Image source: The Motley Fool.
DATE
Aug. 6, 2025, 8:30 p.m. ET
CALL PARTICIPANTS
Chief Executive Officer — Rob Fried
Chief Financial Officer — Ozan Pamir
Senior Vice President, Scientific and Regulatory Affairs — Dr. Andrew Shao
Vice President, Investor Relations — Lauren Borzanski
Need a quote from a Motley Fool analyst? Email [email protected]
TAKEAWAYS
Revenue-- $31.1 million in revenue, a 37% year-over-year increase for Q2 2025.
Cash Position and Debt-- $60.5 million in cash and no debt at the end of Q2 2025.
E-Commerce Net Sales-- $18.1 million, a 39% year-over-year increase.
Niagen Ingredient Revenue-- $7.4 million, a 135% year-over-year increase for Q2 2025, comprised of $6 million from food-grade niacin and $1.4 million from pharmaceutical-grade niagen.
TRU NIAGEN Revenue-- $22.7 million, up 22% for Q2 2025, with the 1,000-milligram SKU identified as the fastest-growing.
Gross Margin-- Gross margin improved to 65% in Q2 2025, up 480 basis points from 60.2% in Q2 2024.
Selling and Marketing Expense-- Selling and marketing expense as a percentage of net sales improved to 26.4%, down from 30.6% in 2024, demonstrating scaling efficiency.
Research and Development Expense-- Research and development expense was $1.0 million, a $300,000 year-over-year increase for Q2 2025, reflecting NAD pre-pressure development investment and IP expansion.
General and Administrative Expense-- $7.3 million, up $1.6 million from last year for Q2 2025, due to higher share-based compensation and increased scaling spend.
Cash Flow from Operations-- Net cash provided by operations was $9.1 million for the first six months of 2025, compared to breakeven in the same period last year.
Revenue Growth Outlook-- Full-year revenue growth guidance for FY2025 raised to 22%-27%, up from 20%-25% previously.
Sales and Marketing Expense Outlook-- Now expected to be up in absolute dollars but down as a percentage of net sales for FY2025.
Niagen Plus Clinic Expansion-- Over 800 wellness clinics have onboarded to offer Niagen Plus, including IV and injection formats.
At-Home Injection Kit Initiative-- Wells Pharmacy Network is launching an at-home kit by year end; telehealth access is under consideration.
Parkinson's Disease Program-- Niagen Bioscience signed a worldwide exclusive license for patented NR molecule from Haukeland University Hospital; phase three no park trial completed in June with expected peer review submission in October.
Long COVID Clinical Study-- Harvard University study on NR supplementation is completed and undergoing peer review; results pending publication.
Regulatory Engagement-- Active discussions with the FDA for ataxia telangiectasia (AT) IND application; update expected later in the year.
FDA Litigation Update-- NMN regulatory response now delayed to September 2025 following administrative disruptions.
SUMMARY
Management raised full-year revenue growth guidance for FY2025, citing record top-line and margin performance and ongoing strength in both e-commerce and ingredient businesses. Strategic initiatives to expand clinical and at-home Niagen Plus offerings and telehealth functionality were presented as key growth drivers. Proprietary pharmaceutical development advanced with the completion of a pivotal phase three Parkinson’s disease trial and additional FDA and research engagement for new indications.
CEO Fried said, "we have onboarded over 800 wellness clinics nationwide to offer our Niagen Plus product line, which includes Niagen Intravenous and Niagen injections."
CFO Pamir stated, "Our gross margin improved to 65% in the second quarter, up 480 basis points compared to 60.2% a year ago."
CEO Fried explained, "We expect the study to be submitted to peer review sometime in October" regarding the Parkinson’s disease clinical trial.
Gross margin gains in Q2 2025 were driven by favorable inventory costs, a higher-margin sales mix, and expanded B2B channel participation.
Bioscience regulatory momentum is ongoing, with multi-pronged initiatives in the US and EU for future pharmaceutical commercialization and ingredient compliance.
INDUSTRY GLOSSARY
Nicotinamide Riboside (NR): A form of vitamin B3 used as a dietary supplement and investigated for its effects on NAD+ levels and cellular health.
NAD (Nicotinamide Adenine Dinucleotide): A critical coenzyme in cellular metabolism, targeted by anti-aging and wellness products.
NRT (Nicotinamide Riboside Triacetate): A proprietary analog of nicotinamide riboside described as potentially bio-superior for drug development.
NRC (Nicotinamide Riboside Chloride): The dietary supplement form of nicotinamide riboside sold as TRU NIAGEN.
NMN (Nicotinamide Mononucleotide): A related NAD precursor, subject to US FDA regulatory review regarding its status as a dietary ingredient.
IND (Investigational New Drug): An application filed with the US FDA to begin clinical studies for potential drug approval.
503B outsourcing facility: A US FDA–registered facility authorized to compound sterile drugs for healthcare facilities, subject to specific regulatory oversight.
AT (Ataxia Telangiectasia): A rare inherited neurodegenerative disease referenced as a future indication for NR pharmaceutical development.
Full Conference Call Transcript
Kendall: Thank you. Good afternoon, and welcome to Niagen Bioscience Inc's 2025 conference call. With us today are Niagen Bioscience's Chief Executive Officer Rob Fried, Chief Financial Officer Ozan Pamir, and Senior Vice President of Scientific and Regulatory Affairs, Dr. Andrew Shao. Dr. Shao will join the call for Q&A. Today's conference call may include forward-looking statements, including statements related to the company's research and development and clinical trial plans, and the timing and results of such trials. The timing of future regulatory filings, expansion of the sale of Niagen products and ingredients in new markets, business development opportunities, future financial results, cash needs, operating performance, investor interest, and business prospects and opportunities, as well as anticipated results of operation.
Forward-looking statements represent only the company's estimates on the date of this conference call and are not intended to give any assurance as to actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause Niagen Bioscience's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These risk factors include those contained in Niagen Bioscience's quarterly report on Form 10-Q most recently filed with the SEC, including results of operation, financial condition, cash flows, as well as global market economic conditions on our business.
Please note that the company assumes no obligation to update any forward-looking statements after the date of this conference call to conform with the forward-looking statements actual results or to changes in its expectation.
Kendall: In addition, certain financial information presented in this call references non-GAAP financial measures. The company's earnings presentation and earnings press release, which were issued this afternoon, are available on the company's website and present reconciliations to the appropriate GAAP measures. Finally, this conference call is being recorded via webcast. The webcast will be available at the Investor Relations section of our website at www.niagenbioscience.com. With that, it is now my pleasure to turn the call over to our Chief Executive Officer, Rob Fried.
Rob Fried: Thank you, Kendall. Good afternoon, everyone, and thank you for joining on today's investor call. For the second quarter, I am pleased to share that we delivered yet another record performance with $31.1 million in revenue, a 37% increase year over year, and net income of $3.6 million compared to virtually breakeven a year ago. We ended the quarter with $60.5 million in cash and no debt. Our e-commerce business remains the largest component of our business, with net sales of $18.1 million, a 39% increase year over year. Our food-grade and pharmaceutical-grade nitrogen ingredient business grew 135% year over year, with $7.4 million in revenue in the second quarter.
Since launching last August, Niagen Plus continues to be a strategic focus of the company. As of today, we have onboarded over 800 wellness clinics nationwide to offer our Niagen Plus product line, which includes Niagen Intravenous and Niagen injections. As the clinic's adoption continues to grow, we are seeing increased interest in the Niagen Plus injections. To build on this trend, Wells Pharmacy Network, our compound pharmacy partner, is launching an at-home injection kit by the end of the year. We are exploring adding telehealth functionality to our website as a way for our valued customers to access Niagen Plus from our website.
While the demand for Niagen Plus continues to grow, we are seeing increased scrutiny from the state of California around 503B outsourcing facility practices. Wells Pharmacy Network remains a partner for us to maintain a network nationwide, and we expect that to continue as our partnership grows the Niagen Plus business. The buzz around Niagen is strong and growing. We have been featured in the last quarter in major media outlets, including Business Insider, People Magazine, Vogue, LA Times, New York Post, US News and World Report, Everyday Health, Elle, Allure. We have been featured in top podcasts, including the All In podcast, Call Her Daddy podcast, and just this past weekend with Theo Vaughn.
People are starting to realize that NAD is important for their health, especially as they age. But by far, the best, most tested, most trusted, legal, patented way to elevate NAD is with Niagen. And that Niagen Bioscience is the gold standard in the NAD space. If it does not say Niagen, I would recommend you save your money. Niagen has also had a Niagen Plus IVs and injections partnership with our friends at the All In podcast. To many attendees of F1 as well as the NFT Training Camp in Miami, and the Sports Front Office Forum in Santa Monica, administered IV and injections at an event hosted by Gary Vaynerchuk to attendees at CAN.
He attended the Longevity Leadership Conference, which is a gathering of leaders and innovators in the longevity space, and gave out some IVs and injections. We attended the Athletech Innovation Summit and the event featuring wellness and fitness leaders. And periodically, we go to the Aloe Gym events in partnership with Alo Yoga and give out IVs and injections to influencers. We also have visited the homes and offices of numerous athletes and celebrities and rock musicians before they go on tour or before they perform or before they play. People are becoming very aware of Niagen in general, not just true Niagen, but also the efficacy of injections and IV. And it is growing in popularity.
And the reason for that is because we have the best product in the market. And we continue to represent the highest standard in NAD science, and we represent authenticity, transparency, and scientific innovation in the dietary supplement industry in general. We are consistently recognized by the industry, by trade associations, by third-party testers, as the gold standard in the space and one of the very, very few truly trusted brands that does the research, does the science, goes through the proper channels with the FDA and the FTC, and delivers something that actually works. We also do many, many actual clinical high-impact peer-reviewed published studies.
For example, in the United States, it is estimated that between ten and fifteen million people are actively experiencing symptoms from what is known as long COVID. With a subset of this population reporting that symptoms significantly limit their daily activities. These are symptoms like fatigue, sleep problems, and depression. A study conducted by Harvard University examined the effect of NR supplementation on reducing fatigue, addressing these depressive symptoms, sleep quality, cognition. This study was completed recently and is currently going through the peer review publication process. There is also another long COVID study conducted in Norway as well, a slightly larger study, but the participants in that are slightly different.
Their definition of long COVID differs slightly from the one at Harvard and here in the US, but we are looking forward to the results of those studies, and we will make them known to you when they are published. A notable article recently discussed the potential benefit of NAD supplementation in cellular health and fertility. While there is limited research on the effects of NAD modulation for fertility to date, we recognize that this is an important area of opportunity, and we are currently working with independent investigators through our external research program on a study looking at the potential for NR to support fertility and health. We understand that these egg cells, oocytes, have NAD as well.
And that at a certain point in the life cycle of these cells, the NAD becomes depleted. And the cells become less fertile, less healthy, and there might be an opportunity to elongate, lengthen the fertility clock by elevating NAD levels in these cells. Last month, we announced that the company entered into a worldwide exclusive license agreement with the Haukeland University Hospital in Bergen, Norway. This arrangement grants the company exclusive rights to develop and commercialize patented nicotinamide riboside molecule as a potential pharmaceutical therapy for Parkinson's disease or to sublicense the program to a strategic pharmaceutical partner.
The partnership also provides the company exclusive access to the data resulting from this no park clinical trial and data from previous related studies as well. This marks a meaningful step forward in Niagen Bioscience's pursuit of pharmaceutical applications of NR to benefit patients with Parkinson's disease and potentially other neurodegenerative disorders. This phase three no park clinical trial was completed in June. We expect the study to be submitted to peer review sometime in October. As it relates to NR for the treatment of ataxia telangiectasia, AT, we are actively engaging with the FDA to get our program ready for an investigational new drug application for the use of NR in the treatment of AT.
We continue to have ongoing dialogue with the agency to address its comments and feedback. We hope to have an update later this year. In last quarter's call, I discussed the FDA's pending response to the litigation and citizen's petition related to its determination that NMN is not a lawful dietary ingredient under the Federal Food Drug and Cosmetic Act. While the FDA's response has now been delayed until September 2025 due to administrative disruptions, we continue to reaffirm our support of the agency's position. And we believe that the FDA must maintain its stance to ensure consumer safety and regulatory integrity.
As I reflect on the progress we have made so far this year, I remain confident that we are well-positioned to continue our growth trajectory and advance toward our key strategic goals. I am grateful for the dedication of our leadership, and our team and their unwavering commitment to the company's mission. Benefit the health and lives of every individual. As the global leader in NAD science, we will continue to reinforce Niagen as the gold standard and the premium solution that age better. I would now like to hand the call over to Ozan to run through the quarter's financials and then on to Q&A and closing remarks. Ozan?
Ozan Pamir: Thanks, Rob. Thank you to our investors, partners, and team members for joining us today. I want to echo Rob's sentiment that the company's performance in the first half of this year has been exceptional and is attributable to our consistent focus, dedication, and discipline. While we still have much of the year left, I have trust in our team to continue to execute on our key initiatives to drive results. Turning to our second quarter financial performance. In 2025, we brought in $31.1 million in revenue, up 37% or $8.4 million from the same period last year. Our TRU NIAGEN revenue grew by 22% to $22.7 million, a $4.1 million year-over-year increase.
This was driven primarily by e-commerce revenues of $18.1 million, which was up 39%, adding $5 million year over year. Our Niagen ingredient business was up 135% year over year and brought in $7.4 million, a $4.2 million year-over-year increase. Within the ingredients business, we delivered $6 million in food-grade niacin sales and $1.4 million in pharma-grade niagen sales. Watson remains a reliable partner, contributing steady and recurring revenues with occasional quarterly fluctuations.
In the first half of this year, we saw that Watson sell-through was improved year over year, and we are actively working with their team to grow TruNiagen's brand presence in Hong Kong through joint marketing efforts and exploring expansion into additional markets across the Asia Pacific region. Our gross margin improved to 65% in the second quarter, up 480 basis points compared to 60.2% a year ago. This improvement was driven primarily by sales of lower-cost inventory, along with changes in our product and business mix, including the benefit of higher e-commerce sales and continued sales of pharmaceutical-grade niagen. We expect gross margins for the full year to improve slightly compared to the previous year.
Selling and marketing expense as a percentage of net sales improved to 26.4% compared to 30.6% in 2024. This improvement reflects our continued focus on scaling efficiently through measured high-return investments. Research and development expense was $1 million, $300,000 higher year over year. The driver for this was the increased investment in continued NAD pre-pressure development as we continue to invest in future innovation and IP portfolio expansion. G&A expenses were $7.3 million, a $1.6 million increase compared to the previous year. This increase is driven by increased share-based compensation expense and increased spend to support the overall scaling of our business.
For 2025, our net income was $3.6 million or earnings of 5¢ per share, a significant improvement compared to approximately breakeven per share for 2024. Turning to the balance sheet and cash flow. Our balance sheet continues to strengthen. We ended the quarter with $60.5 million in cash and no debt. For the six months ended June 30, 2025, the net cash provided by operations was $9.1 million compared to breakeven in the same period last year. The year-over-year improvement was largely driven by a $9.2 million improvement in net income along with other positive shifts in working capital. Notably improved collections on trade receivables and higher accounts payable compared to the prior year period.
These were partially offset by increased inventory levels to support operational expansion. As it relates to our 2025 full-year P&L outlook, detailed information on the key financial metrics can be found in our earnings press release and the accompanying slide presentation. Following a strong start to the year, we are raising our revenue growth expectation from 20% to 25% year over year to a range of 22% to 27% year over year. This update reflects our continued execution and in the expanding NAD market, as well as our confidence in the momentum across both our e-commerce and Niagen ingredient business.
We anticipate e-commerce to remain a steady growth engine, and we also anticipate growth in Niagen ingredient and broader B2B sales. While revenue from certain Tru Niagen distribution channels as well as our pharmaceutical-grade Niagen ingredient channel may fluctuate quarter to quarter, we remain confident in our full-year outlook. We are also improving our outlook for selling, marketing, and advertising expenses. We now expect these expenses to be up in absolute dollars, but down as a percentage of net sales year over year, compared to the previous expectation of up in absolute dollars and stable as a percentage of net sales year over year.
This change in outlook is primarily driven by our continued effort to scale efficiently as our e-commerce business steadily grows. Our results to date reflect both the strength of our foundation and the consistent execution by the members of our teams. While we have work to do to continue the performance and momentum thus far, I have strong belief in the company's ability to execute efficiently and effectively. As Rob discussed earlier, there are many initiatives and strategic goals we are collectively working towards, and I look forward to joining him to share more positive news in the quarters ahead. Operator, we are now ready to take questions.
Operator: Thank you. The floor is now open for questions. If you have dialed in and would like to ask a question, please press 1 on your telephone keypad. If you are called upon to ask a question and are listening via loudspeaker on your device, pick up your handset and ensure that your phone is not on mute when asking your question. We please ask that you limit yourself to one question for this session. Your first question comes from the line of Ram Selvaraju of H.C. Wainwright. Your line is open.
Ram Selvaraju: Thanks very much for taking my question and congrats on all the progress. I just wanted to ask about the initiative with respect to Parkinson's disease. And assuming positive data from the NOPARC trial, how you expect to proceed, and if indeed you would look at advancing nicotinamide riboside chloride or a different nicotinamide riboside analog? Thank you.
Rob Fried: Thank you, Ram. It's a very important and good question. Of course, as you know, we do not know the results. It's a double-blinded study. We expect or hope to hear the results before the end of the year. Of course, we probably would not have an opportunity to make those results public until it's published, which would be probably sometime next year. We have analogs for nicotinamide riboside, most specifically nicotinamide riboside triacetate, NRT, and we've done studies that show that it's bioequivalent, actually slightly bio superior to NRC in certain ways. Our expectation is if we are pursuing FDA approval for Parkinson's in the US, we would likely pivot to NRT.
And we would likely do so with a partner. And we've had some preliminary conversations with certain partners, but nothing to report at this point. In the EU, however, we may pursue provisional drug approval for NRC, depending on how these results play out. As you know, also, we set up a separate subsidiary just for optionality purposes. Obviously, it's a wholly-owned subsidiary. And we might at some point put the Parkinson's rights and other drug rights into that subsidiary just to maintain optionality for us corporately.
Operator: Your next question comes from the line of Destiny Hance of Ladenburg Thalmann. Your line is open.
Destiny Hance: Hi there. Thank you for taking my question. I'm curious, for Niagen IV, you've been able to grow the number of clinics so quickly. I'm wondering what kind of volume you're seeing in the more established clinics for those that came on earlier. And is there any opportunity for you to justify increasing pricing? I mean, is that something that you consider going forward?
Rob Fried: Actually, that's a very good question, Destiny. The awareness level of NAD has gotten quite high, and quickly people are understanding that if you take NAD, especially orally, there's no reason to believe that it will have any impact on your cellular NAD levels. These NAD IV experiences are also extremely unpleasant. But Niagen, which is the best precursor to NAD, we've shown is a much more pleasant IV experience and injection experience. It's much quicker and has a much higher level of NAD afterward. So the clinics and the people who work in these clinics are very interested and very excited, I would say, about getting a supply of Niagen as opposed to NAD because they know these facts.
And this is why we've been able to expand the number of clinics that have signed on so quickly. But what we also noticed, and this has been a constraint for the real serious growth, is that these clinics are charging a very, very high number for these IV experiences. They also charge a high number for NAD. But in many cases, even higher for Niagen because it's such a better experience than NAD and such a better product. We think quite the opposite. We need to see clinics dramatically reduce the price to make it generally accessible to people. We think it's a great product.
We think it has a meaningful impact on people's health and how they feel, and even in many cases, how they look. There's this thing called the Niagen Glow. People go into these clinics and they get Niagen IV, and we keep hearing these reports of the experience within a day or two, this skin glow. We're going to investigate that further. There might be something to that. No, we'd like to see the prices come down significantly, and we expect them to come down significantly in order to see dramatic volume increases in the Niagen Plus category.
Operator: Your next question comes from the line of Sean McGowan of Roth Epoch Partners. Your line is open.
Sean McGowan: Thank you. Just back on the Parkinson's trial, I was wondering if you could comment on this. So if the results are encouraging, I know you don't have them yet and you can't really talk about them, but if it's, let's say it's good enough to really, you know, light up a lot of ideas in the FDA, could this get fast-tracked? I mean, is that a possibility?
Rob Fried: In the US?
Sean McGowan: Yeah. The US.
Rob Fried: I don't think so. I think that in order for it to be approved as a Parkinson's drug in the US, we're going to have to do a series of bridging human clinical bridging studies to show the bioequivalence between NRT and NRC. Most of the drug companies and insurance companies with whom we've talked said that they would prefer to see NRT, the molecule used for drug approval, as distinct from NRC, which we sell as a dietary supplement. So there would be likely in the US a series of studies that would need to take place before it saw drug approval.
That's not to say that we wouldn't create some sort of a relationship with a more established pharmaceutical company as a partner to pursue, which could have economic benefits to our shareholders here in the interim. In the EU, though, it's slightly different. There might be a way for us to fast-track even potentially provisional approval for NRC as an approved drug.
Operator: Your next question comes from the line of Susan Anderson of Canaccord Genuity. Your line is open.
Susan Anderson: Hi. Good evening. Nice job on the quarter. I was wondering if you can maybe just talk a little bit about kind of the drivers of the accelerated growth you saw in the e-commerce business. I guess, are you starting to see a few of the new products that you rolled out really start to kind of drive growth, or is it new platforms or geographies or anything else driving that business? And then also, have you shared at all what percent of customers are using the subscribe and save feature of your online site? Thanks.
Rob Fried: Hi, Susan, and welcome. Actually, no. The growth in the e-commerce business is just basic blocking and tackling of our existing customers selling our existing product line. We are seeing growth in the 1,000-milligram SKU. Most of our studies that we published are at a thousand milligrams. And most people who take it and email us about the impact that they're experiencing say they notice the difference more dramatically with a thousand milligrams, so we see that as our fastest-growing SKU. But it's not the new products that we've begun rolling out. It's basically still TRU NIAGEN as awareness of Niagen increases, awareness of NAD increases, and customers returning.
We actually have detailed demographic information on the subscribe and save customers on Amazon. We know that they are an extremely educated group. We saw one study that showed that over 40% of them had graduate degrees. And that it's also a very high average income consumer. But, obviously, we understand that elevating NAD with Niagen has health benefits for everybody, so we need to make sure that it's not just the wealthy and highly educated that are taking advantage of the product.
Operator: Your next question comes from the line of Sean McGowan of Roth Capital Partners. Your line is open.
Sean McGowan: Thanks again for the follow-up. Wondering if you could provide a little bit more color on what you think the series of steps are going to be for treating treatments with long COVID. Are there any milestones on that we should be looking for, studies or specifics?
Rob Fried: The publication of the Harvard study. They've written the manuscript, and they've submitted it for peer review presently. If it gets accepted for peer review and gets published, we will then be able to make the results public to everybody. There are no known treatments for this condition, and there are many people that believe that they suffer. So it's a strange condition because it's a disease that you test negative for. If you have the symptoms and you have long COVID, it means you test negative for COVID. So it's an odd situation here. There are many people.
If you go and chat GPT or any AI platform, you say how many people in the United States are suffering from long COVID, the numbers are, you know, I've seen as high as fifteen million people, ten to fifteen million people. But there are other invasions that have comparable types of symptoms, like Epstein Barr or fibromyalgia or Lyme disease or mononucleosis, where people are just living with fatigue and depression. And sleeplessness, and they're just buying sluggishness getting through the day. Of course, we understand the mechanisms of action of Niagen. One of the things that it does, obviously, is it increases mitochondrial biogenesis, as well as the output from mitochondrial function.
So there is more actual energy in the body by elevating NAD levels with Niagen. So it is logical that these people are experiencing fatigue with benefit from taking TruNiagen. In that Harvard study, they took very high doses of it. I think the key arm was two grams a day for twelve weeks of that study. That's a significant dose. As I say, most of us here at the company take a gram a day, a thousand milligrams per day. But the thing to watch out for would be that publication. And, of course, the hope is that it's positive for those symptoms.
And then the marketing team at ChromaDex, in the event that it gets published and it's positive, will make sure that we legally and responsibly communicate that study was done and make sure that healthcare practitioners are aware of it and influencers are aware of it. And people who are generally suffering from this fatigue-related condition know that there's a legal, safe, dietary supplement on the market that may benefit you based on this Harvard study if that's what the data shows. So number one would be the publication. Number two would be the marketing campaign that comes from Niagen Bioscience.
Operator: That concludes our Q&A session. I'll now turn the conference back over to Lauren Borzanski for closing remarks.
Lauren Borzanski: Thank you, Jean Louis. There will be a replay of this call beginning at 7:30 PM Eastern Time today. The replay number is 1-807-702-030, and the replay ID is 8584242. Thank you, everyone, for joining us today and for your continued support of Niagen Bioscience.
Operator: This concludes today's conference call. You may now disconnect.