Niagen Bioscience Inc Q4 FY2025 earnings call

• Rob Fried noted strong financial performance in 2025, with revenue and net income growth. - Niagen Bioscience is the global leader in NAD science, with new studies on NR supplementation. - Secured a patent for NR and derivatives in injectable formulations. - Acquired patents for NR salt forms. - Sale of Chromadex Reference Standards business. - Update on pharmaceutical applications of NAD precursor portfolio, including NB4168 for ataxia telangiectasia. - Andrew Hsiao provided update on NAD science studies, including those on long COVID, Parkinson's, and brain health. - Ozan Pamir detailed financial performance, expense details, and 2026 outlook.

Fourth quarter 2025 revenue was $33.8 million, growing 16% year over year. Full year 2025 net revenue was $129.4 million, 30% growth year over year. Fourth quarter gross margin was 64.1%, up 160 basis points from last year. Full year gross margin was 64.3%. True nitrogen revenue grew 21% in Q4 2025 to $27.5 million, driven by e-commerce. Nitrogen ingredient revenue was $5.6 million, up 5% year-over-year. B2B distribution partners revenue totaled $7.3 million in Q4 2025.

Full year 2026 net sales projection is 10 - 15% growth year over year, excluding analytical reference standards and services. Anticipate slight improvement in gross margin. Selling and marketing expenses expected to increase in absolute dollars but remain stable as percentage of net sales. R&D expenses to increase in absolute dollars. General and administrative expenses expected to increase by $4 - $5 million year-over-year.

Forward - looking statements subject to risks and uncertainties including those in annual report on Form 10 - K, global market and economic conditions. NMN sellers infringing on existing patents. FDA's reversal of NMN marketing determination and related litigation risks.

Q: Jump into the injections, number of SKUs, audience overlap with clinics.

A: Initially one SKU, target biohacker community, early adopters more sophisticated, price and dosage different from clinics.

Q: Talk about guidance, revisions.

A: Conservative approach, B2B less predictable.

Q: Growth drivers, new products, distribution.

A: Organic growth with existing products, expanding into cosmetics, IV, injections, expanding distribution channels.

Q: Lawsuit against FDA, legal expenses, share repurchases, Parkinson's clinical exploration.

A: Likely summary judgment, legal expense not significant, share repurchase strategy, waiting on final manuscript for Parkinson's.

Q: Guidance phasing, gross margin, sales and marketing.

A: Pacing more backloaded, gross margin improvement from supply chain and product mix, sales and marketing not yet including additional promotion