# EDGAR Filing Document

**Accession Number:** 0001386570
**File Stem:** 0001386570-25-000011
**Filing Date:** 2025-8
**Character Count:** 52246
**Document Hash:** 7a167f55c0bea0b0eb74f141299af953
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001386570-25-000011.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001386570-25-000011

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Niagen Bioscience, Inc.
- **CENTRAL INDEX KEY:** 0001386570
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 262940963
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37752
- **FILM NUMBER:** 251189517

**BUSINESS ADDRESS:**
- **STREET 1:** 10900 WILSHIRE BLVD
- **STREET 2:** SUITE 600
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90024
- **BUSINESS PHONE:** 310-388-6706

**MAIL ADDRESS:**
- **STREET 1:** 10900 WILSHIRE BLVD
- **STREET 2:** SUITE 600
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ChromaDex Corp.
- **DATE OF NAME CHANGE:** 20080624

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CODY RESOURCES, INC.
- **DATE OF NAME CHANGE:** 20070112

?xml version='1.0' encoding='ASCII'? cdxc-20250806

  

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 6, 2025**![NIAGEN-Bioscience-Logo-Horizontal.jpg](cdxc-20250806_g1.jpg)

**NIAGEN BIOSCIENCE, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37752** | **26-2940963** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**10900 Wilshire Blvd. Suite 600, Los Angeles, California 90024**

(Address of principal executive offices, including zip code)

**(310) 388-6706**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | NAGE | The Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

  

------

**Item 2.02. Results of Operations and Financial Condition.**

On August 6, 2025, Niagen Bioscience, Inc. (the "Company") issued a press release announcing its earnings for the quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02 and the exhibit hereto are being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, (the "Securities Act") or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 7.01. Regulation FD Disclosure.**

On August 6, 2025, the Company released a corporate presentation which it made available on its website. A copy of the corporate presentation is attached hereto as Exhibit 99.2.

The information in this Item 7.01 and the exhibit hereto are being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exhibits</u>.

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| [99.1](ex991pressrelease-q22025.htm) | [Press Release dated](ex991pressrelease-q22025.htm)August 6, 2025 |
| [99.2](ex992earningspresentatio.htm) | [Earnings Presentation of Niagen Bioscience, Inc.](ex992earningspresentatio.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **NIAGEN BIOSCIENCE, INC.** | **NIAGEN BIOSCIENCE, INC.** |
| Dated: August 6, 2025 | By: | */s/ OZAN PAMIR* |
|  |  | Ozan Pamir |
|  |  | Chief Financial Officer |
|  |  | *(principal financial officer and duly authorized on behalf of the registrant)* |

---

## Exhibit 99.1

![niagen-biosciencexlogoxhor.jpg](niagen-biosciencexlogoxhor.jpg)

**Niagen Bioscience, Inc. Reports Second Quarter 2025 Financial Results and Increases Full Year Outlook**

*Net sales increased 37% to $31.1 million* 

*Gross margin increased 480 basis points to 65.0%*

*Net income of $3.6 million versus breakeven in prior year period*

*Adjusted EBITDA increased by 221% to $5.0 million*

*Raising full year 2025 revenue outlook to 22% to 27% year-over-year growth*

**LOS ANGELES, CA - August 6, 2025 -** Niagen Bioscience, Inc. (NASDAQ:NAGE) today announced financial results for the second quarter of 2025.

**Second Quarter 2025 Financial Highlights Compared to Prior Year Period**

&nbsp;&nbsp;&nbsp;&nbsp;• Total net sales increased 37% to $31.1 million, with Tru Niagen® sales reaching $22.7 million, growing 22%.

&nbsp;&nbsp;&nbsp;&nbsp;• Niagen® ingredient sales increased 135% to $7.4 million including food-grade and pharmaceutical-grade.

&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin increased 480 basis points to 65.0%.

&nbsp;&nbsp;&nbsp;&nbsp;• Sales and marketing expense as a percentage of net sales was 26.4%, an improvement of 420 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $3.6 million or $0.05 earnings per share, up from breakeven in prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA, a non-GAAP measure, increased 221% to $5.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;• Total cash provided by operations of $9.1 million during the six months ended June 30, 2025, ending the quarter with $60.5 million in cash.

&nbsp;&nbsp;&nbsp;&nbsp;• Increased full year 2025 outlook: Net sales growth expected between 22%–27% (previously between 20%–25%), reflecting continued execution and leadership in the expanding NAD+ market.

**Recent Operational Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• On June 9, 2025, the Company announced the publication of the first peer-reviewed clinical study of Niagen® in individuals with Werner syndrome, a rare premature aging disorder in *Aging Cell*. The 52-week randomized trial showed Niagen® significantly increased NAD+ levels and improved clinical markers of cardiovascular and skin health, supporting further investigation in rare, age-related diseases.

&nbsp;&nbsp;&nbsp;&nbsp;• On July 8, 2025, the Company entered into a worldwide exclusive license agreement with Haukeland University Hospital in Bergen, Norway, securing proprietary rights to develop and commercialize its patented nicotinamide riboside (Niagen®) as a potential pharmaceutical therapy for Parkinson's disease (PD). This agreement includes access to extensive clinical data, including from the Phase III NOPARK trial, and supports the Company's broader efforts to advance regulated therapeutic applications for neurodegenerative conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• During June 2025, patient dosing the Phase III NOPARK trial was completed, the largest and most comprehensive clinical study of NAD+ augmentation in persons with early PD to date. NOPARK is a randomized, double-blind, placebo-controlled phase III clinical trial featuring 400 individuals with early-stage PD across 12 sites in Norway. Randomized to receive either 500 mg of nicotinamide riboside (Niagen) twice daily or placebo for 52 weeks, participants had follow-up assessments at five time points in a one-year period. The primary endpoint is the MDS-UPDRS total score, a gold standard measure of PD progression. Data analysis is underway and the data from this phase 3 trial is expected to be published in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;• On July 14, 2025, the Company announced the launch of Tru Niagen® as an exclusive in-room amenity, and introduced Niagen IV at The Spa by Equinox Hotel New York through NutriDrip, marking Niagen Bioscience's entry into luxury hospitality. While featured at a single location, Equinox's sole hotel property, the launch aligns with a premium, health-conscious demographic and serves as a potential model for broader hospitality partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;• As of August 2025, Niagen Plus products, including Niagen IV and injectables, are available in over 800 leading wellness clinics in the U.S., up from more than 475 clinics in December 2024. This growth reflects accelerating adoption by clinics and rising demand for clinically administered NAD+ solutions. Niagen Plus products are compounded and distributed through U.S. FDA-registered 503B outsourcing facilities and offered exclusively by prescription through participating wellness clinics.

"We delivered an excellent second quarter, with $31.1 million in net sales, up 37% year-over-year, and $3.6 million in net income," said Niagen Bioscience CEO Rob Fried. "As the pioneers of this blossoming NAD+ market, we continue to invest in the future while maintaining our focus on profitable growth."

![niagen-biosciencexlogoxicon.jpg](niagen-biosciencexlogoxicon.jpg)

------

**Results of operations for the three months ended June 30, 2025 compared to the prior year quarter** 

**Net Sales** for Niagen Bioscience increased 37%, or $8.4 million, to $31.1 million. The growth in net sales was driven by combined growth in Tru Niagen® sales and Niagen® ingredient sales, including strong e-commerce channel performance, stronger demand for food-grade Niagen® and the ramp-up of pharmaceutical-grade Niagen® sales, which were not sold in the prior year quarter.

**Gross Margin** improved 480 basis points to 65.0% primarily due to changes in product mix, business mix, the use of lower-cost inventory purchases, and improvements in labor and overhead utilization rates with higher sales. These gross margin improvements may not be indicative of future performance and certain drivers, such as lower-cost inventory purchases, are likely to be temporary in nature. Gross margins are expected to normalize in future periods.

**Operating Expense** increased 22%, or $3.1 million, to $17.0 million reflecting investments for business growth and brand awareness.

**•** Selling and marketing expense increased $1.2 million, and improved 420 basis points as a percentage of net sales to 26.4% of net sales, reflecting improved sales efficiency and disciplined investment. The increase in expenses primarily reflects higher investments to support brand growth in our consumer products segment.

**•** General and administrative expense increased $1.6 million, or 28%, primarily driven by higher employee-related expenses, share-based compensation, and professional and consulting fees.

• Research and development expenses increased $0.3 million due to higher professional and consulting fees, as well as higher employee-related expenses.

**Net Income** was $3.6 million, or $0.05 per share, compared to approximately break-even net loss and loss per share for the second quarter of 2024.

**Adjusted EBITDA,** a non-GAAP measure, was $5.0 million, up from $1.6 million for the second quarter of 2024. See "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of non-GAAP Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure.

**Cash Flows from Operating Activities** had a net cash inflow of $9.1 million for the six months ended June 30, 2025 compared to approximately break-even cash flows in the prior year. The approximately $9.1 million increase in cash provided by operating activities was primarily driven by improvements in net income (loss), relatively higher collections on trade receivables, and a relative increase in accounts payable. These increases were partially offset by a decrease in credit loss expense due to a recovery of previously written-off amounts and higher inventory purchases associated with scaling our inventory reserves.

**2025 Full Year Outlook**

Looking forward, for the full year, the Company is revising its revenue growth expectation from 20% to 25% year-over-year to 22% to 27%. This outlook reflects anticipated continued expansion of the Company's e-commerce business as well as growth through new and established partnerships. Gross margin is expected to improve slightly year-over-year compared to 61.8% in 2024, driven by ongoing supply chain optimization efforts, cost savings initiatives, and overall business scale. The Company is also updating its outlook for sales and marketing expenses. These costs are now expected to increase in absolute dollars compared to $29.5 million in 2024, but decrease as a percentage of net sales compared to 29.6% of net sales in 2024. This compares to the prior guidance of an increase in absolute dollars with a stable percentage of net sales year over year. The updated projection reflects the Company's continued strategic investments to enhance and strengthen brand awareness and support its various business channels while enhancing efficiencies. The Company remains committed to maintaining steady investments in research and development throughout 2025, with spending expected to align closely with fiscal year 2024 levels ($6.0 million), to continue driving future innovation. General and administrative expenses are expected to increase by approximately $7.0 to $8.0 million, primarily due to share-based compensation and investments in business growth and the absence of a $3.5 million royalty expense reversal that occurred in 2024.

![niagen-biosciencexlogoxicon.jpg](niagen-biosciencexlogoxicon.jpg)

------

**Investor Conference Call**

A live webcast will be held Wednesday, August 6, 2025 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss Niagen Bioscience's second-quarter financial results and provide a general business update.

To listen to the webcast, or to view the earnings press release and its accompanying financial exhibits, please visit the Investors Relations section of Niagen Bioscience's website at https://investors.niagenbioscience.com. The toll-free dial-in information for this call is 1-888-596-4144 with Conference ID: 8584242.

The webcast will be recorded, and will be available for replay via the website from 7:30 p.m. Eastern time on August 6, 2025 through 11:59 p.m. Eastern time on August 13, 2025. The replay of the call can also be accessed by dialing 1-800-770-2030, using the Replay ID: 8584242.

**Important Note on Forward Looking Statements:**

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as "expects," "anticipates," "intends" "estimates," "plans," "potential," "possible," "probable," "believes" "seeks," "may," "will," "should," "could," "predicts," "projects," "continue," "would" or the negative of such terms or other similar expressions. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the quotation from Niagen Bioscience's Chief Executive Officer, statements related to the Company's 2025 financial outlook including but not limited to revenue growth, gross margin, expenses, investment plans, and the statements regarding Niagen Plus.

Risks that contribute to the uncertain nature of the forward-looking statements include: inflationary conditions and adverse economic conditions; our history of operating losses; the growth and profitability of our product sales; our ability to maintain and grow sales, marketing and distribution capabilities; changing consumer perceptions of our products; our reliance on a single or limited number of third-party suppliers; risks of conducting business in China; including unanticipated developments in and risks related to the Company's ability to secure adequate quantities of pharmaceutical-grade Niagen in a timely manner; the Company's ability to obtain appropriate contracts and arrangements with U.S. FDA-registered 503B outsourcing facilities required to compound and distribute pharmaceutical-grade Niagen to clinics; the Company's ability to remain on the U.S. FDA Bulk Drug Substances Nominated for Use in Compounding Under Section 503B of the Federal Food, Drug, and Cosmetic Act Category 1 list; the Company's ability to maintain and enforce the Company's existing intellectual property and obtain new patents; whether the potential benefits of NRC can be further supported; further research and development and the results of clinical trials possibly being unsuccessful or insufficient to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials; determinations made by the FDA and other governmental authorities; economic and market instability, including as a result of tariffs or trade conflicts; and the risks and uncertainties associated with our business and financial condition in general, described in our filings with the Securities and Exchange Commission (SEC), including, without limitation, our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q as filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and actual results may differ materially from those suggested by these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement and Niagen Bioscience undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.

![niagen-biosciencexlogoxicon.jpg](niagen-biosciencexlogoxicon.jpg)

------

**About Niagen Bioscience, Inc.:**

Niagen Bioscience is a global bioscience company dedicated to healthy aging. The Niagen Bioscience team, which includes world-renowned scientists, is pioneering research on nicotinamide adenine dinucleotide (NAD+), an essential coenzyme that is a key regulator of cellular metabolism and is found in every cell of the human body. NAD+ levels in humans have been shown to decline with age, among other factors, and may be increased through supplementation with NAD+ precursors. Niagen Bioscience is the innovator behind the NAD+ precursor nicotinamide riboside chloride ("NRC" commonly referred to as "NR"), commercialized as the flagship ingredient Niagen®, available in both food and pharmaceutical grades. Nicotinamide riboside chloride and other NAD+ precursors are protected by Niagen Bioscience's patent portfolio.

The Company delivers Niagen® as the sole or principal dietary ingredient in its consumer product line Tru Niagen® available at www.TruNiagen.com and through partnerships with global retailers and distributors. The Company also develops and commercializes proprietary-based ingredient technologies, including food-grade Niagen® and pharmaceutical-grade Niagen®, and supplies these ingredients as raw materials to the manufacturers of consumer products and U.S. FDA-registered 503B outsourcing facilities, respectively. The Company further offers natural product fine chemicals, known as phytochemicals, and related research and development services. Follow us on X (formerly Twitter) @NiagenBio and Instagram @TruNiagen and @NiagenPlus and subscribe to our latest news via our website accessible at www.NiagenBioscience.com to which Niagen Bioscience regularly posts copies of its press releases as well as additional updates and financial information about the Company.

**Contacts:** 

---

| |
|:---|
| **Investor Relations** |
| ICR, LLC |
| Reed Anderson |
| 1 (626) 277-1260 |
| Stephanie Carrington |
| 1 (626) 277-1282 |
| <u>NiagenIR@ICRInc.com</u> |
| **Media Relations** |
| Kendall Knysch |
| Senior Director of Communications, Public Relations, & Partnerships |
| +1 (310) 388-6706 Ext. 689 |
| <u>Kendall.Knysch@NiagenBio.com</u> |

---

![niagen-biosciencexlogoxicon.jpg](niagen-biosciencexlogoxicon.jpg)

------

**Niagen Bioscience, Inc. and Subsidiaries**

**Unaudited Condensed Consolidated Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| *(In thousands, except per share data)* |  |  |  |  |
| Sales, net | $**31117** | $22739 | $**61598** | $44892 |
| Cost of sales | **10891** | 9046 | **22041** | 17743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | **20226** | 13693 | **39557** | 27149 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | **8207** | 6969 | **16324** | 13709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | **1567** | 1316 | **2825** | 3411 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | **7267** | 5664 | **12451** | 11016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | **17041** | 13949 | **31600** | 28136 |
| Operating income (loss) | **3185** | (256) | **7957** | (987) |
| Nonoperating income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net | **552** | 241 | **1011** | 480 |
| Income (loss) before provision for income taxes | **3737** | (15) | **8968** | (507) |
| Provision for income taxes | **128** |  | **296** |  |
| Net income (loss) | $**3609** | $(15) | $**8672** | $(507) |
| Net income (loss) per share attributable to common stockholders: |  |  |  |  |
| Basic | $**0.05** | $— | $**0.11** | $(0.01) |
| Diluted | $**0.04** | $— | $**0.10** | $(0.01) |
| Weighted average common shares outstanding: |  |  |  |  |
| Basic | **79249** | 75559 | **78534** | 75394 |
| Diluted | **86241** | 75559 | **84877** | 75394 |

---

![niagen-biosciencexlogoxicon.jpg](niagen-biosciencexlogoxicon.jpg)

------

**Niagen Bioscience, Inc. and Subsidiaries**

**Unaudited Condensed Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| *(In thousands except par values, unless otherwise indicated)* | **June 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents, including restricted cash of $152 for both periods presented | $**60474** | $44660 |
| &nbsp;&nbsp;Trade receivables, net of allowances of $199 and $95, respectively | **9656** | 7768 |
| &nbsp;&nbsp;Inventories | **14406** | 9192 |
| &nbsp;&nbsp;Prepaid expenses and other assets | **2143** | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | **86679** | 64102 |
| Leasehold improvements and equipment, net | **1632** | 1719 |
| Intangible assets, net | **284** | 359 |
| Right-of-use assets | **2525** | 1730 |
| Other long-term assets | **405** | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**91525** | $68278 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $**13680** | $8526 |
| &nbsp;&nbsp;Accrued expenses | **7381** | 7817 |
| &nbsp;&nbsp;Current maturities of operating lease obligations | **957** | 982 |
| &nbsp;&nbsp;Current maturities of finance lease obligations | **6** | 12 |
| &nbsp;&nbsp;Customer deposits | **303** | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **22327** | 17948 |
| Deferred revenue | **2674** | 2579 |
| Operating lease obligations, less current maturities | **2329** | 1657 |
| Total stockholders' equity | **64195** | 46094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $**91525** | $68278 |

---

**Niagen Bioscience, Inc. and Subsidiaries**

**Unaudited Condensed Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>*(In thousands)* | **2025** | **2024** |
| **Net cash provided by / (used in):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating activities | $**9133** | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing activities | **(167)** | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing activities | **6848** | 582 |
| Net increase in cash and cash equivalents | **15814** | 560 |
| Cash and cash equivalents beginning of period | **44660** | 27325 |
| Cash and cash equivalents at end of period | $**60474** | $27885 |

---

![niagen-biosciencexlogoxicon.jpg](niagen-biosciencexlogoxicon.jpg)

------

**Niagen Bioscience, Inc. and Subsidiaries**

**Unaudited Reconciliation of Non-GAAP Financial Measures**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Net Income (Loss) to Adjusted EBITDA** | **Reconciliation of Net Income (Loss) to Adjusted EBITDA** | **Reconciliation of Net Income (Loss) to Adjusted EBITDA** | **Reconciliation of Net Income (Loss) to Adjusted EBITDA** | **Reconciliation of Net Income (Loss) to Adjusted EBITDA** | **Reconciliation of Net Income (Loss) to Adjusted EBITDA** |
| *(In thousands)* | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** |
| Net income (loss), as reported | $**3609** | $5063 | $7179 | $1878 | $(15) |
| *Adjustments:* |  |  |  |  |  |
| &nbsp;&nbsp;Interest income, net | **(552)** | (459) | (373) | (276) | (241) |
| &nbsp;&nbsp;Provision for income taxes | **128** | 168 | 305 |  |  |
| &nbsp;&nbsp;Depreciation | **158** | 158 | 151 | 164 | 170 |
| &nbsp;&nbsp;Amortization of intangibles | **38** | 37 | 38 | 38 | 37 |
| &nbsp;&nbsp;Noncash lease expense | **159** | 173 | 169 | 164 | 163 |
| &nbsp;&nbsp;Share-based compensation | **1488** | 1075 | 752 | 735 | 1185 |
| &nbsp;&nbsp;Severance and restructuring | **21** | 4 | (4) | 185 | 276 |
| &nbsp;&nbsp;Reversal of previously accrued royalties and license maintenance fees (1) | **—** |  | (3521) |  |  |
| &nbsp;&nbsp;Recovery of credit losses related to legal settlement (2) | **—** | (1325) | (1325) |  |  |
| Adjusted EBITDA | $**5049** | $4894 | $3371 | $2888 | $1575 |

---

(1) The reversal of previously accrued royalties and license maintenance fees related to a supplemental agreement with Dartmouth, which waived certain obligations under the exclusive license agreements.

(2) The recovery of credit losses relates to the 2024 legal settlement with Elysium Health, LLC, paid in two installments, reversing a bad debt write-off from 2019.

**Non-GAAP Financial Information:**

To supplement Niagen Bioscience's unaudited financial data presented in accordance with generally accepted accounting principles (GAAP), the Company has presented Adjusted EBITDA, a non-GAAP financial measure. Niagen Bioscience believes the presentation of this non-GAAP financial measure provides important supplemental information to management and investors and enhances the overall understanding of the Company's historical and current financial operating performance. The Company believes disclosure of the non-GAAP financial measure has substance because the excluded expenses are infrequent in nature, are variable in nature or do not represent current cash expenditures. Further, such non-GAAP financial measure is among the indicators the Company uses as a basis for evaluating the Company's financial performance as well as for planning and forecasting purposes. Accordingly, disclosure of this non-GAAP financial measure provides investors with the same information that management uses to understand the Company's economic performance year-over-year.

Adjusted EBITDA is defined as net income (loss) before (a) interest, (b) provision for income taxes, (c) depreciation, (d) amortization, (e) non-cash share-based compensation costs, (f) severance and restructuring expense and (g) other infrequent items, including the reversal of previously accrued royalties and license maintenance fees, and the recovery of previously recognized credit losses from a legal settlement. While Niagen Bioscience believes that this non-GAAP financial measure provides useful supplemental information to investors, there are limitations associated with the use of such measure. This measure is not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the method of calculation. Management compensates for these limitations by relying primarily on the Company's GAAP results and by using Adjusted EBITDA only supplementally and by reviewing the reconciliation of the non-GAAP financial measure to its most comparable GAAP financial measure.

Non-GAAP financial measures are not prepared in accordance with, or an alternative for, generally accepted accounting principles in the United States. The Company's non-GAAP financial measure is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.

![niagen-biosciencexlogoxicon.jpg](niagen-biosciencexlogoxicon.jpg)

## Exhibit 99.2

![](ex992earningspresentatio001.jpg)

Niagen Bioscience, Inc. Earnings Presentation Second Quarter 2025 Nasdaq: NAGE \| August 6, 2025

------

![](ex992earningspresentatio002.jpg)

SAFE HARBOR STATEMENT 2 This presentation and other written or oral statements made from time to time by representatives of Niagen Bioscience contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements reflect the current view about future events. Statements that are not historical in nature, such as 2025 financial outlook, and which may be identified by the use of words like "expects," "anticipates," "intends," "estimates," "plans," "potential," "possible," "probable," "believes," "seeks," "may," "will," "should," "could," "predicts," "projects," "continue," "would" or the negative of these terms and other words of similar meaning, are forward-looking statements. Such statements include, but are not limited to, statements contained in this presentation relating to our expected sales, cash flows, planned investments, and financial performance, business, business strategy, expansion, growth, key drivers (including cost savings and increased investments), products and services we offer and their impact on our performance or products and services we may offer in the future and the timing of their development, sales and marketing strategy and capital outlook. Forward-looking statements are based on management's current expectations and assumptions regarding our business, the economy and other future conditions and are subject to inherent risks, uncertainties and changes of circumstances that are difficult to predict and may cause actual results to differ materially from those contemplated or expressed. We caution you therefore against relying on any of these forward-looking statements. These risks and uncertainties include those risk factors discussed in Part I, "Item 1A. Risk Factors" of our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities Exchange Commission (the "Commission"), and in subsequent filings with the Commission. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in these filings with the Commission. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Important factors that could cause actual results to differ materially from those in the forward looking statements include but are not limited to: inflationary conditions and adverse economic conditions; our history of operating losses and need to obtain additional financing; the growth and profitability of our product sales; our ability to maintain and grow sales, marketing and distribution capabilities; changing consumer perceptions of our products; our reliance on a single or limited number of third-party suppliers; risks of conducting business in China; including unanticipated developments in and risks related to the Company's ability to secure adequate quantities of pharmaceutical-grade Niagen in a timely manner; the Company's ability to obtain appropriate contracts and arrangements with U.S. FDA-registered 503B outsourcing facilities required to compound and distribute pharmaceutical-grade Niagen to clinics; the Company's ability to remain on the U.S. FDA Bulk Drug Substances Nominated for Use in Compounding Under Section 503B of the Federal Food, Drug, and Cosmetic Act Category 1 list; the Company's ability to maintain and enforce the Company's existing intellectual property and obtain new patents; whether the potential benefits of NRC can be further supported; further research and development and the results of clinical trials possibly being unsuccessful or insufficient to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials; determinations made by the FDA and other governmental authorities; and the risks and uncertainties associated with our business and financial condition in general. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. About Non-GAAP Financial Measures Niagen Bioscience's non-GAAP financial measure, Adjusted EBITDA, is defined as net income before interest, provision for income taxes, depreciation, amortization, non-cash share-based compensation costs, severance and restructuring expense and other infrequent items, including the reversal of previously accrued royalties and license maintenance fees, and the recovery of previously recognized credit losses from a legal settlement. Niagen Bioscience used this non-GAAP measures when evaluating its financial results as well as for internal resource management, planning and forecasting purposes. This non-GAAP measure should not be viewed in isolation from or as a substitute for Niagen Bioscience's financial results in accordance with GAAP. Reconciliation of this non-GAAP measure to the most directly comparable GAAP measure is attached to this presentation. FDA Disclaimer Statements made in this presentation have not been evaluated by the Food and Drug Administration. Niagen Bioscience products are not intended to diagnose, treat, cure, or prevent any disease. The statements in this presentation are for investor relations and educational purposes only and not intended for consumers or vendors.

------

![](ex992earningspresentatio003.jpg)

• Total company and Tru Niagen® net sales: $31.1 million and $22.7 million, up 37%, and 22% YoY, respectively. • Total Niagen® ingredient sales: $7.4 million, up 135% YoY. • Gross margin: 65.0%, up 480 basis points YoY. • Sales and marketing expense as a percentage of net sales: 26.4%, an improvement of 420 basis points YoY. • Net income: $3.6 million or $0.05 earnings per share, up $3.6 million and $0.05 YoY. • Adjusted EBITDA(1): $5.0 million, up $3.5 million YoY. • Cash provided from operations: $9.1 million year-to-date, ending with $60.5 million in cash and no debt. • In Q2, Niagen Bioscience strengthened its clinical and commercial foundation with the announcement of a peer-reviewed Werner syndrome clinical trial, a new in-licensing agreement for the potential therapy of Parkinson's disease, the expansion of Niagen Plus to over 800 U.S. wellness clinics, and its debut in luxury hospitality with Tru Niagen® and Niagen IV at Equinox Hotel New York. • Adjusted full year 2025 outlook: ◦ Net sales growth between 22%-27% (previously 20%-25%) reflecting continued execution and leadership in the expanding NAD+ market. ◦ Sales and marketing expense expected to be up in absolute dollars and down as a % of net sales year-over-year (previously up in absolute dollars and stable as a % of net sales) reflecting continued marketing efficiencies. Q2 2025 & Recent Highlights (1) See slide 11 for the non-GAAP reconciliation Delivered a strong top- and bottom-line second quarter, reflecting continued momentum in both consumer and ingredient channels, while advancing NAD+ science and maintaining a disciplined focus on profitability. 3

------

![](ex992earningspresentatio004.jpg)

Leadership Team Rob Fried Chief Executive Officer E-commerce & entertainment industry executive Savoy Pictures, Columbia Pictures, Fried Films, FeeIn, WHN, Healthspan Research Andrew Shao SVP, Global Regulatory & Scientific Affairs Over two decades of global nutrition industry experience at Amway, Herbalife Nutrition, and the Council for Responsible Nutrition Ozan Pamir Chief Financial Officer Over a decade of capital markets and public company experience in the life sciences industry CFA Charterholder Carlos Lopez SVP, General Counsel Over a decade of experience in the dietary supplements industry. Previously served as VP, General Counsel at The Vitamin Shoppe and board member of The Natural Products Association Michiko Kelley Chief Marketing Officer Over two decades of experience in marketing strategy, marketing operation, product management, and leadership at Dexcom and Sony Electronics 4

------

![](ex992earningspresentatio005.jpg)

The information contained in this documents is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent (2019) Financial Highlights

------

![](ex992earningspresentatio006.jpg)

Q2 2025 Net Sales Mix E-Commerce 57% Watson's & Other B2B 25% Food-grade Niagen® 14% Analytical Reference Standards & Services 3% Other Ingredients 1% Q2 2024 $22.7 MM E-Commerce 58% Watson's & Other B2B 15% Food-grade Niagen® 19% Pharmaceutical-grade Niagen® 5% Analytical Reference Standards & Services 2% Other Ingredients 1% $31.1 MM Q2 2025 • Tru Niagen® net sales totaled 73% of net sales in Q2 2025 compared to 82% in Q2 2024(1) • Niagen®-related net sales totaled 97% of net sales in Q2 2025 compared to 96% Q2 2024(2) Higher mix of E-Commerce and Niagen® Ingredient sales in Q2 2025 compared to the prior year, including the addition of pharmaceutical-grade Niagen® sales. (1) Tru Niagen® net sales include E-Commerce, Watson's/Other B2B (2) Niagen®-related sales include Tru Niagen®, food-grade Niagen® and pharmaceutical-grade Niagen®. 6

------

![](ex992earningspresentatio007.jpg)

N/A Q2 2025 Net Sales Q2 2025 Net Sales ($ in millions) 18.1 4.6 6.0 1.4 0.8 0.2 E-Commerce Watson's & Other B2B Food-grade Niagen® Pharmaceutical-grade Niagen® Analytical Reference Standards & Services Other Ingredients $22.7 YoY % (vs Q2 2024) +39% (17)% +91% +1% +37%Total Growth Rates Total company sales in Q2 2025 up 37% year-over-year driven by higher E-Commerce and Niagen® Ingredient sales. 7 50%

------

![](ex992earningspresentatio008.jpg)

Year-to-Date 2025 Net Sales YTD 2025 Net Sales ($ in millions) Total YoY % (vs YTD 2024) $44.2 34.9 9.3 13.0 2.4 1.6 0.4 E-Commerce Watson's & Other B2B Food-grade Niagen® Pharmaceutical-grade Niagen® Analytical Reference Standards & Services Other Ingredients Growth Rates 8 N/A +35% (8)% +79% +7% +37% +174% Strong total company growth of 37%, driven by both E-Commerce and Niagen® Ingredient sales.

------

![](ex992earningspresentatio009.jpg)

2024 – 2025 Net Sales Summary 9 ($ in millions) 2025 2024 Description Q1 Q2 Q1 Q2 Q3 Q4 FY Ecommerce 16.8 18.1 12.9 13.0 14.8 17.3 58.0 Watsons & Other B2B 4.7 4.6 4.5 5.6 3.3 5.4 18.8 Total TRU NIAGEN 21.5 22.7 17.4 18.6 18.1 22.7 76.8 Food-grade NIAGEN 7.0 6.0 4.1 3.1 5.8 4.5 17.5 Pharmaceutical-grade NIAGEN 1.0 1.4 0.0 0.0 0.9 0.8 1.7 Total NIAGEN Ingredient 8.0 7.4 4.1 3.1 6.7 5.3 19.2 NIAGEN Related Revenues 29.5 30.1 21.5 21.7 24.8 28.0 96.0 Other Ingredients 0.2 0.2 0.0 0.2 0.0 0.4 0.6 Analytical Reference Standards & Services 0.8 0.8 0.7 0.8 0.8 0.7 3.0 Total Net Sales 30.5 31.1 22.2 22.7 25.6 29.1 99.6 TRU NIAGEN as % of Total Net Sales 71 % 73 % 78 % 82 % 71 % 78 % 77 % NIAGEN Related Revenues as % of Total Net Sales 97 % 97 % 97 % 96 % 97 % 96 % 96 % YOY Growth Rate - Net Sales Total Company 38 % 37 % (2) % 12 % 31 % 37 % 19 % NIAGEN Related 37 % 38 % — % 12 % 32 % 38 % 20 % Total TRU NIAGEN 24 % 22 % (2) % 10 % 4 % 29 % 10 %

------

![](ex992earningspresentatio010.jpg)

Q2 2025 vs Q2 2024 Key P&L Metrics (in thousands) Q2 2025 Q2 2024 Notes Net Sales $31,117 $22,739 Tru Niagen® and Niagen® ingredient business up 22% and 135%, respectively, driven by strong E-commerce performance, higher demand from key food- grade Niagen® partners and the ramp up of pharmaceutical-grade Niagen®, which were not sold in the prior year quarter. Gross Profit % of Net Sales 20,226 65.0% 13,693 60.2% Up 480bps primarily driven by changes in product mix, business mix, the use of lower-cost inventory purchases, and improvements in labor and overhead utilization rates with higher sales. These factors may not recur, and we expect margins to normalize in future periods. Sales and Marketing % of Net Sales 8,207 26.4% 6,969 30.6% Increased investments, with improved efficiency, driven by strong E- commerce performance and higher ingredient sales, which require minimal minimal sales and marketing support. Research and Development 1,567 1,316 Slightly higher R&D expenses in current period, driven by increased professional fees and employee wages. General and Administrative 7,267 5,664 Up due to higher employee-related expenses, share-based compensation, consulting fees, and other general administrative costs. Total Operating Expense 17,041 13,949 Greater investments, primarily within sales and marketing and general and administrative expenses. Operating Income (Loss) $3,185 $(256) Reflects strong net sales growth and gross margins, partially offset by higher operating expense. 10

------

![](ex992earningspresentatio011.jpg)

Adjusted EBITDA Summary In Q2 2025, Adjusted EBITDA grew to $5.0 million, up from $1.6 million in the prior year quarter, driven by continued net income improvement, partially offset by lower severance and restructuring expense. 11 (1) The reversal of royalties and fees relates to a supplemental agreement with Dartmouth, which waived certain obligations under the exclusive license agreements. (2) The recovery of credit losses stems from the 2024 legal settlement with Elysium Health, LLC, paid in two installments, reversing a bad debt write-off from 2019. Niagen Bioscience, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (In thousands) Three Months Ended FY 2024 Three Months Ended Six Months Ended June 30, 2025Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net income (loss), as reported $(492) $(15) $1,878 $7,179 $8,550 $5,063 $3,609 $8,672 Adjustments Interest (income) expense (239) (241) (276) (373) (1,129) (459) (552) (1,011) Provision for income taxes — — — 305 305 168 128 296 Depreciation 178 170 164 151 663 158 158 316 Amortization of intangibles 38 37 38 38 151 37 38 75 Noncash lease expense 174 163 164 169 670 173 159 332 Share-based compensation 984 1,185 735 752 3,656 1,075 1,488 2,563 Severance and restructuring 27 276 185 (4) 484 4 21 25 Reversal of previously accrued royalties and license maintenance fees (1) — — — (3,521) (3,521) — — — Recovery of credit losses related to legal settlement (2) — — — (1,325) (1,325) (1,325) — (1,325) Adjusted EBITDA $670 $1,575 $2,888 $3,371 $8,504 $4,894 $5,049 $9,943

------

![](ex992earningspresentatio012.jpg)

Q2 2025 Operating Income (Loss) vs Q2 2024 (in millions) +$6.8 MM (0.3) 5.0 1.5 0.3 (1.4) (0.4) (1.2) (0.3) (0.1) 3.2 Q2 2024 Operating Loss Volume Gross Margin Improvement Severance and Restructuring Other G+A Equity Comp (G+A) Sales & Marketing Research and Development Legal Q2 2025 Operating Income (1.0) — 1.0 2.0 3.0 4.0 5.0 6.0 7.0 12 -$3.4 MM

------

![](ex992earningspresentatio013.jpg)

Quarterly Balance Sheet Highlights (in thousands) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Key Drivers (Q4 2024 vs Q2 2025) Cash $27,565 $27,885 $32,398 $44,660 $55,616 $60,474 Up $15.8 million largely driven by net income and proceeds from stock option exercises Inventory 12,495 11,511 10,544 9,192 11,185 14,406 Up $5.2 million as inventory levels continue to scale to meet growing business needs Trade Receivables 6,604 7,818 7,096 7,768 7,052 9,656 Up $1.9 million reflecting higher sales and the timing of customer orders and collections Accrued Liabilities 10,465 8,621 9,592 7,817 9,050 7,381 Down $0.4 million driven by changes in and timing of expenses Accounts Payable 7,899 8,105 6,903 8,526 10,632 13,680 Up $5.2 million driven by changes in inventory purchases and timing of disbursements Equity $28,951 $30,718 $34,369 $46,094 $55,345 $64,195 Up $18.1 million driven by net income, share-based compensation and proceeds from stock option exercises Strengthened balance sheet reflects profitability, equity growth, and disciplined working capital, with strategic inventory investment to support expansion. 13

------

![](ex992earningspresentatio014.jpg)

Cash Flow Highlights Three Months Ended FY 2024 Three Months Ended Six Months Ended June 30, 2025(in thousands) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Net Income (Loss) $(492) $(15) $1,878 $7,179 $8,550 $5,063 $3,609 $8,672 Working Capital (643) (1,837) 1,235 5,111 3,866 2,681 (4,399) (1,718) Cash From / (Used for) Operations 295 (264) 3,495 8,583 12,109 7,883 1,250 9,133 Cash Used for Investing (41) (12) (21) (69) (143) (32) (135) (167) Cash From / (Used for) Financing (14) 596 (1) 1,039 (2) 3,748 (3) 5,369 (4) 3,105 (5) 3,743 (6) 6,848 (7) Net Increase in Cash $240 $320 $4,513 $12,262 $17,335 $10,956 $4,858 $15,814 Ending Cash Balance $27,565 $27,885 $32,398 $44,660 $44,660 $55,616 $60,474 $60,474 Continued bottom-line growth and proceeds from stock option exercises drove positive total cash flows, ending the quarter with $60.5 million and no debt. 14 1. Includes $0.6 million in proceeds from the exercise of stock options. 2. Includes $1.0 million in proceeds from the exercise of stock options. 3. Includes $3.8 million in proceeds from the exercise of stock options. 4. Includes $5.4 million in proceeds from the exercise of stock options. 5. Includes $3.1 million in proceeds from the exercise of stock options. 6. Includes $3.7 million in proceeds from the exercise of stock options. 7. Includes $6.8 million in proceeds from the exercise of stock options.

------

![](ex992earningspresentatio015.jpg)

2025 Financial Outlook (in thousands) 2024 Actual 2025 Full Year Outlook Key Drivers Net Sales $99,597 Between 22%-27% growth YoY (Previously between 20%-25% growth YoY) • Includes growth from E-commerce business and recurring revenues from established partnerships. • Includes revenues from new partnerships in the expanding NAD+ market. Gross Margin % (as a % of net sales) 61.8% Slight improvement YoY • Margin accretion from product and sales mix, scale, and continued supply chain optimization and cost savings initiatives. Sales & Marketing (as a % of net sales) $29,469 Up in absolute dollars and down as a % of net sales YoY (29.6% of net sales in FY 2024) (Previously Up in absolute dollars and state as a % of net sales) • Focused and optimized investments to drive brand awareness, and increase customer acquisition and retention while maintaining marketing efficiency. Research & Development $6,016 Up in absolute dollars and stable as a % of net sales YoY (6.0% of net sales in FY 2024) • Increased investment in external research to support new product development, and continued NAD precursor development. General & Administrative(1) $18,375 Up $7.0 to $8.0 million in absolute dollars YoY • Increased share-based compensation related to the CEO stock performance award and investments to support strategic business initiatives and business growth, plus the absence of 2024 royalty expense reversals. Continued revenue growth expected in 2025, supported by strategic investments in brand building and R&D to fuel future innovation and expansion. Ongoing discipline on both top- and bottom-line performance. 15(1) FY 2024 actual G&A includes the reversal of royalties and fees related to a supplemental agreement with Dartmouth, which waived certain obligations under the exclusive license agreements totaling $3.5 million and the recovery of approximately $1.3 million in credit losses related to the legal settlement with Elysium Health, LLC.

------

![](ex992earningspresentatio016.jpg)

The information contained in this documents is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent (2019) 16 The Science

------

![](ex992earningspresentatio017.jpg)

Scientific Advisory Board 17

------

![](ex992earningspresentatio018.jpg)

Clinical Studies on Oral Niagen® in Multiple Health Areas Note: Highlighted achievements in duration, participation, and dosage only consider peer-reviewed, published studies. Status of clinical studies presented as of July 15, 2025. 18

------

![](ex992earningspresentatio019.jpg)

The information contained in this documents is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent (2019) Contact Info: Niagen Bioscience Investor Relations: ICR, LLC Reed Anderson T: +1 (626) 277-1260 Stephanie Carrington T: +1 (626) 277-1282 NiagenIR@ICRInc.com www.niagenbioscience.com Where to purchase Tru Niagen® TruNiagen.com Find Health Clinics Offering Niagen® Plus NiagenPlus.com 19

------