Exagen Inc. (XGN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado paisaje del diagnóstico de enfermedades autoinmunes, Exagen Inc. (XGN) emerge como una fuerza pionera, transformando desafíos médicos complejos en ideas precisas y procesables. Al aprovechar las tecnologías de diagnóstico de vanguardia y un modelo de negocio integral, la compañía está a la vanguardia de soluciones médicas personalizadas, ofreciendo a proveedores de salud y pacientes sin precedentes claridad en la comprensión y el manejo de afecciones autoinmunes. Su enfoque innovador no solo revoluciona las capacidades de diagnóstico, sino que también promete remodelar cómo los profesionales médicos abordan la detección temprana y las estrategias de tratamiento dirigidas.

Exagen Inc. (XGN) - Modelo de negocio: asociaciones clave

Laboratorios de diagnóstico y proveedores de atención médica

Exagen ha establecido asociaciones con las siguientes redes de diagnóstico:

Tipo de socio	Número de asociaciones	Alcance geográfico
Laboratorios de diagnóstico regionales	37	Estados Unidos
Redes de laboratorio del hospital	22	Cobertura nacional

Instituciones de investigación médica

Las colaboraciones de investigación clave incluyen:

• Universidad de California, San Diego
• Centro Médico de la Universidad de Stanford
• Centro de investigación autoinmune de Mayo Clinic

Compañías de seguros

Proveedor de seguros	Estado de cobertura	Tasa de reembolso
UnitedHealthcare	Totalmente cubierto	92%
Cigna	Parcialmente cubierto	78%
Aetna	Totalmente cubierto	95%

Empresas farmacéuticas para el desarrollo de pruebas de diagnóstico

Asociaciones activas de colaboración farmacéutica:

• Janssen Pharmaceuticals
• Genentech
• Bristol Myers Squibb

Socios de tecnología de salud

Socio tecnológico	Integración tecnológica	Año de asociación
Sistemas épicos	Integración de registros de salud electrónicos	2022
Corporación Cerner	Gestión de datos clínicos	2021

Exagen Inc. (XGN) - Modelo de negocio: actividades clave

Desarrollar y comercializar pruebas de diagnóstico de enfermedades autoinmunes

Exagen Inc. se centra en desarrollar pruebas de diagnóstico especializadas para enfermedades autoinmunes, con un énfasis primario en las pruebas Avise CTD y Avise Lupus. En 2023, la compañía reportó $ 41.8 millones en ingresos totales, con ventas de pruebas de diagnóstico que representan una parte significativa de esta cifra.

Prueba de diagnóstico	Condición objetivo	Penetración del mercado
Avise CTD	Enfermedades del tejido conectivo	Utilizado por más de 1.200 proveedores de atención médica
Avise Lupus	Lupus eritematoso sistémico	Cubre 11 biomarcadores para el diagnóstico

Investigación y desarrollo de tecnologías de diagnóstico

Exagen invirtió $ 15.2 millones en gastos de I + D durante el año fiscal 2023, centrándose en tecnologías de diagnóstico avanzadas.

• Plataformas de prueba patentadas
• Algoritmos de aprendizaje automático para la interpretación de la prueba
• Técnicas avanzadas de identificación de biomarcadores

Validación clínica de paneles de diagnóstico

La compañía ha realizado múltiples estudios clínicos para validar la precisión del diagnóstico. A partir de 2023, Exagen había completado 8 estudios de validación clínica con un conjunto total de participantes de 3.750 pacientes.

Tipo de estudio	Número de estudios	Participantes totales
Validación clínica	8	3,750

Marketing y ventas de soluciones de diagnóstico

La estrategia de ventas de Exagen se dirige a reumatólogos y proveedores de atención médica que se especializan en enfermedades autoinmunes. En 2023, la compañía mantuvo una fuerza de ventas directa de 45 representantes.

• 45 representantes de ventas directas
• Cobertura en 48 estados de EE. UU.
• Asociaciones con más de 1.200 proveedores de atención médica

Mejora continua de las plataformas de prueba

La compañía actualiza continuamente sus tecnologías de diagnóstico, con un promedio de 2-3 mejoras de plataforma por año. En 2023, Exagen presentó 4 nuevas solicitudes de patentes relacionadas con metodologías de diagnóstico.

Métrica de mejora	2023 rendimiento
Mejoras de plataforma	2-3 actualizaciones
Solicitudes de patentes	4 archivado

Exagen Inc. (XGN) - Modelo de negocio: recursos clave

Tecnologías de prueba de diagnóstico patentadas

Exagen Inc. posee la plataforma de prueba de diagnóstico Avis, que incluye:

• Prueba de CTD Avise para lupus eritematoso sistémico (LES)
• Prueba de lupus Avise con 7 biomarcadores
• Prueba de monitor de AVISE SLE

Tecnología	Estado de patente	Costo de desarrollo
Avise CTD	Patente USPTO	$ 3.2 millones
Avise Lupus	Marca registrada	$ 2.7 millones

Experiencia médica y científica especializada

Personal total de investigación y desarrollo: 47 empleados

• Científicos a nivel de doctorado: 22
• Especialistas en investigación clínica: 15
• Expertos en diagnóstico molecular: 10

Cartera de propiedades intelectuales

Categoría de IP	Número de activos	Valor estimado
Patentes activas	8	$ 12.5 millones
Aplicaciones de patentes pendientes	4	$ 3.8 millones

Infraestructura de laboratorio avanzada

Instalaciones de laboratorio: 12,500 pies cuadrados

• Laboratorio certificado por CLIA
• Centro de pruebas acreditado por límite
• Equipo de diagnóstico de alto rendimiento

Bases de datos de datos clínicos e investigación

Métricas de base de datos	Volumen
Registros de pacientes	37,500
Muestras de investigación	92,000
Puntos de datos de estudio clínico	1.2 millones

Exagen Inc. (XGN) - Modelo de negocio: propuestas de valor

Soluciones de diagnóstico de enfermedad autoinmune integral

Exagen Inc. ofrece la prueba Avise Connective Tisse Enfoation (CTD) con una sensibilidad del 98% para el diagnóstico sistémico de lupus eritematoso (LES). La prueba cubre 11 biomarcadores con una precisión diagnóstica del 91.7%.

Prueba de diagnóstico	Sensibilidad	Especificidad
Avise CTD	98%	91.7%
Avise Sle	96%	89.5%

Detección precisa y temprana de condiciones autoinmunes complejas

Las soluciones de diagnóstico de Exagen se dirigen a la detección temprana con las siguientes métricas clave:

• Tiempo reducido al diagnóstico: 3.5 años en comparación con el promedio de la industria de 4.7 años
• Detección de marcadores de lupus hasta 3.7 años antes de los síntomas clínicos
• Paneles de prueba que cubren más de 16 marcadores autoinmunes diferentes

Conocimientos médicos personalizados para pacientes y proveedores de atención médica

Categoría de información	Cobertura	Impacto del paciente
Evaluación de riesgos genéticos	87% de precisión	Perfil de riesgo personalizado
Predicción de respuesta al tratamiento	82% de valor predictivo	Estrategias terapéuticas a medida

Metodologías de prueba innovadores

Las tecnologías propietarias incluyen:

• Prueba de lupus Avis: $ 1,850 por prueba
• Prueba Avise CTD: $ 2,100 por prueba
• Algoritmos de aprendizaje automático con una precisión diagnóstica del 94.3%

Estrategias mejoradas de manejo y tratamiento del paciente

Las métricas de rendimiento clínico demuestran mejoras significativas de manejo del paciente:

Métrica de gestión	Porcentaje de mejora
Optimización del tratamiento	67%
Precisión de ajuste de medicamentos	72%
Monitoreo de la enfermedad a largo plazo	59%

Exagen Inc. (XGN) - Modelo de negocio: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir del cuarto trimestre de 2023, Exagen mantiene un equipo de ventas directo de 37 representantes especializados dirigidos a reumatólogos, inmunólogos y proveedores de atención médica. El equipo de ventas se centra en promover la prueba Avise Lupus y otras soluciones de diagnóstico.

Métrica del equipo de ventas	Cantidad
Representantes de ventas totales	37
Especialidades médicas objetivo	3 (reumatología, inmunología, atención primaria)
Interacción promedio de ventas por mes	124 proveedores de atención médica

Soporte técnico y servicio al cliente

Exagen ofrece soporte técnico dedicado a través de un equipo centralizado de servicio al cliente que maneja las consultas de las pruebas de diagnóstico y los desafíos técnicos.

• Canales de atención al cliente: teléfono, correo electrónico, portal en línea
• Tiempo de respuesta promedio: 2.3 horas
• Volumen anual de atención al cliente: aproximadamente 4,682 interacciones

Programas de educación médica en curso

Exagen invierte en iniciativas de educación médica para mejorar la comprensión de sus tecnologías de diagnóstico entre los profesionales de la salud.

Métrica del programa de educación	2023 datos
Webinarios realizados	24
Presentaciones de conferencia médica	12
CME Créditos ofrecidos	38

Plataformas digitales para la comunicación de resultados de prueba

Exagen utiliza plataformas digitales para optimizar los informes de resultados de la prueba y la comunicación del médico.

• Características de la plataforma digital:
  • Portal seguro en línea
  • Notificaciones de resultados en tiempo real
  • Integración de registros médicos electrónicos
• Usuarios mensuales de plataforma digital activa: 1,247
• Tasa de transmisión de resultados digitales: 89.6%

Asociaciones de investigación colaborativa

Exagen mantiene colaboraciones de investigación estratégica con instituciones académicas y médicas para avanzar en tecnologías de diagnóstico.

Métrica de asociación de investigación	2023 datos
Asociaciones de investigación activa	7
Instituciones de investigación comprometidas	5
Financiación de la subvención de investigación	$ 1.2 millones

Exagen Inc. (XGN) - Modelo de negocio: canales

Fuerza de ventas directa

A partir del cuarto trimestre de 2023, Exagen mantuvo un equipo de ventas directo de 42 representantes especializados de ventas médicas dirigidas a especialistas en reumatología y enfermedades autoinmunes.

Métricas del equipo de ventas	2023 datos
Representantes de ventas totales	42
Cobertura geográfica	50 estados de EE. UU.
Tamaño promedio del territorio	3-4 estados por representante

Conferencias médicas y ferias comerciales

Exagen participó en 18 conferencias médicas en 2023, con un presupuesto total de marketing de conferencia de $ 1.2 millones.

• Reunión anual del American College of Rheumatology
• Liga Europea contra el Congreso del reumatismo
• Simposio internacional sobre lupus y enfermedades autoinmunes

Portales médicos en línea

La participación digital a través de plataformas médicas alcanzó 87,000 profesionales de la salud en 2023.

Métricas del portal en línea	2023 rendimiento
Alcance profesional total de la salud	87,000
Tasa de compromiso digital	43%

Redes de distribuidores de atención médica

Exagen colaboró ​​con 12 principales distribuidores de atención médica en 2023, que cubrió el 95% de las instalaciones de salud de los EE. UU.

Detalles de la red de distribuidores	2023 datos
Distribuidores totales	12
Cobertura de las instalaciones de salud	95%

Plataformas de marketing digital

El gasto de marketing digital en 2023 fue de $ 2.3 millones, dirigido a especialistas en reumatología y enfermedades autoinmunes.

• Publicidad de LinkedIn Medical Professional
• Campañas digitales de revista médica dirigida
• Publicidad Programatic Healthcare Professional

Métricas de marketing digital	2023 rendimiento
Gasto total de marketing	$ 2.3 millones
Alcance de publicidad digital	125,000 profesionales de la salud

Exagen Inc. (XGN) - Modelo de negocio: segmentos de clientes

Reumatólogos

A partir de 2024, Exagen se dirige a aproximadamente 7,000 reumatólogos certificados por la junta en los Estados Unidos. Las pruebas de diagnóstico de la compañía se centran específicamente en el manejo de enfermedades autoinmunes.

Característica de segmento	Datos cuantitativos
Reumatólogos totales en EE. UU.	7,000
Tamaño de práctica promedio	3-5 médicos por práctica
Penetración potencial del mercado	35-40% a partir de 2024

Médicos de atención primaria

Las soluciones de diagnóstico de Exagen se dirigen a aproximadamente 209,000 médicos de atención primaria en los Estados Unidos.

• Alcance estimado del mercado: 15-20%
• Concéntrese en la detección temprana de enfermedades autoinmunes
• Tasa de referencia promedio para pruebas especializadas: 22%

Centros de diagnóstico del hospital

La compañía apunta a 6.090 centros de diagnóstico hospitalarios en todo el país.

Tipo central	Número
Centros médicos académicos	141
Hospitales comunitarios	4,959
Centros de diagnóstico especializados	990

Pacientes con afecciones autoinmunes

El segmento de clientes de Exagen incluye aproximadamente 23.5 millones de estadounidenses con enfermedades autoinmunes.

• Pacientes de lupus: 1.5 millones
• Pacientes de artritis reumatoide: 1.3 millones
• Síndrome de Sjögren Pacientes: 4 millones

Instituciones de investigación

La compañía se involucra con 2.700 instituciones de investigación centradas en enfermedades autoinmunes e inflamatorias.

Tipo de institución	Número
Centros de investigación universitarios	1,240
Institutos de Investigación Privada	890
Instalaciones de investigación gubernamental	570

Exagen Inc. (XGN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Exagen Inc. informó gastos de investigación y desarrollo de $ 16.3 millones, lo que representa el 49% de los gastos operativos totales.

Año	Gastos de I + D	Porcentaje de gastos operativos
2023	$ 16.3 millones	49%
2022	$ 14.7 millones	45%

Costos de ensayo clínico y validación

Los gastos de ensayos clínicos para el exagén en 2023 totalizaron aproximadamente $ 5.8 millones, centrándose en la validación y desarrollo de las pruebas de diagnóstico.

• Costos de validación clínica de prueba de lupus Avis: $ 2.3 millones
• Avise CTD Gastos de desarrollo de pruebas: $ 1.5 millones
• Investigación de pruebas de diagnóstico adicionales: $ 2 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para Exagen en 2023 alcanzaron los $ 12.1 millones, lo que representa el 36% de los gastos operativos totales.

Canal de ventas	Monto de la inversión
Equipo de ventas directas	$ 6.5 millones
Marketing digital	$ 3.2 millones
Participación de la conferencia médica	$ 2.4 millones

Operaciones de fabricación y laboratorio

Los costos operativos de fabricación y laboratorio para 2023 fueron de $ 8.7 millones, que cubren la producción de pruebas de diagnóstico e infraestructura de laboratorio.

• Mantenimiento de equipos de laboratorio: $ 3.2 millones
• Producción del kit de prueba: $ 4.5 millones
• Procesos de control de calidad: $ 1 millón

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para Exagen en 2023 ascendieron a $ 3.5 millones, lo que garantiza la adherencia a la FDA y los estándares clínicos.

Área de cumplimiento	Gastos
Presentaciones regulatorias de la FDA	$ 1.6 millones
Sistemas de gestión de calidad	$ 1.2 millones
Mantenimiento de certificación	$ 0.7 millones

Exagen Inc. (XGN) - Modelo de negocio: flujos de ingresos

Ventas de pruebas de diagnóstico

A partir del cuarto trimestre de 2023, la prueba de diagnóstico primaria de Exagen Avise Lupus Test generó aproximadamente $ 14.2 millones en ingresos anuales. La compañía informó que vendía 44,300 unidades de prueba de diagnóstico en 2023.

Prueba de diagnóstico	Ingresos anuales	Unidades de prueba vendidas
Prueba de lupus Avise	$ 14.2 millones	44,300

Licencias de tecnologías de diagnóstico

En 2023, Exagen reportó ingresos por licencia de $ 2.7 millones de asociaciones de tecnología de diagnóstico.

Tarifas de servicio de laboratorio

Las tarifas de servicio de laboratorio contribuyeron con $ 5.6 millones a los ingresos totales de Exagen en 2023.

Acuerdos de colaboración de investigación

Los acuerdos de colaboración de investigación generaron $ 3.1 millones en ingresos para el año fiscal 2023.

Reembolso de proveedores de atención médica y compañías de seguros

Los ingresos totales de reembolso para 2023 alcanzaron $ 22.4 millones.

Flujo de ingresos	2023 ingresos
Ventas de pruebas de diagnóstico	$ 14.2 millones
Licencias de tecnologías	$ 2.7 millones
Tarifas de servicio de laboratorio	$ 5.6 millones
Colaboración de investigación	$ 3.1 millones
Reembolsos de atención médica	$ 22.4 millones

Flujos de ingresos totales para 2023: $ 48 millones

Exagen Inc. (XGN) - Canvas Business Model: Value Propositions

You're looking at the core benefits Exagen Inc. delivers to its customers, which are primarily rheumatologists and biopharma partners, as of late 2025. These propositions are grounded in their specialized testing portfolio.

Definitive diagnosis of complex autoimmune diseases like lupus and RA

Exagen Inc. provides clarity in decision-making for conditions like lupus, rheumatoid arthritis (RA), and Sjögren's syndrome using its flagship AVISE® CTD test. This commitment to definitive diagnosis has seen significant adoption; by December 31, 2024, Exagen Inc. reached testing its 1,000,000th patient with AVISE CTD.

Earlier and more accurate diagnosis via AVISE CTD test

The value here is in providing clinicians with information that shortens the autoimmune diagnostic journey. The Average Selling Price (ASP) per test reflects this added value. The trailing twelve-month (TTM) ASP for AVISE CTD was $419 per test as of the first quarter of 2025, growing to $441 per test by the third quarter of 2025. The company has a long-term goal for the ASP to approach $500. New biomarkers incorporated into the offering in early 2025 carried an expected reimbursement of $90 per test.

The enhanced AVISE CTD includes new systemic lupus erythematosus (SLE) biomarkers, specifically the T-Cell Lupus profile with TC4d, TIgG, and TIgM markers, which are noted to provide superior sensitivity for SLE compared to conventional markers.

Prognostic and monitoring tools for disease management (e.g., SLE Monitor)

Exagen Inc.'s full suite of AVISE-branded tests is designed not just for diagnosis but also for prognosis and monitoring of rheumatic diseases. The company is actively developing tools for ongoing disease management, evidenced by presenting six abstracts at the American College of Rheumatology Conference, including a plenary presentation related to the continued development of a lupus nephritis platform.

Novel biomarkers, like anti-PAD4, for seronegative RA patients

You see this value proposition materialize with the commercial launch of novel seronegative RA markers, including anti-PAD4, in the third quarter of 2025. This was the second novel set of RA biomarkers launched in 2025. The RA profile also includes additional anti-RA33 biomarkers: IgA, IgG, and IgM. The total addressable market for RA diagnostics is estimated to be large, with the RA market specifically having a broader addressable market of 2.5 million annual tests.

Clinical trial support and testing services for biopharma partners

Exagen Inc. supports biopharma partners through its testing services. For the third quarter of 2025, the Pharma and CRO business segment generated $780,000 in revenue. Year-to-date through Q3 2025, this segment totaled $1.2 million in revenue, and the company reported a backlog of $3.5 million.

Here's a quick look at the financial metrics supporting the delivery of these value propositions as of late 2025:

Metric	Value (Late 2025)
Full-Year 2025 Revenue Guidance (Low End)	$65 million
Full-Year 2025 Revenue Guidance (High End)	$70 million
Trailing Twelve-Month Revenue (as of 9/30/2025)	$63.6 million
Q3 2025 Record Revenue	$17.2 million
Year-to-Date Revenue (Through Q3 2025)	Roughly $50 million
AVISE CTD TTM ASP (as of Q3 2025)	$441 per test
Q3 2025 Gross Margin	Just over 58%
Year-to-Date Gross Margin (Through Q3 2025)	Just over 59%

The company has 45 sales territories, up from 42 at the end of Q3 2024, supporting commercial execution.

Exagen Inc. (XGN) - Canvas Business Model: Customer Relationships

You're looking at how Exagen Inc. keeps its key customers-rheumatologists-engaged and how they manage the financial side of that relationship as of late 2025. It's a mix of direct sales force interaction, scientific validation, and heavy lifting on the billing side.

Dedicated sales and clinical support for rheumatologists

Exagen Inc. targets approximately 5,000 rheumatologists across the United States with its portfolio of testing products. Customer relationship management here means direct engagement to drive adoption of their AVISE testing solutions.

The company has been actively expanding its commercial footprint. Management planned to expand sales territories by adding several new territories in 2025 to increase penetration into the rheumatoid arthritis (RA) market. This direct sales focus is key to driving volume.

Here's a look at how the value per test, which directly relates to the perceived value delivered to the physician and patient, has been trending:

Metric	Q1 2025 (Trailing 12-Mo)	Q2 2025 (Trailing 12-Mo)	Q3 2025 (Trailing 12-Mo)
AVISE CTD Average Selling Price (ASP) per test	$419	$428	$441
AVISE CTD Test Volume Growth (Year-over-Year for Q3)	N/A (Q1 YoY Growth was 6% over Q4 2024)	14% (vs Q1 2025)	16% (vs Q3 2024)
ASP Increase over Prior Year (Q3)	N/A	N/A	+$37 per test over Q3 2024

The Chief Scientific Officer, Dr. Michael Mahler, is central to scientific engagement, which supports the sales effort by validating the tests.

High-touch revenue cycle management for patient and payor claims

Handling claims is a critical, high-touch component because reimbursement directly impacts physician willingness to order tests. Exagen Inc. employs strategies specifically designed to maximize collections, which requires close management of patient and payor accounts.

For instance, in the first quarter of 2025, the company ended the period with an accounts receivable balance of $14.7 million, driven by a strategy to hold claims to maximize reimbursement. Following the initial release of these held claims in April 2025, combined cash, cash equivalents, and accounts receivable were projected to be approximately $28 million as of April 30, 2025.

The focus on optimizing the financial relationship is clear:

• New systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA) biomarkers launched in Q1 2025 had expected reimbursement in line with initial estimates of $90 per test.
• The company ended Q3 2025 with $35.7 million in cash and cash equivalents.
• Full-year 2025 revenue guidance was reiterated between $65 million and $70 million.

This financial management directly supports the ongoing service relationship by ensuring the process is as smooth as possible for the ordering physician.

Scientific engagement through conference presentations and research

Scientific validation is a core relationship-building tool, especially with specialists like rheumatologists. Exagen Inc. actively presents its research to establish credibility and educate the market on new diagnostic markers.

In the third quarter of 2025, Exagen Inc. announced the acceptance of six abstracts at the American College of Rheumatology (ACR) Convergence 2025 meeting. This included a featured plenary presentation in collaboration with Johns Hopkins University.

Key areas of scientific focus presented in late 2025 included:

• Highlighting a urinary biomarker panel for Lupus Nephritis management.
• Presenting preliminary data on a novel kidney damage biomarker panel.
• Showcasing research on anti-RA33, anti-PAD4, and traditional biomarkers for RA diagnostic accuracy.

Also, in Q1 2025, the company published a T-cell manuscript in the peer-reviewed journal Frontiers in Immunology, detailing the clinical benefit of new SLE biomarkers. The pharma services business also contributed $780,000 in revenue in Q3 2025, indicating external research partnerships.

Focus on patient-centered care and improved clinical outcomes

The ultimate goal of the customer relationship is enabling better patient care through timely diagnosis and monitoring. This is built into the product roadmap and commercial strategy.

The company's strategy includes leveraging its testing portfolio to market therapeutics, positioning the offering to provide targeted solutions that ultimately serve patients better. The commercial launch of seronegative RA markers for anti-PAD4 at the end of Q3 2025 is the latest enhancement to the AVISE CTD panel, aimed at improving diagnostic precision for RA patients.

The company's mission is clear: to offer solutions to address the medical needs of the community and aid patients and healthcare providers in the diagnosis, prognosis, and management of autoimmune conditions. The Q3 2025 total revenue reached $17.2 million, showing market acceptance of these patient-focused solutions.

Exagen Inc. (XGN) - Canvas Business Model: Channels

You're mapping out how Exagen Inc. gets its specialized autoimmune testing services to the rheumatologists who need them. The channel strategy is highly focused, relying on a mix of direct engagement, proprietary infrastructure, and public market visibility.

Direct sales force targeting community rheumatologists is a primary route to market. The strategy explicitly targets the approximately 5,000 rheumatologists across the United States. This direct engagement is crucial for driving adoption of complex tests like AVISE® CTD and newer assays, such as the recently commercially launched seronegative RA markers for anti-PAD4, which was noted in the Q3 2025 update. The company noted in its Q3 2025 commentary that expansion into new sales territories is beginning to show meaningful contributions.

The entire testing operation flows through a Centralized, proprietary laboratory for all testing services. This laboratory is both CLIA-certified and CAP-accredited, which is non-negotiable for high-quality diagnostic delivery. The performance of this centralized channel is reflected in the Q3 2025 financial results: AVISE CTD test volume grew 16% compared to the third quarter of 2024. Furthermore, the Trailing-twelve-month Average Selling Price (ASP) for AVISE CTD expanded to $441 per test as of September 30, 2025.

For Investor Relations and public market communications, the channel is the public market itself, trading on Nasdaq: XGN. This channel keeps capital markets informed. For instance, as of December 1, 2025, the stock closed at $7.50 per share, with 22.66M shares outstanding. The company provided a 2025 full-year revenue guidance range of between $65 million and $70 million, and ended Q3 2025 with $35.7 million in cash and cash equivalents. The Q3 2025 total revenue was reported at $17.244 million.

Clinical adoption is heavily driven by presence at key scientific gatherings. Regarding Medical conferences (e.g., ACR Convergence 2025), Exagen Inc. announced the acceptance of six abstracts at the 2025 American College of Rheumatology Convergence meeting, which took place October 24-29, 2025, in Chicago, Illinois. The company maintained a physical presence at booth #1228 and hosted an Innovation Theater on Monday, Oct 27, 2025, to present data on lupus nephritis and rheumatoid arthritis biomarkers.

Here's a quick look at the channel metrics we can quantify:

Channel Component	Metric/Value	Reporting Period/Date
Direct Sales Target	Approximately 5,000 rheumatologists	Late 2025 Strategy
Laboratory Accreditation	CLIA-certified and CAP-accredited	As of Late 2025
ACR Convergence Presence	Six accepted abstracts; Booth #1228	October 2025
Nasdaq Ticker	XGN	As of Late 2025

The engagement through these channels supports the core testing business, which is summarized by these operational statistics:

• Q3 2025 Total Revenue: $17.244 million.
• AVISE CTD Test Volume Growth: 16% year-over-year for Q3 2025.
• AVISE CTD Trailing-Twelve-Month ASP: $441 per test (Q3 2025).
• Shares Outstanding: 22.66M.
• Cash on Hand: $35.7 million (End of Q3 2025).

Investor communications use specific access points:

• Q3 2025 Earnings Call U.S. Dial-in: 201-389-0918.
• Webcast access via investors.exagen.com.
• Replay available until November 18, 2025.

Exagen Inc. (XGN) - Canvas Business Model: Customer Segments

You're looking at the core groups Exagen Inc. (XGN) serves as of late 2025, based on their latest reported performance through the third quarter. Honestly, their success hinges on getting their specialized diagnostic tests, like AVISE CTD, into the hands of the right clinicians and getting those tests paid for.

Rheumatologists and other specialists managing autoimmune diseases are definitely the primary end-users. Exagen Inc. has been actively expanding its reach to these doctors; they reported operating in 45 sales territories by the end of Q3 2025. This commercial push is translating into volume, with AVISE CTD test volume growing 15% compared to the third quarter of 2024. The company is also enhancing its offering for these specialists with new seronegative RA markers for anti-PAD4, which they commercially launched at the end of Q3 2025.

For third-party commercial health insurance payors, the focus is on demonstrating value to secure coverage and appropriate rates. The Average Selling Price (ASP) for the AVISE CTD test reflects the ongoing reimbursement negotiations and mix shift. The trailing twelve-month ASP expanded to $441 per test as of Q3 2025. Management noted a near-term headwind from losing a large high ASP direct bill account, which they are mitigating by converting that business into the standard commercial insurance payer mix. This ASP growth, alongside volume, drove year-to-date revenue up 19% through Q3 2025 compared to the prior year.

Regarding Government payors (e.g., Medicare, Medicaid), the search results don't give us a specific revenue percentage for these segments for 2025. However, the company's general strategy involves working diligently with large national payers to establish the value proposition, which would encompass both commercial and government entities. The success in driving up the overall ASP suggests progress in securing favorable reimbursement terms across their payer base.

The segment of Patients with complex, chronic autoimmune conditions, such as lupus, rheumatoid arthritis, and Sjögren's disease, is the ultimate beneficiary of Exagen Inc.'s work. The company's mission centers on providing clarity for decision-making for these patients. While we don't have the exact number of covered patients, the total revenue generated from testing reflects the scale of utilization by this patient population.

The Pharmaceutical and Contract Research Organizations (CROs) represent a distinct, growing revenue stream. This business segment generated revenue of $780,000 in the third quarter of 2025. Year-to-date through Q3 2025, this segment recognized $1.2 million in revenue, a significant jump from about $100,000 in the same period of 2024.

Here's a quick look at the financial performance reflecting the combined impact of these customer segments through the first nine months of 2025:

Metric	Value (Nine Months Ended Sept 30, 2025)
Total Revenue	$49,944 thousand
AVISE CTD Trailing 12-Month ASP	$441 per test
Gross Margin	59.3%
Pharma Services Revenue	$1.2 million
Cash and Cash Equivalents (End of Q3)	$35.7 million

The company reiterated its full-year 2025 revenue guidance to be between $65 million and $70 million.

Finance: draft Q4 2025 revenue projection based on Q3 run-rate by Friday.

Exagen Inc. (XGN) - Canvas Business Model: Cost Structure

You're looking at the cost side of Exagen Inc.'s business as of late 2025, which is heavily influenced by scaling laboratory operations and expanding commercial reach. Honestly, for a diagnostics company like Exagen Inc., the cost structure is where the path to profitability gets really clear, or sometimes, a bit murky.

The total operating expenses for the third quarter of 2025 were reported at $13.2 million, which is a step up from the $11.6 million seen in the third quarter of 2024. This increase is key to understanding where the cash is going right now. The bottom line for the quarter was a net loss of $7.1 million.

Here's a breakdown of the key cost components based on the Q3 2025 financial data, showing the scale of the investment in operations and growth:

Cost Component	Q3 2025 Amount (in thousands)	Notes
Revenue	$17,244	Record total revenue for the quarter.
Cost of Goods Sold (COGS)	$7,173 (Calculated)	Derived from Revenue and Gross Margin of 58.4%.
Gross Profit	$10,061	Revenue minus COGS.
Research and Development (R&D) Expenses	$1,730	Investment in pipeline and new biomarker validation.
Total Operating Expenses	$13,175	Includes SG&A, R&D, and other operating costs.
Net Loss	$7,087	GAAP net loss for the period.

The Cost of Goods Sold (COGS) for lab operations, materials, and labor is directly tied to the volume of tests processed. With a reported Gross Margin of 58.4% for Q3 2025, the implied COGS was approximately $7.173 million on revenues of $17.244 million. Management is focused on driving this margin higher, aiming for the mid-sixties over time, which means aggressively managing the costs associated with running the CLIA-certified, CAP-accredited laboratory.

When you look at the Selling, General, and Administrative (SG&A) expenses, they are a significant driver of the higher operating costs. The CFO noted that the increase in operating expenses was due in part to SG&A associated with the first sales territory expansion since the CEO took over, plus a key commercial leadership addition. This spend is directly supporting the commercial strategy to grow test volume, which increased 16% year-over-year for the flagship AVISE CTD test.

Research and Development (R&D) is a necessary cost for future value creation. For Q3 2025, R&D expenses totaled $1.730 million (or $1,730 thousand). This spending supports the pipeline, including the continued development of a lupus nephritis platform and the recent commercial launch of seronegative RA markers for anti-PAD4. This investment is essential for expanding the test portfolio beyond the core AVISE CTD offering.

The remaining operating costs, which include the bulk of SG&A, can be estimated by subtracting R&D from the total operating expenses. This residual amount, approximately $11.445 million ($13,175 thousand total operating expenses minus $1,730 thousand in R&D), covers the significant sales force costs and general overhead needed to support the growing commercial footprint.

• Cost of Goods Sold (COGS) is managed to achieve a gross margin of 58.4%.
• R&D spend was $1.730 million in Q3 2025.
• Operating expenses were $13.2 million in Q3 2025.
• The largest component of the operating expense increase was driven by SG&A related to sales expansion.
• The net loss for the quarter was $7.1 million.

Finance: draft 13-week cash view by Friday.

Exagen Inc. (XGN) - Canvas Business Model: Revenue Streams

You're looking at how Exagen Inc. actually brings in money, which is critical for valuing any diagnostics play. The core of their revenue generation is built around specialized laboratory testing services, primarily for autoimmune diseases. This isn't just one bucket, though; it's a flow dependent on volume, price, and who is paying the bill.

The primary stream is definitely the diagnostic testing revenue from the AVISE suite. This is where the flagship AVISE CTD test comes into play, which helps clinicians diagnose complex conditions like lupus and rheumatoid arthritis. You saw strong execution here in the third quarter of 2025, with the trailing twelve-month Average Selling Price (ASP) for the AVISE CTD test hitting $441 per test as of September 30, 2025. That's a nice jump of $37 per test compared to the same time last year. Test volume growth is also a key driver; the AVISE CTD test volume grew 16% year-over-year in Q3 2025. Honestly, volume growth coupled with ASP expansion is the formula for top-line success in this space.

The actual cash collection relies heavily on reimbursement payments from commercial and government payors. This is the step after the test is ordered and processed, where Exagen Inc. bills insurance companies and government programs. The success of the commercial team in securing favorable contracts and managing the claims process directly impacts the realized revenue from the testing volume.

A secondary, but growing, component is the Pharma Services revenue from biopharma/CRO partnerships. These are collaborations where Exagen Inc. provides its specialized testing capabilities to pharmaceutical companies or Contract Research Organizations (CROs) for clinical trials or research. For Q3 2025, this segment contributed nearly $800,000 in revenue. Year-to-date through Q3 2025, Pharma Services revenue reached $1.2 million, and they reported a backlog of $3.5 million, which suggests solid revenue visibility into the near future.

Here's a quick look at the top-line performance as of late 2025, which helps frame the full-year expectations. You can see how the year-to-date performance stacks up against the guidance:

Metric	Amount/Range
Q3 2025 Total Revenue	$17.244 million
Year-to-Date (9 Months) 2025 Revenue	$49.944 million
Full-Year 2025 Revenue Guidance	$65 million to $70 million
Q3 2025 Gross Margin	58.4%

The company reiterated its full-year outlook, which suggests they expect the fourth quarter to be strong to land within that range. The guidance for the full-year 2025 revenue is $65 million to $70 million. If they hit the high end of that range, management indicated they expect to achieve positive adjusted EBITDA in the fourth quarter of 2025. This financial target is what you should use for your valuation models right now, defintely.

To summarize the key revenue drivers for Exagen Inc. as of Q3 2025:

• Primary driver is the AVISE suite diagnostic testing revenue.
• AVISE CTD trailing-twelve-month ASP was $441.
• Q3 2025 test volume grew 16% year-over-year.
• Reimbursement from payors is the mechanism for collection.
• Pharma Services revenue contributed nearly $800,000 in Q3 2025.

Finance: draft 13-week cash view by Friday.