secwatch.observer — SEC 8-K summary
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Issuer:     EXAGEN INC. (XGN)
CIK:        0001274737
Form:       8-K
Filed at:   2025-04-28T23:59:59+00:00
Accession:  0001193125-25-100447
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1274737/000119312525100447/0001193125-25-100447-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1274737/000119312525100447/d811854d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-100447

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer