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It appears there might be a misunderstanding regarding the company name and symbol. The public company most famously associated with the 'Niagen' ingredient (Nicotinamide Riboside) is ChromaDex Corporation (symbol: CDXC). The symbol NAGE does not correspond to ChromaDex or a public company named 'Niagen Bioscience' that is widely recognized. Assuming you are referring to ChromaDex Corporation, here are some analogies:

1. The 'Intel Inside' for cellular health supplements.

2. Like a Moderna or BioNTech, but for a single healthy aging molecule sold as a premium supplement rather than a pharmaceutical.

3. A high-end, science-backed supplement brand like Thorne Research, but with a singular focus on Nicotinamide Riboside (Niagen) for cellular aging.

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• TRU NIAGEN® Supplements: These are consumer dietary supplements containing Niagen, a patented form of nicotinamide riboside (NR), designed to boost cellular NAD+ levels for overall health and vitality.
• NIAGEN® Ingredient: This is the patented nicotinamide riboside (NR) raw material, developed by Niagen Bioscience (now part of Chromadex), which is supplied to other companies for inclusion in their own health and wellness products.

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A public company with the exact name "Niagen Bioscience" and stock symbol "NAGE" does not appear to be actively traded or listed on major exchanges based on available public records and financial databases. It is highly probable that the user is referring to ChromaDex Corporation (CDXC), which is the public company that owns, researches, develops, and commercializes the Niagen® brand of nicotinamide riboside (NR).

Assuming the query pertains to ChromaDex Corporation (CDXC), the company operates with a hybrid business model:

• Selling its proprietary ingredient Niagen® (nicotinamide riboside) to other companies (B2B).
• Selling its own branded finished product, Tru Niagen®, directly to consumers (B2C) via its website and through major retailers.

Based on recent financial reports, ChromaDex's direct-to-consumer sales of Tru Niagen® account for a significant portion of its revenue, indicating that the company primarily sells its finished product to individuals. Therefore, we will describe the categories of individual customers it serves for its Tru Niagen® brand, and then list its major business-to-business (B2B) customers for both ingredient and retail distribution.

Primary Customers (Individuals purchasing Tru Niagen®):

ChromaDex serves individuals primarily through its direct-to-consumer channels and through retailers selling its finished product, Tru Niagen®. The categories of individual customers include:

1. Longevity and Healthy Aging Enthusiasts: Individuals proactively seeking to support cellular health, energy levels, and overall wellness as they age. This group is often informed by scientific research on NAD+ precursors like nicotinamide riboside and their role in healthy aging processes.
2. Performance and Wellness Seekers: Active individuals, athletes, or those focused on optimizing daily energy, recovery, and cognitive function. They look for science-backed supplements to enhance their overall well-being and daily performance.
3. Biohackers and Early Adopters: A segment interested in cutting-edge nutritional science, clinical research, and innovative supplements. These customers are often driven by a desire for self-experimentation and optimization, actively seeking new ways to improve healthspan and physiological function.

Major Business-to-Business (B2B) Customers:

ChromaDex also has significant B2B customers for its Niagen® ingredient and for the retail distribution of its Tru Niagen® finished product.

• Nestlé Health Science: A strategic partner that incorporates Niagen® as an ingredient into various medical nutrition products.
  • Symbol: NSRGY (ADR) or NESN.SW (SIX Swiss Exchange)
• Health & Happiness Group (H&H Group): A global health and nutrition company that partners with ChromaDex for the distribution of Niagen® as an ingredient in various international markets.
  • Symbol: 1112.HK (Hong Kong Stock Exchange)
• Amazon: A major online retail platform that serves as a significant distribution channel for Tru Niagen® finished products.
  • Symbol: AMZN (NASDAQ)
• Walgreens Boots Alliance: A leading retail pharmacy chain that stocks Tru Niagen® in its stores.
  • Symbol: WBA (NASDAQ)
• CVS Health: Another prominent retail pharmacy chain that carries Tru Niagen® products.
  • Symbol: CVS (NYSE)

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• dsm-firmenich AG (DSM-FIRN)
• Nutraceutix, Inc.

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Robert Fried, Chief Executive Officer

Robert Fried joined Niagen Bioscience (formerly ChromaDex) as a board member in 2015, becoming President and Chief Operating Officer in 2017, and then Chief Executive Officer in April 2018. In 2016, Mr. Fried founded Healthspan Research LLC, which developed the Tru Niagen® consumer brand, before it was acquired by ChromaDex in March 2017. His earlier career includes executive roles at Savoy Pictures (CEO) and Columbia Pictures (Executive Vice President), where his achievements in media production were recognized with Academy and Emmy Awards. Mr. Fried holds a Bachelor of Science degree from Cornell University and a Master of Business Administration from Columbia University Graduate School of Business.

Ozan Pamir, Chief Financial Officer

Ozan Pamir leads Niagen Bioscience's financial strategy, reporting, and investor relations. Before joining Niagen Bioscience, Mr. Pamir served as Chief Financial Officer of 180 Life Sciences, a NASDAQ-traded biotechnology company, where he successfully managed the company's NASDAQ listing and multiple funding rounds. His experience in biotech also includes CFO and board member roles at two other early-stage biotech companies. Earlier in his career, Mr. Pamir was Vice President of Investment Banking at a prominent independent investment bank, where he co-founded the Origination department and specialized in advising life sciences companies on corporate strategy, financing, and M&A activities. He holds an Economics and Finance degree from McGill University and is a CFA Charterholder.

Frank L. Jaksch Jr., Co-Founder & Executive Chairman

Frank L. Jaksch Jr. co-founded Niagen Bioscience (formerly ChromaDex) in 1999 and currently serves as Executive Chairman, leading research and strategy in pharmaceuticals and nutraceuticals. He transitioned from CEO to Executive Chairman in April 2018. Prior to establishing the company, Mr. Jaksch was International Subsidiaries Manager at Phenomenex, a life science analytical chemistry company, from 1992 to 1999. He is also the Chairman and CEO of Ayana Bio, a company developing plant cell-derived bioactive ingredients for health and wellness. Mr. Jaksch serves on several scientific advisory boards and industry associations focused on advancing nutraceutical science and industry standards.

Michiko Kelley, Chief Marketing Officer

Michiko Kelley is the Chief Marketing Officer at Niagen Bioscience, responsible for the company's global marketing strategy and brand development. She is a multilingual marketing executive with a proven history of leading global consumer and medical technology brands in both Direct-to-Consumer (D2C) and Healthcare Provider (HCP) markets. Ms. Kelley possesses extensive expertise in developing and executing comprehensive go-to-market strategies that drive growth and enhance brand presence.

Andrew Shao, Ph.D., Senior Vice President of Global Regulatory & Scientific Affairs

Dr. Andrew Shao serves as the Senior Vice President of Global Regulatory and Scientific Affairs at Niagen Bioscience, where he directs the company's scientific initiatives and worldwide regulatory strategy. With over 25 years of experience in the global nutrition industry, Dr. Shao brings extensive expertise in nutritional science and regulatory affairs. Before joining Niagen Bioscience, he held scientific and regulatory leadership positions at multinational corporations and trade associations, including Amway, Herbalife Nutrition, and the Council for Responsible Nutrition (CRN).

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Key Risks to Niagen Bioscience (NAGE)

1. Regulatory Scrutiny, Clinical Trial Outcomes, and Approvals: Niagen Bioscience faces significant regulatory risks, particularly concerning the classification of new products and the ability to secure necessary regulatory approvals for its pharmaceutical-grade applications. The outcomes and interpretation of ongoing and future clinical trials, such as the NOPARK study for Parkinson's disease and studies related to Long-COVID, are crucial, as negative or inconclusive results could substantially impact the company's ability to commercialize its therapies and dietary supplements. The inherent variability of scientific research and the challenges within the healthy-aging research and dietary supplement sectors contribute to this risk.
2. Financial Condition and Need for Additional Capital: A recurring risk highlighted in the company's forward-looking statements is its history of operating losses and the ongoing need to secure additional financing. This suggests that the company may require further capital injections to fund its research and development, operational expenses, and commercialization efforts.
3. Intellectual Property Protection and Competition: Maintaining and defending its intellectual property, particularly its patented nicotinamide riboside (Niagen®), is a key risk. The competitive landscape in the healthy aging and NAD+ precursor market is active, as evidenced by Niagen Bioscience's involvement in advertising challenges against competitors. Failure to adequately protect its patents or navigate competitive pressures could negatively impact its market position and revenue streams.

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Niagen Bioscience (NAGE) primarily focuses on products related to Nicotinamide Adenine Dinucleotide (NAD+) science, with its flagship ingredient being Nicotinamide Riboside (NR), marketed under the brand names Niagen and Tru Niagen. The company also operates in ingredients and analytical reference standards and services.

The addressable markets for Niagen Bioscience's main products and services are sizable and growing:

• Global Nicotinamide Riboside (NR) Market: This market was valued at USD 159.56 million in 2024 and is projected to reach USD 210.89 million in 2025. It is further anticipated to grow significantly to USD 1,485.9 million by 2033, exhibiting a compound annual growth rate (CAGR) of 32.17% from 2025 to 2033. North America holds a dominant position in this market, accounting for over 45% of the global market share in 2023, with the United States alone contributing to 38% of global demand.
• Global NAD Precursor Supplements Market: This broader market, which includes NR, is projected to be valued at USD 876.2 million in 2025 and is anticipated to reach USD 1,581.1 million by 2035, growing at a CAGR of 6.1% from 2025 to 2035.
• U.S. NAD Precursor Supplements Market: Within the United States, this market is projected to expand from USD 350 million in 2025 to USD 779 million by 2035, with a CAGR of 8.4%.
• Global NAD-based Anti-Aging Market: This market, which encompasses products utilizing NAD+ precursors like NR for anti-aging benefits, was valued at USD 252.0 million in 2024 and is predicted to reach USD 884.0 million by 2034, with a 13.5% CAGR during the forecast period of 2025-2034. North America held the largest revenue share in this market in 2022.

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Niagen Bioscience (NASDAQ: NAGE) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of the e-commerce business: Niagen Bioscience's e-commerce platform continues to be a primary growth engine, delivering substantial year-over-year increases in net sales. The company is actively leveraging its e-commerce expertise to broaden its reach to more consumers and is focused on building a strong base of subscribers to foster long-term customer value.
2. Launch and expanded distribution of Niagen Plus and at-home injection kits: The company has introduced Niagen Plus at-home injection kits and plans to expand their distribution through its proprietary telehealth platform. Furthermore, Niagen Bioscience has increased its network of wellness and healthcare clinics offering the Niagen Plus product line, now exceeding 1,000 clinics across the United States.
3. Strategic partnerships and distribution channel growth: Niagen Bioscience is actively forming new strategic partnerships that provide access to extensive networks of medical and healthcare practitioners. The company has also expanded the availability of its Tru Niagen products through partnerships with major specialty retail distributors. This focus on diversified distribution channels has led to significant growth in its distribution business.
4. Increasing awareness and demand in the NAD+ market: Management frequently highlights the growing general awareness of Niagen as a leading solution for boosting NAD levels, and the company maintains a leadership position in the expanding NAD market. The company's rebranding to Niagen Bioscience also underscores its focus on the NAD+ sector.
5. Investments in research and development (R&D) and product pipeline progression: Niagen Bioscience is investing in R&D to support innovative product launches and is engaged in ongoing research for conditions such as long COVID and Parkinson's disease. The company also secures proprietary rights for the development and commercialization of new products stemming from its research, safeguarded by a comprehensive intellectual property portfolio.

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Share Repurchases

• Niagen Bioscience's Board of Directors approved a share repurchase program on November 6, 2025, authorizing the company to buy back up to $10 million of its outstanding common stock.
• The repurchase program is authorized for approximately 24 months, with an expiration date of October 31, 2027.
• This initiative is considered a strategic use of the company's capital and reflects management's confidence in the company's investment value.

Capital Expenditures

• In the last 12 months, capital expenditures were -$260,000, resulting in a free cash flow of $21.15 million.
• The capital expenditures forecast for the upcoming fiscal year for Niagen Bioscience is $426.8 thousand.
• Research and development (R&D) expense was $1.8 million in the third quarter of 2025, reflecting a $0.5 million increase year-over-year, as the company continues to invest in research and innovation.