EXAGEN INC.: directors' dealings · United States · SEC (Form 4)

About EXAGEN INC.

Exagen Inc. is a U.S. medical technology company focused on autoimmune and rheumatology diagnostics. The company is listed on the Nasdaq market in the United States under the ticker XGN. Its business centers on developing and commercializing the AVISE® portfolio of laboratory tests, which are designed to support differential diagnosis, prognosis, and monitoring of complex rheumatic, autoimmune, and autoimmune-related diseases, including systemic lupus erythematosus and rheumatoid arthritis. The flagship AVISE® CTD test was commercially launched in 2012 and remains the core revenue driver. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1274737/000127473725000019/exdx-20241231.htm)) Exagen was founded in 2002, originally incorporated in New Mexico, before moving to Delaware in 2003. The company adopted its current name, Exagen Inc., in January 2019. Its principal executive offices are in Vista, California, giving it a U.S. headquarters in an active life-sciences region. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1274737/000127473726000009/exdx-20251231.htm)) From a business-model perspective, Exagen is a focused specialist rather than a broad-based diagnostics conglomerate. Its competitive positioning rests on proprietary biomarkers, peer-reviewed clinical evidence, and a diagnostic workflow aimed at solving a major pain point in autoimmune care: overlapping symptoms that can delay diagnosis and lead to repeated testing. Management describes the company as serving rheumatologists, primary care physicians, other specialists, patients, hospitals, healthcare systems, and payors, with operations reported as a single segment. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1274737/000127473725000019/exdx-20241231.htm)) The main product line remains the AVISE® platform, with AVISE® CTD at the center. In recent periods, Exagen has expanded the platform with new biomarkers, including markers targeting seronegative rheumatoid arthritis and T-cell-related biology, aiming to improve clinical differentiation and widen the company’s addressable use cases. The company has also emphasized higher average selling prices, which suggests improved product mix and better commercial traction. ([investors.exagen.com](https://investors.exagen.com/node/9596/pdf)) Recent operating updates point to an improving turnaround story. For full-year 2025, Exagen reported record revenue of $66.6 million, up 20% year over year, alongside higher AVISE CTD test volumes and improved gross margin. In the first quarter of 2026, the company again reported record quarterly revenue of $17.3 million and ended the period with roughly $22 million in cash and cash equivalents. Management also guided to 2026 revenue of $70 million to $73 million and highlighted continued commercial expansion of the AVISE platform. ([investors.exagen.com](https://investors.exagen.com/node/9596/pdf)) For investors in French-speaking markets, Exagen is best viewed as a Nasdaq-listed U.S. healthcare diagnostics company with a differentiated niche in autoimmune disease testing. The investment case combines a specialized clinical moat and improving revenue momentum, but remains exposed to reimbursement risk, regulatory scrutiny, and the need to sustain commercial execution and funding discipline. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1274737/000127473726000009/exdx-20251231.htm))