EXAGEN INC. (XGN): debt financing — Exagen secures up to $75M term loan from Perceptive; $25M funded to retire existing debt

EXAGEN INC.

$25M funded at closing used to retire Innovatus debt; net proceeds ~$22.8M after costs.
Additional tranches: $10M (by Mar 2026), $10M (by Dec 2026), $30M (BD by Mar 2027) subject to revenue milestones.
Interest: Term SOFR + 7% (floor 4.75%), interest-only for 60 months, maturity April 25, 2030.
Warrants for 400k shares issued at close (exercise $4.96/$5.58); up to 750k more for future tranches.
Loan secured by substantially all assets; covenants include $3M min cash and quarterly net revenue targets.

item 1.01 item 2.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

EXAGEN INC. incurred term loan of up to $75.0 million with Perceptive Credit Holdings IV, LP at greater of (a) Term SOFR ... and (b) 4.75% per annum, plus an applicable margin maturing April 25, 2030.

Instrument: term loan
Principal: up to $75.0 million
Counterparty: Perceptive Credit Holdings IV, LP
Rate: greater of (a) Term SOFR ... and (b) 4.75% per annum, plus an applicable margin
Maturity: April 25, 2030
Event: incurrence

Exact text from the filing

On April 25, 2025 (the “Closing Date”), Exagen Inc. (the “Company”) entered into a Credit Agreement and Guaranty (the “Credit Agreement”) with Perceptive Credit Holdings IV, LP, as lender and administrative agent (“Perceptive”), which provides for a senior secured delayed draw term loan facility in an aggregate principal amount of up to $75.0 million (the “Perceptive Term Loan Facility”).

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EXAGEN INC. filing history →

Source: SEC EDGAR

accession 0001193125-25-100447

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