Niagen Bioscience Inc (NAGE) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to ChromaDex Corporation's second quarter of 2024 earnings conference call. My name is Dustin, and I will be the conference operator today. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，感謝你們的支持，歡迎參加 ChromaDex Corporation 的 2024 年第二季財報電話會議。我叫達斯汀，今天我將擔任會議主持人。（操作員說明）謹此提醒，本次電話會議正在錄音。

This afternoon, ChromaDex issued a news release announcing the company's financial results for the second quarter of 2024. If you have not reviewed this information, both are available within the Investor Relations section of ChromaDex's website at www.chromadex.com.

今天下午，ChromaDex發布新聞稿，公佈了該公司2024年第二季的財務表現。如果您尚未查看此信息，則可以在 ChromaDex 網站 www.chromadex.com 的投資者關係部分中找到這兩個信息。

I would now like to turn the conference call over to Ben Shamsian, Vice President of Lytham Partners. Please go ahead, Mr. Shamsian.

我現在想將電話會議轉交給 Lytham Partners 副總裁 Ben Shamsian。請繼續，Shamsian 先生。

Thank you, and good afternoon, and welcome to ChromaDex Corporation's second quarter of 2024 results investor call. With us today are ChromaDex's Chief Executive Officer, Rob Fried; Interim Chief Financial Officer, James Lee; Senior Vice President of Scientific and Regulatory Affairs, Dr. Andrew Shao; and Vice President of Finance, Leslie Yu. Dr. Shao and Mr. Yu will join the call for Q&A.

謝謝，下午好，歡迎參加 ChromaDex Corporation 2024 年第二季業績投資者電話會議。今天與我們在一起的有 ChromaDex 執行長 Rob Fried；臨時財務長 James Lee；科學與監管事務資深副總裁邵安德魯博士；和財務副總裁 Leslie Yu。邵博士和於先生將參加問答環節。

Today's conference call may include forward-looking statements, including statements related to ChromaDex's research and development and clinical trial plans, and the timing and results of set trials, the timing of future regulatory filings, the expansion of the sale of Niagen products and ingredients in new markets, business development opportunities, future financial results, cash needs, operating performance, investor interest, and business prospects and opportunities, as well as anticipated results of operations.

今天的電話會議可能包含前瞻性陳述，包括與 ChromaDex 的研發和臨床試驗計劃、固定試驗的時間和結果、未來監管備案的時間、擴大 Niagen 產品和成分的銷售有關的陳述。 、未來財務績效、現金需求、經營績效、投資人興趣、業務前景及機會及預期經營績效。

Forward-looking statements represent only the company's estimates on the date of this conference call and are not intended to give any assurance as to actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause ChromaDex's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements.

前瞻性陳述僅代表本公司在本次電話會議之日的估計，並非旨在對未來的實際結果提供任何保證。由於前瞻性陳述涉及尚未發生的事項，因此這些陳述本質上會受到風險和不確定性的影響。許多因素可能導致 ChromaDex 的實際活動或結果與前瞻性陳述中預期的活動和結果有重大差異。

These risk factors include those contained in ChromaDex's quarterly report on Form 10-Q most recently filed with the SEC, including results of operations, financial condition, cash flows, as well as global market and economic conditions on our business. Please note, the company assumes no obligation to update any forward-looking statements after the date of this conference call to conform with forward-looking statements, actual results, or to changes in its expectations.

這些風險因素包括 ChromaDex 最近向 SEC 提交的 10-Q 表格季度報告中包含的風險因素，包括營運結果、財務狀況、現金流量以及我們業務的全球市場和經濟狀況。請注意，本公司不承擔在本次電話會議日期後更新任何前瞻性陳述以符合前瞻性陳述、實際結果或其預期變更的義務。

In addition, certain financial information presented in this call references non-GAAP financial measures. The company's earnings presentation and earnings press release which were issued this afternoon and are available on the company's website, present reconciliations to the appropriate GAAP measures. Finally, the conference call is being recorded via webcast. The webcast will be available at the Investor Relations section of our website at www.chromadex.com.

此外，本次電話會議中提供的某些財務資訊引用了非公認會計準則財務指標。該公司今天下午發布的收益報告和收益新聞稿可在公司網站上查看，其中提供了對適當的公認會計原則措施的調節。最後，電話會議透過網路廣播進行錄製。此網路廣播將在我們網站 www.chromadex.com 的投資者關係部分提供。

With that, it's now my pleasure to turn the call over to our Chief Executive Officer, Rob Fried.

現在，我很高興將電話轉給我們的執行長 Rob Fried。

Thank you, Ben. Good afternoon, everyone, and thank you for joining us today on our investor call. For the second quarter, we delivered another solid performance with $22.7 million revenue, a 12% increase year-over-year and an unexpected virtual breakeven net income, $15,000 net loss.

謝謝你，本。大家下午好，感謝您今天參加我們的投資人電話會議。第二季度，我們再次取得了穩健的業績，收入為 2,270 萬美元，年增 12%，淨利潤達到了意想不到的盈虧平衡點，淨虧損為 15,000 美元。

We achieved $1.6 million in positive adjusted EBITDA, marking our fifth consecutive quarter of positive adjusted EBITDA. This reflects our steadfast focus on maintaining fiscal discipline across the company while still supporting upcoming launches and key initiatives.

我們實現了 160 萬美元的正向調整 EBITDA，這是我們連續第五個季度實現正向調整 EBITDA。這反映出我們堅定不移地致力於維持整個公司的財務紀律，同時仍支持即將推出的產品和關鍵舉措。

In the second quarter, we generated total positive cash flows and ended the quarter with $27.9 million in cash and no debt. As most of you know, ChromaDex is the gold standard in the NAD space, and we are at the forefront of improving the health of all individuals. After significant time and investment in research and development, I'm excited that our Niagen+ product line launch is finally here.

第二季度，我們產生了總正現金流，季度末現金為 2,790 萬美元，無債務。正如大多數人所知，ChromaDex 是 NAD 領域的黃金標準，我們處於改善所有人健康的最前線。經過大量時間和研發投入後，我很高興我們的 Niagen+ 產品線終於推出了。

In June, we first introduced the Niagen+ product line featuring pharmaceutical-grade Niagen. US FDA registered 503B outsourcing facilities will compound and distribute pharmaceutical-grade Niagen, which will be available in intravenous IV and injectable forms exclusively at clinics with prescription.

6月份，我們首次推出了以醫藥級Niagen為特色的Niagen+產品線。美國 FDA 註冊的 503B 外包設施將複合和分銷醫藥級 Niagen，該產品將以靜脈注射和注射形式專門在診所憑處方提供。

Starting this month, Niagen IV and injections will debut at select IV clinics through Wells pharmacy network, including Cenegenics, Drip Hydration, REVIV, Next Health, Restore Hyper Wellness, and many others. This innovation not only opens significant growth opportunities for the company and a global market valued at over $2 billion, but also represents a major advancement in NAD+ IV therapy, offering a superior tolerability, 75% shorter infusion time, and a faster elevation of NAD blood levels post infusion.

從本月開始，Niagen IV 和注射將透過 Wells 藥局網路在精選 IV 診所首次亮相，包括 Cenegenics、Drip Hydration、REVIV、Next Health、Restore Hyper Wellness 等。這項創新不僅為公司和價值超過20 億美元的全球市場帶來了重大成長機會，而且代表了NAD+ IV 療法的重大進步，提供了卓越的耐受性、縮短了75% 的輸注時間以及更快地提高NAD 血液水平輸注後水準。

Over the last few years, we have seen the increasing popularity of NAD IV therapy among celebrities, athletes, and influencers who seek to biohack the aging process. We know that users of traditional NAD IV therapies have reported very uncomfortable experiences and shared that it takes hours to administer. This is not the case with Niagen IV. We believe that Niagen IV will provide a superior experience for all consumers, and we are excited to bring the best NAD-boosting ingredient to IV therapies.

在過去的幾年裡，我們看到 NAD IV 療法在尋求生物破解老化過程的名人、運動員和影響者中越來越受歡迎。我們知道，傳統 NAD IV 療法的使用者報告了非常不舒服的經歷，並表示需要花費數小時才能進行治療。Niagen IV 的情況並非如此。我們相信 Niagen IV 將為所有消費者提供卓越的體驗，我們很高興能為 IV 療法帶來最好的 NAD 增強成分。

We also announced the launch of the Niagen+ NAD test kit available exclusively to health care practitioners to provide a reliable method for measuring patient blood NAD levels. The Niagen NAD test kit allows health care practitioners, a tool to provide patients with personalized and effective protocols by more accurately tracking NAV changes over time.

我們也宣布推出專供醫療保健從業人員使用的 Niagen+ NAD 檢測試劑盒，為測量患者血液 NAD 水平提供可靠的方法。Niagen NAD 測試套件讓醫療保健從業者能夠透過更準確地追蹤 NAV 隨著時間的推移而發生的變化，為患者提供個人化且有效的方案。

ChromaDex is the only company to offer our patented NR in both oral and injectable sterile formulations. We are indeed holding true to our commitment to developing new products and mechanisms to benefit the way humans age; this beyond traditional dietary supplementation. The team at ChromaDex is passionate about this constant stream of innovations and there's more to come. I am very proud of everyone here for their diligence and thoroughness throughout the development process to ensure the proper, safety, efficacy, and compliance has been established.

ChromaDex 是唯一一家在口服和注射無菌製劑中提供我們的專利 NR 的公司。我們確實恪守我們的承諾，開發新產品和新機制，以造福人類的衰老方式；這超越了傳統的膳食補充劑。ChromaDex 團隊對這種持續不斷的創新充滿熱情，而且還會有更多創新。我為這裡的每個人感到非常自豪，他們在整個開發過程中勤奮和徹底，以確保正確、安全、有效和合規。

As I have said previously, the mission of ChromaDex is to improve health span to as many lives as possible. In the past earnings call, I referenced the clinical study that investigated the safety benefits of long-term NAD supplementation in individuals with ataxia telangiectasia, a rare genetic neurodegenerative disorder. AT is a rare progressive disease where children suffer from adverse effect of premature aging and face limited life expectancy.

正如我之前所說，ChromaDex 的使命是改善盡可能多的人的健康壽命。在過去的財報電話會議上，我提到了一項臨床研究，該研究調查了長期補充 NAD 對共濟失調性毛細血管擴張症（一種罕見的遺傳性神經退化性疾病）患者的安全性益處。AT 是一種罕見的進行性疾病，兒童會遭受過早老化的不利影響並面臨有限的預期壽命。

The results of the study were published in October 2023, and confirmed that long-term supplementation of NR was safe and well tolerated and improved motor coordination, eye movement in AT patients of various ages.

研究結果於2023年10月發表，證實長期補充NR是安全的且耐受性良好，並能改善不同年齡的AT患者的運動協調性、眼球運動。

In June, we announced the US FDA granted orphan drug designation and rare pediatric disease for NR as a candidate for treatment of AT. We plan to file an investigative new drug application with the FDA in anticipation of conducting human clinical trials guided by Dr. Vilhelm Bohr, Professor at University of Copenhagen and Scientific Adviser to ChromaDex. We eagerly anticipate the results from future research and how NR can bring therapeutic benefits to individuals suffering from AT.

6 月，我們宣布美國 FDA 授予 NR 作為治療 AT 候選藥物和罕見兒科疾病的孤兒藥資格。我們計劃向 F​​DA 提交新藥研究申請，預計在哥本哈根大學教授兼 ChromaDex 科學顧問 Vilhelm Bohr 博士的指導下進行人體臨床試驗。我們熱切期待未來的研究結果以及 NR 如何為 AT 患者帶來治療益處。

With regard to our Parkinson's initiative, just last week, a new patent was granted in Europe for the use of nicotinamide riboside in the treatment of Parkinson's disease. This is a very exciting step forward. We look forward to the results of the Phase III NO-PARK study, which is nearing completion. We anticipate the study to be complete sometime in the first-half of next year. The NO-PARK study aims to examine the therapeutic potential of NR in patients with Parkinson's disease, all of whom take either a placebo or 1 gram a day for a year of nicotinamide riboside.

關於我們的帕金森氏症倡議，就在上週，歐洲獲得了使用菸鹼醯胺核苷治療帕金森氏症的新專利。這是非常令人興奮的一步。我們期待即將完成的第三階段 NO-PARK 研究的結果。我們預計這項研究將在明年上半年的某個時候完成。NO-PARK 研究旨在檢驗 NR 對帕金森氏症患者的治療潛力，所有患者要么服用安慰劑，要么每天服用 1 克菸鹼醯胺核苷，持續一年。

Since our last quarterly update, there have been a few key clinical publications that I'd like to highlight. In June, results of a pivotal Phase II trial were published in the Journal of Nature Communications. The study, led by Dr. Mary McDermott at Northwestern University revealed that six months of NR supplementation at 1,000 milligrams per day significantly improved the 6 minute walk distance and treadmill walking time in people with peripheral artery disease, or PAD. This compared to a placebo. PAD is a condition characterized by plaque buildup in peripheral arteries that restrict blood flow. It affects 200 million people worldwide.

自從我們上一次季度更新以來，我想強調一些重要的臨床出版物。六月，一項關鍵的二期試驗結果發表在《自然通訊雜誌》。由西北大學 Mary McDermott 博士領導的研究表明，每天補充 1,000 毫克 NR 六個月可以顯著改善患有外周動脈疾病 (PAD) 的患者 6 分鐘步行距離和跑步機步行時間。這與安慰劑相比。PAD 是一種以周邊動脈斑塊堆積限制血流為特徵的疾病。它影響著全世界 2 億人。

In July, a peer-reviewed clinical study was published demonstrating that a single dose of NR supplementation affects NAD levels in the brain. The study at the University of Pennsylvania examined the effect of supplementing 900 milligrams of NR offered to them as Tru Niagen in healthy adults and found that within four hours, brain NAD levels increased significantly by about 16%, compared to baseline. This study is the first to demonstrate an increase in brain NAD levels after just a single dose of Tru Niagen.

7 月，發表的一項經過同行評審的臨床研究表明，單劑量的 NR 補充劑會影響大腦中的 NAD 水平。賓州大學的研究檢視了健康成年人補充 900 毫克 NR（Tru Niagen）的效果，發現在四小時內，大腦 NAD 水平與基線相比顯著增加了約 16%。這項研究首次證明單劑量 Tru Niagen 後大腦 NAD 水平就會增加。

And the results are consistent with previously published clinical evidence, demonstrating supplemental NR increases brain NAD levels. These recent findings are quite compelling as the brand relies heavily on NAD to support its extensive metabolic functioning. These publications add to our understanding of the many profound benefit in our supplementation can provide to all individuals.

結果與先前發表的臨床證據一致，顯示補充 NR 會增加大腦 NAD 水平。這些最近的發現非常引人注目，因為該品牌嚴重依賴 NAD 來支持其廣泛的代謝功能。這些出版物加深了我們對補充劑可以為所有人帶來的許多深遠益處的理解。

I'd like to give a brief update on the current core business. At $13 million for the second quarter, e-commerce continues to be our largest and most consistent source of revenue, remaining stable year-over-year. Several factors play into our current position in e-commerce. First, as you all know, last year, we invested in a brand campaign through Amazon's homepage takeover. This drove a significant increase in new-to-brand purchases for the first quarter of 2023.

我想簡單介紹一下目前的核心業務。第二季電子商務營收為 1,300 萬美元，仍是我們最大、最穩定的營收來源，較去年同期保持穩定。有幾個因素影響了我們目前在電子商務中的地位。首先，眾所周知，去年我們透過亞馬遜的主頁收購投資了一個品牌活動。這推動 2023 年第一季新品牌購買量大幅增加。

Subsequently, in the second quarter of 2023, our team reduced top of the funnel spending, but we directed our efforts to retargeting consumers exposed to the homepage takeover event. In contrast, during the first two quarters of 2024, our marketing team focused on different initiatives. Moving away from heavy promotional periods and instead utilizing influencer marketing, refreshed content, and social media presence to drive acquisitions and brand awareness.

隨後，在 2023 年第二季度，我們的團隊減少了漏斗頂部的支出，但我們將努力重新定位遭受主頁接管事件的消費者。相較之下，在 2024 年前兩個季度，我們的行銷團隊專注於不同的措施。擺脫大量的促銷期，而是利用有影響力的行銷、更新的內容和社交媒體的存在來推動收購和品牌知名度。

Absent the large-scale event like last year, we are seeing positive signs from our marketing efforts, including increases in subscriptions on Amazon and on our own website.

雖然沒有像去年那樣的大型活動，但我們的行銷工作看到了積極的跡象，包括亞馬遜和我們自己網站上的訂閱量增加。

Total Niagen-related sales on Amazon marketplaces have grown significantly year-over-year, reflecting increased consumer awareness that Niagen is the gold standard in NAD boosting supplementation. Tru Niagen as a brand continues to grow in Amazon and the presence of our other Niagen partners, including Life Extension, Neurohacker, and Nestle's brand Solgar has furthered the recognition of Niagen's benefits without requiring significant marketing expenditure from us.

亞馬遜市場上與 Niagen 相關的總銷售額同比大幅增長，反映出消費者越來越意識到 Niagen 是 NAD 促進補充劑的黃金標準。Tru Niagen 作為一個品牌在亞馬遜上不斷發展，我們其他 Niagen 合作夥伴（包括 Life Extension、Neurohacker 和雀巢品牌 Solgar）的出現進一步加深了人們對 Niagen 優勢的認可，而無需我們投入大量行銷費用。

Unfortunately, other brands have emerged on Amazon promoting NAD boosting products that do not live up to their claims. It is troubling that such misinformation and misleading practices continue to persist, but it only strengthens our resolve to emphasize Niagen's superior quality. As the popularity and awareness of NAD continues to grow, we will remain vigilant on our actions against infringers and against brands that continue to be disingenuous to consumers.

不幸的是，亞馬遜上出現的其他品牌所推銷的 NAD 增強產品並不符合他們的要求。令人不安的是，這類錯誤訊息和誤導性做法繼續存在，但這只會堅定我們強調 Niagen 卓越品質的決心。隨著 NAD 的知名度和認知度不斷提高，我們將繼續保持警惕，針對侵權者和繼續對消費者不誠實的品牌採取行動。

We are dedicated to ensuring that Niagen remains recognized as the premier choice in the NAD boosting industry through our continued focus on product excellence and consumer education.

透過持續關注產品卓越性和消費者教育，我們致力於確保 Niagen 繼續被公認為 NAD 促進產業的首選。

Watsons remains a valued strategic partner providing steady recurring revenue with occasional quarterly fluctuations. We continue to explore new opportunities with Watsons to enhance brand awareness. One such initiative is the development of sample size package of 10 300-milligram doses of Tru Niagen.

屈臣氏仍然是重要的策略夥伴，提供穩定的經常性收入，但偶爾會出現季度波動。我們繼續與屈臣氏探索新的機會，以提高品牌知名度。其中一項舉措是開發 10 300 毫克劑量的 Tru Niagen 樣品包裝。

This smaller offering is intended for use in gift with purchase promotions or as a stand-alone product to attract new customers. Additionally, we are collaborating with Watsons on further marketing initiatives planned later this year and perhaps new product offerings as well.

這種較小的產品旨在用於促銷禮品或作為獨立產品來吸引新客戶。此外，我們正與屈臣氏合作，計劃在今年稍後開展進一步的行銷活動，或許還會推出新產品。

Nestle Health Science has made excellent progress in integrating Niagen into their brands. Earlier this year, Pure Encapsulations reformulated two of their existing SKUs to replace NMN with Niagen. Last month, Pure Encapsulations launched a new multi-ingredient product featuring Niagen called NR Longevity.

雀巢健康科學在將 Niagen 融入其品牌方面取得了巨大進展。今年早些時候，Pure Encapsulations 重新設計了兩個現有的 SKU，以 Niagen 取代 NMN。上個月，Pure Encapsulations 推出了一款採用 Niagen 技術的新型多成分產品，名為 NR Longevity。

We are quite proud to collaborate with Nestle, working together to deliver products that enhance cellular health and support health span. As many of you know, Brianna Gerber stepped down as CFO in July. Brianna was an important business partner to me and to the rest of the organization. The leadership contributed to our progress towards cash flow breakeven and better. As she moves on to a new opportunity, we'd like to thank her for her contribution to ChromaDex, and we wish her the best of luck.

我們非常自豪能夠與雀巢合作，共同提供增強細胞健康和支持健康壽命的產品。眾所周知，Brianna Gerber 於 7 月辭去了財務長一職。布麗安娜 (Brianna) 對我和組織的其他成員來說都是重要的業務夥伴。領導階層為我們實現現金流損益平衡和更好的進展做出了貢獻。當她轉向新的機會時，我們要感謝她對 ChromaDex 的貢獻，並祝她好運。

While we search for a new CFO, we have promoted James Lee to the position of Interim CFO. James has been with ChromaDex over 15-years and has over 20-years of public accounting experience at ChromaDex and Samsung Electronics. I have immense trust in James' capability and expertise and I am confident in his leadership during this transition.

在我們尋找新財務長的同時，我們已將詹姆斯李提升為臨時財務長。James 在 ChromaDex 工作超過 15 年，並​​在 ChromaDex 和三星電子擁有 20 多年的公共會計經驗。我對詹姆斯的能力和專業知識充滿信心，對他在這段過渡期間的領導能力充滿信心。

In the past quarter, we have made significant announcements around our upcoming launches and around our science. As the commercialization of the Niagen IV took longer than we had originally anticipated, this may have implications on our overall growth plans for the balance of 2024. Over the last few years, we put tremendous time and effort in applying for the patents around Niagen IV to secure pharmaceutical-grade Niagen, to obtain 503B approval with the FDA, and to conduct third-party independent studies to assess safety and efficacy.

在過去的季度中，我們圍繞著即將推出的產品和我們的科學發布了重大公告。由於 Niagen IV 的商業化花費的時間比我們最初預期的要長，這可能會對我們 2024 年剩餘時間的整體成長計畫產生影響。在過去的幾年裡，我們投入了大量的時間和精力來申請 Niagen IV 的專利，以獲得藥品級 Niagen，獲得 FDA 的 503B 批准，並進行第三方獨立研究來評估安全性和有效性。

Accordingly, while we are still driving toward higher growth, we are introducing a range that contemplates the later launch of Niagen IV and contemplates factors not within our control that may impact our top line expectations. James will review the updated 2024 outlook in greater detail shortly, but we look to finish the rest of 2024 by building momentum towards stronger growth in 2025, while still maintaining positive cash flow through continued fiscal discipline.

因此，雖然我們仍在推動更高的成長，但我們正在推出一個考慮稍後推出 Niagen IV 的產品系列，並考慮我們無法控制的可能影響我們營收預期的因素。詹姆斯很快將更詳細地回顧更新後的 2024 年展望，但我們希望在 2024 年剩餘時間為 2025 年更強勁的增長建立動力，同時透過持續的財政紀律保持正現金流。

In summary, this quarter marks an important point for ChromaDex. The debut of Niagen+ will be transformative for ChromaDex as the NAD company. At the same time, we are continuing to focus on optimizing our e-commerce marketing strategy and our business partnerships to gather momentum to end the year in a strong position. And we are eagerly anticipating our progress on Parkinson's and on Ataxia.

總而言之，本季對 ChromaDex 來說是一個重要的時刻。Niagen+ 的首次亮相將為 ChromaDex 作為 NAD 公司帶來變革。同時，我們將繼續專注於優化我們的電子商務行銷策略和業務合作夥伴關係，以積聚動力，在年底保持強勢地位。我們熱切期待我們在帕金森氏症和共濟失調方面取得的進展。

I would now like to hand the call over to James to run through the quarter's financials and then on to Q&A and closing remarks. James?

我現在想將電話交給詹姆斯，讓他瀏覽本季的財務狀況，然後進行問答和結束語。詹姆斯？

Thank you, Rob. It's a pleasure to address our investors, partners, and team members today. I'm honored to step in as Interim CFO and I'm committed to upholding the operational efficiency and financial discipline that have been central to ChromaDex's success these past few years. The progress we've made on key initiatives is promising. And I'm excited about the opportunities ahead.

謝謝你，羅布。今天很高興向我們的投資者、合作夥伴和團隊成員發表演講。我很榮幸擔任臨時財務官，並致力於維護營運效率和財務紀律，這對於 ChromaDex 過去幾年的成功至關重要。我們在關鍵舉措上取得的進展是有希望的。我對未來的機會感到興奮。

As Rob said, we're diligently searching for a permanent CFO, who will guide us the phase of our journey. In the meantime, I'm dedicated to leading the company through this transition and continuing to drive our strategic and financial goals forward.

正如羅布所說，我們正在努力尋找一位永久首席財務官，他將指導我們的旅程的各個階段。同時，我致力於領導公司完成這項過渡，並繼續推動我們的策略和財務目標向前發展。

Moving to the key highlights of our second quarter performance. ChromaDex delivered total net sales of $22.7 million, solid gross margins of 60.2%, a reduction in overall operating expenses of $0.7 million and a near breakeven net loss of $15,000.

接下來是我們第二季業績的主要亮點。ChromaDex 的總淨銷售額為 2,270 萬美元，毛利率穩定為 60.2%，整體營運費用減少了 70 萬美元，淨虧損接近盈虧平衡，為 15,000 美元。

Additionally, we had near breakeven operating cash flows and a positive $1.6 million of adjusted EBITDA, a non-GAAP metric. Our performance this quarter demonstrates our continued financial discipline across the organization, while making meaningful progress with key initiatives such as Niagen+.

此外，我們的營運現金流量接近損益平衡，調整後 EBITDA（非 GAAP 指標）為 160 萬美元。我們本季的業績證明了我們整個組織持續的財務紀律，同時在 Niagen+ 等關鍵舉措上取得了有意義的進展。

With that, let's turn to the second quarter financials in more detail. As noted, total net sales in the second quarter of 2024 reached $22.7 million, reflecting a 12% increase compared to the second quarter of 2023. This growth was primarily driven by a 10% increase in Tru Niagen sales with steady e-commerce performance year-over-year. And a 44% increase in combined Watsons and other B2B sales, partly due to timing of sales.

接下來，讓我們更詳細地了解第二季的財務狀況。如上所述，2024 年第二季的總淨銷售額達到 2,270 萬美元，較 2023 年第二季成長 12%。這一成長主要得益於 Tru Niagen 銷售額成長 10%，電子商務業績較去年同期穩定。屈臣氏和其他 B2B 銷售額總計成長了 44%，部分原因是銷售時機。

As a quick reminder, in mid-March of the previous year, we invested in a brand-building event with the Amazon homepage takeover, which drove higher e-commerce sales during the second quarter of 2023. Even without a similar initiative this year, we maintained robust e-commerce performance.

快速提醒一下，去年 3 月中旬，我們投資了一項品牌建立活動，收購了亞馬遜主頁，這推動了 2023 年第二季電子商務銷售額的成長。即使今年沒有類似的舉措，我們也維持了強勁的電子商務表現。

Regarding Watsons and other B2B sales, the timing of sales can vary for our partners on a quarterly basis. Nonetheless, we continue to see steady recurring demand from existing partners and have realized some modest upside. Additionally, total ingredient sales grew $0.6 million, partly driven by timing of sales from our partners.

關於屈臣氏和其他 B2B 銷售，我們的合作夥伴的銷售時間可能會按季度有所不同。儘管如此，我們仍然看到現有合作夥伴的穩定的經常性需求，並實現了一些適度的上升空間。此外，原料總銷售額成長了 60 萬美元，部分原因是我們合作夥伴的銷售時機。

Gross margins remained strong at 60.2%, slightly down, compared to 60.8% in the second quarter of 2023. This modest decline is mainly due to changes in our business mix with e-commerce sales constituting 57% of our total net sales in the current quarter, compared to 64% in the prior year. Even with this shift, our margins continue to reflect strong operational efficiency and cost management.

毛利率依然強勁，為 60.2%，與 2023 年第二季的 60.8% 相比略有下降。這種小幅下降主要是由於我們業務組合的變化，電子商務銷售額佔本季總淨銷售額的 57%，而前一年為 64%。即使發生這種轉變，我們的利潤率仍然反映出強大的營運效率和成本管理。

Selling and marketing expense as a percentage of net sales rose to 30.6%, compared to 29.6% in the second quarter of 2023. As discussed earlier, our investment in a major brand building event in the first quarter of the prior year, allowed us to retarget consumers effectively and achieve overall efficiencies in the second quarter of last year.

銷售和行銷費用佔淨銷售額的百分比上升至 30.6%，而 2023 年第二季為 29.6%。正如前面所討論的，我們在去年第一季對一項重大品牌建立活動的投資使我們能夠有效地重新定位消費者，並在去年第二季度實現了整體效率。

This year, without a comparable campaign, we increased our marketing investments, but still managed to drive similar efficiencies, demonstrating our commitment to strategic growth and our ability to adapt our marketing approach to continue delivering strong results.

今年，在沒有類似活動的情況下，我們增加了行銷投資，但仍然設法提高了類似的效率，這證明了我們對策略成長的承諾以及我們調整行銷方法以繼續取得強勁成果的能力。

Research and development expenses remained stable year-over-year as we continue to focus on advancing innovation and developing new NAD precursors. General and administrative expense decreased by $1.6 million, compared to the previous year. This reduction was largely due to lower costs in executive and administrative headcount, bad debt, severance and restructuring, and royalty and commission expenses.

隨著我們繼續專注於推動創新和開發新的 NAD 前體，研發費用比去年同期保持穩定。與前一年相比，一般及行政費用減少了 160 萬美元。這一減少主要是由於執行和行政人員成本、壞帳、遣散費和重組以及特許權使用費和佣金費用的降低。

For the second quarter of 2024, our operating loss was $0.3 million versus a $2.3 million loss in the second quarter of 2023, an improvement of $2.1 million, driven by higher net sales and lower operating expense. The net loss attributable to common stockholders for the second quarter of 2024 was near breakeven or a loss of $0.00 per share, compared to a net loss of $2.2 million and a loss of $0.03 per share for the second quarter of 2023.

2024 年第二季度，我們的營運虧損為 30 萬美元，而 2023 年第二季的營運虧損為 230 萬美元，由於淨銷售額增加和營運費用降低，增加了 210 萬美元。2024 年第二季歸屬於普通股股東的淨虧損接近損益兩平，即每股虧損 0.00 美元，而 2023 年第二季的淨虧損為 220 萬美元，每股虧損 0.03 美元。

Moving to the balance sheet and cash flow. Our balance sheet remains strong. We ended the quarter with $27.9 million in cash and no debt. For the six months ended June 30, 2024, net cash provided by operations was near breakeven at $31,000, compared to a $6.1 million cash inflow in the same period last year. The difference year-over-year was largely driven by changes in working capital with a relatively greater increase in trade receivables of $4.2 million, and a greater reduction in accounts payable of $2.5 million.

轉向資產負債表和現金流量。我們的資產負債表仍然強勁。本季結束時，我們擁有 2,790 萬美元現金，沒有債務。截至 2024 年 6 月 30 日的六個月，營運提供的淨現金接近損益平衡，為 31,000 美元，而去年同期的現金流入為 610 萬美元。同比差異主要是由營運資本變動造成的，應收帳款相對較大地增加了 420 萬美元，而應付帳款則相對較大地減少了 250 萬美元。

As it relates to our 2024 full-year P&L outlook, detailed information on key financial metrics can be found in our earnings press release and accompanying slide presentation. As mentioned in the prior earnings call, our top line outlook included revenues from new product launches. Due to the longer-than-expected commercialization process of Niagen+, stemming from the necessary steps to ensure thorough diligence, we have revisited our outlook.

由於它與我們 2024 年全年損益展望相關，因此有關關鍵財務指標的詳細資訊可以在我們的收益新聞稿和隨附的幻燈片演示中找到。如同先前的財報電話會議中所提到的，我們的營收展望包括新產品發布的收入。由於 Niagen+ 的商業化進程比預期要長，因此出於確保徹底盡職調查的必要步驟，我們重新審視了我們的前景。

While we continue to aim for higher growth, we now anticipate a 10% to 15% year-over-year growth, driven by our global e-commerce business, new and existing partnerships, and the launch of Niagen IV. Our revised top line expectations account for the extended commercialization timeline of Niagen+ and other factors beyond our control.

雖然我們繼續追求更高的成長，但在我們的全球電子商務業務、新的和現有的合作夥伴關係以及 Niagen IV 的推出的推動下，我們現在預計將同比增長 10% 至 15%。我們修改後的營收預期考慮到了 Niagen+ 商業化時程的延長以及其他我們無法控制的因素。

We also revised our general and administrative expense outlook, which is now down approximately $1.5 million, a reduction from the previous increase of $1.5 million to $2.5 million. Initially, we provided the guidance that G&A was going to increase year-over-year due to investments in infrastructure to support our growth trajectory and new market launches.

我們也修改了一般和管理費用預期，目前下調了約 150 萬美元，較先前增加的 150 萬美元減少至 250 萬美元。最初，我們提供的指導是，由於支持我們的成長軌跡和新市場推出的基礎設施投資，一般管理費用將逐年增加。

Given the later launch date of Niagen IV, we have shifted the timing for some of those initiatives into 2025. Beyond these adjustments, our key metrics remain consistent with last quarter's outlook. We expect strong and steady gross margins with a slight improvement over the prior year's 60.8%. We plan to make greater investments in sales and marketing expense, while maintaining similar efficiencies and increased research and development investments to support our strategic initiatives.

鑑於 Niagen IV 的發布日期較晚，我們已將其中一些舉措的時間推遲到 2025 年。除了這些調整之外，我們的關鍵指標與上季的前景保持一致。我們預計毛利率將強勁且穩定，比上年的 60.8% 略有改善。我們計劃在銷售和行銷費用上進行更多投資，同時保持類似的效率並增加研發投資以支持我們的策略性舉措。

In summary, we delivered a solid financial performance in the second quarter, both at the top and bottom lines. We advanced crucial aspects of our strategic plan, including the introduction of Niagen+, which opens up exciting new market opportunities. While unlocking the full revenue potential of the Niagen+ launch may take time, we're seeing encouraging responses from our partners, and we're proud of the progress we have made.

總而言之，我們在第二季度實現了穩健的財務業績，無論是在收入還是利潤上。我們推進了戰略計劃的關鍵方面，包括引入 Niagen+，它開闢了令人興奮的新市場機會。雖然釋放 Niagen+ 發布的全部收入潛力可能需要時間，但我們看到合作夥伴的積極回應，我們對所取得的進展感到自豪。

We will remain disciplined in managing the business at cash flow breakeven or better, while scaling our revenues and making key investments for growth. Our core business remains strong with continued positive operating cash flows and a healthy balance sheet. All of the achievements this quarter are a testament to the team here at ChromaDex. Their dedication and hard work in bringing these initiatives to fruition have been instrumental in driving us forward.

我們將繼續嚴格管理業務，實現現金流收支平衡或更好，同時擴大收入並進行關鍵投資以促進成長。我們的核心業務依然強勁，擁有持續的正營運現金流和健康的資產負債表。本季的所有成就都是對 ChromaDex 團隊的證明。他們的奉獻精神和辛勤工作使這些舉措取得成果，對推動我們前進發揮了重要作用。

As we continue to pursue our goals together, I am committed to maintaining the operational efficiency and financial discipline that have been key to our success. Operator, we're now ready to take questions.

在我們繼續共同追求目標的同時，我致力於維持營運效率和財務紀律，這是我們成功的關鍵。接線員，我們現在準備好回答問題。

(Operator Instructions)

（操作員說明）

Mitch Pinheiro, Sturdivant.

米奇·皮涅羅，Sturdivant。

Good afternoon. Rob and company, congratulations on all the sort of new products and initiatives that you've launched recently. I would -- just take -- just like to take a look at if you could provide a little more color around the Niagen+. Like how many clinics are we talking about right here, initial shipments.

午安.Rob 和他的公司，恭喜你們最近推出的所有新產品和措施。我想看看你們是否可以在 Niagen+ 周圍提供更多的顏色。就像我們在這裡談論的診所數量一樣，初始發貨。

And just looking at the advantages that your product has over the current product set, why wouldn't you expect adoption to be faster. Who wants 3-hour infusion times with pain. I mean why wouldn't you be able to capture 50% share right out of the gate. What are the obstacles that I'm missing on that?

只要看看您的產品相對於目前產品集的優勢，為什麼不期望採用速度更快。誰願意帶著疼痛進行 3 小時的輸注時間。我的意思是，為什麼你不能一開始就獲得 50% 的份額。我在這方面缺少哪些障礙？

Thanks, Mitch. That's a very good question. We do think we'll get more than 50% share. Head to head the product is so significantly better than NAD IV. The reason why it's so much better than NAD IV is the same reason why it's so much better than NMN. Neither NAD nor NMN when consumed easily are taken up in the cells, neither one of them.

謝謝，米奇。這是一個非常好的問題。我們確實認為我們會獲得超過 50% 的份額。對比來看，該產品明顯優於 NAD IV。它比 NAD IV 好得多的原因與它比 NMN 好得多的原因是一樣的。NAD 和 NMN 在容易消耗時都不會被細胞吸收，兩者都不是。

NAD is a very large molecule and it has -- is a nucleotide. It has a phosphate on the perimeter. The same with NMN. It has a phosphate. It's that phosphate that blocks entry into the cell. In the case of NAD, they have the double whammy. They have the phosphate and extra-large molecule.

NAD 是一個非常大的分子，它是一種核苷酸。它的周邊有磷酸鹽。與NMN相同。它有磷酸鹽。正是磷酸鹽阻止了進入細胞。就 NAD 而言，他們面臨著雙重打擊。它們具有磷酸鹽和超大分子。

That's the reason why when people sit down to ingest NAD infusion, it takes so long and there's so much nausea and stress and sweating, because it's unable to get into the cell. So what happens with both NAD and NMN is it tries, creates friction, and we believe, inflammation, but eventually breaks up into smaller molecules.

這就是為什麼當人們坐下來攝取 NAD 輸液時，需要很長時間，而且會感到噁心、壓力和出汗，因為它無法進入細胞。因此，NAD 和 NMN 都會嘗試產生摩擦，我們認為會產生炎症，但最終會分解成更小的分子。

One of the molecules it breaks up into is nicotinamide riboside, Niagen. Once that NR molecules flow through the bloodstream, it's quite easily upregulates into the cell. So that's why the test results are exactly what we expected. If you do an IV infusion of Niagen, it cleanly goes right up into the cell with no side effects and has dramatically increased level of NAD after. That's why NR is better than NMN. That's why it's better than NAD. This is a difficult message to communicate, but that's our quest. We've got the superior product; explaining it to people is challenging.

它分解成的分子之一是菸鹼醯胺核苷，Niagen。一旦 NR 分子流經血流，它就很容易上調進入細胞。這就是為什麼測試結果正是我們所期望的。如果您進行 Niagen 的靜脈輸注，它會直接進入細胞，沒有副作用，並且之後 NAD 水平會顯著增加。這就是為什麼NR比NMN更好的原因。這就是為什麼它比 NAD 更好。這是一個很難傳達的訊息，但這就是我們的追求。我們擁有優質的產品；向人們解釋它是具有挑戰性的。

We know that once we explain the science to the clinics, they all know what the experience is with NAD. They say, wow, you have something that only takes minutes instead of hours. It doesn't have side effects. When can I get it?

我們知道，一旦我們向診所解釋科學原理，他們都會知道 NAD 的體驗。他們說，哇，你只需幾分鐘而不是幾個小時就能完成一些事情。它沒有副作用。我什麼時候可以拿到？

So we know that the thing sells, they all want it. The problem has been the supply. Like everything that we do, Mitch, we do it very, very much by the book. It puts us at a disadvantage from some players who like to steal patents or make false claims or put things in bottles that are inaccurate.

所以我們知道這個東西暢銷，他們都想要它。問題出在供應。米奇，就像我們所做的一切一樣，我們非常非常按章辦事。這使我們在某些​​喜歡竊取專利、做出虛假聲明或將不準確的東西放入瓶子中的玩家中處於不利地位。

As you know, there have been two studies out there that showed that a very low percentage of the NMN bottles that are sold out there actually have any NMN, let alone accurately label. But we went through the process. We worked on this thing for almost four years. We got the FDA to put it on the 503B list as an improved ingredient. And we applied for, we have patents pending on this process, delivery of NR and NAD precursors via this mechanism.

如您所知，有兩項研究表明，出售的 NMN 瓶子中實際上含有 NMN 的比例非常低，更不用說準確的標籤了。但我們經歷了這個過程。我們在這件事上花了將近四年的時間。我們讓 FDA 將其作為改良成分列入 503B 清單。我們已經申請了該製程的專利（正在申請中），即透過該機制輸送 NR 和 NAD 前驅物。

But most importantly, it had to be pharmaceutical-grade material. It's going right into the blood stream. And that has been a very long process. It's a completely different supply chain than the one we're using on the food-grade material we sell as a dietary supplement. It's a different supply chain. It's different partners. Every step of the way has to be FDA approved. It's triple sterilized, triple validated, purified. The thing is perfect.

但最重要的是，它必須是醫藥級材料。它直接進入血液。這是一個非常漫長的過程。這是一個與我們作為膳食補充劑銷售的食品級材料所使用的供應鏈完全不同的供應鏈。這是一條不同的供應鏈。這是不同的夥伴。每一步都必須得到 FDA 的批准。它經過三重滅菌、三重驗證和純化。事情很完美。

In fact, our partner Wells Health, our compound pharmacy said, it tests better than any ingredient they've ever tested before. That's how pain is taking, we are and how slow it is. In August, we have a limited amount of ingredients. We only have a few kilos. Those kilos have already been sold.

事實上，我們的合作夥伴 Wells Health（我們的複方藥局）表示，它的測試效果比他們之前測試過的任何成分都要好。這就是痛苦的方式，我們就是如此，而且它是多麼緩慢。八月份，我們的食材數量有限。我們只有幾公斤。這些公斤已經賣掉了。

In October, we're going to get a much larger batch. So that's the reason. It's not demand. It's not that they don't get it. And it's not that they don't want it. It's just been very, very challenging to do things the right way, and it's why it's taken us so long.

十月，我們將收到更多的批次。這就是原因。這不是需求。並不是他們不明白。這並不是說他們不想要它。以正確的方式做事非常非常具有挑戰性，這就是為什麼我們花了這麼長時間。

We anticipated initially that we were going to have the product available at the beginning of this year, not October. And that's really the main reason why we're -- we had built it into the forecast for the year. That's why we are slightly lowering our forecast for the year, because we just don't know what's going to happen in October, November and December when we finally have the ingredient. So just to be safe, we created that slightly lower expectation.

我們最初預計該產品將在今年年初而不是十月上市。這確實是我們將其納入今年預測的主要原因。這就是為什麼我們稍微降低了今年的預測，因為我們只是不知道當我們最終擁有原料時，10 月、11 月和 12 月會發生什麼。因此，為了安全起見，我們設定了略低的期望。

I know I answered a bunch of questions in one, but I knew those other questions were coming from you anyway, Mitch.

我知道我在一個問題中回答了一堆問題，但我知道其他問題無論如何都來自你，米奇。

Yeah. No, that was very helpful. Let me ask you this. And then so you're getting a larger batch in October I mean, when do you think you'll be at the point where you're fulfilling orders real time as opposed to like batching?

是的。不，這非常有幫助。讓我問你這個。然後你會在 10 月收到更大的批次，我的意思是，你認為什麼時候你會達到即時履行訂單而不是批量訂單的程度？

October. Could you hear me, Mitch? I'm sorry. I lost the connection, I think.

十月。你聽得到我說話嗎，米奇？對不起。我想我失去了聯繫。

(technical difficulty)

（技術難度）

This is Rob. Dustin, are you still with us?

這是羅布。達斯汀，你還在我們身邊嗎？

Yes, sir.

是的，先生。

I was about to announce our second question. If Mr. Pinheiro would not respond after that answer.

我正要宣布我們的第二個問題。如果皮涅羅先生在回答後沒有回應的話。

What? Mitch, are you still on?

什麼？米奇，你還在嗎？

I have returned him to the queue. And I apologize.

我已經把他放回隊列了。我道歉。

Bill Dezellem, Tieton.

比爾‧德澤勒姆、蒂頓。

Hello, Rob, I could hear your answer. And hopefully, Mitch will come back in. Those were good questions. So continuing on with that line of questioning. I think that you answered the question that Mitch kind of started with, which was, what's the biggest hurdle to Niagen's adoption? And I believe you basically said availability of product. So if once you have full availability, then what do you see as the biggest hurdle to Niagen IV being adopted?

你好，羅布，我聽得到你的回答。希望米奇能回來。這些都是好問題。所以繼續這個問題。我認為你回答了米奇一開始提出的問題，即尼亞根收養的最大障礙是什麼？我相信你基本上說的是產品的可用性。因此，如果您完全可用，那麼您認為 Niagen IV 被採用的最大障礙是什麼？

That's an interesting question, because the demand is already there. I mean there is an NAD IV business out there already. We think we have the opportunity to expand that market dramatically. Because it is a fairly expensive consumer product. I think that's one answer. That's one limiting factor. But also because it's NAD IV is such an unpleasant experience, it's limited the broad adoption.

這是一個有趣的問題，因為需求已經存在。我的意思是已經有 NAD IV 業務了。我們認為我們有機會大幅擴展該市場。因為它是一種相當昂貴的消費品。我認為這是一個答案。這是一個限制因素。但也因為 NAD IV 是一種令人不愉快的體驗，它限制了廣泛採用。

Within Niagen IV and Niagen shots, Niagen injection has the opportunity to dramatically expand the market. So I think the challenge there would be just communicating that it's out there.

在 Niagen IV 和 Niagen 注射劑中，Niagen 注射液有機會大幅擴大市場。所以我認為挑戰在於溝通它就在那裡。

All right. Thank you. And which I guess means that it's the clinics that ultimately will be doing the marketing to their local constituents?

好的。謝謝。我想這意味著最終將由診所向當地選民行銷？

Well, we will be doing some marketing, but our customer is the pharmacy. The pharmacy sells to the clinics and the clinic sell to the consumer, but we will be doing broad marketing of Niagen IV, at both the clinic level and the consumer level.

好吧，我們會做一些行銷，但我們的客戶是藥房。藥房銷售給診所，診所銷售給消費者，但我們將在診所層面和消費者層面對 Niagen IV 進行廣泛的營銷。

Okay. Thank you, Rob. And then maybe I should be asking this question slightly different than I was thinking, but I was going to ask what percent of the IV therapy market, do the partners that you've identified, do they represent? And when I say partners, in my mind, I was thinking clinics, but maybe the correct way to characterize it is pharmacy. So maybe you could help me ask the question the right way and then answer it. I guess, you get to do both sides of this.

好的。謝謝你，羅布。也許我應該問這個問題，與我的想法略有不同，但我想問的是，您所確定的合作夥伴代表了靜脈注射治療市場的百分比嗎？當我說合作夥伴時，在我看來，我想到的是診所，但也許正確的描述方式是藥房。所以也許你可以幫助我以正確的方式提出問題然後回答。我想，你必須做到這兩方面。

Well, there are many 503B and 503A compound pharmacies out there, the 503B pharmacy business generally exists because of special situations, where there's a unique critical need for an ingredient that may not have a specific drug approval for an indication, but is approved by the FDA to be offered through this channel, through this means or if there's an example like Ozempic, for example, where the supply is not meeting the demand.

嗯，市面上有很多503B 和503A 複方藥房，503B 藥房業務通常是因為特殊情況而存在，其中對一種成分有獨特的迫切需求，該成分可能沒有特定的藥物批准用於適應症，但已獲得國家批准FDA 將透過這個管道、透過這種方式提供，或如果有像 Ozempic 這樣的例子，例如，供應無法滿足需求。

So many of these 503B companies are actually selling these GLP-1 products and other peptides, because the demand is so great that the drug companies can't make it in time to meet that demand. So NAD as a percentage of that market is really kind of a small percentage of that overall market.

許多503B公司實際上都在銷售這些GLP-1產品和其他勝肽，因為需求如此之大，以至於製藥公司無法及時滿足該需求。因此，NAD 在該市場中所佔的比例實際上只佔整個市場的一小部分。

We think at the clinic level, at the consumer level, the NAD IV market in the US is somewhere between $100 million and $150 million total. And so you split that with the pharmacy, then you split it again with the ingredient supplier, which is, in this case, would be ChromaDex. So that's how big we think that market is today. But we think we have an opportunity to expand that market because the product is so much superior to what's out there presently.

我們認為，在診所層級和消費者層面，美國 NAD IV 市場總額在 1 億至 1.5 億美元之間。因此，您將其與藥房分開，然後再次與成分供應商分開，在本例中，即為 ChromaDex。這就是我們認為當今市場有多大。但我們認為我們有機會擴大該市場，因為該產品比目前的產品優越得多。

And Rob, the clinics that you are in partnership with, what percentage of that $150 million at retail, do they represent?

Rob，您合作的診所佔這 1.5 億美元零售額的比例是多少？

More than 50%. The other 50% would be physicians that administer NAD, either via an injection or an IV in the actual physician's office, but the clinics are the majority of that business.

超過50%。另外 50% 是在實際醫生辦公室透過注射或靜脈注射施用 NAD 的醫生，但診所佔了該業務的大部分。

Great. Thank you. That is that is helpful. A couple of other questions before I hop off, if I may. The first one is relative to AT. How is this process that you're going forward with AT different than the process that you had several years ago with Cockayne syndrome?

偉大的。謝謝。那就是有幫助。如果可以的話，在下車之前還有幾個問題。第一個是相對於AT而言的。您正在進行的 AT 治療過程與您幾年前的科凱恩症候群治療過程有何不同？

That's a good question. The Cockayne studies that were just mouse studies and be contemplated -- and actually Andrew's on the call, I'll give you a quick answer, and then I'll let Andrew chime in if you'd like, Andrew. The Cockayne study which is comparable in a way. It's also an orphan disease that's accelerated aging disease. And it was Will Bore, who's on our SAP and at the time was at NIH, who oversaw those Cockayne studies while at the NIH, and he, again, is overseeing these Ataxia studies presently.

這是個好問題。科凱恩研究只是小鼠研究，值得深思——實際上安德魯正在打電話，我會給你一個快速的答案，然後如果你願意，我會讓安德魯插話，安德魯。科凱恩的研究在某種程度上具有可比性。這也是一種加速老化的孤兒病。威爾·博爾（Will Bore）在我們的 SAP 工作，當時在 NIH，他在 NIH 期間監督了那些 Cockayne 研究，而他目前也正在監督這些共濟失調研究。

They never -- we never did Cockayne studies that reached the human level. So they never got to the clinical level, whereas Ataxia did. We had that study published in October of last year, which I think is a Phase II human clinical study on Ataxia. So we thought there's a therapeutic benefit to both, but we thought ataxia was further along. Andrew, is there anything else you want to add to that?

他們從來沒有——我們從來沒有做過達到人類水平的科凱恩研究。所以他們從未達到臨床水平，而共濟失調卻達到了。我們在去年 10 月發表了這項研究，我認為這是一項針對共濟失調的 II 期人體臨床研究。所以我們認為兩者都有治療益處，但我們認為共濟失調更進一步。安德魯，您還有什麼要補充的嗎？

Sure, Rob. I'll just add a little bit. Great question, Bill. The overall regulatory process is the same. And as Rob mentioned, Cockayne had never been explored in a human clinical study setting, whereas Ataxia as you've heard from Rob's comments earlier, has been studied in a couple of trials most recently, a two year trial in a group of patients. So it's just further along as far as its investigation in humans. But the regulatory process going through FDA's office of orphan disease and so forth is the same.

當然，羅布。我就補充一點。好問題，比爾。整體監管流程是一樣的。正如Rob 所提到的，Cockayne 從未在人類臨床研究環境中進行過探索，而共濟失調正如您之前從Rob 的評論中聽到的那樣，最近在幾項試驗中進行了研究，在一組患者中進行了兩年的試驗。因此，它在人類身上的研究進展得更進一步。但 FDA 孤兒疾病辦公室等的監管程序是相同的。

And then the, I guess, business logic for going down the path with AT with human studies first versus Cockayne, was that a decision that ChromaDex made? Or was that really tied to those who were doing the studies, the researchers, and you all really did not have a role in that?

然後，我想，首先與 Cockayne 相比，採用 AT 進行人體研究的商業邏輯是 ChromaDex 做出的決定嗎？或者這真的與那些進行研究的人、研究人員有關，而你們真的沒有在其中發揮作用嗎？

I'm sorry, could you ask that one more time?

抱歉，您能再問一次嗎？

Yeah. Did ChromaDex make the decision to go down the AT path in terms of human trials and to not be down

是的。ChromaDex 是否決定在人體試驗方面走 AT 道路而不是失敗

Yeah.

是的。

Okay. And why AT instead of Cockayne?

好的。為什麼是 AT 而不是 Cockayne？

Well, the way our CERP program works is usually companies come to us. And somebody came to us on both Cockayne and Ataxia, but we just thought Ataxia was easier to get approval on, easier to get done, easier to get financed.

嗯，我們的 CERP 計劃的運作方式通常是公司來找我們。有人來找我們研究 Cockayne 和 Ataxia，但我們只是認為 Ataxia 更容易獲得批准，更容易完成，更容易獲得融資。

Great. Okay. That's helpful. And then one additional question, please. The B2B sales being up 44%, congratulations. Does that represent a sell-through level or is that business still really dictated by lumpy orders depending on your consumers' needs. I just I don't have a lot of clarity. If they're just ordering on a consistent basis now or more batch orders?

偉大的。好的。這很有幫助。請再提一個問題。恭喜，B2B 銷售額成長了 44%。這是否代表銷售水平，還是業務仍由大量訂單決定，具體取決於消費者的需求。我只是不太清楚。他們現在只是持續訂購還是更多大量訂購？

So there's an interesting development that we alluded to in our [hawks]. And that is that one of our ingredient customers this year began aggressively marketing a combination product of Niagen+ and other ingredient on Amazon and marketing it very heavily. And doing extremely well on Amazon. So we're in this interesting position where it sort of compete with our customer.

所以我們在我們的文章中提到了一個有趣的發展[鷹派]。那就是，我們的一位原料客戶今年開始在亞馬遜上積極行銷 Niagen+ 和其他原料的組合產品，並且大力行銷。並且在亞馬遜上表現非常好。所以我們處於一個有趣的位置，它與我們的客戶競爭。

So his sales have been extremely strong on Amazon and on his website. So he's been purchasing a lot of ingredients. And we think that's a really good thing, and it's obviously good for our top line and bottom line, but maybe had he not done that, our top line would be significantly higher, if you follow what I'm saying.

因此，他在亞馬遜和他的網站上的銷售量非常強勁。所以他一直在採購大量的原料。我們認為這是一件非常好的事情，這顯然對我們的營收和利潤都有好處，但也許如果他沒有這樣做，如果你照我說的去做，我們的營收會明顯更高。

But we think I'm balance, it's good for the health of Niagen overall in our company overall, and they're very effective marketers, and they advance the word on NAD and Niagen in particular. So because of that, that's why ingredient sales have gone up so significantly and why we expect them to continue to at least for the rest of the year.

但我們認為我很平衡，這對我們公司整體 Niagen 的健康有好處，而且他們是非常有效的行銷人員，他們特別宣傳 NAD 和 Niagen。正因為如此，這就是為什麼原料銷售如此顯著增長，以及為什麼我們預計它們至少在今年剩餘時間內將繼續增長。

Great. Excellent problem to have. Thank you for all the time.

偉大的。非常好的問題。謝謝你們一直以來的陪伴。

Rag Selvaraju, H.C. Wainwright.

塞爾瓦拉朱 (Rag Selvaraju)，H.C.溫賴特。

Hey everyone, this is Mitchell on for Ram. A few from us. I wanted to know how you'll go about setting the pricing for Niagen IV? And what impact do you expect the rollout to have an overall gross margins? If you could just provide a little more color? I know you touched briefly on your expectations for margins changing.

大家好，我是拉姆的米切爾。我們的一些。我想知道你們將如何為 Niagen IV 定價？您預計此次推出會對整體毛利率產生什麼影響？如果你能提供更多的顏色嗎？我知道您簡要地談到了對利潤率變化的預期。

And then separately, how long do you expect it to take for NR to replace NMN in ex-US markets and in particular, in China? Thank you. Thank you.

另外，您預計 NR 在美國以外市場，特別是在中國取代 NMN 需要多長時間？謝謝。謝謝。

So the way we priced it as we work backwards, we saw what the pricing was or is for NAD IV. We price ours slightly higher than that. And then worked our way back to the split with the clinics and with the compound pharmacies. The margins are higher than our corporate margin. So it should have a positive impact on our gross margins. As you know, NMN is illegal in the United States. The FDA has ruled on that numerous times.

因此，我們在倒推時定價的方式，我們看到了 NAD IV 的定價曾經或現在是多少。我們的定價略高於此。然後我們又回到了與診所和複方藥房的分裂。利潤率高於我們公司的利潤率。因此，這應該會對我們的毛利率產生正面影響。如您所知，NMN 在美國是非法的。FDA 已多次對此做出裁決。

And all reputable companies have ceased selling NMN in the US, but there is a proliferation of it of increase many, many companies coming out there, building a website, selling NMN, taking advantage of awareness level that were mostly generated by a few podcasts and by a professor -- a Harvard professor.

所有信譽良好的公司都已停止在美國銷售 NMN，但它的數量激增，許多公司都在那裡建立網站，銷售 NMN，利用主要由少數播客產生的認知度和由一位教授——一位哈佛大學教授。

But since that has happened -- and one of the things that we've shown and there are two studies to show it is that the vast majority of these NMN bottles are mislabeled and many have endotoxins present, meaning a real health issue. The endotoxin presence comes as a result of poor manufacturing processes. You have to realize that the FDA makes a decision that NMN cannot be sold, the companies that decide to keep selling it are the same companies that probably don't care much about from where they get it.

但自從這種情況發生以來，我們已經展示的一件事以及兩項研究表明，絕大多數 NMN 瓶子都貼錯了標籤，而且許多瓶子都含有內毒素，這意味著真正的健康問題。內毒素的存在是由於製造過程不良所造成的。你必須意識到 FDA 決定 NMN 不能出售，那些決定繼續銷售它的公司可能不太關心他們從哪裡獲得它。

The companies that are making it are also companies that have decided to keep making despite the FDA's decision, and that's why you're seeing the presence of endotoxins in many of these NMN products. It's a function of poor manufacturing processes. That type of approach has been very prevalent in China as well, mislabeling, presence of endotoxins, false claims, and then of course the FDA's decision on NMN.

儘管 FDA 做出了決定，但正在生產 NMN 的公司也決定繼續生產，這就是為什麼你會在許多 NMN 產品中看到內毒素的原因。這是不良製造流程的結果。這種做法在中國也非常普遍，包括錯誤標籤、內毒素的存在、虛假聲明，當然還有 FDA 對 NMN 的決定。

So the Chinese government has decided that NMN is no longer legally sellable as a cross-border product in China. So NMN sales in Asia and China have dropped dramatically in the last year; very, very, very dramatically. It has not yet benefited us. And our partner, Sinopharm, believe that the reason it hasn't yet benefited us is because the average consumer seems to confuse Tru Niagen with NMN. They don't yet understand that we are different.

因此，中國政府決定NMN不再作為跨境產品在中國合法銷售。因此去年NMN在亞洲和中國的銷量急劇下降；非常、非常、非常戲劇化。它還沒有為我們帶來好處。而我們的合作夥伴國藥集團認為，它尚未使我們受益的原因是一般消費者似乎將 Tru Niagen 與 NMN 混淆了。他們還不明白我們是不同的。

But they are persistent about continuing to get that message across. The Chinese government has not issued anything negative on Tru Niagen nor will they because they're aware of the studies we've done and the way we go about doing our business. But it has not yet translated into a convergence of sales from NMN to Niagen or to TRU Niagen.

但他們堅持要繼續傳達這個訊息。中國政府沒有對 Tru Niagen 發布任何負面訊息，也不會發布任何負面訊息，因為他們了解我們所做的研究以及我們開展業務的方式。但它尚未轉化為 NMN 與 Niagen 或 TRU Niagen 的銷售融合。

We have added one or two additional partners I heard as a partner that we added, that's selling Tru Niagen globally, and soon we'll be selling in China, and they are doing well and growing. So we hope that between H&H, Sinopharm, iHerb and maybe one or two others, we'll start to see an increase in cross-border sales into China.

我們已經增加了一兩個額外的合作夥伴，我聽說我們添加了一個合作夥伴，他們正在全球銷售 Tru Niagen，很快我們將在中國銷售，他們做得很好並且正在成長。因此，我們希望在 H&H、國藥集團、iHerb 以及其他一兩家公司之間，我們將開始看到中國跨境銷售的成長。

Great. Thank you so much.

偉大的。太感謝了。

Sean McGowan, Roth MK partners.

麥高恩 (Sean McGowan)，羅斯MK 合夥人。

Thank you. Hi, Rob. Hi, James and other. I have a couple of questions, too. So regarding the shift in the timing, let's say, of the rollout of Niagen+, if we had a certain expectation for where you would be by, let's say, the middle of next year, would this delay have an impact of that? Or is it -- you can catch up pretty quickly so you'll be basically where you expect it to be by the middle of next year? I would ask the same question regarding the spending associated with that.

謝謝。嗨，羅布。嗨，詹姆斯和其他人。我也有幾個問題。因此，關於 Niagen+ 推出時間的轉變，如果我們對明年年中的情況有一定的預期，那麼這種延遲是否會產生影響？或者是——你可以很快趕上，這樣到明年年中你基本上就能達到你預期的水平？關於與此相關的支出，我會問同樣的問題。

Yes, I think you will not expect -- it will not have a impact on where we expect to be in the middle of next year on either spending or on revenue.

是的，我想你不會想到——它不會對我們明年年中的支出或收入預期產生影響。

Okay, that's very helpful. And when you say -- I think you said earlier that you would expect at some point, I needed to say when, but we get greater than 50% share of that market and then share what the current market is, but said you expect to expand it. So do you think that there's a lot of growth in the existing market? Or are you basically going to be providing all of that growth?

好的，這非常有幫助。當你說——我想你之前說過你會期望在某個時候，我需要說何時，但我們獲得了超過 50% 的市場份額，然後分享了當前的市場情況，但你說你期望擴展它。那麼您認為現有市場有很大的成長嗎？或者你基本上會提供所有的成長嗎？

It's a new business for us. And many of us know what it's like to start a new business and get into a new business, and it's just the unknowable. You just don't know. So we want to be conservative about this. We just don't know what problems will emerge, but we've been at this for a long time. The early indications are, I would say, extremely positive.

這對我們來說是一項新業務。我們中的許多人都知道開始一項新業務並進入一項新業務是什麼樣子，但這只是不可知的。你只是不知道。所以我們希望對此保持保守。我們只是不知道會出現什麼問題，但我們已經解決這個問題很久了。我想說，早期跡象非常積極。

The clinics, we've given Niagen IV to many people at this point. Dozens of people have tried it, not just in the test, but at the clinics and various influencers and celebrities, and they've all validated what the test show and what we believe. So we're confident based on what we know. But until we're actually up and running and in the business and study, we don't know what we don't know.

診所目前我們已經給很多人注射了 Niagen IV。數十人已經嘗試過，不僅在測試中，而且在診所以及各種有影響力的人和名人中，他們都驗證了測試顯示的內容和我們的信念。因此，根據我們所知道的情況，我們充滿信心。但在我們真正開始運作並投入業務和學習之前，我們不知道我們不知道什麼。

So we're being conservative with our projections. We are hopeful that it will expand the market. It seems very intuitive and logical that it might, since it's a better product than what's on the market. It doesn't have the same side effects and is much quicker and elevates NAD higher, and you have all these clinics that know how to communicate it and have communicated. So it does seem intuitive that it would expand the market but we're not jumping to that conclusion yet.

因此，我們的預測比較保守。我們希望它能夠擴大市場。這似乎非常直觀和合乎邏輯，因為它是比市場上的產品更好的產品。它沒有相同的副作用，而且速度更快，NAD 水平更高，而且所有這些診所都知道如何溝通它並且已經進行了溝通。因此，它確實會擴大市場，這似乎很直觀，但我們還沒有得出這個結論。

But I guess the corollary to what I'm asking is, are you expecting -- like if you weren't entering the market, would you expect the existing market to exhibit strong growth? Or is it kind of flattened out and you're just going to take all the incremental sales.

但我想我所問的推論是，您是否期望 - 就像如果您不進入市場一樣，您會期望現有市場表現出強勁增長嗎？或者它是否已經趨於平緩，而你將獲得所有增量銷售。

(multiple speakers) [just to mark, just] in the NAD market like the guide, what's already out there before you enter the market? Is that a double digit, triple digit growth rate?

（多個發言者）[只是為了標記，只是]在NAD市場中，就像指南一樣，在您進入市場之前已經有什麼了？這是兩位數、三位數的成長率嗎？

Yeah. So the existing NAD market, I know you know this, and I said it before and everybody does now, but I feel like it needs to be emphasized, we don't sell NAD. We sell Niagen and NR, which is a precursor to NAD, but what it ultimately does is it elevates NAD. But if you just simply do NAD through infusion or oral, it just doesn't work and Niagen IV does work.

是的。所以現有的NAD市場，我知道你知道這一點，我之前說過，現在每個人都這樣做，但我覺得需要強調的是，我們不賣NAD。我們出售 Niagen 和 NR，它是 NAD 的前身，但它最終的作用是提升 NAD。但如果你只是簡單地透過輸注或口服來進行 NAD，那是行不通的，而 Niagen IV 卻可以。

The existing NAD IV and injection market has not actually been growing. It's been at this range of between $100 million and $150 million for two or three years now. The reason why it hasn't been growing is, A, it's expensive, but most importantly, because it's a very unpleasant experience. So we think -- we hope that it will grow now that we're introducing Niagen IV into the space, but it's mostly been targeting a very influential group, the influencers, the biohackers, the celebrities, and the athletes.

現有的 NAD IV 和注射劑市場實際上並沒有成長。兩三年來一直維持在 1 億美元到 1.5 億美元之間。它沒有成長的原因是，A，它很貴，但最重要的是，因為這是一種非常不愉快的體驗。所以我們認為，我們希望現在我們將 Niagen IV 引入這個領域，它會成長，但它主要針對的是一個非常有影響力的群體，有影響力的人、生物駭客、名人和運動員。

But it hasn't been a market that's been growing. But one thing I will say is, right now, we're offering it as an infusion. Soon, we will be offering it also as an injection. And then we will be offering it as an at-home injection.

但這並不是一個一直在成長的市場。但我要說的一件事是，現在我們將其作為輸液提供。很快，我們也將提供注射劑。然後我們將把它作為家庭注射劑提供。

And one market that has grown very substantially in the last couple of years is the GLP-1 market, where people inject these GLP-1 peptides at home. And that market become extremely popular, and it's our belief that people who want to stay thin also want to stay young. And we think that there is the potential for Niagen IV to gain popularity in that community of people who are already injecting themselves with Ozempic peptide products. And we think that has the potential to take off and become very popular once we offer these injection products, especially the at-home injection products.

過去幾年成長非常迅速的市場是 GLP-1 市場，人們在家中註射這些 GLP-1 勝肽。這個市場變得非常受歡迎，我們相信想要保持苗條的人也想保持年輕。我們認為 Niagen IV 有可能在已經註射 Ozempic 勝肽產品的人群中受到歡迎。我們認為，一旦我們提供這些注射產品，尤其是家用注射產品，它就有可能起飛並變得非常受歡迎。

Another one final point is that one of the side effects to Ozempic is low energy. And as you know, elevating NAD with Niagen increases mitochondrial biogenesis and mitochondrial output, it increases cellular energy. So we think it also could be a complementary product in that regard. But again, we're being conservative with our projections. We just think that that's -- we're hopeful about that. We see the opportunity.

最後一點是 Ozempic 的副作用之一是低能量。如您所知，使用 Niagen 提高 NAD 會增加粒線體生物發生和粒線體輸出，從而增加細胞能量。因此我們認為它也可能是這方面的補充產品。但我們的預測再次顯得保守。我們只是認為──我們對此充滿希望。我們看到了機會。

Very helpful. Thanks for addressing that. And my last question is regarding the reduction in spending. Would you characterize that delta from your previous guidance on where you thought spending would be? Is that delta entirely due to the timing of Niagen+? Or are there -- were reductions related to other reasons.

非常有幫助。感謝您解決這個問題。我的最後一個問題是關於減少支出。您是否會根據您先前對支出預期的指導來描述這一增量？這個增量完全是由於 Niagen+ 的時間安排造成的嗎？或是否存在與其他原因相關的減少。

Hi, this is James. Yeah, we believe that most of the reduction is due to the shift in timing of the launches of the Niagen+. As explained before, we have forecasted a quite a bit of investment in the overall infrastructure related to Niagen+, including spend in regulatory, legal, and other G&A activities to support the launch. So yeah, we would characterize it as most of it is related to the shift in timing of Niagen+.

嗨，這是詹姆斯。是的，我們認為大部分減少是由於 Niagen+ 的發佈時間發生了變化。如前所述，我們預測與 Niagen+ 相關的整體基礎設施將有相當多的投資，包括在監管、法律和其他一般管理活動方面的支出，以支持發布。所以，是的，我們將其描述為大部分與 Niagen+ 的時間轉變有關。

Okay. Thank you very much. Appreciate it.

好的。非常感謝。欣賞它。

I think we're all waiting to see, Mitch.

我想我們都在等著看，米奇。

Mitch, you back.

米奇，你回來了。

I apologize. Let me put him back again. Mr. McGowan, I apologize, you're back on the line.

我道歉。讓我再把他放回去吧。麥高恩先生，抱歉，您又接通了。

Well, I'll defer the forum. I'll yield the floor to Mitch, if he's interested.

好吧，我將推遲論壇。如果米奇有興趣的話，我會把發言權讓給他。

Okay. Dustin, I think we wanted to reconnect with Mitch, not Sean.

好的。達斯汀，我想我們想與米奇重新建立聯繫，而不是肖恩。

Understood. Just a minute, please.

明白了。請稍等一下。

Also we have another question here.

我們還有另一個問題。

Bill Dezellem, Tieton.

比爾‧德澤勒姆、蒂頓。

Thank you. I feel it's a great disappoint to hear that it's me instead of Mitch.

謝謝。聽到是我而不是米奇，我感到非常失望。

Never. Not at all.

絕不。一點也不。

Thank you. So you had mentioned in the Chinese market that the NMN players are significantly reduced and Sinopharm is optimistic. And I know that this has been a really long process, but does any of this somehow favor your Green Hat approval and change the outlook or opportunity for that?

謝謝。所以您提到中國市場NMN玩家明顯減少，國藥控股對此持樂觀態度。我知道這是一個非常漫長的過程，但是這是否會在某種程度上有利於您對綠帽的批准並改變其前景或機會？

It's a very important question, but sadly, no. We're really having a difficult time getting to the Blue Hat approval process. There has not been an ingredient approved by the China FDA in many years. That's not from China. And we don't have an outlook on when we will be getting Blue Hat approval.

這是一個非常重要的問題，但遺憾的是，沒有。我們在進入藍帽審批流程方面確實遇到了困難。多年來沒有一種成分獲得中國FDA批准。那不是來自中國。我們不知道何時才能獲得 Blue Hat 的批准。

Great. Thank you.

偉大的。謝謝。

JP Mark, Farmhouse Equity Research.

JP Mark，農舍股票研究。

Hi, Rob. Thanks for taking my call. Very quickly, just a quick question about the injectables. Do you know approximately when you think you're going to be launching that product? When that might be available?

嗨，羅布。感謝您接聽我的電話。很快，我想問一個關於注射劑的問題。您知道大約什麼時候您會推出該產品嗎？什麼時候可能可用？

We will have an injectable product that's available at the clinics in just two or three months. When we have one that's an at-home product. I'm just giving you a loose estimate, I'm going to say by the end of the year, but it might be the first quarter of next year.

我們將在短短兩三個月內推出可在診所使用的注射產品。當我們擁有一款家用產品時。我只是給你一個寬鬆的估計，我會說是今年年底，但也可能是明年第一季。

Okay, sounds good. Thank you. Appreciate it.

好吧，聽起來不錯。謝謝。欣賞它。

Sure.

當然。

Howard Horberg, Horberg Enterprises.

霍華德‧霍伯格，霍伯格企業。

Hey, Rob, just a quick question. I know it's a refocused on the Niagen DRIP. But with regards to Parkinson's, can you tell me what the addressable market would be there if and when we get favorable results in 2025?

嘿，羅布，只是一個簡單的問題。我知道這是對 Niagen DRIP 的重新關注。但對於帕金森氏症，您能否告訴我，如果我們在 2025 年取得良好的結果，那麼潛在的市場會是什麼？

So there's approximately 10 million diagnosed Parkinson's patients globally, and there is no drug approved for that. There's approximately 1 million in the United States. The majority of them are outside of the United States. The study that's being done on Parkinson's, as you know, is in Norway. It's being conducted by Dr. Tzoulis, who is a world-renowned Parkinson's expert and it's being funded by the Norwegian government.

全球約有 1,000 萬名確診帕金森氏症患者，目前還沒有批准治療此疾病的藥物。美國大約有100萬。他們中的大多數人在美國境外。如您所知，針對帕金森氏症的研究是在挪威進行的。該計畫由世界著名的帕金森氏症專家 Tzoulis 博士主持，並由挪威政府資助。

And hope to be -- the last patient in that study was enrolled on May 1, so it's a four-year study, and that patient will be completed in May 1 of next year. Then months after that, hopefully, they will tabulate the data. Hopefully, at that point, we'll see it and it will be positive. And it will take some months after that when they write up the manuscript and have it published.

希望研究的最後一名患者於 5 月 1 日入組，因此這是一項為期四年的研究，該患者將於明年 5 月 1 日完成。幾個月後，希望他們能夠將數據製成表格。希望到那時我們會看到它，並且它將是積極的。他們需要幾個月的時間才能寫出手稿並發表。

But if we don't look at it as a drug approval, if we just simply look at it as a dietary supplement opportunity in the United States, what -- the way we see it is that we now have a pharmaceutical-grade pipeline because of IV.

但是，如果我們不將其視為藥物批准，如果我們只是簡單地將其視為美國的膳食補充劑機會，我們看到的方式是，我們現在擁有藥品級管道，因為四。

If we released a pharmaceutical-grade product on the market comparable to the one done in the study and the study itself is positive, we think a good percentage of those global Parkinson's patients will seek out a safe dietary supplement from a very reputable trustworthy company that conducted the study. We think the addressable market there -- if there's 10 million people globally, what percentage do you think would be interested in that dietary supplement if the study results are good? This is putting drug approval completely to the side, just as a dietary supplement.

如果我們在市場上發布與研究中完成的產品相當的藥品級產品，並且研究本身是積極的，我們認為全球帕金森氏症患者中很大一部分會從一家信譽良好、值得信賴的公司尋求安全的膳食補充劑，該公司進行了這項研究。我們認為那裡的潛在市場——如果全球有 1000 萬人，如果研究結果良好，您認為有多少人會對這種膳食補充劑感興趣？這使得藥物審批完全被擱置，就像膳食補充劑一樣。

If it's 5%, it's 500,000 people. And we all know people with Parkinson's, it's quite debilitating and heartbreaking. We understand that Parkinson's is a mitochondrial disorder, and we understand how Niagen and NAD help mitochondrial health, so we are optimistic that the Phase I clinicals have been published, which were mostly about safety, but the secondary endpoints were positive. We are cautiously optimistic. It's a blinded study. We have no idea. Obviously, if it's going to work or if it's not going to work.

如果是5%的話，那就是50萬人。我們都知道患有帕金森氏症的人，這讓人非常虛弱和心碎。我們了解帕金森氏症是一種粒線體疾病，我們也了解Niagen 和NAD 如何幫助粒線體健康，因此我們對I 期臨床研究的發表持樂觀態度，該臨床研究主要是關於安全性的，但次要終點是積極的。我們持謹慎樂觀的態度。這是一項盲法研究。我們不知道。顯然，它是否有效。

But we think that if it does work, there's a very, very dramatic, significant opportunity for us, even if we do not pursue drug approval, just as an opportunity to sell Tru Niagen pharma-grade. I think you could do the math and you realize that the numbers are quite large.

但我們認為，如果它確實有效，即使我們不尋求藥物批准，這對我們來說也是一個非常非常戲劇性的重大機會，就像銷售 Tru Niagen 藥品級的機會一樣。我想你可以算一下，你會發現數字相當大。

And I appreciate you asking that question because if you take a step back and look at the ChromaDex business plan, we are very focused on making sure that we are cash flow positive and that we are responsible in managing our base business, but we are pursuing several initiatives, catalysts, if you will, all of which have the potential to be fairly significant, but you never know. The IV is one, Parkinson's is one, Ataxia is another.

我很感謝你問這個問題，因為如果你退後一步看看 ChromaDex 業務計劃，我們非常專注於確保我們的現金流為正，並且我們負責管理我們的基礎業務，但我們正在追求一些舉措、催化劑，如果你願意的話，所有這些都有可能相當重要，但你永遠不知道。IV 是其中之一，帕金森氏症是其中之一，共濟失調是另一種。

If any of those hit well, it has a dramatic impact on the company. So what we are doing is just making sure that we're running a safe, stable, well-managed business that plays by the rules with excellent players that does things the right way, develops its intellectual property and grows, yes, it would be nice if we were growing slightly greater, and perhaps we could and perhaps we will, but we are still growing, managing our cash flow and managing the business while we take these very, very dramatic shots on goal, only one of which has significant upside potential.

如果其中任何一個成功，都會對公司產生巨大的影響。因此，我們所做的只是確保我們正在經營一個安全、穩定、管理良好的企業，與優秀的參與者一起遵守規則，以正確的方式做事，開發其知識產權並不斷發展，是的，這將是如果我們成長得稍微大一點就好了，也許我們可以，也許我們會，但我們仍在成長，管理我們的現金流並管理業務，同時我們朝著目標採取這些非常非常戲劇性的鏡頭，其中只有一個具有顯著的上升空間潛在的。

Thank you for the question.

謝謝你的提問。

Thank you.

謝謝。

Thank you. And that concludes our question and answer session. I'll now turn the call back over to Ben Shamsian for closing remarks. Sir, please go ahead.

謝謝。我們的問答環節到此結束。現在我將把電話轉回本‧沙姆西安 (Ben Shamsian) 致閉幕詞。先生，請繼續。

Thank you, operator. There will be a replay of this call beginning at 7:30 PM Eastern Time today. The replay number is 1-800-770-2030 and the replay ID is 8584242. Thank you, everyone, for joining us today and for your continued support of ChromaDex.

謝謝你，接線生。該電話會議將於東部時間今天晚上 7:30 開始重播。重播號碼為 1-800-770-2030，重播 ID 為 8584242。感謝大家今天加入我們並繼續支持 ChromaDex。

The meeting is now concluded. Thank you, ladies and gentlemen, for all joining. You may now disconnect.

會議現已結束。女士們、先生們，謝謝大家的加入。您現在可以斷開連線。