NAGE

This article first appeared on GuruFocus. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Niagen Bioscience Inc (NASDAQ:NAGE) reported strong e-commerce growth, with TrueNiagen website sales up 23% year-over-year and Amazon sales up 10%, which would have been approximately 19% absent a temporary platform issue. The company's China cross-border channel has already exceeded its full-year 2025 revenue by May 2026, indicating significant growth potential in this market. Niagen Bioscience Inc (NASDAQ:NAGE) is expanding into new high-growth verticals, including skincare (Niagen NanoClouds) and IV/injection (Niagen Plus), with strong initial consumer response and interest from major telehealth companies. The company has a robust balance sheet with $66.7 million in cash, no debt, and a $14.6 million remaining share repurchase authorization, providing financial flexibility for strategic investments. Niagen Bioscience Inc (NASDAQ:NAGE) is advancing its pharmaceutical pipeline with NB4168, which has received rare pediatric disease and orphan drug designations, and could qualify for a transferable priority review voucher worth approximately $150 million. The company's core business remains profitable and cash-generative, with stable gross margins of 64.8%, allowing it to fund investments in new initiatives while maintaining financial discipline. Niagen Bioscience Inc (NASDAQ:NAGE) experienced lower ingredient business revenue from Life Extension, negatively impacting quarterly comparisons, and faces competitive pressure from NMN and NAD as straight ingredients in certain channels. Selling and marketing expenses increased significantly to 34% of net sales in Q2 2026, up from 26.4% in the prior year quarter, reflecting higher investment costs that could pressure near-term profitability. Net income declined to $1 million or $0.01 per diluted share in Q2 2026, compared to $0.05 per diluted share in Q2 2025, indicating reduced profitability despite revenue growth. The company expects its ingredients business to be lower than the prior year for the full year 2026 due to a more competitive landscape, which could weigh on overall revenue growth. Niagen Bioscience Inc (NASDAQ:NAGE) faces regulatory and legal uncertainties, including a pending FDA lawsuit with a motion to dismiss that could take two to three months to resolve, and challenges in obtaining ingredient approval in China for dietary supplements. The Niagen Plus IV/injection business is not expected to hit its stride until 2027, as the company works to solve pricing issues, meaning near-term revenue contributions from this segment will be limited. Warning! GuruFocus has detected 2 Warning Sign with NAGE. Is NAGE fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an update on the lawsuit against the FDA, the outlook for the Asia Pacific business with Watsons, and the pipeline of novel NAD analogs for pharmaceutical development?A: CEO Rob Fried addressed these topics. Regarding the FDA lawsuit, the FDA filed a motion to dismiss several months ago, we replied, and we expect the judge to rule within the next two to three months; we feel confident about the facts of the case. On Watsons, they have sold through excess inventory and are making purchases again, looking strong. We are launching new SKUs (like NanoClouds Beauty) that Watsons is interested in carrying, and we expect to expand into Taiwan and Korea pending regulatory approval. We also received regulatory approval for skincare products in mainland China. On the pharma pipeline, we have several novel analogs beyond NB4168 that have shown potential to be even more potent in elevating NAD, and we have had discussions with larger pharma companies about these molecules. Q: Can you talk more about the priority review voucher (PRV) potential for NB4168 and when we will know more about that pathway?A: CFO Ozan Premier explained that the PRV program is dedicated to rare pediatric diseases and orphan drugs. Once you receive those designations and FDA approval, there is no reason the company would not receive the voucher. Recent transactions for these vouchers have ranged between $150 million and $180 million, providing a way to recover R&D costs and create instant value. Q: How are you thinking about the skincare business long-term? Will selling the ingredient to beauty companies be bigger than your own products? And what is the status of the second topical product?A: CEO Rob Fried stated it is an economic question. At least one or two very large skincare companies have expressed interest in a significant exclusive deal, but the economics would need to be very significant to agree to that. There is also the possibility of a co-exclusive deal where the only other brand would be ours. It is too early to say, but the skincare market looks substantial long-term. The second product is expected to launch around April of next year. Q: Can you provide an update on retail expansion and should we expect the 34% selling and marketing expense rate to be the new benchmark?A: CEO Rob Fried confirmed expansion into selected retail outlets, including Sam's Club, GNC, Vitamin Shoppe, and Sprouts, with discussions with other retailers. A brand campaign with celebrities is planned for Q4 to support retail distribution. On marketing spend, the company is focused on maintaining a cash flow positive business while carefully increasing marketing spend to support retail and global distribution. He also highlighted that the core TrueNiagen supplement business is "ripe for expansion," citing the recent $3.8 billion sale of Thorne to P&G as evidence of the value of science-based brands. Q: Can you help frame the spending plans for exploiting NB4168? What should we expect for incremental spending?A: CFO Ozan Premier stated the company will not spend millions to become cash flow negative. They plan to spend a modest amount for the rest of the year on efficacy studies to develop the candidate to an IND stage, with first-in-human studies expected next year. The total program cost from today to approval is estimated at $30 million spread across four years, which is manageable compared to other drug programs. The company feels comfortable developing the molecule to a certain point itself to generate more value for shareholders before seeking partnerships. Q: Where do you see the next ingredient partners fitting into the Niagen ecosystem, geographically or by target market?A: CEO Rob Fried explained they are looking at geographic partners, particularly in the EU and one or two in Asia. The EU is just waking up to NAD. The ingredient business was strategic to communicate that Niagen is the best way to elevate NAD, but some partners became too large. A healthier balance would be four or five smaller partners rather than one or two very large ones, so they may add one or two more in the U.S. as well. Q: Can you provide more detail on the China cross-border sales and the skincare product approval in China?A: CFO Ozan Premier noted that China cross-border started in Q2 2025, and by May 2026, revenue had already surpassed the full year 2025 total, which was under $1 million. CEO Rob Fried added that they received topical approval in China (not dietary supplement approval), which is a significant milestone for the skincare market there. They still need to register the TrueNiagen topical product and are considering partners for that territory. Q: Are you benefiting from NMN being banned in China, and is the Chinese consumer aware that Niagen is a better NAD precursor?A: CEO Rob Fried acknowledged Niagen is a better precursor than NMN, but it is unclear if the general public in China is aware. The CFDA did ban NMN, but it is creeping back into the marketplace. There is serious demand and awareness of TrueNiagen in mainland China, partly due to its popularity in Hong Kong. The company is seeing growth through cross-border sales and expects to continue investing in that business. He noted that cross-border NMN sales were once estimated between $500 million and $1 billion, indicating a large market they want to be in, but in-country sales require ingredient approval that has not yet been achieved. Q: Can you discuss the G&A expense level and whether it is a good base for the next few quarters?A: CFO Ozan Premier confirmed that the current G&A level is reasonable for the next few quarters, with a possible slight increase. The company previously guided that G&A will increase year-over-year by $2 million to $3 million for the full year. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Niagen Bioscience (NAGE) came out with quarterly earnings of $0.01 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this natural products company would post earnings of $0.06 per share when it actually produced earnings of $0.07, delivering a surprise of +16.67%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Niagen Bioscience, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $29.79 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.55%. This compares to year-ago revenues of $31.12 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Niagen Bioscience shares have lost about 44.5% since the beginning of the year versus the S&P 500's gain of 11%. While Niagen Bioscience has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Niagen Bioscience was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.06 on $37.3 million in revenues for the coming quarter and $0.21 on $142.19 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Regenxbio (RGNX), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This biotechnology company is expected to post quarterly earnings of $0.12 per share in its upcoming report, which represents a year-over-year change of +108.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Regenxbio's revenues are expected to be $92.88 million, up 334.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Niagen Bioscience, Inc. (NAGE) : Free Stock Analysis Report REGENXBIO Inc. (RGNX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Launched pharmaceutical program targeting rare genetic diseases and aging related disorders in July Launched Niagen Plus telehealth platform Net sales of $29.8 million, including $24.2 million from Tru Niagen Generated $1.6 million of operating cash flow year-to-date Net income of $1.0 million and adjusted EBITDA of $3.0 million LOS ANGELES, August 04, 2026--(BUSINESS WIRE)--Niagen Bioscience, Inc. (NASDAQ:NAGE) today announced operational updates and financial results for the second quarter of 2026. Second Quarter 2026 Financial and Business Highlights Total net sales of $29.8 million, including $24.2 million from Tru Niagen®. Direct to consumer sales on the Company’s website grew by 23% year-over-year. Gross margin of 64.8%, reflecting continued strength in business mix. Net income of $1.0 million, with basic and diluted earnings per share of $0.01. Adjusted EBITDA, a non-GAAP measure, was $3.0 million. Total cash provided by operations of $1.6 million during the six months ended June 30, 2026, ending with $66.7 million in cash and cash equivalents. Repurchased $2.8 million of common stock during the quarter. Launched Niagen Plus telehealth platform and made the at-home injection kit of Niagen Plus available to patients on niagenplus.com. The Company received LegitScript certification in June 2026, which allows for advertisement of Niagen Plus at-home injection kits. Introduced NB4168, a proprietary lead investigational therapeutic candidate for treatment of rare genetic diseases and aging related disorders, initially targeting Ataxia-Telangiectasia (A-T). NB4168 is an oral small molecule engineered to deliver substantially greater nicotinamide riboside (NR) exposure than conventional NR while maintaining a differentiated pharmacokinetic and safety profile. NB4168 received the Rare Pediatric Disease (RPD) designation for the treatment of A-T from the U.S. Food and Drug Administration, and Orphan Medicinal Product Designation (OMPD) from the European Medicines Agency (EMA), supporting the Company's plans to advance the program globally. Engaged Evotec as its contract research organization for the preclinical and IND enabling studies for NB4168, anticipated to begin in Q3 2026. Renamed the ChromaDex External Research Program (CERP) to the Niagen Research Program, reflecting the Company's evolution and focus on advancing the understanding and applications of NAD+ through its flagship ingredient, Niagen®. Appointed Abhijit Kale, Ph.D., as Senior Director of Global External Research to lead the pharmaceutical program and oversee its expanding portfolio of external scientific collaborations. Dr. Kale previously served as a Scientific Review Officer at Hevolution Foundation and held scientific leadership roles at the Buck Institute for Research on Aging. "During the quarter, Tru Niagen continued to demonstrate its category leadership, and at the same time, we laid the foundation strategically for what we expect will unlock tremendous value for years to come. The launch of our telehealth business and pharmaceutical program are long-term growth drivers that have evolved Niagen from a nutritional supplement business to a multi-asset anti-aging company," said Rob Fried, Chief Executive Officer. "Our underlying consumer products business is the engine funding the rest of our value accretive initiatives and we are focused on investing across our multiple strategic growth opportunities, while maintaining cash flow of the business." 2026 Outlook and Strategic Priorities: For the full year 2026, the Company expects the e-commerce business to grow 10% to 15% year-over-year. We continue to expect the remainder of our consumer business to perform in line with our prior expectations. The ingredient business is expected to be lower than the prior year as some of our commercial partners continue to face a more competitive market, although we expect to add additional ingredient partners in the near term. We expect Niagen Plus growth and new skincare partnerships to become meaningful contributors beginning in 2027. The Company believes 2026 is an important year of strategic investment and expects operating expenses to increase as it invests across commercial, research and administrative functions to support these strategic priorities, while continuing to focus on disciplined capital allocation and positive cash flow from operations. Investor Conference Call A live webcast will be held Tuesday, August 4, 2026 at 4:30 p.m. Eastern Daylight Time (1:30 p.m. Pacific Daylight Time) to discuss Niagen Bioscience’s second-quarter financial results and provide a general business update. To listen to the webcast, or to view the earnings press release and its accompanying financial exhibits, please visit the Investor Relations section of Niagen Bioscience’s website at https://investors.niagenbioscience.com. The toll-free dial-in information for this call is 1-833-461-5787 with Conference ID: 879107368. The webcast will be recorded, and will be available for replay via the website from 7:30 p.m. Eastern Daylight Time on August 4, 2026. Important Note on Forward-Looking Statements: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as "expects," "anticipates," "intends," "estimates," "plans," "potential," "possible," "probable," "believes," "seeks," "may," "will," "should," "could," "predicts," "projects," "continues," "would" or the negative of such terms or other similar expressions. Forward-looking statements include without limitation, statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the quotation from Niagen Bioscience’s Chief Executive Officer, statements related to the Company’s 2026 financial outlook including but not limited to net sales, gross margin, expenses, investment priorities, and commercialization efforts and statements regarding Niagen® and Niagen Plus clinical initiatives and statements attributable to management. Risks that contribute to the uncertain nature of the forward-looking statements include: our relationships with major customers; a decline in general economic conditions nationally and internationally; the market and size of the vitamin, mineral and dietary supplement market and the intravenous market; decreased demand for our products and services; market acceptance of our products; interruptions in our ability to sell products through third-party online marketplaces; the ability to protect our intellectual property rights; impact of any litigation or infringement actions brought against us; competition from other providers and products, including other supplements such as NMN; risks in product development; our ability to develop pharmaceutical business; the Company's therapeutic pipeline, including NB4168, preclinical and IND-enabling studies, and regulatory designations and development plans; inability to raise capital to fund continuing operations or new product development; changes in government regulation or regulatory priorities of government officials; the ability to complete customer transactions and capital raising transactions; inflationary conditions and adverse economic conditions; our history of operating losses; the growth and profitability of our product sales; our ability to maintain and grow sales, marketing and distribution capabilities; changing consumer perceptions of our products; our reliance on a single or limited number of third-party suppliers; risks of conducting business in China; unanticipated developments in and risks related to the Company’s ability to secure adequate quantities of pharmaceutical-grade Niagen in a timely manner; the Company’s ability to obtain appropriate contracts and arrangements with U.S. FDA-registered 503B outsourcing facilities required to compound and distribute pharmaceutical-grade Niagen to clinics; the Company’s ability to remain on the U.S. FDA Bulk Drug Substances Nominated for Use in Compounding Under Section 503B of the Federal Food, Drug, and Cosmetic Act Category 1 list; the Company’s ability to maintain and enforce the Company’s existing intellectual property and obtain new patents; whether the potential benefits of NRC can be further supported; further research and development and the results of clinical trials possibly being unsuccessful or insufficient to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials; determinations made by the FDA and other governmental authorities, including with respect to products seeking to compete in our market; mislabeling or other misleading marketing practices by competitors; economic and market instability, including as a result of tariffs or trade conflicts; and the risks and uncertainties associated with our business and financial condition in general, described in our filings with the Securities and Exchange Commission (SEC), including, without limitation, our most recent Annual Report on Form 10-K as filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and actual results may differ materially from those suggested by these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement and Niagen Bioscience undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof. About Niagen Bioscience, Inc.: Niagen Bioscience is a global bioscience company focused on healthy aging. The Company is a leader in research on NAD+ (nicotinamide adenine dinucleotide), an essential coenzyme that supports cellular metabolism and declines with age. Niagen Bioscience is the innovator of nicotinamide riboside chloride ("NRC" or "NRCL," commonly referred to as "NR"), a patented NAD+ precursor commercialized as Niagen®, available in both food-grade and pharmaceutical-grade forms. Nicotinamide riboside chloride and other NAD+ precursors are protected by Niagen Bioscience’s patent portfolio. The Company markets its consumer supplement Tru Niagen® and develops and supplies Niagen® as a proprietary ingredient to partners across the health and wellness and pharmaceutical sectors. Niagen Bioscience is also advancing research and development of NAD+ precursor-based technologies for potential therapeutic applications. Follow us on X (formerly Twitter) @NiagenBio and Instagram @TruNiagen and @NiagenPlus and subscribe to our latest news via our website accessible at www.NiagenBioscience.com to which Niagen Bioscience regularly posts copies of its press releases as well as additional updates and financial information about the Company. Non-GAAP Financial Information: To supplement Niagen Bioscience’s unaudited financial data presented in accordance with generally accepted accounting principles (GAAP), the Company has presented Adjusted EBITDA, a non-GAAP financial measure. Niagen Bioscience believes the presentation of this non-GAAP financial measure provides important supplemental information to management and investors and enhances the overall understanding of the Company’s historical and current financial operating performance. The Company believes disclosure of the non-GAAP financial measure has substance because the excluded expenses are infrequent in nature, are variable in nature or do not represent current cash expenditures. Further, such non-GAAP financial measure is among the indicators the Company uses as a basis for evaluating the Company’s financial performance as well as for planning and forecasting purposes. Accordingly, disclosure of this non-GAAP financial measure provides investors with the same information that management uses to understand the Company’s economic performance year-over-year. Adjusted EBITDA is defined as net income before (a) interest, (b) provision for income taxes, (c) depreciation, (d) amortization, (e) non-cash share-based compensation costs, (f) severance and restructuring expense and (g) other infrequent items, including gains recognized related to the sale of an operating segment and a royalty settlement. While Niagen Bioscience believes that this non-GAAP financial measure provides useful supplemental information to investors, there are limitations associated with the use of such measure. This measure is not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the method of calculation. Management compensates for these limitations by relying primarily on the Company’s GAAP results and by using Adjusted EBITDA only supplementally and by reviewing the reconciliation of the non-GAAP financial measure to its most comparable GAAP financial measure. Non-GAAP financial measures are not prepared in accordance with, or an alternative for, generally accepted accounting principles in the United States. The Company’s non-GAAP financial measure is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804788526/en/ Contacts Investor Relations KCSA Strategic CommunicationsValter Pinto, Managing Director1 (212) [email protected] Media Relations Kendall KnyschSenior Director of Media Relations & Partnerships+1 (310) [email protected]

LOS ANGELES, July 21, 2026--(BUSINESS WIRE)--Niagen Bioscience, Inc. (NASDAQ: NAGE), the global authority on NAD+ (nicotinamide adenine dinucleotide) with a focus on the science of healthy aging, today announces that it will hold a conference call on Tuesday, August 4, 2026, at 4:30 p.m. ET to discuss its financial results for the second quarter, which ended June 30, 2026. The financial results will be reported in a press release after the close of regular stock market trading hours on Tuesday, August 4, 2026. Investor Conference Call: A live webcast will be held on Tuesday, August 4, 2026, at 4:30 p.m. Eastern Daylight Time (1:30 p.m. Pacific Daylight Time) to discuss Niagen Bioscience’s second quarter financial results and provide a general business update. To listen to the webcast, or to view the earnings press release and its accompanying financial exhibits, please visit the Investor Relations section of Niagen Bioscience’s website at www.niagenbioscience.com. Date: Tuesday, August 4 Time: 4:30 p.m. ET (1:30 p.m. PT) Toll-free dial-in number: 1 (833) 461-5787 Conference ID: 879 107 368 Webcast link: Niagen Bioscience Second Quarter Earnings Conference Call For additional information on Niagen Bioscience, visit www.niagenbioscience.com. About Niagen Bioscience Niagen Bioscience, Inc. (NASDAQ: NAGE) is the global authority in healthy aging and NAD+ (nicotinamide adenine dinucleotide) science. As a trusted pioneer of NAD+ discoveries, Niagen Bioscience™ is dedicated to advancing healthspan through precision science and innovative NAD+-boosting solutions. The Niagen Bioscience team, composed of world-renowned scientists, works with independent investigators from esteemed universities and research institutions around the globe to uncover the full potential of NAD+. A vital coenzyme found in every cell of the human body, NAD+ declines with age and exposure to everyday lifestyle stressors. NAD+ depletion is a key contributor to age-related changes in health and vitality. Distinguished by state-of-the-art laboratories, rigorous scientific and quality protocols, and collaborations with leading research institutions worldwide, Niagen Bioscience sets the gold standard for research, quality, and innovation. There’s a better way to age. At the heart of its clinically proven product portfolio is Niagen® (patented nicotinamide riboside, or NR), the most efficient, well-researched, and high-quality NAD+ booster available. Niagen powers the Company’s consumer supplement, Tru Niagen®, the number one NAD+ boosting oral supplement in the United States† (available at www.truniagen.com), and Niagen™ Plus, featuring pharmaceutical-grade intravenous (IV) and injectable Niagen products (www.niagenplus.com). Pharmaceutical-grade Niagen IV and injections are compounded and distributed by U.S. FDA-registered 503B outsourcing facilities and are available exclusively at clinics with a prescription. Under NAD Pharmaceuticals Corp., the Company’s wholly owned subsidiary focused on developing therapies for accelerated aging and rare genetic diseases, is conducting research on NB4168, a differentiated molecule. Niagen Bioscience’s robust patent portfolio protects NR and other NAD+ precursors. Niagen Bioscience maintains a website at www.niagenbioscience.com, where copies of press releases, news, and financial information are regularly published. †Based on revenue per largest U.S. e-commerce marketplace (Jan. 2025 – Dec. 2025) View source version on businesswire.com: https://www.businesswire.com/news/home/20260721656223/en/ Contacts Niagen Bioscience Media Contact:Kendall Knysch, Senior Director of Media Relations & [email protected] Niagen Bioscience Investor Relations Contact:Valter Pinto, Managing DirectorKCSA Strategic [email protected]

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Niagen Bioscience (NAGE) is back on investor radars after reporting first quarter 2026 earnings, with sales of US$31.47 million and net income of US$6.32 million from continuing operations. See our latest analysis for Niagen Bioscience. Despite launching Niagen Plus and expanding its injectable and IV partnerships, Niagen Bioscience’s share price has come under pressure, with the stock down 33.28% year to date and the 1 year total shareholder return falling 55.59%, although the 3 year total shareholder return remains very large. If you are weighing Niagen’s recent earnings and product launches against other opportunities in the space, this is a useful moment to scan 35 healthcare AI stocks With the stock down sharply over 1 year yet trading at a large discount to analyst and intrinsic value metrics, you need to ask: is Niagen Bioscience mispriced today, or is the market already factoring in its future growth? Niagen Bioscience's most followed narrative points to a fair value of $13.60 per share, compared with the last close at $4.17, framing a wide gap for investors to interrogate. Read the complete narrative. Curious what kind of revenue path and margin profile justify such a large gap between price and fair value? The popular narrative leans heavily on rapid earnings expansion, rising profitability and a richer future earnings multiple. Want to see the exact assumptions that connect those dots? See our AI narrative and valuation for Niagen Bioscience. Result: Fair Value of $13.60 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, still keep in mind that tighter profitability expectations and execution risk around injectables or regulatory outcomes could quickly challenge the upbeat fair value story. Find out about the key risks to this Niagen Bioscience narrative. Seeing both optimism and concern around Niagen Bioscience, it makes sense to move fast, review the details yourself, and weigh the trade off. To get a clearer picture of what the market is excited about and what is raising questions, start with 3 key rewards and 1 important warning sign Do not stop at a single stock. Use curated stock lists to spot fresh opportunities that fit your goals before the crowd focuses on them. Target potential bargains by scanning companies highlighted in 48 high quality undervalued stocks that pair quality fundamentals with prices that may not fully reflect them. Prioritise resilience by reviewing 71 resilient stocks with low risk scores and focus on stocks that score well on financial strength and risk checks. Get ahead of the market by checking screener containing 22 high quality undiscovered gems and see which under-the-radar stocks stand out on fundamentals. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NAGE. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Net sales increased to $31.5 million Gross margin improved to 63.5% Net income of $6.3 million, up $1.3 million from the prior year and adjusted EBITDA of $3.8 million LOS ANGELES, May 06, 2026--(BUSINESS WIRE)--Niagen Bioscience, Inc. (NASDAQ:NAGE) today announced financial results for the first quarter of 2026. First Quarter 2026 Financial Highlights Total net sales increased 3% to $31.5 million, including $22.4 million from Tru Niagen®. Excluding the recently sold Analytical Reference Standards and Services segment from both periods, net sales rose 5% to $31.1 million. Gross margin of 63.5%, reflecting continued strength in business mix. Net income of $6.3 million, including a $4.8 million gain on the divestiture of the Analytical Reference Standards and Services operating segment. Basic and diluted earnings per share were $0.08 and $0.07, respectively. Adjusted EBITDA, a non-GAAP measure, was $3.8 million. Working capital(1) increased by $5.4 million quarter-over-quarter. Used $1.2 million in operating cash flow during the quarter, driven by increased inventory levels and timing of receivables, ending with $66.5 million in cash and cash equivalents. Repurchased $2.4 million of common stock during the quarter. Updated full year 2026 outlook: Sales & marketing investment expected to increase; general & administrative expense outlook improved to up $3–$4 million (from $4–$5 million). Recent Operational Highlights In May 2026, the Company launched a clinician-directed telehealth platform under Niagen Plus, enabling eligible U.S. patients to access prescription-based Niagen® at-home injection kits, expanding the Niagen Plus clinic channel beyond in-person settings and introducing a direct-to-patient access model. In April 2026, the Company announced the establishment of the first United States Pharmacopeia (USP) monograph for nicotinamide riboside chloride (NRCL), supported by the Company’s scientific analytical contributions, establishing a standardized quality benchmark for NR-based ingredients and reinforcing the Company’s leadership in NAD+ science and quality. In April 2026, the Company announced the addition of another 503B compounding partner, diversifying the Company’s 503B network and supply chain capabilities while expanding Niagen Plus to include new product offerings. In March 2026, the Company expanded the Niagen Plus clinical channel with its first cruise ship clinic partnership, enabling the availability of Niagen IV across more than 80 Medi-Spa clinics operated by OneSpaWorld aboard high-end cruise ships, further extending access through premium medical and wellness channels. In March 2026, the Company’s board of directors approved an increase of the Company’s share repurchase program to $20 million. In March 2026, the Company entered the skincare category through the launch of Niagen’s Nanocloud™, a topical product developed by the Niagen Skincare Innovation Lab, to evaluate market opportunity and generate consumer insights to guide future development. In February 2026, the Company completed the divestiture of the Analytical Reference Standards and Services operating segment to LGC Standards in an all-cash transaction, further streamlining operations and reinforcing its focus on core NAD+ science and commercial growth. "We delivered $31.5 million of net sales and $6.3 million of net income for the first quarter," said Niagen Bioscience CEO, Rob Fried. "Our results reflect continued execution across the business, including growth in our e-commerce channel and progress across key strategic initiatives. We are advancing our scientific leadership and expanding our commercial reach while remaining focused on disciplined investment and long-term value creation from our NAD+ platform." Results of operations for the three months ended March 31, 2026 compared to the prior year quarter Net Sales increased to $31.5 million. Excluding the impact of the divested segment in both periods, net sales increased approximately 5% year-over-year. The growth in net sales was driven by continued growth in Tru Niagen®, led by strong e-commerce performance and higher sales through different distribution channels, partially offset by variability in orders from A.S. Watson. Niagen® ingredient sales also contributed to the growth. Gross Margin improving to 63.5%, reflecting favorable business mix and supply chain efficiencies. Operating Expense increased 26%, or $3.8 million, to $18.4 million, reflecting planned investments to support brand growth and commercial activities. Sales and marketing expense increased $1.6 million, driven by higher advertising and marketing spend to support consumer brand growth initiatives. General and administrative expense increased $2.1 million, primarily due to the absence of a prior year credit loss recovery and higher share-based compensation. Research and development expenses increased $0.2 million, reflecting continued investment in Niagen Plus research activities and research for therapeutic development. Net Income was $6.3 million compared to $5.1 million for the first quarter of 2025. Basic and Diluted Earnings Per Share were $0.08 and $0.07, respectively, compared to $0.07 basic earnings per share and $0.06 diluted earnings per share in the prior year quarter. Adjusted EBITDA, a non-GAAP measure, was $3.8 million compared to $4.9 million for the first quarter of 2025. See "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of non-GAAP Adjusted EBITDA to net income, the most directly comparable GAAP measure. Cash Flows from Operating Activities had a net cash outflow of $1.2 million for the three months ended March 31, 2026, primarily driven by increases in inventory and trade receivables, including timing of customer collections, partially offset by net income adjusted for non-cash items, including the gain on the sale of the Analytical Reference Standards and Services operating segment. 2026 Full Year Outlook Net sales: Increasing between 10-15% year-over-year excluding 2025 net sales attributable to the Analytical Reference Standards and Services segment, driven primarily by e-commerce business and new strategic partnerships. Gross margin: Slight improvement year-over-year, driven by improvements in inventory cost and product mix. Sales & marketing: Increasing in absolute dollars and as a percentage of sales, driven by increased investments to drive customer acquisition and support the launch of new verticals (compared to the previous guidance of stable as a percentage of sales). Research & development: Increasing, driven by investment into pharmaceutical development and continued research initiatives related to topical and injection applications. General & administrative: $3 million to $4 million increase driven by infrastructure investments and legal expenses to support the growth of existing business and new market launches, as well as increased share-based compensation expense with the absence of credit loss recovery. Investor Conference Call A live webcast will be held Wednesday, May 6, 2026 at 4:30 p.m. Eastern Daylight Time (1:30 p.m. Pacific Daylight Time) to discuss Niagen Bioscience’s first-quarter financial results and provide a general business update. To listen to the webcast, or to view the earnings press release and its accompanying financial exhibits, please visit the Investors Relations section of Niagen Bioscience’s website at https://investors.niagenbioscience.com. The toll-free dial-in information for this call is 1-833-461-5787 with Conference ID: 828848803. The webcast will be recorded, and will be available for replay via the website from 7:30 p.m. Eastern Daylight Time on May 6, 2026 through 11:59 p.m. Eastern Daylight Time on May 6, 2027. The replay of the call can also be accessed by dialing 1-833-461-5787, using the Replay ID: 828848803. Important Note on Forward Looking Statements: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as "expects," "anticipates," "intends," "estimates," "plans," "potential," "possible," "probable," "believes" "seeks," "may," "will," "should," "could," "predicts," "projects," "continues," "would" or the negative of such terms or other similar expressions. Forward-looking statements include without limitation, statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the quotation from Niagen Bioscience’s Chief Executive Officer, statements related to the Company’s 2026 financial outlook including but not limited to net sales growth, gross margin, expenses, investment priorities, and commercialization efforts and statements regarding Niagen® and Niagen Plus® clinical initiatives and statements attributable to management. Risks that contribute to the uncertain nature of the forward-looking statements include: our relationships with major customers; a decline in general economic conditions nationally and internationally; the market and size of the vitamin, mineral and dietary supplement market and the intravenous market; decreased demand for our products and services; market acceptance of our products; the ability to protect our intellectual property rights; impact of any litigation or infringement actions brought against us; competition from other providers and products; risks in product development; our ability to develop pharmaceutical business; inability to raise capital to fund continuing operations or new product development; changes in government regulation or regulatory priorities of government officials; the ability to complete customer transactions and capital raising transactions; inflationary conditions and adverse economic conditions; our history of operating losses; the growth and profitability of our product sales; our ability to maintain and grow sales, marketing and distribution capabilities; changing consumer perceptions of our products; our reliance on a single or limited number of third-party suppliers; risks of conducting business in China; unanticipated developments in and risks related to the Company’s ability to secure adequate quantities of pharmaceutical-grade Niagen in a timely manner; the Company’s ability to obtain appropriate contracts and arrangements with U.S. FDA-registered 503B outsourcing facilities required to compound and distribute pharmaceutical-grade Niagen to clinics; the Company’s ability to remain on the U.S. FDA Bulk Drug Substances Nominated for Use in Compounding Under Section 503B of the Federal Food, Drug, and Cosmetic Act Category 1 list; the Company’s ability to maintain and enforce the Company’s existing intellectual property and obtain new patents; whether the potential benefits of NRC can be further supported; further research and development and the results of clinical trials possibly being unsuccessful or insufficient to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials; determinations made by the FDA and other governmental authorities, including with respect to products seeking to compete in our market; mislabeling or other misleading marketing practices by competitors; economic and market instability, including as a result of tariffs or trade conflicts; and the risks and uncertainties associated with our business and financial condition in general, described in our filings with the Securities and Exchange Commission (SEC), including, without limitation, our most recent Annual Report on Form 10-K as filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and actual results may differ materially from those suggested by these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement and Niagen Bioscience undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof. About Niagen Bioscience, Inc.: Niagen Bioscience is a global bioscience company focused on healthy aging. The Company is a leader in research on NAD+ (nicotinamide adenine dinucleotide), an essential coenzyme that supports cellular metabolism and declines with age. Niagen Bioscience is the innovator of nicotinamide riboside chloride ("NRC" or "NRCL," commonly referred to as "NR"), a patented NAD+ precursor commercialized as Niagen®, available in both food-grade and pharmaceutical-grade forms. Nicotinamide riboside chloride and other NAD+ precursors are protected by Niagen Bioscience’s patent portfolio. The Company markets its consumer supplement Tru Niagen® and develops and supplies Niagen® as a proprietary ingredient to partners across the health and wellness and pharmaceutical sectors. Niagen Bioscience is also advancing research and development of NAD+ precursor-based technologies for potential therapeutic applications. Follow us on X (formerly Twitter) @NiagenBio and Instagram @TruNiagen and @NiagenPlus and subscribe to our latest news via our website accessible at www.NiagenBioscience.com to which Niagen Bioscience regularly posts copies of its press releases as well as additional updates and financial information about the Company. Non-GAAP Financial Information: To supplement Niagen Bioscience’s unaudited financial data presented in accordance with generally accepted accounting principles (GAAP), the Company has presented Adjusted EBITDA, a non-GAAP financial measure. Niagen Bioscience believes the presentation of this non-GAAP financial measure provides important supplemental information to management and investors and enhances the overall understanding of the Company’s historical and current financial operating performance. The Company believes disclosure of the non-GAAP financial measure has substance because the excluded expenses are infrequent in nature, are variable in nature or do not represent current cash expenditures. Further, such non-GAAP financial measure is among the indicators the Company uses as a basis for evaluating the Company’s financial performance as well as for planning and forecasting purposes. Accordingly, disclosure of this non-GAAP financial measure provides investors with the same information that management uses to understand the Company’s economic performance year-over-year. Adjusted EBITDA is defined as net income before (a) interest, (b) provision for income taxes, (c) depreciation, (d) amortization, (e) non-cash share-based compensation costs, (f) severance and restructuring expense and (g) other infrequent items, including gains recognized related to the sale of an operating segment and a royalty settlement, as well as the recovery of previously recognized credit losses from a legal settlement. While Niagen Bioscience believes that this non-GAAP financial measure provides useful supplemental information to investors, there are limitations associated with the use of such measure. This measure is not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the method of calculation. Management compensates for these limitations by relying primarily on the Company’s GAAP results and by using Adjusted EBITDA only supplementally and by reviewing the reconciliation of the non-GAAP financial measure to its most comparable GAAP financial measure. Non-GAAP financial measures are not prepared in accordance with, or an alternative for, generally accepted accounting principles in the United States. The Company’s non-GAAP financial measure is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506434360/en/ Contacts Investor Relations KCSA Strategic Communications Valter Pinto, Managing Director 1 (212) 896-1254 [email protected] Media Relations Kendall Knysch Senior Director of Media Relations & Partnerships +1 (310) 405-5227 [email protected]

Niagen Bioscience (NAGE) came out with quarterly earnings of $0.07 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +16.67%. A quarter ago, it was expected that this natural products company would post earnings of $0.02 per share when it actually produced earnings of $0.03, delivering a surprise of +50%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Niagen Bioscience, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $31.47 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 5.62%. This compares to year-ago revenues of $30.48 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Niagen Bioscience shares have lost about 24.2% since the beginning of the year versus the S&P 500's gain of 6%. While Niagen Bioscience has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Niagen Bioscience was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.03 on $33.25 million in revenues for the coming quarter and $0.24 on $146.15 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Humacyte, Inc. (HUMA), is yet to report results for the quarter ended March 2026. This company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Humacyte, Inc.'s revenues are expected to be $1.23 million, up 136.5% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Niagen Bioscience, Inc. (NAGE) : Free Stock Analysis Report Humacyte, Inc. (HUMA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. May 6, 2026 Chief Executive Officer — Rob Fried Chief Financial Officer — Ozan Pamir Assistant Controller — Lauren Rittman-Borzansky Senior Vice President, Scientific and Regulatory Affairs — Andrew Shao Operator: Ladies and gentlemen, thank you for standing by, and welcome to Niagen Bioscience Inc First Quarter 2026 Earnings Conference Call. My name is Carina, 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 Inc issued a press release announcing its financial results for 2026. If you have not reviewed this information, it is available within the Investor Relations section of Niagen Bioscience Inc’s website at niagenbioscience.com. I would now like to turn the call over to Lauren Rittman-Borzansky, assistant controller. Please go ahead. Lauren Rittman-Borzansky: Good afternoon, and welcome to Niagen Bioscience Inc’s first quarter 2026 conference call. Joining me today are our chief executive officer, Rob Fried, chief financial officer, Ozan Pamir, and Senior Vice President of Scientific and Regulatory Affairs, Doctor Andrew Shao. Doctor Shao will be joining the call for Q&A. Before we begin, I would 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 Investor Relations section of our website. With that, it is now my pleasure to turn the call over to our CEO, Rob Fried. Rob Fried: Thank you, Lauren. Good afternoon, everyone, and 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, but 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 have garnered many features with major media outlets, including a cover feature in 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, Bio Tuesdays, 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, 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 Inc 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 are approaching this new endeavor 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, and we are already nearly sold out. The wide launch will be in October. Surveys of the early adopters of NanoCloud have yielded results: visibly more youthful, smoother, and more moisturized skin and improved skin texture. These results are consistent with the 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. 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 of 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 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 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 Inc 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 financials and then on to Q&A and closing remarks. Ozan? Ozan Pamir: 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 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 $0.9 million 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 $0.185 million year-over-year. Within the ingredients business, we delivered $7.3 million in food-grade NIAGEN sales to key partners and $0.85 million 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. You 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 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, $0.22 million 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 2025. Turning to 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 03/31/2026, 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, the timing of customer orders and collections, and a larger outstanding balance from a partner, which was subsequently collected in April. Trade receivables were also impacted by an updated Amazon policy where a seven-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, while cash used in financing activities includes $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% to 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 are 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 while increasing in absolute dollars. While we are 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 are revising our outlook for general and administrative expenses. We now expect expenses to be up $3 million to $4 million in absolute dollars year-over-year, compared to the previous expectation of $4 million to $5 million. This change in outlook is primarily driven by a shift of 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. Operator: 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 1 on your telephone keypad. To withdraw your question, please press 1 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. Jeffrey Cohen: Oh, hey, Rob. Good afternoon. Thanks for taking our questions. 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, and what is the impact there upon your business? What is the outlook there as well? Thank you. Rob Fried: Sure. We think NMN is a good ingredient, and it does effectively elevate NAD. It does not do it nearly as well as NIAGEN. In fact, there was a study published this quarter out of Norway that showed that NR increased blood NAD levels 2.3 times for the equivalent amount to NMN. Also, every NMN product that we have tested infringes on existing patents for NMN. We have also done studies, and others have done studies, that show that the percentage of NMN products in the market that meet what is 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, and we think it has a very good chance of being reversed yet again. So for all those reasons, we are not bullish long term on NMN. But 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 are more than 300 SKUs now on Amazon whereas in September there were zero. Jeffrey Cohen: So, Rob, what would you speculate the ramifications to NIAGEN have been over the first quarter? Rob Fried: I cannot give you a precise number, but 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 some of these companies that come out of Belarus or China do not have any scientific research, they do not need label claims, and they charge a very small amount. So for those buyers that are basically price influenced, I think a lot of those are going to NMN. But as I say, I do not think it is a long-term thing. It has affected us, and I cannot give you a precise amount or number, but it is creating some headwinds for us that did not exist a few months ago. Jeffrey Cohen: Okay. That is super helpful. And as a follow-up, could you talk about the IV clinic locations? 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? Rob Fried: Yes. As you say, it is in 1,200 clinics now. We are seeing the order rate very strong, and the repeat rate is strong. It tends to be a more affluent consumer, and they are in the major cities, most of them. It is very well represented in the larger cities. We are also in cruise ships and it seems to do very well on these cruise ships. They still charge a great deal for it. The average price is still between $800 and $1,000 per IV, but people do experience a benefit and they are very enthusiastic about it. We have some partners like Restore that are doing an excellent job of educating the consumer when they come in on the benefits of NIAGEN IV over NAD IV, and they tell us that they are having great success and great repeat purchasers. Jeffrey Cohen: Super. Thanks for taking the questions. Nice quarter. Rob Fried: Thank you. Operator: Your next question comes from the line of Susan Anderson with Canaccord Genuity. Your line is open. Please go ahead. Susan Anderson: Hi. Good evening. Thanks for taking my question. I know it is early days, but any initial thoughts on the NIAGEN Plus IV injectable launch—any initial consumer response? And then also, do you have plans in place yet to roll it out to other telehealth platforms, and if so, what would the timing of that be? Rob Fried: Thank you. Very good questions. As you know, we launched over the weekend our Niagen at-home injection kit. It has taken us many years. We are very, very excited to be there. It is only four or five days, but it has been, I would say, outstanding those first four or five days in terms of traffic and conversions. Our expectations obviously are low. There is no marketing yet. The only marketing that we are doing is some email campaigns and some media press releases, and it has been picked up in some media. We have not done any paid ads at all as of yet. But the response right out of the gate is quite enthusiastic, so we are extremely encouraged. We are also not yet available in California, which represents a very disproportionately large percentage of the consumers of products such as these, and that is 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, so we are hopeful for that. Susan Anderson: Okay, great. That sounds good. And then thinking about the consumer products—so NIAGEN supplements, etcetera—are you thinking about channels as we look forward? Do you eventually maybe go into retail with things like the core NIAGEN supplement? Are there other channels that you are considering? Rob Fried: Yes. We do expect to broaden 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, so we will be expanding the distribution. Additionally, we will be rolling out additional products. As you know, we launched the NanoCloud product recently, and that has 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 will be very careful about the companies to whom we supply NIAGEN as an ingredient. They will be reputable, trustworthy companies with existing brands, so we see an expansion in that regard as well. Susan Anderson: What is the demand from other skincare or beauty companies for the ingredient, especially after you rolled out your own NanoCloud? Have you seen any of those companies come to you or show interest in adding the ingredient to their products? Rob Fried: Yes, and we have been in discussion with two major skincare brands. Susan Anderson: Great. That sounds good. Thanks a lot. Good luck the rest of the year. Rob Fried: Thank you, Susan. Operator: Your next question comes from the line of Sean McGowan with ROTH Capital Partners. Your line is open. Please go ahead. Sean McGowan: Thanks. Hi, guys. A few questions for Rob and then a couple of clarifications for Ozan. Rob, what do you expect is going to be the impact in the near and midterm of adding the new compounding pharmacy, and when do you think we will see that impact? Rob Fried: We are hopeful for two things. One is a wider distribution of sales to clinics. We are in 1,200 clinics at this point, but there are some thousands of addressable clinics, so we are hoping to expand the number of clinics to whom we are selling. We are also hoping that the ultimate price point to the end consumer comes down. If $800 is a lot to pay for many people, we think if we can get that price down through more clinics, more competition, and more pharmacies, we can expand the addressable market. Sean McGowan: Do you expect to increase beyond these two—so it is Wells and Olympia, right?—and would you expand beyond those? When do you think we will see that impact? Rob Fried: I think we will see the impact of Olympia in the summer, the end of the summer. It is possible we would talk to other pharmacies. There are 503B pharmacies and 503A pharmacies, but at this point, we do not know. It takes a while to ramp them up anyway. Sean McGowan: A couple of points of clarification for you, Ozan. One, the increase in the inventory number—what drove that? Is that any indication of acceleration in your expectation of sales, or is there something else going on there? And 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 offset by the increase in sales and marketing, so we wind up effectively with the same operating income level? Ozan Pamir: Hey, Sean. Regarding the inventory level, the main driver is that we made commitments to make these purchases from our primary supplier, W.R. Grace, about six 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. And yes, on your second question, that is a fair assumption. Operator: Your next question comes from the line of Raghuram Selvaraju with H.C. Wainwright. Your line is open. Please go ahead. Analyst: Hi. John Vee sitting in for Ram. Thank you for taking my question. To start, have recent developments on the compounded GLP-1 front affected demand for NIAGEN Plus IV? Rob Fried: We only know in the sense that we get many calls and inquiries from these clinics and these compounding pharmacies, especially the compounding pharmacies, who often are saying, “What is the next big thing after GLP-1?” It seems like NAD is teed up for that. Analyst: Got it. How do you think the telehealth launch will impact operating efficiency, and what emerging promotional strategies do you expect to deploy under the scope of this approach? Rob Fried: We are going to market it similarly to the way we market TRU NIAGEN. It is mostly in the e-commerce business, so it is the use of social media, paid ads, earned media, PR, and the use of influencers, and we do studies. We publish these studies, and these studies tend to get picked up by people who pay attention. We have already put out two studies, and there are several more ongoing. As we learn, we put them out. There is a network of people that absorb this information because they are very curious about how they can improve the way their body ages. Analyst: Got it. Lastly, would you be able to go into the status of the complaint aimed at removing NMN products from the U.S. market? Rob Fried: We sued the FDA because we think that their ruling reversing the drug preclusion decision was incorrect. The FDA replied to that lawsuit recently, last week, and we are awaiting hearings on that reply and then the judge’s decision. We think his final decision will be within a year. Analyst: Got it. Thank you so much. Rob Fried: Thank you. Operator: Your next question comes from the line of Bill Dezellem with Titan Capital. Your line is open. Please go ahead. Bill Dezellem: Great. Thank you. Relative to the NanoCloud skincare product, would you walk us through how you are marketing that and how you ended up getting such great traction so early on? And secondarily, what you are learning from having that product in the market? Rob Fried: We are marketing very little at this point. It is mostly existing TRU NIAGEN consumers that are also purchasing NanoCloud as a bundle, so they are seeing it on the website when they order TRU NIAGEN. There is some social media discussion about NanoClouds, but the amount of our actual paid advertising is very small at this stage. We have done surveys of these consumers. It has now been on the market almost two months, so for the people that purchased once, we sent out a survey and we have gotten some extremely positive responses from these early consumers on the impact that it has had on their skin. Bill Dezellem: As you see the consumer behavior, has that led to any learnings in terms of how, when you do your commercial launch in October, you want to approach it? What are you seeing or learning from any of the social media that is taking place? Rob Fried: We are learning that it is predominantly a female product, at least thus far. It seems like there is a very high repurchase rate. We also realized that we could probably change the pricing a bit; we will probably increase the pricing a bit for the product. There has been some interest from retail on NanoCloud and skincare products, and we are considering that. In terms of the effectiveness of the advertising, of course we buy these ads, we track their performance, and we optimize it. Those learnings will inform the larger ad campaign that happens in October. Bill Dezellem: And just following up on the retail stores, Niagen has had a couple of—I will call them fits and starts—in, I think it was 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 time? Rob Fried: 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 is just that it took us a year to get our EV campaign going in conjunction with the launch at Walmart. It took too long. What we learned from that experience is that there needs to be marketing in connection with a retail launch, and you need to have that marketing campaign ready to coincide with the retail launch. We do not expect a wide retail launch. It will be slow. We are in certain retail locations now outside the U.S., in Watsons locations in Hong Kong and Singapore. We are in The Vitamin Shoppe presently, and we are in a few specialty shops as well. I expect that it will not be a broad, wide retail launch. It will be partner by partner and regional. Bill Dezellem: Great. Thank you. Rob Fried: Sure. Operator: And our last question comes from J.P. Mark with Farmhouse Equity Research. Your line is open. Please go ahead. J.P. Mark: Hi. Good afternoon, Rob and Ozan. Quick question for you about Niagen Plus and really about the three customer segments. Do you see 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? Rob Fried: It is a bit early to know that, but we think that the NIAGEN injection product is more of an acute product. We understand the NR pathway that Doctor Charles Brenner discovered, which he called the NR kinase pathway, is located mostly in certain types of cells—that is, skeletal muscle cells, brain cells, spleen, kidney, and skin cells. So people that are interested in some sort of acute therapy are perhaps more likely to go with the injection, and the oral would be more of a maintenance product. We do think that some people will use both intermittently, but we do not yet know because the at-home kit is only recently on the market, and we will see how it plays out. J.P. Mark: In terms of the marketing to different segments, have you already identified what you think are the most promising social media paths or specific opportunities that you can tap into? You mentioned influencers—are there certain kinds of influencers or affiliates specifically who are more likely to reach your target market? Rob Fried: In the early stages, we know that the biohacker community, the strong anti-aging community, and the peptide community, if you will, are more inclined to try the Niagen at-home injection product—indeed, even the IV product, although to a lesser extent. So we think that is our early-stage primary addressable market. In the longer run, we think that elevating NAD with NIAGEN, whether by injection or TRU NIAGEN, has a beneficial impact on things like fatigue, muscle repair, or even inflammation in general across many cell types and organ types. Overall, we think it serves well as an anti-aging product. We think it is complementary to GLP-1s, so we are hopeful that in the long run the at-home kit becomes addressable as a complement to people who are presently self-injecting a GLP-1 agonist. J.P. Mark: And last question: Are you teed up on a bunch of podcasts? That would be the best marketing you can possibly do, I think. Rob Fried: We have done a few, and I think we have signed up a few more. There are many podcasters that have requested an IV or an injection that we are supplying to them. We will hear back from them and see if they want to follow it up with an interview. J.P. Mark: Okay, great. Thank you very much. Good quarter. I wish you the best for the rest of the year. Rob Fried: Thank you. Operator: And there are no further questions at this time. I will now hand the call back to Lauren Rittman-Borzansky for closing remarks. Lauren Rittman-Borzansky: Thank you, Carina. There will be a replay of this call beginning at 07:30 PM 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. Operator: This concludes today’s call. You may now disconnect. Before you buy stock in Niagen Bioscience, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Niagen Bioscience wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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