Phycolepidozia exigua is a species of liverwort in the family Cephaloziellaceae.

[3] Phycolepidozia exigua is endemic to Dominica, where it is critically endangered.

[1] Its natural habitat is subtropical or tropical moist lowland forests.

The species is unique among the leafy liverworts in the extreme reduction of its lateral leaves.

[2] These leaves consist of only two cells at maturity, so that plants are essentially leafless.