Companies · Biotechnology

Exagen Diagnostics Inc

Vista · Biotechnology

Diligence memoA one-page analyst read on Exagen Diagnostics Inc — recommendation, valuation, rhythm, risks.
$88.5M
Total raised · real
24
Rounds
1.8×
Latest step-up
Top 12%
Sector rank · raised
Series B
Latest stage · inferred · Wed Jan 02 2019 00:00:00 GMT+0000 (Coordinated Universal Time)

Exagen Diagnostics Inc looks under-valued against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the biotech sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.43× the median modeled value of Series B Biotechnology companies in 2019–2021 (118 peers) — value vs value, same stage and era.
Dormant
  • Last raise 7.5 yr ago; this sector typically re-raises about every 14 months.
  • Silent for over 3× the sector's normal cadence.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Exagen Diagnostics Inc behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
17.2 yr record
Peak capital year was 2016 with $22.9M across 6 filings.
Market position
ahead of 89% of Biotechnology peers
Capital scale is ahead of 89% of Biotechnology peers; modeled value is above 75% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2016: $22.9M across 6 filings.
  • Largest single filing was $16.8M on 2016-01-19.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Biotechnology

Exagen Diagnostics Inc is one of 4291 Biotechnology companies tracked from Vista. By capital raised it ranks in the upper tier (ahead of 89% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

medical-devices

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
4
Investors (latest)
2019-01-02
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$250M$500M$750M$1.0BPre-Seed · 2009-05-08 Raised $1.0M (real) Modeled valuation $55M (est)Pre-Seed2009Series A · 2010-10-06 Raised $5.4M (real) Modeled valuation $196M (est)Seed · 2010-10-06 Raised $2.0M (real) Modeled valuation $89M (est)Seed2010Series A · 2011-06-14 Raised $4.9M (real) Modeled valuation $178M (est)Series A · 2011-09-13 Raised $4.9M (real) Modeled valuation $178M (est)Series A2011Series A · 2011-11-04 Raised $1.0M (real) Modeled valuation $36M (est)Series A · 2011-12-19 Raised $12M (real) Modeled valuation $433M (est)Series A2011Series A · 2012-09-04 Raised $5.3M (real) Modeled valuation $192M (est)Series A · 2012-10-18 Raised $124K (real) Modeled valuation $4.5M (est)Series A2012Series A · 2013-10-04 Raised $5.0M (real) Modeled valuation $181M (est)Series A · 2014-07-10 Raised $4.0M (real) Modeled valuation $143M (est)Series A2014Series A · 2015-02-19 Raised $1.8M (real) Modeled valuation $66M (est)Series A · 2015-07-02 Raised $3.0M (real) Modeled valuation $108M (est)Series A2015Series A · 2015-10-09 Raised $3.0M (real) Modeled valuation $108M (est)Series B · 2016-01-19 Raised $17M (real) Modeled valuation $667M (est)Series B2016Series B · 2016-06-21 Raised $2.1M (real) Modeled valuation $83M (est)Series B · 2016-08-26 Raised $1.0M (real) Modeled valuation $40M (est)Series B2016Series B · 2016-10-05 Raised $996K (real) Modeled valuation $40M (est)Series B · 2016-11-07 Raised $996K (real) Modeled valuation $40M (est)Series B2016Series B · 2016-12-12 Raised $996K (real) Modeled valuation $40M (est)Series B · 2017-01-27 Raised $996K (real) Modeled valuation $40M (est)Series B2017Series B · 2017-02-24 Raised $1.5M (real) Modeled valuation $58M (est)Series B · 2017-04-06 Raised $1.3M (real) Modeled valuation $52M (est)Series B2017Series B · 2017-05-04 Raised $3.7M (real) Modeled valuation $149M (est)Series B · 2019-01-02 Raised $6.6M (real) Modeled valuation $261M (est)Series B2019Cumulative $90M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$1.0M · 2009
Series A$5.4M · 2010no Seed on file
Bridge · Series A-stage$2.0M · 2010smaller follow-on
Series A extension$4.9M · 2011
Series A extension$4.9M · 2011
Series A extension$1.0M · 2011
Series A extension$12.0M · 2011
Series A extension$5.3M · 2012
Series A extension$124K · 2012
Series A extension$5.0M · 2013
Series A extension$4.0M · 2014
Series A extension$1.8M · 2015
Series A extension$3.0M · 2015
Series A extension$3.0M · 2015
Series B$16.8M · 2016
Series B extension$2.1M · 2016
Series B extension$1.0M · 2016
Series B extension$996K · 2016
Series B extension$996K · 2016
Series B extension$996K · 2016
Series B extension$996K · 2017
Series B extension$1.5M · 2017
Series B extension$1.3M · 2017
Series B extension$3.7M · 2017
Series B extension$6.6M · 2019

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$261.4M
Base estimate est.
$13.2M
Conservative case
$1.0B
Upside case
$36.6M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $55.2M · 2009-05-082009Series A · modeled $196.2M · 2010-10-06Seed · modeled $88.8M · 2010-10-06Series A · modeled $177.5M · 2011-06-14Series A · modeled $177.5M · 2011-09-13Series A · modeled $36.2M · 2011-11-04Series A · modeled $433.3M · 2011-12-19Series A · modeled $191.8M · 2012-09-04Series A · modeled $4.5M · 2012-10-18Series A · modeled $181.4M · 2013-10-04Series A · modeled $142.8M · 2014-07-10Series A · modeled $65.8M · 2015-02-19Series A · modeled $108.5M · 2015-07-02Series A · modeled $108.4M · 2015-10-09Series B · modeled $667.5M · 2016-01-19Series B · modeled $83.3M · 2016-06-21Series B · modeled $39.7M · 2016-08-26Series B · modeled $39.5M · 2016-10-05Series B · modeled $39.5M · 2016-11-07Series B · modeled $39.5M · 2016-12-12Series B · modeled $39.5M · 2017-01-27Series B · modeled $57.7M · 2017-02-24Series B · modeled $52.2M · 2017-04-06Series B · modeled $148.8M · 2017-05-04Series B · modeled $261.4M · 2019-01-022019
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
54%
Survival probability
36% low · 66% high
1.54×/yr
Annual markup
1.86×/yr upside case
6.0 yr
Elapsed time used
7.5 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
5 mo
Avg between rounds
$9.2M/yr
Capital velocity
17.2 yr
On record since
2009
First round
25
Rounds on file
How it compares to the market

Benchmarked against 4291 companies in Biotechnology. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 12× above median
This company$88.5M
Sector median$7.2M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.4× of median
This company$6.6M
Sector median$17.5M
Modeled value — vs sector median (estimate, all stages) 4.1× above median
This company$261.4M
Sector median$64.2M

Raised more than 89% of sector peers (real $). Modeled value above 75% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #100 of 118.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Pandion Therapeutics Holdco LLC · Series B Raised $40.0M · modeled $1.6B (est)Ocular Therapeutix, Inc · Series B Raised $81.0M · modeled $1.5B (est)Insilico Medicine Cayman TopCo · Series B Raised $36.8M · modeled $1.5B (est)Purigen Biosystems, Inc. · Series B Raised $61.9M · modeled $1.4B (est)Lucira Health, Inc. · Series B Raised $32.5M · modeled $1.3B (est)Peptilogics, Inc. · Series B Raised $40.9M · modeled $1.2B (est)Nanotech Energy, Inc. · Series B Raised $31.6M · modeled $1.1B (est)Windtree Therapeutics Inc /De/ · Series B Raised $104.5M · modeled $1.0B (est)Liminal BioSciences Inc. · Series B Raised $67.1M · modeled $1.0B (est)Palladio Biosciences, Inc. · Series B Raised $28.0M · modeled $1.0B (est)Faze Medicines, Inc. · Series B Raised $30.4M · modeled $998.4M (est)Inivata Ltd · Series B Raised $25.0M · modeled $992.2M (est)Exagen Diagnostics Inc (this company) Raised $88.5M · modeled $261.4M (est)Exagen Diagnostics Inc
CompanyStageRaised · realValue · estvs peer med.
Pandion Therapeutics Holdco LLCSeries B$40.0M$1.6B2.58×
Ocular Therapeutix, IncSeries B$81.0M$1.5B2.42×
Insilico Medicine Cayman TopCoSeries B$36.8M$1.5B2.37×
Purigen Biosystems, Inc.Series B$61.9M$1.4B2.22×
Lucira Health, Inc.Series B$32.5M$1.3B2.10×
Peptilogics, Inc.Series B$40.9M$1.2B1.90×
Nanotech Energy, Inc.Series B$31.6M$1.1B1.82×
Windtree Therapeutics Inc /De/Series B$104.5M$1.0B1.71×
Liminal BioSciences Inc.Series B$67.1M$1.0B1.67×
Palladio Biosciences, Inc.Series B$28.0M$1.0B1.63×
Faze Medicines, Inc.Series B$30.4M$998.4M1.62×
Inivata LtdSeries B$25.0M$992.2M1.61×
Exagen Diagnostics Inc this companySeries B$88.5M$261.4M0.43×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$1.0M2009-05-08$5.6M$55.2M85%
Series A$5.4M2010-10-06$24.7M$196.2M85%
Seed$2.0M2010-10-06$10.0M$88.8M85%
Series A$4.9M2011-06-14$22.3M$177.5M85%
Series A$4.9M2011-09-13$22.3M$177.5M85%
Series A$1.0M2011-11-04$4.5M$36.2M85%
Series A$12.0M2011-12-19$54.5M$433.3M85%
Series A$5.3M2012-09-04$24.1M$191.8M85%
Series A$124K2012-10-18$562K$4.5M85%
Series A$5.0M2013-10-04$22.8M$181.4M85%
Series A$4.0M2014-07-10$18.0M$142.8M85%
Series A$1.8M2015-02-19$8.3M$65.8M85%
Series A$3.0M2015-07-02$13.6M$108.5M85%
Series A$3.0M2015-10-09$13.6M$108.4M85%
Series B$16.8M2016-01-19$93.4M$667.5M85%
Series B$2.1M2016-06-21$11.7M$83.3M85%
Series B$1.0M2016-08-26$5.6M$39.7M85%
Series B$996K2016-10-05$5.5M$39.5M90%
Series B$996K2016-11-07$5.5M$39.5M90%
Series B$996K2016-12-12$5.5M$39.5M90%
Series B$996K2017-01-27$5.5M$39.5M90%
Series B$1.5M2017-02-24$8.1M$57.7M90%
Series B$1.3M2017-04-06$7.3M$52.2M90%
Series B$3.7M2017-05-04$20.8M$148.8M90%
Series B$6.6M2019-01-02$36.6M$261.4M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$1.0M2009-05-08
    • First recorded raise — entered as Pre-Seed.
    • 15 investors on this round.
  2. Series A$5.4M2010-10-06
    • Raised 17 mo later, in step with the ~14 mo sector norm.
    • Round 5.4× larger than the prior — scaling up.
    • 17 investors on this round.
  3. Seed$2.0M2010-10-06
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.7× smaller than the prior — bridge or down round.
    • 10 investors on this round.
  4. Series A$4.9M2011-06-14
    • Raised 8 mo later, in step with the ~14 mo sector norm.
    • Round 2.5× larger than the prior — scaling up.
    • 8 investors on this round.
  5. Series A$4.9M2011-09-13
    • Came back fast: 3 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • Revenue band moved $0–$1M → $1M–$5M.
    • 8 investors on this round.
  6. Series A$1.0M2011-11-04
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 4.9× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  7. Series A$12.0M2011-12-19
    • Came back fast: 1 mo vs the ~14 mo sector norm.
    • Round 12.0× larger than the prior — scaling up.
    • 9 investors on this round.
  8. Series A$5.3M2012-09-04
    • Raised 9 mo later, in step with the ~14 mo sector norm.
    • Round 2.3× smaller than the prior — bridge or down round.
    • 7 investors on this round.
  9. Series A$124K2012-10-18
    • Came back fast: 1 mo vs the ~14 mo sector norm.
    • Round 42.9× smaller than the prior — bridge or down round.
    • 5 investors on this round.
  10. Series A$5.0M2013-10-04
    • Raised 12 mo later, in step with the ~14 mo sector norm.
    • Round 40.5× larger than the prior — scaling up.
    • Revenue band moved $1M–$5M → $5M–$25M.
    • Switched to Rule 506(b) (was Rule 06).
    • 11 investors on this round.
  11. Series A$4.0M2014-07-10
    • Raised 9 mo later, in step with the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 12 investors on this round.
  12. Series A$1.8M2015-02-19
    • Came back fast: 7 mo vs the ~14 mo sector norm.
    • Round 2.2× smaller than the prior — bridge or down round.
    • 8 investors on this round.
  13. Series A$3.0M2015-07-02
    • Came back fast: 4 mo vs the ~14 mo sector norm.
    • Round 1.6× larger than the prior — scaling up.
    • 3 investors on this round.
  14. Series A$3.0M2015-10-09
    • Came back fast: 3 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 4 investors on this round.
  15. Series B$16.8M2016-01-19
    • Came back fast: 3 mo vs the ~14 mo sector norm.
    • Round 5.6× larger than the prior — scaling up.
    • 13 investors on this round.
  16. Series B$2.1M2016-06-21
    • Came back fast: 5 mo vs the ~14 mo sector norm.
    • Round 8.0× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  17. Series B$1.0M2016-08-26
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 2.1× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  18. Series B$996K2016-10-05
    • Came back fast: 1 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 4 investors on this round.
  19. Series B$996K2016-11-07
    • Came back fast: 1 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 4 investors on this round.
  20. Series B$996K2016-12-12
    • Came back fast: 1 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 4 investors on this round.
  21. Series B$996K2017-01-27
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 4 investors on this round.
  22. Series B$1.5M2017-02-24
    • Came back fast: 1 mo vs the ~14 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • 4 investors on this round.
  23. Series B$1.3M2017-04-06
    • Came back fast: 1 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
  24. Series B$3.7M2017-05-04
    • Came back fast: 1 mo vs the ~14 mo sector norm.
    • Round 2.9× larger than the prior — scaling up.
    • 4 investors on this round.
  25. Series B$6.6M2019-01-02
    • Raised 20 mo later, in step with the ~14 mo sector norm.
    • Round 1.8× larger than the prior — scaling up.
    • 4 investors on this round.
Intelligence
2019 ~Q2
Modeled next raise · ~5mo cadence
$11.6M
Modeled next size est.range $7.5M$18.5M
1.8×
Last step-up
$9.2M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
David Blivin13 other2011-11
Dinesh Patel12 other2009-05
Scott L. Glenn8 other2010-10
Brian Birk7 other2009-05
James L.L. Tullis5 other2015-07
Scott Glenn3 other2011-11
Waneta C. Tuttle3 other2009-05
Daniel C. Burrell2 other2019-01
Lisa Davis2 other2009-05
Curt R. LaBelle1 other2013-10
John Bessone1 other2009-05
Michael J. Walsh1 other2010-10
Michael R. Walsh1 other2013-10
Ron Rocca1 other2011-11
Todd Stevens1 other2009-05
Arthur L.L. Weinstein2015-07
Arthur M. Weinstein2015-02
Arthur R. Weinstein2014-07
Beto R. Pallares2012-10
Brian L. Birk2010-10
Brian R. Birk2011-12
Curtis J. LaBelle2011-06
Curtis LaBelle2011-11
Curt J. LaBelle2012-09
Registry & provenance

Exagen Diagnostics Inc is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1274737
SEC CIK
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Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Exosome Diagnostics, Inc.BiotechnologySeries B$1.2B88%
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Delfi Diagnostics, Inc.BiotechnologySeries D+$235.7M84%
C2N Diagnostics, LLCBiotechnologySeries B$49.2M84%
Biomark Diagnostics Inc.BiotechnologySeed$8.0M84%
Gamma Diagnostics, Inc.BiotechnologyPre-Seed$3.7M84%
NAT Diagnostics, Inc.BiotechnologySeed$66.6M83%
Frequently asked
How much funding has Exagen Diagnostics Inc raised?
Exagen Diagnostics Inc has raised approximately $88.5M in disclosed capital across 24 recorded financing rounds, aggregated from public filings.
What is Exagen Diagnostics Inc's estimated valuation?
Provath's modeled valuation for Exagen Diagnostics Inc is approximately $261.4M (modeled range $13.2M–$1.0B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Exagen Diagnostics Inc at?
Exagen Diagnostics Inc's latest modeled financing stage is Series B. Its most recent recorded round closed around Wed Jan 02.
What does Exagen Diagnostics Inc do and where is it based?
Exagen Diagnostics Inc operates in the Biotechnology sector, based in Vista.
Explore related

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