0001274737-26-000009
SEC filingExagen Inc. reported a net loss of $20.0 million for fiscal year 2025, driven by an operating loss of $14.1 million. Revenue for the year was $66.6 million, with a gross profit of $38.8 million, resulting in a gross margin of 58.3%. The company's operating expenses totaled $52.9 million, primarily consisting of selling, general and administrative expenses of $46.6 million and research and development expenses of $6.3 million. Cash flow from operations was negative $13.6 million, while financing activities provided $24.4 million, primarily from equity and debt issuances. The company ended the year with $36.7 million in cash and cash equivalents, total assets of $58.0 million, and stockholders' equity of $17.4 million. The net loss per share was $1.00 for both basic and diluted calculations.
Exagen Inc. reported fiscal year 2025 results with revenue of $66.6 million and a net loss of $20.0 million. The company generated gross profit of $38.8 million, representing a gross margin of 58.3%. Operating expenses totaled $52.9 million, consisting of $46.6 million in selling, general and administrative expenses and $6.3 million in research and development expenses. This resulted in an operating loss of $14.1 million. Additional losses came from interest expense of $4.3 million and loss on extinguishment of debt of $295,000, partially offset by interest income of $289,000 and a $1.5 million change in fair value of warrant liability. The net loss per share was $1.00 for both basic and diluted calculations, based on weighted-average shares of 21.6 million.
The filing does not provide segment breakdown or geographic mix data for revenue. Revenue of $66.6 million represents the company's total sales for fiscal year 2025. No specific growth drivers or product line details are disclosed in the provided financial data. The company's revenue generation appears to be consolidated without segment-level disclosure in the available information.
Exagen achieved a gross margin of 58.3% for fiscal year 2025, with cost of revenue totaling $27.8 million against revenue of $66.6 million. The operating margin was negative 21.2%, reflecting the operating loss of $14.1 million. The company's cost structure shows significant selling, general and administrative expenses of $46.6 million, which represents 70.0% of revenue. Research and development expenses were $6.3 million, or 9.5% of revenue. The net loss margin was 30.0%, with the $20.0 million net loss representing nearly one-third of total revenue.
Cash flow from operating activities was negative $13.6 million, primarily driven by the net loss of $20.0 million, adjusted for non-cash items including $2.1 million in depreciation and amortization, $2.2 million in stock-based compensation, and a $1.5 million change in fair value of warrant liability. Investing activities used $626,000, mainly for property and equipment purchases. Financing activities provided $24.4 million, with significant proceeds from equity issuances ($18.6 million public offering, $3.4 million ATM) and debt issuance ($23.7 million), partially offset by debt extinguishment payments ($19.7 million). The company ended the year with $36.7 million in cash and cash equivalents, total assets of $58.0 million, and total liabilities of $40.6 million, including $22.3 million in non-current borrowings. Stockholders' equity was $17.4 million.
The filing does not provide specific management guidance, strategic priorities, or forward-looking statements in the provided financial data. No explicit risk factors or outlook commentary is included in the extracted financial statements. The company's financial position shows continued reliance on external financing, with significant equity and debt issuances during the year offsetting operating cash outflows.