SCHEDULE: NMSIC Co-Investment Fund Discloses 6.04% Stake in Exagen

NMSIC Co-Investment Fund, L.P. and its general partner, Sun Mountain Capital Partners, L.L.C., reported a 6.04% beneficial ownership stake in Exagen Inc. as of December 31, 2025.

Summary

• NMSIC Co-Investment Fund, L.P. and Sun Mountain Capital Partners, L.L.C. (as its general partner) collectively reported beneficial ownership of 1,368,958 shares of Exagen Inc. common stock.
• This ownership represents 6.04% of Exagen Inc.'s outstanding common stock.
• The percentage is calculated based on 22,663,099 shares of common stock outstanding as of October 31, 2025, as reported in Exagen Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.
• Both NMSIC Co-Investment Fund, L.P. and Sun Mountain Capital Partners, L.L.C. hold sole voting and sole dispositive power over these 1,368,958 shares.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive disclosure. It's a routine compliance filing (Amendment No. 7) indicating a continued, significant passive stake by an institutional investor, which generally signals ongoing confidence in the company without implying new developments.

Positives

• The continued disclosure of a significant beneficial ownership stake (over 5%) by an institutional investor like NMSIC Co-Investment Fund, L.P. can be interpreted as a signal of ongoing confidence in Exagen Inc.'s long-term prospects.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that a Schedule 13G filing indicates a passive investment stake of 5% or more by an institutional investor. For Exagen Inc., the continued holding of a 6.04% stake by NMSIC Co-Investment Fund, L.P. suggests a sustained interest in the company's long-term value proposition within the diagnostics and life sciences sector. This type of filing is a routine compliance disclosure and does not typically signal immediate strategic shifts or activist intent, unlike a Schedule 13D.

Comparison to Industry Standards

• A beneficial ownership stake exceeding 5% is a significant threshold in U.S. securities regulation, requiring public disclosure via Schedule 13G for passive investors or Schedule 13D for active investors.
• The 6.04% stake held by NMSIC Co-Investment Fund, L.P. in Exagen Inc. positions them as a notable institutional shareholder, a common occurrence for publicly traded companies where investment funds often hold substantial, non-controlling interests.
• While specific comparable companies or projects are not detailed in this filing, a >5% passive stake is generally viewed as a standard institutional investment practice, indicating a belief in the company's fundamentals without seeking to influence management or control.

Stakeholder Impact

• Shareholders: The disclosure confirms a significant institutional investor maintains a substantial stake, which can provide a degree of stability and confidence in the shareholder base.
• Company Management: Awareness of a significant passive shareholder may influence strategic decisions, though a 13G filer typically does not seek to exert control.

Key Dates

Keywords

Exagen Inc., NMSIC Co-Investment Fund, Sun Mountain Capital Partners, Beneficial Ownership, SEC Filing, Common Stock, Institutional Investor, Ownership Stake