Item 1.01. Entry into a Material Definitive Agreement. On October 21, 2021, Exagen Inc. (the "Company"), entered into the Second Amendment to Loan and Security Agreement with Innovatus Life Sciences Lending I, LP ("Innovatus") and the other lenders party thereto (the "Second Loan Amendment"), which amended the term loan agreement, dated as of September 7, 2017, between the Company and Innovatus, as amended on November 19, 2019 (the "Original Loan Agreement"). The Second Loan Amendment will become effective on November 1, 2021. The Second Loan Amendment amends the Original Loan Agreement by, among other things, (i) decreasing the interest rate on all borrowings to 8.0%, of which 2.0% will be paid in-kind and capitalized to the principal amount of the outstanding term loan on a monthly basis until December 1, 2024; after which interest will accrue at an annual rate of 8.0%; (ii) extending the interest-only period through December 2024 and the maturity date to November 19, 2026; and (iii) changing the specified level of revenue, as measured quarterly on a rolling twelve-month basis, commencing with the quarter ending December 31, 2022, the Company must achieve to satisfy the related financial covenant in the Original Loan Agreement, subject to exceptions based on achievement of performance milestones and the ability to cure any default thereof with the issuance of equity securities or subordinated indebtedness. We refer to the effects of the Second Loan Amendment as the "Refinancing." The foregoing description is a summary description of certain terms contained in the Second Loan Amendment and does not purport to be complete, and it is qualified in its entirety by reference to: (i) the copy of the Original Loan Agreement, filed with the Securities and Exchange Commission (the "SEC") as


  Exhibit 10.3    2   to the Company's Registration Statement on Form S-1 on
August 23, 2019, (ii) the terms and conditions of the Second Loan Amendment,
which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q
to be filed for the quarter ending September 30, 2021.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The disclosure set forth under Item 1.01 of this Current Report on Form 8-K is
incorporated into this Item 2.03 by reference.
Item 8.01. Other Events.
Press Release
On October 25, 2021, the Company issued a press release announcing the
Refinancing. A copy of the press release is attached hereto as Exhibit 99.1 and
is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
  Exhibit No.          Description

99.1                     Press Release dated October 25, 2021

104                    Cover Page Interactive Data File (embedded within the Inline XBRL document)

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