Exagen amends loan with Innovatus: $10M prepaid, interest-only extended, revenue covenants eased

EXAGEN INC.

Prepaid $10M principal; prepayment fee waived.
Interest rate: prime (floor 8%) + 2%, with 1.5% payable-in-kind (PIK) through Apr 2026.
Interest-only period extended to March 2026; maturity extended to Dec 31, 2026.
Revenue covenant thresholds reduced; can be bypassed if cash balance ≥50% of loan principal.
Added 30-day cure period for covenant breaches; broadened permitted indebtedness limits.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EXAGEN INC. amended Third Amendment to Loan and Security Agreement with Innovatus Life Sciences Lending I, LP valued at $10.0 million (effective 2023-04-28).

Action: amendment
Agreement: credit facility
Counterparty: Innovatus Life Sciences Lending I, LP
Value: $10.0 million
Effective: 2023-04-28

Exact text from the filing

On April 28, 2023, Exagen Inc. (the "Company"), entered into the Third Amendment to Loan and Security Agreement with Innovatus Life Sciences Lending I, LP ("Innovatus") and the other lenders party thereto (the "Third Loan Amendment"), which amended the term loan agreement, dated as of September 7, 2017, by and among the Company, Innovatus, and other lenders party thereto, as amended on each of November 19, 2019 and October 21, 2021 (the "Original Loan Agreement" and, as amended, the “Loan Agreement”).

View on SEC.gov

Browse all material agreements →

EXAGEN INC. filing history →

Source: SEC EDGAR

accession 0001274737-23-000041

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.