0K	204
Q2 23	$69.3K	204
Q3 23	$65.8K	204
Q4 23	$76.9K	179
Q1 24	$80.5K	179
Q2 24	$84.2K	179
Q3 24	$69.9K	179
Q4 24	$65.3K	209
Q1 25	$74.2K	209
Q2 25	$82.3K	209
Q3 25	$82.5K	209
Q4 25	$75.6K	220

Revenue / Employee