EXAGEN INC.

**Signal Note: RTW Investments Initiates $4.8M Position in Exagen (XGN)** RTW's entry into XGN likely signals conviction in the company's autoimmune diagnostics portfolio, particularly its anti-CCP and ANA testing platforms which serve the $3B+ rheumatology diagnostics market with high recurring revenue characteristics. Near-term catalysts may include reimbursement expansions, lab utilization growth metrics, or potential M&A interest given the company's position in high-margin molecular diagnostics.