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Exagen Inc. (XGN+2.98%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $15.1 million for the year, compared to a net loss of $23.7 million in the previous year. Revenue increased to $55.6 million from $52.5 million, attributed to improved average selling prices despite a decrease in the volume of AVISE® CTD tests delivered.
Cost of revenue decreased to $22.5 million from $23.1 million, primarily due to reduced material and supply expenses. Gross margin improved to 59.5%, up from 56.1% in the prior year.
Selling, general, and administrative expenses decreased to $41.4 million from $47.4 million, driven by reductions in stock-based compensation and asset disposal costs.
Research and development expenses increased to $5.4 million from $4.9 million, reflecting higher personnel costs and professional service fees.
Interest expense remained consistent at approximately $2.2 million, while interest income decreased to $0.8 million from $1.5 million due to lower cash balances.
The company reported cash and cash equivalents of $22.0 million as of December 31, 2024, with an accumulated deficit of $294.3 million.
Exagen continues to focus on expanding its AVISE® testing product line, including the recent launch of new biomarkers for systemic lupus erythematosus and rheumatoid arthritis.
The company anticipates continued operating losses in the near term but believes its existing capital resources will be sufficient to fund operations for at least the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Exagen Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.