Niagen Bioscience produces patented anti-aging ingredients like NMN for the global supplement market, reporting a recent annual revenue of $99.6M and net income of $8.6M.
Investors may buy NAGE based on its proven ability to generate substantial cash flow from operations ($12.1M) and end the year with robust liquidity of $44.7M, providing a cushion for R&D or strategic acquisitions. The company's transition to profitability suggests a mature growth phase where high-margin proprietary ingredients can drive sustainable earnings in the expanding longevity market.
Potential buyers should avoid this stock due to the significant retained earnings deficit of -$181.9M which historically indicates past capitalization issues or aggressive accounting adjustments that may not fully reflect current operational reality. Additionally, the heavy reliance on a single primary product category exposes the firm to regulatory shutdowns or market saturation risks inherent in the nutraceutical industry.
Niagen Bioscience, Inc. (NAGE) is a specialty nutrition and pharmaceutical company focused on developing high-potency nutraceutical ingredients, primarily leveraging its proprietary niacinamide mononucleotide (NMN) technology for anti-aging applications. The company serves global markets in the dietary supplement, cosmetic, and functional food sectors with revenue of $99.6M in 2024. Its portfolio includes key products like NMN and nicotinamide riboside aimed at consumers seeking longevity benefits.
Management successfully executed a turnaround strategy resulting in a significant shift from a loss position to generating $8.6M in net profit for 2024, while cash flow from operations surged to $12.1M. This profitability was supported by revenue growth of 19% year-over-year and disciplined expense management that kept operating expenses at $53.9M despite heavy marketing spend of $29.5M.
The global anti-aging and longevity ingredients market is experiencing rapid expansion driven by an aging population and increasing consumer spending on health optimization products. Regulatory bodies like the FDA are closely monitoring these sectors, creating a competitive landscape where companies with strong intellectual property portfolios like Niagen can secure long-term pricing power.
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $72.0M | $83.6M | $99.6M |
| Cost of Revenue | $29.3M | $32.8M | $38.0M |
| Gross Profit | $42.8M | $50.8M | $61.6M |
| Operating Expenses | $61.4M | $56.4M | $53.9M |
| Operating Income | $-18.6M | $-5.6M | $7.7M |
| R&D | $4.8M | $5.0M | $6.0M |
| G&A | $28.3M | $25.0M | $18.4M |
| Marketing | $28.3M | $26.4M | $29.5M |
| Stock-Based Comp | $5.7M | $4.8M | $3.7M |
| Depreciation | $869.0K | $870.0K | $663.0K |
| Amortization | $186.0K | $158.0K | $151.0K |
| Other OpEx | $0 | $0 | $0 |
| Non-Operating Income | $0 | $0 | $1.1M |
| Pre-Tax Income | $-18.6M | $-5.6M | $8.9M |
| Income Tax | $-2.1M | $-661.0K | $305.0K |
| Continuing Ops | $-16.5M | $-4.9M | $8.6M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-16.5M | $-4.9M | $8.6M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-16.5M | $-4.9M | $8.6M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $46.6M | $49.5M | $64.1M |
| Cash & Equivalents | $20.3M | $27.2M | $44.5M |
| Accounts Receivable | $8.5M | — | — |
| Inventory | $14.7M | $14.5M | $9.2M |
| Other Current Assets | $3.1M | $7.8M | $10.4M |
| Long-Term Assets | $7.5M | $5.4M | $4.2M |
| Intangibles | $671.0K | $510.0K | $359.0K |
| Operating Leases | $3.5M | $2.4M | $1.7M |
| Other LT Assets | $3.3M | $2.5M | $2.1M |
| Total Assets | $54.1M | $55.0M | $68.3M |
| Current Liabilities | $17.9M | $20.6M | $17.9M |
| Accounts Payable | $9.7M | $10.2M | $8.5M |
| Current Leases | $680.0K | $691.0K | $982.0K |
| Other Current Liab | $173.0K | $206.0K | $623.0K |
| Long-Term Liabilities | $7.5M | $5.9M | $4.2M |
| LT Operating Leases | $3.5M | $2.6M | $1.7M |
| Other LT Liab | $22.0K | $12.0K | $0 |
| Total Liabilities | $25.4M | $26.5M | $22.2M |
| Shareholders' Equity | $28.7M | $28.5M | $46.1M |
| Paid-In Capital | $214.1M | $218.8M | $227.9M |
| Retained Earnings | $-185.5M | $-190.5M | $-181.9M |
| Total L&E | $54.1M | $55.0M | $68.3M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-16.5M | $-4.9M | $8.6M |
| Non-Cash Adjustments | $-3.1M | $13.5M | $8.4M |
| Working Capital Changes | $4.5M | $-1.5M | $-4.8M |
| Cash from Operations | $-15.1M | $7.1M | $12.1M |
| Cash from Investing | $-334.0K | $-143.0K | $-143.0K |
| Cash from Financing | $7.7M | $-90.0K | $5.4M |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $-7.8M | $6.9M | $17.3M |
| Beginning Cash | $28.2M | $20.4M | $27.3M |
| Ending Cash | $20.4M | $27.3M | $44.7M |
The company's revenue streams are driven by its proprietary ingredient manufacturing business, which supplies NMN and related compounds to international contract manufacturers, and its direct-to-consumer or brand licensing initiatives within the health and wellness vertical.
The company faces regulatory uncertainty regarding the FDA's classification of NMN as a drug versus a supplement, potential volatility in raw material costs impacting its $38.0M cost of revenue, and intense competition from new entrants in the crowded anti-aging ingredient space.
Niagen holds strong IP protection on its NMN synthesis process, enjoys a first-mover advantage in specific high-purity formulations, and benefits from a diversified customer base across North America, Europe, and Asia that reduces reliance on any single market.
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