---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-100447"
form_type: "8-K"
ticker: "XGN"
cik: "0001274737"
company_name: "EXAGEN INC."
filed_at: "2025-04-28T23:59:59+00:00"
generated_at: "2026-05-23T04:46:29.064615+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Exagen secures up to $75M term loan from Perceptive; $25M funded to retire existing debt

## Summary
- $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.

## SEC filing metadata
- accession: 0001193125-25-100447
- form_type: 8-K
- ticker: XGN
- cik: 0001274737
- company_name: EXAGEN INC.
- filed_at: 2025-04-28T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1274737/000119312525100447/0001193125-25-100447-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1274737/000119312525100447/d811854d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-100447
- JSON: https://secwatch.observer/filing/0001193125-25-100447.json
- Plain text: https://secwatch.observer/filing/0001193125-25-100447.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.