Niagen Bioscience (NAGE) doubles 2025 profit and guides 10–15% growth
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Niagen Bioscience, Inc. reported strong growth for 2025, with net sales rising 30% to $129.4 million and gross margin improving 250 basis points to 64.3%. Net income more than doubled to $17.4 million, or $0.22 basic EPS, and Adjusted EBITDA increased to $20.4 million.
The company ended 2025 with $64.8 million in cash and no outstanding borrowings, supported by $13.5 million of operating cash flow. Tru Niagen and Niagen ingredient sales grew 27% and 45%, respectively, and 2026 guidance calls for 10–15% net sales growth and slightly higher margins as it invests in marketing, R&D, and infrastructure.
Positive
- Strong 2025 financial performance: Net sales grew 30% to $129.4 million, net income rose 103% to $17.4 million, gross margin expanded 250 bps to 64.3%, and Adjusted EBITDA increased 139% to $20.4 million.
- Improved balance sheet and cash generation: Operating cash flow reached $13.5 million and cash and cash equivalents increased to $64.8 million at December 31, 2025, with no outstanding borrowings.
- Healthy 2026 growth outlook: Management projects 10–15% net sales growth in 2026 (excluding the sold analytical reference standards segment) with slight gross margin improvement and continued strategic investment.
- Strategic portfolio moves: The company sold its analytical reference standards segment for about $6.0 million in cash and acquired the core nicotinamide riboside patent portfolio from Queen’s University Belfast, enhancing control over key intellectual property.
Negative
- None.
Insights
2025 showed strong, profitable growth with a solid cash position and double-digit 2026 outlook.
Niagen Bioscience delivered 2025 net sales of
Adjusted EBITDA rose to
For
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 4, 2026
(Exact name of registrant as specified in its charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On March 4, 2026, Niagen Bioscience, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and the year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless expressly incorporated by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
On March 4, 2026, the Company released a corporate presentation which it made available on its website. A copy of the corporate presentation is attached hereto as Exhibit 99.2.
The information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, unless expressly incorporated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | |||||||
99.1 | Press Release dated March 4, 2026 | |||||||
99.2 | Earnings Presentation of Niagen Bioscience Inc. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NIAGEN BIOSCIENCE, INC. | ||||||||
Dated: March 4, 2026 | By: | /s/ Robert Fried | ||||||
| Name: Robert Fried | ||||||||
| Chief Executive Officer | ||||||||
EXHIBIT 99.1
Niagen Bioscience Reports 30% Year-Over-Year Net Sales Increase to $129.4 million, 103% Net Income Increase to $17.4 million or $0.22 Basic EPS in 2025
Net sales increased 30% year-over-year to $129.4 million in 2025
Gross margin increased 250 bps year-over-year to 64.3% in 2025
Net income increased 103% year-over-year to $17.4 million in 2025
Adjusted EBITDA increased 139% year-over-year to $20.4 million in 2025
Cash and cash equivalents totaled $64.8 million at December 31, 2025 compared to $44.7 million at December 31, 2024
Full year 2026 net sales outlook reflects between 10-15% growth, excluding the recently sold reference standards segment.
LOS ANGELES, CA - March 4, 2026 - Niagen Bioscience, Inc. (NASDAQ:NAGE) today announced its fourth quarter and fiscal year 2025 financial results.
Fourth Quarter 2025 Financial Highlights Compared to Prior Year Quarter
•Total net sales increased 16% to $33.8 million, with Tru Niagen® sales of $27.5 million, up 21% from the prior year quarter.
•Gross margin increased 160 basis points to 64.1%.
•Net income of $4.1 million compared to $7.2 million in the prior year quarter. Q4 2024 benefited from a $3.5 million reversal of previously accrued royalties and license maintenance fees, and a $1.3 million recovery of credit losses related to the Elysium Health settlement, while the current-year quarter benefited from a $2.0 million gain related to the settlement of royalty obligations.
•Basic earnings per share was $0.05, and diluted earnings per share was $0.05, compared to $0.09 earnings per share in the prior year quarter for each.
•Adjusted EBITDA, a non-GAAP measure, was $4.1 million, an increase of $0.7 million from the prior year quarter.
Full Year 2025 Financial Highlights Compared to Prior Year
•Delivered on latest financial outlook across key metrics, demonstrating strong operational execution and focus on delivering shareholder value.
•Total net sales increased 30% to $129.4 million, with Tru Niagen® sales of $97.7 million and Niagen ingredient sales of $27.9 million, up 27% and 45%, respectively.
•Gross margin increased 250 basis points to 64.3%.
•Selling and marketing expense improved 220 basis points as a percentage of net sales to 27.4%, reflecting increased operating leverage.
•Net income of $17.4 million, an increase of $8.8 million from $8.6 million in the prior year. The prior year included a $3.5 million reversal of previously accrued royalties and license maintenance fees, while 2025 included a $2.0 million gain related to the settlement of royalty obligations. Both years included a $1.3 million recovery of credit losses related to the Elysium Health settlement.
•Basic earnings per share was $0.22, and diluted earnings per share was $0.20, improving from $0.11 earnings per share in the prior year for each.
•Adjusted EBITDA, a non-GAAP measure, was $20.4 million, increasing $11.9 million year-over-year.
•Generated positive operating cash flow of $13.5 million, ending the year with $64.8 million in cash and no outstanding borrowings.
Recent Operational Highlights
•In February, 2026, the Company sold substantially all of the assets of its analytical reference standards and services operating segment to a third party in an all-cash transaction for total consideration of approximately $6.0 million, less working capital adjustments of approximately $0.2 million. As of December 31, 2025, the assets of this segment were classified as held for sale and presented as such in the Company’s consolidated balance sheets.
•In January 2026, the Company announced a partnership with Truemed enabling qualified U.S. customers to use Health Savings Account (HSA) and Flexible Spending Account (FSA) funds to purchase Tru Niagen® on the Company’s direct-to-consumer website with a Truemed Letter of Medical Necessity (LMN). This update expands payment flexibility for eligible customers and reflects continued development of the Company’s consumer sales channels.
•In December 2025, the Company acquired the core nicotinamide riboside (NR) patent portfolio from Queen’s University Belfast, resulting in sole ownership of the foundational composition-of-matter intellectual property underlying NR and its salt forms. The acquisition enhances the Company’s control over key IP supporting existing and potential future applications, including pharmaceutical development, and increases strategic and financial flexibility for the development, licensing, and commercialization of its intellectual property portfolio.
•In November 2025, the Company launched Tru Niagen® Beauty, a dietary supplement formulated with Niagen® and other clinically studied ingredients designed to support skin, hair, and nail health. The product represents an expansion of the Company’s consumer portfolio into the beauty and nutricosmetics category and reflects the continued application of NAD+ science across additional consumer health verticals.
•In November 2025, the Company announced results from a randomized, double-blind, placebo-controlled clinical trial evaluating Niagen® supplementation in individuals with long COVID. The study demonstrated that Niagen® supplementation increased NAD+ levels, supporting continued scientific evaluation of NAD+ restoration in populations experiencing prolonged post-viral symptoms.
“Niagen Bioscience delivered net sales of $33.8 million for the fourth quarter of 2025, representing a 16% increase compared to the prior year period, and generated net income of $4.1 million. For the full year, net sales were $129.4 million, an increase of 30% year-over-year, with net income of $17.4 million and operating cash flow of $13.5 million,” said Rob Fried, Niagen Bioscience Chief Executive Officer. “We ended the year with $64.8 million in cash, providing a strong financial foundation to support continued investment in our strategic priorities and growth.”
Results of operations for the three months ended December 31, 2025 compared to the prior year quarter
Net Sales for Niagen Bioscience increased 16%, or $4.7 million, to $33.8 million. Net sales growth was driven by a $4.8 million increase in Tru Niagen® sales, largely attributed to e-commerce growth, partially offset by lower ingredient sales.
Gross Margin improved 160 basis points to 64.1% driven by the sale of lower-cost inventory and improved labor and overhead utilization on higher sales volume.
Operating Expense, net increased 59%, or $6.5 million, to $17.6 million.
•General and administrative (G&A) expense increased by $6.4 million compared to the prior year quarter, primarily reflecting the absence of a $3.5 million reversal of previously accrued royalties and license maintenance fees, and a $1.3 million recovery of credit losses related to the Elysium Health legal settlement in the prior year quarter, as well as higher employee-related and share-based compensation expenses.
•Selling and marketing (S&M) expense and research and development (R&D) expense increased by $1.7 million and $0.4 million, respectively, reflecting higher investments to support brand growth, product development initiatives, and clinical activities.
•Higher operating expenses were partially offset by a $2.0 million gain recognized during the fourth quarter of 2025 related to the settlement of royalty obligations under a settlement agreement with Queen’s University Belfast.
Net Income was $4.1 million compared to $7.2 million for the fourth quarter of 2024, primarily driven by elevated operating expenses in the current year quarter, as the prior year quarter included benefits that exceeded the $2.0 million gain recognized in the current quarter.
Basic and Diluted Earnings Per Share were $0.05 and $0.05, respectively, compared to $0.09 for both basic and diluted earnings per share in the prior year quarter.
Adjusted EBITDA, a non-GAAP measure, was $4.1 million, an increase of $0.7 million from $3.4 million for the fourth quarter of 2024. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP Adjusted EBITDA to net income, the most directly comparable GAAP measure.
Results of operations for the year ended December 31, 2025 compared to the prior year
Net Sales for Niagen Bioscience increased 30%, or $29.8 million, to $129.4 million. Net sales growth was driven by $20.9 million increase in Tru Niagen® sales and $8.9 million increase in ingredient sales, largely from food-grade Niagen®.
Gross Margin improved 250 basis points to 64.3%, driven by favorable product mix, the sale of lower-cost inventory, and improved labor and overhead utilization on higher sales volume.
Operating Expense, net increased 24%, or $13.1 million, to $66.9 million.
•G&A expense increased by $8.7 million, year-over-year, reflecting the absence of a $3.5 million reversal of previously accrued royalties and license maintenance fees recorded in 2024, as well as higher employee-related expenses, share-based compensation, and professional and consulting fees.
•S&M expense increased by $6.0 million and R&D expense of $0.3 million, reflecting increased investments to support brand growth, product development initiatives, and clinical activities.
•Higher operating expenses were partially offset by a $2.0 million gain recognized during 2025 related to the settlement of royalty obligations under an agreement with Queen’s University Belfast.
Net Income was $17.4 million compared to $8.6 million for fiscal year 2024.
Basic and Diluted Earnings Per Share were $0.22 and $0.20, respectively, compared to a $0.11 for both basic and diluted earnings per share in the prior year.
Adjusted EBITDA, a non-GAAP measure, was $20.4 million, an increase of $11.9 million compared to $8.5 million for fiscal year 2024. 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 Flow from Operating Activities had a net cash inflow of $13.5 million, compared to $12.1 million for fiscal year 2024 driven by improvements in net income, largely offset by increased investment in working capital, including higher inventory levels to support business growth.
Cash and cash equivalents totaled $64.8 million at December 31, 2025, compared to $44.7 million at December 31, 2024.
2026 Outlook
▪Net sales: Increasing between 10-15% year-over-year excluding 2025 revenue 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: Increase in absolute dollars, but stable as a percentage of sales, driven by optimized investments to drive customer acquisition and support the launch of new verticals.
▪Research & development: Increase in absolute dollars, driven by investment into pharmaceutical development and continued external research initiatives.
▪General & administrative: $4.0 million to $5.0 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, March 4, 2026 at 4:30 p.m. Eastern Standard Time (1:30 p.m. Pacific Standard Time) to discuss Niagen Bioscience’s fourth quarter and fiscal year 2025 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 1-800-715-9871 with Conference ID: 8584242.
The webcast will be recorded, and will be available for replay via the website from 7:30 p.m. Eastern Standard Time on March 4, 2026 to 11:59 p.m. Eastern Daylight Time on March 11, 2026. The replay of the call can also be accessed by dialing 1-800-770-2030, using the Replay ID: 8584242 followed by the # key.
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,” “continue,” “would” or the negative of such terms or other similar expressions. Forward-looking statements include 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 revenue growth, gross margin, expenses, and investment plans.
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 dedicated to healthy aging. The Niagen Bioscience team, which includes world-renowned scientists, is pioneering research on NAD+ (nicotinamide adenine dinucleotide), an vital coenzyme found in every cell of the human body. NAD+ levels decline with age and exposure to everyday lifestyle stressors, among other factors, and may be increased through supplementation with NAD+ precursors. Niagen Bioscience is the innovator behind the NAD+ precursor nicotinamide riboside chloride (“NRC” or “NRCL”, commonly referred to as “NR”), commercialized as the flagship ingredient Niagen®, available in both food and pharmaceutical grades. Nicotinamide riboside chloride and other NAD+ precursors are protected by Niagen Bioscience’s patent portfolio.
The Company delivers Niagen® as the sole or principal dietary ingredient in its consumer product line Tru Niagen® available at www.TruNiagen.com and through partnerships with global retailers and distributors. The Company also develops and commercializes proprietary-based ingredient technologies, including food-grade Niagen® and pharmaceutical-grade Niagen®, and supplies these ingredients as raw materials to the manufacturers of consumer products and U.S. FDA-registered 503B outsourcing facilities, respectively. The Company further offers natural product fine chemicals, known as phytochemicals, and related research and development services. Follow us on X @NiagenBio and Instagram @NiagenBioscience, @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.
Contacts:
| Investor Relations | |||||
| KCSA Strategic Communications | |||||
| Valter Pinto, Managing Director | |||||
| 1 (212) 896-1254 | |||||
| Niagen@kcsa.com | |||||
| Media Relations | |||||
| Kendall Knysch | |||||
| Senior Director of Media Relations & Partnerships | |||||
| +1 (310) 405-5227 | |||||
Kendall.Knysch@NiagenBio.com | |||||
Niagen Bioscience, Inc. and Subsidiaries
Consolidated Statements of Operations
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||||||||
| Sales, net | $ | 33,839 | $ | 29,125 | $ | 129,423 | $ | 99,597 | |||||||||||||||
| Cost of sales | 12,135 | 10,928 | 46,234 | 38,011 | |||||||||||||||||||
| Gross profit | 21,704 | 18,197 | 83,189 | 61,586 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Sales and marketing | 10,414 | 8,716 | 35,506 | 29,469 | |||||||||||||||||||
| Research and development | 1,710 | 1,315 | 6,330 | 6,016 | |||||||||||||||||||
| General and administrative | 7,477 | 1,055 | 27,057 | 18,375 | |||||||||||||||||||
Gain on settlement of royalty obligation | (1,983) | — | (1,983) | — | |||||||||||||||||||
| Total operating expenses, net | 17,618 | 11,086 | 66,910 | 53,860 | |||||||||||||||||||
| Operating income | 4,086 | 7,111 | 16,279 | 7,726 | |||||||||||||||||||
| Interest income, net | 552 | 373 | 2,127 | 1,129 | |||||||||||||||||||
| IRS ERTC disallowance | (214) | — | (214) | — | |||||||||||||||||||
| Total nonoperating income, net | 338 | 373 | 1,913 | 1,129 | |||||||||||||||||||
| Income before provision for income taxes | 4,424 | 7,484 | 18,192 | 8,855 | |||||||||||||||||||
| Provision for income taxes | 292 | 305 | 810 | 305 | |||||||||||||||||||
| Net income | $ | 4,132 | $ | 7,179 | $ | 17,382 | $ | 8,550 | |||||||||||||||
| Net income per share attributable to common stockholders: | |||||||||||||||||||||||
| Basic | $ | 0.05 | $ | 0.09 | $ | 0.22 | $ | 0.11 | |||||||||||||||
| Diluted | $ | 0.05 | $ | 0.09 | $ | 0.20 | $ | 0.11 | |||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||||||
| Basic | 78,972 | 76,945 | 79,178 | 75,929 | |||||||||||||||||||
| Diluted | 84,444 | 81,681 | 85,436 | 78,125 | |||||||||||||||||||
Niagen Bioscience, Inc. and Subsidiaries
Consolidated Balance Sheets
| December 31, | |||||||||||
| (In thousands except par values, unless otherwise indicated) | 2025 | 2024 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents, including restricted cash of $152 for both periods presented | $ | 64,788 | $ | 44,660 | |||||||
| Trade receivables, net of allowances of $147 and $95, respectively | 9,741 | 7,768 | |||||||||
| Inventories | 20,424 | 9,192 | |||||||||
| Assets held for sale | 541 | — | |||||||||
| Prepaid expenses and other assets | 1,312 | 2,482 | |||||||||
| Total current assets | 96,806 | 64,102 | |||||||||
| Leasehold improvements and equipment, net | 1,323 | 1,719 | |||||||||
| Intangible assets, net | 5,660 | 359 | |||||||||
| Right-of-use assets | 2,192 | 1,730 | |||||||||
| Other long-term assets | 425 | 368 | |||||||||
| Total assets | $ | 106,406 | $ | 68,278 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 10,796 | $ | 8,526 | |||||||
| Accrued expenses | 7,722 | 7,817 | |||||||||
| Current maturities of operating lease obligations | 1,002 | 982 | |||||||||
| Current maturities of finance lease obligations | — | 12 | |||||||||
| Customer deposits | 399 | 611 | |||||||||
| Total current liabilities | 19,919 | 17,948 | |||||||||
| Deferred revenue | 2,674 | 2,579 | |||||||||
| Operating lease obligations, less current maturities | 1,815 | 1,657 | |||||||||
| Deferred consideration liability | 5,465 | — | |||||||||
Total stockholders’ equity | 76,533 | 46,094 | |||||||||
Total liabilities and stockholders’ equity | $ | 106,406 | $ | 68,278 | |||||||
Niagen Bioscience, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
The following table presents selected data from our consolidated statements of cash flows for the years presented:
| Year Ended December 31, | |||||||||||
| (In thousands) | 2025 | 2024 | |||||||||
| Net cash provided by / (used in): | |||||||||||
| Operating activities | $ | 13,504 | $ | 12,109 | |||||||
| Investing activities | (292) | (143) | |||||||||
| Financing activities | 6,916 | 5,369 | |||||||||
| Net increase in cash and cash equivalents | 20,128 | 17,335 | |||||||||
| Cash and cash equivalents beginning of year | 44,660 | 27,325 | |||||||||
| Cash and cash equivalents at end of year | $ | 64,788 | $ | 44,660 | |||||||
Niagen Bioscience, Inc. and Subsidiaries
Unaudited Reconciliation of Non-GAAP Financial Measures
| Reconciliation of Net Income to Adjusted EBITDA | |||||||||||||||||||||||||||||
| Three Months Ended | Full Year 2025 | ||||||||||||||||||||||||||||
| (In thousands) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||||||||||||||||||||
| Net income, as reported | $ | 5,063 | $ | 3,609 | $ | 4,578 | $ | 4,132 | $ | 17,382 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Interest income, net | (459) | (552) | (564) | (552) | (2,127) | ||||||||||||||||||||||||
| Provision for income taxes | 168 | 128 | 222 | 292 | 810 | ||||||||||||||||||||||||
| Depreciation | 158 | 158 | 157 | 139 | 612 | ||||||||||||||||||||||||
| Amortization of intangibles | 37 | 38 | 38 | 60 | 173 | ||||||||||||||||||||||||
| Noncash lease expense | 173 | 159 | 164 | 169 | 665 | ||||||||||||||||||||||||
| Share-based compensation | 1,075 | 1,488 | 1,756 | 1,748 | 6,067 | ||||||||||||||||||||||||
| Severance and restructuring | 4 | 21 | 10 | 53 | 88 | ||||||||||||||||||||||||
| Gain on settlement of royalty obligation (1) | — | — | — | (1,983) | (1,983) | ||||||||||||||||||||||||
| Recovery of credit losses related to legal settlement (2) | (1,325) | — | — | — | (1,325) | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 4,894 | $ | 5,049 | $ | 6,361 | $ | 4,058 | $ | 20,362 | |||||||||||||||||||
(1) Represents a gain related to the settlement of royalty obligations from a settlement agreement with Queen's University of Belfast.
(2) The recovery of credit losses relates to the legal settlement with Elysium Health, LLC in 2024, reversing a bad debt write-off from 2019.
| Reconciliation of Net Income (Loss) to Adjusted EBITDA | |||||||||||||||||||||||||||||
| Three Months Ended | Full Year 2024 | ||||||||||||||||||||||||||||
| (In thousands) | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |||||||||||||||||||||||||
Net income (loss), as reported | $ | (492) | $ | (15) | $ | 1,878 | $ | 7,179 | $ | 8,550 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Interest income, net | (239) | (241) | (276) | (373) | (1,129) | ||||||||||||||||||||||||
| Provision for income taxes | — | — | — | 305 | 305 | ||||||||||||||||||||||||
| Depreciation | 178 | 170 | 164 | 151 | 663 | ||||||||||||||||||||||||
| Amortization of intangibles | 38 | 37 | 38 | 38 | 151 | ||||||||||||||||||||||||
| Noncash lease expense | 174 | 163 | 164 | 169 | 670 | ||||||||||||||||||||||||
| Share-based compensation | 984 | 1,185 | 735 | 752 | 3,656 | ||||||||||||||||||||||||
| Severance and restructuring | 27 | 276 | 185 | (4) | 484 | ||||||||||||||||||||||||
| Reversal of previously accrued royalties and license maintenance fees (1) | — | — | — | (3,521) | (3,521) | ||||||||||||||||||||||||
| Recovery of credit losses related to legal settlement (2) | — | — | — | (1,325) | (1,325) | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 670 | $ | 1,575 | $ | 2,888 | $ | 3,371 | $ | 8,504 | |||||||||||||||||||
(1) The reversal previously accrued royalties and license maintenance fees is related to a supplemental agreement with Dartmouth, which waived certain obligations under the exclusive license agreements.
(2) The recovery of credit losses relates to the legal settlement with Elysium Health, LLC in 2024, reversing a bad debt write-off from 2019.
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 the gain recognized in nonoperating income related to a royalty settlement, reversal of previously accrued royalties and license maintenance fees and recoveries 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.
Niagen Bioscience, Inc. Earnings Presentation Fourth Quarter and Full Year 2025 Nasdaq: NAGE | March 4, 2026
2 This presentation and other written or oral statements made from time to time by representatives of Niagen Bioscience contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements reflect the current view about future events. Statements that are not historical in nature, such as 2026 financial outlook, and which may be identified by the use of words like “expects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “possible,” “probable,” “believes,” “seeks,” “may,” “will,” “should,” “could,” “predicts,” “projects,” “continue,” “would” or the negative of these terms and other words of similar meaning, are forward-looking statements. Such statements include, but are not limited to, statements contained in this presentation relating to our expected sales, cash flows, planned investments, and financial performance, business, business strategy, expansion, growth, key drivers (including cost savings and increased investments), products and services we offer and their impact on our performance or products and services we may offer in the future and the timing of their development, sales and marketing strategy and capital outlook. Forward-looking statements are based on management’s current expectations and assumptions regarding our business, the economy and other future conditions and are subject to inherent risks, uncertainties and changes of circumstances that are difficult to predict and may cause actual results to differ materially from those contemplated or expressed. We caution you therefore against relying on any of these forward-looking statements. These risks and uncertainties include those risk factors discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities Exchange Commission (the “Commission”), and in subsequent filings with the Commission. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in these filings with the Commission. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Important factors that could cause actual results to differ materially from those in the forward looking statements include but are not limited to: 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. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. About Non-GAAP Financial Measures Niagen Bioscience’s non-GAAP financial measure, Adjusted EBITDA, is defined as net income before interest, provision for income taxes, depreciation, amortization, non-cash share-based compensation costs, severance and restructuring expense and other infrequent items, including the gain recognized in nonoperating income related to a royalty settlement, reversal of previously accrued royalties and license maintenance fees and recoveries of previously recognized credit losses from a legal settlement. Niagen Bioscience used this non-GAAP measures when evaluating its financial results as well as for internal resource management, planning and forecasting purposes. This non-GAAP measure should not be viewed in isolation from or as a substitute for Niagen Bioscience’s financial results in accordance with GAAP. Reconciliation of this non-GAAP measure to the most directly comparable GAAP measure is attached to this presentation. FDA Disclaimer Statements made in this presentation have not been evaluated by the Food and Drug Administration. Niagen Bioscience products are not intended to diagnose, treat, cure, or prevent any disease. The statements in this presentation are for investor relations and educational purposes only and not intended for consumers or vendors. Safe Harbor Statement
Table of Contents & Leadership Team 3 Rob Fried Chief Executive Officer Ozan Pamir Chief Financial Officer Carlos Lopez SVP, General Counsel Andrew Shao SVP, Global Regulatory & Scientific Affairs Michiko Kelley Chief Marketing Officer 1. Highlights 2. Financial Results & Outlook 3.Scientific Updates 4.Contact Information
(1) See slide 13 for the non-GAAP reconciliation 4 64.3% gross profit margin, +250bps vs PY $0.20 diluted EPS, +$0.09 vs PY +103% Y/Y net income growth $20.4 million Adjusted EBITDA(1), +139% vs PY $64.8 million cash, no outstanding borrowings FY 2025 Financials Met or Exceeded Guidance Across All Key Metrics +30% Y/Y net sales growth
Enterprise • Successfully rolled out Niagen Bioscience rebrand, refocusing organization around its leading NAD+ position • Authorized $10 million share repurchase program Tru Niagen and Niagen Ingredient • Successfully captured increasing demand for Tru Niagen products across direct-to-consumer platforms • Launched Tru Niagen Beauty, expanding into multibillion dollar beauty market • Expanded the presence of Niagen Plus, featuring pharmaceutical-grade Niagen, to over 1,200 clinics nationwide Pharmaceuticals • Acquired core NR patent portfolio from Queen’s University Belfast • Published first-ever peer-reviewed study highlighting potential of NR for rare genetic disorder Werner Syndrome • Secured U.S. Composition of Matter patent for NR salt forms • Appointed Dr. Pinchas Cohen to Scientific Advisory Board Operational Execution Drove 2025 Performance 5
Core Brands Drove Growth Across Key Channels 6 FY 2025 Net Sales FY 2025 Y/Y Growth Takeaways Total Niagen Bioscience $129.4M +30% • Sustained double-digit growth throughout the year, with strong demand across the Company’s core commercial channels Tru Niagen $97.7M +27% • Strong e-commerce performance with 28% growth • Improvements in Other B2B partners growth, offset by a decline in sales to Watson's Niagen Ingredient $27.9M +45% • Higher sales to existing food-grade ingredient partners • Pharmaceutical-grade ingredient sales up 123%, reflecting the inclusion of a full year of post-launch sales activity compared to 2024
Q4 2025 & FY 2025: Strong Growth, Margin Expansion, and Cash (1) See slide 13 for the non-GAAP reconciliation. 7 Net Sales Q4 2025 +16% YoY Tru Niagen +21% FY 2025 +30% YoY TN +27%, Ingredients +45% Gross Margin Q4 2025 64.1% +160 bps FY 2025 64.3% +250 bps Net Income Q4 2025 $4.1M Adj. EBITDA(1) $4.1M FY 2025 $17.4M Adj. EBITDA(1) $20.4M Cash & Liquidity FY 2025 Cash from Operations: $13.5M Year-End Cash: $64.8M Outstanding Borrowings: None 2026 Outlook • Revenue growth between 10-15% YoY • Continued strategic brand investment • Focus on NAD precursor innovation and development Delivered across net sales, profitability, and cash flow
Financial Highlights 8
Q4 2025 Net Sales: $33.8M (+16% YoY) 9 Tru Niagen = 81% of total revenue Q4 2025 Q4 2024 Tru Niagen $27.5M $22.7M E-Commerce $20.2M $17.3M Watson's & Other B2B $7.3M $5.4M Niagen Ingredients $5.6M $5.3M Food-grade Niagen® $4.7M $4.5M Pharmaceutical-grade Niagen® $0.9M $0.8M Other Ingredients $0.0M $0.4M Analytical Reference Standards & Services $0.7M $0.7M $29.1M $33.8M Q4 2024 Q4 2025 59% 19% 15% 60% 21% 14% +16%
Full Year 2025 Net Sales: $129.4M (+30% YoY) 10 $99.6M $129.4M FY 2024 FY 2025 +30% 58% 19% 18% 57% 19% 19% Tru Niagen =76% of total revenue FY 2025 FY 2024 Tru Niagen $97.7M $76.8M E-Commerce $74.1M $58.0M Watson's & Other B2B $23.6M $18.8M Niagen Ingredients $27.9M $19.2M Food-grade Niagen® $24.1M $17.5M Pharmaceutical-grade Niagen® $3.8M $1.7M Other Ingredients $0.7M $0.6M Analytical Reference Standards & Services $3.1M $3.0M
2024 – 2025 Net Sales Summary 11 ($ in millions) 2025 2024 Description Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Ecommerce 16.8 18.1 19.0 20.2 74.1 12.9 13.0 14.8 17.3 58.0 Watson's & Other B2B 4.7 4.6 7.0 7.3 23.6 4.5 5.6 3.3 5.4 18.8 Total Tru Niagen 21.5 22.7 26.0 27.5 97.7 17.4 18.6 18.1 22.7 76.8 Food-grade Niagen 7.0 6.0 6.4 4.7 24.1 4.1 3.1 5.8 4.5 17.5 Pharmaceutical-grade Niagen 1.0 1.4 0.5 0.9 3.8 0.0 0.0 0.9 0.8 1.7 Total Niagen Ingredient 8.0 7.4 6.9 5.6 27.9 4.1 3.1 6.7 5.3 19.2 Niagen Related Revenues 29.5 30.1 32.9 33.1 125.6 21.5 21.7 24.8 28.0 96.0 Other Ingredients 0.2 0.2 0.3 0.0 0.7 0.0 0.2 0.0 0.4 0.6 Analytical Reference Standards & Services 0.8 0.8 0.8 0.7 3.1 0.7 0.8 0.8 0.7 3.0 Total Net Sales 30.5 31.1 34.0 33.8 129.4 22.2 22.7 25.6 29.1 99.6 Tru Niagen as % of Total Net Sales 71 % 73 % 77 % 81 % 75 % 78 % 82 % 71 % 78 % 77 % Niagen Related Revenues as % of Total Net Sales 97 % 97 % 97 % 98 % 97 % 97 % 96 % 97 % 96 % 96 % Y/Y Growth Rate - Net Sales Total Company 38 % 37 % 33 % 16 % 30 % (2) % 12 % 31 % 37 % 19 % Niagen Related 37 % 38 % 33 % 18 % 31 % — % 12 % 32 % 38 % 20 % Total Tru Niagen 24 % 22 % 44 % 21 % 27 % (2) % 10 % 4 % 29 % 10 %
(in thousands) Q4 2025 Q4 2024 FY 2025 FY 2024 Net Sales 33,839 29,125 129,423 99,597 Gross Profit % of Net Sales 21,704 64.1% 18,197 62.5% 83,189 64.3% 61,586 61.8% Sales and Marketing % of Net Sales 10,414 30.8% 8,716 29.9% 35,506 27.4% 29,469 29.6% Research and Development 1,710 1,315 6,330 6,016 General and Administrative (1) 7,477 1,055 27,057 18,375 Gain on settlement of royalty obligation (2) (1,983) — (1,983) — Operating Income 4,086 7,111 16,279 7,726 Net Income 4,132 7,179 17,382 8,550 Adjusted EBITDA (3) 4,058 3,371 20,362 8,504 Key P&L Metrics 12 (1) G&A in Q4 2024 was reduced by a $3.5 million reversal of previously accrued royalties and license maintenance fees under a supplemental agreement with Dartmouth. G&A in Q4 2024 and Q1 2025 also included $1.3 million installment recoveries related to the Elysium Health legal settlement. (2) In Q4 2025, operating expenses were partially offset by a $2.0M gain on the settlement of royalty obligations from an agreement with Queen's University of Belfast. (3) See slide 13 for the non-GAAP reconciliation.
Adjusted EBITDA Summary FY 2025 Adjusted EBITDA increased to $20.4 million from $8.5 million, driven by higher net income and increased share-based compensation, partially offset by higher interest income. 13 (1) Gain recognized related to the settlement of royalty obligations from an agreement with Queen's University of Belfast. (2) The reversal of royalties and fees relates to a supplemental agreement with Dartmouth. (3) The recovery of credit losses stems from the 2024 legal settlement with Elysium Health, LLC, paid in two installments, reversing a bad debt write-off from 2019. Reconciliation of Non-GAAP Financial Measures (In thousands) Three Months Ended FY 2024 Three Months Ended FY 2025Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net income (loss), as reported $ (492) $ (15) $ 1,878 $ 7,179 $ 8,550 $ 5,063 $ 3,609 $ 4,578 $ 4,132 $ 17,382 Adjustments Interest income, net (239) (241) (276) (373) (1,129) (459) (552) (564) (552) (2,127) Provision for income taxes — — — 305 305 168 128 222 292 810 Depreciation 178 170 164 151 663 158 158 157 139 612 Amortization of intangibles 38 37 38 38 151 37 38 38 60 173 Noncash lease expense 174 163 164 169 670 173 159 164 169 665 Share-based compensation 984 1,185 735 752 3,656 1,075 1,488 1,756 1,748 6,067 Severance and restructuring 27 276 185 (4) 484 4 21 10 53 88 Gain on settlement of royalty obligation (1) — — — — — — — — (1,983) (1,983) Reversal of previously accrued royalties and license maintenance fees (2) — — — (3,521) (3,521) — — — — — Recovery of credit losses related to legal settlement (3) — — — (1,325) (1,325) (1,325) — — — (1,325) Adjusted EBITDA $ 670 $ 1,575 $ 2,888 $ 3,371 $ 8,504 $ 4,894 $ 5,049 $ 6,361 $ 4,058 $ 20,362
Quarterly Balance Sheet Highlights (in thousands) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Key Drivers (December 31 2025 vs 2024) Cash $27,565 $27,885 $32,398 $44,660 $55,616 $60,474 $64,290 $64,788 Up $20.1 million primarily from improvements in net income and proceeds from stock option exercises Inventory 12,495 11,511 10,544 9,192 11,185 14,406 18,791 20,424 Up $11.2 million as inventory levels scale to meet growing business needs and build-up sufficient reserves Trade Receivables 6,604 7,818 7,096 7,768 7,052 9,656 8,506 9,741 Up $2.0 million driven by higher total sales and timing of orders to B2B customers Accrued Liabilities 10,465 8,621 9,592 7,817 9,050 7,381 8,700 7,722 Down $0.1 million driven by changes in and timing of expenses, overall lower compared to historical trends Accounts Payable 7,899 8,105 6,903 8,526 10,632 13,680 12,742 10,796 Up $2.3 million driven by increased inventory purchases and timing of disbursements Equity $28,951 $30,718 $34,369 $46,094 $55,345 $64,195 $70,676 $76,533 Up $30.4 million driven by net income, share-based compensation and proceeds from stock option exercises, partially offset by common stock repurchase Balance sheet growth reflects disciplined expansion and scalable operations, supported by positive working capital that enhances profitability and long-term shareholder value. 14
Cash Flow Highlights Three Months Ended FY 2024 Three Months Ended FY 2025 (in thousands) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Net Income (Loss) $(492) $(15) $1,878 $7,179 $8,550 $5,063 $3,609 $4,578 $4,132 $17,382 Working Capital (643) (1,837) 1,235 5,111 3,866 2,681 (4,399) (3,004) (3,669) (8,391) Cash From / (Used for) Operations 295 (264) 3,495 8,583 12,109 7,883 1,250 3,692 679 13,504 Cash Used for Investing (41) (12) (21) (69) (143) (32) (135) (24) (101) (292) Cash From / (Used for) Financing (14) 596 (1) 1,039 (2) 3,748 (3) 5,369 (4) 3,105 (5) 3,743 (6) 148 (7) (80) (8) 6,916 (9) Net Increase in Cash $240 $320 $4,513 $12,262 $17,335 $10,956 $4,858 $3,816 $498 $20,128 Ending Cash Balance $27,565 $27,885 $32,398 $44,660 $44,660 $55,616 $60,474 $64,290 $64,788 $64,788 Enhanced liquidity driven by strong earnings and stock option exercise proceeds, with $64.8 million in cash and no outstanding borrowings. 15 1. Includes $0.6 million in proceeds from the exercise of stock options. 2. Includes $1.0 million in proceeds from the exercise of stock options. 3. Includes $3.8 million in proceeds from the exercise of stock options. 4. Includes $5.4 million in proceeds from the exercise of stock options. 5. Includes $3.1 million in proceeds from the exercise of stock options. 6. Includes $3.7 million in proceeds from the exercise of stock options. 7. Includes $0.2 million in proceeds from the exercise of stock options. 8. Includes $0.2 million in proceeds from the exercise of stock options and ($0.3) million in repurchase of common stock 9. Includes $7.2 million in proceeds from the exercise of stock options and ($0.3) million in repurchase of common stock.
2025 Full Year Outlook Recap Delivered on latest financial outlook across key metrics, demonstrating strong operational execution and focus on delivering shareholder value. 16 2024 Actual ($ in thousands) 2025 Outlook (1) 2025 Actual ($ in thousands) Comments Achieved(2) Net Sales $99,597 Between 25%-30% growth YoY $129,423 Total net sales grew by +30% ü Gross Margin % (as a % of net sales) 61.8% Improvement YoY 64.3% Improved 250 bps ü Selling, Marketing & Advertising (as a % of net sales) 29.6% Up in absolute dollars and down as a % of net sales YoY 27.4% Up $6.0 million Improved 220 bps as a % of net sales ü Research & Development $6,016 Up in absolute dollars and down as a % of net sales YoY $6,330 Up $0.3 million ü General & Administrative $18,375 Up $8.0 to $9.0 million in absolute dollars YoY $27,057 Up $8.7 million ü Adjusted EBITDA $8,504 Outlook not provided $20,362 Improvement of $11.9 million N/A (1) 2025 Outlook as presented on Q3 2025 earnings call. (2) Compares 2025 actuals to 2025 Outlook.
Positioned to deliver double-digit net sales growth, supported by strategic investments in customer acquisition, pipeline advancement, and scalable infrastructure. 2026 Financial Outlook 17(1) FY 2025 actual G&A includes the recovery of approximately $1.3 million in credit losses related to the legal settlement with Elysium Health, LLC. 2025 Actual ($ in thousands) 2026 Full Year Outlook Key Drivers Net Sales $129,423 Increasing between 10-15% Y/Y (excluding Analytical Reference Standards and Services segment) • Includes growth from E-commerce business and recurring revenues from established partnerships • Includes revenues from new B2B partnerships and sales channels Gross Margin % (as a % of net sales) 64.3% Slight improvement Y/Y • Includes continued scaling of favorable product mix • Includes benefit from lower-cost inventory sales Sales & Marketing (as a % of net sales) $35,506 Up in absolute dollars and stable as a % of net sales Y/Y (vs 27.4% of net sales in FY 2025) • Strategic investments to drive customer acquisition and retention while enhancing marketing efficiencies • Includes targeted investments to support the launch of new verticals Research & Development $6,330 Up in absolute dollars Y/Y • Includes investments into pharmaceutical development and external research in order to support new product development and innovation General & Administrative(1) $27,057 Up $4.0 to $5.0 million in absolute dollars Y/Y • Includes infrastructure and legal investments to support scalable growth • Increased share-based compensation expense.
The information contained in this documents is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent (2019) 18 The Science
Scientific Advisory Board 19
Clinical Studies on Oral Niagen® in Multiple Health Areas Note: Highlighted achievements in duration, participation, and dosage only consider peer-reviewed, published studies. Status of clinical studies presented as of February 13, 2026. 20
Contact Info: Niagen Bioscience Investor Relations: KCSA Strategic Communications Valter Pinto, Managing Director T: +1 (212) 896-1254 Niagen@kcsa.com www.niagenbioscience.com Where to purchase Tru Niagen® TruNiagen.com Find Health Clinics Offering Niagen® Plus NiagenPlus.com 21
FAQ
How did Niagen Bioscience (NAGE) perform financially in 2025?
Niagen Bioscience delivered strong 2025 results, with net sales rising 30% to $129.4 million and gross margin improving to 64.3%. Net income increased 103% to $17.4 million, and Adjusted EBITDA grew to $20.4 million, reflecting improved profitability and operating leverage.
What were Niagen Bioscience’s Q4 2025 results compared to the prior year quarter?
In Q4 2025, Niagen Bioscience’s net sales grew 16% to $33.8 million, with Tru Niagen sales up 21% to $27.5 million. Gross margin improved to 64.1%, while net income was $4.1 million versus $7.2 million a year earlier, mainly due to prior-year one-time benefits.
What is Niagen Bioscience’s 2026 financial outlook?
For 2026, Niagen Bioscience expects net sales to grow 10–15% year-over-year, excluding the analytical reference standards segment. The company anticipates slightly higher gross margins and increased spending in sales, marketing, research and development, and general and administrative functions to support growth initiatives.
How strong is Niagen Bioscience’s cash and liquidity position?
Niagen Bioscience ended 2025 with $64.8 million in cash and cash equivalents and no outstanding borrowings. Operating activities generated $13.5 million of cash in 2025, supporting continued investment in marketing, product development, clinical activities, and infrastructure expansion.
Which products drove Niagen Bioscience’s 2025 revenue growth?
Growth was led by Tru Niagen and Niagen ingredients. Tru Niagen sales reached $97.7 million, up 27%, benefiting from strong e-commerce demand. Niagen ingredient sales rose 45% to $27.9 million, supported by higher food-grade and pharmaceutical-grade Niagen volumes across partner channels.
What strategic transactions did Niagen Bioscience complete in late 2025 and early 2026?
In December 2025, Niagen Bioscience acquired the core nicotinamide riboside patent portfolio from Queen’s University Belfast. In February 2026, it sold substantially all assets of its analytical reference standards and services segment in an all-cash deal for about $6.0 million, before working capital adjustments.
How did Niagen Bioscience’s operating expenses change in 2025?
Operating expenses increased 24% to $66.9 million in 2025, reflecting higher selling and marketing, research and development, and general and administrative costs. These included increased employee-related and share-based compensation, professional fees, and investments in brand growth, product development, and clinical activities.
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Niagen Bioscience, Inc
NASDAQ:NAGE
NAGE Rankings
NAGE Latest News
NAGE Latest SEC Filings
Feb 26, 2026
[8-K] Niagen Bioscience, Inc. Reports Material Event
NAGE Stock Data
388.66M
52.52M
Biotechnology
Medicinal Chemicals & Botanical Products
United States
LOS ANGELES