Exagen Inc (NASDAQ: XGN) is a clinical diagnostics company that develops and commercializes testing products for autoimmune and autoimmune-related diseases. Revenue comes from a per-test, transactional model, with reimbursement collected from payers after test performance. The company's primary commercial product is AVISE CTD, a blood-based test used in the diagnosis and management of connective tissue diseases including systemic lupus erythematosus (SLE). Revenue was $66.6 million for the year ended December 31, 2025, a record, up approximately 19.7% from the year ended December 31, 2024, driven by an approximately 11% increase in testing volume and an approximately 7% increase in average selling price. The AVISE CTD trailing twelve-month average selling price for FY2025 was $441, up roughly $30 per test over FY2024. Exagen holds exclusive license agreements with the University of Pittsburgh and carries debt under a Perceptive Term Loan Facility. The company has not paid cash dividends and its credit agreement prohibits dividend payments as of the filing date.

Revenue model

Per-test transactional revenue collected from third-party payers. Revenue growth is driven by increases in testing volume and average selling price (ASP) per test. AVISE CTD ASP was $441 for FY2025, up approximately 7% over FY2024.

Products and services

AVISE CTD: a blood-based diagnostic test for connective tissue diseases, including systemic lupus erythematosus (SLE) and related autoimmune conditions. The company is also developing non-invasive urinary biomarker panels for lupus nephritis (LN) diagnosis and treatment response prediction, with a U.S. non-provisional patent application filed in November 2025.

Customers and end markets

End markets are rheumatologists and other physicians diagnosing and managing autoimmune diseases, particularly SLE and lupus nephritis. Reimbursement is collected from third-party payers. The underlying patient population includes individuals with SLE, of whom nearly 40% go on to develop lupus nephritis.

Value-chain role

Specialty clinical laboratory and diagnostics developer. Exagen performs proprietary laboratory testing and bills payers directly. It holds exclusive technology licenses from the University of Pittsburgh and engages academic collaborators including Johns Hopkins University for biomarker research.

Geographic exposure

United States. The filing references U.S. payer engagement, U.S. patent applications, and U.S. regulatory frameworks including HIPAA and CCPA. No international operations are described in the excerpts.

Source: SEC 10-K, filed 2026-03-10

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