What is the 13F Pro Quality Score for XGN?

13F Pro ranks EXAGEN INC. (XGN) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View XGN's current score at https://13fpro.ai/research/XGN (free sign-up required for the full ranking).

Where does 13F Pro source XGN data?

All EXAGEN INC. fundamentals and ownership data come directly from SEC EDGAR. EXAGEN INC. files with the SEC under CIK 1274737. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is XGN in?

EXAGEN INC. (XGN) is classified in the Healthcare sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/healthcare.

How often is XGN research updated on 13F Pro?

XGN's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

EXAGEN INC.(XGN)Stock Analysis

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13F Pro Quality Score

25.2/100

Rank #2,554 of 2,879 stocks

View Healthcare peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

70.4/100

Profitability

14.3/100

Balance Sheet

6.6/100

Earnings Quality

30.0/100

Free Cash Flow

11.2/100

Institutional Flow

8.3/100

Revenue Scale

13.6/100

Dilution Risk

32.1/100

XGN Stock Analysis & AI Quality Score

AI stock analysis and institutional research for EXAGEN INC. (XGN), a Healthcare sector company. 13F Pro's AI-powered ranking engine scores XGN at 25.2/100 on a 32-signal composite quality model, placing it at rank #2,554 of 2,879 stocks — the bottom half of the AI-ranked universe. Areas of concern include balance sheet strength (6.6) and institutional flow (8.3), which score below median versus the broader universe. Shareholder dilution risk is elevated at 32.1/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), EXAGEN INC. reports quarterly revenue of $17.3M, net income of $-4.0M, an operating margin of -19.7%. Top institutional holders of XGN by reported 13-F value include BALYASNY ASSET MANAGEMENT L.P., WEXFORD CAPITAL, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. XGN trades on the Nasdaq exchange and files with the SEC under CIK 1274737. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate XGN daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for EXAGEN INC. directly from SEC EDGAR. EXAGEN INC.'s 13F Pro composite quality score has ranged between 14 and 29 since 2021, currently 25.2 — an improving long-term trajectory across 30 quarterly and live scoring snapshots.

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Fun facts about EXAGEN INC.

Quirks, history, and lore behind XGN — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. commercial-stage diagnostics company · small-cap · listed on Nasdaq · headquartered in Southern California.
2
The Numbers
Annual revenue in the range of tens of millions of dollars, with the company still working toward consistent profitability — classic growth-stage specialty diagnostics profile.
3
The History
Founded in the early 2000s and built around proprietary technology for autoimmune disease testing, it eventually went public to fund broader commercial rollout.
4
The Secret
Its core platform uses cell-based assays to detect autoantibodies — a more precise read on autoimmune activity than conventional tests, aimed squarely at rheumatology and lupus patients.
5
The Lore
Its flagship test, AVISE CTD, helps clinicians distinguish lupus from conditions that mimic it — a notoriously tricky diagnostic puzzle that can take patients years to solve on their own.
6
The Giveaway
Ticker XGN, full name rhymes with nothing you've heard before — this is Exagen, the small San Diego–area lab making big claims on connective tissue disease diagnostics.

▶ Think you know your stocks? Play the Daily Ticker

Revenue

Q1 2026

$17.3M

Net Income

Q1 2026

$-4.0M

Free Cash Flow

Q1 2026

$-10.6M

Operating Margin

Q1 2026

-19.7%

D/E Ratio

Q1 2026

1.62

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+15.3% YoY

$52.5MFY 2023

FY19 $40.4MFY21 $48.3MFY22 $45.6MFY23 $52.5M

Net Income

+50.0% YoY

$-23.7MFY 2023

FY19 $-12.0MFY21 $-26.9MFY22 $-47.4MFY23 $-23.7M

Operating Income

+50.4% YoY

$-22.8MFY 2023

FY19 $-9.3MFY21 $-24.1MFY22 $-46.1MFY23 $-22.8M

EPS (Diluted)

+51.6% YoY

$-1.34FY 2023

FY19 —FY21 $-1.68FY22 $-2.77FY23 $-1.34

Total Assets

-34.0% YoY

$56.9MFY 2023

FY19 $88.3MFY21 $123.4MFY22 $86.2MFY23 $56.9M

Total Debt

-32.2% YoY

$19.8MFY 2023

FY19 $25.9MFY21 $27.5MFY22 $29.2MFY23 $19.8M

Op. Cash Flow

+55.0% YoY

$-14.5MFY 2023

FY19 $-9.7MFY21 $-20.3MFY22 $-32.1MFY23 $-14.5M

Metric	FY 2023	FY 2022	FY 2021	FY 2019	FY 2018	FY 2017
Revenue	$52.5M +15.3%	$45.6M -5.7%	$48.3M +19.6%	$40.4M +24.5%	$32.4M	—
Net Income	$-23.7M +50.0%	$-47.4M -76.5%	$-26.9M -123.1%	$-12.0M -50.2%	$-8.0M	—
Operating Income	$-22.8M +50.4%	$-46.1M -91.3%	$-24.1M -158.8%	$-9.3M -90.6%	$-4.9M	—
EPS (Diluted)	$-1.34 +51.6%	$-2.77 -64.9%	$-1.68	—	—	—
Total Assets	$56.9M -34.0%	$86.2M -30.2%	$123.4M +39.8%	$88.3M +205.7%	$28.9M	—
Total Debt	$19.8M -32.2%	$29.2M +6.1%	$27.5M +6.3%	$25.9M +5.0%	$24.6M	—
Operating Cash Flow	$-14.5M +55.0%	$-32.1M -58.6%	$-20.3M -108.7%	$-9.7M -4.4%	$-9.3M	—

AI Insight: XGN Financial Trends

Revenue stabilized at $17M but profitability deteriorated; company burning cash with negative operating flow in latest quarter.

• Revenue flat at $17M for four consecutive quarters (Q2 2025–Q1 2026) vs. $13–15M in 2024.

• Operating income stuck at negative $3–5M; net losses persist despite revenue stability.

• Operating cash flow turned negative $10M in Q1 2026, worst since Q1 2025, signaling deteriorating working capital.

⚠ Total debt rose to $24M while equity compressed to $14M in Q1 2026; leverage ratio doubled since Q2 2024.

⚠ Net losses widened to $7M in Q3 2025; cash burn rate unsustainable absent revenue inflection or cost cuts.

AI Insight: XGN Ratio Trends

XGN remains deeply unprofitable across all efficiency metrics, with operating margin deteriorating to -19.7% in Q1 2026 after a brief Q2 2025 improvement.

• Operating margin worsened from -15.3% in Q2 2025 to -19.7% in Q1 2026, reversing six-month recovery attempt.

• Net profit margin collapsed to -22.9% in Q1 2026 from -25.8% in Q2 2025; NPM has been negative every quarter since Q2 2024.

• Leverage spiked to 3.67× D/E in Q1 2025, then moderated to 1.62× by Q1 2026, indicating partial debt management.

⚠ ROIC deteriorated to -36.0% in Q1 2026 from -23.5% in Q2 2025; capital destruction persistent and worsening.

⚠ ROA and ROE remain severely negative (-30.5% and -109.9% respectively); no path to profitability visible.

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Available Research

13F Pro tracks comprehensive data for EXAGEN INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of XGN

BALYASNY ASSET MANAGEMENT L.P.
$2.4M796,632 sh
WEXFORD CAPITAL LP
$2.4M792,855 sh
VANGUARD CAPITAL MANAGEMENT LLC
$2.0M678,652 sh
NANO CAP NEW MILLENNIUM GROWTH FUND L P
$1.8M585,000 sh
SILVERCREST ASSET MANAGEMENT GROUP LLC
$1.6M537,870 sh
KENNEDY CAPITAL MANAGEMENT LLC
$1.5M493,660 sh
FourWorld Capital Management LLC
$1.3M439,950 sh
RTW INVESTMENTS, LP
$1.2M395,231 sh
Mink Brook Asset Management LLC
$1.1M369,027 sh
Squarepoint Ops LLC
$866.5K288,825 sh

Fund	Value	Shares
BALYASNY ASSET MANAGEMENT L.P.	$2.4M	796,632
WEXFORD CAPITAL LP	$2.4M	792,855
VANGUARD CAPITAL MANAGEMENT LLC	$2.0M	678,652
NANO CAP NEW MILLENNIUM GROWTH FUND L P	$1.8M	585,000
SILVERCREST ASSET MANAGEMENT GROUP LLC	$1.6M	537,870
KENNEDY CAPITAL MANAGEMENT LLC	$1.5M	493,660
FourWorld Capital Management LLC	$1.3M	439,950
RTW INVESTMENTS, LP	$1.2M	395,231
Mink Brook Asset Management LLC	$1.1M	369,027
Squarepoint Ops LLC	$866.5K	288,825

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Is XGN a good stock to buy?

13F Pro's AI-powered analysis of EXAGEN INC. (XGN) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for XGN are available on the XGN stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own XGN?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling XGN. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of EXAGEN INC.'s investment landscape.