Exagen Inc. reported its third‑quarter 2025 financial results for the period ended September 30, 2025. Revenue increased to $17.24 million, up 38% from $12.5 million in Q3 2024, driven by a 16% rise in AVISE CTD test volume and an average selling price of $441 per test.
The company posted a net loss of $7.1 million, or $0.28 per share, compared with a $5.0 million loss ($0.28 per share) in the same quarter last year. Operating expenses rose to $13.2 million from $11.6 million, reflecting higher costs associated with expanding test volumes and new biomarker development.
Exagen reiterated its full‑year 2025 revenue guidance of $65–$70 million and reaffirmed its expectation of positive adjusted EBITDA in the fourth quarter. Management highlighted continued investment in the AVISE platform and the launch of new seronegative rheumatoid arthritis markers, which are expected to support higher average selling prices and margin expansion.
The company ended the quarter with $35.7 million in cash and cash equivalents, up from $30.0 million at the end of Q2 2025 and $22.0 million a year earlier, supported by a public offering and a new senior secured term loan.
Management noted that while revenue growth is strong, the company remains focused on achieving profitability in 2025 and will continue to monitor reimbursement dynamics and competitive pressures in the autoimmune diagnostics market.
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