Exagen (XGN) said Monday it agreed to a term loan credit facility of up to $75 million with Perceptive Advisors.

Exagen said the first $25 million tranche was funded at close and used to retire its term debt facility with Innovatus Capital Partners.

The second and third tranches of $10 million each are available through Mar. 31, 2026, and Dec. 31, 2026, respectively, subject to achievement of certain revenue milestones, the company said.

The company added that a business development tranche of $30 million is available through Mar. 31, 2027, and will be funded at Perceptive's discretion.

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