Niagen Bioscience Inc (NAGE) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to ChromaDex Corporation's fourth quarter of 2024 earnings conference call. My name is Pia, and I will be your conference operator today. (Operator Instructions) As a reminder, this conference call is being recorded. This afternoon, ChromaDex issued a news release announcing the company's financial results for the fourth 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.

女士們，先生們，感謝您的支持，歡迎參加 ChromaDex Corporation 2024 年第四季收益電話會議。我叫皮亞，今天我將擔任您的會議主持人。（操作員指示）提醒一下，本次電話會議正在錄音。今天下午，ChromaDex發布新聞稿，公佈了該公司2024年第四季的財務表現。如果您尚未查看此信息，您可以在 ChromaDex 網站 www.chromadex.com 的投資者關係部分找到。

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

現在，我想將會議交給 Lytham Partners 副總裁 Ben Shamsian。請繼續，Shamsian 先生。

Thank you. Good afternoon, and welcome to ChromaDex Corporation's Fourth Quarter of 2024 Results Conference Call. With us today are ChromaDex's Chief Executive Officer, Rob Fried; Chief Financial Officer, Ozan Pamir; and Senior Vice President of Scientific and Regulatory Affairs Dr. Andrew Shao, who will join the call for Q&A. 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 such 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.

謝謝。下午好，歡迎參加 ChromaDex Corporation 2024 年第四季業績電話會議。今天與我們在一起的有 ChromaDex 的首席執行官 Rob Fried；首席財務官奧贊·帕米爾；以及科學與監管事務高級副總裁 Andrew Shao 博士將參加問答環節。今天的電話會議可能包含前瞻性陳述，包括與 ChromaDex 的研究和開發以及臨床試驗計劃以及此類試驗的時間和結果、未來監管備案的時間、NIAGEN 產品和成分在新市場的銷售擴張、業務發展機會、未來財務業績現金需求、經營業績、投資者興趣和業務前景和機會以及預期的經營業績有關的陳述。

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

前瞻性陳述僅代表本公司在本次電話會議之日的估計，並未對未來的實際結果作出任何保證。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具有風險和不確定性。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。這些風險因素包括 ChromaDex 的季度報告和最近向美國證券交易委員會提交的 10-K 表中包含的因素，包括經營業績、財務狀況、現金流量以及對全球市場和經濟狀況對我們業務的影響。請注意，本公司不承擔在本次電話會議召開之日後更新任何前瞻性陳述以符合前瞻性陳述的結果或預期的變更的義務。

In addition, certain financial information presented in this call referenced non-GAAP financial measures. The company's earnings presentation and earnings press release, which were issued this afternoon are available on the company's website present reconciliations to the appropriate measures. Finally, this conference call is being recorded via webcast. The webcast will be available at the Investor Relations section of our website at www.chromadex.com. With that, it's now my pleasure to turn the call over to our Chief Executive Officer, Rob Fried.

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。今天下午發布的公司獲利報告和獲利新聞稿可在公司網站上查閱，其中列出了相應措施的對帳。最後，本次電話會議將透過網路直播進行錄製。網路直播將在我們網站 www.chromadex.com 的投資者關係部分提供。現在我很高興將電話轉給我們的執行長 Rob Fried。

Thank you, Ben, and welcome, everybody. In the fourth quarter, we delivered record revenues of $29.1 million, a 37% increase year-over-year and net income of $7.2 million. For the full year, we delivered net revenues of $99.6 million, a 19% growth year-over-year and net income of $8.6 million. We generated $12.1 million in positive cash flow from operations in 2024, and we ended the year with $44.7 million in cash and no debt. It appears that the world is finally catching on to the importance of NAD and the fact that NIAGEN is the safest and most effective way to increase NAD levels, particularly in damaged cells.

謝謝你，本，歡迎大家。第四季度，我們實現了創紀錄的 2,910 萬美元營收，年增 37%，淨收入達到 720 萬美元。全年我們的淨收入為 9,960 萬美元，年增 19%，淨利為 860 萬美元。2024 年，我們從營運中產生了 1,210 萬美元的正現金流，年底我們的現金為 4,470 萬美元，沒有債務。看來世界終於認識到了 NAD 的重要性，而 NIAGEN 是提高 NAD 水平最安全、最有效的方法，尤其是在受損細胞中。

In the fourth quarter, our e-commerce channel experienced robust organic growth with net sales of $17.3 million, a 30% increase year-over-year. Our food grade and pharmaceutical grade NIAGEN ingredients business had net sales of $5.3 million, a 96% increase year-over-year. (inaudible) NIAGEN distribution through our strategic partners, partners like Watsons remained consistently solid. As the demand for NAD boosting products continues to grow, we're seeing a proliferation of companies entering the arena that pursue misleading and dangerous practices. There are companies that knowingly infringe on the hard-earned patents of others.

第四季度，我們的電子商務通路實現了強勁的有機成長，淨銷售額達 1,730 萬美元，年增 30%。我們的食品級和醫藥級 NIAGEN 成分業務淨銷售額為 530 萬美元，年增 96%。（聽不清楚）透過我們的策略夥伴，屈臣氏等合作夥伴，NIAGEN 的分銷始終保持穩固。隨著對 NAD 增強產品的需求不斷增長，我們看到越來越多的公司進入該領域並採取誤導性和危險的做法。有些公司明知故犯地侵害他人辛苦取得的專利。

There are companies that make false label claims; companies who swapping manufacturing processes introduced dangerous endotoxins; companies that claim to be science-based but have never conducted a single study. We're encouraged to see that Amazon and other marketplaces have taken some steps to police this activity. We do hope to see more. We need to see more action taken by the FDA and the FTC to prevent companies from deceiving consumers. And we'd also like to see the experts.

有些公司做出虛假標籤聲明；因更換生產流程而引入危險內毒素的公司；那些聲稱以科學為基礎但從未進行過任何研究的公司。我們很高興地看到亞馬遜和其他市場已經採取一些措施來監管這項活動。我們確實希望看到更多。我們需要看到 FDA 和 FTC 採取更多行動來防止公司欺騙消費者。我們也想見專家。

We give advice on podcasts and newsletters to be more vigilant in screening brands. We plan to use our position as a leader in the industry to drive awareness to consumer safety and product excellence. To be candid, I personally would not take a supplement that did not say ChromaDex or NIAGEN on the label. Last August, we launched our NIAGEN+ product line and introduced NIAGEN IV and injections at clinics through a compound pharmacy network. The launch started off very strong with pharmaceutical grade ingredient quickly selling out.

我們在播客和時事通訊中提供建議，以便在篩選品牌時更加警惕。我們計劃利用我們作為行業領導者的地位來提高消費者對安全和產品卓越性的認識。坦白說，我個人不會服用標籤上沒有標示 ChromaDex 或 NIAGEN 的補充劑。去年八月，我們推出了 NIAGEN+ 產品線，並透過複方藥房網絡在診所推出了 NIAGEN IV 和注射劑。該產品上市開始非常火爆，醫藥級原料很快就銷售一空。

But due to issues in the supply chain, we were delayed two to three months in pharmaceutical grade availability. We have now since resolved these issues. Today, NIAGEN IV is available in about 500 clinics nationwide. NIAGEN IV and NIAGEN injections are on pace for great growth in the second half of this year. Last year, ChromaDex initiated communication with the FDA as part of the company's effort to pursue an investigational new drug application for the use of NR in the treatment of ataxia telangiectasia, ATA.

但由於供應鏈問題，我們的藥品級產品供應延遲了兩到三個月。我們現在已經解決了這些問題。目前，NIAGEN IV 已在全國約 500 家診所提供。NIAGEN IV 和 NIAGEN 注射劑在今年下半年預計將大幅成長。去年，ChromaDex 開始與 FDA 進行溝通，這是該公司努力推行使用 NR 治療毛細血管擴張性共濟失調 (ATA) 的新藥試驗申請的一部分。

We continue to work with the agency to address its comments and its feedback. With regard to the NO-PARK study for the use of NR in the treatment of Parkinson's disease, the last participant was enrolled last June. So we expect that the study will be completed by June of this year. We will not be able to see results for some time thereafter, but we very much look forward to sharing more updates on this and other pharmaceutical plans in the near future. In the coming weeks, we will be making an announcement that we are changing the company's name to better represent the evolution of the company and the strategic direction of the company.

我們將繼續與該機構合作，解決其意見和回饋。關於使用 NR 治療帕金森氏症的 NO-PARK 研究，最後一位參與者已於去年 6 月招募。因此我們預計這項研究將於今年 6 月完成。此後一段時間我們將無法看到結果，但我們非常期待在不久的將來分享有關該計劃和其他醫藥計劃的更多更新信息。在接下來的幾週內，我們將宣布更改公司的名稱，以更好地代表公司的發展和公司的策略方向。

This has been a major undertaking internally, and we're excited to finally share the company name. I believe this past year marks an inflection point for this company and that it is the right time to change our name to better align with our mission. In summary, your company is healthy. Your company is growing and your company is very well positioned for the future. Let's now turn it over to Ozan.

這對我們來說是一項重大的內部任務，我們很高興最終能夠分享公司的名稱。我相信過去的一年是本公司的轉折點，現在正是更改名稱以更好地符合我們使命的最佳時機。總而言之，貴公司狀況良好。您的公司正在成長，並且您的公司的未來發展定位非常良好。現在我們把話題交給奧贊 (Ozan)。

Ozan?

奧贊？

Thank you, Rob. It is a pleasure to speak to our investors, partners and employees who are here with us today. Having joined ChromaDex just a few months ago, I've been deeply impressed by the team's dedication and the clear vision driving this company forward. It's a privilege to be part of a team that is so committed to innovation and excellence. 2024 was a strong year for ChromaDex as the company exceeded all targets on its financial outlook.

謝謝你，羅布。我很高興與今天在場的投資者、合作夥伴和員工交談。幾個月前加入 ChromaDex 後，我深深被團隊的奉獻精神和推動公司前進的清晰願景所打動。能夠成為如此致力於創新和卓越的團隊的一員是一種榮幸。 2024 年對 ChromaDex 來說是強勁的一年，因為該公司超越了其財務前景的所有目標。

As Rob mentioned, this past year was pivotal in building momentum for even greater success. In both the fourth quarter and full year of 2024, we delivered outstanding financial performance while advancing key strategic initiatives. Before diving into the details of the quarter, I want to take a moment to highlight our full year performance. For the full year, we delivered total net sales of $99.6 million, a 19% year-over-year increase. Gross margins of 61.8% reflecting continued operational efficiency.

正如羅布所說，過去的一年對我們更大成功至關重要。2024年第四季和全年，我們都取得了出色的財務業績，同時推進了關鍵策略舉措。在深入了解本季的細節之前，我想花點時間重點介紹我們的全年業績。全年我們的淨銷售額達到 9,960 萬美元，年增 19%。61.8%的毛利率反映出持續的營運效率。

Selling and marketing expense is down approximately 200 basis points as a percentage of net sales, an increase in R&D investments of $1.1 million and a decrease in general and administrative expenses of $6.6 million year-over-year, better than our outlook of down $1.5 million. And we achieved net income of $8.6 million, a sharp turnaround from a net loss of $4.9 million for the fiscal year 2023 and generated $12.1 million in operating cash flows. Our results are a testament to the company's strong financial discipline and focused execution. Through diligent cost management and strategic resource allocation, we have driven growth, improved profitability and enhanced operational efficiency, all while continuing to invest in innovation and the future of our business. Now let's review the fourth quarter financial performance.

銷售和行銷費用佔淨銷售額的百分比下降了約 200 個基點，研發投資增加了 110 萬美元，一般和行政費用同比減少了 660 萬美元，好於我們預期的下降 150 萬美元。我們實現了 860 萬美元的淨收入，較 2023 財年的 490 萬美元淨虧損大幅扭轉，並產生了 1,210 萬美元的營運現金流。我們的業績證明了公司強大的財務紀律和專注的執行力。透過嚴謹的成本管理和策略性的資源配置，我們推動了成長、提高了獲利能力並提高了營運效率，同時繼續對創新和業務的未來進行投資。現在我們來回顧一下第四季的財務表現。

ChromaDex achieved total net sales of $29.1 million, up 37% compared to the fourth quarter of 2023. Our TRU NIAGEN related sales increased by 29%, driven by a 30% growth in e-commerce, and a 26% increase in combined Watsons and other B2B sales. Our total NIAGEN ingredient sales, including food grade and pharmaceutical grade increased by 96%. Gross margins improved by 150 basis points to 62.5% compared to 61% in the fourth quarter of 2023. This improvement is attributable to changes in our product and business mix driven by higher e-commerce sales and additional sales of pharmaceutical grade NIAGEN to support NIAGEN+ expansion and driven by efficiencies in supply chain due to scale, improvements in operational fixed costs and other savings initiatives.

ChromaDex 實現總淨銷售額 2,910 萬美元，較 2023 年第四季成長 37%。我們的 TRU NIAGEN 相關銷售額成長了 29%，這得益於電子商務成長了 30%，以及屈臣氏和其他 B2B 銷售額成長了 26%。我們的 NIAGEN 成分總銷售額（包括食品級和醫藥級）增加了 96%。毛利率較 2023 年第四季的 61% 提高了 150 個基點，達到 62.5%。這項改善歸因於我們產品和業務組合的變化，這得益於電子商務銷售額的提高和藥品級 NIAGEN 的額外銷售額以支持 NIAGEN+ 的擴張，也得益於規模化帶來的供應鏈效率提高、運營固定成本的改善和其他節約舉措。

Selling and marketing expense as a percentage of net sales improved 90 basis points to 29.9% compared to 30.8% in the fourth quarter of 2023 as we continue to make measured investments to grow our sales channels efficiently. Research and development expenses were largely stable year-over-year as we steadily advanced development of new NAD precursors. As reported, general and administrative expenses decreased by $4.4 million, driven by a $3.5 million reversal of royalties and fees related to our agreement with Gartner. In December 2024, we announced a supplemental agreement with Dartmouth that waived these obligations and a $1.3 million recovery of credit losses following the initial payment from the legal settlement with Elysium, recovering bad debt written off in 2019. The second and final payment is expected in the first quarter of this year.

由於我們繼續進行有節制的投資以有效發展我們的銷售管道，銷售和行銷費用佔淨銷售額的百分比從 2023 年第四季的 30.8% 提高了 90 個基點至 29.9%。由於我們穩步推動新型 NAD 前驅物的開發，研發費用與去年同期相比基本保持穩定。據報道，一般及行政開支減少了 440 萬美元，原因是與 Gartner 達成的協議相關的特許權使用費和費用沖銷了 350 萬美元。2024 年 12 月，我們宣布與達特茅斯達成補充協議，免除這些義務，並在與 Elysium 達成法律和解的首筆付款後收回 130 萬美元的信用損失，收回 2019 年註銷的壞帳。預計第二筆也是最後一筆付款將在今年第一季進行。

In the fourth quarter of 2024, we delivered operating income of $7.1 million versus a $200,000 operating loss in the fourth quarter of 2023. Total net income in the fourth quarter was $7.2 million or $0.09 earnings per share, a substantial increase from $0.1 million or approximately breakeven earnings per share in the prior year period. Moving to the balance sheet and cash flow. Our balance sheet is stronger than ever. As a result of this year's growth, our balance sheet reflects a higher cash balance of $44.7 million with no debt, lower liabilities and higher equity, reinforcing the financial stability and resilience of our business.

2024 年第四季，我們的營業收入為 710 萬美元，而 2023 年第四季的營業虧損為 20 萬美元。第四季總淨收入為 720 萬美元，或每股收益 0.09 美元，較去年同期的 10 萬美元或每股損益平衡收益大幅增加。轉向資產負債表和現金流量。我們的資產負債表比以往更加強勁。由於今年的成長，我們的資產負債表反映出更高的現金餘額 4,470 萬美元，沒有債務，負債減少，股權增加，從而增強了我們業務的財務穩定性和彈性。

For the full year 2024, our net cash provided by operations was $12.1 million, up from $7.1 million in the prior year. The increase was primarily driven by a $13.5 million improvement in net income, partially offset by a $3.5 million reversal of accrued royalties and $2.2 million in lower provisions for credit losses, reflecting the recovery of losses from the legal settlement rather than provisions as in the prior year. Additionally, various changes in working capital contributed to the overall improvement in net cash provided by operations. Finally, I would like to share our 2025 full year outlook. Detailed information on key financial metrics can be found in our earnings press release, along with the slide presentation.

2024 年全年，我們的營運活動淨現金為 1,210 萬美元，高於上年的 710 萬美元。這一增長主要得益於淨收入增加了 1,350 萬美元，但部分被 350 萬美元的應計特許權使用費沖銷和 220 萬美元的信貸損失準備金減少所抵消，這反映了從法律和解中收回的損失，而不是像上一年那樣計提的準備金。此外，營運資本的各種變化促進了經營活動淨現金的整體改善。最後，我想分享我們對2025年全年的展望。您可以在我們的收益新聞稿以及幻燈片簡報中找到關鍵財務指標的詳細資訊。

As it relates to our full year 2025 net sales, we expect to maintain the momentum we built last year, projecting approximately 18% growth year-over-year. This outlook reflects continued expansion in our e-commerce business, growth in established partnerships and further progress in our pharmaceutical grade ingredient business. We anticipate a modest improvement in gross margins as we continue to execute on supply chain optimization and ongoing cost-saving initiatives. Selling and marketing expenses are expected to increase year-over-year in absolute dollars, but will remain stable as a percentage of net sales, which was 29.6% in 2024. As Rob mentioned, we will be announcing our company name change in the coming weeks with targeted marketing investments to support the rebrand.

就我們 2025 年全年淨銷售額而言，我們預計將保持去年的勢頭，預計將年增約 18%。這一前景反映了我們電子商務業務的持續擴張、既有合作夥伴關係的成長以及醫藥級成分業務的進一步進展。隨著我們繼續執行供應鏈優化和持續的成本節約舉措，我們預計毛利率將略有改善。預計銷售和行銷費用的絕對金額將比去年同期增加，但佔淨銷售額的百分比將保持穩定，2024 年為 29.6%。正如 Rob 所提到的，我們將在未來幾週內宣佈公司名稱變更，並進行有針對性的行銷投資來支持品牌重塑。

At the same time, we will continue investing in resources to drive sales growth while maintaining operational efficiency. R&D expenses are also expected to increase year-over-year in absolute dollars, while remaining stable as a percentage of net sales at 6% as we continue to invest in NAD precursor development to support our innovation pipeline. General and administrative expenses are expected to increase by approximately $5 million to $6 million primarily due to investments in business growth and the absence of the reverse load royalties and fees related to Dartmouth that I mentioned earlier. In summary, 2024 was a defining of ChromaDex, driving profitable growth through operational excellence and fiscal discipline. The company's financial position is stronger than it has ever been, and I'm confident that we can continue to carry the momentum into 2025 and beyond.

同時，我們將持續投入資源推動銷售成長，同時維持營運效率。由於我們將繼續投資 NAD 前體開發以支援我們的創新管道，因此研發費用預計也將以絕對金額計算同比增長，但佔淨銷售額的百分比將保持穩定在 6%。預計一般及行政開支將增加約 500 萬至 600 萬美元，這主要歸因於對業務增長的投資，以及缺少我之前提到的與達特茅斯相關的反向負荷特許權使用費和費用。總而言之，2024 年是 ChromaDex 的定義年，透過卓越營運和財務紀律推動獲利成長。公司的財務狀況比以往任何時候都更加強勁，我相信我們能夠繼續保持這種勢頭到 2025 年及以後。

As Rob mentioned earlier, we will soon be changing the name of ChromaDex to better align with the company's mission and strategic direction, and I look forward to joining him and the rest of the leaders here to share the exciting announcement in the coming weeks. Operator, we are now ready to take questions.

正如 Rob 之前提到的，我們很快就會更改 ChromaDex 的名稱，以更好地符合公司的使命和戰略方向，我期待在未來幾週內與他和其他領導人一起分享這一激動人心的公告。接線員，我們現在可以回答問題了。

(Operator Instructions) Jeffrey Cohen, Ladenburg Thalmann.

（操作員指令） Jeffrey Cohen，Ladenburg Thalmann。

So firstly, could you talk about the stick pack a little bit as far as give us a sense of pull-through on Amazon or your website in a sense of what's the milligram size and any promises as far as pricing?

首先，您能否簡單介紹一下這種條狀包裝，讓我們了解一下亞馬遜或您網站上的銷售情況，毫克大小是多少，以及在定價方面有什麼承諾嗎？

It's 300 milligrams per stick pack. It also has indolent in it. So it actually has other fiber benefits. We haven't really emphasized the stick pack. It's interesting, it's very rare that people ask us about stick pack, but sales of (inaudible) have, over the last couple of quarters, begun to increase.

每包含300毫克。這其中也有懶惰的成分在裡面。所以它實際上還有其他纖維益處。我們並沒有真正強調棒狀包裝。有趣的是，很少有人向我們詢問有關棒狀包裝的問題，但在過去的幾個季度裡，（聽不清楚）的銷售量已經開始增加。

So we expect in 2025 to initiate more of a ring campaign behind it. We've noticed that the consumers for stick packs tend to be younger and they also tend to be more in the exercise workout cohort group.

因此，我們預計在 2025 年將發起更多的環形運動。我們注意到，購買健身棒的消費者趨於年輕化，並且更多是運動健身群。

Okay. Got it. That's helpful. Ozan, a quick one for you. The 1.3 adjustment on the royalties for the fourth quarter, you expect -- you said the second and final in the first quarter, that also be 1.3 as well.

好的。知道了。這很有幫助。奧贊 (Ozan)，給你一個簡單的例子。您預計第四季的版稅調整為 1.3——您說第一季的第二次也是最後一次調整也是 1.3。

So just to clarify, that's not a royalty adjustment, that's the Elysium settlement. The royalty adjustment relates to Dartmouth, we reversed $3 million in the gas Dartmouth, that's not going to reoccur. However, the $1.3 million received from Elysium, the second payment of that is we are expecting by the end of March. That's going to be again (inaudible)

因此需要澄清的是，這不是版稅調整，而是極樂世界和解。特許權使用費調整與達特茅斯有關，我們撤銷了達特茅斯天然氣項目的 300 萬美元，這種情況不會再發生。然而，對於從 Elysium 收到的 130 萬美元，我們預計第二筆付款將在 3 月底到達。又會這樣（聽不清楚）

Okay. Perfect. That's helpful. Rob, on the NO-PARK study, we would -- should we expect a read out or some commentary from the company in the third quarter or the fourth quarter?

好的。完美的。這很有幫助。羅布，關於 NO-PARK 的研究，我們是否應該期待公司在第三季或第四季發布報告或評論？

We really don't know. It's a double-blinded study. We expect them to share it with us, but we don't make sure that they will once they have the data compiled. So if I give you a rough estimate would probably be end of the third quarter, fourth or beginning of fourth quarter. But that doesn't necessarily mean we go public with it.

我們確實不知道。這是一項雙盲研究。我們希望他們與我們分享，但我們不確定他們在收集數據後是否會與我們分享。所以如果我給你一個粗略的估計，可能是第三季末、第四季或第四季初。但這並不一定意味著我們會公開它。

There are factors like they may be submitting for publication and they may feel that it would impact their chances of getting published. So I don't want to really create expectations around when you will hear. The only thing we feel comfortable saying right now is the last participant will be completed in June of this year.

存在一些因素，例如他們可能正在提交出版物，並且他們可能認為這會影響他們出版的機會。所以我真的不想讓你對何時能聽到有所期待。目前我們唯一可以放心地說的是，最後一位參與者將於今年 6 月完成招募。

Got it. And then lastly for us, could you talk about the food grade origin segment? Sticking out because it's been extremely strong in the back half of 2024. So anything to call out there? Any sense of how that looks for '25 as a segment.

知道了。最後，可以談談食品級原產地部分嗎？之所以引人注目，是因為它在 2024 年下半年表現非常強勁。那麼有什麼需要注意的嗎？對於 25 作為一個片段來說，這看起來怎麼樣？

Yes. We expect it to continue to grow. We've added a couple of other partners. As you know, we're extremely selective about to whom we supply NIAGEN as an ingredient. There are a handful of very good companies to supply, including Nestle, H&H, life extension.

是的。我們預計它將繼續增長。我們又增加了一些其他合作夥伴。如您所知，我們對 NIAGEN 原料的供應對象非常挑剔。有少數幾家非常好的公司可以提供產品，包括雀巢、H&H、Life Extension。

(inaudible). We'll add one or two more. Those companies themselves are growing. We're seeing an increased awareness level of -- certainly of NAD, but of NIAGEN in particular. So we expect the ingredient food-grade ingredient business to grow nicely in 2025.

（聽不清楚）。我們將添加一兩個。這些公司本身正在成長。我們看到人們對 NAD 的認識程度有所提高，尤其是對 NIAGEN 的認識。因此，我們預計 2025 年食品級配料業務將實現良好成長。

Mitchell Pinheiro, Sturdivant.

米切爾·皮涅羅，斯特迪文特。

Could you just expand a little bit on the drivers of your strong e-commerce performance in the fourth quarter.

您能否稍微闡述一下第四季電子商務表現強勁的驅動因素？

Well, as you know, we've always done extremely well on Amazon. But we've also now seen a nice improvement in our Shopify performance. And for (inaudible) we've been talking about it as an underperformer. But you can't really flip a switch and improve your website e-commerce performance. It's a function of many variables that take time to add up SEO, search engine optimization, ads localizing the ads.

嗯，如你所知，我們在亞馬遜上的表現一直非常好。但我們現在也看到 Shopify 效能有了很大的提升。對於（聽不清楚），我們一直在談論它，認為它表現不佳。但您無法真正輕鬆地改變現狀並改善您的網站電子商務表現。它是許多變數的函數，需要時間來添加 SEO、搜尋引擎優化、廣告在地化廣告。

So it's a combination of us improving our performance on Shopify, general increased awareness of NAD in general, which is in large part because of the launch of our NIAGEN IV business, and then a tremendous amount of publicity that ChromaDex and TRU NIAGEN have received over the last several months.

因此，這是我們在 Shopify 上的表現得到改善、人們對 NAD 的整體認識得到提高的綜合結果，這在很大程度上是因為我們推出了 NIAGEN IV 業務，並且 ChromaDex 和 TRU NIAGEN 在過去幾個月中獲得了大量的宣傳。

Okay. And then I always ask this, but was the growth driven by strong new customers recurring? How would you characterize that --

好的。然後我總是問這個問題，但是成長是由強勁的新客戶反覆推動的嗎？您如何描述這一點--

There's a slight increase in recurring customers, but it's mostly new to brand.

回頭客數量略有增加，但大多數都是新顧客。

Okay. And then obviously, the NIAGEN IV, the injectable, I'd love to learn a little more about maybe what you learned on your initial ramp where the pace of clinic additions throughout 2025, perhaps where you would expect to end roughly in the number of clinics. And then -- and finally, how confident are you in your supply chain ability to keep up with demand? I know it had a little bit of a slower start. I'm just curious where -- are we up to speed? Or are there always going to be risks related to supply chain supply?

好的。然後顯然，對於 NIAGEN IV 注射劑，我很想多了解一些您在最初階段了解到的情況，即 2025 年診所增加的速度，也許您預計診所數量大致會達到這個水平。最後，您對您的供應鏈滿足需求的能力有多大信心？我知道一開始有點慢。我只是好奇——我們了解最新情況了嗎？或者是否總是存在與供應鏈供應相關的風險？

I think there will always be risks. But you have to recognize that the pharma grade supply chain is completely different than the food grade supply chain. It's a big group of companies. The process is somewhat different. It's -- everything has to be FDA approved and tested and sterilized and retested.

我認為風險總是存在的。但你必須認識到醫藥級供應鏈與食品級供應鏈完全不同。這是一個大型企業集團。過程有些不同。所有東西都必須經過 FDA 的批准、測試、消毒和重新測試。

So it's a new area for us, and we've now been working on it for actually several years and we had a couple of hiccups, the hiccups that we had had nothing to do with the quality. We always reach the absolute tiptop highest level of purity and quality whenever we do the test. It has to do with things like having the appropriate license to warehouse the product before you ship it to a pharmacy or ship it to a clinic. These are technical things. or filling out the right paperwork when you're traveling it from one place to another.

所以這對我們來說是一個新領域，實際上我們已經在這個領域工作了好幾年，也遇到了一些小問題，但這些問題與品質無關。無論何時進行測試，我們總是能達到絕對最高的純度和品質水準。這與在將產品運送到藥房或診所之前是否擁有適當的倉儲許可證有關。這些都是技術性的東西。或在您從一個地方前往另一個地方時填寫正確的文件。

And it's -- these are the kinds of things that have been a learning experience for us and have been frustrating for us because the demand is there. But we think we've resolved it. And so we expect in the second quarter, certainly by the third quarter, that will really get back going in terms of sales. I don't think that we will have a problem with supply. Right now, our manufacturing partners.

這些事情對我們來說都是學習的經歷，但同時也讓我們感到沮喪，因為有需求。但我們認為我們已經解決了。因此，我們預計第二季度，肯定是第三季度，銷售額將真正回升。我認為我們不會有供應問題。現在，我們的製造合作夥伴。

In this case, it's Dr. Reddy's. And we have a nice rhythm going. And of course, we still have the relationship with W.R. Grace, who's also capable of doing pharma grade if needed.

在這種情況下，它是雷迪博士。我們的節奏很好。當然，我們仍然與 W.R. Grace 保持著合作關係，如果需要，他也能提供醫藥級產品。

We think we smoothed out (inaudible), we've been at it for a couple of years here. and we've ordered an ample amount or certainly for the next year or probably two years. So we think we're in pretty good shape in terms of supply. But yes, it's -- anything could happen be problems. We try to anticipate (inaudible) we can. We beefed up our staff and internal staff in that area, putting much more focus on it. We expect that to be an important growth area for the company. in the coming years.

我們認為我們已經解決了（聽不清楚），我們在這裡已經處理了幾年了。我們已經訂購了足夠明年或兩年的量。因此我們認為我們的供應狀況相當良好。但確實，任何事情都有可能發生問題。我們盡力預測（聽不清楚）。我們加強了該領域的員工和內部人員隊伍，並更加重視該領域。我們預計這將成為公司的一個重要的成長領域。在未來的幾年裡。

And what have you learned with the -- just as from the clinics, the covers at the IV clinics and any learnings there? I mean, is it an easy switch for people that were doing the plus IV are people aware of your new product really selling it in the clinics where you're presently that product. Like I'm just curious what the learnings might be? Or need to step up marketing. If you could talk about that, I'd appreciate it.

您從診所、靜脈注射診所的覆蓋物以及那裡的任何經驗中學到了什麼？我的意思是，對於進行 plus IV 治療的人來說，這是一個容易的轉變嗎？人們是否知道您的新產品確實在您目前銷售該產品的診所中銷售？就像我只是好奇可以學到什麼？或需要加強行銷。如果您能談論這個問題，我將非常感激。

It's like a whole (inaudible) of questions. It didn't warn post going to ask one question, Mitch. Yes, we learned quite a bit. Yes, it is easy transfer from NAD consumers to NIAGEN. In fact, I can tell you with confidence that anybody who has experienced NAD IV that then tries NIAGEN IV is hooked.

這就像是一整套（聽不清楚）的問題。它沒有警告帖子會問一個問題，米奇。是的，我們學到了很多。是的，從 NAD 消費者轉移到 NIAGEN 很容易。事實上，我可以自信地告訴你，任何體驗過 NAD IV 並嘗試過 NIAGEN IV 的人都會上癮。

They're used to taking hours to get the NAD IV ingested and they're used to you're seeing these terrible side effects, nausea, sweats. They take (inaudible) it takes a few minutes with no none of the side effects and much higher NAD levels. So over the next day or two, they experienced the much greater level of benefits than they might with just pure entity. There are -- we had announced back in November, I think, 300 clinics. I think this morning, we announced that we're up to around $500 million.

他們習慣花數小時來注射 NAD IV，也習慣看到這些可怕的副作用，如噁心、出汗。他們花費（聽不清楚）幾分鐘的時間，沒有任何副作用，而且 NAD 水平要高得多。因此在接下來的一兩天裡，他們體驗到的益處遠大於僅僅使用純粹的實體所帶來的益處。我記得我們在 11 月就宣布過，有 300 家診所。我想今天早上我們宣布我們的資金已經達到了約 5 億美元。

Our expectation is we'll be at least double that by the end of the year. There are plenty of clinics that are interested in this. One of the issues is what they call the BOD, the exploration date and that just takes time to make sure that when the pharmacy ships it to the clinic that the clinic has enough time to sell it. And that's just time. So I think sometime in the second quarter that ample time for the clinics to sell out.

我們預計到今年年底這個數字將至少翻倍。許多診所對此感興趣。其中一個問題是所謂的 BOD，即勘探日期，這需要時間來確保當藥房將其運送到診所時，診所有足夠的時間將其出售。這只是時間而已。因此我認為在第二季的某個時候診所會有充足的時間將其售出。

And so right now, they're bought reluctant to order. They generally were order once a consumer comes in, a patient comes in and requests. But they don't want to inventory it because exploration data is fairly short. But that will correct itself in the next month or two. And many of them are already quite aggressively marketing it to their consumers.

所以現在他們不願意訂購。一旦有消費者進來、有病人進來並提出要求，他們通常會下訂單。但他們不想對其進行盤點，因為勘探數據相當短缺。但這種情況將在未來一兩個月內得到糾正。其中許多公司已經非常積極地向消費者推銷該產品。

We work with this clinic marketing department coordinates with some of these clinics like (inaudible) clinic, one franchise that has a franchise that has numerous clinics. We work with them to create some consumer marketing campaigns, and we expect to do more of that coming into the future. You may also have heard many people who have NAV just on their own talking about it on podcasts or social media. There's Whitney Cummins and (inaudible). We've heard them speak about it.

我們與該診所行銷部門合作，與其中一些診所進行協調，例如（聽不清楚）診所，一家擁有多家診所的特許經營店。我們與他們合作進行了一些消費者行銷活動，我們希望將來能夠開展更多這樣的活動。您可能也聽過許多擁有 NAV 的人在播客或社交媒體上談論它。還有惠特尼·康明斯（聽不清楚）。我們聽過他們談論此事。

There are -- there is a fertility clinic, a well-known podcasters got called the egg whisper, who's quite a bit about it, saying that her her patients have benefited by taking to NIAGEN. So it's sort of picking up a little bit of organic awareness on its own even without us doing much marketing. But yes, we plan to market the NIAGEN IV and the NIAGEN shots. In the coming months, we will be able to (inaudible) at-home version where people can inject a NIAGEN shot, a smaller dose of a NIAGEN shot to themselves subcu at home. And we are very hopeful that, that will hit a nice market.

有一家生育診所，一位著名的播客被稱為“卵語者”，她對此有很多了解，並表示她的病人使用 NIAGEN 後受益匪淺。所以，即使我們沒有進行太多的行銷，它也能自行獲得一定的知名度。但是的，我們計劃推銷 NIAGEN IV 和 NIAGEN 疫苗。在接下來的幾個月裡，我們將能夠（聽不清楚）推出家庭版，人們可以在家中為自己注射 NIAGEN 注射劑，即較小劑量的 NIAGEN 注射劑。我們非常希望該產品能夠進入良好的市場。

We know that the GLP-1 agonists are doing quite well. We think that most of these people that want to stay thin also want to stay young. So we think that there's space for NIAGEN IV as well.

我們知道 GLP-1 激動劑的效果非常好。我們認為，大多數想要保持苗條的人也想保持年輕。因此我們認為 NIAGEN IV 也有空間。

Susan Anderson with Canaccord Genuity.

Canaccord Genuity 的 Susan Anderson。

(inaudible) on for Susan. A question on every day, there's a new headline on tariffs. Any thoughts on how it might potentially impact sourcing or even parts of your international business like Watsons in Hong Kong? And if so, do you have any plans or what actions could you take to mitigate that?

（聽不清楚）換蘇珊吧。每天都有一個問題，關於關稅都有新的頭條新聞。您認為這可能會對採購甚至部分國際業務（例如香港的屈臣氏）產生什麼影響？如果是的話，您有什麼計劃或可以採取什麼措施來緩解這種情況？

It's possible that tariffs, and I'll let also if you want to answer this as well as possible that tariffs will have a small impact on the Watson business and on the food grade -- the pharma grade NIAGEN, but we think we're talking about a very solid amount won't have a meaningful impact on our business overall. The bulk of our material, the food-grade NIAGEN material is made all here in the United States and the vast majority of our sales are also here in the United States. And just to add to that. With regards to Canadian tariffs that were just passed today, if you look at the list of products that are posted that are having tariffs on from the Canada side, supplements are not part of that list. So we don't expect any impact on our sales to Canada as well.

關稅可能會對 Watson 業務和食品級——製藥級 NIAGEN 產生輕微影響，但我們認為我們談論的是一個非常大的數額，不會對我們的整體業務產生重大影響。我們的大部分材料，食品級 NIAGEN 材料都是在美國生產的，而且我們的絕大部分銷售也在美國。只是想補充一下。關於今天剛通過的加拿大關稅，如果你看看加拿大公佈的徵收關稅的產品清單，你會發現補充劑不在清單之內。因此我們預計我們對加拿大的銷售不會受到任何影響。

Got it. And then just a follow-up on innovation. You mentioned the future subcutaneous injection. I guess any other innovations that you're able to talk about plan for the year?

知道了。然後只是對創新的後續關注。您提到了未來的皮下注射。我想您能談談今年的其他創新計畫嗎？

We do plan to either introduce one or two new formulations that are of supplements that are complementary to TRU NIAGEN or reformulated a couple of the formulations that we have, such as the TRU NIAGEN immune product, and we do have a product that we refer to as TRU NIAGEN beauty that we sell in Asia. So we are -- and then there was one question about stick pack. So these are three other product innovations that we're working on, expect to have some update developments later in the year.

我們確實計劃推出一到兩種新配方，作為 TRU NIAGEN 的補充，或者重新配製我們現有的幾種配方，例如 TRU NIAGEN 免疫產品，而且我們確實有一種稱為 TRU NIAGEN 美容的產品，在亞洲銷售。所以我們——然後有一個關於棒狀包裝的問題。這是我們正在研究的另外三項產品創新，預計今年稍後會有一些更新進展。

Bill Dezellem, Tieton Capital Management.

Bill Dezellem，Tieton Capital Management 的負責人。

Congratulations on a terrific quarter. A group of questions. Let's start with the food grade ingredient if we could, being up over 60% along with your e-commerce sales being very strong. Is this just another data point indicating that you're hitting that tipping point with awareness? Or were there some initial orders or no orders that don't happen every quarter, maybe that just popped into the fourth quarter that led to a larger -- that larger 60% plus sort of growth on that line item.

恭喜您度過了一個出色的季度。一組問題。如果可以的話，讓我們從食品級成分開始，其成長率超過 60%，而且您的電子商務銷售非常強勁。這是否只是表明您已經達到了意識的臨界點的另一個數據點？或者是有一些初始訂單或沒有訂單不是每個季度都會發生的，也許只是在第四季度突然出現，導致該項目的增長幅度更大 - 超過 60％ 。

Well, so it's more difficult to predict the ingredient business because it's a B2B business. The order comes in, you fill the order. But this has been steadily going on now for several quarters. our partners to whom we're seeing NIAGEN are doing quite well and they extend their forecast for the year are pretty aggressive, too. So we expect this NIAGEN ingredients business to continue to grow.

嗯，因此預測食材業務更加困難，因為它是 B2B 業務。訂單來了，你就履行訂單。但這種情況已經持續了好幾個季度了。我們看到，NIAGEN 的合作夥伴表現非常出色，而且他們對今年的預測也非常積極。因此我們預計 NIAGEN 原料業務將持續成長。

Then I want to talk a bit about the IV business for a moment. Has the shortage of the IV product alerted interest at all. And where I'm going with this question is sometimes scarcity is the single best selling point. And have you seen any of that to take place?

然後我想稍微談談靜脈注射業務。靜脈注射產品的短缺是否已經引起了人們的關注？我提出這個問題的意思是，有時候稀缺性就是最好的賣點。您看到這些事情發生了嗎？

Initially, we saw a little bit of that of people ordering it and clamoring for -- e-mailing about it and saying they want it, and they want the thing is this problem we've experienced has been going on for a few months. So yes, at first, but no after a while to just what we did. We solved the supply chain problem and get back to marketing and selling a great product.

最初，我們看到一些人訂購它並吵著要它——發電子郵件說他們想要它，他們想要的是，我們遇到的這個問題已經持續了幾個月。所以，一開始是的，但是過了一段時間後，我們所做的就不再是了。我們解決了供應鏈問題並重新開始行銷和銷售優質產品。

Great. And as for the supply chain problem, Rob, I apologize, my schedule did not allow me to come to this properly prepared. But what the impact in the fourth quarter and what you would anticipate in the first quarter from the supply chain issues with the IV.

偉大的。至於供應鏈問題，羅布，我很抱歉，我的日程安排不允許我做好充分的準備。但是 IV 的供應鏈問題對第四季有何影響？您預計第一季會產生什麼影響？

Well the pharma ingredient business is part of the overall ingredient business, but we do break it out. And you could see that in the third quarter and the fourth quarter, it was in the area of about $1 million a quarter, maybe even a little less.

嗯，醫藥成分業務是整體成分業務的一部分，但我們確實將其分開。您可以看到，在第三季和第四季度，這一數字大約為每季 100 萬美元，甚至可能更少。

And then my expectation is we'll probably be in that neighborhood in the first quarter too. But then I think starting in the second quarter, maybe late in the third quarter, you're going to start seeing a more dramatic rise in sales of NIAGEN pharma, NIAGEN in (inaudible) to the IV space. So I think that if we're right and that growth happens, let's say, in the third quarter, it's growth that would have been experienced in the first quarter. It was just about a several month delay.

我的預期是，我們在第一季可能也會處於這個水平。但我認為從第二季開始，也許是第三季末，你將看到 NIAGEN 製藥、NIAGEN 在（聽不清楚） IV 領域的銷售額出現更顯著的成長。因此我認為，如果我們的預測正確，而成長發生在第三季度，那麼這種成長就和第一季一樣。這只是大約幾個月的延遲。

And I did hear you say that, that is now completely behind you at this point?

我確實聽您這麼說過，現在這件事已經完全變成過去式了？

With the exception of this thing called BOD, the expiration date, which just takes time. It has nothing to do with the supply chain manufacturing process. But we haven't experienced any supply chain issues in several weeks, and we have plenty of material now. So I think it's all behind us.

除了 BOD 這個叫法之外，就是到期日，這需要時間。它與供應鏈製造過程無關。但幾週以來我們沒有遇到任何供應鏈問題，而且現在我們有足夠的材料。所以我認為這一切都已經過去了。

Ram Selvaraju, H.C. Wainwright.

拉姆·塞爾瓦拉朱，H.C.溫賴特。

Congrats on all the progress, really impressive operational performance Firstly, I was wondering if you could comment on potential tailwinds in 2025 from two areas in particular. One is NGN IV uptake. And the other is potential accession of adoption to was previously the segment of the market that was being served by nicotinamide mononucleotide, or NMM.

恭喜您所取得的所有進展，營運表現確實令人印象深刻首先，我想知道您是否可以從兩個特別的領域評論一下 2025 年的潛在順風。一是NGN IV的吸收。另一個是潛在的採用，進入以前由煙鹼醯胺單核苷酸（NMM）服務的細分市場。

We still do some (inaudible) in the market but much, much let we did. And as you know, the FDA has been very consistent about upholding its ruling that there's a drug preclusion application in name and not a legal dietary supplement that is reserved only for drug use. There is a group that was selling NMN that is funded a lawsuit against the FDA. And the FDA has said that they will issue a final ruling on this in July. But you could see both ChromaDex and the drug company that was the reason for the drug occlusion called Metro Biotech have published statements to the FDA against the claims made by this group.

我們仍在市場上做一些（聽不清楚）工作，但是我們做的已經夠多了。如您所知，FDA 始終堅持其裁決，即這只是名義上的藥物排除申請，而不是僅供藥物使用的合法膳食補充劑。有一個銷售 NMN 的團體獲得了針對 FDA 的訴訟的資金。FDA 表示將於 7 月就此事做出最終裁決。但你可以看到，ChromaDex 和導致該藥物被封的製藥公司 Metro Biotech 都已向 FDA 發表聲明，反駁該組織的指控。

We are confident that the FDA will show the integrity and continue to keep NMM out of the market. We're not seeing an end as a major force in the marketplace presently. There are, though, as I alluded before, doesn't of companies jumping on the NAD bandwagon these days. Some are just lately infringing on pass lately missing label claims and just selling the ingredient. There are companies out of Asia that plan to be selling some NAD precursor of some sort at cheap prices.

我們相信 FDA 將會保持誠信並繼續將 NMM 排除在市場之外。目前，我們還沒有看到市場主力軍地位的終結。不過，正如我之前提到的，如今並沒有太多公司加入 NAD 潮流。有些產品最近侵犯了通行證，缺少標籤聲明，只是出售食材。亞洲的一些公司計劃以低價出售某種 NAD 前身。

So we are -- and we're seeing some really egregious fraudulent acts in the marketplace of people get a piece of what is really an exciting and growing market, an issue for us. And we're working very hard to identify these bad actors in notifying companies inside the industry, regulatory authorities and the retailers Amazon to limit that. And some of them are taking action. We'd love to see TikTok shop, pay attention to this. There are many of these infringers and fraudulent players selling on TikTok shop (inaudible) doesn't seem to care.

所以，我們看到市場上存在一些真正令人震驚的詐欺行為，人們從真正令人興奮且不斷增長的市場中分得一杯羹，這對我們來說是一個問題。我們正在努力識別這些不良行為者，並通知行業內的公司、監管機構和零售商亞馬遜，以限制這種行為。其中一些國家正在採取行動。我們很高興看到 TikTok 商店，請注意這一點。TikTok 商店中有很多侵權者和詐欺者在銷售（聽不清楚），但他們似乎並不關心。

I would think that they would given the state of their company right now and the scrutiny they're getting from the government. And anybody who's listening to this call who feels like writing a letter or an e-mail to (inaudible), informing them that they are not policing and they are creating real risk to consumers in America for allowing these fraudulent companies to sell their products on TikTok shop. That would be one way that you guys could help your company. But NMN isn't a big deal with these others. There's another thing we're seeing is a lumpy selling NAD.

我認為，考慮到他們公司的現狀以及政府對他們的審查，他們會這麼做。任何聽到這個電話的人，如果想寫一封信或一封電子郵件給（聽不清楚），告知他們，他們沒有起到監管作用，而且他們允許這些欺詐性公司在 TikTok 商店銷售他們的產品，給美國消費者帶來了真正的風險。這可能是你們能夠幫助公司的一種方式。但 NMN 與其他產品相比，並沒有什麼大不了的。我們看到的另一件事是 NAD 的銷售波動。

Yes, NAD itself, the molecule NAD is not bioavailable. So there is -- there are exactly 0 studies that show that swallowing NAD increases NAD levels. It does -- it's just simply too large a molecule and has a similar problem to NMN and that it's a nucleotide meaning there's a (inaudible) group on the perimeter blocking entry into the cell. So people who are hearing about NAD going out and buying a supplement that says NAD, it's not even just that your taking a product that doesn't do anything, you probably are doing some harm. Why do I say that Well, these people who get NAD IV 3 hours, and they have these ramps and snuck eggs and sweats and fevers.

是的，NAD 本身，NAD 分子是不具有生物可利用性的。所以——有 0 項研究表明吞嚥 NAD 會增加 NAD 水平。確實如此——只是分子太大，與 NMN 有類似的問題，而且它是一種核苷酸，這意味著周圍有一個（聽不清楚）基團阻止它進入細胞。因此，那些聽說過 NAD 並去買標有 NAD 的補充劑的人，不僅因為你服用的產品沒有任何作用，還可能對你造成傷害。為什麼我會這麼說呢？這些人在 3 小時內注射 NAD IV，就會出現這些症狀，並偷偷產蛋、出汗和發燒。

There's a reason why because NAD endeavoring to get into the cell creates friction. It creates this friction that leads to information. Taking NAD -- the one study we did where we compared NAD IV to NIAGEN IV showed all the biomarkers of inflammation in NAD. So it not only doesn't do much, it also creates inflammation. But that doesn't stop dozens of companies from jumping on the NAD bad when selling.

這是有原因的，因為 NAD 試圖進入細胞時會產生摩擦。它所產生的摩擦力會引導訊息的產生。以 NAD 為例——我們進行了一項研究，將 NAD IV 與 NIAGEN IV 進行了比較，結果顯示了 NAD 中所有發炎的生物標記。所以它不僅起不到多大作用，還會引起發炎。但這並不能阻止數十家公司在銷售時抓住 NAD 這個不利因素。

The fact of the matter is there's really only one good, safe, trustworthy company in the NAD space that does the studies that meets label claims that has an op shelf quality department that gets regulatory approvals, that gets intellectual property and that you can trust in its company. And to the extent that you guys can help us spread that word, I think you'd hope you'd be very helpful to the general consumer base that's now growing of growing interest in the NAD space.

事實上，在 NAD 領域中，實際上只有一家優秀、安全、值得信賴的公司，該公司能夠進行符合標籤聲明的研究，並擁有獲得監管部門批准的貨架品質部門，擁有智慧財產權，您可以信賴該公司。而且，如果你們能幫助我們傳播這個消息，我想你們會希望能夠對現在對 NAD 領域越來越感興趣的廣大消費者群體提供很大幫助。

Just two related things, if I may. Firstly, I was wondering if you could comment on the potential market opportunity, the size of the total addressable market and what you expect to be possible upside scenarios the Parkinson's disease study that's currently ongoing to report positive data and what implications that might have for ChromaDex. And also, if you could maybe talk about future potential avenues to positioning NR as an Rx product, if that might include a possible spinout, pharmaceutical initiative of some kind or indeed a broader corporate rebranding?

如果可以的話，我只想說兩件相關的事情。首先，我想知道您是否可以評論潛在的市場機會、整體潛在市場的規模以及您預計可能的上行情景，目前正在進行的帕金森氏症研究報告了積極的數據，以及這可能對 ChromaDex 產生的影響。此外，您是否可以談談將 NR 定位為 Rx 產品的未來潛在途徑，是否可能包括可能的分拆、某種製藥計劃或更廣泛的企業品牌重塑？

Yes. Well, as you know, we are planning to do a corporate rebrand and we expect in the next few weeks to announce the new name. Stay tuned for that. And thank you for asking about Rx. The Parkinson's study, as we said, will be completed it's the protocol in June.

是的。嗯，如您所知，我們正在計劃進行企業品牌重塑，預計將在接下來的幾週內宣布新名稱。請繼續關注。感謝您詢問有關 Rx 的問題。正如我們所說，帕金森氏症研究將於六月完成。

We won't know the data for quite a while. But there are 10 million people globally diagnosed with Parkinson's disease. And I ask you this question, Ram, if you were somebody diagnosed with Parkinson's disease or a family or related to somebody with Parkinson's disease, and you read that there was a Phase III clinical study completed from a very reputable Parkinson's researcher. And you read it in a very reputable journal, Parkinson's (inaudible) read it in maybe one of the foundation websites or you read it in the news media of a dietary supplement that had statistically significant therapeutic value. For Parkinson's that was completely safe and was on the market.

我們還要很長一段時間才能知道數據。但全球有 1000 萬人被診斷出患有帕金森氏症。我問你這個問題，拉姆，如果你是被診斷患有帕金森氏症的人，或者是你的家人或與帕金森氏症患者有關係的人，並且你讀到有一位非常有名望的帕金森氏症研究人員完成了一項 III 期臨床研究。您可以在非常有信譽的期刊上讀到它，帕金森氏症（聽不清楚）也許在某個基金會的網站上讀到它，或者您可以在新聞媒體上讀到一種膳食補充劑具有統計上顯著的治療價值。對於帕金森氏症來說，這種藥物是完全安全的，並且已經上市。

What percentage of those 10 million do you think would go out or whose doctors would recommend them to go out and seek that dietary supplement. Seek the one that actually did the study, seek the one that has the intellectual property set that is safe and that approved by all of the regulatory bodies. If it was just 5%, you're talking about very, very dramatic, significant numbers. You could do the math, I'm sure you have. It's a very significant it.

您認為這 1000 萬人中有多少比例的人會出去尋求​​膳食補充劑，或者有多少比例的醫生會建議他們出去尋求膳食補充劑。尋找真正進行過研究的公司、擁有安全且獲得所有監管機構批准的智慧財產權的公司。如果只有 5%，那麼你談論的是一個非常非常引人注目的重要數字。你可以算一下，我相信你已經算過了。這是一件非常有意義的事。

Now that -- obviously, there's an assumption there that the study is going to come back positive. But we have no knowledge of it. It's a double-blinded study. We don't know the results at all nor are the researchers. But the earlier studies, the Phase I studies that were published and even the preclinical studies and the mechanisms of action suggests that there's a pretty good chance.

現在——顯然，人們假設這項研究的結果將呈現正面趨勢。但我們對此一無所知。這是一項雙盲研究。我們根本不知道結果，研究人員也不知道。但早期的研究、已發表的第一階段研究、甚至臨床前研究和作用機制都表明，這個機會相當大。

So we think that that's one area with great upside potential for (inaudible). But as you said, in terms of Rx, in terms of drug approval, as you know, Ram, Roma dex has a large portfolio of precursors for NAD, not just nicotinamide riboside, or nicotinamide (inaudible) chloride. We have other precursors some of which are bioequivalent or even biosuperior that we think might be better candidates for drug approval.

因此，我們認為這是一個具有巨大上升潛力的領域（聽不清楚）。但是正如您所說，就 Rx 而言，就藥物批准而言，如您所知，Ram，Roma dex 擁有大量 NAD 前體，而不僅僅是煙酰胺核苷或煙酰胺（聽不清）氯化物。我們還有其他前體，其中一些具有生物等效性，甚至具有生物優越性，我們認為它們可能是更適合獲得藥物批准的候選藥物。

So ChromaDex could conceivably use one of those other molecules that we have many, many years of patents on for actual drug approval separate from sales of dietary supplement for Parkinson's disease or the other diseases. Remember, ataxia (inaudible), which is another one that we've already published a Phase II clinical on that orphan disease.

因此，ChromaDex 可以想像使用我們擁有多年專利的其他分子之一來獲得實際的藥物批准，而不局限於銷售帕金森氏症或其他疾病的膳食補充劑。請記住，共濟失調（聽不清楚），這是另一種我們已經發表了關於該孤兒病的 II 期臨床試驗結果的疾病。

These are two diseases, which are high profile for us. Now -- so then you asked the question, will there be a spin-off. So we have said in the past that we don't intend to dilute our our investors further by raising money to pursue drug approval. So if it turns out that the capital that we have is insufficient to get there, because we didn't get a licensing deal from a pharma company or the cost of the study was too much. If we were in that place, yes, we would do a spin out and perhaps just simply raise money for the spinout if needed.

這兩種疾病對我們來說都是備受關注的。現在——那麼你問的問題是，是否會有衍生作品。因此，我們過去曾說過，我們無意透過籌集資金來尋求藥品批准，從而進一步稀釋我們的投資者的股權。因此，如果事實證明我們的資金不足以實現這一目標，因為我們沒有從製藥公司獲得許可協議，或者研究成本太高。如果我們處於那種情況，是的，我們會進行分拆，並且如果需要的話，或許只是簡單地為分拆籌集資金。

I don't expect that to happen, but it is a possibility. The other reason for considering a spinout would be that certain pharma companies are not as interested in the supplement business as they are pharmaceutical business and are very interested in both the ataxia and Parkinson's and our molecule or our molecules for that pursuit. And they might be interested in doing business with us just for those businesses and those molecules.

我並不期望那會發生，但那是有可能的。考慮分拆的另一個原因是，某些製藥公司對補充劑業務的興趣不如對製藥業務那麼大，並且對共濟失調和帕金森症以及我們用於此目的的分子或我們的分子非常感興趣。他們可能有興趣與我們做生意，只是為了這些業務和這些分子。

So that's another reason potentially to do a spinout. But I appreciate bringing it up because between Parkinson's and ataxia and the Rx strategy and the NIAGEN injection strategy in the NIAGEN IV strategy as well, just increased awareness and brand awareness for NIAGEN and TRU NIAGEN. We think we have several possible shots on goal for this company, ChromaDex to realize its potential. -- all the while we are focused on operating a good, healthy business that's cash flow positive and growth.

所以這可能是進行分拆的另一個原因。但我很感謝你提起這一點，因為帕金森症和共濟失調以及 Rx 策略和 NIAGEN 注射策略以及 NIAGEN IV 策略之間，都提高了 NIAGEN 和 TRU NIAGEN 的知名度和品牌知名度。我們認為，我們有幾個可能的機會來幫助 ChromaDex 公司發揮其潛力。 ——我們始終專注於經營良好、健康的業務，實現現金流為正且不斷成長。

Sean McGowan, ROTH Capital.

羅仕資本（ROTH Capital）的肖恩·麥高恩（Sean McGowan）。

A couple of questions. One, (inaudible), could you just clarify I think I know the answer, could you clarify on the G&A expectations for the year? Do you mean $5 million to $6 million higher than the reported GAAP number for full year 2024?

幾個問題。第一，（聽不清楚），您能否澄清一下，我想我知道答案，您能否澄清一下今年的 G&A 預期？您的意思是比報告的 2024 年全年 GAAP 數字高出 500 萬到 600 萬美元嗎？

Yes, I do. And let me clarify that. So we reported almost $18.4 million in G&A expenses. That includes the reversal of that $3.5 million of Dartmouth royalties and the receipt of $1.3 million for Malaysia. So if you adjust for those for normal operations from that, it would be about $1 million to $2 million increase, based on reported numbers 5% to 6%.

是的，我願意。讓我澄清一下。因此，我們報告的一般及行政費用接近1,840萬美元。其中包括撤銷達特茅斯學院 350 萬美元的版稅，以及馬來西亞收到的 130 萬美元。因此，如果根據正常營運情況進行調整，則根據報告的數字（5% 到 6%），增幅將達到約 100 萬到 200 萬美元。

Right. It turns out to be a lower full year number for '25 than I had expected. So I'm pleased. On that lesion not the reason on the dark risk royalty thing. Is there going to be any effort to get back any prior paid and booked royalties on that? Or is that what are the bridge at this point?

正確的。事實證明，25 年全年的數字低於我的預期。所以我很高興。關於那個病變不是關於黑暗風險版稅的事情的原因。是否會採取措施收回先前支付和預訂的版稅？還是這就是目前的橋樑？

Dartmouth royalties, all of the previously accrued bonds have been reversed, and we are no longer accruing any royalty. So there's really nothing left there.

達特茅斯特許權使用費，所有以前累積的債券都已撤銷，我們不再累積任何特許權使用費。所以那裡真的什麼都沒有了。

Right. But those were accrued but on paid, right? Is my understanding if you go back, I'll talk about back to the point where you were not only recruiting them, but you were paying them, you're not going to go back and try to get.

正確的。但這些都是應計的但已經支付了，對嗎？我的理解是，如果你回去，我會回到你不僅招募他們，而且還付錢給他們的那個時候，你就不會再回去試圖得到了。

Previously paid. No, we're not going to go after them for that. No, that's not our goal.

之前已經付款了。不，我們不會因此而追究他們的責任。不，這不是我們的目標。

Is in terms of relative margin contribution, I believe we've talked about this before that NIAGEN IV is higher margin than the overall average. That's right? And is -- when the Niagen injectable at-home injectable, would that be comparable NIAGEN IV?

就相對利潤貢獻而言，我相信我們之前已經討論過這一點，NIAGEN IV 的利潤率高於整體平均水平。這是正確的？並且——當 Niagen 注射劑作為家用注射劑時，它能與 NIAGEN IV 相媲美嗎？

They'll probably be lower.

它們可能會更低。

Probably lower. Okay. That's helpful. And did you offer any specifics on the timing of when that home injection kit would be available?

可能更低。好的。這很有幫助。您有沒有透露家用注射套件何時可以上市的具體時間？

We do. But we're circling third quarter.

是的。但我們已經進入第三季了。

Very helpful. And last question. Can you comment on the frequency of people doing NIAGEN IV, like what portion of them are coming back? Are they coming back once a month? Or any kind of update on that would be helpful.

非常有幫助。最後一個問題。您能否評論一下人們使用 NIAGEN IV 的頻率，例如其中有多少人回來了？他們每個月回來一次嗎？或任何有關該方面的更新都會有幫助。

So we were able to make a small amount of pharma grade material for NIAGEN, and we went out into the marketplace in September, and we sold really well for the first 2.5 months but then we ran out of material. So we really don't know about repeat users because we didn't have material to supply to the clinics. So we really can't answer that question right now.

因此，我們能夠為 NIAGEN 生產少量醫藥級材料，並於 9 月投放市場，在前 2.5 個月的銷售情況非常好，但後來我們的材料用完了。因此，我們確實不知道重複使用者的情況，因為我們沒有材料供應給診所。所以我們現在確實無法回答這個問題。

(inaudible)

（聽不清楚）

Congratulations on a great quarter. So quickly, I'm wondering about the possibility of a partnership with a clinical lab for NADs testing. And my thought was that maybe there's no financial necessary financial benefit or upside. But if you had more data from lots and lots of patients who are taking (inaudible) doing infusions, would that be helpful? Have you looked into partnerships with (inaudible) for doing blood testing and checking and that sort of thing is that's new on your agenda or not?

恭喜您本季取得優異成績。所以，我很想知道是否有可能與臨床實驗室合作進行 NAD 測試。我的想法是，也許沒有必要的經濟利益或好處。但是如果您有來自大量接受（聽不清楚）輸液的患者的更多數據，這會有幫助嗎？您是否考慮過與（聽不清楚）合作進行血液檢測和檢查，這類事情是不是您的新計畫？

Are you talking about NAD or are you talking about NIAGEN?

您談論的是 NAD 還是 NIAGEN？

Well, I guess (inaudible) products, so any level any new plus levels?

嗯，我猜（聽不清楚）產品，所以任何等級都有新的加級嗎？

Very important for people to understand that NAD itself is not bioavailable. So these people that are (inaudible) So people who are getting NA DID or even taking NAD. There is an increase, a small increase in their NAD levels, but the reason for that is because the NAD molecule is breaking down in the blood to me. into smaller molecules. And one of the smaller molecules it breaks down into is NR.

人們需要了解的是，NAD 本身不具有生物利用度。所以這些人（聽不清楚）所以患有 NA DID 甚至服用 NAD 的人。他們的 NAD 水平有所增加，略有增加，但對我來說，原因是 NAD 分子在血液中分解。分解成更小的分子。它分解成的較小分子之一就是NR。

And then the NR will be -- a small amount of NR will then get taken up into the cell. But they have to go through quite a process to get it there, which creates a lot of agony and information and other issues. The other issue about -- you see a lot of companies emerging talking about NAD levels in the blood. And we do, in fact, have a kit we sell to some people who are constantly asking my NAD levels. But probably with measuring your NAD levels in the blood it really isn't a great indicator of much.

然後 NR 將會－少量的 NR 將會被吸收進入細胞。但他們必須經歷相當長的過程才能實現這一目標，這會帶來很多痛苦、資訊和其他問題。另一個問題是——你會看到很多公司都在談論血液中的 NAD 水平。事實上，我們確實有一種試劑盒，出售給一些經常詢問我的 NAD 水平的人。但可能透過測量血液中的 NAD 水平，它並不是一個很好的指標。

You really want to measure your NAD in the cells in the tissue cells. But even then, you really want to measure them in the damaged tissue tissue cells. It is very difficult to do in humans. It's kind of easy to do in rats and mice. But unless you're going to do a biopsy, it's quite difficult to do in a human.

您確實想測量組織細胞中的 NAD。但即便如此，你仍然希望在受損的組織細胞中測量它們。對於人類來說，這非常困難。在大鼠和小鼠中這很容易做到。但除非你要做活檢，否則對人體進行活檢是相當困難的。

You can do it in the brain with an MRI. You can measure NAD levels in the brain with MRIs, and we've done that. And it's one of the reasons we're so aggressive with these neurodegenerative diseases like ataxia and Parkinson's and Alzheimer's. -- because they're all neurodegenerative diseases, and we can measure NAD levels as well as the therapeutic benefits of taking TRU NIAGEN. So we could conceivably partner with some of these clinics that are out there in the NAD business and -- or selling NAD or doing NAD IV.

您可以使用 MRI 對大腦進行檢查。您可以使用 MRI 測量大腦中的 NAD 水平，我們已經這樣做了。這也是我們如此積極治療共濟失調、帕金森氏症和阿茲海默症等神經退化性疾病的原因之一。 ——因為它們都是神經退化性疾病，我們可以測量 NAD 水平以及服用 TRU NIAGEN 的治療益處。因此，我們可以與從事 NAD 業務的一些診所合作，或銷售 NAD 或進行 NAD IV。

But we're not very confident in the quality of the data that it would deliver. So it might be more of a marketing exercise than a science exercise Andrew, is there anything you want to add to that?

但我們對其提供的數據的品質並不太有信心。因此，這可能更多的是一種行銷活動，而不是科學活動，安德魯，您還有什麼要補充的嗎？

I think you covered it, Rob. So just to see if a (inaudible). So if you actually had an MRI that could actually give you some useful information then, and that's obviously going to be super expensive. Is there a point in doing that for people who are really, really interested in knowing.

我想你已經講清楚了，羅布。所以只是為了看看（聽不清楚）。所以如果你真的做了核磁共振成像檢查，它實際上可以給你一些有用的信息，但這顯然會非常昂貴。對於那些真正感興趣了解情況的人來說，這樣做有意義嗎？

Andrew, do you want to take that?

安德魯，你想拿走那個嗎？

Well, I think one of the challenges there is the availability of that technology. So it's noninvasive. But today, it's quite expensive to do that. So it would be the availability and the affordability. But certainly would be preferred from an invasiveness standpoint because it doesn't require the biopsy.

嗯，我認為其中一個挑戰是該技術的可用性。所以它是非侵入性的。但如今，這樣做的成本相當高。因此它是可用性和可負擔性。但從侵入性的角度來看，它肯定是更可取的，因為它不需要活檢。

Right. So someone has a real keen interest and money is not an object here, right? That's an avenue that they could theoretically pursue. Is that right?

正確的。所以有人真的有濃厚的興趣而且錢不是問題，對嗎？從理論上來說，這是他們可以追求的途徑。是嗎？

Yes. The group in Norway that Rob referred to earlier that's doing the Parkinson's disease research has routinely implemented this technology in measuring brain NAD levels. I don't know that it's a good large portion of the no park study, but they have done it in smaller studies, and they continue to implement it in smaller studies.

是的。羅布之前提到的挪威從事帕金森氏症研究的團隊已經定期使用這項技術來測量大腦 NAD 水平。我不知道這是否是無公園研究的很大一部分，但他們已經在小規模研究中做過這件事，並且會繼續在小規模研究中實施它。

Right. So I wasn't thinking about like research or clinical settings. I'm talking about individuals who -- and as Rob alluded to, there are people who are really keen to know their levels, right? So in theory, if you have the money and you want to do this, you can do it, and there might be some benefit, obviously, to getting the data from ChromaDex's point of view, that you can actually prove things or show things or market things or whatever. Is that right? Or am I just missing the boat?

正確的。所以我沒有考慮研究或臨床環境。我說的是個人——正如羅布提到的，有些人真的很想知道自己的水平，對嗎？因此從理論上講，如果您有錢並且想要這樣做，那麼您就可以這樣做，而且從 ChromaDex 的角度來看，獲取數據顯然可能會有一些好處，您可以真正證明一些事情，展示一些事情，營銷一些事情等等。是嗎？還是我只是錯過了機會？

No, I guess that's theoretically an idea. It's expensive, but there are people out there that are so committed to anti-age search and their body that they might actually do that. So that's (inaudible)

不，我猜這只是一個理論上的想法。雖然這很昂貴，但有些人非常致力於抗衰老和改善自己的身體，所以他們可能會真的這麼做。這就是（聽不清楚）

And that concludes our question-and-answer session. I will now turn the conference back over to Ben Shamsian for closing remarks.

我們的問答環節到此結束。現在我將會議交還給 Ben Shamsian 並請他致結束語。

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 858-4242. Thank you, everyone, for joining us today and for your continued support of ChromaDex.

謝謝您，接線生。本次通話將於今天東部時間晚上 7:30 開始重播。重播號碼為1（800）770 2030，重播ID為858-4242。感謝大家今天的加入我們並持續支持 ChromaDex。

And this concludes today's conference call. You may now disconnect. Thank you.

今天的電話會議到此結束。您現在可以斷開連線。謝謝。