Exagen sets price for public stock offering at $5.25 per share

CARLSBAD, Calif. - Exagen Inc. (NASDAQ: XGN), a company specializing in autoimmune testing solutions, has announced the pricing of its public offering at $5.25 per share for 3,350,000 shares. The expected gross proceeds for Exagen are calculated to be approximately $17.59 million before underwriting discounts and commissions, along with offering expenses are subtracted. The offering comes as the stock trades near its 52-week high of $7.20, having delivered an impressive return of nearly 388% over the past year. The closing of the offering is anticipated for tomorrow, subject to customary closing conditions.According to InvestingPro analysis, the stock currently appears overvalued based on its Fair Value calculations, with 13 additional ProTips available for subscribers seeking deeper insights into the company’s performance.

The underwriters have been given a 30-day option to purchase up to an additional 502,500 shares at the same price and terms. Canaccord Genuity is serving as the sole bookrunner for the offering.

This offering follows a shelf registration statement on Form S-3, filed with the Securities and Exchange Commission (SEC) on November 17, 2023, and declared effective on November 29, 2023. Details about the offering have been made available in a preliminary prospectus supplement filed with the SEC.

Exagen, headquartered in San Diego County, California, is recognized for its focus on providing precise autoimmune diagnostics. The company’s primary product, AVISE® CTD, aids in the diagnosis of complex autoimmune conditions such as lupus, rheumatoid arthritis, and Sjögren’s syndrome.

The public offering is made under the SEC’s regulations, with no sales occurring in jurisdictions where it would be unlawful without proper registration or qualification under the respective securities laws.

The company’s forward-looking statements highlight the expected completion of the offering but also acknowledge the risks and uncertainties outlined in the SEC filings, including Exagen’s preliminary prospectus and annual report. These statements are current as of the press release date, and Exagen does not commit to updating these statements post-issuance.

This news article is based on a press release statement from Exagen Inc.

In other recent news, Exagen Inc. reported its first-quarter 2025 financial results, showing a revenue of $15.5 million, which exceeded forecasts by approximately 5.7%. The company also met expectations for earnings per share and provided full-year 2025 guidance above the consensus. KeyBanc Capital Markets maintained its Sector Weight rating on Exagen following these results. Exagen has initiated a commercial expansion and announced new sales territories as part of its growth strategy. The company has also refinanced its debt, extending the maturity to 2030 and increasing borrowing capacity. Exagen aims to achieve positive adjusted EBITDA by the fourth quarter of 2025, according to KeyBanc analysts. The company continues to develop new products, including seronegative RA markers expected to launch by the end of the year. Additionally, Exagen is making progress in its reimbursement efforts and has won its first administrative law judge hearing, which may set a precedent for future appeals.

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