NAGE

26 earnings conference call. My name is Karina, 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. Earlier today, Niagen Bioscience issued a press release announcing its financial results for the first quarter of 2026. If you have not reviewed this information, it is available within the investor relations section of Niagen Bioscience's website at www.niagenbioscience.com. I would now like to turn the call over to Lauren Brzozowski, Assistant Controller. Please go ahead.

Good afternoon, and welcome to Niagen Bioscience Inc.'s first quarter 2026 conference call. Joining me today are our Chief Executive Officer, Robert Fried, Chief Financial Officer, Ozan Pamir, and Senior Vice President of Scientific and Regulatory Affairs, Dr. Andrew Shao. Dr. Shao will be joining the call for Q&A. Before we begin, I'd like to remind everyone that today's call may include forward-looking statements. These statements relate to, among other things, our research and development activities, clinical trial plans and timing, regulatory filings, expansion into new markets, business development opportunities, and our expected financial and operating performance. These statements are based on our current expectations as of today and are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks, please refer to our most recent Form 10-Q and other filings with the SEC.

We undertake no obligation to update these statements except as required by law. In addition, we may reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in today's earnings release and presentation, both available in the investors relations section of our website. With that, it's now my pleasure to turn the call over to our CEO, Robert Fried.

Thank you, Lauren. Good afternoon, everyone, thank you for joining us on today's investor call. In the first quarter, we delivered $31.5 million in revenue, a 5% year-over-year growth excluding revenue from the recently divested reference standard business. We generated net income of $6.3 million and ended the quarter with $66.5 million in cash and no debt. We had an increase in working capital of about $5.4 million from the prior quarter, leaving a total of $82.3 million. The core e-commerce business grew 14% year-over-year. The direct-to-consumer website grew twice as fast as Amazon. As anticipated, two of our customers did not order this quarter as much as they did a year ago, which impacted overall growth. We do see promising indicators to start the year.

The awareness around Niagen and the benefits of NAD supplementation continues to gain media attention. Over the last year, we've garnered many features with major media outlets, including a cover feature in the Business by LA Times Studios and additional digital features on LA Times, The Wall Street Journal, The Washington Post, Business Insider, People Magazine, GQ, Vogue, Vanity Fair, BioTuesdays, The New York Post, U.S. News & World Report, Everyday Health, Elle, Allure, and others. These features serve as a powerful validation that overall awareness of the importance of NAD is growing stronger, and major media outlets are recognizing the strength of our science and the quality of our products and our leadership in the industry. An example of why experts and industry journalists understand Niagen to be unique in this space is our recent launch of the Niagen Plus at-home injection kit and our telehealth capability.

There are numerous federal and state requirements that had to be met in order to offer a product such as this, and the ingredient itself must be pharmaceutical-grade. It must conform to very high purity and sterilization standards, and it has taken many years and countless hours from the exceptional Niagen Bioscience team to get here. I am very proud of this achievement. It is the first product launch through our very own telehealth platform and places us firmly in the heart of a growing and important longevity trend. Of course, as we do with most things, we're approaching this new endeavor carefully and methodically, and I expect it to iterate and improve with time. Niagen Plus is not our only new development in our product pipeline. In March, we pilot launched the Niagen NanoCloud, our first skincare topical product.

Early demand has been extremely strong. We're already nearly sold out. The wide launch will be in October. Surveys of the early adopters of Niagen NanoCloud has yielded enthusiastic results. They see visibly more youthful, smoother, and more moisturized skin and improved skin texture. These results are consistent with a recently completed independent study. In addition to our own Tru Niagen consumer products, we expect to supply Niagen as an ingredient to reputable and trustworthy skincare brands. Last month, we announced that NR Chloride, patented as Niagen, has achieved a published USP dietary supplement ingredient monograph. A USP monograph is usually reserved for approved drugs and rarely dietary supplements. There is now a global benchmark for what high-quality NR Chloride should look like in dietary supplements, and that benchmark is Niagen. Niagen is the only ingredient among the NAD and NMN companies to reach this standard.

This is merely one of many examples of our dedication to investing in science and innovation and in high quality and makes our company truly unique in the NAD space. NAD science continues to evolve, and as the leader in NAD science, we take pride in contributing to research that advances the understanding of NAD and its implications for human health. In March, we were the lead sponsor of the inaugural NAD for Health scientific meeting hosted by the University of Copenhagen. This brought together world-renowned researchers, clinicians, and industry partners. A prominent discussion at this conference was a new development in the understanding how, when, and where different NAD precursors exhibit their effects. We learned that while whole blood NAD remains an important biomarker, tissue NAD may be the key determinant of functional outcomes.

Emerging evidence suggests that NR administered through IV or injection can support more rapid, direct, and substantial NAD augmentation in peripheral tissues such as the liver, kidney, brain, skeletal muscle, and skin. Additionally, recent evidence suggests that combining NAD-boosting supplementation with exercise may produce additive or potentially synergistic effects on certain functional outcomes such as blood flow and aerobic capacity. These learnings will require further validation in human clinical trials, and we look forward to this next phase of research. We continue to make steady but deliberate progress towards pharmaceutical applications of our NAD precursor portfolio in orphan indications, particularly ataxia-telangiectasia. We are working with CROs to design and execute key IND-enabling preclinical studies, a portion of which were initiated earlier this year, and I hope to have more updates or key developments on future calls. Niagen Bioscience continues to set an example in the industry.

We are dedicated to doing things the right way, to advancing the science, and to promoting the understanding of how Niagen plays a critical role in improving health. This is what sets us apart from all other NAD companies. I would now like to hand the call over to Ozan to run through the quarter's financials and then on to Q&A and closing remarks. Ozan?

Thanks, Rob. It is a pleasure to once again address our investors, partners, and team members today. We had a solid start to the year with strong e-commerce growth, coupled with exceptional net income. In the first quarter of 2026, we delivered $31.5 million in revenue or $31.1 million, excluding the reference standard segment, an increase of 5% year-over-year. Tru Niagen revenue grew by 4% to $22.4 million, a $900,000 year-over-year increase driven primarily by e-commerce revenue of $19.2 million, which was up by 14% or $2.4 million. Our Niagen ingredient revenue was $8.2 million, up 2% or $185,000 year-over-year.

Within the ingredients business, we delivered $7.3 million in food-grade Niagen sales to key partners and $850,000 in pharma-grade Niagen sales. Tru Niagen international and domestic distribution is an area of opportunity for the company. Sales to Watsons and other B2B partners were down by $1.5 million year-over-year due to timing of orders and changes to inventory management. We can continue to expect quarterly fluctuations in sales to Watsons, a valued partner and an important component of our international distribution strategy. We do expect sales to Watsons to increase during the year based on their forecasts. Gross margin improved to 63.5% in the first quarter, up 10 basis points compared to 63.4% a year ago. This improvement was driven primarily by changes in product mix and business mix.

Selling and marketing expense as a percentage of net sales was 30.7%, compared to 26.6% in the first quarter of 2025. The increase in selling and marketing expenses reflects investments in marketing and advertising to drive e-commerce growth, brand awareness, and to support commercial launches of new products. Research and development expense was $1.5 million, $220,000 higher year-over-year. The driver of the increase is continued investment into clinical studies for new product launches and providing materials and resources to support external research. General and administrative expenses totaled $7.2 million, a $2.1 million increase compared to the previous year.

The increase in G&A expenses is driven by the absence of a $1.3 million recovery of credit losses related to our legal settlement with Elysium and higher share-based compensation. Finally, our net income for the quarter was $6.3 million or $0.08 per share. An improvement compared to $0.07 per share for the first quarter of 2025. Turning to the balance sheet and cash flow. Our balance sheet remains strong. We ended the quarter with $66.5 million in cash and no debt. For the three months ended March 31, 2026, net cash used by operations was $1.2 million, compared to net cash provided by operations of $7.9 million in the same period last year.

Cash used by operations was driven primarily by investments in inventory of $3.6 million and timing of customer orders and collections, and a larger outstanding balance from a partner, which was subsequently collected in April. Trade receivables was also impacted by an updated Amazon policy, where a 7-day hold on sales proceeds is implemented, which was a one-time impact on operating cash flows. We expect inventory levels to decrease throughout the remainder of the year. Cash from investing activities is primarily comprised of the sale of the Reference Standards business for proceeds of $5.8 million. Cash used in financing activities include $2.4 million of common stock repurchases during the first quarter as part of our increased share repurchase program of $20 million.

Regarding our full year 2026 outlook, detailed information on key financial metrics can be found in our earnings press release and presentation. For our top-line growth, we are reaffirming our guidance of 10%-15% growth year-over-year. Awareness around NAD+ has yet to reach its peak, and we remain confident in our opportunities for growth in this year and beyond. We anticipate that our e-commerce channel will be a consistent growth engine, and we expect that our innovative launches will provide upside. While sales to certain distribution or ingredient partners may fluctuate quarter-to-quarter, we remain confident in the year ahead. We're also revising our outlook for selling and marketing expenses to increase in absolute dollars and increase as a percentage of net sales compared to our previous expectation of remaining stable as a percentage of net sales and increasing in absolute dollars.

While we're not ready to commit to a broader brand initiative or investment, we are expecting to invest in marketing to generate refreshed creative assets to push brand awareness on all channels. Finally, we're revising our outlook for general and administrative expenses. We now expect G&A expenses to be up $3 million-$4 million in absolute dollars year-over-year compared to the previous expectation of $4 million-$5 million. This change in outlook is primarily driven by shifting our investments from infrastructure to supporting brand awareness efforts. With the first quarter behind us, we are focused on building on the momentum we have established. We have the right operational foundation and focus to position the company for a strong year and for longer-term success. Operator, we are now ready to take questions.

Thank you. We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, please press star one again. A kind reminder to please pick up your handset when asking a question. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Jeffrey Cohen with Ladenburg Thalmann. Your line is open. Please go ahead.

Hey, Rob and Ozan. Good afternoon. Thanks for taking our questions.

Sure.

I guess big picture, could you talk about the FDA and the last motion and the ramifications of NMN as far as its sales as well as its sales through Amazon? What's the impact there upon your business? What's the outlook there as well? Thank you.

Sure. Well, we think NMN is a good ingredient. It does effectively elevate NAD. Doesn't do it nearly as well as Niagen. There was a study published this quarter out of Norway that showed that NR increased blood NAD levels 2.3 times of the equivalent amount of NMN. Every NMN product that we have tested infringes on existing patents for NMN. We've also done studies, others have done studies that shows that percentage of NMN products in the market that meet what's on the label is very low. We think that the reversal of the drug preclusion ruling by the FDA in September was a bad decision and a questionable decision. We think it has a very good chance of being reversed yet again. For all those reasons, we're not bullish long term on NMN.

Unquestionably, we are seeing an increase in NMN sellers and NMN sales on Amazon and elsewhere, and it is impacting our sales. In fact, there's more than 300 SKUs now on Amazon, whereas in September there were zero.

Rob, what would you speculate the ramifications to Niagen have been over the first quarter?

Well, I can't give you a precise number. We see an increase in bidding costs for keyword searches on Amazon and elsewhere, and we see more difficulty getting new-to-brand customers. Many of the NMN sellers are selling at a very, very cheap price, which probably coincides with the fact that, look, some of these companies that come out of Belarus or China, they don't have any scientific research. They don't meet label claims, they charge a very small amount. For those buyers that are basically price influenced, I think a lot of those are going to NMN. As I say, I don't think it's a long-term thing, but it has affected us.

It is, I can't give you a precise amount or number, but it is creating some headwinds for us that did not exist a few months ago.

Okay. That's super helpful. As a follow-up, could you talk about the Augme locations? Out there, I know you were in approximately 1,200 locations last quarter. Could you talk about any trends there as far as placements, utilization, pricing, demographics, anything there you can give us some color on?

Yeah. As you say, it's in 1,200 clinics now. We're seeing the order rate is very strong and the repeat rate is strong. It tends to be a more affluent consumer, and they're in the major cities, most of them. It's very well represented in the larger cities. We're also in these cruise ships and seems to do very well on these cruise ships. They still charge a great deal for it. The average price is still, you know, between $800 and $1,000 per IV. People do experience a benefit, and they're very enthusiastic about it. We have some partners like Restore that are doing an excellent job of educating the consumer when they come in of the benefits of Niagen IV over NAD IV. They tell us that they're having a great success and great repeat purchasers.

Super. Thanks for taking the questions. Nice quarter.

Thanks, Jeff.

Thank you.

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

Hi. Good evening. Thanks for taking my questions.

Hi, Susan.

I know it's early days. Hi. Any initial thoughts on the Niagen Plus IV injectable launch, I guess, you know, any initial consumer response? Do you have plans in place yet to roll it out to other telehealth platforms? If so, like, what would the timing of that be?

Thank you. Very good questions. As you know, we launched over the weekend of our Niagen at home injection kit. It's taken us many years, yet we're very, very excited to be there. It's only 4 or 5 days, but it's been, I would say, outstanding those first 4 or 5 days in terms of traffic and conversions. Our expectations obviously are low. There's no marketing yet. The only marketing that we're doing is, you know, email, some email campaigns and some media, you know, press releases, and it's been picked up in some media. We haven't done any paid ads at all as of yet, but the response is right out of the gate, quite enthusiastic, so we're extremely encouraged.

We're not yet available in California, which represents a very, very disproportionately large percentage of the consumers of products such as these. That's because our primary 503B pharmacy, Wells, is not licensed to supply in California. They believe that this problem will be resolved in the next few weeks. We're hopeful for that.

Okay, great. That sounds good. Then I guess just thinking about the distribution of the consumer products, so Niagen supplements, etc. I guess, how are you thinking about just the channels as we look forward? I guess, will you eventually maybe go into retail with things like the core Niagen supplement? Are there other channels that you're looking to go?

Yes, we do expect to broaden the footprint, the distribution footprint in other countries and also in retail in the United States. There are a few new companies in the dietary supplement space brands to whom we will be supplying Niagen as an ingredient. We will be expanding the distribution. Additionally, we will be rolling out additional products. As you know, we launched the Niagen NanoCloud product recently, and that's done extremely well. We expect to do a wide release of that in October. Similarly, we expect to supply Niagen as an ingredient to other skincare companies. As always, we'll be very careful about the companies to whom we supply Niagen as an ingredient. They'll be reputable, trustworthy companies with existing brands. We see an expansion in that regard as well.

I guess, what's the demand been from, you know, other skincare beauty companies for the ingredient? I guess, especially after you rolled out your own Niagen NanoCloud. Have you seen, you know, any of those companies, like, kind of come to you or, you know, interested in also, you know, adding the ingredient to their products?

Yes. We've been in discussions with 2 major skincare brands.

Great. That sounds good. Thanks a lot. Good luck the rest of the year.

Thank you, Susan.

Your next question comes from the line of Sean McGowan with Roth Capital Partners. Your line is open. Please go ahead.

Thanks. Hi, guys.

Hey, Sean.

A two-part question for Rob, and then a couple of clarifications for Ozan. Rob, what do you expect is going to be the impact, kind of in the near and midterm, of adding the new compounding pharmacy? When do you think we'll see that impact?

We're hopeful for two things. One is a wider distribution of sales to clinics. We're in 1,200 clinics at this point, but there are several thousand addressable clinics. We're hoping to expand the number of clinics to whom we're selling. Also we're hoping that the ultimate price point to the end consumer comes down. We think we $800 is a lot to pay for many people. We think if we can get that price down through, you know, more clinics, more competition, and more pharmacies, that we can expand the addressable market.

Okay. Do you expect to increase beyond these two? It's Wells and Olympia, right? Will you be expanding beyond those? When do you think we'll see that impact?

I think we'll see the impact of Olympia in the summer, the end of the summer. It's possible we would talk to other pharmacies. There are 503B pharmacies and 503A pharmacies. At this point, we don't know.

Okay. It takes a while to ramp them up anyway. Okay. A couple of points of clarification for you, Ozan. One, was the increase in the inventory number, what drove that? Is that any indication of, you know, acceleration in your expectation of sales, or was there something else going on there? Then in your commentary on G&A and sales and marketing and the outlook, would you expect the reduced outlook for spending in G&A to be kind of offset by the increase in sales and marketing, so we wind up, you know, effectively with the same operating income level?

Hey, Sean. Regarding the inventory level, the main driver is that we have made commitments to make these purchases from our primary supplier, W. R. Grace, about 6 months ago. This was all scheduled inventory that was coming in to support us for the year. We do expect that throughout the remainder of the year, the inventory levels will come down.

Okay.

I think you were asking, can you repeat the other 2 questions?

Well, it's in the outlook. Will the You effectively raised the outlook for sales and marketing spending, right? By saying it's gonna be increasing as a % of revenue.

Correct.

Do you think that's going to offset the savings or, you know, reduced spending outlook for G&A?

Yes. That's a fair assumption.

Okay. Thank you very much.

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

Hi. John V sitting in for Ram. Thank you for taking my questions.

Sure

how have recent developments on the compounded GLP-1 front affected demand for Niagen+IV?

We only know in the sense that we get many calls and inquiries from these clinics and these compound pharmacies, especially the compound pharmacies who often are saying, "What's the next big thing after GLP-1?" It seems like NAD is teed up for that.

Got it. How do you think the telehealth initiative will impact operating efficiency? What emerging promotional strategies do you expect to deploy under the scope of this approach?

We're going to market it similarly to the way we market Tru Niagen. It's mostly an e-commerce business, so it's the use of social media, paid ads, free media PR, the use of influencers, and we do studies, and we publish these studies, and these studies tend to get picked up by people who pay attention. We've already put out two studies, and there are several more ongoing. As we learn them, we put them out, and there's a network of people that absorb this information 'cause they're very curious about how they can improve the way their body ages.

Got it. Okay. Lastly, would you be able to go into what the status of the complaint aimed at removing NMN products from the U.S. market is?

We sued the FDA because we think that their ruling, reversing the drug preclusion ruling was incorrect. The FDA replied to that lawsuit recently, like last week. We're awaiting hearings on that reply and then the judge's decision. We think his final decision will be within a year.

Got it. Thank you so much.

Thank you.

Your next question comes from the line of Bill Dezellem with Tieton Capital. Your line is open. Please go ahead.

Great. Thank you. Relative to the Nano Cloud skincare product, would you walk us through how you are marketing that and how you ended up getting such great traction so early on? Secondarily, what you are learning from having that product in the market.

We're marketing very little at this point. It's mostly existing Tru Niagen consumers that are also purchasing Nano Cloud as a bundle. They're seeing it on the website when they order Tru Niagen. There is some social media discussion about Nano Clouds, but the amount of our actual paid advertising is very small at this point. We've done surveys of these consumers, 'cause it's now been on the market almost two months. The people that purchase once, we send out a survey, and we've gotten some extremely positive responses from these early consumers on the impact that it's had on their skin.

Rob, as you see the consumer behavior, has that led to any learnings in terms of how when you do your commercial launch in October, how you want to approach it? What are you seeing or learning from any of the social media that's taking place?

We're learning that it's predominantly a female product, at least so thus far. It seems like there's a very high repurchase rate. We also realized that we can change the pricing a bit. We'll probably increase the pricing a bit for the product. There's been some interest from retail on Niagen NanoCloud and skincare products. We're considering that. Yes, in terms of the effectiveness of the advertising, of course, we buy these ads, and we track their performance, and we optimize it, and those learnings will inform the larger ad campaign that happens in October.

Just following up on the retail stores, how the Niagen has had a couple of, I'll just call them fits and starts, in I think it was Walgreens many, many years ago and Walmart many years ago. How would this launch be different if you were to go that route, and how would you convert that to a greater level of success than you were able to have the first couple of times?

There weren't a first couple of times. We did try once in Walmart. We were never in Walgreens. That was just about timing. It actually sold quite well in Walmart, extremely well in Walmart. It's just that it took us a year to get our TV campaign going in conjunction with the launch of Walmart. Took too long. What we learned from that experience is that there needs to be marketing in connection with a retail launch. You need to have that marketing campaign ready to coincide with the retail launch. There's not going to be a wide retail launch. It will be slow. I mean, we're in certain retail locations now, and outside the U.S., we're in Watsons locations in Hong Kong, Singapore. We are in Vitamin Shoppe presently. We're in a few specialty shops as well.

I expect that it won't be a broad, wide retail launch. It'll be partner by partner and regional.

Great. Thank you.

Sure.

Our last question comes from J.P. Mark with Farmhouse Equity Research.

Hi, good afternoon, Rob and Ozan Pamir.

Hi.

A quick question for you, hi, about Niagen Plus and really about the three customer segments. Do you see a meaningful overlap between the oral supplement user, the high-end IV user, and this newer at-home injectable user? Are they completely distinct populations, or do they overlap, do you think? I know it's early for the. What's your thought on them?

It's a bit early to know that. We think that the Niagen injection product is more of an acute product. In other words, we understand the NR pathway that Dr. Charles Brenner discovered, which he called the NR kinase pathway, is located mostly in certain types of cells. That's skeletal muscle cells, brain cells, spleen, kidney, and skin cells. People that are interested in some sort of acute therapy are perhaps more likely to go with the injection. The oral would be more of a maintenance product. We do think that some people will use both intermittently. We don't yet know because the at-home kit is only recently on the market. We will see how it plays out.

In terms of the marketing to different segments, have you already identified what you think are the most promising social media tasks or specific opportunities that you think that you can sort of tap into? I think you mentioned influencers. Are there certain kinds of influencers or certain influencers specifically who are more likely to reach your target market?

Well, in the early stages, we know that the biohacker community, the strong anti-aging community, the peptide community, if you will, are more inclined.

Yeah

try the Niagen at home injection product. Indeed, even the IV product, although to a lesser extent. We think that's our early stage primary addressable market. In the longer run, though, you know, we think that elevating NAD with Niagen IV or injection or Tru Niagen has a beneficial impact on things like fatigue or muscle repair or even inflammation in general across many cell types and organ types. Overall, we think it's it serves well as a anti-aging product. We think it's complementary to GLP-1s. We're hopeful that in the long run, the at home kit becomes addressable and as a complement to people who are presently self-injecting a GLP-1 agonist.

Rob, last question. I just wonder, are you keyed up on a bunch of podcasts? Because that's the best marketing you could possibly do, I think.

We've done a few, and I think we've signed up a few more. There are many podcasters that have requested an IV or an injection that we're supplying to them, and we'll hear back from them and see if they want to follow it up with an interview.

Okay, great. Thank you very much. Good quarter, and wish you the best for the rest of the year.

Thank you.

There are no further questions at this time. I will now hand the call back to Lauren Brzozowski for closing remarks.

Thank you, Karina. There will be a replay of this call beginning at 7:30 P.M. Eastern time today. The replay number is 1-833-461-5787, and the replay ID is 828848803. Thank you for joining us today. We look forward to updating you again next quarter.

This concludes today's call. You may now disconnect.

Ladies and gentlemen, thank you for standing by, and welcome to Niagen Bioscience, Inc. Fourth Quarter of 2025 Earnings Conference Call. My name is Tiffany, and I will be the conference operator today. [Operator Instructions] And as a reminder, this conference call is being recorded. This afternoon, Niagen Bioscience issued a news release announcing the company's financial results for the fourth quarter of 2025. If you have not reviewed this information, both are available within the Investor Relations section of Niagen Bioscience 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.

Thank you. Good afternoon, and welcome to Niagen Bioscience Inc.'s Fourth Quarter of 2025 Results Investor Call. With us today are Niagen Biosciences' 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 Biosciences 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 Biosciences' annual report on Form 10-K most recently filed with the SEC, including results of operations, financial condition, 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 with the forward-looking statements' actual results or 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.

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 $33.8 million, growing 16% year-over-year with net income of $4.1 million. So for the full year of 2025, we delivered $129.4 million in net revenue, representing 30% growth year-over-year and net income for the year of $17.4 million. We ended the year with $64.8 million in cash and no debt. I'm very proud of what the Niagen Bio 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. But most importantly, we're well positioned to deliver a great 2026. There are some challenges. There's 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're ready to build on this foundation. The most critical element of this foundation is our science. Niagen Bioscience 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. 8 of these studies were clinical studies. So I've asked Dr. Andrew Shao, Senior VP 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 biological 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're 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're now present in over 1,200 health clinics and will be adding doctors' offices and med spas this year. Now 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 the first half of 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, cosmetics market this year. Following the successful launch of Tru Niagen Beauty in late 2025, we've developed topical products featuring Niagen. In addition to our own Tru Niagen branded topical products, we're 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 maleate 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. And we continue to work with our NAD precursor portfolio for pharmaceutical applications in orphan indications, particularly ataxia telangiectasia. We've identified NB-4168 as our lead development small molecule candidate for AT. We intend to continue to make strategic R&D investments to further characterize NB-4168 with the long-term objective of advancing towards regulatory approval. Potential value creation pathways for this asset include a spinout transaction or an out-licensing partnership. We'll continue to update shareholders as we achieve key development milestones. And last month, we announced the sale of the ChromaDex Reference Standards business. This divestiture further streamlines Niagen's operations, advances the company's strategy to exit non-core activities and focuses resources on NAD science, intellectual property and commercial growth. NAD+ remains at the forefront of health and longevity discussions with continued coverage across mainstream press, health care practitioner channels and general discourse with consumers from 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 repeated in the past, NAD itself, the molecule NAD, in any form of administration has 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. And I would now like to hand the call over to Andrew 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. Andrew?

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 is committed to remaining the global scientific authority on NR and NAD research. I'm pleased to share some of the exciting results from newly published studies since our last update. On our last earnings call, Bob 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 the 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 end point. We've 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 preventative 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 prestigious journal cell assess 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 way 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 at the genome and that metabolic interventions and intense physical activity may have distinct impact 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 [ mouse ]. 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've 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 1/3 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, Biogen Bioscience continues to advance NR and NAD research, and doing so with responsibility and integrity. The 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'll pass the call over to Ozan. Ozan?

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, as the company delivered on its latest financial outlook across all metrics. The results of the fourth quarter and the full year is a reflection of our team's dedication to delivering shareholder value by advancing strategic initiatives, and maintaining Niagen Bioscience's position as the gold standard in NAD science. For the full year, we delivered $129.4 million 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 $8.7 million year-over-year, primarily driven by an increase in employee-related expense and stock-based compensation of $3.8 million, increase in consulting fees of $1.5 million and higher royalty expense of $2.9 million 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 million gain on settlement of royalty obligations in connection with our agreement with Queen's University Belfast. Net income for the year was $17.4 million compared to $8.6 million in fiscal year 2024, and we generated $13.5 million of cash from operations. Lastly, adjusted EBITDA for the year was $20.4 million, an $11.9 million improvement compared to fiscal year 2024. Our revenues in the fourth quarter of 2025 were $33.8 million, a $4.7 million or a 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 $4.8 million increase. The primary driver was e-commerce, which generated $20.2 million, up 17% or $2.9 million. On the ingredient side, Niagen ingredient revenue was $5.6 million, up 5% or $300,000 year-over-year. And within that, we delivered $4.7 million 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 $7.3 million, 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 Watsons, we expect the partnership to remain an important component of our broader distribution network as we partner closely with Watsons 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 $1.7 million, 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 $7.5 million, an increase of $6.4 million 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. And finally, our net income for the quarter was $4.1 million 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 $64.8 million 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 $12.1 million in the prior year. The year-over-year improvement was mostly driven by an $8.8 million 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 million all-cash transaction adjusted for working capital. This was a non-core legacy business that generated approximately $3 million in 2025 and was not a profit center. This divestiture is a meaningful step for Niagen Bioscience to streamline and focus operations on advancing NAV 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're projecting between 10% to 15% growth year-over-year, excluding revenue attributable to the Analytical Reference Standards & Services segment. This outlook reflects continued scaling of our e-commerce business, growth from our established partnerships and additional upside from new 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 remained 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 and research initiatives to advance product development and innovation. And lastly, general and administrative expenses are expected to increase by approximately $4 million to $5 million 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 execution 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 Biosciences 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're entering 2026 with confidence as we continue executing our vision and deliver lasting value to our stakeholders. Operator, we're now ready to take questions.

[Operator Instructions] Your first question comes from the line of Jeffrey Cohen with Ladenburg Thalmann.

So I guess, firstly, to jump into the injections. So I think you have one SKU now for the IV bags and injections to come. What are you expecting on number of SKUs? Or would that be just one? And initially on your own telehealth platform? And then on the back half of the year, you're expecting to get on to other platforms? And talk about the audience there as well being the overlap with the current clinics?

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 doing presently GLP-1 agonists. We think there's a market out there for people who are interested in self-injecting for -- to stay thinner, might also be interested in self-injecting to stay younger. The initial product will be a syringe and we'd be separating the powder from the liquid. So it's a slightly complicated process. So the more sophisticated people that are more used to this process will be the early adopters. Eventually, it will be in a pure liquid form and will be a much simpler process. And even after that will be a pen that looks much more like the GLP-1 pens. In terms of the overlap with the clinics, well, 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 3 days per week. So we think it's slightly different audience in terms of dosage. And then in terms of price point, we expect that the injections, the shops will be less than half the price as the current -- than the IV. Now on the other hand, the IVs in some ways, because it doesn't -- because it's not subcu, it's directly into the blood stream are even more effective. So that's how we differentiate those two products. Andrew, is there anything else you want to add to that?

I think you covered it, Rob.

And then just one follow-up. Could you talk about your guidance, I guess, briefly, right, you did call out last year that your guidance started out in the high teens and literally double as the year went on. So is this kind of cautionary guidance to get started on the year subject to revisions down the road? Or is this something that you feel pretty strong about the full year?

I would say the former more than the latter. I think we've been pretty consistent over the years. We don't 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 ingredients, and that's far less predictable than the straight e-commerce business as it were.

Your next question comes from the line of Susan Anderson with Canaccord Genuity.

Maybe if you could kind of parcel out, I guess, what you're seeing as the growth drivers for this year between, I guess, the original in our supplement and also the IV and then also the new products that you're rolling out, such as like the beauty supplement.

In terms of growth?

Correct. Yes. And then also just any new channel distribution you're expecting to go into?

Yes. We do -- the latter portion first. We do expect to expand the distribution channels. We will be expanding into certain selective retail channels and even by the end of the year, we might even broaden that further. We are expanding also 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. So we think there's just basic organic growth. As more and more people write about Niagen Bioscience as a company and Tru Niagen as the products and we 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 just steady consistent growth in our -- with the existing Tru Niagen products in the existing channels. But it's difficult to know how much the cosmetics products and the IV and the injection products will grow, so we're endeavoring to give conservative assumptions there. Until we're out there and we see how the market reacts to it, we don't really know yet. But of course, the upside potential is fairly significant, we think. And we just don't really yet know how it's going to break down.

Okay. Great. That's helpful. And then maybe you mentioned just increased competition in the space with NMN now. I guess, what do you guys -- you talked about getting out there on podcast and stuff. I guess what are you guys doing this year to kind of get the message out there to consumers, maybe getting them to switch over to your product versus a different product that they're taking right now?

Well, of course, we have the best product. I mean, 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 know that the best way, safest way, the most tested way, the most informed company to elevate NAD levels is to take Niagen or Tru Niagen. We do see increased competition. NMN did get reversed by the FDA, their ruling. We think there's a good chance they're 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're seeing selling NMN are companies who never really cared about the FDA ruling in the first place and now don't really care much about the patent rules. But it is increased advertising that you're seeing. Most of that NMN is cannibalizing NAD itself. These are companies that were selling NAD as a molecule in a bottle, which doesn't work at all. It's not bioavailable, doesn't elevate NAD. So what we're seeing is transfers from NAD selling over to NMN zone. 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'd rather have 20% of $10 billion than 50% of $500 million. They're advertising it. Many of them get it wrong, they make false claims, but many of them get it right, and they're explaining to people that elevating NAD is good for your health, especially as you age or as you heal. And the more you research, the more you realize that the best way to manage it is with Niagen or Tru Niagen. Yes. We think what we've seen is that when people sometimes they'll start out by taking NAD or NMN or NMNH or something that the low price version of a product that markets NAD. And if eventually they come around to read in the science or reading our market materials, they come around to Tru Niagen. And then the first part of your question. Yes, it's -- there's a very good chance that sometime during 2026, we will launch a more aggressive awareness brands type campaign for the company. especially if we expand into certain retail outlets to increase awareness and brand familiarity. We're working on that presence.

Your next question comes from the line of Ram Selvaraju with H.C. Wainwright.

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 initiatives 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?

Ram, we don't think it's going to be a significant expense. 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's likely to go that way. They've 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 don't know what the factors were that led to that decision, but we think it was harmful to the general public. So we think there's a good chance that, that decision will be reversed once again. And no, I don't think it will have a meaningful impact on our costs or expenses for the year. What was the other one again?

What was the other question?

I just wanted to ask about share repurchases, what's kind of impacting the evolution of your strategy there?

Right. So as you know, we announced a $10 million 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 shares. We think it's a great investment at this price.

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?

Well, we're waiting for the final manuscript and discussion with Tzoulis. He's very bullish on this idea that it's a preventative before the standard care of L-Dopa and the diagnosis of Parkinson's and he has a fair amount of data to support that idea. But at this point, we're waiting to hear from him on that. Andrew, is there anything more you want to contribute to that?

Just like you said, Rob, the manuscript be submitted for publication shortly here. And so we can't 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.

Your next question comes from the line of Sean McGowan with ROTH Capital.

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 '26 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, the slight increase? Is it -- 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?

Sean, Ozan here. So with regards to the pacing of the sales, we're expecting it to be more back loaded compared to previous years. And with regards to gross margin, we expect a slight improvement, but it's not -- it's driven by supply chain efficiencies and also the changing of the product mix. We're seeing our 1,000 milligram SKU perform well, and e-commerce is also performing well.

Okay. And similarly, looking for color on the -- does your sales and marketing guidance anticipate the kind of step-up in brand marketing that you referred to earlier? Or is that -- would that be additional? I think Rob said you might see some additional promotion -- I mean, advertising around. Is that anticipated in that already?

It's not anticipated in that. It would be an addition.

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

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 (800) 770-2030, and the replay ID is 8584242. Thank you, everyone, for joining us today and for your continued support of Niagen Bioscience.

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