In May 2026, the company launched a clinician-directed telehealth platform under Niagen Plus, enabling eligible U.S. patients to connect with independent licensed providers who may prescribe Niagen at-home injection kits, expanding the prescription channel beyond in-person clinic settings. In late June 2026, the company entered into an agreement with a contract research organization (CRO) to support advancement of its NAD+ precursor development programs; management expects this will increase R&D expenditures in future periods.
Q2 net sales were $29.8M, down 4% year-over-year. Consumer Products grew 6% to $24.2M, driven by ~$2.5M e-commerce growth (including ~$1.0M from increased cross-border sales into China), partially offset by a $2.3M decline in A.S. Watson Group sales. Ingredients declined 29% to $5.4M, reflecting lower food-grade purchases from a significant customer due to softer downstream demand and a $1.0M decrease in pharmaceutical-grade sales; ingredients cost of sales rose ~720 bps as a percentage of segment sales, driven by an unfavorable mix shift toward food-grade Niagen and pricing concessions to certain customers. One Tru Niagen product listing was temporarily suspended on a significant third-party e-commerce marketplace during the quarter, resulting in lost revenue before restoration.
In April 2026, the company reached an agreement in principle with an Asian retail partner to resolve a previously disclosed dispute involving recall of certain Tru Niagen Immune Daily Defense products in Hong Kong and Singapore; approximately $1.3M in previously withheld receivables were fully collected in Q2, and the company received returned inventory and began shipping replacement products after June 30, 2026. The ongoing transition services agreement from the February 2026 divestiture of the Analytical Reference Standards and Services segment generated $236K of Q2 revenue; management noted that shared fixed costs previously allocated to the exited segment will be absorbed primarily by the ingredients segment in the near term.
Legal and regulatory developments during Q2: On April 28, 2026, Thorne Research filed a declaratory judgment action in S.D. South Carolina seeking a ruling that certain Thorne products do not infringe the company's '506 Patent (methods of preparing NR and derivatives); on June 22, 2026, Thorne filed a PTAB inter partes review petition challenging claims 1-12 and 21-35 of that patent, which the company is opposing. On May 28 and June 16, 2026, two putative consumer class actions were filed in federal court in California alleging false or misleading Tru Niagen advertising; the court ordered consolidation on July 17, 2026. In the FDA NMN litigation (filed February 2026), the FDA filed a motion to dismiss on April 28, 2026, which the company opposed; no accrual has been recorded.
In July 2026 (subsequent to quarter-end), the company publicly introduced NB4168, its proprietary lead investigational therapeutic candidate for Ataxia-Telangiectasia, and disclosed that the FDA granted Rare Pediatric Disease designation and the EMA granted Orphan Medicinal Product Designation for NB4168, supporting plans to advance the program globally. The Pharmaceuticals segment, which generated no revenue, incurred $0.5M in Q2 R&D expenses (up 29% year-over-year), primarily for ongoing preclinical activities and supporting research infrastructure.
(Filed on May 6, 2026)
+3.3%
63.5%
$66.5M
Completed the sale of its Analytical Reference Standards and Services operating segment on February 24, 2026, for approximately $6.0 million in cash (subject to ~$0.2 million working capital adjustments), recognizing a $4.8 million gain net of ~$0.5 million transaction costs. The company entered a transition services agreement providing operational/administrative support to the buyer for up to six months (recognizing $74K of TSA revenue in Q1). The divestiture is not treated as a discontinued operation; shared fixed costs formerly allocated to the segment will be absorbed by remaining operations, particularly the ingredients segment, and the company may undertake organizational and workforce adjustments over time.
Consumer Products segment net sales rose 4% to $22.4 million, driven by e-commerce channel growth of approximately $2.4 million (higher customer demand and acquisition), partially offset by a $2.4 million decline in sales to A.S. Watson's attributable to variability in ordering patterns and commercial activity; other distribution channels grew $0.9 million. Ingredients segment sales increased 5% to $8.6 million, led by ~$0.3 million of higher food-grade Niagen® partner sales, partially offset by lower pharmaceutical-grade Niagen® sales. Total net sales were $31.5 million, up 3% year-over-year.
On February 3, 2026, the company filed a complaint in the U.S. District Court for the District of Columbia challenging the FDA's September 2025 response letters concerning the regulatory status of nicotinamide mononucleotide (NMN) under the FDCA, alleging the FDA's interpretation is contrary to law and arbitrary and capricious under the APA. The company seeks declaratory and injunctive relief to vacate the challenged portions. On April 28, 2026, the FDA filed a motion to dismiss on procedural grounds, which the company intends to oppose. The risk factors note that if the FDA's NMN determination stands, it may introduce additional channels of competition in certain product categories.
The Pharmaceuticals segment remains pre-revenue, with R&D spending up 27% to $468K, primarily for continued preclinical activities on an NAD+ precursor candidate for potential therapeutic applications in rare diseases. The company is pursuing an Investigational New Drug (IND) application with the FDA for a patented NAD precursor as a treatment for Ataxia Telangiectasia and has obtained both Orphan Drug Designation and Rare Pediatric Disease Designation from the FDA. No revenue is generated from pharmaceutical development activities, and the company may pursue strategic collaborations or licensing arrangements.
In April 2026, the company reached an agreement in principle with an Asian retail partner to resolve a dispute over the recall and withdrawal of Tru Niagen® Immune Daily Defense products in Hong Kong and Singapore (initiated in December 2025 over alleged Vitamin D3 labeling non-compliance). Previously withheld receivables of approximately $1.3 million were released and collected by end of April 2026. The arrangement includes return of certain unsold inventory, provision of replacement products, and the partner's agreement not to pursue previously asserted claims for loss of margin and goodwill. Separately, on April 28, 2026, Thorne Research and Thorne HealthTech filed a complaint in the District of South Carolina seeking a declaratory judgment that certain Thorne products do not infringe Niagen Bioscience's U.S. Patent No. 12,252,506, along with tortious interference, intentional interference, and unfair competition claims arising from the company's patent enforcement through Amazon's APEX program; the company states it will vigorously defend and has not recorded an accrual.
The board increased the share repurchase authorization from $10.0 million to $20.0 million on March 17, 2026; during Q1 2026 the company repurchased 489,699 shares at an average price of $4.81 for $2.4 million, leaving $17.4 million available. As of March 31, 2026, cash and cash equivalents stood at $66.5 million, with no outstanding borrowings under the $10.0 million Western Alliance Bank revolving credit facility. Operating cash flow was negative $1.2 million, driven by $3.4 million of trade receivable growth (partly a $1.3 million Asian partner receivable collected in April and a one-time Amazon reserve policy withholding ~7 days of sales proceeds) and $3.6 million of inventory build (bulk ingredients up $6.1 million to $13.5 million), partially offset by the $4.8 million segment-sale gain and $1.7 million of share-based compensation.
(Filed on March 4, 2026)
+16.2%
64.1%
$64.8M
Q4 2025 – QUB patent assignment: Effective December 16, 2025, the company obtained full ownership of certain patent rights previously jointly owned with or licensed from Queen's University Belfast, terminating all prior royalty and license arrangements and eliminating future royalty and sublicense obligations. The company recorded $5.5 million in intangible assets with corresponding deferred consideration (fixed unconditional payments through 2038 totaling $9.5 million USD and £0.4 million GBP), and settled approximately $3.5 million in previously accrued royalty and license liabilities for approximately $1.5 million, recognizing a ~$2.0 million gain in fiscal 2025.
Fiscal 2025 (annual context) – Exclusive NRCL supply agreement with W.R. Grace: On July 25, 2025, the company executed a Sales Agreement with W.R. Grace effective April 1, 2025, under which Grace will exclusively supply food-grade NRCL through April 30, 2029 with automatic 12-month renewals. The agreement includes annual minimum purchase obligations, 24-month rolling forecasts (first 12 months binding upon Grace's acceptance), and prohibits Grace from selling NRCL to third parties. Grace accounted for 43.5% of the company's total accounts payable as of December 31, 2025.
Fiscal 2025 (annual context) – Pharmaceutical segment and Ataxia Telangiectasia development: During fiscal 2025 the company formally designated its pharmaceuticals activities as a new reportable operating segment. The company is pursuing an FDA Investigational New Drug (IND) application for a patented NAD+ precursor as a treatment for Ataxia Telangiectasia (fewer than 200,000 diagnosed U.S. cases per year) and has obtained both Orphan Drug Designation and Rare Pediatric Disease Designation from the FDA. The segment incurred $2.2 million in R&D expense for fiscal 2025 and generated no revenue.
Fiscal 2025 (annual context) / Q4 2025 – Divestiture of Analytical Reference Standards and Services segment: During fiscal 2025 the company committed to selling substantially all assets of this segment (which generated $3.1 million in revenue for the year). As of December 31, 2025, the assets met held-for-sale criteria. On February 24, 2026 (subsequent to quarter-end), a definitive asset purchase agreement was signed for approximately $6.0 million less ~$0.2 million in working capital adjustments, with a transition services agreement of up to six months. The disposition does not qualify for discontinued-operations treatment.
Q4 2025 – Share repurchase program: On November 6, 2025, the board approved a $10.0 million share repurchase program expiring October 31, 2027. During Q4 2025 the company repurchased 35,840 shares at an average price of $6.97 (approximately $0.25 million), leaving approximately $9.75 million remaining under the program.
Fiscal 2025 (annual context) – Revenue growth and segment performance: Total net sales grew 30% to $129.4 million from $99.6 million in 2024. Consumer Products (Tru Niagen) grew 27% to $97.7 million, driven by a $16.2 million e-commerce increase and ~$5.6 million higher distributor sales. Ingredients grew 45% to $28.7 million, with pharmaceutical-grade Niagen ingredient sales of $3.8 million (reflecting a full year of post-2024-launch activity versus $1.7 million in 2024) and food-grade Niagen at $24.1 million. Net income for fiscal 2025 was $17.4 million, and operating cash flow was $13.5 million.
(Filed on November 4, 2025)
+32.9%
64.5%
$64.1M
Q3 2025 net sales rose 33% year-over-year to $34.0M, driven by Consumer Products growth of 44% to $26.0M; e-commerce channel contributed roughly $4.3M of the $7.9M Tru Niagen increase, with distributor partners adding $2.0M and A.S. Watson (no longer a related party) contributing $1.6M. Ingredients segment sales were $7.2M (up 8%), led by food-grade Niagen at $6.4M; pharmaceutical-grade Niagen declined $0.4M sequentially to $0.5M in the quarter.
On July 25, 2025 (within Q3), the Company executed an exclusive NRCL supply agreement with W. R. Grace & Co.-Conn, effective April 1, 2025, with an initial term through April 30, 2029 and automatic 12-month renewals. The initial 24-month rolling forecast commits the Company to approximately $33.6M in NRCL purchases through September 30, 2026. The parties also agreed to negotiate in good faith a supplemental license to Grace's crystalline NRCL patents, which would permit the Company to manufacture NRCL itself under a royalty arrangement; no such license has been executed as of the filing date. Inventory at September 30, 2025 more than doubled year-over-year to $18.8M, with work-in-process rising to $7.0M from $2.1M at year-end, consistent with scaling supply ahead of demand.
The Delaware patent-infringement case against Elysium Health remains on appeal before the Federal Circuit. Niagen filed its opening brief on February 26, 2025 and its reply brief on April 25, 2025; oral argument has not yet been scheduled. The district court had awarded Elysium $9.2M in attorneys' fees and costs in the underlying patent case (the '807 and '086 patents were held invalid on patent-eligibility grounds in 2021, upheld on appeal in 2023, and the Supreme Court denied certiorari in October 2023). If the appeal is unsuccessful, the Company estimates aggregate exposure of approximately $10.4M including post-judgment interest; no accrual has been recorded as of September 30, 2025. Separately, the California Action settlement was fully collected in Q1 2025 (total $2.65M in two installments), and the Company recorded a $1.3M credit-loss recovery in the nine months ended September 30, 2025.
The Company reported Q3 2025 operating income of $4.2M (vs. $1.6M in Q3 2024) and net income of $4.6M (vs. $1.9M), extending consecutive quarterly profitability. For the nine months ended September 30, 2025, net income was $13.3M and operating cash flow was $12.8M (vs. $3.5M in the prior-year period), with unrestricted cash of $64.1M at quarter-end. Gross margin improved to 64.5% in Q3 from 63.5% a year earlier, aided by favorable product mix and lower-cost inventory in the Consumer Products segment.
In August 2025 (within Q3), the Company received a demand letter alleging violations of California's automatic-renewal disclosure rules on its e-commerce platform; a related class action was filed on October 31, 2025, after the quarter-end. The Company states it believes its renewal flow complies with applicable law and that potential loss cannot be reasonably estimated. Additionally, stockholders approved a 650,000-share Employee Stock Purchase Plan on June 24, 2025, but no offering period had commenced as of September 30, 2025. The Company also disclosed in its risk factors that the FDA's recent determination that nicotinamide mononucleotide (NMN) may be lawfully marketed as a dietary ingredient could introduce new competitive channels in the NAD+ precursor space.
