Okay, good afternoon, everyone, and thanks for attending our conference. I'm Susan Anderson, one of Canaccord's analysts in the consumer space, and we're very excited to have Niogen Bioscience here, and particularly to host CEO Rob Freed. Niogen Bioscience is a global bioscience company dedicated to healthy aging. They are the global authority on NAD+. They sell NAD+, boosting supplements, the Niogen Ingredient, Niogen IV, and Niogen skincare products now. Their wholly-owned subsidiary is also focused on developing therapies for accelerated aging and rare generic disease. With that, I'll turn it over to Rob to give a brief overview of the company, and we'll follow up with some questions.

So NAD stands for nicotinamide adenine dinucleotide. It's a coenzyme found in all living cells, plant and animal cells, and is vital to all important metabolic processes within that cell, But notably, energy metabolism, mitochondrial function, the process by which mitochondria convert energy, nutrients from food and oxygen from air into energy, but also the processes of identifying problems in the cell and repairing the problems in the cell. That could be a gene mutation, it could be inflammation, it could be oxidative stress, it could be actual physical damage, it could be the presence of virus, but there are mechanisms within the cell that will correct damage when the cell is damaged, and NAD is vital to those processes. So Niagen Bioscience is probably indisputably the leading authority globally in NAD science. We have a large portfolio of molecules that elevate NAD and impact NAD. We have a scientific advisory board of world-renowned researchers, recognized globally as the leading scientists in mitochondrial function and in NAD metabolism, metabolism in general, as well as internal scientists and relationships with external scientists doing much research we've published over 500 studies, clinical and preclinical, and our flagship ingredient is something called nicotinamide riboside, we call it Niagen, which is the safest, most researched, and most effective way to elevate NAD in damaged cells, nicotinamide riboside, and we have I think 47 peer-reviewed published clinical studies showing that Niagen elevates NAD safely and these studies not only show that it elevates NAD, but they've gone deeper into actual therapeutic benefits. Virtually every age-related condition that you can imagine or think of is also associated with a decline in NAD. As we age, our NAD levels decline fairly dramatically, and when a cell is damaged, it declines even more dramatically, and it's logical that that would be the case because the cell's trying to repair itself. and consuming energy to repair itself. So we've shown that not only is there a decline in NAD, but by elevating NAD with Niagen, which is offered in multiple modalities, it actually can be therapeutic for that cell or prophylactic, can prevent age-related damage. So NAD is becoming extremely popular, and we've built a company not only around this portfolio of molecules that manage NAD levels, but also we operate in many different commercial verticals, the largest one of which is just a dietary supplement. We call it True Niagen. It's one of the largest dietary supplement SKUs in the world right now, but it's really pretty much all we sell. We don't sell a whole series of other dietary supplements. We really just sell that. We also offer Niagen as an IV or an injection, which required approval of sorts from the FDA because it's considered a drug and needs to be pharmaceutical-grade material. So we have that as a second vertical where you can get an at-home injection of Niagen or go to a clinic and get an IV of Niagen. We also sell Niagen as an ingredient to certain other dietary supplement companies and food companies. And finally, and perhaps the most exciting, is we also are developing niagen and our other molecules in our portfolio for diseases. And there are certain diseases where children age so rapidly that they often actually die of old age by the time they're teenagers, sometimes called the Benjamin Button diseases. So it turns out that many of these kids have actually non-detectable levels of NAD. It's a good indication of the relationship between the way the body ages and what your NAD level is. So in a sense, we all have forms of these diseases because we're all, as we age, depleting our NAD and we're getting older. So we've already done numerous studies, preclinical and clinical, on several of these diseases. One in particular called ataxia telenchectasia, where we've shown a meaningful therapeutic benefit to these kids who take oral version of trunigin who are diagnosed with these diseases. So we see this orphan disease, particularly ataxia tillangiectasia, as a very important strategic initiative for our company. So it's an NAD platform company. Our flagship molecule is nicotinamide riboside, but we have many others, and we pursue these multiple verticals, and that's basically Niogen Bioscience.

Great. Thanks for all the details there. Maybe let's hone in on the consumer segment first, if you could talk about where you sell your supplements primarily on your website, but then also through Amazon and some other channels, and maybe just give the audience an idea of how big the business is and then the opportunities for growth within that business.

The consumer business is mostly true niagen. That's a dietary supplement. And, of course, we also have the ingredient business. The sales in 2025 were approximately just a shade under $130 million. The majority of that, close to $100 million of that, was just straight true niagen sales. And the balance was mostly ingredient sales, supplying to other dietary supplement companies. We mostly are an e-commerce business, our own website, trueniogen.com, as well as amazon.com. Amazon is larger than our website. There is some retail, increasing amounts of retail in the U.S. There's a partner in Hong Kong called Watson's. That's a retail partner that does also significantly well, and other regions of Asia as well, Singapore, Macau. We do cross-border sales into certain other countries in Asia and increasingly growing in Europe.

Great. And then maybe talk about how you've developed some new supplements with the Niagen ingredient, but then also focusing on other areas of health, such as immune or maybe some that focus on beauty as well, and then talk about the topical skin care that you recently came out with.

So leading with the topical, it turns out that there are many different tissue types, cell types that have a high concentration of the enzyme that is the pathway for nicotinamide riboside to enter cells. It turns out that muscle cells have a high concentration of that pathway. It's called the NRK pathway, but also skin cells do as well. So two areas where there's highest likelihood to show a benefit to elevating NAD with niagen would be muscle cells and skin cells. There's also indication in heart cells and brain cells as well. But skin in particular, skin cells in particular, seem to have a high concentration of these NRK enzymes. So we've done numerous studies on niagen on skin cells, and it turns out that when you elevate NAD in skin cells through niagen, it has a significant improvement in elasticity, in wrinkle depth, and on age spots. But what's challenging is to make sure that just a simple topical application of niagen will actually penetrate the skin and elevate NAD. We have data that suggests that, in fact, it does. So as a result, as a test, we launched a product that we call nanoclouds, which are little tiny little pillows. They're little powder forms of niagen surrounded by hyaluronic acid covering. Just put it in the palm of your hand and mix it with water or cream and apply it to your face. And, in fact, we've done some user studies. As a result, it seems to work really well. There was a study published, or at least made public, the abstract of which, last weekend by Estee Lauder, a skin care company, that compared topical niagen to a very popular ingredient called niacinamide, which is one of the most popular ingredients in the skin care business. And niagen defeated it handily. So we know we have a much superior ingredient already than niacinamide. And our Nanoclouds products sold extremely well. We just made a few thousand of them. They sold out in a couple of months. So we'll relaunch it in October. We also plan to launch an actual cream itself in April of next year. Not a Nanocloud, but an actual moisturizing product that you can apply directly to the skin. And we're very excited about that. And there's reason to believe why this would actually work and have an impact on the skin care industry in general. and several of the larger, not just Estee Lauder, but other companies as well, are interested in studying and doing supply agreement deals with us where we would supply Niagen as an ingredient to them to put into their products.

Great. Maybe if we can talk about Niagen Plus now, which I think it's been a little over a year since it's launched. Maybe if you could talk about kind of the ramp up there, the Niagen IV where it's sold through, and then also the recent launch of your telehealth platform where you're selling at-home IVs.

So we went to a conference several years back, and we saw people that were getting NAD IVs. And they had many patients, and many of you guys may have heard of NAD or NAD IVs, and there are many celebrities and athletes who swear by getting NAD IVs and has all these benefits. Skin is one, but muscle in particular, and fatigue is another. And it's grown very popular, especially in the celebrity community as a thing for anti-aging. But we understand very, very well that the NAD molecule itself is a very large molecule, and it's a nucleotide, meaning there's a phosphate group on the perimeter of it which keeps it from penetrating cells. So NAD itself is not a bioavailable molecule, but yet these people were swearing by it and saying that they were getting some benefits. So what we concluded is probably what's happening is the NAD molecule is endeavoring to get into the cell, fails to do so, and then breaks apart into many smaller molecules, one of which is probably nicotinamide riboside, which then penetrates the cell and converts into NAD. So with that thesis, we began to test it. And sure enough, Niagen works as an IV product or an injection product many, many, many times better and safer than NAD itself. It's the better NAD. So it took many years for us to get on the list of ingredients by the FDA that are allowed to be sold via IV or injection. It technically becomes a drug once you're administering through that modality. But we got on that list, and it also requires that it be pharmaceutical grade as opposed to food grade, which is what the supplement is. And that took many years. So it was four or five years of development before we were able to launch Niagen Plus, as we call it, which is IV or injection product. And we now make it available in approximately 1,800 clinics, IV clinics around the United States. And then recently, just a couple of months ago, we also developed an at-home self-injection version of Niagen. And you can go on our website. It does require a doctor's prescription because it's technically a drug. So you go on, much like if you went on any telehealth website, you'd ask a bunch of questions, and then a doctor would have to give you a prescription based on the answers. And then we could ship to you an at-home kit, which would be self-administered. There are reasons why a self-administered, injected version of niagen would work differently and significantly better than an oral version. The pharmacokinetics of a direct-into-the-bloodstream version of niagen are quite different than a niagen that goes through the gut and the liver and then gets deposited into the bloodstream. if you inject it, it's going to bypass the red blood cells and the white blood cells and go straight to the damaged tissue, especially muscle or brain and skin. So if you have an acute issue in any of those areas, inflammation, sore something, recovery, or fatigue, an injection would work quicker and better than an oral supplement version of trunigin. So that's been out on the market now for a couple of months.

And is there opportunity, do you think, to also sell the Niagen self-injection on other telehealth websites down the road?

Yes. As you know, since in our meeting, we got an email from one of the CEOs of those companies. But yes, these telehealth companies that have done very, very well with GLP-1s now need to find the next thing that they can offer to their consumers. and peptides is one that seems to be increasingly interesting, but also NAD. There's a lot of awareness of NAD and the benefits of NAD, so these telehealth companies are getting inquiries from their consumer base. When are you going to be offering NAD? And what these telehealth companies are now evaluating is what's the best version of NAD. Of course, as you guys now know, we don't sell NAD per se. We sell nicotinamide riboside, which is a precursor. It elevates NAD. It's better than NAD. It's the better NAD, and they're doing their investigating and researching, and we hope to be available on some of those platforms in the next few months.

Okay, great. Maybe if we could talk about the ingredients side of the business. I guess how many third-party brands are currently using Niagen? Where do you think the opportunity there is longer term? And then if you can also talk about life extension and kind of a little bit of slowdown that we've seen there lately.

You know, the dietary supplement business, as we've come to learn, is an interesting business. I've now been in it for eight years, and my advice to you is be very careful if you buy a supplement and take it. It's not, there are regulations, but the regulations aren't enforced. And the percentage of bottles of dietary supplements that you purchase where the label matches what's in the bottle itself is very low. So there are very few companies, dietary supplement companies, that I trust. In fact, I wouldn't take anything if it's not from Niagen Bioscience at this point. So there are a handful, though, that are good companies. And we selectively have offered Niagen to those companies to put in their brands. It's in, Nestle owns two of them, Solgar and Pure Encapsulations. Those are two pretty good brands. In the past, we've also sold to Thorne and H&H, which owns something called Swiss Brands. These are generally pretty trustworthy companies. And when we find out that one is not, we pull it back and we stop supplying to them. Life Extension is one of these companies that's been around for many years. They have a very high concentration of consumers really in Florida, like in retirement communities. It used to be like a subscription magazine kind of thing.

Yep, exactly.

And now it's switched. They offer very good prices for the company, and they've been an important customer of ours. About a year ago, the FDA reversed a decision that had lived for many years of another ingredient that elevates NAD, besides Niagen that works. It doesn't work as well as Niagen, and it doesn't have anywhere near the safety profile of Niagen, but it's cheap. And because it's cheap, and therefore I would be very careful of it, I would say if you go to buy a dietary supplement and it's really inexpensive, I would just take a second before you buy it. You're swallowing it. It's going in your body. You know, this is an area where you could spend a little time thinking about what you're putting into your body. And so there are companies that really just focus on becoming low-cost providers. So life extensions, purchases of Niagen have declined, and they've started selling this other less expensive ingredient. As a result, our ingredient business sales have dipped in 2026 versus 2025. If you look at it corporately, it may look like the overall company hasn't grown as much. But in actual fact, other than that, the rest of the business has grown quite nicely.

Okay, great. And then maybe just moving on to some of the drug potential on the therapeutic side, maybe if you could talk about some of the studies that came out recently that investors should know about around NR.

Well, there are quite a few. There are so many studies that come out around NR these days. It's just incredible. I mentioned the one from Estee Lauder. They actually did two. They did one comparing niagen to niacinamide. They also did another study about another one of the molecules that we have called NRH. It's a hydrogenated version of NR, which actually did better than both of those. We're still in development on that. We haven't commercialized NRH yet, but it's another one that we patented and controlled. There are quite a few that our scientists have identified and developed and controlled. Another is one that we call CD4168, NB4168, which we have designated for our drug therapy, for the ataxia telangiectasia one, as well as other advanced aging orphan diseases. But other studies that we've seen recently, there was people are talking all the time about longevity and lifespan. How do I live longer? And everybody seems to be interested in this thing about how old am I actually? Like, what's my biological age instead of my chronological age? And it's very difficult to measure. But there are seven clocks that are considered the most reliable clocks for epigenetic age, biological age versus chronological age. And a researcher out of Denmark recently took all seven of them and studied NR, Niagen, and also high-intensity interval training and compared the two. How did the seven clocks do when I took Niagen for six months versus high-intensity interval training for six months? And in fact, five of the seven respected epigenetic clocks showed a slowdown in your aging process when you took Niagen for six months. One of them actually reversed the age. But interestingly, the high-intensity training actually accelerated the aging process. And the reason for that is because high-intensity training creates inflammation all throughout your body. And inflammation is a key indicator of aging. But what that suggested is that the two in combination is probably ideal. High levels of true niagen keeping NAD levels high in combination with high-intensity interval training.

Then there were two other studies that were completed but not yet published, but we've seen the manuscripts for mitochondrial function in skeletal muscle cells, and both showed dramatic improvements of mitochondrial function in skeletal muscle muscle when you simply took oral versions of true nitrogen these are just the studies off the top of my head they're just so many okay no that's very interesting yeah and then maybe I guess last question if you could just talk about the economics around you know the drug development program because I think a lot of people think of you know biotech and being cash flow negative but Maybe with that, I guess, talk about your balance sheet, and you're obviously generating a lot of pre-cash flow.

Thank you. Yes, we have a balance sheet of just under $70 million of cash, and we have no debt, and we're cash flow positive and have been so for several years and expect to continue to be so. We are cash flow positive simply off of these true Niagen business and the Niagen ingredient business and then soon the Niagen Plus business. But what we've done with that capital is not invest in more aggressive marketing. What we've done with that capital is invested in R&D, in additional studies, further understanding of NAD and Niagen and the other molecules that we have. and, in particular, this pharmaceutical business. Now, there are companies out there that are in the biotech space that focus on orphan diseases, and typically that's sort of a lottery ticket kind of business. If you hit it and your studies come through, you get to a phase three and it comes through and it's positive, your company is very valuable. You can make a licensing deal with a pharma company or sell the company. But if it does not, the company can often go to zero. It's like kind of a binary business plan. In our case, the way we think about it is the molecules we have are so exciting, NAD itself is so exciting. The upside potential in all these verticals is so huge and so dramatic that we've managed to try to have our cake and eat it too, where we have a cash flow positive business. And the same time we're pursuing these orphan diseases in the biotech pharmaceutical space and if they miss we still have a cash flow positive growing business and if they hit we have the dramatic upside potential there was a company called riata several years ago that was uh that got fda approval on their molecule for friedrich's ataxia a different form of ataxia than ours ataxia till on jectasia and when they got the fda approval they were able to sell to Biogen for about $7 billion. And they lost money every quarter along the way until they got the approval. So this is the way we see it. We see it as a portfolio kind of approach, where we have upside potential pursuing the biotech space and perhaps the Niogen Plus space. But we are protecting our balance sheet and our P&L in the ingredient in the consumer products business.

OK, great. Thank you so much, Rob. very interesting.

Thank you, everybody.