Niagen Bioscience, Inc. (NASDAQ: NAGE)

Niagen Bioscience, Inc. is a global bioscience company dedicated to promoting healthy aging. The company focuses on the science of nicotinamide adenine dinucleotide (NAD+) and its role in cellular metabolism. It develops and commercializes products that aim to increase NAD+ levels to support health and longevity. Its core offerings include the proprietary ingredient Niagen and the finished supplement Tru Niagen.

<parameter>Niagen Bioscience generates revenue primarily from the sale of Tru Niagen to consumers through direct to consumer channels and through retail and online distributors. The company also sells its Niagen ingredient in food grade and pharmaceutical grade forms to manufacturers of dietary supplements and foods and to U. S. FDA registered 503B outsourcing facilities and compounding pharmacies for use in compounded formulations. Additionally, revenue is derived from the analytical reference standards and services segment which supplies research and quality control products to various industries. The company has reported steady revenue growth driven by increasing consumer awareness of NAD+ benefits and expanding international distribution. The company’s revenue streams are diversified across consumer products, ingredient sales, and laboratory services, reducing reliance on any single source.</parameter>
The company operates through the following segments: Consumer Products, Ingredients, and Analytical Reference Standards and Services.

• Consumer Products: This segment develops, markets, and distributes the finished dietary supplement Tru Niagen. It sells the product directly to consumers via its proprietary online platform and through third party online marketplaces such as Amazon. The segment also works with strategic distribution partners to reach specialty retailers and authorized health practitioners in the United States and internationally.

• Ingredients: This segment produces and supplies food grade Niagen as a raw material to manufacturers of consumer products. It also provides pharmaceutical grade Niagen to U. S. FDA registered 503B outsourcing facilities and compounding pharmacies for compounding activities. The segment supports its customers with technical assistance, regulatory guidance, and supply chain management to ensure successful incorporation of Niagen into final products.

• Analytical Reference Standards and Services: This segment provides research and quality control products, including highly characterized phytochemicals and natural products. It offers related testing services to customers in the dietary supplement, food and beverage, cosmetic, pharmaceutical, and life sciences industries. The segment helps clients verify the purity and identity of raw materials and finished products to meet quality and regulatory requirements.

Niagen Bioscience holds a leading position in the emerging NAD+ market, supported by a robust patent portfolio and extensive research collaborations with academic institutions and healthcare organizations. The company’s competitive advantages include its scientific credibility, proprietary ingredient technology, and global distribution network, which differentiate it from other NAD+ supplement providers. It also benefits from a strong scientific advisory board that includes Nobel laureates and experts from leading research institutions. These strengths enable Niagen Bioscience to maintain trust and credibility among consumers and partners.

The company serves a diverse customer base that includes individual consumers purchasing Tru Niagen, manufacturers of dietary supplements and foods, compounding pharmacies, and research laboratories across various industries. Notably, A. S. Watson Group accounted for a significant portion of sales in 2024, while no single customer exceeded 10% of revenue in 2025. The company also works with a network of international distributors to expand its reach in Asia, Europe, and North America. By catering to both end consumers and business clients, Niagen Bioscience creates multiple avenues for growth.