Niagen Bioscience, Inc.

What they do

Niagen Bioscience develops and commercializes nicotinamide riboside chloride (NRC/NR), a proprietary form of vitamin B3 marketed as Niagen. Food-grade Niagen is sold as a dietary supplement ingredient and in finished Tru Niagen products, launched in 2017 and sold directly to consumers. Pharmaceutical-grade Niagen, launched as Niagen Plus in 2024, is supplied to FDA-registered 503B outsourcing facilities and compounding pharmacies for prescription IV and injectable formulations. The company also runs the Niagen Research Program (formerly CERP) with more than 300 research collaborations.

Revenue drivers

• Tru Niagen consumer products — Finished dietary supplement sold direct-to-consumer and through retail partners; generated $24.2 million of the $29.8 million total net sales in Q2 2026, with direct-to-consumer website sales up 23% year-over-year.
• Niagen bulk ingredients — Sale of food-grade and pharmaceutical-grade Niagen to commercial partners and compounding pharmacies; management expects 2026 ingredient revenue lower than prior year as some partners face a more competitive market.
• Niagen Plus pharmaceutical products — Pharmaceutical-grade Niagen supplied to 503B outsourcing facilities and compound pharmacies, plus a newly launched telehealth platform and at-home injection kit; management expects meaningful contribution beginning in 2027.
• Analytical reference standards and services — Legacy segment sold on February 24, 2026 for approximately $6.0 million, less working capital adjustments of approximately $0.2 million; its assets were classified as held for sale at December 31, 2025.

Recent performance

Q2 2026 net sales were $29.8 million, down from $31.1 million in Q2 2025, with Tru Niagen contributing $24.2 million. Gross margin was 64.8%, net income was $1.0 million, and diluted EPS was $0.01, with adjusted EBITDA of $3.0 million. Six-month 2026 sales were $61.3 million versus $61.6 million in the prior-year period, while net income fell to $7.3 million from $8.7 million. The company generated $1.6 million of operating cash flow in the first six months of 2026 and ended with $66.7 million in cash and equivalents. Full-year 2025 revenue was $129.4 million with net income of $17.4 million and operating cash flow of $13.5 million.

Strategy

Management describes 2026 as a year of strategic investment, with operating expenses increasing to support commercial, research and administrative functions. The company launched a pharmaceutical program led by NB4168, an oral small molecule targeting Ataxia-Telangiectasia and other rare genetic diseases and aging-related disorders, which received FDA Rare Pediatric Disease designation and EMA Orphan Medicinal Product designation. It engaged Evotec as contract research organization for NB4168 preclinical and IND-enabling studies expected to begin in Q3 2026. It also launched the Niagen Plus telehealth platform and at-home injection kit and received LegitScript certification in June 2026. The company repurchased $2.8 million of common stock during Q2 2026 and states it is focused on disciplined capital allocation and positive cash flow.

Risks

• Single supplier dependence — The company relies on a single supplier, W.R. Grace, for NRC, according to its risk factors.
• Ingredient segment competition — Management expects the ingredient business to be lower than the prior year as some commercial partners face a more competitive market.
• Early-stage pharmaceutical program — NB4168 is a lead investigational therapeutic candidate in preclinical and IND-enabling studies, with no approved therapeutic product or revenue to date.
• Regulatory and labeling exposure — Dietary supplement operations are subject to FDA, FTC and USDA regulation of composition, labeling and advertising claims, which can require notifications with safety evidence for new ingredients.

Outlook

For full-year 2026, the company expects its e-commerce business to grow 10% to 15% year-over-year, with the remainder of the consumer business in line with prior expectations. The ingredient business is expected to be lower than the prior year, though the company expects to add ingredient partners in the near term. Niagen Plus growth and new skincare partnerships are expected to become meaningful contributors beginning in 2027. Operating expenses are expected to increase in 2026 as the company invests across commercial, research and administrative functions.