FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

PALLARES EBETUEL
2. Issuer Name and Ticker or Trading Symbol

EXAGEN INC. [ XGN ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                    _____ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle)

C/O EXAGEN INC., 1261 LIBERTY WAY, SUITE C
3. Date of Earliest Transaction (MM/DD/YYYY)

3/11/2020
(Street)

VISTA, CA 92081
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 3/11/2020  M  22427 A$1.84 144094 I See footnote (1)
Common Stock 3/11/2020  F  2112 (2)D$19.507 141982 I See footnote (1)
Common Stock 3/11/2020  M  2265 A$1.84 144247 I See footnote (1)
Common Stock 3/11/2020  F  214 (3)D$19.507 144033 I See footnote (1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Warrants $1.84 3/11/2020  M     22427   (3) (3)Common Stock 22427 $0.00 0 I See footnote (1)
Warrants $1.84 3/11/2020  M     2265   (4) (4)Common Stock 2265 $0.00 0 I See footnote (1)

Explanation of Responses:
(1) The shares reported on this form are held of record by PCM/Exagen, L.P. ("PCM"). Ebetuel Pallares is a co-manager of PCM. As a result, each of PCM and Dr. Pallares may be deemed to share beneficial ownership of the shares held of record by PCM.
(2) Represents the cashless net exercise of a warrant through the surrender of shares to the Issuer based on a fair market value of $19.507 per share, as determined by the average closing price of the Issuer's common stock for the ten trading days immediately preceding the date of exercise.
(3) The warrants are currently exercisable and will expire on January 19, 2026.
(4) The warrants are currently exercisable and will expire on March 31, 2026.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
PALLARES EBETUEL
C/O EXAGEN INC.
1261 LIBERTY WAY, SUITE C
VISTA, CA 92081
X



Signatures
/s/ Kamal Adawi, as attorney-in-fact3/27/2020
**Signature of Reporting PersonDate

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