NAGE

• Strategic Evolution & Platform Positioning • The company has rebranded to Niagen Bioscience to reflect its expansion from a single consumer supplement brand to a diversified, science-driven NAD platform spanning consumer health, injectable/IV delivery, skincare, and pharmaceuticals. • Management estimates the global NAD supplement market exceeds $2 billion annually, and the IV/injection NAD market exceeds $500 million, both in early growth stages with significant further expansion potential. • The company's integrated model connects scientific discovery to commercial adoption, with pharmaceutical development deepening NAD biology expertise and expanding IP value, creating competitive differentiation.

• Core Consumer Business Update • Core TruNiagen business remains profitable and cash-generating, providing a stable financial foundation for new growth initiatives. TrueNight and direct website sales grew 23% YoY, while Amazon sales grew 10% YoY (19% YoY after adjusting for the temporary June platform issue). • China cross-border revenue already exceeded full-year 2025 total by May 2026, positioning the region as a key growth driver. • The company expanded into selected US retail outlets including Sam's Club, GNC, Vitamin Shoppe, and Sprouts, with plans for a celebrity-backed brand campaign to support retail expansion in Q4 2026.

• New Segment Progress • Skincare: A limited launch of the company's first branded product, Niagen NanoClouds, sold out quickly with high repeat purchase rates and high new-to-brand customer conversion, exceeding internal expectations. A broader commercial launch is scheduled for Q4 2026, with a second topical product planned for April 2027. The company is in active discussions with two global skincare brands to incorporate Niagen into their existing product lines, and received regulatory approval for a Niagen skincare ingredient in mainland China. • Niagen Plus (IV/injectable): The company launched an at-home injection kit this quarter and has growing partnerships with major clinic networks and large telehealth companies that have expressed interest in adding Niagen injections to their platforms. Management has addressed historical pricing issues, with price reductions expected to roll out within 2-3 months, driving major revenue growth in 2027 rather than late 2026. • Pharmaceuticals: The company formally launched NAD Pharmaceuticals, a dedicated division focused on developing therapies for rare genetic diseases and age-related disorders. Lead candidate NB4168 has received Rare Pediatric Disease Designation from the FDA and Orphan Medicinal Product Designation from the EMA for Ataxia telangiectasia (AT). NB4168 is a novel, patent-protected molecule with enhanced bioavailability relative to existing compounds. The company is evaluating additional indications for NB4168 including citrin deficiency, Werner syndrome, and mitochondrial myopathy, and has multiple additional potent novel nicotinamide riboside analogs in early exploration for therapeutic development.

• Scientific and Financial Update • Multiple independent third-party studies published this quarter reported encouraging early findings linking nicotinamide riboside to reduced epigenetic age acceleration and benefits for mitochondrial biology, retinal disease, neurodegeneration, and immune function, expanding the overall body of clinical evidence supporting Niagen. • Gross margin remained stable at 64.8% (down 20 bps YoY due to product mix changes). Selling and marketing expense increased to 34% of revenue (from 26.4% YoY) due to investments in ecommerce growth, brand awareness, new product launches, and the China cross-border business. R&D expense was $1.5 million, down $100,000 YoY, with expected increases as pharmaceutical development advances. General and administrative expense was $7 million, down ~$300,000 YoY primarily due to lower royalty expenses. Net income was $1 million ($0.01 per diluted share). The company ended the quarter with $66.7 million in cash and no debt, generated $2.8 million in operating cash flow, and has $14.6 million remaining under its $20 million share repurchase program.

• Full-year 2026 core business guidance: E-commerce revenue is expected to grow 10-15% year-over-year, with expectations for the rest of the consumer business unchanged from prior guidance. The ingredient business is expected to deliver lower full-year revenue than 2025.
• Operating expense guidance: Selling and marketing, R&D, and general and administrative expenses are all expected to increase in 2026 and beyond, to support brand expansion, new product launches, pharmaceutical development of NB4168, and new infrastructure for expanded operations. The company will phase investments thoughtfully to maintain positive cash flow and a strong balance sheet.
• Growth milestone timing: Niagen NanoClouds full launch is expected in October/November 2026, with a second skincare product launching around April 2027. Niagen Plus pricing reductions will be complete within 2-3 months, with meaningful revenue growth expected in 2027 rather than the second half of 2026. First-in-human clinical trials for NB4168 are expected to occur in 2027, with total development costs of $30 million spread over four years from today.
• G&A full-year 2026 guidance: General and administrative expense is expected to increase by $3 million year-over-year in 2026.

Total revenue for Q2 2026 was $29.8 million. 1. Consumer Segment (TrueNiagen): Generated $24.2 million in revenue, a 6% year-over-year increase, accounting for 81.2% of total revenue. Ecommerce within this segment grew 14% YoY to $20.5 million; excluding a temporary June Amazon platform issue, ecommerce growth would have been 19% YoY. 2. Ingredient Segment: Generated $5.4 million in revenue, comprising $4.9 million of food grade Niagen and $0.4 million of pharma grade Niagen ingredient, accounting for 18.1% of total revenue. Revenue was lower than the prior year due to reduced purchases from a key partner, Life Extension. 3. New Growth Segments (Niagen Plus IV/injection, skincare, pharmaceuticals): These segments are in early commercial or development stages and did not contribute meaningfully to Q2 2026 revenue.

• Competitive risks: The company faces near-term competitive pressure from NMN and direct NAD ingredient products in certain consumer channels.
• Regulatory and market entry risks: Gaining dietary supplement ingredient approval for Niagen in mainland China and other Asian markets has been a slow process, requiring completion of additional local studies, creating delays for full in-country market access.
• Pricing challenges: The Niagen Plus IV/injectable business has not yet scaled due to historically higher pricing relative to existing NAD products, though the company expects to resolve this within months.
• Development and approval risk: Pharmaceutical development of NB4168 and other analogs is subject to clinical trial success, regulatory approval requirements, and uncertain commercial adoption, even with positive early designations.
• Forward-looking statement risk: All forward-looking statements regarding new product growth, clinical development, and financial performance are subject to inherent risks and uncertainties that could cause actual results to differ materially, as detailed in the company's SEC filings.

Q: The analyst asked for an update on the FDA lawsuit, an outlook for the Asia-Pacific/Watson's business, how many additional novel nicotinamide riboside analogs the company has for pharmaceutical development, and for comment on the opportunity between supplements and prescription pharmaceuticals. / A: Management expects a judge's ruling on the FDA's motion to dismiss within 2-3 months and is confident in the case's merits. Watson's has sold through excess inventory, resumed purchases, and will carry new SKUs including NanoClouds; the company expects to expand to new Asian markets with Watson's following pending regulatory approvals in Taiwan and Korea, and already has skincare approval in mainland China. The company has multiple additional analogs that may be more potent than NB4168, and is in early discussions with large pharma partners for these molecules. Management identifies Niagen Plus (the IV/injection business) as the key middle opportunity between supplements and pharma, noting Niagen is clinically superior to existing NAD injections with fewer side effects, and expects to resolve pricing issues within 2-3 months to drive large-scale growth in 2027.

Q: The analyst asked when the company would be eligible for the Priority Review Voucher (PRV) for NB4168, and for an update on pre-launch preparations for Niagen NanoClouds. / A: Management confirmed that the PRV is automatically awarded upon FDA approval of a rare pediatric disease-designated drug, so no early request is needed. Recent PRVs have sold for $150-180 million, which could offset most or all development costs for NB4168. For NanoClouds, the limited early launch sold out 3,000-4,000 units quickly with high repeat purchase and new-to-brand conversion, proving product-market fit. The full commercial launch is scheduled for Q4 2026, with the company also developing additional branded skincare products and fielding strong interest from large global skincare brands looking to incorporate Niagen into their existing lines.

Q: The analyst asked how the company frames long-term skincare opportunity (own brand vs ingredient sales to third parties), when the second topical product will launch, and whether the elevated 34% selling and marketing expense ratio is a new benchmark. / A: Management notes that large global skincare brands have expressed interest in potentially exclusive or co-exclusive ingredient deals, but it is too early to confirm structure; any deal would need very favorable economics, and the company expects the overall skincare opportunity to be substantial regardless of structure. The second topical product is expected to launch in April 2027. Management confirmed that marketing spend will increase gradually to support retail and global expansion, but the company will maintain its focus on staying cash flow positive to protect the balance sheet while pursuing growth across all new verticals.

Q: The analyst asked what incremental spending the company expects for NB4168 development near-term, and whether current G&A levels are a sustainable baseline for coming quarters. / A: Management plans to spend only a modest amount on NB4168 for the rest of 2026, advancing the candidate to the IND (Investigational New Drug) application stage, with first-in-human trials planned for 2027. Total development cost from today to approval is expected to be $30 million spread over four years, which is far lower than typical large drug development programs, allowing the company to self-fund development without becoming cash flow negative, while partnering discussions continue to create additional optionality. Management noted current G&A levels are a reasonable baseline for the next few quarters, with a full-year 2026 G&A increase of $3 million year-over-year, a smaller uplift than originally planned.