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Exagen Inc. – ‘10-K’ for 12/31/19 – ‘R9’

On:  Wednesday, 3/25/20, at 5:17pm ET   ·   For:  12/31/19   ·   Accession #:  1274737-20-26   ·   File #:  1-39049

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  As Of               Filer                 Filing    For·On·As Docs:Size

 3/25/20  Exagen Inc.                       10-K       12/31/19   88:11M

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.33M 
 2: EX-10.27    Material Contract                                   HTML     29K 
 3: EX-10.28    Material Contract                                   HTML     33K 
 4: EX-10.29    Material Contract                                   HTML     53K 
 5: EX-10.31    Material Contract                                   HTML     32K 
 6: EX-10.32    Material Contract                                   HTML     87K 
 7: EX-10.33    Material Contract                                   HTML    269K 
 8: EX-10.36    Material Contract                                   HTML     59K 
 9: EX-10.41    Material Contract                                   HTML     28K 
10: EX-23.1     Consent of Experts or Counsel                       HTML     25K 
11: EX-31.1     Certification -- §302 - SOA'02                      HTML     31K 
12: EX-31.2     Certification -- §302 - SOA'02                      HTML     31K 
13: EX-32.1     Certification -- §906 - SOA'02                      HTML     28K 
28: R1          Cover                                               HTML     91K 
62: R2          Condensed Balance Sheets                            HTML     98K 
85: R3          Unaudited Condensed Statements of Operations        HTML     79K 
40: R4          Unaudited Condensed Statements of Redeemable        HTML    111K 
                Convertible Preferred Stock and Stockholders'                    
                Equity                                                           
27: R5          Statements of Cash Flows                            HTML    142K 
61: R6          Unaudited Condensed Statements of Redeemable        HTML     32K 
                Convertible Preferred Stock and Stockholders'                    
                Equity (Deficit) (Parenthetical)                                 
84: R7          Condensed Balance Sheets - (Parenthetical)          HTML     66K 
38: R8          Statement of Cash Flows (Parenthetical)             HTML     26K 
29: R9          Organization - (Notes)                              HTML     35K 
71: R10         Summary Of Significant Accounting Policies -        HTML    147K 
                (Notes)                                                          
80: R11         Other Financial Information - (Notes)               HTML     81K 
52: R12         Borrowings - (Notes)                                HTML     49K 
22: R13         Warrants to Purchase Common or Preferred Stock -    HTML     45K 
                (Notes)                                                          
72: R14         Commitment and Contingencies - (Notes)              HTML     52K 
81: R15         Fair Value Measurements - (Notes)                   HTML     65K 
53: R16         Redeemable Convertible Preferred Stock              HTML     39K 
23: R17         Stockholders' Equity (Deficit)                      HTML     30K 
73: R18         Stock Option Plan                                   HTML     87K 
79: R19         Income Taxes                                        HTML    102K 
42: R20         Related Parties                                     HTML     31K 
30: R21         401(k) Plan                                         HTML     27K 
58: R22         Subsequent Events                                   HTML     30K 
82: R23         Summary Of Significant Accounting Policies -        HTML    107K 
                Policies                                                         
43: R24         Summary Of Significant Accounting Policies -        HTML    119K 
                (Tables)                                                         
31: R25         Other Financial Information - (Tables)              HTML     84K 
59: R26         Borrowings - (Tables)                               HTML     38K 
83: R27         Warrants to Purchase Common or Preferred Stock -    HTML     44K 
                (Tables)                                                         
41: R28         Commitment and Contingencies (Tables)               HTML     65K 
32: R29         Fair Value Measures and Disclosures (Tables)        HTML     67K 
26: R30         Stock Option Plan (Tables)                          HTML     90K 
56: R31         Income Taxes (Tables)                               HTML    103K 
78: R32         Organization - (Details)                            HTML     51K 
70: R33         Summary Of Significant Accounting Policies -        HTML     52K 
                Narrative (Details)                                              
25: R34         Summary Of Significant Accounting Policies -        HTML     52K 
                Revenue by Major Payers (Details)                                
54: R35         Summary Of Significant Accounting Policies -        HTML     38K 
                Disaggregation of Revenue (Details)                              
77: R36         Summary Of Significant Accounting Policies - Cash,  HTML     35K 
                cash equivalents and restricted cash (Details)                   
69: R37         Summary Of Significant Accounting Policies -        HTML     36K 
                Securities (Details)                                             
24: R38         Other Financial Information - Narrative (Details)   HTML     32K 
57: R39         Other Financial Information - Prepaid expenses      HTML     38K 
                (Details)                                                        
36: R40         Other Financial Information - Property and          HTML     45K 
                equipment (Details)                                              
45: R41         Other Financial Information - Accrued liabilities   HTML     48K 
                (Details)                                                        
88: R42         Borrowings - Narrative (Details)                    HTML     78K 
66: R43         Borrowings - Future minimum payments (Details)      HTML     49K 
34: R44         Warrants to Purchase Common or Preferred Stock -    HTML     36K 
                Narrative (Details)                                              
44: R45         Warrants to Purchase Common or Preferred Stock -    HTML     40K 
                Outstanding warrants (Details)                                   
87: R46         Commitment and Contingencies - Narrative (Details)  HTML     55K 
65: R47         Commitment and Contingencies - Minimum annual       HTML     69K 
                lease payments under non-cancelable lease                        
                arrangements (Details)                                           
33: R48         Fair Value Measurements - Fair value measurement    HTML     45K 
                (Details)                                                        
46: R49         Fair Value Measurements- Fair value level 3         HTML     42K 
                (Details)                                                        
49: R50         Redeemable Convertible Preferred Stock (Details)    HTML     83K 
19: R51         Stockholders' Equity (Deficit) (Details)            HTML     49K 
67: R52         Stock Option Plan - Narrative (Details)             HTML     71K 
74: R53         Stock Option Plan - Stock Option Activity           HTML     83K 
                (Details)                                                        
51: R54         Stock Option Plan - Fair Value Assumptions          HTML     46K 
                (Details)                                                        
20: R55         Stock Option Plan - Stock-Based Compensation        HTML     34K 
                Expense (Details)                                                
68: R56         Stock Option Plan - Common Stock Reserved For       HTML     35K 
                Future Issuance (Details)                                        
75: R57         Income Taxes (Details)                              HTML     39K 
48: R58         Income Taxes - Components of Income Tax Expense     HTML     48K 
                (Benefit) (Details)                                              
21: R59         Income Taxes - Reconciliation of Effective Income   HTML     47K 
                Tax Rate (Details)                                               
63: R60         Income Taxes - Reconciliation of Deferred Tax       HTML     61K 
                Assets and Liabilities (Details)                                 
86: R61         Income Taxes - Change In Valuation Allowance        HTML     31K 
                (Details)                                                        
47: R62         Related Parties (Details)                           HTML     45K 
37: R63         401(k) Plan (Details)                               HTML     28K 
64: R64         Subsequent Events (Details)                         HTML     42K 
39: R9999       Uncategorized Items - exdx-20191231.htm             HTML     25K 
55: XML         IDEA XML File -- Filing Summary                      XML    147K 
35: XML         XBRL Instance -- exdx-20191231_htm                   XML   1.84M 
50: EXCEL       IDEA Workbook of Financial Reports                  XLSX     87K 
15: EX-101.CAL  XBRL Calculations -- exdx-20191231_cal               XML    235K 
16: EX-101.DEF  XBRL Definitions -- exdx-20191231_def                XML    679K 
17: EX-101.LAB  XBRL Labels -- exdx-20191231_lab                     XML   1.77M 
18: EX-101.PRE  XBRL Presentations -- exdx-20191231_pre              XML   1.03M 
14: EX-101.SCH  XBRL Schema -- exdx-20191231                         XSD    172K 
76: JSON        XBRL Instance as JSON Data -- MetaLinks              364±   562K 
60: ZIP         XBRL Zipped Folder -- 0001274737-20-000026-xbrl      Zip    733K

‘R9’   —   Organization – (Notes)

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.20.1
Organization - (Notes)
 12 Months Ended
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
Description of Business
Exagen Inc. (the Company) was incorporated under the laws of the state of New Mexico in 2002, under the name Exagen Corporation. In 2003, Exagen Corporation changed its state of incorporation from New Mexico to Delaware by merging with and into Exagen Diagnostics, Inc., pursuant to which the Company changed its name to Exagen Diagnostics, Inc. In January 2019, the Company changed its name to Exagen Inc. The Company is dedicated to transforming the care continuum for patients suffering from debilitating and chronic autoimmune diseases by enabling timely differential diagnosis and optimizing therapeutic intervention.
Initial Public Offering
On September 23, 2019, the Company closed its initial public offering (the IPO) of 4,140,000 shares of its common stock at a price to the public of $14.00 per share, including the exercise in full by the underwriters of their option to purchase 540,000 additional shares of the Company's common stock. Including the exercise of the option to purchase additional shares, the aggregate net proceeds to the Company from the offering was approximately $50.4 million, net of underwriting discounts, commissions and other offering expenses, for aggregate expenses of approximately $7.5 million. In addition, an aggregate of 7,816,643 shares of common stock, excluding warrant conversions, were issued to the holders of the Company's Series A-3, Series B-3, Series C, Series D, Series E, Series F and Series H redeemable convertible preferred stockholders upon the automatic conversion of all shares of redeemable convertible preferred stock to common stock.
Reverse Stock Split
On September 6, 2019, the Company effected a one-for-183.635 reverse stock split of its common stock (the Reverse Stock Split). The par value and the authorized shares of the common stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock and the conversion ratio of the redeemable convertible preferred stock have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented in the accompanying financial statements and notes to the financial statements.
Liquidity
The Company has suffered recurring losses and negative cash flows from operating activities since inception. The Company anticipates that it will continue to incur net losses into the foreseeable future. At December 31, 2019, the Company had cash and cash equivalents of $72.1 million and had an accumulated deficit of $164.6 million, respectively. Since inception, the Company has financed its operations primarily through private placements of preferred securities, the sale of common stock through its IPO and debt financing arrangements. Based on the Company's current business plan, management believes that its existing capital resources will be sufficient to fund the Company's obligations for at least twelve months following the issuance of these financial statements.
To execute its business plans, the Company may need additional funding to support its continuing operations and pursue its growth strategy. Until such time as the Company can achieve significant cash flows from operations, if ever, it expects to finance its operations through the sale of its stock, debt financings or other strategic transactions. Although the Company has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing on terms acceptable to the Company, if at all. The terms of any financing may adversely affect the holdings or the rights of the Company's stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its programs, product portfolio expansion plans or commercialization efforts, which could have a material adverse effect on the Company's business, operating results and financial condition and the Company's ability to achieve its intended business objectives.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:3/25/208-K
For Period end:12/31/19
9/23/194,  8-K
9/6/19
 List all Filings 

8 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/18/24  Exagen Inc.                       10-K       12/31/23   76:8.9M
 5/04/23  Exagen Inc.                       8-K:1,2,9   4/28/23   11:241K
 3/20/23  Exagen Inc.                       10-K       12/31/22   76:9.1M
 3/22/22  Exagen Inc.                       10-K       12/31/21   73:8.6M                                   Workiva Inc Wde… FA01/FA
 4/01/21  Exagen Inc.                       10-K/A     12/31/20   14:498K
 3/23/21  Exagen Inc.                       424B5                  1:601K                                   Donnelley … Solutions/FA
 3/22/21  Exagen Inc.                       424B5                  1:599K                                   Donnelley … Solutions/FA
 3/16/21  Exagen Inc.                       10-K       12/31/20   78:8.7M
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Filing Submission 0001274737-20-000026   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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