EX-4.9





 Exhibit 4.9 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED (I) UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR (II) WITHOUT AN OPINION OF COUNSEL, IN
FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

WARRANT TO PURCHASE STOCK 
  

			
	 Company
	  	EXAGEN DIAGNOSTICS, INC.
	 Number of Shares
	  	 (subject to Section 1.7)

	 Type/Series of Stock
	  	Series F Preferred (subject to Section 1.7)
	 Warrant Price
	  	$0.078 per share (subject to Section 1.7)
	 Issue Date
	  	
	 Expiration Date
	  	 (See also Section 5.1(b))

	 Credit Facility
	  	This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Loan and Security Agreement dated as of
                            , among Innovatus Life Sciences Lending Fund I, LP, as Lender and Collateral
Agent, the Lenders from time to time party thereto, and the Company (as modified, amended and/or restated from time to time, the “Loan Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, INNOVATUS LIFE SCIENCES LENDING FUND I, LP
(“Innovatus”), a Delaware limited partnership with an office located at 777 Third Avenue, 25th Floor, New York, NY 10017 (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon
exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock (the
“Class”) of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms
and conditions set forth in this Warrant. 
 SECTION 1.    EXERCISE. 

1.1    Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part,
by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set
forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares
being purchased. 
 1.2    Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the
aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which
this Warrant is being exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 












 X =Y(A-B)/A 

where: 
 X
=    the number of Shares to be issued to the Holder; 
 Y = the number of Shares with respect to which this Warrant is
being exercised 
 (inclusive of the Shares surrendered to the Company in payment of the 

aggregate Warrant Price); 
 A
=    the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and 
 B
=    the Warrant Price. 
 1.3    Fair Market Value. If the Company’s common
stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading
Market”) and the Class is common stock, the fair market value of a Share shall be the closing price or last sale price of a share of common stock reported for the Business Day immediately before the date on which Holder delivers this
Warrant together with its Notice of Exercise to the Company. If the Company’s common stock is then traded in a Trading Market and the Class is a series of the Company’s convertible preferred stock, the fair market value of a Share
shall be the closing price or last sale price of a share of the Company’s common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company
multiplied by the number of shares of the Company’s common stock into which a Share is then convertible. If the Company’s common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market
value of a Share in its reasonable good faith judgment. 
 1.4    Delivery of Certificate and New Warrant.
Reasonably promptly after Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has
not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired. 

1.5    Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this
Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

1.6 Treatment of Warrant Upon Acquisition of Company. 

(a)    Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or
series of related transactions involving: (i) the sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Company; (ii) any merger or consolidation of the Company into or with another person or
entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger,
consolidation 

  
 2 













 
or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or
reorganization (but excluding the sale of less than forty-nine percent (49%) of the shares of capital stock of the Company in a bona fide equity financing or series of financings); or (iii) any sale or other transfer by the stockholders of the
Company of shares representing a majority of the Company’s then-total outstanding combined voting power. 

(b)    Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be
received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), either (i) Holder shall exercise this
Warrant pursuant to Section 1.1 and/or 1.2 and such exercise will be deemed effective immediately prior to and contingent upon the consummation of such Acquisition or (ii)    if Holder elects not to exercise the Warrant,
this Warrant will expire immediately prior to the consummation of such Acquisition. 
 (c)    The Company shall provide
Holder with written notice of its request relating to the Cash/Public Acquisition (together with such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such contemplated Cash/Public
Acquisition giving rise to such notice), which is to be delivered to Holder not less than seven (7) Business Days prior to the closing of the proposed Cash/Public Acquisition. Notwithstanding the foregoing, if, immediately prior to the Cash/Public
Acquisition, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date, then this Warrant shall
automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall promptly notify the Holder of
the number of Shares (or such other securities) issued upon such exercise to the Holder and Holder shall be deemed to have restated each of the representations and warranties in Section 4 of this Warrant as of the date thereof. 

(d)    Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving
or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion
of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

(e)    As used in this Warrant, “Marketable Securities” means securities meeting all of the following
requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its
filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to
exercise this Warrant on or prior to the closing thereof is then traded in Trading Market; and (iii) Holder would not be restricted by applicable federal securities laws from publicly re-selling,
beginning six (6) months following the closing of such Acquisition, all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the
closing of such Acquisition. 
 1.7    Adjustment in Underlying Preferred Stock Price and Warrant Price. If
Company sells and issues to any investors preferred stock in the next bona fide equity financing after the Issue 

  
 3 













 
Date, and the price per share in such financing is less than the Warrant Price, this Warrant shall, concurrent with the issuance of such shares of preferred stock, automatically be adjusted to
instead be exercisable for shares of the same series and class and bearing the same rights, preferences, and privileges of such shares of stock, with the Warrant Price hereunder adjusted to equal the per share purchase price of such stock, and the
number of such shares subject to this Warrant adjusted to equal (i)                 Dollars
($                 ), divided by (ii) such modified per share Warrant Price. Any adjustments pursuant to this Section 1.7 shall be in addition to any
adjustments pursuant to Section 2 below. 
 SECTION 2.    ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1    Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding
shares of the Class payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of
securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise
into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated, by
reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2    Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding
shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be
exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in
accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events. 

2.3    Conversion of Preferred Stock. If the Class is a class and series of the Company’s convertible
preferred stock, in the event that all outstanding shares of the Class are converted, automatically or by action of the holders thereof, into common stock pursuant to the provisions of the Company’s Certificate of Incorporation, including,
without limitation, in connection with the Company’s initial, underwritten public offering and sale of its common stock pursuant to an effective registration statement under the Act (the “IPO”), then from and after the date on
which all outstanding shares of the Class have been so converted, this Warrant shall be exercisable for such number of shares of common stock into which the Shares would have been converted had the Shares been outstanding on the date of such
conversion, and the Warrant Price shall equal the Warrant Price in effect as of immediately prior to such conversion divided by the number of shares of common stock into which one Share would have been converted, all subject to further adjustment
thereafter from time to time in accordance with the provisions of this Warrant. 
 2.4    Adjustments for Diluting
Issuances. Without duplication of any adjustment otherwise provided for in this Section 2, the number of shares of common stock issuable upon conversion of the Shares shall be subject to anti-dilution adjustment from time to time in the
manner set forth in the 

  
 4 













 
Company’s Certificate of Incorporation as if the Shares were issued and outstanding on and as of the date of any such required adjustment. 

2.5    No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of
Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by
multiplying the fractional interest by (a) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (b) the then-effective Warrant Price. 

2.6    Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of
Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The
Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such
adjustment. 
 SECTION 3.    REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1    Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as
follows: 
 (a)    The initial Warrant Price referenced on the first page of this Warrant is not greater than the price
per share at which shares of the Class were last sold and issued prior to the Issue Date hereof in an arms-length transaction in which at least $500,000 of such shares were sold. 

(b)    All Shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon
conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein
or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class, common stock and
other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into common stock or such other securities. 

(c)    The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material
respects, as of the Issue Date. 
 3.2 Notice of Certain Events. If the Company proposes at any time to: 

(a)    declare any dividend or distribution upon the outstanding shares of the Class or common stock, whether in
cash, property, stock, or other securities and whether or not a regular cash dividend; 
 (b)    effect any
reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Class; 
 (c)
effect an Acquisition or to liquidate, dissolve or wind up; or 
 (d) effect an IPO; 

  
 5 













 then, in connection with each such event, the Company shall give Holder: 

(1)    at least seven (7) Business Days prior written notice of the date on which a record will be
taken for such dividend or distribution (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in
(a) above; 
 (2)    in the case of the matters referred to in (b) and (c) above at least
seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the securities or other
property deliverable upon the occurrence of such event); and 
 (3)    with respect to the IPO, at least
seven (7) Business Days prior written notice of the date on which the Company proposes to file its registration statement in connection therewith. 

Reference is made to Section 1.6(c) whereby this Warrant will be deemed to be exercised pursuant to Section 1.2 hereof if the Company does not give
written notice to Holder of a Cash/Public Acquisition as required by the terms hereof. Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting
requirements. 
 3.3    Registration Rights. The Company agrees that the Holder shall have the
“Piggyback” and S-3 registration rights pursuant to and as set forth in the Company’s Sixth Amended and Restated Investors’ Rights Agreement, dated as of May 4, 2017, as the same may be
amended from time to time in accordance with its terms (the “Rights Agreement”), with the Shares being deemed to be “Registrable Securities” and the Holder being deemed a “Holder” thereunder. The provisions set forth in
the Rights Agreement or similar agreement relating to such registration rights in effect as of the Issue Date may not be amended, modified or waived without the prior written consent of the Holder unless such amendment, modification or waiver
affects the rights associated with the Shares issued and issuable upon exercise hereof (and the shares of the Company’s common stock issued and issuable upon conversion of the Shares) in the same manner as such amendment, modification or waiver
affects the rights associated with the outstanding shares of the Company’s convertible preferred stock which this Warrant is exercisable for and whose holders are parties thereto. 

SECTION 4.    REPRESENTATIONS, WARRANTIES OF THE HOLDER. 

The Holder represents and warrants to the Company as follows: 

4.1    Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by
Holder are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the
specific purpose of acquiring this Warrant or the Shares. 
 4.2    Disclosure of Information. Holder is aware of
the Company’s business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant
and its underlying securities. Holder further has had an opportunity to ask questions and receive 

  
 6 













 
answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed
such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3    Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities
involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying
securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business
relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4    Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D
promulgated under the Act. 
 4.5    The Act. Holder understands that this Warrant and the Shares issuable upon
exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder
understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and
qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act. 

4.6    No Shareholder Rights. Holder, as a Holder of this Warrant, will not have any shareholder or voting rights
until the exercise of this Warrant. 
 4.7    Market Stand-Off. Holder
agrees that the Shares or other securities issuable upon the exercise hereof and all securities of the Company issuable with respect thereto shall be subject to the “market stand-off” agreement set
forth in Section 2.10 of the Rights Agreement. The provisions set forth in the Rights Agreement to such market stand-off provisions in effect as of the Issue Date may not be amended, modified or waived
without the prior written consent of the Holder unless such amendment, modification or waiver affects the rights associated with the Shares issued and issuable upon exercise hereof (and the shares of the Company’s common stock issued and
issuable upon conversion of the Shares) in the same manner as such amendment, modification or waiver affects the rights associated with the outstanding shares of the Company’s convertible preferred stock which this Warrant is exercisable for
and whose holders are parties thereto. 
 SECTION 5.    MISCELLANEOUS. 

5.1    Term and Automatic Conversion Upon Expiration. 

(a)    Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part
at any time and from time to time on or before 6:00 P.M., Eastern time, on the Expiration Date and shall be void thereafter. 

  
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 (b)    Automatic Cashless Exercise upon Expiration. In the event
that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this
Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a
reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder. 

5.2    Legends. The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if
any) shall be imprinted with a legend in substantially the following form: 
 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO INNOVATUS LIFE SCIENCES LENDING FUND
I, LP DATED                 ,        , MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED (I) UNLESS AND UNTIL
REGISTERED UNDER SAID ACT AND LAWS OR (II) WITHOUT AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER, THAT SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

5.3    Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this
Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and
the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an
opinion of counsel if the transfer is to an affiliate of Holder; provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an
opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act. 

5.4    Transfer Procedure. Subject to the provisions of Section 5.3 and upon providing the Company with
written notice, Holder may transfer all or part of this Warrant (this Warrant, together with any warrants issued upon any permitted transfer hereunder are referred to herein collectively as the “Warrants”) or the Shares issuable upon
exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, Holder will give the Company notice of the
portion of the Warrant and/or Shares (and/or securities issued upon conversion of the Shares, if any) being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company
for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee shall agree in writing with the Company that it makes each of the representations, warranties and covenants set forth in
Section 4 hereof and to be bound by all of the terms and conditions of this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this
Warrant or any portion hereof, or any 

  
 8 













 
Shares issued upon any exercise or conversion hereof, or any shares or other securities issued upon any conversion of any Shares issued upon any exercise or conversion hereof, to any person or
entity who directly competes with the Company, except in connection with (i) an Acquisition of the Company by such a direct competitor or (ii) a sale or other transfer in connection with any sale or transfer of the Loan Agreement subject
to, and in accordance with, the terms of the Loan Agreement. 
 5.5    Notices. All notices and other
communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail,
postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier
fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to
Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 

INNOVATUS LIFE SCIENCES LENDING FUND I, LP 

777 Third Avenue, 25th Floor 

New York, NY 10017 
 Attention:
Claes Ekstrom 
 Email: 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address: 

EXAGEN DIAGNOSTICS, INC. 
 1261
Liberty Way, Suite C 
 Vista, CA 92081 

Attn: Chief Financial Officer 

Email: 
 With a copy (which
shall not constitute notice) to: 
 Latham & Watkins 

505 Montgomery Street, Suite 2000 

San Francisco, CA 94111-6538 

Attn: Haim Zaltzman 
 Email:

 5.6    Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either
generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the Company and the holders of Warrants exercisable for a majority of the total number of Shares then issuable pursuant to
all Warrants. Any change or waiver effected in accordance with this Section 5.6 shall be binding upon each holder of Warrants. 

5.7    Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of
this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

  
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 5.8    Counterparts; Facsimile/Electronic Signatures. This
Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to
any agreement subject to the terms hereof or any amendment thereto. 
 5.9    Governing Law. This Warrant shall
be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to its principles regarding conflicts of law. 

5.10    Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise
affect the meaning of any provision of this Warrant. 
 5.11    Business Days. “Business Day” is
any day that is not a Saturday, Sunday or a day on which banks in New York, New York are closed. 
 [Signature page follows]


  
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 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by
their duly authorized representatives effective as of the Issue Date written above. 
  

	
	“COMPANY”
	
	EXAGEN DIAGNOSTICS, INC.
	
	   

	Name: Ron Rocca
	Title: CEO
	
	“HOLDER”
	
	INNOVATUS LIFE SCIENCES LENDING FUND I, LP
	
	   

	Name: Andrew Dym
	Title: Authorized Signatory