Niagen Bioscience, Inc. (NAGE) SEC Filings & Earnings Calls

NMN competition eroding ingredient business

“In September 2025, the FDA determined that nicotinamide mononucleotide (NMN) may be lawfully marketed as a dietary ingredient. The availability of NMN products as dietary supplements has increased competition... We have experienced the impacts of this competition in our ingredient business, including on our financial results, since the September 2025 FDA dec” · word for word

Dependence on single supplier for NRC

“We rely on a single supplier, W.R. Grace, for NRC and a limited number of third-party suppliers for the raw materials required to produce our products.” · word for word

History of operating losses

“From inception through June 30, 2026, we have incurred aggregate losses of approximately $157.2 million.” · word for word

Ingredient business expected to be lower YoY due to competitive market.

“The ingredient business is expected to be lower than the prior year as some of our commercial partners continue to face a more competitive market.” · word for word

Operating expenses expected to increase as company invests in strategic priorities.

“expects operating expenses to increase as it invests across commercial, research and administrative functions to support these strategic priorities.” · word for word

Customer concentration risk

“Sales to A.S. Watson's were lower by $2.4 million compared to the prior year, reflecting variability in ordering patterns.” · word for word

Operating cash flow volatility

“Net cash used in operating activities was approximately $1.2 million, compared to net cash provided by operating activities of approximately $7.9 million for the same period in 2025.” · word for word

Inventory build risk

“Inventory increased, resulting in a $3.6 million use of cash during the current period.” · word for word

Operating cash flow negative due to inventory and receivable build

“Used $1.2 million in operating cash flow during the quarter, driven by increased inventory levels and timing of receivables” · word for word

Sales & marketing spend increasing as % of sales, pressuring margins

“Sales & marketing: Increasing in absolute dollars and as a percentage of sales” · word for word

Dependence on Tru Niagen brand; competition and regulatory risks in nutraceutical space.

“Tru Niagen sales represent 75% of total net sales.”

Single supplier dependency for NRC

“We rely on a single manufacturer for the supply of food-grade NRC.” · word for word

Regulatory and compliance risk

“Our operations are subject to regulation by various U.S. federal agencies and similar state and international agencies, including, but not limited to, the FDA, the FTC...” · word for word

Intellectual property expiration

“Key patents expire between 2026 and 2041; some licensed patents expire as early as 2026.”

Transition services agreement exposes company to operational risks for up to six months post-closing.

“the parties also entered into a transition services agreement pursuant to which the Sellers will provide certain operational and administrative services to the Buyer for a period of up to six months following the closing” · word for word

Focus on NAD+ science and longevity market may concentrate risk in a single therapeutic area.

“focuses resources on NAD+ science, intellectual property, and commercial growth within the longevity industry” · word for word

Future payment obligations may strain cash flow if revenue does not materialize as expected.

“Annual payments of $500,000 and £35,000 through 2038, plus larger payments in 2035 and 2038.” · word for word

Single supplier dependency for key raw material

“We rely on a single supplier, W.R. Grace, for NRC and a limited number of third-party suppliers for the raw materials required to produce our products.” · word for word

Minimum purchase commitment creates inventory risk

“We have submitted our rolling forecast pursuant to the Grace Supply Agreement, which requires the purchase of approximately $33.6 million in inventory through September 30, 2026.” · word for word

History of operating losses and accumulated deficit

“We have a history of operating losses, may need additional financing to meet our future long-term capital requirements and may be unable to raise sufficient capital on favorable terms or at all.” · word for word

Dependence on e-commerce channel and B2B partnerships for growth.

“Growth in net sales was primarily driven by growth in Tru Niagen® sales, supported by strong e-commerce channel performance.” · word for word