XML 10 R1.htm IDEA: XBRL DOCUMENT v3.22.2.2
Cover - shares
6 Months Ended
Jun. 30, 2022
Jul. 29, 2022
Cover [Abstract]    
Document Type 10-Q/A  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2022  
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 true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   16,260,445
Amendment Description Exagen Inc. (the Company) hereby amends its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the Securities and Exchange Commission (the SEC) on August 4, 2022 (the Original Quarterly Report), as set forth in this Amendment No. 1 on Form 10-Q/A (the Form 10-Q/A or Amended Quarterly Report), to amend and restate its financial statements and related disclosures as of and for the three and six months ended June 30, 2022.Restatement BackgroundOn November 13, 2022, management and the audit committee of our board of directors determined that the Company made certain errors in revenue resulting from erroneous and duplicate billings related to changes in billing practices. The errors were due to the inadequate design and implementation and precision of internal controls and procedures to evaluate and monitor the accounting for revenue recognition. As a result, revenue and accounts receivable were overstated and other liabilities was understated for the quarter and year to date periods ended June 30, 2022.In connection with the restatement, the Company has also corrected errors associated with revenue that it determined to be immaterial, both individually and in the aggregate, to the financial statements for the fiscal quarter ended June 30, 2022. A summary of the accounting impacts of these adjustments to the Company's financial statements as of and for the three and six months ended June 30, 2022 is provided in Note 1 "Restatement of Previously Issued Financial Statements," of the Notes to Condensed Financial Statements of this Form 10-Q/A. The effect of these errors was a $1.4 million overstatement of revenue for the three and six months ended June 30, 2022; in addition to, a $0.9 million overstatement of accounts receivable and a $0.5 million understatement of other liabilities as of June 30, 2022.This Amended Quarterly Report also amends and restates the Company's Management's Discussion and Analysis of Financial Condition and Results of Operations, Risk Factors and other disclosures made in the Original Quarterly Report, as appropriate, to reflect the restatement of the relevant periods.In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Company is also including with this Amended Quarterly Report currently dated certifications of the Company's principal executive officer and principal financial officer (attached as Exhibits 31.1, 31.2, and 32.1). Except as discussed above and as further described in Note 1, Note 1A, Note 2 and Note 3 in the Notes to Condensed Financial Statements, the Company has not modified or updated disclosures presented in this Amended Quarterly Report. Accordingly, the Amended Quarterly Report does not reflect events occurring after the Original Quarterly Report or modify or update those disclosures affected by subsequent events. Information not affected by the restatement is unchanged and reflects disclosures made at the time of the filing of the Original Quarterly Report.In connection with the restatement, the Company has concluded there was a material weakness in its internal control over financial reporting as of June 30, 2022, and its disclosure controls and procedures were not effective. See additional discussion included in Part I, Item 4 of this Amended Quarterly Report.  
Entity Central Index Key 0001274737  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
Amendment Flag true