Exagen (XGN) Registration filing summary

Company overview and business model

• Medical technology business designing, developing and commercializing AVISE testing products for differential diagnosis, prognosis and monitoring of rheumatic and autoimmune diseases, including lupus and rheumatoid arthritis.

• Serves rheumatologists, primary care physicians, other specialists and patients; strategy emphasizes rheumatology expertise and customer support.

Financial performance and metrics

• Net tangible book value at Sep 30, 2026 was $13.8m, or $0.54/share; illustrative full ATM sale at $5.81/share would raise adjusted value to $1.83/share.

• History of net losses; filing expects future losses and says near-term results will depend primarily on testing-product sales.

• Perceptive facility maturity is Apr 25, 2030; up to $35m of additional borrowing remains available in two tranches subject to milestones and revenue requirements.

• Drew $5m under Tranche B on Nov 9, 2026; the facility is secured by a first lien on substantially all existing and after-acquired assets, subject to customary exceptions.

Use of proceeds and capital allocation

• ATM net proceeds, if any, are intended for general corporate purposes, including working capital and G&A; potential uses also include acquisitions of complementary products, technologies or businesses.

• No specific amounts are allocated; unspent proceeds are intended for investment in interest-bearing, investment-grade securities, with management retaining broad discretion over use.