EXAGEN INC. (XGN) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: March 10, 2026

Risk Assessment Details

Potential Dilution: 9.88% of current shares
Recent Dilution: 29.64% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
24M
Potential Supply
2.4M
Additional shares possible
Splits
None
Past 2 years

Summary

XGN currently has 24.1M outstanding shares. with limited dilution risk as only 2.38M additional shares (9.9%) are authorized for issuance. The company has significantly diluted shareholders by 29.64% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Mar 10, 2026

10-K filing | 24.1M shares outstanding

24M 2.4M
Nov 04, 2025

10-Q filing | 22.9M shares outstanding

23M 3.5M
Jul 29, 2025

10-Q filing | 21.1M shares outstanding

21M 5.3M
Jun 20, 2025

S-3 filing: An S-3 filing was submitted on 2025-06-20 for shares of common stock issuable upon the vesting and exercise of a warrant certificate.

19M 7.9M
May 05, 2025

10-Q filing | 18.6M shares outstanding

19M 6.7M
Mar 11, 2025

10-K filing | 18.2M shares outstanding

18M 7.1M
Nov 12, 2024

10-Q filing | 18.3M shares outstanding

18M 7M
Aug 05, 2024

10-Q filing | 18.2M shares outstanding

18M 7.1M
May 13, 2024

10-Q filing | 17.9M shares outstanding

18M 7.3M
Mar 18, 2024

10-K filing | 17.7M shares outstanding

18M 7.6M
Nov 27, 2023

S-3/A filing: This S-3/A filing relates to an at-the-market offering of common stock with an aggregate offering price of up to $10,223,534, with the company planning to use the net proceeds for general corporate purposes.

17M 8.3M
Nov 17, 2023

S-3 filing: The offering is for common stock with an aggregate offering price of up to $10,822,402. The offering is an "at the market offering" that may be made from time to time through our sales agent, TD Cowen.

17M 8.5M
Nov 13, 2023

10-Q filing | 17.7M shares outstanding

18M 990K
Aug 07, 2023

10-Q filing | 17.7M shares outstanding

18M 1M
May 15, 2023

10-Q filing | 17.5M shares outstanding

18M 1.2M
Mar 20, 2023

10-K filing | 17.1M shares outstanding

17M 1.6M
Nov 21, 2022

10-Q filing | 17.1M shares outstanding

17M 1.6M
Aug 04, 2022

10-Q filing | 17.1M shares outstanding

17M 1.6M
May 11, 2022

10-Q filing | 17.0M shares outstanding

17M 1.7M
Mar 22, 2022

10-K filing | 16.0M shares outstanding

16M 2.7M
Nov 10, 2021

10-Q filing | 16.9M shares outstanding

17M 1.7M
Aug 09, 2021

10-Q filing | 16.9M shares outstanding

17M 1.8M
May 11, 2021

10-Q filing | 16.9M shares outstanding

17M 1.8M
Mar 16, 2021

10-K filing | 12.7M shares outstanding

13M 6M
Nov 10, 2020

S-3 filing: The filing is an S-3 registration statement containing two prospectuses: a base prospectus for the offering, issuance and sale of up to $150 million in securities, and a secondary offering prospectus for the offer and sale of common stock by selling stockholders.

5.8M 13M
Nov 10, 2020

10-Q filing | 12.7M shares outstanding

13M 6M
Jul 28, 2020

10-Q filing | 12.6M shares outstanding

13M 0
May 11, 2020

10-Q filing | 12.6M shares outstanding

13M 0
Mar 25, 2020

10-K filing | 12.6M shares outstanding

13M 0
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