olivLaw · US equity research
Niagen Bioscience, Inc. NAGE
Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)
Niagen Bioscience is a global bioscience company that develops and sells NAD+ precursors under the Niagen® name, through the Tru Niagen® supplement brand, through ingredient supply, and through a pharmaceutical development program. Sales grew about 30% in fiscal 2025 over the prior year, and the company is now expanding into telehealth and a therapeutic candidate, so how these initiatives develop is worth watching closely. Net sales reached approximately 129.4 million USD in fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Niagen Bioscience, Inc. (NAGE) stock was 2.52 USD (+6.78% on the day), with market capitalisation 199.6 m USD, P/E 21.3 on diluted EPS of 0.12 USD over the last 12 months, beta 1.71, 52-week range 2.33–7.18 USD. Latest reported quarter (Q3 2026): revenue of 27.2 m USD (−20.0% YoY), net income of -1.2 m USD (−125.6% YoY), diluted EPS -0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.8
- neutral
- Bollinger (20, 2)
- 2.33 – 2.69
- in the upper half of the band · %B 0.53 · band width 14.3%
- SMA 50 / 200
- 2.82 / 3.92
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.0% | −1.1% | −4.9 pp | — |
| 3 months | −14.9% | −0.5% | −14.4 pp | — |
| 6 months | −49.3% | +4.4% | −53.7 pp | — |
| Year to date | −60.4% | +12.3% | −72.7 pp | — |
| 1 year | −63.7% | +13.5% | −77.3 pp | −35.8% |
| 3 years | +70.3% | +76.4% | −6.1 pp | −45.3% |
| 5 years | −59.6% | +63.7% | −123.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.1 m | 30.5 m | 31.1 m | 34.0 m | 33.8 m | 31.5 m | 29.8 m | 27.2 m |
| Cost of revenue | 10.9 m | 11.2 m | 10.9 m | 12.1 m | 12.1 m | 11.5 m | 10.5 m | 10.1 m |
| Gross profit | 18.2 m | 19.3 m | 20.2 m | 21.9 m | 21.7 m | 20.0 m | 19.3 m | 17.1 m |
| Research & development | 1.3 m | 1.3 m | 1.6 m | 1.8 m | 1.7 m | 1.5 m | 1.5 m | 1.8 m |
| Operating income | 7.1 m | 4.8 m | 3.2 m | 4.2 m | 4.1 m | 1.6 m | 700.0 k | -1.6 m |
| Pre-tax income | 7.5 m | 5.2 m | 3.7 m | 4.8 m | 4.4 m | 6.7 m | 1.1 m | -1.2 m |
| Income tax | 305.0 k | 168.0 k | 128.0 k | 222.0 k | 292.0 k | 417.0 k | 106.0 k | 0 |
| Net income | 7.2 m | 5.1 m | 3.6 m | 4.6 m | 4.1 m | 6.3 m | 963.0 k | -1.2 m |
| Diluted EPS | 0.09 ≈ | 0.06 | 0.04 | 0.05 | 0.05 ≈ | 0.07 | 0.01 | -0.01 |
| Operating cash flow | 8.6 m | 7.9 m | 1.3 m ≈ | 3.7 m ≈ | 679.0 k | -1.2 m | 2.8 m ≈ | 2.6 m ≈ |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | 251.0 k | 2.4 m | 2.8 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 22 percentile of its own 9-quarter history (min 17.9, median 39.3, max 316.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31.6 m | 46.3 m | 59.3 m | 67.4 m | 72.1 m | 83.6 m | 99.6 m | 129.4 m |
| Revenue YoY | +48.8% | +46.7% | +28.0% | +13.8% | +6.8% | +16.0% | +19.2% | +29.9% |
| Net income | -33.3 m | -32.1 m | -19.9 m | -27.1 m | -16.5 m | -4.9 m | 8.6 m | 17.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +103.3% |
| Diluted EPS | unavailable | unavailable | -0.33 | -0.40 | -0.24 | -0.07 | 0.11 | 0.20 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +81.8% |
| net % | -105.6% | -69.4% | -33.6% | -40.2% | -23.0% | -5.9% | 8.6% | 13.4% |
| Free cash flow | -22.2 m | -21.2 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 64.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 76.5 m USD
- Total assets
- 106.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.86x
- ROE
- 28.3%
- ROA
- 19.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 59.3 m | 67.4 m | 72.1 m | 83.6 m | 99.6 m | 129.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Cost of revenue | 24.0 m | 26.0 m | 29.3 m | 32.8 m | 38.0 m | 46.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Gross profit | 35.3 m | 41.5 m | 42.8 m | 50.8 m | 61.6 m | 83.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Research & development | 3.4 m | 3.8 m | 4.8 m | 5.0 m | 6.0 m | 6.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Operating income | -19.9 m | -27.1 m | -18.6 m | -5.6 m | 7.7 m | 16.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Interest expense | 71.0 k | 55.0 k | — | — | — | — | SEC (XBRL)· 14 Mar 2022verified |
| Pre-tax income | — | — | — | -4.9 m | 8.9 m | 18.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Income tax | — | — | — | 0 | 305.0 k | 810.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Net income | -19.9 m | -27.1 m | -16.5 m | -4.9 m | 8.6 m | 17.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Diluted EPS | -0.33 | -0.40 | -0.24 | -0.07 | 0.11 | 0.20 | SEC (XBRL)· 04 Mar 2026verified |
| Weighted average diluted shares | 61.1 m | 67.2 m | 69.7 m | 75.0 m | 78.1 m | 85.4 m | SEC (XBRL)· 04 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 16.7 m | 28.2 m | 20.3 m | 27.2 m | 44.5 m | 64.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Receivables | 2.7 m | 5.2 m | 8.5 m | 5.2 m | 7.8 m | 9.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Inventories | 11.7 m | 13.6 m | 14.7 m | 14.5 m | 9.2 m | 20.4 m | SEC (XBRL)· 06 May 2026verified |
| Current assets | 32.2 m | 48.9 m | 46.6 m | 49.5 m | 64.1 m | 96.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Property, plant & equipment, net | 3.2 m | — | — | — | — | — | SEC (XBRL)· 12 Mar 2021verified |
| Intangibles (excl. goodwill) | 1.1 m | 857.0 k | 671.0 k | 510.0 k | 359.0 k | 5.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Total assets | 38.4 m | 57.8 m | 54.1 m | 55.0 m | 68.3 m | 106.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Accounts payable | 9.4 m | 10.4 m | 9.7 m | 10.2 m | 8.5 m | 10.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Current liabilities | 16.5 m | 17.6 m | 17.9 m | 20.6 m | 17.9 m | 19.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Total liabilities | 21.9 m | 26.1 m | 25.4 m | 26.5 m | 22.2 m | 29.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Equity | 16.4 m † | 31.7 m † | 28.7 m † | 28.5 m † | 46.1 m † | 76.5 m † | SEC (XBRL)· 04 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -10.6 m | -24.2 m | -15.1 m | 7.1 m | 12.1 m | 13.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Investing cash flow | -165.0 k | -409.0 k | -334.0 k | -143.0 k | -143.0 k | -292.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Financing cash flow | 8.7 m | 36.1 m | 7.7 m | -90.0 k | 5.4 m | 6.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Share repurchases | — | — | — | — | 0 | 251.0 k | SEC (XBRL)· 04 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 199.6 m USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.4% | 93 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 21.6% | 100 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.9x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 21.3x | 40 (on a fixed band) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.7% | 38 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial93/100 · 1/3 factors with a value
- Returns· partial38/100 · 1/2 factors with a value
- Valuation· partial40/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NIAGEN BIOSCIENCE, INC. (NAGE). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 129.4 m USD in 2025; YoY growth 29.9%; net margin 8.4%; ROE 13.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.4%
- Revenue CAGR 3Y: 21.6%
- Current ratio: 5.9x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Medicinal Chemicals & Botanical Products (SIC 2833) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TRLVTrulieve Cannabis Corp. | 2.2 bn | — | -48.2% | -41.8% | −0.4% | +115% / +109% |
| TLRYTilray Brands, Inc. | 437.5 m | — | -10.4% | -17.1% | +11.5% | −63% / −84% |
| USNAUsana Health Sciences, Inc. | 264.8 m | — | -4.2% | -2.4% | unavailable | −28% / −70% |
| NAGENiagen Bioscience, Inc. | 199.6 m | 21.3 | 13.3% | 8.4% | +29.9% | −64% / +70% |
| MDWDMediwound Ltd. | 182.3 m | — | -63.9% | -140.8% | −16.1% | −21% / +59% |
| FTLFFitlife Brands, Inc. | 76.8 m | 13.1 | 14.1% | 6.2% | +26.4% | −56% / −15% |
| BTMDbiote Corp. | 71.6 m | 11.8 | — | 3.2% | −2.5% | −55% / −75% |
| NAIINatural Alternatives International, Inc. | 24.3 m | — | -35.0% | -14.5% | +9.7% | −70% / −81% |
| MTEXMannatech Inc | 16.7 m | — | -1,490.1% | -6.9% | −8.3% | −8% / −3% |
| BONBon Natural Life Limited | 4.4 m | — | -3.9% | -10.7% | −21.7% | −39% / −99% |
| CGCCanopy Growth Corp | — | — | -39.9% | -79.2% | +5.8% | −36% / −87% |
| IMCCIM Cannabis Corp. | — | — | -1,496.2% | -20.7% | +1.3% | −99% / −99% |
| SNDLSNDL Inc. | — | — | -1.4% | -1.7% | +2.8% | −20% / −1% |
| ACBAurora Cannabis Inc | — | — | 0.3% | 0.5% | +27.3% | +14% / +14% |
| CRONCronos Group Inc. | — | — | 6.5% | 39.1% | +24.6% | +42% / +74% |
| GLASGlass House Brands Inc. | — | — | -31.2% | -16.3% | −9.4% | −57% / −45% |
1- and 3-year price returns: for NAGE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.80 Total return -29% · Per year -29% | 3.16 Total return 26% · Per year 26% | 4.75 Total return 88% · Per year 88% |
| 3 years | 2.13 Total return -15% · Per year -5% | 4.18 Total return 66% · Per year 18% | 6.83 Total return 171% · Per year 39% |
| 5 years | 2.53 Total return 0% · Per year 0% | 5.53 Total return 120% · Per year 17% | 9.84 Total return 290% · Per year 31% |
- Exit P/E± 1.05
- Net margin± 0.73
- Annual revenue growth± 0.55
- Annual dilution± 0.06
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Niagen Bioscience is a global bioscience company that develops and sells NAD+ precursors under the Niagen® name, through the Tru Niagen® supplement brand, through ingredient supply, and through a pharmaceutical development program. Sales grew about 30% in fiscal 2025 over the prior year, and the company is now expanding into telehealth and a therapeutic candidate, so how these initiatives develop is worth watching closely. Net sales reached approximately 129.4 million USD in fiscal 2025 1.
SWOT
Strengths
- The company holds a leading position in the Tru Niagen® category and a broad scientific base supported by many published studies and a wide research partnership network 1.
- High gross margins and positive operating cash flow give the company resources to fund strategic investments 23.
- Owned and licensed patent portfolio protects Niagen® and other NAD+ precursors from direct copying 1.
Weaknesses
Opportunities
- The telehealth launch and Niagen Plus development could open a direct patient channel and grow revenue in coming years 2.
- The NB4168 candidate and new skincare partnerships could become meaningful contributors from 2027 if development succeeds 23.
- Expansion into international markets and additional ingredient partners could offset current competitive pressure 13.
Threats
- Strong competition in the supplement sector and mislabelled products could pressure prices and market share 1.
- Regulatory changes for supplements and pharmaceuticals could affect how the company markets its products 1.
- A setback in clinical development of the therapeutic candidates could make long-term goals harder to reach 13.
Risks
- Dependence on Tru Niagen®high
If market acceptance of the product declines, financial results could be significantly affected, since the company relies largely on this product 1.
- Relationships with major customersmedium
Interruption or decline in business with key customers could affect results, and in 2024 a few customers accounted for a large share of sales 1.
- Uncertain pharmaceutical developmenthigh
There is no assurance that clinical studies will succeed or win regulatory approval, which could delay revenue from the pharmaceutical segment 13.
- Regulation and mislabelled productsmedium
Changes in regulation of supplements, food products and compounded pharmaceuticals could alter demand and compliance costs 1.
- Liquidity and financinglow
If economic conditions deteriorate, raising capital on favourable terms could become harder, affecting investment capacity 1.
Investment thesis
What would need to be true (bull case)
- Strong sales growth, high gross margins and positive cash flow could support investment in telehealth and the therapeutic candidate 123.
- If the Niagen Plus platform and new skincare partnerships reach scale, the company could diversify revenue beyond Tru Niagen® 23.
- Patent protection and a broad scientific base could sustain its leading position in the NAD+ category if competition intensifies 1.
What would break the thesis
- Dependence on one principal product means a fall in demand for Tru Niagen® could have a wide impact on results 1.
- Rising operating expenses planned for 2026 could reduce profitability in the short term, especially if revenue does not grow as expected 2.
- Clinical and regulatory risks could delay or halt the therapeutic programme, leaving the investment without a return 13.
What to watch
- Progress of e-commerce sales against the annual outlook2026
- Start of preclinical and IND-enabling studies for NB4168Q3 2026
- Contribution of Niagen Plus and new skincare partnerships2027
- Closing of the sale of the analytical reference standards segment and the level of operating expensesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Niagen Bioscience describes itself as a global bioscience company dedicated to promoting healthy aging, focused on NAD+, a coenzyme present in every cell of the human body 1. Its core product is Niagen®, a proprietary form of nicotinamide riboside chloride, sold as a food ingredient and, in pharmaceutical grade, to FDA-registered 503B outsourcing facilities. The company launched Niagen Plus in 2024 and in May 2026 a telehealth platform that lets eligible patients obtain at-home injection kits prescribed by independent clinicians 2.
The business is organised into a consumer products segment that sells the Tru Niagen® supplement directly to consumers and through distributors, an ingredients segment that supplies food-grade Niagen® to manufacturers and pharmaceutical-grade Niagen® to clinical partners, and a research and development effort for therapeutic molecules 1. In February 2026 the company agreed to sell its analytical reference standards and services segment, which remains in continuing operations until the transaction closes 1.
The company depends materially on Tru Niagen®, and direct e-commerce sales of the product grew 27% in fiscal 2025 1. Management points to more than 525 published human clinical studies on NAD+ and a network of more than 300 research collaborations as support for its product positioning 1.
Segments
Consumer Products
The Tru Niagen® segment is the largest, with net sales of 97.7 million USD in fiscal 2025, up 27% 1. Main channels are the company's own website, third-party marketplaces and international distribution partners, and management emphasises the efficiency of its digital marketing 1.
Ingredients
The ingredients segment generated 28.7 million USD in fiscal 2025, a 45% increase, supported by existing food-grade partners and pharmaceutical-grade sales 1. For 2026 management expects a lower figure, as some commercial partners face a more competitive market 2.
Pharmaceutical
The pharmaceutical segment does not yet generate revenue and is in research and development. The candidate NB4168, aimed at Ataxia-Telangiectasia, received a Rare Pediatric Disease designation from the FDA and an orphan designation from the EMA, and preclinical studies are expected to begin in the third quarter of 2026 3.
Market context
The global wellness market was estimated at about 6.8 trillion USD in 2024, and the dietary supplements market at 193 billion USD, with a projected annual growth of 8.9% between 2025 and 2033 1. The company also operates in a much smaller niche, intravenous hydration therapy, whose size in the source is far smaller, which limits its near-term potential 1.
Competition in supplements is intense, and products that are mislabelled or do not meet the same standards can affect prices and consumer perception 1. The company differentiates itself through the science behind Niagen® and its patent protection, but it remains exposed to larger and better-funded competitors 1.
Trends
- Growth of wellness and supplement marketstailwind
If demand for wellness products keeps rising, the consumer segment could benefit directly, and the growth could support Tru Niagen® sales 1.
- Telehealth and direct patient accesstailwind
The launch of the Niagen Plus telehealth platform opens a new channel to patients, which could increase revenue from pharmaceutical-grade products if adoption is sufficient 2.
- Competitive pressure on ingredient partnersheadwind
If commercial partners keep facing a more competitive market, ingredient sales could stay below the prior year, as management anticipates for 2026 2.
- Cost of strategic investmentmixed
The company expects operating expenses to rise in 2026 as it invests in commercial, research and administrative functions, which could limit near-term profitability growth 2.
Competitive position
The company operates in a highly competitive supplement and anti-aging sector, where competitors have greater financial, marketing and distribution resources 1. Direct competition comes from other providers of NAD+ boosting supplements, and indirect competition from alternative ingredients with similar functional claims 1.
Competitors can run extensive advertising campaigns and enter new markets quickly, and some products on the market may be inaccurately labelled or fail to meet the same quality standards 1. The company responds by emphasising research, quality and brand trust 1.
- NAD+ supplement providers
Other companies selling supplements that support NAD+ levels compete directly with Tru Niagen® in the same consumer channels 1.
- Alternative ingredient producers
Suppliers of ingredients marketed as having similar functional benefits compete indirectly with food-grade Niagen® 1.
- Larger, better-resourced companies
Bigger competitors can quickly launch products and marketing campaigns that affect the company's market position 1.
- Mislabelled products on the market
Products labelled inaccurately or without the company's quality standards can influence prices and consumer perception 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jun 2026Shareholder vote
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
- Proxy statement29 Apr 2026
- Current report19 Mar 2026Other events · Financial statements and exhibits
- Current report04 Mar 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Niagen Bioscience, Inc. · 04 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Niagen Bioscience, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Niagen Bioscience, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.