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.

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