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DATE

May 6, 2026

CALL PARTICIPANTS

  • Chief Executive Officer — Rob Fried
  • Chief Financial Officer — Ozan Pamir
  • Assistant Controller — Lauren Rittman-Borzansky
  • Senior Vice President, Scientific and Regulatory Affairs — Andrew Shao

TAKEAWAYS

  • Revenue -- $31.5 million, with growth of 5% year over year when excluding the divested reference standard segment.
  • Net Income -- $6.3 million, or $0.08 per share, up from $0.07 per share in the prior year.
  • Core E-Commerce Growth -- 14% increase in e-commerce revenue, with the direct-to-consumer website growing twice as fast as the Amazon channel.
  • TRU NIAGEN Revenue -- $22.4 million, reflecting 4% growth and primarily driven by $19.2 million e-commerce sales.
  • NIAGEN Ingredient Segment -- $8.2 million in total ingredient revenue (2% growth), including $7.3 million in food-grade and $0.85 million in pharma-grade sales (components do not sum exactly due to rounding).
  • Distribution to Watsons and B2B Partners -- $1.5 million year-over-year decrease attributed to order timing and changes in inventory management.
  • Gross Margin -- 63.5%, a 10 basis point improvement over the previous year, attributed to product and business mix shifts.
  • Selling and Marketing Expense -- 30.7% of net sales, up from 26.6% in 2025, reflecting investment in brand awareness, e-commerce, and new product launches.
  • R&D Expense -- $1.5 million, up $0.22 million, with incremental spending supporting clinical research and new product launches.
  • General and Administrative Expense -- $7.2 million, up $2.1 million, driven by the absence of a $1.3 million credit loss recovery and increased share-based compensation.
  • Cash Position -- $66.5 million in cash and no debt at quarter end.
  • Net Cash Used by Operations -- $1.2 million, compared to $7.9 million provided in the year prior, primarily due to $3.6 million invested in inventory, timing of orders, and a temporary Amazon receivable delay.
  • Sale of Reference Standards Business -- $5.8 million in proceeds reported under investing activities.
  • Share Repurchases -- $2.4 million of common stock repurchased during the quarter as part of a $20 million program.
  • 2026 Revenue Growth Guidance -- Management reaffirms full-year top-line growth target of 10%-15%.
  • Updated Expense Outlook -- Selling and marketing expenses now expected to rise both in absolute terms and as a percentage of net sales; G&A growth revised to $3 million–$4 million increase rather than $4 million–$5 million.
  • NIAGEN Plus At-Home Injection Kit Launch -- Four to five days post-launch, "traffic and conversions" described as "outstanding," with "quite enthusiastic" early demand.
  • Niagen NanoCloud Pilot Launch -- Early sales nearly sold out ahead of a wide launch planned for October, supported by strong positive consumer feedback.
  • USP Monograph Achievement -- "NR chloride, patented as NIAGEN, has achieved a published USP dietary supplement ingredient monograph," uniquely positioning the product in NAD and NMN markets.
  • Science and Clinical Activity -- Lead sponsorship of the inaugural NAD for Health conference; initiated preclinical IND-enabling studies for pharmaceutical applications, including ataxia telangiectasia.
  • NMN Market Dynamics -- CEO Fried said, "We are seeing an increase in NMN sellers and NMN sales on Amazon and elsewhere, and it is impacting our sales," noting over 300 NMN SKUs on Amazon compared to "zero" in September.
  • IV Clinic Channel -- NIAGEN IV offered in 1,200 clinics, with "very strong" order and repeat rates and current per-IV prices between $800 and $1,000.
  • Compounding Pharmacy Expansion -- Expected operational impact from adding Olympia in the summer, with an aim to lower consumer IV prices and expand clinic distribution.
  • Telehealth Platform -- Initial launch of NIAGEN Plus at-home kit drew "quite enthusiastic" response; California availability pending pharmacy licensing.
  • Distribution Expansion Plans -- Management expects gradual U.S. and international retail/channel expansion for NIAGEN supplements and NanoCloud skincare.
  • Retail Strategy -- Previous Walmart experience highlighted need for coordinated marketing with retail launches; current plan favors partner- and region-specific rollouts over broad distribution.

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RISKS

  • CEO Fried stated, regarding NMN competition, "It has affected us, and I cannot give you a precise amount or number, but it is creating some headwinds for us that did not exist a few months ago."
  • CFO Pamir reported net cash used by operations was $1.2 million due to increased inventory, order timing, and a "one-time impact" from an Amazon receivable hold.
  • Selling and marketing expense increased to 30.7% of net sales, with management now expecting further increases as a percentage of net sales.
  • Distribution to Watsons and other B2B partners decreased by $1.5 million year over year, attributed to "timing of orders and changes to inventory management."

SUMMARY

Niagen Bioscience (NAGE +3.11%) reported modest revenue and profitability gains, while highlighting persistent competitive and operational pressures. The company reaffirmed ambitious 2026 revenue growth guidance, with management pointing to e-commerce and recent product introductions as core drivers. The launch of NIAGEN Plus at-home injection and strong early sales of NanoCloud skincare indicate demand for innovation within the portfolio. Additionally, Niagen's unique USP monograph, scientific conference activity, and ongoing IND-enabling studies suggest continued strategic emphasis on product quality and pharmaceutical opportunity.

  • The company stated that more than 300 NMN product SKUs now compete on Amazon, up from zero in September, directly influencing sales and digital marketing dynamics.
  • A new partnership with Olympia (pharmacy) is projected for summer rollout, targeting both wider clinic reach and reduced price points for consumers seeking IV administration.
  • Management is revising marketing investment plans, allocating additional spend to brand awareness and digital asset development, in lieu of previous G&A infrastructure spending expectations.
  • Early adoption of the at-home injectable kit is currently restricted in California due to pharmacy licensing, but approval is anticipated within weeks.
  • Niagen intends future U.S. retail expansion to proceed "partner by partner and regional" rather than through broad, national launches based on lessons from prior Walmart entry.

INDUSTRY GLOSSARY

  • NAD (Nicotinamide Adenine Dinucleotide): A key coenzyme involved in metabolic and aging-related cellular processes.
  • NR (Nicotinamide Riboside): A form of vitamin B3 and precursor to NAD, studied for its potential to support healthy aging.
  • USP Monograph: An official public standard published by the U.S. Pharmacopeia for ingredient purity, quality, and strength, typically used for pharmaceuticals and rarely for dietary supplements.
  • 503B/503A Pharmacy: U.S. FDA designations for compounders; 503B pharmacies can produce larger batches for office use, while 503A compounders create medications for individual prescriptions.
  • GLP-1 Agonist: A class of injectable drugs typically used for diabetes and weight management, referenced here as a popular comparator within the clinical and compounding channel.

Full Conference Call Transcript

Operator: Ladies and gentlemen, thank you for standing by, and welcome to Niagen Bioscience Inc First Quarter 2026 Earnings Conference Call. My name is Carina, and I will be the conference operator today. At this time, all participants are in a listen-only mode. As a reminder, this conference call is being recorded. Earlier today, Niagen Bioscience Inc issued a press release announcing its financial results for 2026. If you have not reviewed this information, it is available within the Investor Relations section of Niagen Bioscience Inc’s website at niagenbioscience.com. I would now like to turn the call over to Lauren Rittman-Borzansky, assistant controller. Please go ahead.

Lauren Rittman-Borzansky: Good afternoon, and welcome to Niagen Bioscience Inc’s first quarter 2026 conference call. Joining me today are our chief executive officer, Rob Fried, chief financial officer, Ozan Pamir, and Senior Vice President of Scientific and Regulatory Affairs, Doctor Andrew Shao. Doctor Shao will be joining the call for Q&A. Before we begin, I would like to remind everyone that today’s call may include forward-looking statements. These statements relate to, among other things, our research and development activities, clinical trial plans and timing, regulatory filings, expansion into new markets, business development opportunities, and our expected financial and operating performance.

These statements are based on our current expectations as of today and are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks, please refer to our most recent Form 10-Q and other filings with the SEC. We undertake no obligation to update these statements except as required by law. In addition, we may reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in today’s earnings release and presentation, both available in the Investor Relations section of our website. With that, it is now my pleasure to turn the call over to our CEO, Rob Fried.

Rob Fried: Thank you, Lauren. Good afternoon, everyone, and thank you for joining us on today’s investor call. In the first quarter, we delivered $31.5 million in revenue, a 5% year-over-year growth excluding revenue from the recently divested reference standard business. We generated net income of $6.3 million and ended the quarter with $66.5 million in cash and no debt. We had an increase in working capital of about $5.4 million from the prior quarter, leaving a total of $82.3 million. The core e-commerce business grew 14% year-over-year. The direct-to-consumer website grew twice as fast as Amazon.

As anticipated, two of our customers did not order this quarter as much as they did a year ago, which impacted overall growth, but we do see promising indicators to start the year. The awareness around Niagen and the benefits of NAD supplementation continues to gain media attention. Over the last year, we have garnered many features with major media outlets, including a cover feature in Business by LA Times Studios, and additional digital features on LA Times, The Wall Street Journal, The Washington Post, Business Insider, People Magazine, GQ, Vogue, Vanity Fair, Bio Tuesdays, The New York Post, U.S. News & World Report, Everyday Health, Elle, Allure, and others.

These features serve as a powerful validation that overall awareness of the importance of NAD is growing stronger and major media outlets are recognizing the strength of our science, the quality of our products, and our leadership in the industry. An example of why experts and industry journalists understand Niagen to be unique in this space is our recent launch of the Niagen Plus at-home injection kit and our telehealth capability. There are numerous federal and state requirements that had to be met in order to offer a product such as this, and the ingredient itself must be pharmaceutical grade.

It must conform to very high purity and sterilization standards, and it has taken many years and countless hours from the exceptional Niagen Bioscience Inc team to get here. I am very proud of this achievement. It is the first product launch through our very own telehealth platform and places us firmly in the heart of a growing and important longevity trend. Of course, as we do with most things, we are approaching this new endeavor methodically, and I expect it to iterate and improve with time. Niagen Plus is not our only new development in our product pipeline. In March, we pilot-launched the Niagen NanoCloud, our first skincare topical product.

Early demand has been extremely strong, and we are already nearly sold out. The wide launch will be in October. Surveys of the early adopters of NanoCloud have yielded results: visibly more youthful, smoother, and more moisturized skin and improved skin texture. These results are consistent with the recently completed independent study. In addition to our own TRU NIAGEN consumer products, we expect to supply NIAGEN as an ingredient to reputable and trustworthy skincare brands. Last month, we announced that NR chloride, patented as NIAGEN, has achieved a published USP dietary supplement ingredient monograph. A USP monograph is usually reserved for approved drugs and rarely dietary supplements.

There is now a global benchmark for what high-quality NR chloride should look like in dietary supplements, and that benchmark is NIAGEN. NIAGEN is the only ingredient among the NAD and NMN companies to reach this standard. This is merely one of many examples of our dedication to investing in science and innovation and in high quality and makes our company truly unique in the NAD space. NAD science continues to evolve. As the leader in NAD science, we take pride in contributing to research that advances the understanding of NAD and its implications for human health. In March, we were the lead sponsor of the inaugural NAD for Health scientific meeting hosted by the University of Copenhagen.

This brought together world-renowned researchers, clinicians, and industry partners. A prominent discussion at this conference was a new development in the understanding of how, when, and where different NAD precursors exhibit their effects. We learned that while whole blood NAD remains an important biomarker, tissue NAD may be the key determinant of functional outcomes. Emerging evidence suggests that NR through IV or injection can support more rapid, direct, and substantial NAD augmentation in peripheral tissues such as the liver, kidney, brain, skeletal muscle, and skin. Additionally, recent evidence suggests that combining NAD-boosting supplementation with exercise may produce additive or potentially synergistic effects on certain functional outcomes such as blood flow and aerobic capacity.

These learnings will require further validation in human clinical trials, and we look forward to this next phase of research. We continue to make steady but deliberate progress towards pharmaceutical applications of our NAD precursor portfolio in orphan indications, particularly ataxia telangiectasia. We are working with CROs to design and key IND-enabling preclinical studies, a portion of which were initiated earlier this year, and I hope to have more updates or key developments on future calls. Niagen Bioscience Inc continues to set an example in the industry. We are dedicated to doing things the right way, to advancing the science, and to promoting the understanding of how NIAGEN plays a critical role in improving health.

This is what sets us apart from all other NAD companies. I would now like to hand the call over to Ozan to run through the financials and then on to Q&A and closing remarks. Ozan?

Ozan Pamir: Thanks, Rob. It is a pleasure to once again address our investors, partners, and team members today. We had a solid start to the year with strong e-commerce growth coupled with exceptional net income. In 2026, we delivered $31.5 million in revenue, or $31.1 million excluding the reference standard segment, an increase of 5% year-over-year. TRU NIAGEN revenue grew by 4% to $22.4 million, a $0.9 million year-over-year increase, driven primarily by e-commerce revenue of $19.2 million, which was up by 14%, or $2.4 million. Our NIAGEN ingredient revenue was $8.2 million, up 2%, or $0.185 million year-over-year. Within the ingredients business, we delivered $7.3 million in food-grade NIAGEN sales to key partners and $0.85 million in pharma-grade NIAGEN sales.

TRU NIAGEN international and domestic distribution is an area of opportunity for the company. Sales to Watsons and other B2B partners were down by $1.5 million year-over-year due to timing of orders and changes to inventory management. You can continue to expect quarterly fluctuations in sales to Watsons, a valued partner and an important component of our international distribution strategy. We do expect sales to Watsons to increase during the year based on their forecasts. Gross margin improved to 63.5% in the first quarter, up 10 basis points compared to 63.4% a year ago. This improvement was driven primarily by changes in product mix and business mix.

Selling and marketing expense as a percentage of net sales was 30.7%, compared to 26.6% in 2025. The increase in selling and marketing expenses reflects investments in marketing and advertising to drive e-commerce growth, brand awareness, and to support commercial launches of new products. Research and development expense was $1.5 million, $0.22 million higher year-over-year. The driver of the increase is continued investment into clinical studies for new product launches and providing materials and resources to support external research. General and administrative expenses totaled $7.2 million, a $2.1 million increase compared to the previous year.

The increase in G&A expenses is driven by the absence of a $1.3 million recovery of credit losses related to our legal settlement with Elysium and higher share-based compensation. Finally, our net income for the quarter was $6.3 million, or $0.08 per share, an improvement compared to $0.07 per share for 2025. Turning to balance sheet and cash flow, our balance sheet remains strong. We ended the quarter with $66.5 million in cash and no debt. For the three months ended 03/31/2026, net cash used by operations was $1.2 million, compared to net cash provided by operations of $7.9 million in the same period last year.

Cash used by operations was driven primarily by investments in inventory of $3.6 million, the timing of customer orders and collections, and a larger outstanding balance from a partner, which was subsequently collected in April. Trade receivables were also impacted by an updated Amazon policy where a seven-day hold on sales proceeds is implemented, which was a one-time impact on operating cash flows. We expect inventory levels to decrease throughout the remainder of the year.

Cash from investing activities is primarily comprised of the sale of the reference standards business for proceeds of $5.8 million, while cash used in financing activities includes $2.4 million of common stock repurchases during the first quarter as part of our increased share repurchase program of $20 million. Regarding our full-year 2026 outlook, detailed information on key financial metrics can be found in our earnings press release and presentation. For our top-line growth, we are reaffirming our guidance of 10% to 15% growth year-over-year. Awareness around NAD+ has yet to reach its peak, and we remain confident in our opportunities for growth in this year and beyond.

We anticipate that our e-commerce channel will be a consistent growth engine, and we expect that our innovative launches will provide upside. While sales to certain distribution or ingredient partners may fluctuate quarter to quarter, we remain confident in the year ahead. We are also revising our outlook for selling and marketing expenses to increase in absolute dollars and increase as a percentage of net sales, compared to our previous expectation of remaining stable as a percentage of net sales while increasing in absolute dollars. While we are not ready to commit to a broader brand initiative or investment, we are expecting to invest in marketing to generate refreshed creative assets to push brand awareness on all channels.

Finally, we are revising our outlook for general and administrative expenses. We now expect expenses to be up $3 million to $4 million in absolute dollars year-over-year, compared to the previous expectation of $4 million to $5 million. This change in outlook is primarily driven by a shift of our investments from infrastructure to supporting brand awareness efforts. With the first quarter behind us, we are focused on building on the momentum we have established. We have the right operational foundation and focus to position the company for a strong year and for longer-term success. Operator, we are now ready to take questions.

Operator: Thank you. We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press 1 on your telephone keypad. To withdraw your question, please press 1 again. A kind reminder to please pick up your handset when asking a question. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Jeffrey Cohen with Ladenburg Thalmann. Your line is open. Please go ahead.

Jeffrey Cohen: Oh, hey, Rob. Good afternoon. Thanks for taking our questions. Big picture, could you talk about the FDA and the last motion and the ramifications of NMN as far as its sales as well as its sales through Amazon, and what is the impact there upon your business? What is the outlook there as well? Thank you.

Rob Fried: Sure. We think NMN is a good ingredient, and it does effectively elevate NAD. It does not do it nearly as well as NIAGEN. In fact, there was a study published this quarter out of Norway that showed that NR increased blood NAD levels 2.3 times for the equivalent amount to NMN. Also, every NMN product that we have tested infringes on existing patents for NMN. We have also done studies, and others have done studies, that show that the percentage of NMN products in the market that meet what is on the label is very low.

We think that the reversal of the drug preclusion ruling by the FDA in September was a bad decision and a questionable decision, and we think it has a very good chance of being reversed yet again. So for all those reasons, we are not bullish long term on NMN. But unquestionably, we are seeing an increase in NMN sellers and NMN sales on Amazon and elsewhere, and it is impacting our sales. In fact, there are more than 300 SKUs now on Amazon whereas in September there were zero.

Jeffrey Cohen: So, Rob, what would you speculate the ramifications to NIAGEN have been over the first quarter?

Rob Fried: I cannot give you a precise number, but we see an increase in bidding costs for keyword searches on Amazon and elsewhere, and we see more difficulty getting new-to-brand customers. Many of the NMN sellers are selling at a very, very cheap price, which probably coincides with the fact that some of these companies that come out of Belarus or China do not have any scientific research, they do not need label claims, and they charge a very small amount. So for those buyers that are basically price influenced, I think a lot of those are going to NMN. But as I say, I do not think it is a long-term thing.

It has affected us, and I cannot give you a precise amount or number, but it is creating some headwinds for us that did not exist a few months ago.

Jeffrey Cohen: Okay. That is super helpful. And as a follow-up, could you talk about the IV clinic locations? I know you were in approximately 1,200 locations last quarter. Could you talk about any trends there as far as placements, utilization, pricing, demographics, anything there you can give us some color on?

Rob Fried: Yes. As you say, it is in 1,200 clinics now. We are seeing the order rate very strong, and the repeat rate is strong. It tends to be a more affluent consumer, and they are in the major cities, most of them. It is very well represented in the larger cities. We are also in cruise ships and it seems to do very well on these cruise ships. They still charge a great deal for it. The average price is still between $800 and $1,000 per IV, but people do experience a benefit and they are very enthusiastic about it.

We have some partners like Restore that are doing an excellent job of educating the consumer when they come in on the benefits of NIAGEN IV over NAD IV, and they tell us that they are having great success and great repeat purchasers.

Jeffrey Cohen: Super. Thanks for taking the questions. Nice quarter.

Rob Fried: Thank you.

Operator: Your next question comes from the line of Susan Anderson with Canaccord Genuity. Your line is open. Please go ahead.

Susan Anderson: Hi. Good evening. Thanks for taking my question. I know it is early days, but any initial thoughts on the NIAGEN Plus IV injectable launch—any initial consumer response? And then also, do you have plans in place yet to roll it out to other telehealth platforms, and if so, what would the timing of that be?

Rob Fried: Thank you. Very good questions. As you know, we launched over the weekend our Niagen at-home injection kit. It has taken us many years. We are very, very excited to be there. It is only four or five days, but it has been, I would say, outstanding those first four or five days in terms of traffic and conversions. Our expectations obviously are low. There is no marketing yet. The only marketing that we are doing is some email campaigns and some media press releases, and it has been picked up in some media. We have not done any paid ads at all as of yet.

But the response right out of the gate is quite enthusiastic, so we are extremely encouraged. We are also not yet available in California, which represents a very disproportionately large percentage of the consumers of products such as these, and that is because our primary 503B pharmacy, Wells, is not licensed to supply in California. They believe that this problem will be resolved in the next few weeks, so we are hopeful for that.

Susan Anderson: Okay, great. That sounds good. And then thinking about the consumer products—so NIAGEN supplements, etcetera—are you thinking about channels as we look forward? Do you eventually maybe go into retail with things like the core NIAGEN supplement? Are there other channels that you are considering?

Rob Fried: Yes. We do expect to broaden the distribution footprint in other countries and also in retail in the United States. There are a few new companies in the dietary supplement space, brands to whom we will be supplying NIAGEN as an ingredient, so we will be expanding the distribution. Additionally, we will be rolling out additional products. As you know, we launched the NanoCloud product recently, and that has done extremely well. We expect to do a wide release of that in October. Similarly, we expect to supply NIAGEN as an ingredient to other skincare companies. As always, we will be very careful about the companies to whom we supply NIAGEN as an ingredient.

They will be reputable, trustworthy companies with existing brands, so we see an expansion in that regard as well.

Susan Anderson: What is the demand from other skincare or beauty companies for the ingredient, especially after you rolled out your own NanoCloud? Have you seen any of those companies come to you or show interest in adding the ingredient to their products?

Rob Fried: Yes, and we have been in discussion with two major skincare brands.

Susan Anderson: Great. That sounds good. Thanks a lot. Good luck the rest of the year.

Rob Fried: Thank you, Susan.

Operator: Your next question comes from the line of Sean McGowan with ROTH Capital Partners. Your line is open. Please go ahead.

Sean McGowan: Thanks. Hi, guys. A few questions for Rob and then a couple of clarifications for Ozan. Rob, what do you expect is going to be the impact in the near and midterm of adding the new compounding pharmacy, and when do you think we will see that impact?

Rob Fried: We are hopeful for two things. One is a wider distribution of sales to clinics. We are in 1,200 clinics at this point, but there are some thousands of addressable clinics, so we are hoping to expand the number of clinics to whom we are selling. We are also hoping that the ultimate price point to the end consumer comes down. If $800 is a lot to pay for many people, we think if we can get that price down through more clinics, more competition, and more pharmacies, we can expand the addressable market.

Sean McGowan: Do you expect to increase beyond these two—so it is Wells and Olympia, right?—and would you expand beyond those? When do you think we will see that impact?

Rob Fried: I think we will see the impact of Olympia in the summer, the end of the summer. It is possible we would talk to other pharmacies. There are 503B pharmacies and 503A pharmacies, but at this point, we do not know. It takes a while to ramp them up anyway.

Sean McGowan: A couple of points of clarification for you, Ozan. One, the increase in the inventory number—what drove that? Is that any indication of acceleration in your expectation of sales, or is there something else going on there? And then in your commentary on G&A and sales and marketing and the outlook, would you expect the reduced outlook for spending in G&A to be offset by the increase in sales and marketing, so we wind up effectively with the same operating income level?

Ozan Pamir: Hey, Sean. Regarding the inventory level, the main driver is that we made commitments to make these purchases from our primary supplier, W.R. Grace, about six months ago. This was all scheduled inventory that was coming in to support us for the year. We do expect that throughout the remainder of the year, the inventory levels will come down. And yes, on your second question, that is a fair assumption.

Operator: Your next question comes from the line of Raghuram Selvaraju with H.C. Wainwright. Your line is open. Please go ahead.

Analyst: Hi. John Vee sitting in for Ram. Thank you for taking my question. To start, have recent developments on the compounded GLP-1 front affected demand for NIAGEN Plus IV?

Rob Fried: We only know in the sense that we get many calls and inquiries from these clinics and these compounding pharmacies, especially the compounding pharmacies, who often are saying, “What is the next big thing after GLP-1?” It seems like NAD is teed up for that.

Analyst: Got it. How do you think the telehealth launch will impact operating efficiency, and what emerging promotional strategies do you expect to deploy under the scope of this approach?

Rob Fried: We are going to market it similarly to the way we market TRU NIAGEN. It is mostly in the e-commerce business, so it is the use of social media, paid ads, earned media, PR, and the use of influencers, and we do studies. We publish these studies, and these studies tend to get picked up by people who pay attention. We have already put out two studies, and there are several more ongoing. As we learn, we put them out. There is a network of people that absorb this information because they are very curious about how they can improve the way their body ages.

Analyst: Got it. Lastly, would you be able to go into the status of the complaint aimed at removing NMN products from the U.S. market?

Rob Fried: We sued the FDA because we think that their ruling reversing the drug preclusion decision was incorrect. The FDA replied to that lawsuit recently, last week, and we are awaiting hearings on that reply and then the judge’s decision. We think his final decision will be within a year.

Analyst: Got it. Thank you so much.

Rob Fried: Thank you.

Operator: Your next question comes from the line of Bill Dezellem with Titan Capital. Your line is open. Please go ahead.

Bill Dezellem: Great. Thank you. Relative to the NanoCloud skincare product, would you walk us through how you are marketing that and how you ended up getting such great traction so early on? And secondarily, what you are learning from having that product in the market?

Rob Fried: We are marketing very little at this point. It is mostly existing TRU NIAGEN consumers that are also purchasing NanoCloud as a bundle, so they are seeing it on the website when they order TRU NIAGEN. There is some social media discussion about NanoClouds, but the amount of our actual paid advertising is very small at this stage. We have done surveys of these consumers. It has now been on the market almost two months, so for the people that purchased once, we sent out a survey and we have gotten some extremely positive responses from these early consumers on the impact that it has had on their skin.

Bill Dezellem: As you see the consumer behavior, has that led to any learnings in terms of how, when you do your commercial launch in October, you want to approach it? What are you seeing or learning from any of the social media that is taking place?

Rob Fried: We are learning that it is predominantly a female product, at least thus far. It seems like there is a very high repurchase rate. We also realized that we could probably change the pricing a bit; we will probably increase the pricing a bit for the product. There has been some interest from retail on NanoCloud and skincare products, and we are considering that. In terms of the effectiveness of the advertising, of course we buy these ads, we track their performance, and we optimize it. Those learnings will inform the larger ad campaign that happens in October.

Bill Dezellem: And just following up on the retail stores, Niagen has had a couple of—I will call them fits and starts—in, I think it was Walmart many years ago. How would this launch be different if you were to go that route, and how would you convert that to a greater level of success than you were able to have the first time?

Rob Fried: We did try once in Walmart. We were never in Walgreens. That was just about timing. It actually sold quite well in Walmart—extremely well in Walmart. It is just that it took us a year to get our EV campaign going in conjunction with the launch at Walmart. It took too long. What we learned from that experience is that there needs to be marketing in connection with a retail launch, and you need to have that marketing campaign ready to coincide with the retail launch. We do not expect a wide retail launch. It will be slow. We are in certain retail locations now outside the U.S., in Watsons locations in Hong Kong and Singapore.

We are in The Vitamin Shoppe presently, and we are in a few specialty shops as well. I expect that it will not be a broad, wide retail launch. It will be partner by partner and regional.

Bill Dezellem: Great. Thank you.

Rob Fried: Sure.

Operator: And our last question comes from J.P. Mark with Farmhouse Equity Research. Your line is open. Please go ahead.

J.P. Mark: Hi. Good afternoon, Rob and Ozan. Quick question for you about Niagen Plus and really about the three customer segments. Do you see meaningful overlap between the oral supplement user, the high-end IV user, and this newer at-home injectable user? Are they completely distinct populations, or do they overlap?

Rob Fried: It is a bit early to know that, but we think that the NIAGEN injection product is more of an acute product. We understand the NR pathway that Doctor Charles Brenner discovered, which he called the NR kinase pathway, is located mostly in certain types of cells—that is, skeletal muscle cells, brain cells, spleen, kidney, and skin cells. So people that are interested in some sort of acute therapy are perhaps more likely to go with the injection, and the oral would be more of a maintenance product.

We do think that some people will use both intermittently, but we do not yet know because the at-home kit is only recently on the market, and we will see how it plays out.

J.P. Mark: In terms of the marketing to different segments, have you already identified what you think are the most promising social media paths or specific opportunities that you can tap into? You mentioned influencers—are there certain kinds of influencers or affiliates specifically who are more likely to reach your target market?

Rob Fried: In the early stages, we know that the biohacker community, the strong anti-aging community, and the peptide community, if you will, are more inclined to try the Niagen at-home injection product—indeed, even the IV product, although to a lesser extent. So we think that is our early-stage primary addressable market. In the longer run, we think that elevating NAD with NIAGEN, whether by injection or TRU NIAGEN, has a beneficial impact on things like fatigue, muscle repair, or even inflammation in general across many cell types and organ types. Overall, we think it serves well as an anti-aging product.

We think it is complementary to GLP-1s, so we are hopeful that in the long run the at-home kit becomes addressable as a complement to people who are presently self-injecting a GLP-1 agonist.

J.P. Mark: And last question: Are you teed up on a bunch of podcasts? That would be the best marketing you can possibly do, I think.

Rob Fried: We have done a few, and I think we have signed up a few more. There are many podcasters that have requested an IV or an injection that we are supplying to them. We will hear back from them and see if they want to follow it up with an interview.

J.P. Mark: Okay, great. Thank you very much. Good quarter. I wish you the best for the rest of the year.

Rob Fried: Thank you.

Operator: And there are no further questions at this time. I will now hand the call back to Lauren Rittman-Borzansky for closing remarks.

Lauren Rittman-Borzansky: Thank you, Carina. There will be a replay of this call beginning at 07:30 PM Eastern Time today. The replay number is 1-833-461-5787 and the replay ID is 828848803. Thank you for joining us today. We look forward to updating you again next quarter.

Operator: This concludes today’s call. You may now disconnect.