Exagen Inc 2025年度报告

2025ANNUAL REPORT DearShareholders, 2025 was an incredible yearforExagen. It was ayearin which the operational changeswehavebeen steadilydrivingbeganto show upmore clearly inthefinancial results, inthecustomerresponseandintheconfidenceofourinternalteams. Ourrole in the autoimmuneecosystem isgreatandcontinuestocrystallize asourbusinessexpands and as we innovate. Autoimmune disease is still diagnosed too late,tooimpreciselyandtoo inconsistently.Patients paythe price.Patients are spendingyearsmaking and payers are creating friction that slows access -the system is failing the verypeople it is designedto serve. Exagenexiststosolvethatproblemby delivering clarityforpatients andconfidence for clinicians. Our long-termambition is tobethepreeminent autoimmune diagnosticscompanyandtodoso inawaythatcreafesdurable,compoundingvalueforshareholders.2025markedan important step forward in thatjourney. Exagen exists to deliverclarity for patients andconfidenceforclinicians Herearejustsomeofouraccomplishments in2025: : We supported the diagnosis and care management for over 137.000 patients tested byAVISECTDWe delivered record total revenue of $66.6 million, up 20% compared to 2024.We grew AVISE CTD test volume over 11% compared to 2024.We expanded AViSE CTD trailing twelve-month ASP to approximately $441 pertest, upabout7%comparedto2024.Welaunched threewavesof innovativeenhancementstoAvisECTD,includingourfirstunique offerings inrheumatoid arthritis.We ended the yearwith approximately$32million in cash and cash equivalents,positioning thebalance sheetto supportourpathto cash-flowpositivity and continuedinvestment in growth. if you have followed Exagen for any length of time, you know this did not happen byaccident.Itistheproductofaclearstrategy,difficultdecisionsandconsistentexecutionbyoneofthebestteamsindiagnostics. The ExagenTeam I want tomake one point very explicitly.Thecontinued improvement in the quality of ourinternal teamhas emerged as one ofthemostimportant developments at Exagen and hasbecomeameaningfull asset fortheorganization.Wehaveattractedhighcharacterpeoplewhoareextremelytalented,engaged and working with intensity andpurpose.I am genuinely proudto work withthis team. And when I think about whatseparates durable companies from the rest, itis rarely a single productfeature ora singlequarter of results. It is the operating systemand the quality of collaboration within theorganization. It is the way people behavewhen no one is watching.It is howproblemsget solved,how prioritiesget set,howdecisionsaremadeandhowleadersrespondwhenreality doesn't cooperate. We are building anwin repeatedly, andover the long term. In 2025,our culture improved in atangibleway and collaboration has strengthened.Themutual respect acrossteams expanded.Thewillingness to step in for one another hasbecome a defining feature of our culture.Thafmaffersbecauseourmissionishard,fhemarket is complex and value creation canonly,compound when teams executeconsistentlyoverlongperiods oftime. If you take nothing else away from this letter,take this-we are building an organization thatcanwinrepeatedly,not justoccasionally,andover the long term. GrowthinTestingVolume Our 11%volumegrowth this year is evidencethat clinicians are choosing to incorporateAViSE into real clinical workflows and doing sowithincreasingconfidence. Clinicians arechoosing toincorporate AVISEinto real clinicalworkflows and doingso with increasingconfidence. In 2025, we reset our volume run rate fromroughly 30,000 tests inthe firstquarterto themid-30,000s in the following quarters. Thefourthquarterof2025wasthehighestfourthquarter testing volume in Exagen's history,and itmarked the secondconsecutivequarter that we were able to make thatclaim. Multiple factors contributed to that growthandtothe improvement intrajectorythatweachieved.Weexpandedourphysicianbase,while deepening utilization within existingaccounts.ln2025,weincreasedthenumberoforderingphysiciansby14%toabout2,700.Utilizationperphysician improved as well.Thisisexactlythetypeofgrowththatcreateslongterm value: our clinical impact is expandingadoptionandimprovingengagement. We also carefully and deliberately expandedour sales footprintto45territories in2025Exagen is a service organization, and ourpeople are a key part of our product-expertise and character are critical. We donotcompromiseontalentandareveryproudofthecaliberofpeopleservingas thefaceofour organization in the field. GrowthinAverageSellingPrice Growthinaveragesellingprice(AsP)will beoneofthemostimportantleversoflong-termprofitabilityimprovements.In2025,ourtrailingtwelve-monthAsPexpandedfoapproximately $441 per test, up from roughly $411 at the start of the year. AsPprogresswasdrivenbytwoaccomplishments: 1.First, we expanded our platform with new biomarkers, improving the clinical valuepropositionandopeningthedoortoincrementalreimbursementopportunityovertime.2.workflows andpayerengagement. This is a grinding,process-driven effort-notglamorous,bu