Exagen Inc. filed its quarterly report on Form 10-Q with the SEC on November 10, 2026, covering the fiscal quarter and nine months ended September 30, 2026, disclosing continued net losses alongside rising revenue.

Key Highlights

  • Revenue growth: The company reported nine-month revenue of $55,664 thousand for the nine months ended September 30, 2026, up from $49,944 thousand for the same period in 2025, according to the filing.
  • Net loss narrowed year-over-year: Net loss for the nine months ended September 30, 2026 was $13,499 thousand, compared with $15,278 thousand for the nine months ended September 30, 2025.
  • Third-quarter net loss: For the three months ended September 30, 2026, the company reported a net loss of $6,336 thousand, or $0.25 per share basic and diluted.
  • Cash position: Cash and cash equivalents stood at $28,092 thousand as of September 30, 2026, down from $32,220 thousand as of December 31, 2025.
  • ATM offering proceeds: During the third quarter, the company issued 1,010,965 shares under its at-the-market facility, raising net proceeds of $6,417 thousand after issuance costs of $235 thousand.
  • Accumulated deficit: Total accumulated deficit reached $327,781 thousand as of September 30, 2026, compared with $314,282 thousand as of December 31, 2025.
  • Shares outstanding: Total shares of common stock outstanding as of November 3, 2026 were 25,513,497, as disclosed on the filing cover page.

Exagen's Financial Position and Operating Results for the Quarter Ended September 30, 2026

According to the Form 10-Q filed by Exagen Inc. (NASDAQ:XGN) on November 10, 2026, the company generated revenue of $18,417 thousand in the three months ended September 30, 2026, compared with $17,244 thousand in the same quarter of 2025. Gross profit for the third quarter was $10,836 thousand, up from $10,075 thousand in the prior-year period. Total operating expenses for the quarter were $15,244 thousand, which included selling, general and administrative expenses of $12,834 thousand, research and development expenses of $1,823 thousand, and in-process research and development expenses of $587 thousand, a line item that did not appear in the comparable 2025 quarter.

The filing reported a loss from operations of $4,408 thousand for the three months ended September 30, 2026, against a loss from operations of $3,100 thousand in the year-ago quarter. Additional charges included interest expense of $1,201 thousand and a change in fair value of warrant liability of negative $909 thousand in the third quarter of 2026. Total stockholders' equity declined to $13,775 thousand as of September 30, 2026, from $17,449 thousand as of December 31, 2025. The warrant liability was recorded at $2,102 thousand as of September 30, 2026, up from $1,752 thousand at year-end 2025.

The company disclosed that its non-current borrowings, net of discounts and debt issuance costs, were $22,359 thousand as of September 30, 2026, compared with $22,264 thousand as of December 31, 2025. Total assets were $55,353 thousand as of September 30, 2026, down from $58,022 thousand at December 31, 2025. For the nine-month period, the company issued shares through an employee stock purchase plan and from vested restricted stock units in addition to the ATM offering completed in the third quarter.

What Was Disclosed

Exagen Inc. filed a quarterly report covering the period ended September 30, 2026, disclosing nine-month revenue of $55,664 thousand, a net loss of $13,499 thousand, cash of $28,092 thousand, and an accumulated deficit of $327,781 thousand, alongside an ATM equity raise of $6,417 thousand in the third quarter.