Niagen Bioscience, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The core business has funded itself for two years running and the balance sheet carries no debt — but a material operating question is open: is the Q2 2026 growth dip a temporary blip in the Ingredients business, or the start of a structural slowdown, at the same time the company is investing in two unproven new bets (Niagen Plus, NB4168) while operating cash flow is falling? Anyone waiting should check the next report for three things: does Adjusted EBITDA stabilize? Does operating cash flow recover? And does the company actually draw on the ATM facility even as it keeps buying back stock? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Niagen Bioscience has completed a genuine turnaround — from consistent losses to $17.4 million of profit in 2025 — and its balance sheet is fundamentally healthy. But the most recent quarterly report shows a growth dip (Q2 2026 net sales down 4.3 percent, Adjusted EBITDA down for three straight quarters) and an 83 percent collapse in operating cash flow, even as the company keeps buying back stock and opens a $50 million share-sale program. The new pharmaceutical ambition (NB4168) is real but unproven and generates no revenue. Not investment advice.
Turnaround & Operating Substance
Revenue nearly doubled from $67.4 million (2021) to $129.4 million (2025); net income positive for two straight years since 2024 (2025: +$17.4 million), most of it from ongoing operations rather than the $2.0 million one-time gain from a licensing settlement.
Balance Sheet & Liquidity
$66.7 million in cash, zero bank debt, an undrawn $10 million credit line through 2027 (as of 06/30/2026). Customer concentration meaningfully reduced: no customer topped 10 percent of sales in 2025 (2024: two customers made up roughly 24 percent combined).
Recent Growth Momentum
Net sales fell 4.3 percent in Q2 2026; Adjusted EBITDA has declined for three straight quarters since Q3 2025 (from $6.4 million to $3.0 million); the Ingredients segment is guided below last year's level in the company's own 2026 outlook.
Cash Flow Quality & Capital Allocation
Operating cash flow collapsed 83 percent in the first half of 2026 ($1.6 million versus $9.1 million), while the company kept buying back stock ($5.1 million) and simultaneously opened a $50 million share-sale program.
Supply Chain Dependency
The core ingredient NRC comes exclusively from W.R. Grace, which holds the relevant patents (43.5 percent of all accounts payable in 2025); the agreement runs through at least 04/30/2029, but there is no readily available alternative source.
Pharmaceutical Pipeline (Optionality)
NB4168 carries FDA Rare Pediatric Disease and EMA Orphan designations since summer 2026 — genuine procedural accelerators, but without proof of efficacy or approval; preclinical studies are only planned to begin in 2026, and the segment contributed no revenue in 2025.
Worth Noting
Niagen Bioscience landed on our research list via an SEC filing dated July 10, 2026 (Form 424B5, a $50 million share-sale program) — a striking contrast with the buyback program running in parallel.
Until March 19, 2025, the company traded as ChromaDex Corporation under the ticker CDXC; transcripts, filings, and market data from before that date belong to the same legal entity (CIK 0001386570), not a different company.
Three earnings calls were reviewed (Q3 2025, full-year 2025, Q1 2026); no transcript was available for the most recent report (Q2 2026, Form 8-K dated 08/04/2026), where this assessment relies on the accompanying press release and earnings presentation instead.
The roughly $12 analyst price target comes from only four firms (as of 08/28/2026) and is a thin, easily skewed sample — not a reliable price anchor.
Stock Watch
This analysis is as of August 29, 2026. Stock Watch will tell you what's changed at NAGE since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.00 $ to 10.20 $ · Last price: 3.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Niagen Bioscience, Inc. NAGE | 0.2 | 15.2 | 17.1 | 64.2 | – | 30.0 | -69.0 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 31.8 | 19.6 | 59.1 | 21.8 | 9.6 | 33.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 22 | -3 | -3 | -0.08 | -3 | 10 | 20 |
| 2017 | 21 | -16 | -11 | -0.26 | -10 | 54 | 63 |
| 2018 | 32 | -33 | -33 | -0.61 | -21 | 27 | 42 |
| 2019 | 46 | -31 | -32 | -0.56 | -20 | 20 | 40 |
| 2020 | 59 | -20 | -20 | -0.33 | -11 | 16 | 38 |
| 2021 | 67 | -27 | -27 | -0.40 | -24 | 32 | 58 |
| 2022 | 72 | -19 | -17 | -0.24 | -15 | 29 | 54 |
| 2023 | 84 | -6 | -5 | -0.07 | 7 | 28 | 55 |
| 2024 | 100 | 8 | 9 | 0.11 | 12 | 46 | 68 |
| 2025 | 129 | 14 | 17 | 0.20 | 13 | 77 | 106 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.09 | 5,690.60 | 29 | 37.40 | 24.60 | 9 | 9 |
| 2025: Q1 | 0.06 | – | 31 | 37.60 | 16.60 | 8 | 8 |
| 2025: Q2 | 0.04 | – | 31 | 36.80 | 11.60 | 1 | 1 |
| 2025: Q3 | 0.05 | 118.90 | 34 | 32.90 | 13.50 | 4 | 4 |
| 2025: Q4 | 0.05 | -44.30 | 34 | 16.20 | 12.20 | 1 | 1 |
| 2026: Q1 | 0.07 | 22.80 | 32 | 3.30 | 20.10 | -1 | -1 |
| 2026: Q2 | 0.01 | -75.00 | 30 | -4.20 | 3.40 | 3 | 3 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Growth
Research
Risk & Weakness
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.09 | 0.09 – 0.09 | 133 | -46.2% | 1 |
| 12/31/2027 | 0.10 | 0.10 – 0.10 | 155 | 11.1% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 17.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $5.7M |
|---|---|
| Market cap | $239.0M |
| Free cash flow in year ten | $29.3M |
| Terminal value as a share of market value | 64.6% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In den sechs geprüften Filings (2x 10-K, 4x 10-Q) taucht „artificial intelligence (AI)“ ausschließlich in wortgleichen Risikofaktor-Textbausteinen auf — als Stichwortpunkt in der Cautionary-Notice-Liste, als KI-verstärktes Cyberangriffs-Szenario und als Hinweis auf mögliche Datenschutzauflagen bei „emerging technologies“. Kein Filing beschreibt ein KI-Produkt, eine KI-Umsatzquelle oder einen konkreten operativen KI-Einsatz im eigenen Geschäft; der Bezug zum Geschäftsmodell (NAD+-Nahrungsergänzung, Pharma-Pipeline) bleibt in allen drei Fundstellen unspezifisch.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-08-04 · 10-Q 2026-05-06 · 10-Q 2025-11-04 · 10-Q 2025-08-06 · 10-K 2026-03-04 · 10-K 2025-03-04
Rated on August 29, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 21.6%
- More than 10% revenue growth is expected for the coming year 17.3%
- Share count grows by less than 3% a year 7.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 40.1%
- Gross margin at 40% or higher and without meaningful erosion 64.3%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 62 m net cash
- Operating cash flow covers the profits of the last three years 12 m
- Return on capital at 15% or higher, or up versus two years ago 16.5%
- Insiders hold at least 10% or are net buyers 29.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 22.0%
- Exp. sales growth 3Y > 5% 9.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -29.9%
- Net debt < 4x EBIT -4.3x
- EBIT positive, 10Y straight 2
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% 24.5%
- ROCE > 15% 16.5%
- Expected return > 10% -26.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jun 30, 2026 | Lopez Carlos Luis | SVP, General Counsel | Other | 2,314 | 2.71 | 6,271 |
| Jun 30, 2026 | Pamir Ozan | Chief Financial Officer | Other | 4,255 | 2.71 | 11,531 |
| Jun 30, 2026 | Fried Robert N | Chief Executive Officer | Other | 1,106 | 2.71 | 2,997 |
The company
About the Company
Niagen Bioscience, Inc. operates as a bioscience company engages in developing healthy aging products.
- Employees
- 117
- Headquarters
- Los Angeles, CA
- Address
- 10900 Wilshire Blvd, 90024 Los Angeles, United States
- Phone
- 310 388 6706
- Website
- niagenbioscience.com
- IPO Date
- 07/15/2008
- ISIN
- US1710774076
- Stock Split
- 1:3 on 04/13/2016
Management
| Name | Title | Birth Year |
|---|---|---|
| Frank Louis Jaksch Jr. | Co-Founder & Chairman | 1968 |
| Robert N. Fried | CEO & Director | 1960 |
| Ozan Pamir C.F.A. | CFO & Principal Accounting Officer | 1992 |
| Carlos Lopez | Senior VP & General Counsel | 1981 |
| Andrew Shao Ph.D. | Senior Vice President of Global Regulatory & Scientific Affairs | – |
| Michiko Kelley | Chief Marketing Officer | – |
| Chu Yan | Managing Director of Asia Pacific | – |
| Kendall Knysch | Head of Media Relations & Partnerships | – |
| James Lee | Controller | 1976 |
| Wesley Yu | Vice President of Finance | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/04/2026 Niagen Bioscience, Inc. (NAGE): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.