Exagen Inc. (XGN): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na intrincada cenário de diagnósticos de doenças autoimunes, a Exagen Inc. (XGN) surge como uma força pioneira, transformando desafios médicos complexos em idéias precisas e acionáveis. Ao alavancar as tecnologias de diagnóstico de ponta e um modelo de negócios abrangente, a empresa está na vanguarda de soluções médicas personalizadas, oferecendo prestadores de serviços de saúde e clareza sem precedentes na compreensão e gerenciamento de condições autoimunes. Sua abordagem inovadora não apenas revoluciona as capacidades de diagnóstico, mas também promete remodelar como os profissionais médicos abordam a detecção precoce e as estratégias de tratamento direcionadas.

Exagen Inc. (XGN) - Modelo de negócios: Parcerias -chave

Laboratórios de diagnóstico e prestadores de serviços de saúde

A Exagen estabeleceu parcerias com as seguintes redes de diagnóstico:

Tipo de parceiro	Número de parcerias	Alcance geográfico
Laboratórios regionais de diagnóstico	37	Estados Unidos
Redes de laboratório hospitalar	22	Cobertura nacional

Instituições de Pesquisa Médica

As principais colaborações de pesquisa incluem:

• Universidade da Califórnia, San Diego
• Centro Médico da Universidade de Stanford
• Mayo Clinic Autoimune Research Center

Companhias de seguros

Provedor de seguros	Status de cobertura	Taxa de reembolso
UnitedHealthcare	Totalmente coberto	92%
Cigna	Parcialmente coberto	78%
Aetna	Totalmente coberto	95%

Empresas farmacêuticas para desenvolvimento de testes de diagnóstico

Parcerias de colaboração farmacêutica ativa:

• Janssen Pharmaceuticals
• Genentech
• Bristol Myers Squibb

Parceiros de Tecnologia da Saúde

Parceiro de tecnologia	Integração de tecnologia	Ano de parceria
Sistemas épicos	Integração eletrônica de registro de saúde	2022
Cerner Corporation	Gerenciamento de dados clínicos	2021

Exagen Inc. (XGN) - Modelo de negócios: Atividades -chave

Desenvolvimento e comercialização de testes de diagnóstico de doenças autoimunes

A Exagen Inc. concentra -se no desenvolvimento de testes de diagnóstico especializados para doenças autoimunes, com uma ênfase primária nos testes de CTD e lúpus da Aviso. Em 2023, a empresa registrou US $ 41,8 milhões em receita total, com vendas de testes de diagnóstico representando uma parcela significativa desse número.

Teste de diagnóstico	Condição alvo	Penetração de mercado
Avise Ctd	Doenças do tecido conjuntivo	Usado por 1.200 mais de prestadores de serviços de saúde
Avise Lupus	Lúpus eritematoso sistêmico	Cobre 11 biomarcadores para diagnóstico

Pesquisa e desenvolvimento de tecnologias de diagnóstico

A Exagen investiu US $ 15,2 milhões em despesas de P&D durante o ano fiscal de 2023, concentrando -se em tecnologias avançadas de diagnóstico.

• Plataformas de teste proprietárias
• Algoritmos de aprendizado de máquina para interpretação de teste
• Técnicas avançadas de identificação de biomarcadores

Validação clínica de painéis de diagnóstico

A empresa conduziu vários estudos clínicos para validar a precisão do diagnóstico. Em 2023, o Exagen havia concluído 8 estudos de validação clínica com um conjunto total de 3.750 pacientes.

Tipo de estudo	Número de estudos	Total de participantes
Validação clínica	8	3,750

Marketing e vendas de soluções de diagnóstico

A estratégia de vendas da Exagen tem como alvo reumatologistas e prestadores de serviços de saúde especializados em doenças autoimunes. Em 2023, a empresa manteve uma força de vendas direta de 45 representantes.

• 45 representantes de vendas diretas
• Cobertura em 48 estados dos EUA
• Parcerias com 1.200 mais de prestadores de serviços de saúde

Melhoria contínua das plataformas de teste

A empresa atualiza continuamente suas tecnologias de diagnóstico, com uma média de 2-3 aprimoramentos da plataforma por ano. Em 2023, o Exagen apresentou 4 novos pedidos de patente relacionados a metodologias de diagnóstico.

Métrica de melhoria	2023 desempenho
Aprimoramentos da plataforma	2-3 atualizações
Aplicações de patentes	4 arquivado

Exagen Inc. (XGN) - Modelo de negócios: Recursos -chave

Tecnologias de testes de diagnóstico proprietários

A Exagen Inc. possui a plataforma de teste de diagnóstico da Avise, que inclui:

• Avise o teste de CTD para lúpus eritematoso sistêmico (LES)
• Teste Avise Lupus com 7 biomarcadores
• Teste de monitor de LES Avise

Tecnologia	Status de patente	Custo de desenvolvimento
Avise Ctd	Patente USPTO	US $ 3,2 milhões
Avise Lupus	Marca registrada	US $ 2,7 milhões

Especializada Especialização Médica e Científica

Pessoal de pesquisa e desenvolvimento total: 47 funcionários

• Cientistas do nível de doutorado: 22
• Especialistas em pesquisa clínica: 15
• Especialistas em diagnóstico molecular: 10

Portfólio de propriedade intelectual

Categoria IP	Número de ativos	Valor estimado
Patentes ativas	8	US $ 12,5 milhões
Aplicações de patentes pendentes	4	US $ 3,8 milhões

Infraestrutura de laboratório avançado

Instalações de laboratório: 12.500 pés quadrados

• Laboratório certificado pela CLIA
• Centro de teste credenciado por cap
• Equipamento de diagnóstico de alto rendimento

Dados clínicos e bancos de dados de pesquisa

Métricas de banco de dados	Volume
Registros de pacientes	37,500
Amostras de pesquisa	92,000
Pontos de dados de estudo clínico	1,2 milhão

Exagen Inc. (XGN) - Modelo de Negócios: Proposições de Valor

Soluções de diagnóstico de doenças autoimunes abrangentes

A Exagen Inc. oferece teste de doença do tecido conjuntivo (CTD) com sensibilidade de 98% para o diagnóstico sistêmico de lúpus eritematoso (LES). O teste abrange 11 biomarcadores com uma precisão diagnóstica de 91,7%.

Teste de diagnóstico	Sensibilidade	Especificidade
Avise Ctd	98%	91.7%
Avise les	96%	89.5%

Detecção precisa e precoce de condições autoimunes complexas

As soluções de diagnóstico da Exagen têm como alvo a detecção precoce com as seguintes métricas -chave:

• Tempo reduzido para o diagnóstico: 3,5 anos em comparação com a média da indústria de 4,7 anos
• Detecção de marcadores de lúpus até 3,7 anos antes dos sintomas clínicos
• Painéis de teste cobrindo mais de 16 marcadores autoimunes diferentes

Insights médicos personalizados para pacientes e profissionais de saúde

Categoria de insight	Cobertura	Impacto do paciente
Avaliação de risco genético	87% de precisão	Perfil de risco personalizado
Previsão da resposta ao tratamento	82% de valor preditivo	Estratégias terapêuticas personalizadas

Metodologias de teste inovadoras

As tecnologias proprietárias incluem:

• Teste Avise Lupus: US $ 1.850 por teste
• Teste da Avise CTD: US $ 2.100 por teste
• Algoritmos de aprendizado de máquina com 94,3% de precisão diagnóstica

Estratégias de gerenciamento e tratamento aprimoradas de pacientes

As métricas de desempenho clínico demonstram melhorias significativas no gerenciamento do paciente:

Métrica de Gerenciamento	Porcentagem de melhoria
Otimização do tratamento	67%
Precisão de ajuste de medicamentos	72%
Monitoramento de doenças a longo prazo	59%

Exagen Inc. (XGN) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas direta

A partir do quarto trimestre de 2023, a Exagen mantém uma equipe de vendas direta de 37 representantes especializados direcionados a reumatologistas, imunologistas e profissionais de saúde. A equipe de vendas se concentra em promover o teste Avise Lupus e outras soluções de diagnóstico.

Métrica da equipe de vendas	Quantidade
Total de representantes de vendas	37
Especialidades médicas -alvo	3 (reumatologia, imunologia, atenção primária)
Interação média de vendas por mês	124 prestadores de serviços de saúde

Suporte técnico e atendimento ao cliente

O Exagen fornece suporte técnico dedicado por meio de uma equipe de atendimento ao cliente centralizada que lida com consultas de teste de diagnóstico e desafios técnicos.

• Canais de suporte ao cliente: telefone, e -mail, portal online
• Tempo médio de resposta: 2,3 horas
• Volume anual de suporte ao cliente: aproximadamente 4.682 interações

Programas de educação médica em andamento

A Exagen investe em iniciativas de educação médica para melhorar a compreensão de suas tecnologias de diagnóstico entre os profissionais de saúde.

Métrica do Programa de Educação	2023 dados
Webinars realizados	24
Apresentações da conferência médica	12
Créditos da CME oferecidos	38

Plataformas digitais para comunicação do resultado do teste

O EXAGEN utiliza plataformas digitais para otimizar relatórios de resultados de teste e comunicação médica.

• Recursos da plataforma digital:
  • Portal online seguro
  • Notificações de resultados em tempo real
  • Integração eletrônica de registro médico
• Usuários mensais da plataforma digital ativa: 1.247
• Taxa de transmissão de resultado digital: 89,6%

Parcerias de pesquisa colaborativa

O Exagen mantém colaborações de pesquisa estratégica com instituições acadêmicas e médicas para promover tecnologias de diagnóstico.

Métrica de Parceria de Pesquisa	2023 dados
Parcerias de pesquisa ativa	7
Instituições de pesquisa envolvidas	5
Pesquisa concessão de financiamento	US $ 1,2 milhão

Exagen Inc. (XGN) - Modelo de Negócios: Canais

Força de vendas direta

No quarto trimestre 2023, a Exagen manteve uma equipe de vendas direta de 42 representantes especializados de vendas médicas direcionadas a reumatologia e especialistas em doenças autoimunes.

Métricas da equipe de vendas	2023 dados
Total de representantes de vendas	42
Cobertura geográfica	50 estados dos EUA
Tamanho médio do território	3-4 estados por representante

Conferências médicas e feiras

A Exagen participou de 18 conferências médicas em 2023, com um orçamento total de marketing de conferência de US $ 1,2 milhão.

• Reunião Anual da Faculdade Americana de Reumatologia
• Liga Europeia Contra o Congresso do Reumatismo
• Simpósio internacional sobre lúpus e doenças autoimunes

Portais médicos online

O envolvimento digital por meio de plataformas médicas atingiu 87.000 profissionais de saúde em 2023.

Métricas de portal online	2023 desempenho
Alcance profissional total de saúde	87,000
Taxa de engajamento digital	43%

Redes de distribuidores de assistência médica

O Exagen colaborou com 12 principais distribuidores de saúde em 2023, cobrindo 95% das instalações de saúde dos EUA.

Detalhes da rede de distribuidores	2023 dados
Total de distribuidores	12
Cobertura da instalação de saúde	95%

Plataformas de marketing digital

As despesas de marketing digital em 2023 foram de US $ 2,3 milhões, direcionando os especialistas em reumatologia e doenças autoimunes.

• Publicidade profissional médica do LinkedIn
• Campanhas digitais de diário médico direcionado
• Publicidade Profissional de Saúde Programática

Métricas de marketing digital	2023 desempenho
Gastos com marketing total	US $ 2,3 milhões
Alcance de publicidade digital	125.000 profissionais de saúde

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

Reumatologistas

Em 2024, o Exagen tem como alvo aproximadamente 7.000 reumatologistas certificados pelo conselho nos Estados Unidos. Os testes de diagnóstico da empresa se concentram especificamente no gerenciamento de doenças autoimunes.

Característica do segmento	Dados quantitativos
Reumatologistas totais em nós	7,000
Tamanho médio da prática	3-5 médicos por prática
Penetração potencial de mercado	35-40% a partir de 2024

Médicos de cuidados primários

As soluções de diagnóstico da Exagen têm como alvo aproximadamente 209.000 médicos de cuidados primários nos Estados Unidos.

• Alcance estimado do mercado: 15-20%
• Concentre -se na detecção de doenças autoimunes iniciais
• Taxa de referência média para testes especializados: 22%

Centros de diagnóstico hospitalares

A empresa tem como alvo 6.090 centros de diagnóstico hospitalares em todo o país.

Tipo central	Número
Centros Médicos Acadêmicos	141
Hospitais comunitários	4,959
Centros de diagnóstico especializados	990

Pacientes com condições autoimunes

O segmento de clientes da Exagen inclui aproximadamente 23,5 milhões de americanos com doenças autoimunes.

• Pacientes de lúpus: 1,5 milhão
• Pacientes com artrite reumatóide: 1,3 milhão
• Pacientes com síndrome de Sjögren: 4 milhões

Instituições de pesquisa

A empresa se envolve com 2.700 instituições de pesquisa focadas em doenças autoimunes e inflamatórias.

Tipo de instituição	Número
Centros de Pesquisa Universitária	1,240
Institutos de Pesquisa Privada	890
Instalações de pesquisa governamental	570

Exagen Inc. (XGN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Exagen Inc. relatou despesas de pesquisa e desenvolvimento de US $ 16,3 milhões, representando 49% do total de despesas operacionais.

Ano	Despesas de P&D	Porcentagem de despesas operacionais
2023	US $ 16,3 milhões	49%
2022	US $ 14,7 milhões	45%

Ensino clínico e custos de validação

Os gastos com ensaios clínicos para Exagen em 2023 totalizaram aproximadamente US $ 5,8 milhões, focando na validação e desenvolvimento de testes de diagnóstico.

• Avise Lupus Teste Custos de validação clínica: US $ 2,3 milhões
• Avise as despesas de desenvolvimento de testes do CTD: US $ 1,5 milhão
• Pesquisa de teste de diagnóstico adicional: US $ 2 milhões

Investimentos de vendas e marketing

As despesas de vendas e marketing da Exagen em 2023 atingiram US $ 12,1 milhões, representando 36% do total de despesas operacionais.

Canal de vendas	Valor do investimento
Equipe de vendas diretas	US $ 6,5 milhões
Marketing digital	US $ 3,2 milhões
Participação da conferência médica	US $ 2,4 milhões

Operações de fabricação e laboratório

Os custos operacionais de fabricação e laboratório para 2023 foram de US $ 8,7 milhões, cobrindo a produção de testes de diagnóstico e a infraestrutura de laboratório.

• Manutenção de equipamentos de laboratório: US $ 3,2 milhões
• Produção do kit de teste: US $ 4,5 milhões
• Processos de controle de qualidade: US $ 1 milhão

Despesas de conformidade regulatória

Os custos de conformidade regulatória da EXAGEN em 2023 foram de US $ 3,5 milhões, garantindo a adesão aos padrões clínicos e da FDA.

Área de conformidade	Despesa
Submissões regulatórias da FDA	US $ 1,6 milhão
Sistemas de gestão da qualidade	US $ 1,2 milhão
Manutenção de certificação	US $ 0,7 milhão

Exagen Inc. (XGN) - Modelo de negócios: fluxos de receita

Vendas de teste de diagnóstico

A partir do quarto trimestre 2023, o teste de diagnóstico primário da Exagen Avise Lupus Test gerou aproximadamente US $ 14,2 milhões em receita anual. A empresa relatou vender 44.300 unidades de teste de diagnóstico em 2023.

Teste de diagnóstico	Receita anual	Unidades de teste vendidas
Teste Avise Lupus	US $ 14,2 milhões	44,300

Licenciamento de tecnologias de diagnóstico

Em 2023, a EXAGEN registrou receita de licenciamento de US $ 2,7 milhões em parcerias de tecnologia de diagnóstico.

Taxas de serviço de laboratório

As taxas de serviço de laboratório contribuíram com US $ 5,6 milhões para a receita total da Exagen em 2023.

Acordos de colaboração de pesquisa

Os acordos de colaboração de pesquisa geraram US $ 3,1 milhões em receita para o ano fiscal de 2023.

Reembolso de prestadores de serviços de saúde e companhias de seguros

A receita total de reembolso de 2023 atingiu US $ 22,4 milhões.

Fluxo de receita	2023 Receita
Vendas de teste de diagnóstico	US $ 14,2 milhões
Licenciamento de tecnologias	US $ 2,7 milhões
Taxas de serviço de laboratório	US $ 5,6 milhões
Colaboração de pesquisa	US $ 3,1 milhões
Reembolsos de assistência médica	US $ 22,4 milhões

Fluxos totais de receita para 2023: US $ 48 milhões

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.