secwatch.observer — SEC 8-K summary
======================================

Issuer:     EXAGEN INC. (XGN)
CIK:        0001274737
Form:       8-K
Filed at:   2023-05-04T23:59:59+00:00
Accession:  0001274737-23-000041
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1274737/000127473723000041/0001274737-23-000041-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1274737/000127473723000041/exdx-20230428.htm
  HTML page:      https://secwatch.observer/filing/0001274737-23-000041

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