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Stock Option Plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation	$ 655	$ 417
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation	48	55
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation	500	346
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation	$ 107	$ 16

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Other Financial Information

3 Months Ended

Mar. 31, 2026

Other Financial Information [Abstract]

Other Financial Information

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Diagnostic testing supplies	$	4,098	$	3,296
Prepaid maintenance and insurance contracts	1,476		1,302
Loan commitment fees	685		1,182
Other prepaid expenses and other current assets	38		38
Prepaid expenses and other current assets	$	6,297	$	5,818

Property and Equipment, net

Property and equipment, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Furniture and fixtures	$	121	$	121
Laboratory equipment	4,978		4,530
Computer equipment and software	2,302		2,121
Leasehold improvements	3,377		3,308
Finance lease right-of-use assets	3,061		3,708
Construction in progress	506		294
Total property and equipment	14,345		14,082
Less: accumulated depreciation and amortization	(7,734)		(7,144)
Property and equipment, net	$	6,611	$	6,938

Depreciation and amortization expense for the three months ended March 31, 2026 and 2025 was approximately $0.6 million and $0.4 million, respectively. At each of March 31, 2026 and December 31, 2025, the gross book value of assets under finance leases was $3.7 million.

Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued payroll and related expenses	$	3,658	$	5,411
Other accrued liabilities	1,114		916
Accrued and other current liabilities	$	4,772	$	6,327

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Use of Estimates

The accompanying unaudited interim condensed balance sheets as of March 31, 2026, condensed statements of operations and stockholders' equity for the three months ended March 31, 2026 and 2025, cash flows for the three months ended March 31, 2026 and 2025 and the related footnote disclosures are unaudited and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (SEC), and with accounting principles generally accepted in the United States (GAAP) applicable to interim financial statements. These unaudited condensed financial statements and related footnote disclosures should be read in conjunction with the Company’s audited financial statements for the fiscal year ended December 31, 2025, included in its Annual Report on Form 10-K filed with the SEC on March 10, 2026 (the 2025 Annual Report). In management's opinion, the unaudited interim condensed financial statements have been prepared on the same basis as the audited financial statements included in the 2025 Annual Report and include all normal adjustments, necessary for the fair presentation of the Company's financial position as of March 31, 2026 and its results of operations for the periods presented. The results for the three months ended March 31, 2026 are not necessarily indicative of the results expected for the full fiscal year or any other interim period. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain reclassifications have been made to prior period amounts to conform to the current presentation.

The preparation of the accompanying unaudited condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates.

Significant estimates and assumptions made in the accompanying unaudited condensed financial statements include, but are not limited to revenue recognition, the fair value of the warrant liability, the estimated incremental borrowing rate for the determination of the Company's operating and finance lease right-of-use (ROU) assets, and the recoverability of its long-lived assets and net deferred tax assets (and related valuation allowance). The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.

Concentration of Credit Risk and Other Risk and Uncertainties

Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents and accounts receivable. Substantially all the Company's cash and cash equivalents are held at one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its cash or cash equivalents.

Significant payors and customers are those which represent more than 10% of the Company's total revenue or accounts receivable balance at each respective balance sheet date. For each significant payor and customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable are as follows:


	Revenue
	Three Months Ended March 31,
	2026		2025
Customer A	24	%	23	%
Customer B	21	%	18	%


	Accounts Receivable, Net
	March 31, 2026		December 31, 2025
Customer A	26	%	23	%
Customer B	23	%	19	%
Customer C	11	%	14	%

For the three months ended March 31, 2026 and 2025, approximately 91% and 92%, respectively, of the Company's revenue was related to the AVISE® CTD test.

The Company is dependent on key suppliers for certain laboratory materials, consisting primarily of reagents and biomarkers used in our diagnostic tests. For the three months ended March 31, 2026 and 2025 approximately 98% and 76%, respectively, of the Company's diagnostic testing supplies were purchased from two suppliers. An interruption in the supply of these materials would impact the Company's ability to perform testing services.

Disaggregation of Revenue

The following table includes the Company's revenues as disaggregated by payor and customer category (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenue:
Commercial	$	9,476	$	8,185
Government	4,281		3,637
Client direct bill(1)	3,450		3,600
Other(2)	99		76
Total revenue	$	17,306	$	15,498

(1)Includes hospitals, other laboratories, etc.

(2)Includes patient self-pay.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with a remaining maturity date of three months or less upon acquisition to be cash equivalents. These investments are stated at cost, which approximates fair value.

The Company has an arrangement with a financial institution with which it has an existing banking relationship, whereby in exchange for the issuance of corporate credit cards, the Company agreed to obtain a certificate of deposit with this financial institution in the amount of $0.2 million as collateral for the balances borrowed on these cards (the Credit Card Program). The Company has classified the value of this certificate of deposit (including all interest earned thereon) within other assets in the accompanying balance sheets. The Company has the right to terminate the Credit Card Program at any time. Upon termination of the Credit Card Program and repayment of all outstanding balances owed, the Company may redeem the certificate of deposit (and all interest earned thereon).

Cash, cash equivalents and restricted cash presented in the accompanying condensed statements of cash flows consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	21,513	$	32,220
Restricted cash	200		200
Total cash, cash equivalents and restricted cash	$	21,713	$	32,420

Long-Lived Assets

The Company’s long-lived assets are comprised principally of its property and equipment and operating lease assets. The Company amortizes all finite-lived intangible assets over their respective estimated useful lives. Operating lease assets are amortized over the term of the leases. In considering whether long-lived assets are impaired, the Company combines its long-lived assets into groupings, a determination which is made principally on the basis of whether the assets are specific to a particular test offered or technology being developed. If the Company identifies a change in the circumstances related to its long-lived assets that indicates the carrying value of any such asset may not be recoverable, the Company will perform an impairment analysis. A long-lived asset is deemed to be impaired when the undiscounted cash flows expected to be generated by the asset (or asset group) are less than the asset’s carrying amount. Management’s estimates of future cash flows are impacted by projected test volume and levels of reimbursement, as well as expectations related to the future cost structure of the entity. Any required impairment loss would be measured as the amount by which the asset’s carrying value exceeds its fair value, and would be recorded as a reduction in the carrying value of the related asset and a charge to operating expense.

Revenue Recognition

Substantially all of the Company's revenue has been derived from sales of its testing products and is primarily comprised of a high volume of relatively low-dollar transactions. The Company primarily markets its testing products to rheumatologists and their physician assistants in the United States. The healthcare professionals who order the Company's testing products and to whom test results are reported are generally not responsible for payment for

these products. The parties that pay for these services (each, a payor) consist of commercial payors (healthcare insurers), government payors (primarily Medicare and Medicaid), client payors (hospitals, other laboratories, etc.) and patient self-pay.

The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606) and follows a five-step process to determine the amount and timing of revenue recognized: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to performance obligations in the contract, and (5) recognize revenue when (or as) the performance obligation is satisfied. The Company's service is a single performance obligation that is completed upon the delivery of test results to the prescribing physician which triggers revenue recognition.

Payors are generally billed at the Company's list price, unless a separate pricing contract is in place. Net revenues recognized consist of amounts billed net of allowances for differences between amounts billed and the estimated consideration the Company expects to receive from such payors. The process for estimating revenues and the ultimate collection of accounts receivable involves significant judgment and estimation. The Company follows a standard process, which considers historical denial and collection experience, insurance reimbursement policies and other factors, to estimate allowances and implicit price concessions. Adjustments are recorded in the current period as changes in estimates occur. Further adjustments to the allowances, based on actual receipts, are recorded upon settlement. Included in revenues for the three months ended March 31, 2026 and 2025 were net revenue increases of $1.1 million and $0.7 million, respectively, associated with changes in estimated variable consideration related to performance obligations satisfied in previous periods. The transaction price is estimated using an expected value method on a portfolio basis.

Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. The Company's portfolios are grouped per payor (i.e. each individual commercial payor, Medicare, Medicaid, client payors, patient self-pay, etc.) and per test. Consideration may be constrained and excluded from the transaction price in situations where there is no contractually agreed upon reimbursement coverage or in absence of a predictable pattern and history of collectability with a payor. Accordingly, in such situations revenues are recognized on the basis of actual cash collections. Additionally, from time to time, the Company may issue refunds to payors for overpayments or amounts billed in error. Any refunds are accounted for as reductions in revenues in the condensed statements of operations as an element of variable consideration. The estimated expected refunds are accrued as a liability on the Company’s condensed balance sheets.

Collection of the Company's net revenues from payors is normally a function of providing complete and correct billing information, along with any requested medical or other claims-related information to the healthcare insurers. This generally occurs within 30 to 90 days of billing, however, the amount and timing of any reimbursements or collections for the Company's billed tests may vary by payor and other circumstances. Contracts do not contain significant financing components based on the typical period of time between performance of services and collection of consideration.

Amounts received prior to satisfying the above revenue recognition criteria are recognized as deferred revenue until all applicable revenue recognition criteria are met. Deferred revenue represents the portion of payments received that have not been earned. Throughout the year ended December 31, 2025, the Company entered into various work orders to perform diagnostic testing services, including identifying and evaluating biomarkers. The Company received nonrefundable, upfront payments for these services. The Company had deferred revenue related to these contracts of $0.7 million as of each of March 31, 2026 and December 31, 2025. The Company recognized revenue of $0.1 million out of the beginning deferred revenue balance during each of the three months ended March 31, 2026 and 2025. The Company expects to recognize revenue from unfulfilled performance obligations associated with service contracts within one year or less.

Accounts Receivable and Allowance for Credit Losses

The Company accrues an allowance for credit losses against its accounts receivable based on management’s current estimate of amounts that will not be collected. Management’s estimates are typically based on historical loss information adjusted for current conditions. The Company generally does not perform evaluations of the financial condition of the Company's customers and generally does not require collateral. The allowance for credit losses was zero as of each of March 31, 2026 and 2025. Adjustments for implicit price concessions attributable to variable consideration, as discussed above, are incorporated into the measurement of the accounts receivable balances and are not part of the allowance for credit losses. Accounts receivable was $15.8 million and $10.9 million at March 31, 2026 and December 31, 2025, respectively.

Loan Commitment Fees

Loan commitment fees are generally included as a reduction of the proceeds from the outstanding debt. If there were no borrowings drawn on the related credit facility, the loan commitment fees are classified as assets until the related debt is drawn. The Company’s loan commitment fee is comprised of an upfront cash payment and a contingent obligation to issue future warrants to Perceptive Credit Holdings IV, LP (Perceptive) in connection with the Credit Agreement and Guaranty, dated April 25, 2025 (Credit Agreement). The Company recorded $0.7 million in prepaid expenses and other current assets on the condensed balance sheets as of March 31, 2026. As the Company is not reasonably certain it will draw on the future debt tranches, the loan commitment fees are amortized ratably into interest expense over the outstanding draw periods. During the three months ended March 31, 2026, the Company recognized $0.2 million in non-cash interest expense related to the amortization of the loan commitment fees within the Company's condensed statements of operations. During the three months ended March 31, 2026, the Company recognized a loss of $0.4 million within other income (expense), net on the condensed statements of operations as a result of accelerating the amortization of the loan commitment fees asset recorded in connection with the Tranche C Loan (as defined below), which was terminated pursuant to the First Amendment (as defined below). See “Note 4. Borrowings—Perceptive Term Loan Facility” for more information.

Stock-Based Compensation

The Company recognizes compensation expense for all stock-based awards to employees and directors based on the grant-date estimated fair values over the requisite service period of the awards (usually the vesting period) on a straight-line basis. The fair value of stock options and purchases under the Company's 2019 Employee Stock Purchase Plan (ESPP) is determined using the Black-Scholes-Merton (BSM) option pricing model, which requires management to make certain assumptions regarding a number of complex and subjective variables. Equity award forfeitures are recorded as they occur.

The BSM option pricing model incorporates various inputs, including the fair value of the Company's common stock, expected volatility, expected term and risk-free interest rates. Volatility is based on the Company's historical calculated volatility since being publicly traded. The Company computes the historical volatility data using the daily closing prices of the Company’s common stock during the equivalent period that approximates the calculated expected term of the stock options. The weighted-average expected term of options was calculated using the simplified method, as the Company has concluded that its stock option exercise history does not provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate for periods within the contractual term of the option is based on the U.S. Treasury yield in effect at the time of grant. The dividend yield is zero, as the Company has never declared or paid dividends and has no plans to do so in the foreseeable future.

The fair value of each restricted stock unit (RSU) is determined on the grant date using the closing price of the Company's common stock on that date. The Company's RSUs generally vest in equal annual installments over four years from the date of grant or, for grants to new hires, date of hire. Vesting of the RSU is subject to the holder's continued service with the Company. The Company issues new shares of common stock to satisfy the RSUs upon vesting.

Comprehensive Loss

Comprehensive loss is defined as a change in equity of a business enterprise during a period, resulting from transactions from nonowner sources. There have been no items qualifying as other comprehensive loss and, therefore, for all periods presented, the Company's comprehensive loss was the same as its reported net loss.

Net Loss Per Share

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. The weighted-average number of shares used to compute basic and diluted shares includes shares issuable upon the exercise of pre-funded warrants at a nominal price. Potentially dilutive common stock equivalents are comprised of warrants for the purchase of common stock, stock options, RSUs outstanding under the Company's 2019 Incentive Award Plan (the 2019 Plan) and shares of the Company's common stock pursuant to the ESPP. For each of the three months ended March 31, 2026 and 2025, there was no difference in the number of shares used to calculate basic and diluted shares outstanding as the inclusion of the potentially dilutive securities would be anti-dilutive.

Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares):


	March 31, 2026	March 31, 2025
Warrants to purchase common stock	131	325,330
Common stock options	706,839	608,146
Restricted stock units	2,129,706	1,822,547
Employee stock purchase plan	17,480	14,844
Total	2,854,156	2,770,867

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, Accounting Standards Updates (ASU) not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements or disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (ASU 2024-03). This update requires entities to include more detailed information about the types of expenses, including purchases of inventory, employee compensation, depreciation, amortization, and depletion, in commonly presented expense captions such as cost of sales, research and development, and selling, general and administrative expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company determined that the adoption of this standard will not have a material impact on its financial statements.

Recently Adopted Accounting Standards

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05). ASU 2025-05 amends ASC 326-20 to provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, and interim reporting periods within that annual period, with early adoption permitted. The Company adopted this standard in 2026 and determined that it did not have a material impact on the Company's financial statements.

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Assets \| $	$ 51,957	$ 58,022
Reportable Segment
Segment Reporting Information [Line Items]
Assets \| $	$ 52,000	$ 58,000

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Stock Option Plan

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock Option Plan

2019 Incentive Award Plan

In September 2019, the Company's Board of Directors (the Board) adopted, and the Company's stockholders approved, the 2019 Plan. Under the 2019 Plan, which expires in September 2029, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company or its subsidiaries. The options generally expire ten years after the date of grant and are exercisable to the extent vested. Vesting is established by the Board and is generally four years from the date of grant or, for grants to new hires, four years from the date of hire. The 2019 Plan contains an "evergreen provision" that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2029 in an amount equal to the lesser of: (i) 4% of the outstanding capital stock on each December 31st, or (ii) such lesser amount determined by the Board. Pursuant to the evergreen provision, on January 1, 2026, an additional 916,463 shares of the Company's common stock became available for issuance under the 2019 Plan. As of March 31, 2026, 2,401,275 shares of the Company's common stock remained available for future awards under the 2019 Plan.

Restricted Stock Units

RSU activity under the Company's 2019 Plan is set forth below:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Outstanding, December 31, 2025	1,795,639	$	3.85
Awards granted	649,748	$	3.18
Awards released	(275,671)	$	2.73
Awards canceled	(40,010)	$	2.92
Outstanding, March 31, 2026	2,129,706	$	3.81

As of March 31, 2026, all of the 2,129,706 outstanding RSUs were unvested. The fair value of RSUs vested in the three months ended March 31, 2026 and 2025 was $1.0 million and $0.8 million, respectively. The weighted average grant date fair value per share for RSUs granted during the three months ended March 31, 2026 and 2025 was $3.18 and $3.71 per RSU, respectively. As of March 31, 2026, total unrecognized compensation cost related to RSUs was $7.2 million, which is expected to be recognized over a remaining weighted-average vesting period of 2.8 years.

Stock Options

Stock option activity under the 2019 Plan is set forth below:


	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2025	526,839	$	6.86	6.48	$	957
Granted	190,000	$	3.16

Forfeited	(10,000)	$	3.58

Outstanding, March 31, 2026	706,839	$	5.91	7.29	$	186
Vested and expected to vest, March 31, 2026	706,839	$	5.91	7.29	$	186
Options exercisable, March 31, 2026	379,212	$	7.68	5.35	$	179

There were 190,000 and 120,070 stock options granted in the three months ended March 31, 2026 and 2025, respectively. The intrinsic value is calculated as the difference between the fair value of the Company's common

stock and the exercise price of the stock options. No options were exercised during the three months ended March 31, 2026, and 2025. As of March 31, 2026, total unrecognized compensation cost related to option awards was $0.7 million, which is expected to be recognized over a remaining weighted-average vesting period of 2.9 years.

2019 Employee Stock Purchase Plan

In September 2019, the Board adopted, and the Company's stockholders approved, the ESPP. The ESPP became effective on the day the ESPP was adopted by the Board. The ESPP permits participants to purchase shares of the Company's common stock through payroll deductions of up to 20.0% of their eligible compensation. The number of shares of the Company's common stock available for issuance under the ESPP will be annually increased on the first day of each calendar year during the term of the ESPP through January 1, 2029 in an amount equal to the lesser of (i) 1.0% of the outstanding capital stock on each December 31st, or (ii) such lesser amount determined by the Board. Pursuant to the evergreen provision, on January 1, 2026, an additional 229,115 shares of the Company's common stock became available for issuance under the ESPP. As of March 31, 2026, 675,900 shares of the Company's common stock remained available for issuance under the ESPP. During the three months ended March 31, 2026, a total of 96,023 shares of the Company's common stock were issued under the ESPP.

Stock-Based Compensation Expense

Total non-cash stock-based compensation expense recorded related to options granted, RSUs granted and stock purchase rights granted under the ESPP in the condensed statements of operations is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	48	$	55
Selling, general and administrative	500		346
Research and development	107		16
Total	$	655	$	417

Organization (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 21,513	$ 32,220
Accumulated deficit	$ 318,249	$ 314,282

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class of Stock [Line Items]
Anti-dilutive securities excluded from computation (in shares)	2,854,156	2,770,867
Warrants to purchase common stock
Class of Stock [Line Items]
Anti-dilutive securities excluded from computation (in shares)	131	325,330
Common stock options
Class of Stock [Line Items]
Anti-dilutive securities excluded from computation (in shares)	706,839	608,146
Restricted stock units
Class of Stock [Line Items]
Anti-dilutive securities excluded from computation (in shares)	2,129,706	1,822,547
Employee stock purchase plan
Class of Stock [Line Items]
Anti-dilutive securities excluded from computation (in shares)	17,480	14,844

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stockholders' Equity - Outstanding Warrants (Details)	Mar. 31, 2026 $ / shares shares
Class of Stock [Line Items]
Warrants issued to purchase redeemable convertible preferred stock (in shares)	131
Warrant expiration April 1, 2026
Class of Stock [Line Items]
Warrants issued to purchase redeemable convertible preferred stock (in shares)	131
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 1.84

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Borrowings - Narrative (Details) $ in Thousands		1 Months Ended		3 Months Ended
Borrowings - Narrative (Details) $ in Thousands	Apr. 25, 2025 USD ($) tranche shares	Nov. 30, 2025 shares	Sep. 30, 2017 USD ($)	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($) shares	Mar. 06, 2026 USD ($)	Dec. 31, 2025 USD ($)	Aug. 01, 2023 installment
Debt Instrument [Line Items]
Issuance of stock from warrant exercises (in shares) \| shares				804,788	0
Realized loss on loan commitment				$ 400
Long-term debt				22,871
Credit Agreement Warrants
Debt Instrument [Line Items]
Warrants term	10 years
Perceptive Term Loan Facility \| Credit Agreement and Tranche A Warrants
Debt Instrument [Line Items]
Class of warrant or right, vested and exercisable (in shares) \| shares	1,150,000
Perceptive Term Loan Facility \| Tranche A Warrant Shares
Debt Instrument [Line Items]
Class of warrant or right, vested and exercisable (in shares) \| shares	400,000
Number of warrants exercised (in shares) \| shares		400,000
Issuance of stock from warrant exercises (in shares) \| shares		173,220
Perceptive Term Loan Facility \| Credit Agreement Warrants
Debt Instrument [Line Items]
Class of warrant or right, vested and exercisable (in shares) \| shares	750,000
Amended Loan Agreement \| Credit Agreement Warrants
Debt Instrument [Line Items]
Class of warrant or right, vested and exercisable (in shares) \| shares	600,000
Equipment Notes Payable
Debt Instrument [Line Items]
Notes payable				1,100			$ 1,200
Notes payable, current				600			600
Notes payable, noncurrent				$ 500			$ 600
Equipment Notes Payable \| Minimum
Debt Instrument [Line Items]
Term loan, effective interest rate				5.28%
Equipment Notes Payable \| Maximum
Debt Instrument [Line Items]
Term loan, effective interest rate				10.50%
Loan payable \| Amended Loan Agreement \| Innovatus Life Sciences Lending Fund
Debt Instrument [Line Items]
Loan repayment	$ 19,700
Term loan, interest rate			2.00%
Variable rate			8.00%
Long-term debt					$ 19,800
Proceeds from issuance of debt and warrants, net of discounts			$ 25,000
Long-term debt, gross					$ 19,300
Loan payable \| 2017 Term Loan \| Innovatus Life Sciences Lending Fund
Debt Instrument [Line Items]
Debt instrument, periodic payment terms, balloon payment to be paid			$ 1,000
Number of periodic payments \| installment								24
Delayed Draw Term Loan \| Line of Credit \| Perceptive Term Loan Facility \| Perceptive Credit Holdings IV, LP
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000
Debt instrument, variable interest rate, type	Secured Overnight Financing Rate (SOFR) [Member]
Term loan, interest rate	4.75%
Variable rate	7.00%
Interest rate, increase	4.00%
Unrestricted cash balance	$ 3,000
Debt issuance costs, net				$ 1,400
Payment for debt prepayment cost				1,100
Unissued warrant amount				1,300
Interest expense, debt				1,100
Amortization of debt discount and debt issuance costs				$ 100
Term loan, effective interest rate				16.20%
Long-term debt				$ 21,800
Delayed Draw Term Loan \| Line of Credit \| Perceptive Term Loan Facility \| Perceptive Credit Holdings IV, LP \| Minimum
Debt Instrument [Line Items]
Prepayment premium interest rate	2.00%
Delayed Draw Term Loan \| Line of Credit \| Perceptive Term Loan Facility \| Perceptive Credit Holdings IV, LP \| Maximum
Debt Instrument [Line Items]
Prepayment premium interest rate	10.00%
Delayed Draw Term Loan \| Line of Credit \| Tranche A Loan \| Perceptive Credit Holdings IV, LP
Debt Instrument [Line Items]
Number of tranches \| tranche	4
Proceeds from lines of credit	$ 25,000
Debt instrument, unamortized discount				$ 2,200
Delayed Draw Term Loan \| Line of Credit \| Tranche B Loan \| Perceptive Credit Holdings IV, LP
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 10,000
Line of credit facility, accordion feature, increase limit	10,000
Delayed Draw Term Loan \| Line of Credit \| Tranche C Loan \| Perceptive Credit Holdings IV, LP
Debt Instrument [Line Items]
Line of credit facility, accordion feature, increase limit	10,000
Delayed Draw Term Loan \| Line of Credit \| Tranche D Loan \| Perceptive Credit Holdings IV, LP
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 40,000
Line of credit facility, accordion feature, increase limit	$ 30,000

Fair Value Measurements - Schedule of Fair Value Measurements Inputs (Details)	Mar. 31, 2026 USD ($) yr	Dec. 31, 2025 USD ($) yr
Fair value of underlying common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input \| $	3.00	6.08
Exercise price \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	3.00	6.08
Exercise price \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	3.38	6.84
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.043	0.042
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.852	0.856
Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input \| yr	10.0	10.0
Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0	0

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jul. 31, 2025 supplier	Mar. 31, 2026 USD ($)
Other Commitments [Line Items]
Number of suppliers in amended supply agreement \| supplier	1
Aggregate minimum annual purchase commitment amount		$ 24.0
Purchase obligation, paid in 2025		3.0
Purchase obligation, remainder of fiscal year		6.0
Purchase obligation, 2026		6.0
Purchase obligation, 2027		6.0
Purchase obligation, 2028		3.0
Fair value of finance lease asset		3.1
Embedded Finance Lease
Other Commitments [Line Items]
Finance lease right-of-use assets		2.6
Finance lease liability		2.6
Interest on finance lease liabilities		$ 0.1
Licensing Agreements
Other Commitments [Line Items]
Royalty obligation, percent of net sales (less than)		1.00%

Borrowings - Schedule of Future Minimum Aggregate Payments for Outstanding Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
2026 (remaining)	$ 2,775
2027	3,450
2028	3,117
2029	2,978
2030	25,930
Total	38,250
Unamortized debt discount and issuance costs	(3,172)
Interest	(12,207)
Total borrowings, net of discounts and debt issuance costs	22,871
Less: Borrowings, current	(580)	$ (643)
Borrowings, non-current, net of discounts and debt issuance costs	$ 22,291	$ 22,264

Borrowings

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Borrowings

Perceptive Term Loan Facility

On April 25, 2025, the Company and Perceptive entered into the Credit Agreement with Perceptive, which originally provided for a senior secured delayed draw term loan facility in an aggregate principal amount of up to $75.0 million (the Perceptive Term Loan Facility) broken into four tranches. An initial tranche of $25.0 million (the Tranche A Loan) was funded on April 25, 2025, of which $19.7 million was used to repay the 2017 Term Loan (as defined below) with Innovatus Life Sciences Lending Fund I, LP (Innovatus). The original Credit Agreement provided for three additional tranches of funding: up to $10.0 million (the Tranche B Loan), $10.0 million (the Tranche C Loan), and $30.0 million (the Tranche D Loan, and collectively with the Tranche A Loan, the Tranche B Loan and the Tranche C Loan, the Term Loans) to be drawn at the Company's option subject to the Company’s satisfaction of certain conditions, including specified revenue milestones.

On March 6, 2026, the Company and Perceptive entered into a first amendment to the Credit Agreement (First Amendment). This amendment, among other changes, terminated the Tranche C Loan, extended the availability of the $10.0 million Tranche B Loan to September 30, 2026, increased the trailing twelve-month net revenue milestone

applicable to the Tranche B Borrowing Date (as defined therein), and revised certain financial covenant thresholds. As amended, the Perceptive Term Loan Facility allows the Company to draw up to an aggregate additional principal amount of $40.0 million in two tranches, subject to specified milestone and revenue requirements. The First Amendment did not change the stated maturity of the existing Term Loans and reaffirmed the existing liens and guarantees securing the Perceptive Term Loan Facility.

The Perceptive Term Loan Facility matures on April 25, 2030, and includes an interest-only period through maturity, with all outstanding principal and accrued interest due on the maturity date.

The Perceptive Term Loan Facility accrues interest at an annual rate equal to the greater of (i) Term Secured Overnight Financing Rate (SOFR) or (ii) 4.75%, plus a margin of 7.0% (the Applicable Margin), payable monthly in arrears. Upon the occurrence and during the continuance of an event of default, the Applicable Margin may be increased by 4.0% at Perceptive’s election. The Company may prepay the Term Loans at any time, subject to prepayment premiums ranging from 2.0% to 10.0% of the principal amount, depending on the date of prepayment.

The Credit Agreement is secured by a first-priority lien on substantially all of the Company’s existing and future assets and includes customary affirmative, negative, and financial covenants. These include, among others, restrictions on additional indebtedness, liens, dividends, mergers and acquisitions, and affiliate transactions. The Credit Agreement also requires that the Company maintain a minimum unrestricted cash balance of $3.0 million and achieve specified net revenue levels on a quarterly basis. As of March 31, 2026, the Company was in compliance with all covenants required under the Credit Agreement.

In addition, on April 25, 2025, as consideration for the Credit Agreement, the Company issued to Perceptive a warrant certificate to purchase up to 1,150,000 shares of common stock (the Warrant Certificate), 400,000 of which vested and became exercisable on the date of issuance (Tranche A Warrant Shares), and warrants to purchase up to 750,000 shares of the Company's common stock were subject to vest and would become exercisable if and when the additional debt tranches were drawn by the Company. As a result of the First Amendment, the number of shares of common stock subject to future vesting pursuant to the Warrant Certificate was reduced from up to 750,000 shares of common stock to up to 600,000 shares of common stock that may vest and become exercisable if and when the remaining additional debt tranches are drawn by the Company.

The Warrant Certificate has a ten-year term from the applicable vesting date and includes broad-based weighted anti-dilution protection for certain dilutive issuances and for certain recapitalization events and registration rights provisions. In November 2025, Perceptive exercised all 400,000 Tranche A Warrant Shares on a cashless basis and the Company issued a total of 173,220 shares of the common stock to Perceptive.

The Company concluded that the Warrant Certificate qualifies for liability classification and recorded the fair value at issuance of the Tranche A Warrant Shares of $2.2 million as a debt discount. The Company also recognized debt issuance costs of $1.4 million as additional debt discount. These amounts are amortized over the remaining term of the Perceptive Term Loan Facility under the effective interest method. The proportionate amount of the upfront closing fee paid of $1.1 million and the fair value of $1.3 million related to the contingent warrants that may be issued for future debt tranches are recorded as a loan commitment asset and amortized as discussed in "Note 2. Summary of Significant Accounting Policies."

During the three months ended March 31, 2026, the Company recognized a loss of $0.4 million within other income (expense), net on the condensed statements of operations as a result of accelerating the amortization of the loan commitment fees asset recorded in connection with the Tranche C Loan.

For the three months ended March 31, 2026, the Company recognized $1.1 million of interest expense, including $0.1 million of debt discount amortization in connection with the Perceptive Term Loan Facility. The effective interest rate was 16.2% per annum. As of March 31, 2026, the Perceptive Term Loan Facility had a carrying value of $21.8 million, classified within borrowings, non-current, net of discounts and debt issuance costs in the accompanying condensed balance sheets.

2017 Term Loan

In September 2017, the Company executed a term loan agreement (the 2017 Term Loan) with Innovatus, as amended (the Amended Loan Agreement), pursuant to which the Company borrowed $25.0 million. As of March 31, 2025, the 2017 Term Loan was fully drawn with an outstanding principal balance of $19.8 million and a carrying

value of $19.3 million. The interest rate on all borrowings under the Amended Loan Agreement was the sum of (a) the greater of 8.0% or The Wall Street Journal prime rate plus (b) 2.0%. Interest on any outstanding term loan advances was due and payable monthly, unless the Company elected to pay paid-in-kind interest. In addition to the monthly interest payments, a final payment equal to $1.0 million was due the earlier of the maturity date or the date the advance is repaid. Principal balances were required to be repaid in 24 equal installments which began on August 1, 2023.

On April 25, 2025, the Company fully repaid all $19.7 million in outstanding indebtedness owed to Innovatus pursuant to its Amended Loan Agreement and terminated the agreement.

Equipment Notes Payable

In May 2022, the Company purchased laboratory equipment in the normal course of business using notes payable. In January 2025, the Company entered into a financing arrangement to procure additional laboratory equipment. At March 31, 2026, the total liability balance related to the financed equipment was $1.1 million, with $0.6 million classified within borrowings, current and $0.5 million within borrowings, non-current, net of discounts and debt issuance costs in the accompanying condensed balance sheets. At December 31, 2025, the total liability balance related to the financed equipment was $1.2 million, with $0.6 million classified within borrowings, current and $0.6 million within borrowings, non-current, net of discounts and debt issuance costs in the accompanying condensed balance sheets. The financed equipment is subject to effective interest rates between 5.28% and 10.50%, and will mature between October 1, 2026 and April 1, 2028.

Future Minimum Payments on the Outstanding Borrowings

As of March 31, 2026, future minimum aggregate payments, including interest, for outstanding borrowings for each of the years ending December 31 were as follows (in thousands):



2026 (remaining)	2,775
2027	3,450
2028	3,117
2029	2,978
2030	25,930
Total	38,250
Less:
Unamortized debt discount and issuance costs	(3,172)
Interest	(12,207)
Total borrowings, net of discounts and debt issuance costs	22,871
Less: Borrowings, current	(580)
Borrowings, non-current, net of discounts and debt issuance costs	$	22,291

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Other Financial Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 14,345	$ 14,082
Less: accumulated depreciation and amortization	(7,734)	(7,144)
Property and equipment, net	6,611	6,938
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	121	121
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	4,978	4,530
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	2,302	2,121
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	3,377	3,308
Finance lease right-of-use assets
Property, Plant and Equipment [Line Items]
Total property and equipment	3,061	3,708
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 506	$ 294

Fair Value Measurements - Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Warrants $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,752
Change in fair value of warrant liability	(882)
Termination of Tranche C Warrant Shares	(103)
Ending balance	$ 767

Stock Option Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Number of Options
Outstanding, beginning of period (in shares)	526,839
Granted (in shares)	190,000	120,070
Forfeited (in shares)	(10,000)
Outstanding, end of period (in shares)	706,839		526,839
Vested and expected to vest, end of period (in shares)	706,839
Options exercisable, end of period (in shares)	379,212
Weighted- Average Exercise Price Per Share
Outstanding, beginning of period (in dollars per share)	$ 6.86
Granted (in dollars per share)	3.16
Forfeited (in dollars per share)	3.58
Outstanding, end of period (in dollars per share)	5.91		$ 6.86
Vested and expected to vest, end of period (in shares), Weighted Average Exercise Price (in dollars per share)	5.91
Options exercised, end of period (in shares), Weighted Average Exercise Price (in dollars per share)	$ 7.68
Stock Options, Additional Disclosures [Abstract]
Outstanding, Weighted Average Remaining Contractual Term	7 years 3 months 14 days		6 years 5 months 23 days
Vested and expected to vest, Weighted Average Remaining Contractual Term	7 years 3 months 14 days
Options exercisable, Weighted Average Remaining Contractual Term	5 years 4 months 6 days
Outstanding, Aggregate Intrinsic Value	$ 186		$ 957
Vested and expected to vest, Aggregate Intrinsic Value	186
Options exercisable, Aggregate Intrinsic Value	$ 179

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 21,513	$ 32,220
Restricted cash	200	200
Total cash, cash equivalents and restricted cash	$ 21,713	$ 32,420	$ 11,394	$ 22,236

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reconciliation of Profit or Loss

Segment revenue and net loss, including significant segment expenses regularly provided to the CODM are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025

Revenue	$	17,306	$	15,498
Cost of revenue	7,101		6,375
Gross profit	10,205		9,123
Segment operating expenses:
Employee expense	8,408		7,548
Outside services	1,203		1,117
Facilities related	879		900
Travel & entertainment	677		736
Stock compensation	607		362
Depreciation and amortization	230		258
Other1	1,615		1,567
Total segment operating expenses	13,619		12,488
Loss from operations	(3,414)		(3,365)
Interest expense	(1,267)		(545)

Change in fair value of warrant liability	882		—
Other income (expense), net	(132)		158
Loss before income taxes	$	(3,931)	$	(3,752)
Income tax expense	(36)		—
Segment net loss	$	(3,967)	$	(3,752)

1Other segment items included in Segment net loss include insurance expenses, trade show and conference expenses, fulfillment expenses, board compensation, clinical trial expenses, collaboration expenses and bank fees, among others.

Fair Value Measurements - Schedule of Fair Value, Financial Instrument Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Liabilities:
Warrant liability	$ 767	$ 1,752
Level 1
Liabilities:
Warrant liability	0	0
Level 2
Liabilities:
Warrant liability	0	0
Level 3
Liabilities:
Warrant liability	$ 767	$ 1,752

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited interim condensed balance sheets as of March 31, 2026, condensed statements of operations and stockholders' equity for the three months ended March 31, 2026 and 2025, cash flows for the three months ended March 31, 2026 and 2025 and the related footnote disclosures are unaudited and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (SEC), and with accounting principles generally accepted in the United States (GAAP) applicable to interim financial statements. These unaudited condensed financial statements and related footnote disclosures should be read in conjunction with the Company’s audited financial statements for the fiscal year ended December 31, 2025, included in its Annual Report on Form 10-K filed with the SEC on March 10, 2026 (the 2025 Annual Report). In management's opinion, the unaudited interim condensed financial statements have been prepared on the same basis as the audited financial statements included in the 2025 Annual Report and include all normal adjustments, necessary for the fair presentation of the Company's financial position as of March 31, 2026 and its results of operations for the periods presented. The results for the three months ended March 31, 2026 are not necessarily indicative of the results expected for the full fiscal year or any other interim period. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain reclassifications have been made to prior period amounts to conform to the current presentation.
Use of Estimates	The preparation of the accompanying unaudited condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates. Significant estimates and assumptions made in the accompanying unaudited condensed financial statements include, but are not limited to revenue recognition, the fair value of the warrant liability, the estimated incremental borrowing rate for the determination of the Company's operating and finance lease right-of-use (ROU) assets, and the recoverability of its long-lived assets and net deferred tax assets (and related valuation allowance). The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.
Concentration of Credit Risk and Other Risk and Uncertainties	Concentration of Credit Risk and Other Risk and Uncertainties Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents and accounts receivable. Substantially all the Company's cash and cash equivalents are held at one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its cash or cash equivalents.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with a remaining maturity date of three months or less upon acquisition to be cash equivalents. These investments are stated at cost, which approximates fair value.
Long-Lived Assets	Long-Lived Assets The Company’s long-lived assets are comprised principally of its property and equipment and operating lease assets. The Company amortizes all finite-lived intangible assets over their respective estimated useful lives. Operating lease assets are amortized over the term of the leases. In considering whether long-lived assets are impaired, the Company combines its long-lived assets into groupings, a determination which is made principally on the basis of whether the assets are specific to a particular test offered or technology being developed. If the Company identifies a change in the circumstances related to its long-lived assets that indicates the carrying value of any such asset may not be recoverable, the Company will perform an impairment analysis. A long-lived asset is deemed to be impaired when the undiscounted cash flows expected to be generated by the asset (or asset group) are less than the asset’s carrying amount. Management’s estimates of future cash flows are impacted by projected test volume and levels of reimbursement, as well as expectations related to the future cost structure of the entity. Any required impairment loss would be measured as the amount by which the asset’s carrying value exceeds its fair value, and would be recorded as a reduction in the carrying value of the related asset and a charge to operating expense.
Revenue Recognition	Revenue Recognition Substantially all of the Company's revenue has been derived from sales of its testing products and is primarily comprised of a high volume of relatively low-dollar transactions. The Company primarily markets its testing products to rheumatologists and their physician assistants in the United States. The healthcare professionals who order the Company's testing products and to whom test results are reported are generally not responsible for payment for these products. The parties that pay for these services (each, a payor) consist of commercial payors (healthcare insurers), government payors (primarily Medicare and Medicaid), client payors (hospitals, other laboratories, etc.) and patient self-pay. The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606) and follows a five-step process to determine the amount and timing of revenue recognized: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to performance obligations in the contract, and (5) recognize revenue when (or as) the performance obligation is satisfied. The Company's service is a single performance obligation that is completed upon the delivery of test results to the prescribing physician which triggers revenue recognition. Payors are generally billed at the Company's list price, unless a separate pricing contract is in place. Net revenues recognized consist of amounts billed net of allowances for differences between amounts billed and the estimated consideration the Company expects to receive from such payors. The process for estimating revenues and the ultimate collection of accounts receivable involves significant judgment and estimation. The Company follows a standard process, which considers historical denial and collection experience, insurance reimbursement policies and other factors, to estimate allowances and implicit price concessions. Adjustments are recorded in the current period as changes in estimates occur. Further adjustments to the allowances, based on actual receipts, are recorded upon settlement. Included in revenues for the three months ended March 31, 2026 and 2025 were net revenue increases of $1.1 million and $0.7 million, respectively, associated with changes in estimated variable consideration related to performance obligations satisfied in previous periods. The transaction price is estimated using an expected value method on a portfolio basis. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. The Company's portfolios are grouped per payor (i.e. each individual commercial payor, Medicare, Medicaid, client payors, patient self-pay, etc.) and per test. Consideration may be constrained and excluded from the transaction price in situations where there is no contractually agreed upon reimbursement coverage or in absence of a predictable pattern and history of collectability with a payor. Accordingly, in such situations revenues are recognized on the basis of actual cash collections. Additionally, from time to time, the Company may issue refunds to payors for overpayments or amounts billed in error. Any refunds are accounted for as reductions in revenues in the condensed statements of operations as an element of variable consideration. The estimated expected refunds are accrued as a liability on the Company’s condensed balance sheets. Collection of the Company's net revenues from payors is normally a function of providing complete and correct billing information, along with any requested medical or other claims-related information to the healthcare insurers. This generally occurs within 30 to 90 days of billing, however, the amount and timing of any reimbursements or collections for the Company's billed tests may vary by payor and other circumstances. Contracts do not contain significant financing components based on the typical period of time between performance of services and collection of consideration. Amounts received prior to satisfying the above revenue recognition criteria are recognized as deferred revenue until all applicable revenue recognition criteria are met. Deferred revenue represents the portion of payments received that have not been earned. Throughout the year ended December 31, 2025, the Company entered into various work orders to perform diagnostic testing services, including identifying and evaluating biomarkers. The Company received nonrefundable, upfront payments for these services. The Company had deferred revenue related to these contracts of $0.7 million as of each of March 31, 2026 and December 31, 2025. The Company recognized revenue of $0.1 million out of the beginning deferred revenue balance during each of the three months ended March 31, 2026 and 2025. The Company expects to recognize revenue from unfulfilled performance obligations associated with service contracts within one year or less.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses The Company accrues an allowance for credit losses against its accounts receivable based on management’s current estimate of amounts that will not be collected. Management’s estimates are typically based on historical loss information adjusted for current conditions. The Company generally does not perform evaluations of the financial condition of the Company's customers and generally does not require collateral. The allowance for credit losses was zero as of each of March 31, 2026 and 2025. Adjustments for implicit price concessions attributable to variable consideration, as discussed above, are incorporated into the measurement of the accounts receivable balances and are not part of the allowance for credit losses.
Loan Commitment Fees	Loan Commitment Fees Loan commitment fees are generally included as a reduction of the proceeds from the outstanding debt. If there were no borrowings drawn on the related credit facility, the loan commitment fees are classified as assets until the related debt is drawn. The Company’s loan commitment fee is comprised of an upfront cash payment and a contingent obligation to issue future warrants to Perceptive Credit Holdings IV, LP (Perceptive) in connection with the Credit Agreement and Guaranty, dated April 25, 2025 (Credit Agreement). The Company recorded $0.7 million in prepaid expenses and other current assets on the condensed balance sheets as of March 31, 2026. As the Company is not reasonably certain it will draw on the future debt tranches, the loan commitment fees are amortized ratably into interest expense over the outstanding draw periods. During the three months ended March 31, 2026, the Company recognized $0.2 million in non-cash interest expense related to the amortization of the loan commitment fees within the Company's condensed statements of operations. During the three months ended March 31, 2026, the Company recognized a loss of $0.4 million within other income (expense), net on the condensed statements of operations as a result of accelerating the amortization of the loan commitment fees asset recorded in connection with the Tranche C Loan (as defined below), which was terminated pursuant to the First Amendment (as defined below). See “Note 4. Borrowings—Perceptive Term Loan Facility” for more information.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes compensation expense for all stock-based awards to employees and directors based on the grant-date estimated fair values over the requisite service period of the awards (usually the vesting period) on a straight-line basis. The fair value of stock options and purchases under the Company's 2019 Employee Stock Purchase Plan (ESPP) is determined using the Black-Scholes-Merton (BSM) option pricing model, which requires management to make certain assumptions regarding a number of complex and subjective variables. Equity award forfeitures are recorded as they occur. The BSM option pricing model incorporates various inputs, including the fair value of the Company's common stock, expected volatility, expected term and risk-free interest rates. Volatility is based on the Company's historical calculated volatility since being publicly traded. The Company computes the historical volatility data using the daily closing prices of the Company’s common stock during the equivalent period that approximates the calculated expected term of the stock options. The weighted-average expected term of options was calculated using the simplified method, as the Company has concluded that its stock option exercise history does not provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate for periods within the contractual term of the option is based on the U.S. Treasury yield in effect at the time of grant. The dividend yield is zero, as the Company has never declared or paid dividends and has no plans to do so in the foreseeable future. The fair value of each restricted stock unit (RSU) is determined on the grant date using the closing price of the Company's common stock on that date. The Company's RSUs generally vest in equal annual installments over four years from the date of grant or, for grants to new hires, date of hire. Vesting of the RSU is subject to the holder's continued service with the Company. The Company issues new shares of common stock to satisfy the RSUs upon vesting.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as a change in equity of a business enterprise during a period, resulting from transactions from nonowner sources. There have been no items qualifying as other comprehensive loss and, therefore, for all periods presented, the Company's comprehensive loss was the same as its reported net loss.
Net Loss Per Share	Net Loss Per Share Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. The weighted-average number of shares used to compute basic and diluted shares includes shares issuable upon the exercise of pre-funded warrants at a nominal price. Potentially dilutive common stock equivalents are comprised of warrants for the purchase of common stock, stock options, RSUs outstanding under the Company's 2019 Incentive Award Plan (the 2019 Plan) and shares of the Company's common stock pursuant to the ESPP. For each of the three months ended March 31, 2026 and 2025, there was no difference in the number of shares used to calculate basic and diluted shares outstanding as the inclusion of the potentially dilutive securities would be anti-dilutive.
Recent Accounting Pronouncements and Recently Adopted Accounting Standards	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, Accounting Standards Updates (ASU) not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements or disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (ASU 2024-03). This update requires entities to include more detailed information about the types of expenses, including purchases of inventory, employee compensation, depreciation, amortization, and depletion, in commonly presented expense captions such as cost of sales, research and development, and selling, general and administrative expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company determined that the adoption of this standard will not have a material impact on its financial statements. Recently Adopted Accounting Standards In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05). ASU 2025-05 amends ASC 326-20 to provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, and interim reporting periods within that annual period, with early adoption permitted. The Company adopted this standard in 2026 and determined that it did not have a material impact on the Company's financial statements.
Fair Value Measurements	The carrying values of the Company's cash, cash equivalents and restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued and other current liabilities are determined to be a Level 1 measurement. The carrying values of these items approximate their fair values due to their short-term nature. The estimated fair value of the Company's long-term borrowings is determined by Level 2 inputs and based primarily on quoted market prices for the same or similar issues. As of March 31, 2026, the Perceptive Term Loan Facility had a carrying value of $21.8 million and a fair value of $22.2 million. As of December 31, 2025, the Perceptive Term Loan Facility had a carrying value of $21.7 million and a fair value of $22.6 million. The estimated fair value of the Perceptive Term Loan Facility was determined based on a discounted cash flow approach using available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. The aggregate carrying value of the Company's other long-term borrowings as of March 31, 2026 and December 31, 2025 was $1.1 million and $1.2 million, respectively, and approximated its fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the valuation hierarchy for disclosure of fair value measurements are defined as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 - Unobservable inputs that are supported by little or no market activity for the related assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Stock Option Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Jan. 01, 2026	Dec. 31, 2025	Jan. 01, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	190,000	120,070
Exercise of stock options (in shares)	0	0
Shares were issued under the ESPP (in shares)	96,023
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, unrecognized compensation cost	$ 0.7
Stock options, cost not yet recognized, remaining weighted average vesting period	2 years 10 months 24 days
Stock options \| 2019 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, expiration period	10 years
Stock options, vesting period	4 years
Increase (decrease) in number of shares authorized (in shares)			916,463
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage	1.00%
Increase (decrease) in number of shares authorized (in shares)					229,115
Common stock reserved for future issuance (in shares)	675,900
Maximum employee payroll deduction percentage	20.00%
Employee stock purchase plan \| 2019 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage	4.00%
Common Shares Available For Grant Under The 2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	2,401,275
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares outstanding (in shares)	2,129,706			1,795,639
Grant date fair value of RSUs vested	$ 1.0	$ 0.8
Awards granted (in dollars per share)	$ 3.18	$ 3.71
Stock options, unrecognized compensation cost	$ 7.2
Stock options, cost not yet recognized, remaining weighted average vesting period	2 years 9 months 18 days

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 06, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-39049
Entity Registrant Name	EXAGEN INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0434866
Entity Address, Address Line One	1261 Liberty Way
Entity Address, City or Town	Vista,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92081
City Area Code	(760)
Local Phone Number	560-1501
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	XGN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,159,839
Entity Central Index Key	0001274737
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Segment Reporting - Schedule of Reconciliation of Profit or Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 17,306	$ 15,498
Cost of revenue	7,101	6,375
Gross profit	10,205	9,123
Stock compensation	655	417
Depreciation and amortization	600	400
Loss from operations	(3,414)	(3,365)
Interest expense	(1,267)	(545)
Change in fair value of warrant liability	882	0
Loss before income taxes	(3,931)	(3,752)
Income tax expense	(36)	0
Net loss	(3,967)	(3,752)
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	17,306	15,498
Cost of revenue	7,101	6,375
Gross profit	10,205	9,123
Employee expense	8,408	7,548
Outside services	1,203	1,117
Facilities related	879	900
Travel & entertainment	677	736
Stock compensation	607	362
Depreciation and amortization	230	258
Other	1,615	1,567
Total segment operating expenses	13,619	12,488
Loss from operations	(3,414)	(3,365)
Interest expense	(1,267)	(545)
Change in fair value of warrant liability	882	0
Other income (expense), net	(132)	158
Loss before income taxes	(3,931)	(3,752)
Income tax expense	(36)	0
Net loss	$ (3,967)	$ (3,752)

Other Financial Information (Tables)

3 Months Ended

Mar. 31, 2026

Other Financial Information [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Diagnostic testing supplies	$	4,098	$	3,296
Prepaid maintenance and insurance contracts	1,476		1,302
Loan commitment fees	685		1,182
Other prepaid expenses and other current assets	38		38
Prepaid expenses and other current assets	$	6,297	$	5,818

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Furniture and fixtures	$	121	$	121
Laboratory equipment	4,978		4,530
Computer equipment and software	2,302		2,121
Leasehold improvements	3,377		3,308
Finance lease right-of-use assets	3,061		3,708
Construction in progress	506		294
Total property and equipment	14,345		14,082
Less: accumulated depreciation and amortization	(7,734)		(7,144)
Property and equipment, net	$	6,611	$	6,938

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued payroll and related expenses	$	3,658	$	5,411
Other accrued liabilities	1,114		916
Accrued and other current liabilities	$	4,772	$	6,327

Stock Option Plan (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity

RSU activity under the Company's 2019 Plan is set forth below:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Outstanding, December 31, 2025	1,795,639	$	3.85
Awards granted	649,748	$	3.18
Awards released	(275,671)	$	2.73
Awards canceled	(40,010)	$	2.92
Outstanding, March 31, 2026	2,129,706	$	3.81

Schedule of Stock Option Activity

Stock option activity under the 2019 Plan is set forth below:


	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2025	526,839	$	6.86	6.48	$	957
Granted	190,000	$	3.16

Forfeited	(10,000)	$	3.58

Outstanding, March 31, 2026	706,839	$	5.91	7.29	$	186
Vested and expected to vest, March 31, 2026	706,839	$	5.91	7.29	$	186
Options exercisable, March 31, 2026	379,212	$	7.68	5.35	$	179

Schedule of Non-Cash Stock-Based Compensation Expense


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	48	$	55
Selling, general and administrative	500		346
Research and development	107		16
Total	$	655	$	417

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		12 Months Ended
	May 08, 2025	Sep. 15, 2022	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Nov. 17, 2023
Subsidiary, Sale of Stock [Line Items]
Issuance of stock from warrant exercises (in shares)			804,788	0
Credit Agreement Warrants \| Perceptive Term Loan Facility
Subsidiary, Sale of Stock [Line Items]
Class of warrant or right, issued (in shares)			600,000
Shelf Registration Statement
Subsidiary, Sale of Stock [Line Items]
Common stock offering, authorized amount						$ 150.0
Common stock offering, remaining authorized amount			$ 126.2
At The Market Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Proceeds from public offering, net		$ 50.0			$ 3.5
Issuance of stock, net of issuance costs (in shares)					360,554
Sale of stock (in dollars per share)					$ 9.82
Proceeds from common stock issued					$ 3.4
Estimated offering expenses for aggregate expenses					$ 0.1
Public Offering
Subsidiary, Sale of Stock [Line Items]
Proceeds from public offering, net	$ 18.6
Sale of stock (in dollars per share)	$ 5.25
Estimated offering expenses for aggregate expenses	$ 1.6
Sale of stock, number of shares issued in transaction (in shares)	3,852,500
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	502,500

Stock Option Plan - Restricted Stock Units (Details) - Restricted stock units - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of Shares
Outstanding, beginning of period (in shares)	1,795,639
Awards granted (in shares)	649,748
Awards released (in shares)	(275,671)
Awards canceled (in shares)	(40,010)
Outstanding, end of period (in shares)	2,129,706
Weighted- Average Grant Date Fair Value Per Share
Outstanding, beginning of period (in dollars per share)	$ 3.85
Awards granted (in dollars per share)	3.18	$ 3.71
Awards released (in dollars per share)	2.73
Awards canceled (in dollars per share)	2.92
Outstanding, end of period (in dollars per share)	$ 3.81

Borrowings (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Future Minimum Aggregate Payments for Outstanding Borrowings

As of March 31, 2026, future minimum aggregate payments, including interest, for outstanding borrowings for each of the years ending December 31 were as follows (in thousands):



2026 (remaining)	2,775
2027	3,450
2028	3,117
2029	2,978
2030	25,930
Total	38,250
Less:
Unamortized debt discount and issuance costs	(3,172)
Interest	(12,207)
Total borrowings, net of discounts and debt issuance costs	22,871
Less: Borrowings, current	(580)
Borrowings, non-current, net of discounts and debt issuance costs	$	22,291

Other Financial Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Financial Information [Abstract]
Diagnostic testing supplies	$ 4,098	$ 3,296
Prepaid maintenance and insurance contracts	1,476	1,302
Loan commitment fees	685	1,182
Other prepaid expenses and other current assets	38	38
Prepaid expenses and other current assets	$ 6,297	$ 5,818

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The carrying values of the Company's cash, cash equivalents and restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued and other current liabilities are determined to be a Level 1 measurement. The carrying values of these items approximate their fair values due to their short-term nature. The estimated fair value of the Company's long-term borrowings is determined by Level 2 inputs and based primarily on quoted market prices for the same or similar issues. As of March 31, 2026, the Perceptive Term Loan Facility had a carrying value of $21.8 million and a fair value of $22.2 million. As of December 31, 2025, the Perceptive Term Loan Facility had a carrying value of $21.7 million and a fair value of $22.6 million. The estimated fair value of the Perceptive Term Loan Facility was determined based on a discounted cash flow approach using available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. The aggregate carrying value of the Company's other long-term borrowings as of March 31, 2026 and December 31, 2025 was $1.1 million and $1.2 million, respectively, and approximated its fair value.

Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The three levels of the valuation hierarchy for disclosure of fair value measurements are defined as follows:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 - Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3 - Unobservable inputs that are supported by little or no market activity for the related assets or liabilities.

The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following table sets forth the Company's financial instruments that were measured at fair value on a recurring basis within the fair value hierarchy (in thousands):


	March 31, 2026
	Total		Level 1		Level 2		Level 3



Liabilities:
Warrant liability	$	767	$	—	$	—	$	767


	December 31, 2025
	Total		Level 1		Level 2		Level 3



Liabilities:
Warrant liability	$	1,752	$	—	$	—	$	1,752

The fair value of the Company's money market funds is based on quoted market prices.

Warrant Liability

The Company recorded a liability for the Warrant Certificate issued in connection with the Perceptive Term Loan Facility at fair value utilizing a probability-weighted BSM option pricing model using significant unobservable inputs consisting of the Company's probability assessment of drawing future debt tranches, the inputs used for the Company’s stock-based compensation expense adjusted for the Warrant Certificate’s expected term, which is calculated based on the remaining contractual term, and the fair value of the underlying common stock. As such, the Warrant Certificate liability was determined to be a Level 3 fair value measurement.

The assumptions used in the BSM option pricing model to determine the fair value of the warrant liability were as follows:


	March 31, 2026			December 31, 2025
Fair value of underlying common stock	$	3.00		$	6.08
Exercise price	$3.00 - $3.38			$6.08 - $6.84
Risk-free interest rate	4.3		%	4.2		%
Expected volatility	85.2		%	85.6		%
Expected term (in years)	10.0			10.0
Expected dividend yield	—		%	—		%

The probability assessment considers both the likelihood of the Company satisfying certain conditions, including specified revenue milestones, which give the Company the option to draw future debt tranches as well as the likelihood that the Company will exercise the right to draw one or more future debt tranches. The Company assessed these factors at inception and as of March 31, 2026 and applied a weighted-average probability of approximately 50% as of March 31, 2026 in the measurement of fair value, given current and forecasted capital needs. Significant increases or decreases in the probability assessment in future periods may increase or decrease the fair value estimate of the warrant liability, respectively. The interrelationship between these inputs is insignificant.

The Tranche A Warrant Shares were fully exercised on November 11, 2025 and the fair value was remeasured as of the exercise date and reclassified to stockholders' equity.

In March 2026, the Company entered into the First Amendment which, among other changes, terminated the Tranche C Loan and reduced the number of shares of common stock subject to future vesting pursuant to the Warrant Certificate by 150,000 shares of common stock (the Tranche C Warrant Shares). The fair value of the Tranche C Warrant Shares was remeasured immediately prior to the First Amendment date and the Company

recognized a $0.1 million gain within other income (expense), net on the Company's condensed statements of operations, in connection with the reduction in the shares that may become exercisable pursuant to the Warrant Certificate.

The following table provides a reconciliation of the warrant liability measured at fair value using Level 3 significant unobservable inputs (in thousands):


	Warrant Liability
Balance at December 31, 2025	$	1,752

Change in fair value of warrant liability	(882)

Termination of Tranche C Warrant Shares	(103)
Balance at March 31, 2026	$	767

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(3)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Unaudited Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 21,513	$ 32,220
Accounts receivable, net	15,773	10,855
Prepaid expenses and other current assets	6,297	5,818
Total current assets	43,583	48,893
Property and equipment, net	6,611	6,938
Operating lease right-of-use assets	1,179	1,435
Other assets	584	756
Total assets	51,957	58,022
Current liabilities:
Accounts payable	4,159	4,153
Accrued and other current liabilities	4,772	6,327
Deferred revenue	681	675
Finance lease liabilities, current	1,113	1,135
Operating lease liabilities, current	1,259	1,226
Borrowings, current	580	643
Total current liabilities	12,564	14,159
Borrowings, non-current, net of discounts and debt issuance costs	22,291	22,264
Finance lease liabilities, non-current	1,792	1,960
Operating lease liabilities, non-current	111	438
Warrant liability	767	1,752
Total liabilities	37,525	40,573
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized, no shares issued or outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value per share; 200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 24,088,057 and 22,911,575 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	24	23
Additional paid-in capital	332,657	331,708
Accumulated deficit	(318,249)	(314,282)
Total stockholders' equity	14,432	17,449
Total liabilities and stockholders' equity	$ 51,957	$ 58,022

Unaudited Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 17,306	$ 15,498
Cost of revenue	7,101	6,375
Gross profit	10,205	9,123
Operating expenses:
Selling, general and administrative expenses	12,066	11,204
Research and development expenses	1,553	1,284
Total operating expenses	13,619	12,488
Loss from operations	(3,414)	(3,365)
Interest expense	(1,267)	(545)
Change in fair value of warrant liability	882	0
Other income (expense), net	(132)	158
Loss before income taxes	(3,931)	(3,752)
Income tax expense	(36)	0
Net loss	$ (3,967)	$ (3,752)
Net loss per share, basic (in dollars per share)	$ (0.17)	$ (0.20)
Net loss per share, diluted (in dollars per share)	$ (0.17)	$ (0.20)
Weighted-average number of shares used to compute net loss per share, basic (in shares)	23,854,997	18,557,390
Weighted-average number of shares used to compute net loss per share, diluted (in shares)	23,854,997	18,557,390

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company views its operations as, and manages its business in, one operating segment focused on the design, development and commercialization of testing products which allow for the differential diagnosis, prognosis and monitoring of complex rheumatic, autoimmune and autoimmune-related disease. Segment revenue is primarily derived from the sale of the Company’s testing products, most of which is attributable to its AVISE® CTD test.

The Company’s CODM is its Chief Executive Officer. The CODM assesses performance for the segment and decides how to allocate resources based on revenue and net loss as reported on the condensed statements of operations, after taking into account the Company’s strategic priorities, its cash balance and its expected use of cash. The CODM considers budget/forecast versus actual results on a quarterly basis when making decisions about the allocation of resources. The measure of segment assets is reported on the balance sheet as total assets and were $52.0 million and $58.0 million as of March 31, 2026 and December 31, 2025, respectively.

Segment revenue and net loss, including significant segment expenses regularly provided to the CODM are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025

Revenue	$	17,306	$	15,498
Cost of revenue	7,101		6,375
Gross profit	10,205		9,123
Segment operating expenses:
Employee expense	8,408		7,548
Outside services	1,203		1,117
Facilities related	879		900
Travel & entertainment	677		736
Stock compensation	607		362
Depreciation and amortization	230		258
Other1	1,615		1,567
Total segment operating expenses	13,619		12,488
Loss from operations	(3,414)		(3,365)
Interest expense	(1,267)		(545)

Change in fair value of warrant liability	882		—
Other income (expense), net	(132)		158
Loss before income taxes	$	(3,931)	$	(3,752)
Income tax expense	(36)		—
Segment net loss	$	(3,967)	$	(3,752)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Equity

Common Stock

Shelf Registration Statement

On November 17, 2023, the Company filed a registration statement on Form S-3, as amended (the 2023 Shelf Registration Statement), covering the offering, from time to time, of up to $150.0 million of the Company's common stock, preferred stock, debt securities, warrants and units. The 2023 Shelf Registration Statement became effective on November 29, 2023, and $126.2 million remained available for sale as of March 31, 2026.

At The Market Sales Agreement

On September 15, 2022, the Company entered into the Sales Agreement, as amended by Amendment No. 1 to Sales Agreement dated November 17, 2023 (the Amended Sales Agreement), with TD Securities (USA) LLC (TD Cowen), as sales agent, pursuant to which the Company may offer and sell, from time to time, shares of the Company's common stock having an aggregate offering price of up to $50.0 million. The Company is not obligated to sell any shares of the Company's common stock in the offering. As of December 31, 2025, the Company has sold 360,554 shares of its common stock under the Amended Sales Agreement at an average price per share of $9.82, for gross proceeds of approximately $3.5 million and net proceeds of approximately $3.4 million after deducting $0.1 million in commissions paid to TD Cowen and other offering expenses payable by the Company. During the three months ended March 31, 2026, the Company did not sell any shares of its common stock pursuant to the Amended Sales Agreement.

2025 Public Offering

On May 8, 2025, the Company entered into an underwriting agreement with Canaccord Genuity LLC (the Underwriter) relating to the issuance and sale of an aggregate of 3,852,500 shares of its common stock, including 502,500 shares of the Company's common stock issued and sold pursuant to the exercise in full of the Underwriter’s option to purchase additional shares, to the Underwriter at a price to the public of $5.25 per share (the 2025 Public Offering). The 2025 Public Offering closed on May 9, 2025. The net proceeds to the Company from the 2025 Public Offering were approximately $18.6 million after deducting $1.6 million of the underwriting discounts and commissions and other offering expenses payable by the Company.

Outstanding Warrants

The following equity classified warrants to purchase common stock of the Company were outstanding and exercisable as of March 31, 2026:

Exercise Price

Issuance date

Expiration date

Common stock warrants

131

1.84

April 1, 2016

April 1, 2026

131

In connection with the Perceptive Term Loan Facility, the Company may issue warrants for the purchase of up to an additional 600,000 shares of the Company’s common stock if and when the Company satisfies certain conditions and chooses to draw additional debt tranches during the respective draw periods.

The Company issued a total of 804,788 shares of common stock upon the cashless exercise of certain warrants during the three months ended March 31, 2026. No warrants to purchase common stock of the Company were exercised during the three months ended March 31, 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Outstanding Warrants

The following equity classified warrants to purchase common stock of the Company were outstanding and exercisable as of March 31, 2026:

Exercise Price

Issuance date

Expiration date

Common stock warrants

131

1.84

April 1, 2016

April 1, 2026

131

Fair Value Measurements - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2026 USD ($) shares	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt	$ 22,871	$ 22,871
Change in fair value of warrant liability		$ (882)	$ 0
Measurement Input, Long-Term Revenue Growth Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.50	0.50
Amended Loan Agreement \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt	$ 21,800	$ 21,800		$ 21,700
Debt instrument, fair value	22,200	22,200		22,600
Equipment Notes Payable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes payable	$ 1,100	$ 1,100		$ 1,200
Perceptive Term Loan Facility \| Credit Agreement Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Class of warrant or right, cancelled (in shares) \| shares	150,000	150,000
Change in fair value of warrant liability	$ 100

Other Financial Information - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Financial Information [Abstract]
Accrued payroll and related expenses	$ 3,658	$ 5,411
Other accrued liabilities	1,114	916
Accrued and other current liabilities	$ 4,772	$ 6,327

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Licensing Agreements The Company has licensed technology for use in its diagnostic tests. In addition to the milestone payments required by these agreements, individual license agreements generally provide for ongoing royalty payments of less than 1% on net sales of products which incorporate licensed technology, as defined in such agreements. Royalties are accrued when incurred and recorded in cost of revenue in the accompanying condensed statements of operations. Supply Agreements In July 2025, the Company amended a supply agreement (the Amended Supply Agreement) with one of its suppliers for certain reagents, which includes updated pricing terms, an extended term through June 30, 2029, and minimum purchase commitments for consumable products used in the Company's diagnostic biomarkers. Pursuant to the Amended Supply Agreement, the Company is provided equipment by the supplier to be used by the Company in connection with the consumable products. The aggregate minimum annual purchase commitment for the duration of the Amended Supply Agreement is $24.0 million, including a minimum purchase commitment of $3.0 million for the year ending December 31, 2025, $6.0 million for each of the years ending December 31, 2026 through 2028 and $3.0 million for the six month period ending June 30, 2029. The Company accounts for the Amended Supply Agreement as an embedded finance lease for the equipment provided, with the reagents as a non-lease component accounted for separately. The minimum purchase commitments for the reagents represent in-substance fixed contract consideration and are recorded based on the relative fair value of the equipment of $3.1 million as a ROU asset and related lease liability. As of March 31, 2026, the Company had a finance lease ROU asset of $2.6 million and lease liabilities of $2.6 million on the Company's balance sheets related to the embedded finance lease. For the three months ended March 31, 2026, the Company recorded interest expense of $0.1 million related to this embedded finance lease on the Company's statements of operations. Contingencies In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications, including for subpoenas and other civil investigative demands, from governmental agencies, Medicare or Medicaid and managed care organizations reviewing billing practices or requesting comment on allegations of billing irregularities that are brought to their attention through billing audits or third parties. The Company's exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but have not yet been made or that the Company believes to be immaterial. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Litigation From time to time, the Company may be subject to various legal proceedings that arise in the ordinary course of business activities. The Company is not currently party to any material legal proceedings.

Organization	3 Months Ended
Organization	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Description of Business Exagen Inc. (the Company) is a medical technology company primarily focused on the design, development and commercialization of a next-generation portfolio of testing products under the AVISE® brand, which allow for the differential diagnosis, prognosis and monitoring of complex rheumatic, autoimmune and autoimmune-related disease including, among others, systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA). Liquidity The Company has incurred recurring losses and negative cash flows from operating activities since inception. The Company anticipates that it will continue to incur net losses in future periods. As of March 31, 2026, the Company had cash and cash equivalents of $21.5 million and had an accumulated deficit of $318.2 million. Since inception, the Company has financed its operations primarily through a combination of equity financings, debt financing arrangements, and revenue from sales of the Company's products. Based on the Company's current business plan, management believes that its existing capital resources will be sufficient to fund the Company's obligations for at least twelve months following the issuance of these condensed financial statements. The Company held claims in the first three months ended March 31, 2026, which resulted in increases in its accounts receivable and an accelerated decrease in its cash and cash equivalents in the three months ended March 31, 2026, and a reversal of that trend is expected in the remaining three quarters of the fiscal year ending December 31, 2026. To execute its business plans, the Company may need additional funding to support its continuing operations and pursue its growth strategy. Until such time as the Company can achieve significant cash flows from operations, if ever, it may need to finance its operations through the sale of its common stock, debt financings or other strategic transactions. Although the Company has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing on terms acceptable to the Company, if at all. The terms of any financing may adversely affect the holdings or the rights of the Company's stockholders. Although management believes the Company's existing capital resources are adequate to fund operations for the next twelve months, if the Company is unable to obtain additional funding in the future, the Company could be forced to delay, reduce or eliminate some or all of its programs, product portfolio expansion plans or commercialization efforts, which could have a material adverse effect on the Company's business, operating results and financial condition and the Company's ability to achieve its intended business objectives.

Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (3,967)	$ (3,752)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	599	440
Amortization of debt discount and debt issuance costs	133	42
Amortization of loan commitment fees	661	0
Change in fair value of warrant liability	(882)	0
Non-cash operating lease expense	256	234
Stock-based compensation	655	417
Other	(99)	74
Changes in assets and liabilities:
Accounts receivable, net	(4,918)	(6,893)
Prepaid expenses and other current assets	(1,140)	2
Other assets	172	72
Operating lease liabilities	(295)	(263)
Accounts payable	(41)	231
Deferred revenue	6	143
Accrued and other current liabilities	(1,557)	(1,418)
Net cash used in operating activities	(10,417)	(10,671)
Cash flows from investing activities:
Purchases of property and equipment	(228)	(113)
Proceeds from disposal of property and equipment	0	6
Net cash used in investing activities	(228)	(107)
Cash flows from financing activities:
Proceeds from common stock issued under Employee Stock Purchase Plan	295	198
Principal payments on finance lease obligations	(189)	(90)
Principal payments on notes payable obligations	(168)	(107)
Payment of debt issuance costs	0	(65)
Net cash used in financing activities	(62)	(64)
Net decrease in cash, cash equivalents and restricted cash	(10,707)	(10,842)
Cash, cash equivalents and restricted cash, beginning of period	32,420	22,236
Cash, cash equivalents and restricted cash, end of period	21,713	11,394
Supplemental disclosure of cash flow information:
Cash paid for interest	856	402
Supplemental disclosure of non-cash items:
Unpaid equipment settled under financing arrangement	0	677
Costs incurred, but not paid, in connection with capital expenditures	$ 72	$ 176

Unaudited Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	10,000,000	10,000,000
Shares outstanding (in shares)	0	0
Shares issued (in shares)	0	0
Common stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	200,000,000	200,000,000
Shares issued (in shares)	24,088,057	22,911,575
Shares outstanding (in shares)	24,088,057	22,911,575

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 17,306	$ 15,498
Commercial
Disaggregation of Revenue [Line Items]
Revenue	9,476	8,185
Government
Disaggregation of Revenue [Line Items]
Revenue	4,281	3,637
Client direct bill
Disaggregation of Revenue [Line Items]
Revenue	3,450	3,600
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 99	$ 76

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Summary of Significant Accounting Policies - Schedule of Concentration of Risk, by Risk Factor and Significant Payer (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Customer A \| Revenue
Disaggregation of Revenue [Line Items]
Concentration risk percentage	24.00%	23.00%
Customer A \| Accounts Receivable, Net
Disaggregation of Revenue [Line Items]
Concentration risk percentage	26.00%		23.00%
Customer B \| Revenue
Disaggregation of Revenue [Line Items]
Concentration risk percentage	21.00%	18.00%
Customer B \| Accounts Receivable, Net
Disaggregation of Revenue [Line Items]
Concentration risk percentage	23.00%		19.00%
Customer C \| Accounts Receivable, Net
Disaggregation of Revenue [Line Items]
Concentration risk percentage	11.00%		14.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Concentration of Risk, by Risk Factor and Significant Payer

For each significant payor and customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable are as follows:


	Revenue
	Three Months Ended March 31,
	2026		2025
Customer A	24	%	23	%
Customer B	21	%	18	%


	Accounts Receivable, Net
	March 31, 2026		December 31, 2025
Customer A	26	%	23	%
Customer B	23	%	19	%
Customer C	11	%	14	%

Schedule of Disaggregation of Revenue

The following table includes the Company's revenues as disaggregated by payor and customer category (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenue:
Commercial	$	9,476	$	8,185
Government	4,281		3,637
Client direct bill(1)	3,450		3,600
Other(2)	99		76
Total revenue	$	17,306	$	15,498

(1)Includes hospitals, other laboratories, etc.

(2)Includes patient self-pay.

Schedule of Cash and Cash Equivalents

Cash, cash equivalents and restricted cash presented in the accompanying condensed statements of cash flows consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	21,513	$	32,220
Restricted cash	200		200
Total cash, cash equivalents and restricted cash	$	21,713	$	32,420

Schedule of Restricted Cash and Cash Equivalents

Cash, cash equivalents and restricted cash presented in the accompanying condensed statements of cash flows consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	21,513	$	32,220
Restricted cash	200		200
Total cash, cash equivalents and restricted cash	$	21,713	$	32,420

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares):


	March 31, 2026	March 31, 2025
Warrants to purchase common stock	131	325,330
Common stock options	706,839	608,146
Restricted stock units	2,129,706	1,822,547
Employee stock purchase plan	17,480	14,844
Total	2,854,156	2,770,867

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) installment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
New Accounting Pronouncement, Early Adoption [Line Items]
Restricted cash	$ 200		$ 200
Revenue recognized in previous periods	1,100	$ 700
Deferred revenue	700		700
Revenue recognized	100	100
Allowance for credit loss	0	$ 0
Accounts receivable, net	15,773		10,855
Loan commitment fees	685		$ 1,182
Amortization of loan commitment fees	200
Realized loss on loan commitment	$ 400
Stock options, vesting period \| installment	4
Revenue \| Supplier Concentration Risk \| Supplier One
New Accounting Pronouncement, Early Adoption [Line Items]
Concentration risk percentage	98.00%
Revenue \| Supplier Concentration Risk \| Supplier Two
New Accounting Pronouncement, Early Adoption [Line Items]
Concentration risk percentage		76.00%
AVISE CTD Test \| Revenue \| Product Concentration Risk
New Accounting Pronouncement, Early Adoption [Line Items]
Concentration risk percentage	91.00%	92.00%

Unaudited Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		17,640,328
Beginning balance at Dec. 31, 2024	$ 9,540	$ 18	$ 303,853	$ (294,331)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock from vested restricted stock units (in shares)		229,151
Issuance of stock under Employee Stock Purchase Plan (in shares)		80,554
Issuance of stock under Employee Stock Purchase Plan	198		198
Stock-based compensation	417		417
Net loss	(3,752)			(3,752)
Ending balance (in shares) at Mar. 31, 2025		17,950,033
Ending balance at Mar. 31, 2025	$ 6,403	$ 18	304,468	(298,083)
Beginning balance (in shares) at Dec. 31, 2025	22,911,575	22,911,575
Beginning balance at Dec. 31, 2025	$ 17,449	$ 23	331,708	(314,282)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock from cashless warrant exercises (in shares)		804,788
Issuance of stock from cashless warrant exercises	$ 0	$ 1	(1)
Issuance of stock from vested restricted stock units (in shares)		275,671
Issuance of stock under Employee Stock Purchase Plan (in shares)	96,023	96,023
Issuance of stock under Employee Stock Purchase Plan	$ 295		295
Stock-based compensation	655		655
Net loss	$ (3,967)			(3,967)
Ending balance (in shares) at Mar. 31, 2026	24,088,057	24,088,057
Ending balance at Mar. 31, 2026	$ 14,432	$ 24	$ 332,657	$ (318,249)

Other Financial Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Other Financial Information [Abstract]
Depreciation and amortization	$ 0.6	$ 0.4
Gross book value of assets under finance leases	$ 3.7		$ 3.7

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Financial Instrument Measured on a Recurring Basis

The following table sets forth the Company's financial instruments that were measured at fair value on a recurring basis within the fair value hierarchy (in thousands):


	March 31, 2026
	Total		Level 1		Level 2		Level 3



Liabilities:
Warrant liability	$	767	$	—	$	—	$	767


	December 31, 2025
	Total		Level 1		Level 2		Level 3



Liabilities:
Warrant liability	$	1,752	$	—	$	—	$	1,752

Schedule of Fair Value Measurements Inputs

The assumptions used in the BSM option pricing model to determine the fair value of the warrant liability were as follows:


	March 31, 2026			December 31, 2025
Fair value of underlying common stock	$	3.00		$	6.08
Exercise price	$3.00 - $3.38			$6.08 - $6.84
Risk-free interest rate	4.3		%	4.2		%
Expected volatility	85.2		%	85.6		%
Expected term (in years)	10.0			10.0
Expected dividend yield	—		%	—		%

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the warrant liability measured at fair value using Level 3 significant unobservable inputs (in thousands):


	Warrant Liability
Balance at December 31, 2025	$	1,752

Change in fair value of warrant liability	(882)

Termination of Tranche C Warrant Shares	(103)
Balance at March 31, 2026	$	767