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Exagen cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.4M in Q2 2026 · −$7.6M over twelve months

Operating cash flow$4.0M
Capital spending−$543K
Free cash flow+$3.4M
Cash conversion cycle14 days

Analysis

In Q2 2026, Exagen generated $4.0M of operating cash flow and spent $543K on capital projects, leaving free cash flow of $3.4M. That is $6.5M more than in Q2 2025 (−$3.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$6.5M; the largest uses were shares issued ($14.9M), operating cash flow ($6.5M), net borrowing (+) / repaid (−) ($1.4M); besides operations, cash came from other financing ($18.4M), asset & business sales ($9K); the cash balance fell by $5.4M.

Operating cash flow was $4.0M against net income of −$3.2M. The largest differences: receivables +$3.4M, stock-based pay +$980K, deferred revenue +$811K.

Its cash conversion cycle was 14 days (receivables 64 + inventory 0 − payables 51).

Free cash flow

Exagen: free cash flow by quarterExagen: free cash flow by quarter−$2.3MQ3 2024$217KQ4 2024−$10.8MQ1 2025−$3.1MQ2 2025$2.7MQ3 2025−$3.1MQ4 2025−$10.6MQ1 2026$3.4MQ2 2026
Operating cash flow less capital spending.
Exagen: operating cash flow against capital spendingExagen: operating cash flow against capital spendingOperating cash flowCapital spending−$2.2M$147KQ3 2024$363K$146KQ4 2024−$10.7M$113KQ1 2025−$2.9M$209KQ2 2025$2.9M$275KQ3 2025−$3.0M$44KQ4 2025−$10.4M$228KQ1 2026$4.0M$543KQ2 2026
Latest (Q2 2026): Operating cash flow $4.0M, Capital spending $543K.

Capital allocation, year by year

Exagen: where the cash came from (up) and went (down), by fiscal yearExagen: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$20.3MFY2021: Net borrowing −$525KFY2021: Shares issued $69.2MFY2021: Capital spending −$2.4M$69.2MFY2021FY2022: Operating cash flow −$32.1MFY2022: Net borrowing −$667KFY2022: Shares issued $61KFY2022: Capital spending −$4.3M$61KFY2022FY2023: Operating cash flow −$14.5MFY2023: Net borrowing −$10.7MFY2023: Shares issued $27KFY2023: Asset sales $24KFY2023: Capital spending −$828K$51KFY2023FY2024: Operating cash flow −$13.3MFY2024: Net borrowing −$490KFY2024: Shares issued $22KFY2024: Capital spending −$515K$22KFY2024FY2025: Operating cash flow −$13.6MFY2025: Net borrowing −$1.1MFY2025: Shares issued $3.4MFY2025: Asset sales $15KFY2025: Capital spending −$641K$3.4MFY2025
Over these 5 years operating cash flow totalled −$93.8M; the largest uses were operating cash flow ($93.8M) and net borrowing ($13.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$24.6M
Debt$22.8M
Net cash$1.7M
Due within a year$3.7M
Cash runway3.2 years

Exagen is burning cash: its operations consume cash, a free cash flow of −$7.6M a year at the current rate against $24.6M of cash and investments: a runway of about 3.2 years; $3.7M of debt also comes due within a year, which the cash covers before any new financing.

Exagen: debt maturities by year (FY2025)Exagen: debt maturities by year (FY2025)$3.7MYear 1$3.5MYear 2$3.1MYear 3$3.0MYear 4$25.9MYear 5
Principal due in each year as disclosed in the annual report, against $24.6M of cash and investments now.

Where the cash came from and went

Exagen: sources (+) and uses (−) of cash, Q2 2026Exagen: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$4.0MCash drawn (+) / kept (−)−$3.1MCapital spending−$543KNet borrowing (+) / repaid (−)−$370K
Exagen: sources (+) and uses (−) of cash, TTM to Q2 2026Exagen: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$18.4MShares issued−$14.9MOperating cash flow−$6.5MCash drawn (+) / kept (−)$5.4MNet borrowing (+) / repaid (−)−$1.4MCapital spending−$1.1MAsset & business sales$9K

From profit to cash

Exagen: net income to operating cash flow, Q2 2026Exagen: net income to operating cash flow, Q2 2026Net income−$3.2MDepreciation & amortization$600KStock-based pay$980KReceivables$3.4MPayables$242KAccrued liabilities$167KDeferred revenue$811KOperating cash flow$4.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202664—5114
Q1 202669—5317
Q4 202561—4813
Q3 202568—3929
Q2 202577—4730
Q1 202566—614
Q4 202458—4711
Q3 202478—2949

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$4.0M−$543K−$370K—−$3.1M$3.4M
Q1 2026−$10.4M−$228K−$357K$295K$10.7M−$10.6M
Q4 2025−$3.0M−$44K−$346K−$38K$3.4M−$3.1M
Q3 2025$2.9M−$275K−$336K−$15.1M−$5.6M$2.7M
Q2 2025−$2.9M−$209K−$207K$1K−$18.8M−$3.1M
Q1 2025−$10.7M−$113K−$197K$198K$10.8M−$10.8M
Q4 2024$363K−$146K−$111K—−$1K$217K
Q3 2024−$2.2M−$147K−$112K$22K$2.4M−$2.3M

Exagen: income statement and cash flow

Exagen, Q2 2026: revenue $19.9M (+16% year over year), operating margin -8.6%. The chart follows the revenue to costs, profit and cash.

Exagen: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.