NAGE

Niagen Bioscience (formerly ChromaDex) has crossed the line every unprofitable growth story hopes to cross: a four-year climb from $67.4M revenue and a -$27.1M loss in FY2021 to $129M revenue (+29.9%) and $17.4M net income (+103.3%) in FY2025. This isn't a one-year fluke — net income has marched from -$4.94M (2023) to $8.55M (2024) to $17.4M (2025), and operating income (+110.7%) confirms the profitability is operational, not financial engineering. Gross margin sits at 64.3% on a branded consumables model (Tru Niagen, Niagen Plus), operating margin expanded to 12.6%, and ROE is a genuine 22.7%. The balance sheet backs the story: $64.8M cash, liabilities/equity of just 0.39x, and a ~4.9x current ratio ($96.8M current assets vs $19.9M current liabilities). At $3.43 the market pays 17.1x earnings and 2.1x sales for a business compounding ~30% — on a growth-adjusted basis that is inexpensive, not expensive.

The FY2025 filing narrative is mostly constructive and sharpens the moat. The December 2025 Queen's University Belfast Assignment Agreement converted jointly-owned/licensed patents into full ownership, terminated the royalty and sublicense obligations, and settled ~$3.5M of accrued liabilities for ~$1.5M — recognizing a ~$2.0M gain and removing a permanent royalty drag on the core Niagen IP. Management is also sharpening focus: it agreed on February 24, 2026 to sell the analytical reference standards segment for ~$6.0M, shedding a non-core unit to concentrate on the NAD+ franchise. Meanwhile pharmaceutical-grade Niagen (Niagen Plus, supplied to 503B outsourcing facilities for compounded IV/injectable use) opens a higher-value channel beyond the dietary supplement base.