Document:

EX-10.11

 Exhibit 10.11 

CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED
MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
 AMENDMENT NO. ONE TO 

ASSET PURCHASE AGREEMENT 

between: 
 CYPRESS BIOSCIENCE,
INC., 
 PROPRIUS, INC., 
 and

 EXAGEN DIAGNOSTICS 
 Dated as
of March 10, 2011 

 AMENDMENT NO. ONE TO ASSET PURCHASE AGREEMENT 

This Amendment No. One is made as of this 10th day of March, 2011 by and among Cypress Bioscience, Inc., a Delaware corporation
(“Seller”), Proprius, Inc., a Delaware corporation (“Subsidiary”), and Exagen Diagnostics, Inc., a Delaware corporation (“Purchaser” and, collectively with Seller and Subsidiary, the “Parties”) to that certain
Asset Purchase Agreement, dated as of October 8, 2010, by and among the Parties (the “Agreement”). Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Agreement. 

RECITAL 
 The Parties wish to set
forth herein amendments to certain provisions of the Agreement pertaining to the Acquired Xifin Accounts Receivable to, among other things, (a) change the amount Seller or Subsidiary is required to pay to Purchaser for the Acquired Xifin
Accounts Receivable, including for royalties and collection fees paid by Purchaser, and (b) provide that Purchaser need not collect receivables from patients except to the extent such patients have received reimbursement from insurance
companies. 
 AMENDMENT 
 The
Parties, intending to be legally bound, agree as follows: 
 1. Amendment and Restatement of Section 1.3(h). Section 1.3(h) of the
Agreement is amended and restated to read as follows: 
 “(h) Within [***] days after the delivery of each monthly
reconciliation contemplated by Section 1.8(f) of this Agreement, Seller or Subsidiary, as applicable, shall, subject to Section 10.17, pay to Purchaser: (i) for monthly reports within the period of time beginning on the Closing Date
and ending on January 31, 2011, an amount equal to (x) [***]% multiplied by all amounts received pursuant to Acquired Xifin Accounts Receivable during such month plus (y) [***]% multiplied by the amount of license royalties
paid by Purchaser under any Contracts which are attributable to such accounts receivable during such month plus (z) [***]% multiplied by the amount of the collection fee (which amount shall not exceed [***]% of the amount collected) paid
by Purchaser to Xifin with respect to such accounts receivable during such month, and (ii) for monthly reports within the period of time beginning on February 1, 2011 and continuing until the end of the Acquired Xifin Accounts Term, an
amount equal to (x) [***]% multiplied by all amounts received pursuant to Acquired Xifin Accounts Receivable during such month plus (y) [***]% multiplied by the amount of license royalties paid by Purchaser under any Contracts which
are attributable to such accounts receivable during such 

  

	***	 Certain information on this page has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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month plus (z) [***]% multiplied by the amount of the collection fee (which amount shall not exceed [***]% of the amount collected) paid by Purchaser to Xifin with respect to such
accounts receivable during such month. For accounts receivable for testing services performed by Purchaser with a date of service of October 6, 2010 or later (as defined by the blood sample draw date) (the “Post-10/5 Accounts
Receivable”), the Parties shall, subject to Section 10.17, follow the procedures set forth under “Post-10/5 Accounts Receivable” in Schedule 5.8.” 

2. Amendment to Section 1.7. Section 1.7 of the Agreement is amended by appending subsection (b) thereto, to read as follows: 

“(b) Notwithstanding anything to the contrary in Section 1.7(a)(iii), Purchaser shall have no obligation to make any efforts to collect
any patient receivables that are (i) [***] or (ii) [***]. For all collection efforts, Purchaser will have the right to use its patient financial assistance program and its reasonable billing and collection policies.” 

3. Treatment of Non-Xifin AR. The portion of Schedule 5.8 of the Agreement under the heading “Non-Xifin Accounts Receivable” is amended and
restated to read as follows: 
 “Non-Xifin Accounts Receivable (“Non-Xifin AR”) 

Claims or Payments for testing Services performed by Seller or Subsidiary, as applicable, with a date of service, as defined by blood sample
draw date, prior to January 12, 2010. 
  

	 	•	 	 Seller will retain all rights to pursue payment for Non-Xifin AR claims. 

 

	 	•	 	 Seller will not pursue payment for Non-Xifin AR resulting from amounts billed to patients if Seller or its agents
have not received such Claims or Payments on or before March 10, 2011; provided, however, the foregoing restriction shall not apply to any Reimbursement Receivables. 

  

	***	 Certain information on this page has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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	 	•	 	 Purchaser will make available any information and data required to pursue Non-Xifin AR.”

 4. Treatment of Xifin AR. The portion of Schedule 5.8 of the Agreement under the heading “Xifin Accounts Receivable”
is amended and restated to read as follows: 
 “Xifin Accounts Receivable (“Xifin AR”) 

Claims and Payments for testing services performed by Seller with a date of service, as defined by the blood sample draw date, of
January 12, 2010 through the close of business on October 5, 2010: 
  

	 	•	 	 All Xifin AR will be submitted for payment using Seller provider identification numbers. 

 

	 	•	 	 Purchaser will work with Xifin to provide all required information for efficient processing of Xifin AR.

  

	 	•	 	 Seller will provide purchaser with electronic copies of all deposits made to Seller for Xifin AR.

  

	 	•	 	 On a monthly basis Purchaser will provide Seller with a reconciliation statement detailing the total collections
by test for that month, the royalties owed on said payments, the collection fee owed to Xifin on said payments (per the surviving contract between Purchaser and Xifin, never to exceed [***]%), the [***]% to [***]% or [***]% to [***]% split, as
applicable to such month, between Seller and Purchaser of said payments and other payments owed between Seller and Purchaser relating to the royalties and payments to Xifin. 

 

	 	•	 	 Seller and Purchaser will settle the monies due within 14 days after the delivery of each monthly reconciliation
statement contemplated in the previous bullet point.” 

 5. Miscellaneous. Except as expressly amended hereby, the Agreement
shall remain in full force and effect in accordance with the terms thereof. This Amendment No. One will be construed in accordance with, and governed in all respects by, the laws of the State of California (without giving effect to principles of
conflicts of law) and may be executed in several counterparts, each of which will constitute an original and all of which, when taken together, will constitute one agreement. 

[Signatures Follow] 

  

	***	 Certain information on this page has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 3 

 The Parties have caused this Amendment No. One to be executed as of the date first written above.

  

									
	CYPRESS BIOSCIENCE, INC.	 		 	PROPRIUS, INC.
					
	By	 	 /s/ Jeffrey A. Meckler
	 		 	By	 	 /s/ Sabrina Martucci Johnson

	Name:	 	Jeffrey A. Meckler	 		 	Name:	 	Sabrina Martucci Johnson
	Title:	 	Interim Chief Executive Officer	 		 	Title:	 	President
				
	EXAGEN DIAGNOSTICS, INC.	 		 		 	
					
	By	 	 /s/ Scott L. Glenn
	 		 		 	
	Name:	 	Scott L. Glenn	 		 		 	
	Title:	 	Chairman and Chief Executive Officer	 		 		 	

  
 [Signature page to
Amendment No. One]EX-10.12

 Exhibit 10.12 

AMENDMENT NO. TWO TO ASSET PURCHASE AGREEMENT 

This Amendment No. Two is made as of this 21st day of August, 2012 by and among Royalty
Pharma Collection Trust, a Delaware statutory trust (“Seller”), as assignee of Cypress Bioscience, Inc., a Delaware corporation, Proprius, Inc., a Delaware corporation (“Subsidiary”), and Exagen Diagnostics, Inc., a Delaware
corporation (“Purchaser” and, collectively with Seller and Subsidiary, the “Parties”), the parties to that certain Asset Purchase Agreement, dated as of October 8, 2010 and amended on March 10, 2011, by and among the
Parties (the “Agreement”). Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Agreement. 

RECITALS 
 WHEREAS, pursuant to
the terms of the Agreement, at the Closing, Purchaser purchased the Diagnostic Business from Seller and Subsidiary; 
 WHEREAS, following
the Closing, certain issues have arisen between the Parties concerning, among others, claims alleging fraud, misrepresentation, unfair business practices under Cal. Bus. & Prof. Code § 17200 et seq., intentional interference with
contractual relations, and intentional interference with prospective economic relations, including claims related to the collection of receivables by Seller and Subsidiary, which claims are detailed in letters from Purchaser’s counsel to Seller
and its counsel (the “Matter”); and 
 WHEREAS, the Parties desire to resolve the Matter by setting forth herein amendments to
certain provisions of the Agreement. 
 AMENDMENT 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which being
hereby acknowledged, the Parties hereby agree as follows: 
 1. Amendment and Restatement of Section 1.3(c).
Section 1.3(c) of the Agreement is amended and restated to read as follows: 
 “(c) (i) Issuance of Note.

 On the second anniversary of the date hereof, Purchaser will issue to Seller a promissory note (the “Note”) in the aggregate
principal amount of $2,000,000, the form of which is attached hereto as Exhibit A. The Note shall be secured in accordance with Section 5.9 of the Agreement. The Note shall accrue interest at a rate of 10% per annum which
interest shall be payable on the last Friday of each month following the date of issuance of the Note. The outstanding principal balance on the Note shall be repaid at the rate of $41,666.67 per month on the last Friday of each month following the
date of issuance of the Note. The amount of interest and principal due on the last Friday of each month following the date of issuance of the Note are as set forth on Schedule A attached to the Note. 

 (ii) Mandatory Prepayment. 

The Note shall be subject to the following mandatory prepayment conditions: 

 

	 	(1)	 Upon the occurrence of a Trigger Event, the then outstanding principal balance and all accrued interest on the
Note shall become immediately due and payable in full. 

  

	 	(2)	 Upon the occurrence of any material breach by Purchaser of the provisions of the Agreement or the Note,
including any failure of Purchaser to pay amounts under the Note when due, Seller may, upon written notice to Purchaser, demand that the then outstanding principal balance and all accrued interest on the Note shall become immediately due and payable
in full. 

  

	 	(3)	 If any of the assets of Purchaser are sold, licensed, leased, transferred or otherwise disposed of to any
Person which is not a direct or indirect wholly-owned subsidiary of Purchaser, then 100% of the proceeds of any such transaction shall be applied to the outstanding principal balance on the Note. 

 

	 	(4)	 Upon the sale, on or after December 31, 2012, by Purchaser of any of its equity securities (including any
debt securities convertible into equity securities of Purchaser) to any Person other than (x) sales of such securities to an existing stockholder of Purchaser or (y) issuances of incentive equity to employees, consultants or directors,
then 20% of the gross proceeds of any such transaction shall be applied to the outstanding principal balance on the Note. 

  

	 	(5)	 Any such prepayment detailed in Sections 1, 2, 3 or 4 above shall be applied to installments of principal under
the Note in the inverse order of maturity. 

 2. Amendment to First Sentence of Section 1.9(a). The first
sentence of Section 1.9(a) of the Agreement shall be deleted and replaced with the following: “If any Trigger Event occurs prior to the date on which the Purchaser issues and delivers the Note to Seller, Purchaser shall become
immediately obligated to pay the sum of $2,000,000 to Seller by wire transfer of immediately available funds.” 
 3. Amendment of
Section 1.10. The phrase “Second Cash Payment” in Section 1.10 of the Agreement shall be deleted and replaced with the following: “payment obligations under the Note, subject to the acceleration of such payment
obligations under Section 1.3(c)(ii)(1) of the Agreement.” 
 4. Release and Waiver. In consideration of the mutual
agreements contained herein, the adequacy and sufficiency of which are hereby acknowledged, Purchaser hereby waives, releases, acquits and forever discharges Seller and Subsidiary and their respective Affiliates,

  
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predecessors, successors and assigns from any and all claims, demands, actions, causes of action, liabilities and damages in law or in equity, arising out of, in connection with, or relating to,
the Matter, and all matters directly and indirectly related thereto. 
 5. Miscellaneous. Except as expressly amended hereby, the
Agreement and the Ancillary Agreements shall remain in full force and effect in accordance with the terms thereof. This Amendment No. Two will be construed in accordance with, and governed in all respects by, the laws of the State of California
(without giving effect to principles of conflicts of law) and may be executed in several counterparts, each of which will constitute an original and all of which, when taken together, will constitute one agreement. 

6. Trustee Capacity of Wilmington Trust Company. Notwithstanding anything contained herein to the contrary, it is expressly understood
and agreed by the parties hereto that (i) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely in its trustee capacity, in the exercise of the powers and authority conferred and vested
in it under the Amended and Restated Trust Agreement dated as of August 9, 2011, among State Street Custodial Services (Ireland) Limited, as Trustee of Royalty Pharma Select, and Wilmington Trust Company, as owner trustee of Seller,
(ii) each of the representations, undertakings and agreements herein made on the part of Seller is made and intended not as a personal representation, undertaking and agreement by Wilmington Trust Company but is made and intended for the
purpose of binding only Seller and (iii) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of Seller or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by Seller under this Agreement or any related documents. 
 [Signatures Follow] 

  
 3 

 The Parties have caused this Amendment No. Two to be executed as of the date first written above.

  

			
	ROYALTY PHARMA COLLECTION TRUST
		
	By:	 	Wilmington Trust Company, not in its individual capacity but solely in its capacity as owner trustee
		
	By	 	 /s/ Yvette L. Howell

	Name:	 	Yvette L. Howell
	Title:	 	Assistant Vice President
	
	PROPRIUS, INC.
		
	By	 	 /s/ George W. Lloyd

	Name:	 	George W. Lloyd
	Title:	 	Authorized Person
	
	EXAGEN DIAGNOSTICS, INC.
		
	By	 	 /s/ Ron Rocca

	Name:	 	Ron Rocca
	Title:	 	C.E.O.

 [Signature Page to Amendment No. Two] 

 EXHIBIT A 

Form of Note 

 SECURED PROMISSORY NOTE 

 

			
	$2,000,000	  	October 8, 2012

 Subject to the terms and conditions of this Note, for value received, Exagen Diagnostics, Inc., a Delaware
corporation (the “Borrower”), hereby promises to pay to Royalty Pharma Collection Trust, a Delaware statutory trust (the “Lender”), the principal sum of Two Million Dollars and Zero Cents ($2,000,000.00) (the
“Principal Amount”), together with interest thereon accruing on and from the date hereof until the entire Balance is paid, at an annual rate equal to ten percent (10%) (the “Interest Rate”). Interest shall be
calculated based on a 365-day year, compounded monthly, but in no event shall the rate of interest exceed the maximum rate, if any, allowable under applicable law. The amount of interest and principal due on the last Friday of each month following
the date of issuance of this Note is as set forth on Schedule A hereto. “Balance” means, at the applicable time, the sum of all then outstanding principal of this Note, all then accrued but unpaid interest and all other
amounts then accrued but unpaid under this Note. 
 1. Terms of Note. This Note is issued pursuant to, and is subject to the terms
and entitled to the benefits of, the Asset Purchase Agreement, dated as of October 8, 2010, as amended, modified or supplemented from time to time (the “Asset Purchase Agreement”), among the Borrower, the Lender (as assignee of
Seller) and Subsidiary. Terms used herein and not otherwise defined shall have the meanings set forth in the Asset Purchase Agreement. 
 2.
Maturity. Subject to any prepayment of this Note, the principal amount of this Note shall be payable on the dates and in the amounts as set forth on Schedule A hereto. 

3. Interest. Interest on this Note will accrue at the Interest Rate from the date hereof. Interest on this Note shall be payable on the
dates and in the amounts as set forth on Schedule A hereto, subject to any prepayment of this Note. Following any prepayment of this Note, the interest amounts payable on this Note shall be adjusted accordingly. Notwithstanding the foregoing,
in the event any payment due hereunder is not made when due, Section 1.11 of the Asset Purchase Agreement shall be applicable to such late payment. 

4. Prepayment. This Note may be prepaid at any time, without premium or penalty, in whole or in part. Any prepayment of this Note shall
be applied to installments of the Principal Amount in the inverse order of maturity. This Note is subject to the mandatory prepayment conditions set forth in Section 3.1(c)(ii) of the Asset Purchase Agreement. Such mandatory prepayments
shall be made at the times and in the amounts as specified in the Asset Purchase Agreement. 
 5. Security. This Note is secured
under the Intellectual Property Security Agreement, entered into concurrently with the execution and delivery of the Asset Purchase Agreement. Reference is hereby made to the Intellectual Property Security Agreement for a

 
description of the nature and extent of the security for this Note and the rights with respect to such security of the holder of this Note. 

6. No Impairment. No provision of the Asset Purchase Agreement or this Note shall alter or impair the obligation of the Borrower, which
is absolute and unconditional, to pay the principal and interest on this Note at the times, places and rates, and in the coin or currency provided in the Asset Purchase Agreement or herein. 

7. No Waivers; Amendments. No failure or delay on the part of the payee hereof in exercising any right, power or remedy hereunder or
under the Asset Purchase Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The
remedies provided for herein and in the Asset Purchase Agreement are cumulative and are not exclusive of any remedies that may be available to the payee hereof at law or in equity or otherwise. This Note may not be amended and the provisions hereof
may not be waived, except in accordance with the terms of the Asset Purchase Agreement. 
 8. Assignment. The Lender may assign this
Note and its rights under the Intellectual Property Security Agreement to an Affiliate of such Lender. Such assignee shall be deemed a “Lender” for purposes of this Note. The Borrower may not assign its obligations under this Note without
the prior written consent of the Lender. 
 9. Replacement of Note. Upon receipt by the Borrower of evidence reasonably satisfactory
to it of ownership of and the loss, theft, destruction or mutilation of this Note, and (a) in the case of loss, theft or destruction of indemnity reasonably satisfactory to it, or (b) in the case of mutilation, upon surrender and
cancellation of this Note, the Borrower, at its own expense, shall execute and deliver a new Note, dated and bearing interest from the date to which interest shall have been paid on this lost, stolen, destroyed or mutilated Note or dated the date of
this lost, stolen, destroyed or mutilated Note if no interest shall have been paid hereon. 
 10. Collection Expenses. The Borrower
further agrees, subject only to any limitation imposed by applicable law, to pay all expenses, including reasonable attorneys’ fees, incurred by the holder of this Note in endeavoring to collect any amounts payable hereunder which are not paid
when due. 
 11. Payments in U.S. Dollars. All payments of principal and interest with respect to this Note are to be made in lawful
money of the United States of America. 
 12. Governing Law. This Note shall be deemed to be a contract made under the laws of the
State of California, and for all purposes shall be governed by and construed in accordance with the laws of the State of California without regard to principles of conflicts of laws thereof. 

  
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 IN WITNESS WHEREOF, the Borrower has caused this Note to be duly executed and delivered as a
sealed instrument on the date set forth above by the duly authorized representative of the Borrower. 
  

			
	BORROWER
	
	EXAGEN DIAGNOSTICS, INC.
		
	By	 	  

	Name:	 	
	Title:	 	

 [Signature Page for Form of Note]

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