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    NAGE
    Earnings call· Jun 2026(Q2 FY26)

    Niagen Bioscience Q2 FY26 earnings call NAGE

    Aug 4, 2026 Source

    Executive summary

    Niagen Bioscience Q2 FY26 — Platform Evolution and Strategic Growth

    Niagen Bioscience is transforming from a NAD supplement company into a broader science-driven platform, expanding into consumer health, skincare, IV injections, and pharmaceuticals. The core business provides a solid financial foundation, enabling strategic investments in new verticals for long-term growth, with a focus on disciplined capital allocation and maintaining cash flow positivity.

    Highlights

    5

    • Tru Niagen website sales increased 23% year-over-year.

    • E-commerce revenue grew 14% or $2.5 million year-over-year.

    • Amazon sales increased 10% year-over-year, estimated 19% absent temporary issue.

    • China cross-border channel revenue exceeded full-year 2025 revenue by May 2026.

    • Ended the quarter with $66.7 million in cash and no debt.

    Concerns

    4

    • Net income was $1 million or $0.01 per diluted share, down from $0.05 per diluted share in Q2 2025.

    • Selling and marketing expense increased to 34% of net sales compared with 26.4% in Q2 2025.

    • Ingredient business purchases from Life Extension were lower than last year, affecting quarterly comparisons.

    • Temporary platform issue in early June impacted Amazon sales, reducing estimated growth from 19% to 10%.

    Guidance & targets

    2
    CategoryTargetConfidence
    E-commerce business growth
    10% to 15% year-over-year
    medium materiality
    High
    G&A expense increase
    $2 million to $3 million
    low materiality
    Medium

    Segment performance

    4
    SegmentRevenueYoYQoQMargin
    Tru Niagen (Consumer)
    Represents the core consumer business, with e-commerce as the primary driver.
    Revenue increase: $1.5 million YoY
    		$24.2 million6%——
    E-commerce (Consumer)
    Primary driver of the consumer business, impacted by a temporary marketplace listing issue in June.
    Revenue increase: $2.5 million YoYEstimated growth absent temporary platform issue: 19% YoY
    		$20.5 million14%——
    Ingredient Business
    Comprised of food-grade and pharma-grade Niagen, with purchases from Life Extension lower than prior year.
    Food grade Niagen revenue: $4.9 millionPharma-grade ingredient revenue: $400,000
    		$5.4 million———
    China Cross-Border Channel
    Revenue through May 2026 already surpassed the total revenue generated by this channel for the full year 2025, which was under $1 million.
    		—exceeded full year 2025 revenue——

    Operational metrics

    12
    Gross margin
    64.8%vs. 65% in Q2 FY25
    Q2 FY26

    Modest decline in gross margin year-over-year.

    Selling and marketing expense as % of net sales
    34%vs. 26.4% in Q2 FY25
    Q2 FY26

    Increase reflects investments in e-commerce growth, brand awareness, new product launches and China cross-border business.

    R&D expense decrease
    $100,000YoY decrease
    Q2 FY26

    R&D spending can fluctuate with the timing of clinical studies and external research programs.

    G&A expense decrease
    $300,000YoY decrease
    Q2 FY26

    Primarily due to lower royalties under our agreement with Queen's University Belfast.

    Cash and cash equivalents
    $66.7 millionno debt
    Q2 FY26 end

    Strong balance sheet position at the end of the quarter.

    Common stock repurchases
    $2.8 million
    Q2 FY26

    Cash used in financing activities primarily reflected these repurchases.

    Share repurchase authorization remaining
    $14.6 millionout of $20 million program
    Q2 FY26 end

    Remaining authorization under the company's share repurchase program.

    NB4168 Ataxia Telangiectasia Net Present Value
    $200 million to $400 million
    Long-term

    Estimated NPV based on detailed risk-adjusted financial analysis, excluding potential value of the Priority Review Voucher.

    Priority Review Voucher transaction value
    $150 million to $180 million
    Recent transactions

    Potential value of a transferable Priority Review Voucher, independent of product sales, for NB4168.

    Worldwide NAD supplement market
    $2 billionexceeds
    Annually

    Estimated market size, believed to be in early stages of development.

    Worldwide NAD IV and injection market
    $500 millionbeyond
    Annually

    Estimated market size, believed to be in early stages of development, primarily in the United States.

    NanoCloud units sold (limited launch)
    3,000-4,000
    Limited launch

    Initial limited launch units sold out quickly, with high repeat purchases and new-to-brand customers.

    Industry KPIs

    3
    MetricValueDetails
    Channel mix14%YoY growth
    Brand marketing investment34%% of net sales
    Developed vs emerging market splitexceeded full year 2025 revenue

    Product announcements

    3
    ProductTypeDetails
    Niagen NanoCloudlaunch
    At-home injection kitlaunch
    Second topical productroadmap

    Deals & partnerships

    4
    Global skincare companiesEvaluating incorporation of Niagen into established skincare brands

    Engaged in discussions with two global skincare companies following research demonstrating Niagen's effectiveness in human skin models.

    Telehealth companiesExploring adding Niagen injections as their NAD offering on their platform

    Several of the largest telehealth companies have approached Niagen Bioscience to explore commercial partnerships for Niagen injections.

    WatsonsRetail distribution and expansion in Asia Pacific

    Watsons is back and making purchases, having sold through excess inventory. They are interested in carrying new SKUs like NanoClouds and Beauty products. Regulatory approval is hoped for soon in Taiwan and Korea, and for a skincare product in Mainland China to pursue with Watsons.

    OlympiaSecond compound pharmacy for Niagen Plus

    Added Olympia as a second compound pharmacy to Wells, to help reduce the price of Niagen Plus to clinics and average consumers.

    Capital programs

    1
    NB4168 Drug Development Programunderway$30 million
    Start: Q2 FY26

    Benefit: Development of NB4168 to regulatory approval for rare pediatric diseases, starting with ataxia telangiectasia.

    The overall program cost from today to approval is estimated at $30 million spread across 4 years, which is considered not significant compared to other drug development programs. The company aims to develop the molecule to a certain point internally to maximize shareholder value.

    Risks & headwinds

    6
    Competitive activity in ingredient businessQ2 FY26

    Lower purchases from Life Extension

    Mitigation: Expect to add more ingredient partners in the near term; continue to explore Niagen in different formats, formulations, and markets.

    Temporary marketplace listing issueEarly June

    Amazon growth reduced from estimated 19% to 10% YoY

    Mitigation: Issue has since been resolved.

    Competitive activity from NMN and NAD as straight ingredientsOngoing

    Not quantified, but noted as a challenge

    Mitigation: Confidence remains grounded in scientific leadership, intellectual property, regulatory position, manufacturing quality, and clinical evidence supporting Niagen.

    Pricing of Niagen Plus (IV/injection)Currently, expected to be solved in 2-3 months

    Niagen is more expensive than NAD, not priced to meet the average consumer

    Mitigation: Working to reduce price to clinics to make it satisfactory for compound pharmacies and profitable for Niagen, aiming for average consumer accessibility.

    Regulatory approval challenges in Asia for Niagen as an ingredientOngoing

    Not quantified, but noted as a challenge

    Mitigation: Working on ingredient approval, particularly in China for topical products; pursuing regulatory approval for products in Taiwan and Korea.

    NMN creeping back into China marketplaceOngoing

    Not quantified, but noted as a concern

    Mitigation: Company is aware of the situation but continues to focus on its own market opportunities and regulatory approvals.

    What to watch in Q3 FY26

    4

    FDA lawsuit motion to dismiss ruling

    within the next 2-3 months
    CurrentMotion filed, company replied
    TargetJudge's ruling on motion to dismiss

    Why it matters

    The outcome of this lawsuit could impact the regulatory landscape for Niagen and its competitive position.

    We expect the judge to rule on that motion to dismiss within the next 2, maybe 3 months.

    Q&A highlights

    7

    Seeking updates on the FDA lawsuit, performance and expansion plans for Asia Pacific/Watsons, details on other NR analogs for pharma development, and the potential of the Niagen Plus (IV/injection) business, including pricing strategy.

    Management expects a ruling on the FDA motion to dismiss within 2-3 months, confident in the outcome. Watsons sales are strong, with plans for new SKUs and expansion into Taiwan, Korea, and China skincare. Several potent NR analogs exist, with discussions ongoing with larger pharma companies. Niagen Plus is seen as a significant opportunity, superior to NAD IVs, with a pricing solution expected in 2-3 months to make it accessible to average consumers and potentially become a flagship ingredient for clinic franchises.

    “We think that within the next 2 or 3 months, we will be able to reduce the price to the clinics and still make it satisfactory for the compound pharmacies and for Niagen and its shareholders to make plenty of profit and bring the price down to the average consumer.”

    asked by Ram Selvaraju · answered by Robert Fried

    2 min read6 chapters

    Detailed Narrative

    01

    Evolution to a Platform Company

    Niagen Bioscience is evolving beyond its core Tru Niagen supplement business into a broader NAD-focused platform, encompassing consumer supplements, branded ingredients, IV delivery (Niagen Plus), skincare, and pharmaceutical development. This integrated approach leverages scientific discoveries to guide commercial paths and expand intellectual property value, reflecting the company's new name and strategic direction.

    02

    Expanding NAD Market Opportunity

    The global NAD supplement market is estimated to exceed $2 billion annually, with the IV and injection market surpassing $500 million, both considered early-stage. Additional opportunities in skincare, pharmaceuticals, and other healthcare applications are expected to substantially expand the total addressable market, driven by increasing scientific understanding of cellular NAD.

    03

    Skincare and IV/Injection Expansion

    The company completed a limited launch of Niagen NanoCloud, exceeding internal expectations and supporting a broader commercial launch later this year. Discussions are underway with two global skincare companies for Niagen incorporation into their established brands. The IV/injection platform expanded with an at-home injection kit and growing interest from large telehealth companies, reinforcing the belief in Niagen's advantages over traditional NAD administration.

    04

    NAD Pharmaceuticals Launch and NB4168 Potential

    Niagen formally launched NAD Pharmaceuticals, focusing on rare genetic diseases and age-related disorders. Its lead candidate, NB4168, received rare pediatric disease designation from the FDA and orphan medicinal product designation from the EMA for ataxia telangiectasia. The AT indication alone is estimated to support a net present value of $200 million to $400 million, excluding a potential $150 million Priority Review Voucher. Precedent transactions like Biogen's $7.3 billion acquisition of Reata Pharmaceuticals highlight the potential for multibillion-dollar strategic value in successful rare disease programs.

    05

    Scientific Leadership and Clinical Validation

    Independent research continues to validate Niagen, linking supplementation with reductions in epigenetic age acceleration and improvements in mitochondrial biology. Additional studies explore potential applications in retinal disease, neurodegeneration, immune function, and mitochondrial disorders. This expanding body of science benefits every segment of the business, reinforcing Niagen's differentiation through scientific leadership and extensive clinical evidence.

    06

    Strategic Investments and Financial Discipline

    The company views 2026 as an investment year, allocating resources towards new market verticals, pharmaceutical development, and brand awareness. Despite increased spending, the core business remains cash-generative, providing flexibility to invest thoughtfully while maintaining a strong balance sheet and financial flexibility. The sale of Thorne to P&G for $3.8 billion was cited as an example of the value of science-based brands in the supplement space.

    AI-generated summary of the company’s earnings call. Not investment advice.