Niagen Bioscience (ChromaDex)

Thesis

Niagen Bioscience (formerly ChromaDex, NASDAQ: NAGE) is the only profitable public longevity company. A distinction that matters enormously in a sector full of speculative pre-revenue plays. FY2025 delivered $129.4M net sales (+30% YoY), $17.4M net income (+103% YoY), 64.3% gross margin, and $64.8M cash on the balance sheet. The product portfolio spans consumer supplements (Tru Niagen, a nicotinamide riboside supplement) and pharmaceutical-grade NAD+ therapy (Niagen IV) deployed at 1,200+ clinics. The NAD+ pathway is one of the most validated mechanisms in longevity science, with extensive peer-reviewed research supporting its role in cellular repair and energy metabolism. The clinic deployment of Niagen IV represents a high-margin distribution channel that is difficult to replicate. Each clinic is a recurring revenue source with direct patient relationships. The transition from supplement company to clinical NAD+ therapy provider significantly expands the addressable market and margin profile. Key risks include that the longevity supplement market faces intense competition from generic NR/NMN suppliers, regulatory scrutiny of health claims, and the possibility that NAD+ therapy ultimately proves to be a marginal health benefit rather than a transformative longevity intervention.

Catalysts

• +FY2025 net income of $17.4M (+103% YoY) proves sustainable profitability
• +Niagen IV deployed at 1,200+ clinics. High-margin recurring revenue channel
• +NAD+ pathway is one of the most validated longevity mechanisms in peer-reviewed literature

Risks

• -Intense competition from generic NR/NMN supplement suppliers
• -Regulatory scrutiny of longevity health claims could constrain marketing
• -NAD+ therapy may prove marginal rather than transformative for longevity outcomes

Common questions