EXAGEN INC.
XGN · Services-Medical Laboratories · 24.2M shares · +10%/yr ↑ dilution · EDGAR filings ↗
Reference price $3.62 · est. market cap ~$87M — last insider sale, 2026-03-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Autoimmune-diagnostics company with growth but operating losses and leverage.
Strengths
- Strong revenue growth — +20% (87th)
Risks
- Operating/net losses — operating margin -21%, ROE -114%
- Leverage — D/E 1.3 (83rd)
- Cash burn — FCF -$14M
Notable findings
- Restatement” License Agreements Amended and Restated Exclusive License Agreement with the University of Pittsburgh In August 2011, we entered into an amended and restated exclusive license agreement (the U 8-K ↗
- Net lossNet loss (net margin -30.0%)
- Cash burnNegative free cash flow (-14.3M)
- Customer concentration~91% of revenue from one customer/distributor — Revenue from this product comprised 91% of our revenue for each of the years ended December 31, 2025 and 2024
- Chronic dilutionShare count +10%/yr over 4y (dilution, book value/share -86%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Notable holderHeld by 4 notable fund(s): CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 3 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
58.3%
Operating margin
-21.1%
Net margin
-30.0%
Return on equity
-114.3%
Return on assets
-34.4%
ROIC
-28.0%
Revenue growth (QoQ)
4.1%
Debt / equity
1.3×
Current ratio
3.5×
Free cash flow
-$14M
EBITDA
-$12M
Tangible book value
$17M
Cash & investments
$32M
Cash runway
9q
Stock comp / revenue
3.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-12 | Black Jeffrey G. | Grant | 75K | $3.16 |
| 2026-03-12 | ABALLI JOHN | Grant | 150K | — |
| 2026-03-03 | ABALLI JOHN | Sell | 16K | $3.62 |
| 2026-03-03 | ABALLI JOHN | Grant | 2.5K | $3.08 |
| 2026-02-27 | Black Jeffrey G. | Grant | 1.5K | $3.08 |
| 2026-02-24 | Black Jeffrey G. | Sell | 1.6K | $3.61 |
| 2026-02-24 | ABALLI JOHN | Sell | 11K | $3.61 |
| 2025-10-16 | ABALLI JOHN | Sell | 32K | $11.82 |
| 2025-09-02 | Black Jeffrey G. | Sell | 20K | $9.79 |
| 2025-03-25 | NMSIC Co-Investment Fund, L.P. | Sell | 350K | $3.30 |
| 2025-02-28 | ABALLI JOHN | Grant | 8.6K | $2.46 |
| 2025-02-21 | Black Jeffrey G. | Grant | 15K | — |
| 2025-02-21 | ABALLI JOHN | Grant | 112K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | Shareholder vote | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-04-23 | Exec/director changeExhibits | filing ↗ |
| 2026-03-10 | ResultsExhibits | filing ↗ |
| 2026-01-12 | ResultsOtherExhibits | filing ↗ |
| 2025-11-04 | ResultsExhibits | filing ↗ |
| 2025-07-29 | ResultsExhibits | filing ↗ |
| 2025-07-17 | Exec/director changeOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-09 | 0001274737-26-000033 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001274737-26-000027 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001274737-26-000029 ↗ |
| 8-K | 2026-04-23 | 2026-04-17 | 0001274737-26-000015 ↗ |
| 10-K | 2026-03-10 | 2025-12-31 | 0001274737-26-000009 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001274737-26-000007 ↗ |
| 8-K | 2026-01-12 | 2026-01-11 | 0001274737-26-000003 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001274737-25-000069 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001274737-25-000071 ↗ |
| 10-Q | 2025-07-29 | 2025-06-30 | 0001274737-25-000063 ↗ |
| 8-K | 2025-07-29 | 2025-07-29 | 0001274737-25-000061 ↗ |
| 8-K | 2025-07-17 | 2025-07-17 | 0001274737-25-000055 ↗ |