Niagen Bioscience (NAGE) Earnings Transcript

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DATE

March 4, 2026, 4:30 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Rob Fried
• Chief Financial Officer — Ozan Pamir
• Senior Vice President, Scientific and Regulatory Affairs — Dr. Andrew Shao
• Senior Director of Publicity and Public Relations — Kendall Knysch

TAKEAWAYS

• Revenue -- $33.8 million, representing 16% year-over-year growth in the quarter.
• Full-Year Revenue -- $129.4 million, showing 30% growth, outpacing the initial 18% guidance.
• Net Income -- $4.1 million for the quarter and $17.4 million for the year, an improvement from $8.6 million in 2024.
• Gross Margin -- 64.1% for the quarter, up 160 basis points from 62.5% a year ago.
• Adjusted EBITDA -- $20.4 million for the year, up $11.9 million sequentially from 2024.
• Cash Position -- $64.8 million at year-end, with no debt reported on the balance sheet.
• E-commerce Revenue -- $20.2 million for the quarter, a 17% increase, driven by strong online demand.
• Tru Niagen Revenue -- $27.5 million in the quarter, up 21%, led by a $4.8 million gain.
• Ingredient Sales -- $5.6 million in the quarter, a 5% increase, with $4.7 million from food-grade and $900,000 from pharma-grade Niagen.
• R&D Investment -- $1.7 million in the quarter, up $400,000, with full-year investment increasing $300,000 year over year.
• Intellectual Property -- Acquisition of existing patents for NR salt forms, including NR malate and NR tartrate, and secured patent coverage for NR intravenous and injectable formulations.
• B2B Distribution Revenue -- $7.3 million for the quarter, supported by new and existing partnerships, notably with Watson's in Hong Kong.
• Operating Income Benefit -- $2 million gain from settlement of royalty obligations with Queen's University Belfast.
• Reference Standards Divestiture -- Sale of the ChromaDex reference standards business for $6 million in cash, removing $3 million in 2025 revenue that was not profitable.
• 2026 Sales Growth Outlook -- Projected 10%-15% net sales increase (excluding divested segment), with expectation of backloaded growth phasing.
• NIAGEN Plus Expansion -- More than 1,200 clinic locations, with plans to launch at-home injection kits via owned telehealth by 2026, and future retail and international expansion including Asia and potentially EU markets.
• Clinical Data Highlights -- Recent studies showed Niagen produced a twofold greater NAD blood concentration increase versus NMN and reported functional benefits in fatigue and sleep, as well as positive outcomes in cognitive and metabolic markers in both animal and human studies.
• Legal Update -- Litigation commenced in federal court to challenge FDA’s NMN policy reversal, with management indicating, "We do not think it will have a meaningful impact on our costs or expenses for the year."
• Share Repurchase Activity -- $250,000 in buybacks executed under a $10 million authorization, with remaining repurchases expected as blackout windows clear.
• Guidance Discipline -- CEO Fried said, "We want to be conservative in our approach and circle revenue that we have a high degree of confidence in," with further upward revisions possible as the year progresses.

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RISKS

• CEO Fried cited "increased competition in this fast-growing NAD space" as a challenge faced by the company.
• The quarter saw general and administrative expense rise $6.4 million year over year, due to higher employee expenses and the absence of the prior-year $3.5 million reversal of accrued royalties.
• FDA’s reversal on NMN policy described as creating "confusion within the industry," with ongoing legal, regulatory, and market risks due to pending litigation and patent enforcement concerns.
• Management flagged quarterly sales variability in B2B partnerships, highlighting Tru Niagen’s exposure to demand fluctuations through Watson’s and other partners.

SUMMARY

Niagen Bioscience (NASDAQ:NAGE) delivered significant revenue and net income growth, surpassing both initial guidance and prior-year results, while maintaining a strong cash position and zero debt following an operational streamlining move. Niagen Bioscience’s IP portfolio expansion and forthcoming NIAGEN Plus home injection launch signal a strategic focus on competitive differentiation, supporting continued growth across branded, ingredient, and B2B channels. Management commits to disciplined forecasting, expects sales momentum to be backloaded in 2026, and foresees incremental investment in R&D and marketing as it prepares to launch into new verticals, defend market share amid regulatory uncertainty, and support ongoing legal actions over NMN market access.

• Management commented that a future step-up in brand marketing spend, especially around retail channel expansion, "is not anticipated" in the current sales and marketing guidance and would represent incremental cost if executed.
• Clinical data show that NR delivers notably higher NAD level increases versus NMN and is associated with improvements in fatigue, sleep, and cognitive functions, according to recent peer-reviewed studies cited by management.
• Forthcoming NIAGEN Plus at-home injections will initially target a "biohacker" demographic with differentiated dosing, lower price point, and later-stage format simplification, providing new product extension potential as supply chain efficiencies and e-commerce momentum persist.
• Following divestiture of its non-core ChromaDex reference standards unit, Niagen Bioscience aims to sharpen its operational focus, reallocate capital to its core NAD business, and support innovation in science-backed product launches.

INDUSTRY GLOSSARY

• NAD: Nicotinamide adenine dinucleotide, a critical cellular coenzyme central to energy metabolism and aging research.
• NR: Nicotinamide riboside, a precursor to NAD, used in Tru Niagen and other supplements to raise NAD levels.
• NMN: Nicotinamide mononucleotide, an NAD precursor facing competitive and regulatory scrutiny in the supplement market.
• B2B: Business-to-business sales channel, including ingredient and distribution partnerships with external brands or clinics.
• NIAGEN Plus: The company’s proprietary IV and injectable formulation of NR designed for clinical and at-home administration.
• Tru Niagen: Niagen Bioscience's flagship consumer supplement product centered on NR for healthy aging.
• SKU: Stock keeping unit, a unique identifier for each distinct product type, size, or packaging configuration.

Full Conference Call Transcript

Operator: Ladies and gentlemen, thank you for standing by and welcome to Niagen Bioscience Inc. Fourth Quarter 2025 Earnings Conference Call. My name is Tiffany, and I will be the conference operator today. At this time, all participants are in a listen-only mode. As a reminder, this conference call is being recorded. This afternoon, Niagen Bioscience Inc. issued a news release announcing the company's financial results for 2025. If you have not reviewed this information, it is available within the Investor Relations section of the Niagen Bioscience Inc. website at www.niagenbioscience.com. I would now like to turn the conference call over to Kendall Knysch, Senior Director of Publicity and Public Relations. Please go ahead, Ms. Knysch.

Kendall Knysch: Thank you. Good afternoon, and welcome to Niagen Bioscience Inc.'s 2025 results investor call. With us today are Niagen Bioscience Inc.'s Chief Executive Officer, Rob Fried; Chief Financial Officer, Ozan Pamir; and Senior Vice President of Scientific and Regulatory Affairs, Dr. Andrew Shao. Today's conference call may include forward-looking statements, including statements related to the company's research and development and clinical trial plans, and the timing and results of such trials; the timing of future regulatory filings; the expansion of the sale of Niagen products and ingredients in new markets; business development opportunities; future financial results, cash needs, operating performance, investor interest, and business prospects and opportunities; as well as anticipated results of operations.

Forward-looking statements represent only the company's estimates on the date of this conference call and are not intended to give any assurance as to actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause Niagen Bioscience Inc.'s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These risk factors include those contained in Niagen Bioscience Inc.'s Annual Report on Form 10-K most recently filed with the SEC, including results of operations, financial condition, and cash flows, as well as global market and economic conditions on our business.

Please note that the company assumes no obligation to update any forward-looking statements after the date of this conference call to conform the forward-looking statements or actual results to changes in its expectations. In addition, certain financial information presented in this call references non-GAAP financial measures. The company's earnings presentation and earnings press release, which were issued this afternoon and are available on the company's website, present reconciliations to the appropriate GAAP measures. Finally, this conference call is being recorded via webcast. The webcast will be available at the Investor Relations section of our website at www.niagenbioscience.com. With that, it is now my pleasure to turn the call over to our Chief Executive Officer, Rob Fried.

Rob Fried: Thank you, Kendall. Good afternoon, everyone, and thank you for joining us on today's investor call. We delivered another quarter of strong financial performance. In the fourth quarter, revenue was $33,800,000, growing 16% year over year, with net income of $4,100,000. So for the full year of 2025, we delivered $129,400,000 in net revenue, representing 30% growth year over year, and net income for the year of $17,400,000. We ended the year with $64,800,000 in cash and no debt. I am very proud of what the Niagen team accomplished in 2025. We began the year with an initial top-line guidance of 18% growth and finished the year at 30%, and we dramatically exceeded expectations on the bottom line as well.

Most importantly, we are well positioned to deliver a great 2026. There are some challenges. There is increased competition in this fast-growing NAD space, a space that is only hitting the tip of the spear. But we have spent many years laying a strong foundation. We have the expertise. We have the intellectual property. We have the relationships. And we have the trusted brand. We are ready to build on this foundation. The most critical element of this foundation is our science. Niagen Bioscience Inc. continues to be the undisputed global leader in NAD science. Since our last earnings call, a total of 29 studies involving nicotinamide riboside were published. Eight of these studies were clinical studies.

I have asked Dr. Andrew Shao, Senior Vice President of Global Scientific and Regulatory Affairs, to summarize some of these studies on this call. Of note is a study out of Finland that showed NR supplementation slowed aging according to several epigenetic clocks. Also, a comparison study from Dr. Tzoulis in Norway between NR and NMN that showed significant superiority of NR. We are seeing some consistent trends in these studies that show fatigue to be a consistent positive functional benefit from NR, as was displayed in the recent Harvard long COVID study. Some of these studies did not show a clear benefit, such as the NOPARK Parkinson's study, but still provide great learnings for future research.

We can see how elevating NAD with Niagen improves people's lives, and we will continue to further our understanding of how it works, when it works, and how to best deliver it. Another important component of our foundation is NIAGEN Plus. Last week, we announced that the company secured a patent that covers the methods of use of NR and derivatives in intravenous and injectable formulations. There is great opportunity for NIAGEN Plus. We are now present in over 1,200 health clinics, and we will be adding doctors' offices and med spas this year.

Those locations mostly offer NIAGEN IV, but we plan to launch our NIAGEN Plus branded at-home injection kits through our own telehealth platform during 2026, and we hope to partner with other telehealth providers to distribute our at-home NIAGEN Plus injection kits later in the year. We also plan to expand our presence in the beauty and cosmetics market this year. Following the successful launch of Tru Niagen in beauty in late 2025, we have developed topical products featuring Niagen. In addition to our own Tru Niagen branded topical products, we are in discussions with large cosmetics companies for NIAGEN ingredient partnerships, and I hope to share more about these partnerships in the near future.

As mentioned on the previous earnings call, last September, the FDA reversed its prior determination that NMN could not be lawfully marketed as a dietary supplement. This decision by the FDA has been met with confusion within the industry, as the agency did not provide a clear rationale for its seemingly arbitrary reversal. Earlier this year, we commenced litigation in federal court in Washington, D.C., challenging the FDA's reversal. We believe we have a strong case. And as a reminder, all NMN sellers in the market are at their own risk, as they are all infringing on existing patents that cover the commercially available forms of NMN.

Last December, we announced the acquisition of existing patents for multiple NR salt forms, including NR malate and NR tartrate, and other NR derivatives. This consolidation of core intellectual property not only provides protection to Niagen in the marketplace, but also provides the company with enhanced flexibility and control over our portfolio to advance innovation in NAD science. We continue to work with our NAD precursor portfolio for pharmaceutical applications and orphan indications, particularly ataxia telangiectasia. We have identified NV4168 as our lead development small-molecule candidate for AT. We intend to continue to make strategic R&D investments to further characterize NV4168 with the long-term objective of advancing toward regulatory approval.

Potential value-creation pathways for this asset include a spinout transaction or an out-licensing partnership. We will continue to update shareholders as we achieve key development milestones. Last month, we announced the sale of the ChromaDex reference standards business. This divestiture further streamlines Niagen operations, advances the company's strategy to exit non-core activities, and focuses on NAD science, intellectual property, and commercial growth. NAD Plus remains at the forefront of health and longevity discussions, with continued coverage across mainstream press, healthcare practitioner channels, and general discourse with consumers on social media platforms. NAD is not just a trend or a fad; it is a fundamental component to cellular health and overall healthy aging.

While awareness of the benefits of NAD is expanding, we believe that the category has not yet reached its tipping point. As I have repeated in the past, NAD itself—the molecule NAD—in any form of administration is not proven to directly and effectively boost NAD levels. Individuals require an NAD precursor to properly boost NAD levels, and Niagen remains the gold standard for NAD precursors and remains the most trusted and clinically and scientifically validated solution to effectively raise NAD levels. As the leader in this space, we will continue to stand by our scientific research to drive innovation, and I look forward to future announcements of new ways and new products for Niagen to benefit everyone's lives.

I will now turn the call over to Dr. Andrew Shao to provide an update on the scientific research. Ozan will then run through the financial performance in greater detail, our outlook, and we will then end on Q&A and closing remarks.

Rob Fried: Andrew?

Andrew Shao: Thank you, Rob. It is my pleasure to address our investors, partners, and employees and provide an update on the state of NAD science. As the leader in NAD science, Niagen Bioscience Inc. is committed to remaining the global scientific authority on NR and NAD research. I am pleased to share some of the exciting results from newly published studies since our last update. On our last earnings call, Rob briefly touched on the completion of a study involving individuals with long COVID conducted by Mass General Hospital. The study, published in the November issue of The Lancet eClinicalMedicine, demonstrated NR supplementation resulted in significant within-group improvements in executive functioning, fatigue severity, sleep quality, and depressive symptoms.

These findings highlight a therapeutic potential for those that are impacted by long COVID but also reflect promising benefits of NR supplementation for general challenges such as fatigue, sleep, and depression. Regarding Parkinson's disease, as Rob mentioned in his remarks, the NOPARK study did not achieve its primary endpoint. We have been in close contact with the investigators from Haukeland University Hospital in Bergen, Norway, led by Dr. Charalampos Tzoulis. We, together with Dr. Tzoulis, believe when it comes to Parkinson's, the benefit of NAD augmentation with NR may be best applied prior to disease and treatment onset; in other words, as a preventative. We plan to collaborate with Dr.

Tzoulis to examine the preventive effects of NR and its mechanism related to Parkinson's through a new partnership we will announce soon. In the meantime, Dr. Tzoulis is continuing his research on the therapeutic effects of NR in Parkinson's and other neurodegenerative conditions, including ALS and MS. In January, a clinical study published in the journal Cell assessed the pharmacokinetics and systemic and brain impact of oral supplementation of NAD precursors, including a head-to-head comparison of Niagen and NMN. One of the key findings was that Niagen produced approximately a twofold greater increase in blood NAD levels compared to NMN, even after accounting for the molecular weight difference, underscoring the superiority of Niagen.

Another study released in January assessed the impact of NR supplementation and high-intensity interval exercise training on epigenetic age acceleration in human blood and skeletal muscle using a collection of different biological clocks. Interestingly, results showed that Niagen reduced epigenetic aging while high-intensity interval training resulted in increased epigenetic age metrics. The findings suggest that NR supplementation and exercise may differentially modulate the aging epigenome, and that metabolic interventions and intense physical activity may have distinct impacts on muscle aging biology. Two recent preclinical publications highlighted NR's positive effect on brain health. First, in November, a preclinical study investigated the impact of NR supplementation on cognition, neuroinflammation, and microglial cell metabolism in groups of young and old mice.

Results showed NR supplementation in the old mice prevented cognitive decline, improved memory, reduced neuroinflammation, and shifted microglial metabolism toward that of a young mouse. A second preclinical study published in February in the journal Brain used both nematode and mouse Alzheimer's models to assess the upregulation and activation of an important transcription factor linked to Alzheimer's disease progression, known as REST. The study found that increasing NAD levels through NR administration increased REST expression and activity, which led to improved mitophagy and synaptic function, and in the case of the nematode models, extended lifespan. Collectively, these preclinical studies help to elucidate the mechanisms behind the therapeutic effect of boosting NAD through NR in the brain.

In February, a study demonstrated that maternal supplementation improved gestation, litter weaning weight, weight gain, and improved milk yield and composition, among other beneficial effects, in sows. These findings are remarkably consistent with those first published in 2019 by Dr. Brenner, our Chief Science Adviser, who showed similar effects in rats. We eagerly await the results of an ongoing clinical study being conducted at UC Davis examining the effect of Niagen supplementation on lactation in mothers who have given premature birth. In preparation for the launch of Niagen injection, we have just completed a clinical trial investigating the safety and efficacy of intramuscular and subcutaneous injection.

Both modes of administration were demonstrated to be safe and were associated with reduced fatigue, improved quality of life, trends toward improved sleep, and lower oxidative stress. Another recent clinical study conducted by our partners at Restore Hyper Wellness compared Niagen IV and NAD IV in a head-to-head study to assess infusion time, tolerability, safety markers, and metabolic outcomes. The study, published in the journal Frontiers in Aging, revealed that Niagen IV was far better tolerated and required only one-third of the infusion time versus NAD IV, findings consistent with our own NIAGEN IV versus NAD IV clinical study.

Furthermore, Niagen IV resulted in a small but statistically significant reduction in HbA1c, the biomarker of diabetes, whereas the NAD IV group showed a small but significant reduction in HDL, or good cholesterol. With now two independent head-to-head studies, the results are clear: Niagen IV is far superior to NAD IV. Nonetheless, we will continue to expand the evidence base around NIAGEN Plus and plan to conduct larger, longer-term studies to replicate and expand upon these results. In summary, Niagen Bioscience Inc. continues to advance NR and NAD research and do so with responsibility and integrity.

A growing body of clinical research supports the potential therapeutic benefits of NR administration, and I look forward to potentially sharing more results in future updates. With that, I will pass the call over to Ozan. Ozan?

Ozan Pamir: Thank you, Andrew, and thank you to our investors, partners, and team members for joining us today. It is a pleasure to speak with you and to present yet another quarter of outstanding results. As Rob highlighted, 2025 was another strong year for Niagen Bioscience Inc. As the company delivered on its latest financial outlook across all metrics. The results of the fourth quarter and the full year are a reflection of our team's dedication to delivering shareholder value by advancing strategic initiatives and maintaining Niagen Bioscience Inc.'s position as the gold standard in NAD science.

For the full year, we delivered $129,400,000 in net sales, up 30% year over year, which is well ahead of the 18% growth we guided to at the start of the year. Gross margin came in at 64.3%, reflecting improvements in operational efficiency. On the expense side, we continue to scale with discipline. Selling and marketing expense improved by approximately 220 basis points as a percentage of net sales year over year, while R&D investments increased by $300,000.

General and administrative expense was up $8,700,000 year over year, primarily driven by an increase in employee-related expense and stock-based compensation of $3,800,000, an increase in consulting fees of $1,500,000, and higher royalty expense of $2,900,000 due to the absence of a $3.5 million reversal of previously accrued royalties and license maintenance fees which occurred in the prior year. Under operating income, we also recognized a $2,000,000 gain on settlement of royalty obligations in connection with our agreement with Queen's University Belfast. Net income for the year was $17,400,000 compared to $8,600,000 in fiscal year 2024, and we generated $13.5 million of cash from operations.

Lastly, adjusted EBITDA for the year was $20,400,000, an $11,900,000 improvement compared to fiscal year 2024. Our revenues in the fourth quarter of 2025 were $33,800,000, a $4,700,000, or 16%, increase from the same period last year. That growth was led by Tru Niagen, where revenue grew by 21% to $27.5 million, a $4,800,000 increase. The primary driver was e-commerce, which generated $20,200,000, up 17%, or $2,900,000. On the ingredient side, Niagen ingredient revenue was $5,600,000, up 5%, or $300,000, year over year. Within that, we delivered $4,700,000 in food-grade Niagen sales along with $900,000 in pharma-grade Niagen sales.

In the fourth quarter of 2025, revenue from our B2B distribution partners totaled $7,300,000, driven by contributions from existing and newly established strategic partnerships, such as the one Rob mentioned earlier. Although we continue to anticipate quarterly fluctuations in sales to Watson's, we expect the partnership to remain an important component of our broader distribution network as we partner closely with Watson's on strengthening Tru Niagen's brand presence in Hong Kong and expanding into additional Asia-Pacific markets. Gross margin improved to 64.1% in the fourth quarter, up 160 basis points compared to 62.5% a year ago. That expansion was driven mainly by a more favorable product mix, along with the benefit of selling through lower-cost inventory.

Selling and marketing expense was 30.8% of sales in the fourth quarter compared to 29.9% in Q4 2024. This reflects our continued targeted investments to build global brand awareness while staying disciplined and focused on operational efficiency. Research and development expense was $1,700,000, up $400,000 year over year. Scientific integrity remains the cornerstone of our company, and we continue to invest strategically to deepen the clinical evidence behind Niagen and support innovation in the NAD industry. General and administrative expense was $7,500,000, an increase of $6,400,000 versus last year. The primary drivers were the absence of a $3.5 million reversal of previously accrued royalties and license maintenance fees, along with higher share-based compensation expense.

Finally, our net income for the quarter was $4,100,000, or $0.05 per share—another profitable quarter to close out the year and a clear reflection of our continued focus on disciplined execution. Turning to the balance sheet and cash flow, our balance sheet continues to strengthen on the back of this year's growth. We ended the year with $64,800,000 in cash and no debt, reinforcing the financial flexibility and stability of our business. For full year 2025, net cash provided by operations was $13.5 million compared to $12,100,000 in the prior year. The year-over-year improvement was driven by an $8,800,000 improvement in net income, along with several favorable shifts in operating activities compared to the prior-year period.

Specifically, we saw higher accounts payable and prepaid expenses, improved collections on trade receivables, higher share-based compensation, and the absence of last year's reversal of previously accrued royalties and license maintenance fees. Those benefits were largely offset by growing inventory levels to support the scaling of our business, which were significantly depleted at the beginning of 2025. As Rob mentioned earlier, last week we announced the sale of the ChromaDex reference standard business in a $6,000,000 all-cash transaction, adjusted for working capital. This was a non-core legacy business that generated approximately $3,000,000 in 2025 and was not a profit center.

This divestiture is a meaningful step for Niagen Bioscience Inc. to streamline and focus operations on advancing NAD science, which should result in efficiencies in our resources and capital allocation, and a boost in our cash reserves. Finally, I will close with our full-year 2026 outlook. Detailed information on key financial metrics can be found in our earnings press release and presentation. Starting with net sales, for full year 2026, we are projecting between 10% to 15% growth year over year, excluding revenue attributable to the analytical reference standards and services segment. This outlook reflects continued scaling of our e-commerce business, growth from our established partnerships, and additional upside from newer partnerships and sales channels.

We anticipate a slight improvement in gross margin as we continue to benefit from improvements in our supply chain and product mix. Selling and marketing expenses are expected to increase in absolute dollars but remain stable as a percentage of net sales, which was 27.4% in 2025. This demonstrates our continued focus on strategic investments to drive brand awareness and support the launch of new channels and verticals while maintaining optimized and efficient spend in customer acquisition. R&D expenses are also expected to increase in absolute dollars, driven by incremental investments in pharmaceutical development and external research initiatives to advance product development and innovation.

And lastly, general and administrative expenses are expected to increase by approximately $4,000,000 to $5,000,000 in absolute dollars year over year. This increase is primarily driven by investments in infrastructure to support scalable growth and increased share-based compensation expense. To conclude, 2025 marked another year of disciplined and meaningful progress. I am proud of the focus and dedication our team showed in delivering on key initiatives—work that continues to strengthen Niagen Bioscience Inc.'s position as the leader in the rapidly expanding global NAD market. Their efforts reinforced our operational foundation, advanced strategic priorities, and positioned us for long-term success.

With this momentum, we are entering 2026 with confidence as we continue executing our vision and deliver lasting value to our stakeholders. Operator, we are now ready to take questions.

Operator: At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. To withdraw your question, simply press 1 again. We kindly ask that you limit your questions to one and one follow-up and return to the queue for any additional. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Jeffrey Cohen with Ladenburg Thalmann. Please go ahead.

Jeffrey Cohen: Hey, Rob. Thanks for taking our questions. So I guess, firstly, to jump into the injections: I think you have one SKU now for the IV bags and injections to come. What are you expecting on the number of SKUs, or would that be just one? And initially on your own telehealth platform, and then on the back half you are expecting to get on to other platforms? And talk about the audience there as well—the overlap with the current clinics.

Rob Fried: We will initially have just one SKU. We think that the market—the audience, as it were—for the product will initially be the biohacker community, the people that are especially excited about longevity interventions, people that are presently doing peptides. We think it will grow to expand to include some people who are presently doing GLP-1 agonists. We think there is a market out there for people who are interested in self-injecting to stay thinner. Many will be interested in self-injecting to stay younger. The initial product will be a syringe, and we will be separating the powder from the liquid, so it is a slightly complicated process.

The more sophisticated and more people that are more used to this process will be the early adopters. Eventually, it will be in a pure liquid form and it will be a much simpler process, and even after that there will be a pen that looks much more like the GLP-1 pens. In terms of the overlap with the clinics, the price point is significantly different and the dosage is significantly different. The clinics are mostly giving 500 milligrams to a full gram in one session. These will be 100 milligram injections initially, and people will do it a few days or three days per week.

So we think it is a slightly different audience in terms of dosage and then in terms of price point. We expect that the injections—the shots—will be less than half the price of the current IVs. On the other hand, the IVs in some ways, because it is not subQ, it is directly into the bloodstream, are even more effective. That is how we differentiate those two products. Andrew, is there anything else you want to add to that?

Andrew Shao: No, I think you covered it, Rob.

Rob Fried: Okay. Does that help?

Jeffrey Cohen: Yep. Thank you. And then one follow-up: could you talk about your guidance briefly? You did call out last year that your guidance started out in the high teens and literally doubled as the year went on. So is this just kind of cautionary guidance to get started on the year, subject to revisions down the road, or is this something that you feel pretty strongly about?

Rob Fried: I would say the former more than the latter. I think we have been pretty consistent over the years. We do not want to hype the company or hype the stock. We want to be conservative in our approach and circle revenue that we have a high degree of confidence in. Remember, a big part of our business also is B2B, where we supply the ingredient, and that is far less predictable than the straight e-commerce business, as it were.

Jeffrey Cohen: Perfect. Thanks for taking the questions.

Rob Fried: Sure.

Operator: Your next question comes from the line of Susan Anderson with Canaccord Genuity. Please go ahead.

Susan Anderson: Hi, thanks for taking my questions. Maybe if you could parcel out what you are seeing as the growth drivers for this year between the original NR supplement and also the IV, and then also the new products that you are rolling out, such as the beauty supplement?

Rob Fried: In terms of growth?

Susan Anderson: Correct. And then also just any new channels of distribution you are expecting to go into.

Rob Fried: Yes. We will do the latter portion first. We do expect to expand the distribution channels. We will be expanding into certain select retail channels, and even by the end of the year we might broaden that further. We are also expanding internationally into some territories, particularly in Asia and perhaps in the EU. In terms of the growth products, of course awareness for Niagen and Tru Niagen continues to grow.

We think there is basic organic growth as more and more people write about Niagen Bioscience Inc. as a company and Tru Niagen as the products and continue to conduct these studies and go on podcasts, and there seems to be a general acceptance amongst those that do the research that we are the reliable brand, the reliable company, and the experts in the space. So we do see steady, consistent growth in our existing Tru Niagen products in the existing channels. But it is difficult to know how much the cosmetics products and the IV and the injection products will grow, so we are endeavoring to give conservative assumptions there.

Until we are out there and we see how the market reacts to it, we do not really know yet. But, of course, the upside potential is fairly significant, we think, and we just do not yet know how it is going to break down.

Susan Anderson: Okay, great. That is helpful. And then you mentioned increased competition in the space with NMN now. What are you doing this year to get the message out there to consumers—maybe getting them to switch over to your product versus a different product that they are taking right now? Thanks.

Rob Fried: Well, of course, we have the best product. The ingredient that we sell is the most effective. Our quality team is the best quality team. The way we operate the business, and we have a high degree of confidence—as do most people in the industry—that the best, safest, most tested, most informed way to elevate NAD levels is to take Niagen or Tru Niagen. We do see increased competition. NMN did get reversed by the FDA, the ruling. We think there is a good chance they are going to re-reverse that decision in the coming year. And, of course, all those NMN products are infringing on patents.

So the only companies you are seeing selling NMN are companies who never really cared about the FDA ruling in the first place and now do not really care much about patent rules. But it is increased advertising that you are seeing. Most of that NMN is cannibalizing NAD itself. These are companies that were selling NAD as a molecule in a bottle, which does not work at all. It is not bioavailable and does not elevate NAD. So what we are seeing is transfers from NAD selling over to NMN selling. But our view on it is pretty much the same as it was when NAD was growing, which is it only helps increase the market.

We would rather have 20% of $10,000,000,000 than 50% of $500,000,000. They are advertising it. Many of them get it wrong. They make false claims, but many of them get it right, and they are explaining to people that elevating NAD is good for your health, especially as you age or as you heal. The more you research, the more you realize that the best way to manage it is with Niagen or Tru Niagen.

We think what we have seen is that when people—sometimes they will start out by taking NAD or NMN or NMNH or the low-price version of a product that markets NAD—and eventually they come around to reading the science or reading our marketing materials; they come around to Tru Niagen. And then the first part of your question: there is a very good chance that sometime during 2026, we will launch a more aggressive awareness, brand-type campaign for the company, especially if we expand into certain retail outlets, to increase awareness and brand familiarity. We are working on that at present.

Susan Anderson: Okay, great. That is really helpful. Thanks so much. Good luck. Take care.

Rob Fried: Thank you, Susan.

Operator: Your next question comes from the line of Raghuram Selvaraju with H.C. Wainwright. Please go ahead.

Raghuram Selvaraju: Hi, thanks very much for taking my questions. I was just wondering if you could comment at this point regarding what you anticipate the next steps to be in the lawsuit filed against the FDA and the associated parties regarding the influx of NMN products? And also, if you could give us a sense of what percentage of prosecution of that legal initiative is represented in your overall legal expenses anticipated for 2026? Also, if you could please comment on how you are thinking about future evolution of your share repurchase strategy. Thank you.

Rob Fried: Hey, Ram. We do not think it is going to be significant. We think that this is going to be a summary judgment case. We think both the FDA and we would prefer a summary judgment, so it is likely to go that way. They have selected a judge. They will have a chance to respond to our claim and then we will respond to that. There will be a hearing or two. We think it will take a year, maybe slightly more than a year, for a judge to make his decision. We think the case is pretty good. I think that the decision that the FDA made was hard to substantiate why they made it.

We do not know what the factors were that led to that decision, but we think it was harmful to the general public. So we think there is a good chance that decision will be reversed once again. And, no, I do not think it will have a meaningful impact on our costs or expenses for the year.

Raghuram Selvaraju: I just wanted to ask about share repurchases—what is impacting the evolution of your strategy there?

Rob Fried: Right. So as you know, we announced a $10,000,000 buyback. We used $250,000 of it to date. We expect we will be using the rest of it under the guidelines that we set forth in that buyback provision. We would have used more of it before, but we got blocked out because of the timing of the announcement to earnings, among other material inside information. But we do expect to be using it more and buying back, just because we think it is a great investment at this price.

Raghuram Selvaraju: And then just very quickly, can you comment on any near-term plans you have to advance clinical exploration of NR in Parkinson's disease at this time?

Rob Fried: We are waiting for the final manuscript and discussion with Tzoulis. He is very bullish on this idea that it is a preventative before the standard of care of L-DOPA and the diagnosis of Parkinson's, and he has an amount of data to support that idea. At this point, we are waiting to hear from him on that. Andrew, is there anything more you want to contribute to that?

Andrew Shao: Just like you said, Rob, the manuscript will be submitted for publication shortly here, so we cannot divulge any of those details. But we will be collaborating with Dr. Tzoulis, as I mentioned in my remarks, with a focus more toward looking at prevention.

Raghuram Selvaraju: Thank you.

Operator: Your next question comes from the line of Sean McGowan with ROTH Capital. Please go ahead.

Sean McGowan: Thank you. Hi, guys.

Rob Fried: Hi, Sean.

Sean McGowan: In terms of looking for a little bit more color on the guidance, can you give us a sense of whether the phasing of the revenue growth in 2026 is expected to be materially different from what we saw last year? Is it more front half or back half? And also a little bit more color on the gross margin guidance. Where would you see that gross margin uptick coming from—a slight increase? Are we going to see slight improvements in consumer and ingredients, or is it going to be more focused in one or the other of those segments?

Ozan Pamir: Hey, Sean. Ozan here. So in regards to the pacing of the sales, we are expecting it to be more backloaded compared to previous years. And with regards to gross margin, we expect a slight improvement, but it is driven by supply chain efficiencies and also the changing of the product mix. We are seeing our 1,000 milligram SKU perform well, and e-commerce is also performing well.

Sean McGowan: Okay. Thanks. And similarly, looking for color: does your sales and marketing guidance anticipate the kind of step-up in brand marketing that you referred to earlier? Would that be additional? I think Rob said you might see some additional advertising. Is that anticipated in that already?

Ozan Pamir: It is not anticipated in that. It would be in addition.

Sean McGowan: Okay. Thank you.

Operator: That concludes our question-and-answer session. I will now turn the call back over to Kendall Knysch for closing remarks.

Kendall Knysch: Thank you, Tiffany. There will be a replay of this call beginning at 7:30 p.m. Eastern Time today. The replay number is 1-807-702-030, and the replay ID is 8584242. Thank you, everyone, for joining us today and for your continued support of Niagen Bioscience Inc.

Operator: Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

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