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CARLSBAD, Calif. - Exagen Inc. (NASDAQ:XGN), a provider of autoimmune testing solutions, announced Thursday the appointment of Chas McKhann to its Board of Directors, effective immediately. The announcement comes as the company’s stock has shown remarkable momentum, delivering a 241% return over the past year according to InvestingPro data.
McKhann brings over 25 years of life sciences industry experience, having previously served as President and CEO of Silk Road Medical and Apollo Endosurgery, both Nasdaq-listed companies that were later acquired by Boston Scientific. His prior roles also include Chief Commercial Officer positions at Torax Medical and Intersect ENT.
"His exceptional leadership across multiple innovative life science companies and deep commercial expertise will be invaluable as we continue to drive growth and advance patient care," said John Aballi, President and CEO of Exagen, in a press release statement.
McKhann, who holds a B.A. in Political Science and an M.B.A. from Stanford University, expressed that he is "honored to join the Board of Directors at Exagen."
Exagen, based in San Diego County, California, specializes in autoimmune diagnostics. The company’s main product, AVISE CTD, is designed to help clinicians diagnose complex autoimmune conditions including lupus, rheumatoid arthritis, and Sjögren’s syndrome.
The company trades on the Nasdaq under the ticker XGN and focuses on testing for rheumatic diseases through its laboratory services. Trading at a Price/Book ratio of 24.82, InvestingPro analysis suggests the stock is currently trading above its Fair Value. Investors can find more detailed valuation metrics and 8 additional ProTips about XGN on the InvestingPro platform.
In other recent news, Exagen Inc. reported first-quarter 2025 revenue of $15.5 million, surpassing both Cantor Fitzgerald’s estimate of $14.5 million and the FactSet consensus of $14.6 million. This represents an 8% year-over-year increase, driven primarily by the performance of its AVISE CTD test. The company has also set guidance for full-year 2025 revenues of at least $65 million, slightly above the FactSet consensus of $64.3 million. In a strategic move, Exagen has priced its public offering at $5.25 per share, expecting gross proceeds of approximately $17.59 million. Additionally, Cantor Fitzgerald has adjusted its price target for Exagen shares to $7.00, maintaining an Overweight rating. Meanwhile, KeyBanc Capital Markets has maintained its Sector Weight rating on the company. Exagen has also announced the appointment of Dr. Michael Mahler as Chief Scientific Officer, a role in which he will lead strategic initiatives to enhance precision diagnostics for autoimmune diseases. These developments come as Exagen continues to expand its commercial operations and refine its financial strategy, including a new credit agreement extending debt maturity to 2030.
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