Document:

EX-4.8

 Exhibit 4.8 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER THE SECURITIES ACT OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO AN EXEMPTION TO THE SECURITIES ACT. 

THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA OR
ANY OTHER STATE AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SUCH SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION
2511, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE OR SUCH PROVISIONS OF THE CORPORATIONS CODE OF ANY SUCH OTHER STATE. THE RIGHTS OF THE HOLDER OF THIS WARRANT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE
IS SO EXEMPT. 
 Warrant No. 
 EXAGEN
DIAGNOSTICS, INC. 
 COMMON STOCK PURCHASE WARRANT 

THIS CERTIFIES that, for value received,
                                    , together with is
permitted successors and assigns (the “Holder”) is entitled, upon the terms and subject to the conditions hereinafter set forth, at any time on or after the date of this warrant (this “Warrant”) and on or prior to
                    , 2026 (the “Expiration Date”), but not thereafter, to subscribe for and purchase from Exagen
Diagnostics, Inc., a Delaware corporation (the “Company”),
                                    
(                    ) shares of Common Stock in the Company (the “Shares”) at an exercise price of $0.01 per share (the
“Exercise Price”), subject to adjustment as provided herein. This Warrant is one of a series of warrants issued pursuant to that certain Series E Preferred Stock Purchase and Exchange Agreement dated January 19, 2016, by and
among the Company and the entities and persons listed on the Schedules thereto (the “Purchase Agreement”), and the Holder and the Company shall be bound by all the terms, conditions and provisions of the Purchase Agreement. 

1. Exercise of Warrant. 

(a) Unless earlier terminated under Section 7, the purchase rights represented by this Warrant to purchase Shares are exercisable, in
whole or in part, before the close of business on the Expiration Date, by the surrender of this Warrant and the Notice of Exercise annexed hereto duly executed at the principal executive office of the Company (or such other

  
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office or agency of the Company as it may designate by notice in writing to the Holder at the address of the Holder appearing on the books of the Company), and upon payment of the Exercise Price
of the Shares thereby purchased (by cash or by check or bank draft payable to the order of the Company in an amount equal to the Exercise Price of the shares thereby purchased). 

(b) Unless earlier terminated under Section 7, in lieu of exercising this Warrant by payment of cash or check pursuant to
Section 1(a), the Holder may elect to receive Shares equal to the value of this Warrant (or the portion thereof being exercised), by surrender of this Warrant at the principal executive office of the Company, together with the Notice of
Conversion annexed hereto, in which event the Company will issue to the Holder Shares in accordance with the following formula: 
  

					
		 	X =	 	Y (A-B)
		 		 	      A
			
	Where,        	 	X  =	 	the number of Shares to be issued to Holder;
			
		 	Y  =	 	the number of Shares for which the Warrant is being exercised;
			
		 	A  =	 	the fair market value of one Share; and
			
		 	B  =	 	the Exercise Price.

 For purposes of this Section 1(b), the fair market value of a Share shall be the price per Share that the
Company could obtain from a willing buyer for Shares sold by the Company from authorized but unissued Shares, as such price shall be determined in good faith by the Company’s Board of Directors. If the Shares are traded on the over-the-counter
market or on an exchange, the fair market value of a Share shall be the average of the closing bid and asked prices of Shares quoted in the over-the-counter market in which the Shares are traded or the closing price quoted on any exchange on which
the Shares are listed, whichever is applicable, as published in the Western Edition of The Wall Street Journal for the ten (10) trading days prior to the date of determination of fair market value (or such shorter period of time during which
such stock was traded over-the-counter or on such exchange). 
 (c) As soon as practicable after the exercise of this Warrant in whole or in
part, and in any event within ten (10) days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the Holder, or such other name as specified on the Notice of Exercise delivered to the Company: 

(i) a certificate or certificates for the number of Shares to which such Holder shall be entitled; and 

(ii) in case such exercise is in part only, a Warrant or Warrants (dated the date hereof) of like tenor, calling in the aggregate on the face
or faces thereof for the number of Shares equal (without giving effect to any adjustments therein) to the number of Shares called for on the face of this Warrant minus the number of such Shares purchased by the Holder upon such exercise as provide
in Sections 1(a) or (b) above. 

  
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 2. Shares to be Fully Paid; Reservation of Shares . The Company covenants that all Shares
which may be issued upon the exercise of rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and free from all preemptive rights of any stockholder and free from all taxes, liens
and charges in respect of the issue thereof. Certificates for Shares purchased hereunder shall be delivered to the Holder within a reasonable time after the date on which this Warrant shall have been exercised as aforesaid. The Company further
covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved (or will have provided for the ability to accomplish the same through a
voting contract amongst sufficient stockholders), for the purpose of issue or transfer upon exercise of the subscription rights evidenced by this Warrant, a sufficient number of shares of authorized but unissued Shares, or other securities and
property, when and as required for the exercise of the rights represented by this Warrant. 
 3. Adjustment of Exercise Price and Number
of Shares . The Exercise Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 3. Whenever the number of
Shares purchasable upon the exercise of this Warrant is adjusted as herein provided the Exercise Price payable upon exercise of this Warrant shall be adjusted by multiplying the Exercise Price in effect immediately prior to such adjustment by a
fraction, of which the numerator shall be the number of Shares purchasable upon the exercise of this Warrant immediately prior to such adjustment, and of which the denominator shall be the number of Shares so purchasable immediately thereafter. 

(a) Split, Subdivision or Combination of Shares. If the Company at any time while this Warrant, or any portion hereof, remains
outstanding and unexpired shall split, subdivide or combine the Shares, into a different number of securities of the same class, the number of Shares purchasable upon exercise of this Warrant immediately prior thereto shall be adjusted so that the
holder of this Warrant shall be entitled to receive the kind and number of Shares or other securities of the Company which the Holder would have owned or have been entitled to receive after the happening of any of the events described above, had
this Warrant been exercised immediately prior to the happening of such event or any record date with respect thereto. An adjustment made pursuant to this Section 3(a) shall become effective immediately after the effective date of such event
retroactive to the record date, if any, for such event. 
 (b) Reclassification. If the Company, at any time while this Warrant, or
any portion hereof, remains outstanding and unexpired by reclassification of securities or otherwise, shall change the Shares into the same or a different number of securities or any other class or classes, this Warrant shall thereafter represent
the right to receive the kind and number of Shares or other securities of the Company which the Holder would have owned or have been entitled to receive after the happening of the event described above, had this Warrant been exercised immediately
prior to the happening of such event or any record date with respect thereto. An adjustment made pursuant to this Section 3(b) shall become effective immediately after the effective date of such event retroactive to the record date, if any, for
such event. 
 (c) Cash Distributions. No adjustment on account of cash dividends or interest on the Shares will be made to the
Exercise Price under this Warrant. 

  
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 (d) De Minimus Adjustments. No adjustment in the number of Shares purchasable hereunder
shall be required unless such adjustment would require an increase or decrease of at least one percent (1%) in the number of Shares purchasable upon the exercise of this Warrant; provided, however, that any adjustments which by reason of this
Section 3(d) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations shall be made to the nearest one-thousandth of a cent and to the nearest one-hundredth of a Share, as the
case may be. 
 (e) Notice of Adjustment. Upon any adjustment of the Exercise Price or any increase or decrease in the number of
shares purchasable upon the exercise of this Warrant, the Company shall give written notice thereof, by first class mail postage prepaid or by reputable overnight express courier (charges prepaid) or by facsimile (with confirmation of transmittal)
or electronic mail, addressed to the registered Holder of this Warrant at the address of such Holder as shown on the signature page hereof (or such other address as the Holder may designate by advance written notice to the Company). The notice shall
be signed by the Company’s chief financial officer and shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant,
setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 
 (f) Other
Notices. If at any time: 
 (i) The Company shall declare any cash dividend upon its Shares; 

(ii) There shall be any acquisition or capital reorganization or reclassification of the capital stock of the Company; 

(iii) There shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Company; or 

(iv) There shall be an initial public offering of the Company’s securities; 

then, in any one or more of said cases, the Company shall give, by first class mail, postage prepaid or by reputable overnight express courier (charges
prepaid) or by facsimile (with confirmation of transmittal) or electronic mail, addressed to the Holder of this Warrant at the address of such Holder as shown on the signature page hereof (or such other address as the Holder may designate by advance
written notice to the Company), (a) at least ten (10) days prior written notice of the date on which the books of the Company shall close or a record shall be taken for such dividend or for determining rights to vote in respect of any such
acquisition, reorganization, reclassification, dissolution, liquidation, winding-up or public offering, and (b) in the case of any such acquisition, reorganization, reclassification, dissolution, liquidation, winding-up or public offering, at
least ten (10) days prior written notice of the date when the same shall take place; provided, however, that the Holder shall make a best efforts attempt to respond to such notice as early as possible after the receipt thereof. Any notice given
in accordance 

  
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with the foregoing clause (a) shall also specify, in the case of any such dividend, the date on which the holders of Shares shall be entitled thereto. Any notice given in accordance with the
foregoing clause (b) shall also specify the date on which the holders of Shares shall be entitled to exchange their Shares for securities or other property deliverable upon such acquisition, reorganization, reclassification, dissolution,
liquidation, winding-up, conversion or public offering, as the case may be. 
 4. No Fractional Shares or Scrip. No fractional shares
or scrip representing fractional shares shall be issued upon the exercise of this Warrant. With respect to any fraction of a share called for upon the exercise of this Warrant, an amount equal to such fraction multiplied by the then current price at
which each Share may be purchased hereunder shall be paid in cash to the Holder. 
 5. Charges, Taxes and Expenses. Issuance of
certificates for Shares upon the exercise of this Warrant shall be made without charge to the Holder hereof for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses
shall be paid by the Company, and such certificates shall be issued in the name of the Holder or such other name as specified on the Notice of Exercise delivered to the Company. 

6. No Rights as Stockholders. This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder of the
Company prior to the exercise thereof. 
 7. Effect of Certain Events and Transactions. 

(a) If this Warrant shall not have been exercised in full before the Expiration Date, then this Warrant shall be automatically exercised,
without further action on the part of the Holder, in full (and the Holder shall be deemed to have become a holder of the Shares issuable upon such automatic exercise) on and as of the date on which the Expiration Date is scheduled to occur unless,
at any time before the Expiration Date, the Holder shall notify the Company in writing that no such automatic exercise is to occur. Unless the Holder otherwise notifies the Company in writing, the Holder shall be deemed to have elected to pay the
Exercise Price due in connection with such automatic exercise pursuant to this Section 7(a) pursuant to the provisions of Section 1(b). If the Holder has advised the Company in writing before the Expiration Date that no automatic exercise
under this Section 4(c) is to occur, then this Warrant shall become void, and all rights to exercise the unexercised portion of this Warrant and all rights in respect of such unexercised portion of this Warrant shall cease immediately after the
Expiration Date. 
 (b) If there shall be a Liquidation (as defined in the Company’s certificate of incorporation, as amended and/or
restated from time to time) of the Company while this Warrant remains outstanding pursuant to which the price per share to be paid or distributed for or in respect of shares of the Company’s capital stock of the same class and series as the
Shares is less than the Exercise Price in effect at the time immediately preceding the consummation of such Liquidation and such consideration is in the form of all cash and/or marketable securities, then this Warrant shall automatically terminate
as of the time immediately following the consummation of such Liquidation. 
 (c) Except as is provided in Section 7(d), in the event
of a Liquidation of the Company while this Warrant remains outstanding pursuant to which the per share price to be 

  
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paid or distributed for or in respect of shares of the Company’s capital stock of the same class and series as the Shares is greater than the Exercise Price in effect at the time immediately
preceding the consummation of such Liquation and such consideration is in the form of all cash and/or marketable securities, the Holder may by written notice to the Company (an “Election Notice”) either: 

(i) give notice of its intent to exercise this Warrant in advance of such Liquidation (and may condition such exercise on the consummation of
such Liquidation) by returning the Notice of Exercise annexed hereto duly executed by or on behalf of such Registered Holder; or 
 (ii) in
lieu of exercising this Warrant in advance of such Liquidation and receiving the consideration which the holder of the Shares issuable on such conversion of this Warrant would receive in connection with such Liquidation Event (the “Event
Consideration”), surrender this Warrant for cancellation and receive, in redemption of and in exchange for this Warrant, an amount equal to the difference between (i) the Event Consideration with respect to the Shares for which this
Warrant is exercisable immediately prior to the consummation of such Liquidation, minus (ii) the aggregate Exercise Price of the Shares for which this Warrant was exercisable immediately prior to the consummation of such Liquidation (the
“Net Warrant Event Consideration”). 
 (d) If, in connection with such Liquidation, the price per share to be paid or
distributed for or in respect of shares of the Company’s capital stock of the same class and series as the Shares is greater than the Exercise Price in effect at the time of immediately preceding the consummation of such Liquidation, such
consideration is in the form of all cash and/or marketable securities and the Holder has not, prior to the time immediately preceding the consummation of such Liquidation, provided an Election Notice, then (x) the Holder shall be deemed to have
elected to surrender this Warrant for cancellation and to receive, in redemption of and in exchange for this Warrant, an amount equal to the Net Warrant Event Consideration, and (y) this Warrant shall be terminated and of no further force
immediately after the consummation of such Liquidation other than as evidence the Holder’s right to receive the Net Warrant Event Consideration. In lieu of the foregoing, the Company may provide in the definitive agreements governing such
Liquidation that the Holder shall be entitled receive an amount equal to the Net Warrant Event Consideration in exchange for and upon surrender of this Warrant. 

8. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon reimbursement to the Company of all reasonable expenses incidental thereto, and upon
surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver a new warrant of like tenor and dated as of such cancellation, in lieu of this Warrant. 

  
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 9. Miscellaneous. 

(a) Issue Date. The provisions of this Warrant shall be construed and shall be given effect in all respects as if this Warrant had been
issued and delivered by the Company on the date set forth below. 
 (b) Governing Law. THIS WARRANT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 
 (c) Restrictions.
By acceptance hereof, the Holder acknowledges that the Shares acquired upon the exercise of this Warrant may have restrictions upon their resale imposed by state and federal securities laws, and that certain Fifth Amended and Restated
Stockholders’ Agreement, as it may be amended from time to time. 
 (d) Saturdays, Sundays, Holidays, etc. If the last or
appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday or a Sunday or shall be a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day
not a Saturday, Sunday or legal holiday. 
 (e) Waivers and Amendments. This Warrant may be amended and the observance of any other
term of this Warrant may be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the holders of 55% of the Shares issuable upon exercise of the Warrants issued
pursuant to the Purchase Agreement; provided, that: (i) any such amendment, waiver or consent shall apply with equal force to all of the Warrants issued pursuant to the Purchase Agreement and the holders of such Warrants; (ii) except for
any amendment, waiver or consent which applies with equal force to all of the Warrants issued pursuant to the Purchase Agreement and the holders of such Warrants with respect to the operation of any of the provisions of such Warrants that require an
adjustment to the Exercise Price and the number and kind of shares of stock or other securities or property deliverable upon the exercise of this Warrant upon the occurrence of any specified event, transaction, condition or circumstance, the written
consent of the Holder shall be required for any amendment, waiver or consent that would (x) increase the Exercise Price or decrease the number or type of shares of stock or other securities or property purchasable at the time of such amendment,
waiver or consent upon exercise of this Warrant, or (y) impair the Holder’s right to exercise this Warrant or the effect of Section 7; and (iii) no consideration or other accommodation is paid or provided to any holder of such
Warrants in connection with or related to such amendment, waiver or consent that is not also offered to the Holder. Any amendment or waiver effected in accordance with this Section 9(e) shall be binding upon Holder of this Warrant (and of any
Shares into which this Warrant is exercisable), and each future holder of all such securities and the Company. 
 (f) Assignment.
This Warrant may be assigned or transferred by the Holder only with the prior written approval of the Company. 
 [SIGNATURE
PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto
duly authorized. 
  

					
	Date: ______________, 2016	 	EXAGEN DIAGNOSTICS, INC.
		 	a Delaware corporation
			
		 	By:	 	  

		 	Name:	 	Fortunato Ron Rocca
		 	Title:	 	Chief Executive Officer
		
		 	 Address:        1261 Liberty
Way

		 		 	          Vista, CA 92081

  

			
	ACKNOWLEDGED AND AGREED:
	
	[NAME OF HOLDER]
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	
 

			
		
	 Address:
	 	  

		 	  

	 Facsimile No.:
	 	  

 EXAGEN DIAGNOSTICS, INC. 

WARRANT TO PURCHASE SHARES OF 

COMMON STOCK 

 NOTICE OF EXERCISE 

 

	TO:	 Exagen Diagnostics, Inc. 

	  	 1261 Liberty Way 

	  	 Vista, CA 92081 

	  	 ATTN: Secretary 

1. The undersigned hereby elects to purchase
                     shares of Common Stock (the “Shares”) of Exagen Diagnostics, Inc. pursuant to the terms of the attached
Warrant, and makes payment in the form of (check applicable box or boxes): 
 ☐
$                     in lawful money of the United States; and/or 

☐ the cancellation of such portion of the attached Warrant as is exercisable for a total of
                     Warrant Shares (using a fair market value of
$                     per share for purposes of this calculation); and/or 

☐ the cancellation of such number of Shares as is necessary, in accordance with the formula set forth in subsection 1(b), to exercise
this Warrant with respect to the maximum number of Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 1(b). 

2. Please issue a certificate or certificates representing the Shares in the name of the undersigned or in such other name as is specified
below: 
  

			
	 	 	  

	 	 	(Print Name)
		
	                	 	Address:                                   
                  
		
		 	  

 3. The undersigned confirms that the Shares are being acquired for the account of the undersigned for
investment only and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or selling the Shares. [THIS PROVISION TO BE REMOVED IN THE EVENT OF EXERCISE IN
CONNECTION WITH A LIQUIDATION] 
  

					
	  
	 	                    	 	  

	(Date)	 		 	(Signature)
			
		 		 	  

		 		 	(Print Name)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 

  
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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; 

  
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 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. 

  
 7 

 (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. 

  
 9 

 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]

  
 10 

 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

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