Niagen Bioscience Inc (NAGE) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Niagen Biosciences, Inc.'s first quarter of 2025 earnings conference call. My name is Kayla, and I will be the conference operator today. (Operator Instructions) And 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 Niagen Biosciences, Inc. 2025 年第一季財報電話會議。我叫凱拉 (Kayla)，今天我將擔任會議主持人。（操作員指示）提醒一下，本次電話會議正在錄音。

This afternoon, Niagen Bioscience issued a news release announcing the company's financial results for the First Quarter of 2025. If you have not reviewed this information, both are available within the Investor Relations section of Niagen Bioscience's website at www.niagenbioscience.com.

今天下午，Niagen Bioscience發布新聞稿，公佈公司2025年第一季的財務表現。如果您尚未查看此信息，您可以在 Niagen Bioscience 網站 www.niagenbioscience.com 的投資者關係部分找到。

I would now like to turn the conference call over to Wesley Yu, Vice President of Finance. Please go ahead, Mr. Yu.

現在，我想將電話會議交給財務副總裁 Wesley Yu。有請於先生。

Thank you. Good afternoon, and welcome to Niagen Biosciences First Quarter of 2025 Conference Call. With us today are Niagen Bioscience's Chief Executive Officer, Rob Fried; Chief Financial Officer, Ozan Pamir; and Senior Vice President of Scientific and Regulatory Affairs, Dr. Andrew Shao. Dr. Shao will join the call for Q&A.

謝謝。下午好，歡迎參加 Niagen Biosciences 2025 年第一季電話會議。今天和我們在一起的有 Niagen Bioscience 的執行長 Rob Fried；財務長奧贊·帕米爾；以及科學和監管事務高級副總裁 Andrew Shao 博士。邵博士將參加問答環節。

Today's conference call may include forward-looking statements, including statements related to the company'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.

今天的電話會議可能包含前瞻性陳述，包括與公司研發和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、業務前景和機會以及預期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.

前瞻性陳述僅代表本公司在本次電話會議當天的估計，並非旨在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。

Many factors could cause Niagen Biosciences' actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These risk factors include those contained in Niagen Biosciences quarterly report on Form 10-Q most recently filed with the SEC, including results of operations, financial conditions, cash flows as well as global market and economic conditions on our business.

許多因素可能導致 Niagen Biosciences 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 Niagen Biosciences 最近向美國證券交易委員會提交的 10-Q 表季度報告中包含的風險因素，包括經營業績、財務狀況、現金流以及全球市場和經濟狀況對我們業務的影響。

Please note that the company assumes no obligation to update any forward-looking statements after the date of this conference call to conform with the forward-looking statements actual results or to changes in its expectations.

請注意，本公司不承擔在本次電話會議召開日期之後更新任何前瞻性聲明以符合前瞻性聲明的實際結果或預期變更的義務。

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, are available on the company's website present reconciliations to the appropriate GAAP measures.

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盈利報告和盈利新聞稿可在公司網站上查閱，其中列出了與相應 GAAP 指標的對帳情況。

Finally, this conference call is being recorded via webcast. The webcast will be available at the Investor Relations section of our website at www.niagenbioscience.com.

最後，本次電話會議將透過網路直播進行錄製。網路廣播將在我們網站 www.niagenbioscience.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, Wesley, and good afternoon, everyone, and thank you for joining us on our first ever investor call as Niagen Bioscience, formerly known as ChromaDex. I am pleased to announce that we had an excellent start to 2025.

謝謝你，韋斯利，大家下午好，謝謝你們參加我們 Niagen Bioscience（前身為 ChromaDex）的首次投資者電話會議。我很高興地宣布，我們在 2025 年取得了良好的開端。

In the first quarter, we delivered $30.5 million in revenue, a 38% year-over-year increase, and we delivered net income of $5.1 million. We generated $7.9 million of cash from operations, we ended the quarter with $55.6 million in cash and no debt.

第一季度，我們的營收為 3,050 萬美元，年增 38%，淨收入為 510 萬美元。我們從營運中產生了 790 萬美元的現金，本季末我們的現金為 5,560 萬美元，沒有債務。

In this first quarter, our e-commerce continued to be a main driver of our top line growth with net sales of $16.8 million, a 31% increase year over year. Our food grade and pharmaceutical grade Niagen ingredient business grew to $8 million, a 95% increase year over year. Our Niagen Plus product remains a key focus area for the company. Niagen Plus refers to intravenous and injection Niagen. This is available now at almost 600 clinics nationwide.

今年第一季度，我們的電子商務繼續成為營收成長的主要推動力，淨銷售額達 1,680 萬美元，年增 31%。我們的食品級和醫藥級 Niagen 成分業務成長至 800 萬美元，年增 95%。我們的 Niagen Plus 產品仍然是公司的重點領域。Niagen Plus 是指靜脈注射和注射 Niagen。目前，全國近 600 家診所均提供此服務。

In the last two months, we partnered with clinics at different events and conferences, including SoCal, Wellness Summit, [Biohackers] World to offer Niagen Plus to influencers and consumers. The feedback has been extremely positive, many commenting on a much faster infusion time than NAD IV with minimal side effects in many stages that they feel rested and revitalized following the infusion. We will continue to work closely with clinics to promote Niagen Plus as the superior experience and solution to boosting NAD levels.

在過去的兩個月裡，我們與不同活動和會議上的診所合作，包括 SoCal、健康高峰會、[Biohackers] World，向有影響力的人和消費者提供 Niagen Plus。回饋非常積極，許多人評論說輸液時間比 NAD IV 快得多，並且在許多階段副作用最小，輸液後他們感覺休息充分、精力充沛。我們將繼續與診所密切合作，推廣 Niagen Plus 作為提高 NAD 水平的卓越體驗和解決方案。

The pharmaceutical application of NR continues to be an important strategic initiative for the company. As it relates to the Phase III NO-PARK study investigating the use of NR and the treatment of Parkinson's disease, we continue to be in consistent dialogue with the researchers and still expect that the study will be completed by June. Once the study is completed, we will not be able to see the results for a few months but we look forward to sharing more updates as we know them.

NR 的醫藥應用仍然是該公司的一項重要策略舉措。由於它與研究 NR 的使用和帕金森氏症治療的 III 期 NO-PARK 研究有關，我們將繼續與研究人員保持一致對話，並仍預計研究將於 6 月完成。研究完成後，我們將在幾個月內無法看到結果，但我們期待分享更多我們所知的更新資訊。

We continue to have ongoing dialogue with the FDA about NR for the treatment of ataxia telangiectasia, AT. We hope to have an update for you later this year. As per our intellectual property, we made a very important announcement in March that a new composition of matter patent was granted, broadening our patent portfolio and expanding protection for all (inaudible) forms of nicotinamide riboside. There is no form of NR that does not infringe upon one or two of the patents controlled by Niagen Bioscience.

我們將繼續與 FDA 就 NR 治療毛細血管擴張性共濟失調症 (AT) 進行持續對話。我們希望今年稍後能為您提供最新消息。根據我們的智慧財產權，我們在三月發布了一項非常重要的公告，即授予了一項新的物質組成專利，擴大了我們的專利組合併擴大了對所有（聽不清楚）形式的菸鹼醯胺核糖的保護。任何形式的 NR 都會侵犯 Niagen Bioscience 控制的一項或兩項專利。

As most of you know, demand for products to boost NAD levels is surging. More consumers are understanding that Niagen is the trusted and most effective solution. While the NAD market continues to grow significantly, there continues to be a misconception that supplementing with NAD itself, either through oral supplementation or intravenous, is an effective way to elevate cell and tissue NAD levels.

眾所周知，對提高 NAD 水平的產品的需求正在激增。越來越多的消費者認識到 Niagen 是值得信賴且最有效的解決方案。儘管 NAD 市場持續大幅成長，但人們仍然誤以為補充 NAD 本身（無論是透過口服補充或靜脈注射）是提高細胞和組織 NAD 水平的有效方法。

The proven fact is that NAD cannot bypass cell membranes and must be broken down into NAD precursors like NR to enter cells and increase NAV levels. NAD supplementation and IV continues to be mentioned in more press and on social media despite not being an effective method to boost NAD levels.

事實證明，NAD 無法繞過細胞膜，必須分解為 NR 等 NAD 前體才能進入細胞並提高 NAV 水平。儘管 NAD 補充劑和靜脈注射並不是提高 NAD 水平的有效方法，但越來越多的媒體和社交媒體仍在提及它。

Furthermore, companies continue to take advantage of this trend in market pure NAD substance on Amazon and other marketplaces. Taking NAD as a molecule in oral form does not elevate NAD, there are no studies to date that show that it does, you need a precursor.

此外，該公司繼續利用這一趨勢在亞馬遜和其他市場上銷售純 NAD 物質。以口服形式服用 NAD 分子不會提高 NAD 水平，迄今為止尚無研究表明它會提高 NAD 水平，您需要一個前體。

As the global leader in NAD Science and Commerce, we hold the responsibility to embody integrity and precision science to promote healthy aging. However, the same cannot be said from many of the other sellers of NAD supplements. Our ongoing market surveillance program shows that three-quarters of the higher selling NAD supplements on Amazon failed to meet their label claims, three-quarters.

作為 NAD 科學和商業領域的全球領導者，我們有責任體現誠信和精準的科學，以促進健康老化。然而，許多其他 NAD 補充劑賣家卻並非如此。我們正在進行的市場監控計劃顯示，亞馬遜上銷量較高的 NAD 補充劑中有四分之三未能達到其標籤聲明。

We continue to call upon like minded industry stakeholders in holding companies and brands accountable by the products they market and sell to consumers.

我們繼續呼籲志同道合的行業利益相關者要求公司和品牌對其向消費者行銷和銷售的產品負責。

With regard to NMN, the FDA ruled that NMN is not a lawful dietary ingredient under the federal food drug and cosmetic patent. We recognize that the agency has been sued for this decision, but we reaffirm our position in support of the FDA and believe it will uphold this decision.

關於NMN，FDA裁定，NMN不是聯邦食品藥品和化妝品專利下的合法飲食成分。我們認識到該機構因這項決定而被起訴，但我們重申支持 FDA 的立場，並相信它將維持這一決定。

As we continue to see NMN products find their way on the market, we urge the FDA to maintain and enforce its ruling to protect consumers to ensure that only compliance, properly regulated ingredients are marketed as dietary supplements. The fact is, if you're interested in an NAD product, and that product does not say Niagen, I would recommend you stay away.

隨著我們繼續看到 NMN 產品在市場上流通，我們敦促 FDA 維持並執行其裁決以保護消費者，確保只有合規、受到適當監管的成分才能作為膳食補充劑銷售。事實是，如果您對 NAD 產品感興趣，而該產品沒有標明 Niagen，我建議您不要購買。

As I mentioned before, this is the first call as Niagen Bioscience versus ChromaDex. The evolution from ChromaDex into Niagen Bioscience signifies more than just company name. It is an alignment of our brand with our mission. Niagen BioScience aims to reinforce Niagen, the forefront of NAD boosting solutions making the main Niagen synonymous with healthy aging.

正如我之前提到的，這是 Niagen Bioscience 與 ChromaDex 的第一次對決。從 ChromaDex 到 Niagen Bioscience 的演變不僅僅意味著公司名稱。這是我們的品牌與我們的使命的一致。Niagen BioScience 旨在加強 Niagen 作為 NAD 增強解決方案的前沿的地位，使主要的 Niagen 成為健康老化的代名詞。

We will continue to uphold these core values, scientific rigor, transparency, authenticity, innovation, and integrity. We are here to show you our shareholders, our customers and all our stakeholders. But thanks to Niagen, there is a better way to age.

我們將繼續堅持這些核心價值：科學嚴謹、透明、真實、創新和誠信。我們在這裡向您展示我們的股東、客戶和所有利害關係人。但多虧了 Niagen，我們才有了更好的養老方式。

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

現在我想將電話交給奧贊，讓他介紹本季的財務狀況，然後進行問答和結束語。奧贊？

Thank you, Rob. And thank you to our investors, partners, and team members for joining us today. As Rob highlighted, Niagen Bioscience had a strong start to the year, delivering record revenues and achieving net income for the third consecutive quarter. While it's still early in the year, we are committed to demonstrating operational discipline and focus on executing our key initiatives to drive these results.

謝謝你，羅布。感謝我們的投資者、合作夥伴和團隊成員今天的加入我們。正如 Rob 所強調的，Niagen Bioscience 今年開局強勁，實現了創紀錄的收入，並連續第三個季度實現淨收入。雖然今年還處於初期階段，但我們致力於展示營運紀律，並專注於執行我們的關鍵措施以推動這些成果。

Now I'll go over our first quarter financial performance. In the first quarter of 2025, we delivered strong results with total net sales of $30.5 million, a 38% increase or $8.3 million from the same period last year. Our Tru Niagen business driven primarily by e-commerce grew 31%, adding $4.2 million, while our Niagen Ingredient business nearly doubled, up 95% and contributed $4.1 million.

現在我將介紹我們第一季的財務表現。2025 年第一季度，我們取得了強勁的業績，總淨銷售額達 3,050 萬美元，比去年同期成長 38%，即 830 萬美元。我們的 Tru Niagen 業務主要由電子商務推動，成長了 31%，增加了 420 萬美元，而我們的 Niagen Ingredient 業務幾乎翻了一番，成長了 95%，貢獻了 410 萬美元。

Within the Ingredients business, we delivered $2.9 million in higher food grade Niagen sales and $1 million in pharma grade management sales. Gross margin improved to 63.4% in the first quarter, up 270 basis points compared to 60.7% a year ago.

在食材業務方面，我們實現了 290 萬美元的高級食品級 Niagen 銷售額和 100 萬美元的醫藥級管理銷售額。第一季毛利率提高至63.4%，較去年同期的60.7%上升270個基點。

This improvement was driven by changes in our product and business mix, including the benefit of higher e-commerce sales and continued sales of pharmaceutical grade Niagen as well as supply chain cost savings. As we continue to scale, we remain focused on further optimizing our supply chain and operations to drive sustained value creation and long-term profitability.

這項改善得益於我們產品和業務組合的變化，包括電子商務銷售額的成長和醫藥級 Niagen 的持續銷售以及供應鏈成本的節省。隨著我們不斷擴大規模，我們仍然專注於進一步優化我們的供應鏈和運營，以推動持續的價值創造和長期獲利能力。

Speaking of our supply chain, last month, we issued a press release stating that our operations remain unaffected by the newly imposed tariffs. I want to take this opportunity to reaffirm that our ability to deliver Niagen products to our customers, both domestically and internationally, remains intact following recent trade policy changes.

說到我們的供應鏈，上個月我們發布了一份新聞稿，指出我們的營運不受新徵收的關稅的影響。我想藉此機會重申，儘管最近的貿易政策發生了變化，我們向國內外客戶提供 Niagen 產品的能力仍然完好無損。

As a reminder, we've established a primarily U.S.-based supply chain. And as a result, we do not currently anticipate any disruption to our cost structure or pricing. However, we are actively monitoring the evolving international trade policies and will continue to manage our operations with discipline and agility to mitigate any potential impact.

提醒一下，我們已經建立了主要以美國為基礎的供應鏈。因此，我們目前預計我們的成本結構或定價不會受到任何影響。然而，我們正在積極關注不斷變化的國際貿易政策，並將繼續以紀律性和靈活性管理我們的運營，以減輕任何潛在的影響。

Selling and marketing expense as a percentage of net sales improved to 26.6% compared to 30.4% in the first quarter of 2024. This improvement reflects our continued focus on scaling sales efficiently through measured and high-return investments.

銷售和行銷費用佔淨銷售額的百分比從 2024 年第一季的 30.4% 改善至 26.6%。這項改善反映了我們持續致力於透過有節制的高回報投資來有效擴大銷售。

Research and development expense was $800,000 lower year over year. The driver for this was the increased investment in the prior year R&D to support the successful launch of Niagen Plus product plan. General and administrative expenses decreased by $200,000 compared to previous year.

研發費用年減80萬美元。推動這一成長的原因是去年研發投入的增加，以支持 Niagen Plus 產品計畫的成功推出。一般及行政開支較上年減少 20 萬美元。

In Q1, we recovered $1.3 million of credit losses related to our legal settlement with Elysium, representing the second and final payment associated with the bad debt written off in 2019. And this was partially offset by increased investments in infrastructure to support the scaling of our business.

在第一季度，我們收回了與 Elysium 達成的法律和解相關的 130 萬美元的信用損失，這是與 2019 年註銷的壞帳相關的第二筆也是最後一筆付款。但這一差距被我們為支持業務擴展而增加的基礎設施投資所部分抵消。

For the first quarter of 2025, our net income was $5.1 million or earnings of $0.07 per share, a significant improvement compared to a net loss of $0.5 million and a loss of $0.01 per share for the first quarter of 2024.

2025 年第一季度，我們的淨收入為 510 萬美元，即每股收益 0.07 美元，與 2024 年第一季的淨虧損 50 萬美元和每股虧損 0.01 美元相比，有了顯著改善。

Turning to the balance sheet and cash flow. We ended the quarter with $55.6 million in cash and no debt, maintaining significant liquidity and financial flexibility. During this period, net cash provided by operations was $7.9 million compared to $300,000 in the same period last year.

轉向資產負債表和現金流。本季末，我們擁有 5,560 萬美元的現金，沒有債務，保持了較高的流動性和財務靈活性。在此期間，經營活動產生的淨現金為 790 萬美元，而去年同期為 30 萬美元。

The year-over-year improvement was largely driven by a $5.6 million improvement in net income, along with favorable changes in working capital, including relatively stronger collections on trade receivables and an increase in accounts payable compared to the prior year period. These were partially offset by a decrease in credit loss expense due to the recovery of previously written-off amounts and higher investment in inventory to support the scaling of our operations.

年成長主要得益於淨收入增加 560 萬美元，以及營運資本的有利變化，包括與去年同期相比貿易應收帳款回收相對較強以及應付帳款增加。由於收回了先前註銷的金額，並增加了庫存投資以支持我們擴大業務規模，導致信貸損失費用減少，從而部分抵消了這些損失。

As it relates to our 2025 full year P&L outlook, detailed information on key financial metrics can be found in our earnings press release and the accompanying slide presentation. Building on our strong start to the year, we are raising our full year top line growth outlook from approximately 18% to a range of 20% to 25% year over year.

由於它與我們 2025 年全年損益展望相關，因此可以在我們的收益新聞稿和隨附的幻燈片演示中找到有關關鍵財務指標的詳細資訊。基於今年強勁的開局，我們將全年營收成長預期從約 18% 上調至 20% 至 25% 之間。

This reflects our confidence in the sustained momentum across both our e-commerce and Niagen Ingredients businesses as the NAD market expands. We expect e-commerce to remain a steady growth in June. While sales to our major partners may fluctuate quarter-to-quarter, we remain confident in the strength of our full year trajectory.

這反映了我們對隨著 NAD 市場擴張，電子商務和 Niagen Ingredients 業務持續成長動能的信心。我們預計6月份電子商務仍將保持穩定成長。儘管我們對主要合作夥伴的銷售額可能每個季度都會有所波動，但我們對全年的強勁發展勢頭仍然充滿信心。

We're also updating our outlook for general and administrative expenses. We now expect an increase of approximately $7 million to $8 million compared to our previous estimate of $5 million to $6 million year over year.

我們也更新了對一般和行政費用的展望。我們現在預計，與先前估計的 500 萬至 600 萬美元相比，這一數字將增加約 700 萬至 800 萬美元。

This increase in outlook is primarily driven by an increase in share-based compensation related to performance stock grant, tying management performance directly to long-term value creation for the company. While this grant will result in an increase in G&A expense, it is a strong reflection of the alignment between leadership and shareholder interests.

前景的成長主要是由於與績效股票授予相關的股權薪酬的增加，將管理績效直接與公司的長期價值創造掛鉤。雖然這筆撥款將導致一般及行政費用的增加，但它有力地反映了領導層與股東利益之間的一致性。

Beyond these adjustments, all of the key metrics remain consistent with the outlook I shared last quarter, we continue to expect steady gross margins and sustained profitability. Looking beyond operational efficiencies and the expanding NAD market, we have a clear and compelling path forward to sustain our momentum and profitability.

除了這些調整之外，所有關鍵指標都與我上個季度分享的展望一致，我們繼續預期穩定的毛利率和持續的獲利能力。除了營運效率和不斷擴大的 NAD 市場之外，我們還有一條清晰而令人信服的前進道路來保持我們的發展勢頭和盈利能力。

Our strong performance in the first quarter positions us well for the year ahead, and we're encouraged by the positive market trends and opportunities emerging across our business. I remain inspired by the resilience and dedication of the Niagen Bioscience team, and I'm confident that our continued focus on execution will lead to further success.

我們第一季的強勁表現為我們來年奠定了良好的基礎，我們對整個業務中出現的積極市場趨勢和機會感到鼓舞。Niagen Bioscience 團隊的韌性和奉獻精神仍然激勵著我，我相信我們繼續專注於執行將帶來進一步的成功。

I look forward to sharing more positive results in the future. Operator, we are now ready to take questions.

我期待未來分享更多正面的成果。接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Ram Selvaraju, H.C. Wainwright.

拉姆·塞爾瓦拉朱（H.C.）溫賴特。

Congratulations on the outstanding performance to kick off the year. I wonder (inaudible) be possible for you folks to give us some sense of what you see as emerging tailwinds for adoption of the Niagen IV product lineup. And in particular, if you could comment on the possibility of compounding clinics and pharmacies becoming more interested in dispensing Niagen IV.

恭喜您在新的一年裡取得了出色的成績。我想知道（聽不清楚）你們能否為我們介紹一下你們認為採用 Niagen IV 產品系列的新興順風因素。特別是，如果您可以評論複合診所和藥房對配發 Niagen IV 更感興趣的可能性。

Thank you for the question, Ram. We put an announcement out earlier this week that we were up to 600 clinics. We continue to see fairly dramatic interest from clinics and now physicians in offering Niagen IV. We've been holding many events where we host celebrity influencers, especially those that have tried or are interested in NAD IV and the head-to-head comparison is really no comparison.

謝謝你的提問，拉姆。本週早些時候，我們發佈公告稱，我們的診所數量已達 600 家。我們持續看到診所和醫生對提供 Niagen IV 表現出相當濃厚的興趣。我們舉辦過許多活動，邀請名人影響者，特別是那些嘗試過或對 NAD IV 感興趣的人，而面對面的比較真的沒有可比性。

Niagen IV elevates NAD levels much higher and it doesn't have those same uncomfortable side effects that NAD IV have but also it takes minutes as opposed to hours. And the reason for that is quite simple. The NAD molecule is very large and it's a nucleotide and there's a phosphate on the perimeter.

Niagen IV 可使 NAD 水平提高很多，並且不會產生 NAD IV 所具有的那些令人不適的副作用，而且只需幾分鐘而不是幾小時。原因很簡單。NAD 分子非常大，它是一種核苷酸，周圍有一個磷酸鹽。

So it endeavors to get into the cell but fails, it needs to break down in the bloodstream into smaller molecules, the best of which is actually nicotinamide riboside, which then freely flows up into the cell and then converts into NAD once it's in the cell. So it's just simply a serial product.

因此，它試圖進入細胞但失敗了，它需要在血液中分解成更小的分子，其中最好的分子實際上是煙酰胺核糖，然後它自由地流入細胞，然後在進入細胞後轉化為 NAD。所以它只是一個簡單的系列產品。

We also detecting the data from the studies that there is inflammation associated with NAD. So as more and more people experience it, they're getting the benefits of elevated NAD, but they're having a much more pleasant experience. So we're seeing many clinics contact us.

我們也從研究中檢測到了與 NAD 相關的發炎數據。因此，隨著越來越多的人體驗它，他們獲得了 NAD 升高的好處，但他們的體驗更加愉快。因此我們看到很多診所聯繫我們。

But as we've discussed in the past, we had some supply chain challenges. It's a pharma-grade product, it's not food grade like the dietary supplement that we sell. It's pharmaceutical grade, which is an entirely different supply chain, much more challenging supply chain, one that is heavily regulated and has to make sure that it's completely pure, no particulate matter.

但正如我們過去討論過的，我們面臨一些供應鏈挑戰。它是藥品級產品，而不是像我們銷售的膳食補充劑那樣的食品級產品。它是醫藥級的，這是一個完全不同的供應鏈，更具挑戰性的供應鏈，受到嚴格監管，必須確保它完全純淨，沒有顆粒物。

And it's taken us a while to learn that process. But we now have and our supply is secure and there is a very long, what they call BUD shelf life so that the clinics feel comfortable of purchasing it.

我們花了一段時間才了解這個過程。但是我們現在有了，而且我們的供應是有保障的，而且所謂的 BUD 保質期很長，因此診所可以放心購買。

So our expectation is in the next few quarters, we'll start to see a fairly dramatic increase in the sales of pharma-grade Niagen to the clinics and the physicians.

因此，我們預計在接下來的幾個季度中，我們將開始看到面向診所和醫生的醫藥級 Niagen 的銷量出現相當顯著的增長。

Great. And then with respect to the e-commerce business, I was wondering if there are some new promotional strategies that you expect to employ in order to push more volume via the e-commerce channel? And if so, what some of these strategies might be?

偉大的。然後關於電子商務業務，我想知道您是否希望採用一些新的促銷策略來透過電子商務管道增加銷售？如果是的話，這些策略可能是什麼？

And if you're thinking about the possibility, you mentioned influencers before, is there any potential applicability of the use of influencer campaign in the course of 2025 to further accelerate growth through the e-commerce channel?

如果您考慮這種可能性，您之前提到過有影響力的人，那麼在 2025 年期間使用有影響力的活動是否具有潛在的適用性，可以進一步加速透過電子商務管道的成長？

Well as you've seen in the last few quarters, we have done a good job of dramatically increasing our overall e-commerce growth. You recall, 1.5 years ago, the growth rate was much lower in our -- this quarter we're over 30%.

正如您在過去幾季所看到的，我們在大幅提高整體電子商務成長方面做得很好。您記得，一年半前，我們的成長率要低得多——本季我們的成長率超過了 30%。

But we are, as a company, extremely focused on profitability and efficiency, return on advertising spend, long-term value. So we're unlikely to do some aggressive cost inefficient influencer deal that won't have a measurable, reliable return on investment.

但作為一家公司，我們非常注重獲利能力和效率、廣告支出回報率和長期價值。因此，我們不太可能進行一些積極、成本低效且無法獲得可衡量、可靠投資回報的影響者交易。

But if one comes along that we like, we are quick to do it. There are many celebrities that have tried Niagen IV and are excited by it and have expressed interest. But making a deal like that is challenging because we want to deliver a profit to our investors and expect to continue to do so.

但如果出現我們喜歡的，我們很快就會去做。許多名人嘗試過Niagen IV並對此感到興奮並表示興趣。但達成這樣的交易很有挑戰性，因為我們希望為投資者帶來利潤，並期望繼續這樣做。

There are influencer strategies with lesser-known celebrities, particularly in the health care space that we continue to align with and make deals with. We have not been terribly aggressive on TikTok with influencers. We expect to increase our presence there in the near term, and we think that, that will be helpful.

我們針對不太知名的名人採取有影響力的策略，特別是在我們繼續與之合作並達成交易的醫療保健領域。我們在 TikTok 上對有影響力的人並沒有採取過於激進的行動。我們期望在短期內增加在那裡的存在，我們認為這將是有幫助的。

But as more and more people experience the Niagen IV and the Niagen injections and more and more people become interested in NAD and more and more articles come out, we're seeing general increased interest in Niagen in all forms.

但隨著越來越多的人體驗 Niagen IV 和 Niagen 注射，越來越多的人對 NAD 產生興趣，越來越多的文章問世，我們看到人們對各種形式的 Niagen 的興趣普遍增加。

The more people research, the more they realize that the only safe legal, well-tested, reliable, consistent brand in the entire NAD space is the Niagen brand. So we do expect to continue to grow in the e-commerce space. We do expect to use more influencers and word-of-mouth and event-oriented campaigns in the future, but nothing overly dramatic is on the immediate horizon.

人們研究得越多，就越意識到整個 NAD 領域中唯一安全合法、經過充分測試、可靠、一致的品牌是 Niagen 品牌。因此，我們確實希望在電子商務領域繼續成長。我們確實希望在未來利用更多有影響力的人、口碑和以事件為導向的活動，但近期不會出現任何過於戲劇性的舉動。

Jeff Cohen, Ladenburg Thalman.

傑夫·科恩、拉登堡·塔爾曼。

This is Destiny on for Jeff. I'm curious when you look at the market for Niagen Plus, how many clinics do you think are a good fit for this product? And then how should we think about the onboarding of new clinics, if you will, going through the remainder of 2025 because it's been very impressive from the time of launch to now. And I'm curious if we should continue to expect that trend?

對傑夫來說這就是命運。我很好奇，當您觀察 Niagen Plus 的市場時，您認為有多少診所適合這款產品？那麼，如果您願意的話，我們應該如何考慮在 2025 年剩餘時間內引入新診所，因為從推出到現在，它一直非常令人印象深刻。我很好奇我們是否應該繼續期待這種趨勢？

Hi. Yes, Destiny, thank you for that question. We hope to be in 1,000 clinics by the end of the year. We feel that we are on pace for that, but it's difficult to do. We think there are upwards of 2,000 to 3,000 clinics that are the potential addressable market. And then there are numerous physicians that also offer IV or injections directly without using a clinic.

你好。是的，Destiny，謝謝你提出這個問題。我們希望在今年年底能涵蓋 1,000 家診所。我們覺得我們正在朝著這個目標前進，但做起來很難。我們認為有 2,000 到 3,000 家診所是潛在的目標市場。還有許多醫生不透過診所，直接提供靜脈注射或註射服務。

So we think that the overall addressable market for administration of IV and injection is significantly larger than the 600 where we are present today.

因此，我們認為靜脈注射和注射給藥的整體潛在市場將遠大於我們目前的 600 個市場。

Got it, okay. To that same extent, I'm wondering if you're seeing any ordering patterns from these initial clinics that you can talk about? And how that may change now that you've had -- now that you have a longer or more extended (inaudible)?

知道了，好的。在同樣的程度上，我想知道您是否從這些初始診所看到了任何可以談論的訂購模式？而現在，情況可能會發生怎樣的變化——現在，你已經有了更長或更長期的（聽不清楚）？

So as you know, Destiny, we did -- before we launched this, we did many things aside from getting on the list with the FDA, which took a long time and also making pharmaceutical grade material, which took a long time.

所以，正如你所知，Destiny，在我們推出這個產品之前，我們做了很多事情，除了進入 FDA 的名單（這花了很長時間）以及製造醫學級材料（這也花了很長時間）。

We also patented the process and have applied for that patent which is pending, but also conducted a study showing the safety of Niagen IV and also comparing it to NAD IV. Once we completed all of that, we had to build the commercial distribution pipeline, which is quite different than the Tru Niagen dietary supplement pipeline. And we launched it initially in August and we quickly ran out of supply, and it took several months for us to replenish that supply, but we're now in shape to do that.

我們也為該製程申請了專利，目前該專利正在申請中，同時也進行了一項研究，證明了 Niagen IV 的安全性，並將其與 NAD IV 進行了比較。一旦我們完成所有這些，我們就必須建立商業分銷管道，這與 Tru Niagen 膳食補充劑管道截然不同。我們最初在八月推出了該產品，但很快就缺貨了，我們花了幾個月的時間來補充供應，但現在我們已經準備好了。

But we don't have a great deal of anecdotal data on how the consumers are using it or how they are benefiting it. We do surveys, we have some preliminary information. There are some patterns that we're seeing.

但我們並沒有大量關於消費者如何使用它或如何從中受益的軼事數據。我們做了調查，獲得了一些初步資訊。我們看到了一些模式。

For example, one thing that keeps popping up is this thing that the clinics are calling the Niagen glow. It seems as though people that go in and get the Niagen IV notice almost immediately a certain skin glow. Another thing that we have noticed right away is improved sleep right away and people who go in and get the Niagen IV seem to notice a difference in sleep right away.

例如，不斷出現的一種現象就是診所所說的 Niagen 光彩。似乎注射了 Niagen IV 的人幾乎立刻就注意到了皮膚的光澤。我們立即註意到的另一件事是睡眠品質立即得到改善，使用 Niagen IV 的人似乎立即註意到睡眠品質的差異。

But these are just anecdotal pieces of information. We're conducting many studies, and we're planning many studies to show the therapeutic and prophylactic benefits of Niagen injection and IV versus all the studies that we've conducted with Tru Niagen as a dietary supplement.

但這些只是一些軼事資訊。我們正在進行許多研究，並且計劃進行許多研究來證明 Niagen 注射和靜脈注射相對於我們對 Tru Niagen 作為膳食補充劑的所有研究的治療和預防益處。

Okay. That makes sense. I'm hoping that you have a hashtag that says Niagen glow because that's excellent (inaudible) of course. And then if I can squeeze one more in. Can you just expand a little bit on the ingredient revenue?

好的。這很有道理。我希望您有一個標籤，上面寫著 Niagen glow，因為那當然非常棒（聽不清楚）。然後如果我能再擠進一個。能否稍微詳細談談原料收入？

I'm just kind of curious, I know it could be kind of unpredictable, maybe a little bit lumpy, and this is the first quarter. So I'm not sure if there were larger orders that may sustain your partners throughout the remainder of the year? I'm just trying to get a better feel.

我只是有點好奇，我知道這可能有點難以預測，也許有點不穩定，而且這是第一季。所以我不確定是否有更大的訂單可以讓您的合作夥伴維持到今年剩餘的時間？我只是想找點感覺好一點。

Yes. Hi Destiny, thank you for this question. Yes, we had $7 million of food-grade ingredient sales in the quarter, as you know. As I kind of alluded to earlier in my speech, it can be lumpy orders. We expect the trend to continue, but it's a little hard to predict each quarter.

是的。你好，Destiny，謝謝你提出這個問題。是的，如您所知，本季我們的食品級原料銷售額為 700 萬美元。正如我之前在演講中提到的那樣，這可能是不一致的訂單。我們預計這一趨勢將會持續下去，但每季的預測都有些困難。

So you're right in that assessment that we can expect some fluctuation. On the pharma-grade ingredient side, that's a Niagen Plus line, we expect an upward trend.

所以你的評估是正確的，我們可以預期會出現一些波動。在醫藥級成分方面，這是 Niagen Plus 系列，我們預計會呈現上升趨勢。

Okay. Great quarter. Thank you so much.

好的。很棒的一個季度。太感謝了。

Mitch Pinheiro, Sturdivant & Company.

米奇·皮涅羅 (Mitch Pinheiro)，Sturdivant & Company。

Good afternoon. So just one follow-up question on the Niagen Plus is -- are you seeing -- you mentioned physicians' offices or another location where you could get the IV, what kind of physicians are they? And like how are you doing in the health care practitioner market, which seems to be where -- well, a lot of people do their own research on supplements. Oftentimes, your position is obviously the most credible source of sort of therapy. So where do you see that health care practitioner market going and I'll leave it that.

午安.因此，關於 Niagen Plus 的一個後續問題是——您是否看到——您提到了醫生辦公室或其他可以進行靜脈注射的地方，他們是哪種醫生？您在醫療保健從業人員市場表現如何？似乎很多人都會自己研究補充劑。很多時候，您的立場顯然是某種治療最可靠的來源。那麼您認為醫療保健從業人員市場將走向何方？我就不多說了。

Yes. We think that the health care practitioner market is very important for us as a company. As we've often said, if one were to do a business school case study on Niagen Bioscience, the case study would be, how do you sell a dietary supplement that works like a drug?

是的。我們認為醫療保健從業者市場對我們公司來說非常重要。正如我們經常說的那樣，如果有人要對 Niagen Bioscience 進行商學院案例研究，那麼案例研究的內容就是，如何銷售一種像藥物一樣起作用的膳食補充劑？

This is not an ingredient that you pee out. This has a meaningful benefit, and we have proven that it's safe yet the regulations are very clear that one cannot imply a claim on any disease state. You can only make structure function claims in the dietary supplement space.

這不是一種會經由尿液排出的成分。這具有顯著的好處，而且我們已經證明它是安全的，但法規非常明確，不能暗示對任何疾病狀態的索賠。您只能在膳食補充劑領域提出結構功能聲明。

And for a company like ours that now has 38 peer-reviewed high-impact factor clinical human studies, randomized, controlled and another 40 in process. This is very rare and very, very uncommon. Most dietary supplement companies more or less we'll sell anything as long as the FDA or the FTC don't get on their case but not us. It's a meaningful ingredient, we saw a meaningful product. If you take it, there will be a therapeutic benefit.

對於我們這樣的公司來說，目前已有 38 項經過同行評審的高影響因子臨床人體研究，這些研究都是隨機的、受控的，另外還有 40 項正在進行中。這是非常罕見且非常不常見的。大多數膳食補充劑公司或多或少都會銷售任何東西，只要 FDA 或 FTC 不對他們進行調查，而我們則不會。這是一種有意義的成分，我們看到了一個有意義的產品。如果你服用它，就會有治療效果。

If you take it long enough and you measure it, you'll notice the benefit. And we consider that to be an extraordinary unique differential advantage for our company, but also a disadvantage because we're competing with many companies who really don't care. They'll say anything, they'll do anything, they'll make it anywhere, there's no quality controls like the ones that we put in here, they're really not trustworthy brands and trustworthy companies, but not Niagen.

如果您花費足夠長的時間並進行測量，您會注意到它的好處。我們認為這對我們公司來說是一個非常獨特的差異化優勢，但也是一個劣勢，因為我們正在與許多真正不在乎的公司競爭。他們會說任何話，他們會做任何事，他們會在任何地方製造它，沒有像我們這裡設置的品質控制，他們真的不是值得信賴的品牌和值得信賴的公司，但 Niagen 不是。

We are almost obsessive with being conservative with our claims and with the highest, purest quality that can be offered, we make it here in the United States. So that means health care practitioners are extra important for us because these are theoretically, theoretically, the people who do their research and do their work and they investigate which are the brands that can be trusted and which are the ingredients that have research behind it. What are the [COAs], is it certificates of authenticity. Is it what they say it is. And they are the ones that can influence the consumers the most.

我們幾乎執著於保守我們的主張，並且盡可能提供最高、最純淨的品質，我們在美國製造。所以這意味著醫療保健從業者對我們來說尤其重要，因為從理論上講，他們是進行研究和工作的人，他們會調查哪些品牌值得信賴，哪些成分背後有研究。什麼是 [COA]，它是真品證書嗎？事實真如他們所說的嗎？他們是最能影響消費者的人。

We think that, that is the best way for us to market the product. We think the answer to the question, how do you sell a dietary supplement that works like a drug, as you don't, you let others do it for you? And we think health care practitioners are central to that strategy.

我們認為，這是我們行銷產品的最佳方式。我們認為這個問題的答案是，你如何銷售一種像藥物一樣的膳食補充劑，因為你不是自己做，而是讓別人為你做？我們認為醫療保健從業人員是這項策略的核心。

Okay. And then my other question was on your marketing spend. So you're going to -- you're ramping up marketing spend a little bit. And it certainly seems in a disciplined way. And your last -- the first quarter, your marketing efficiency looks pretty good.

好的。我的另一個問題是關於您的行銷支出。所以你將會——稍微增加一點行銷支出。而且它確實看起來是有紀律的。而你們上一季的行銷效率看起來相當不錯。

Is this new spending going to be at that efficiency level? Or is it some experimental marketing spend that you're not exactly sure of the returns. How do you view the increase this year in your marketing spend?

這些新支出會達到這樣的效率水準嗎？或者這是一些您不太確定其回報的實驗性行銷支出。您如何看待今年行銷支出的增加？

We intend to maintain in this area of marketing as a percentage of revenue, and there will be experimental marketing but nothing overly dramatic.

我們打算將這一領域的行銷收入維持在一定比例，並且會進行實驗性行銷，但不會過於誇張。

And will it be spread out? Is the cadence of the marketing spend this year relatively even for the remaining three quarters? Or is there going to be a higher spending (inaudible) quarter.

並且會擴散嗎？今年剩餘三個季度的行銷支出節奏是否相對均衡？或者是否會有一個支出更高的（聽不清楚）季度。

Yes, the spend to be evenly distributed throughout the year. And just to note, as you said, I just want to reiterate, even though dollar amount went up, our -- as a percentage of net sales, our marketing spend has gone down significantly this quarter.

是的，支出將在全年均勻分配。需要注意的是，正如您所說，我只想重申一下，儘管金額上升了，但作為淨銷售額的百分比，我們的行銷支出本季卻大幅下降。

Okay. All right that's all I have. Thanks for taking my questions.

好的。好的，這就是我所知道的全部。感謝您回答我的問題。

Sean McGowan, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Sean McGowan。

A couple of questions. So can you update us on the kind of status of the injectable side of Niagen Plus. What do you expect for that as a rollout? Let's start with that.

有幾個問題。那麼您能否向我們介紹一下 Niagen Plus 注射劑的現況？您對此有何期待？我們就從那開始吧。

It is being offered in many clinics presently, it's a lower dose. We are developing right now an at-home version of it that people can take at home. We hope to have an at-home version of Niagen injectable on the market by the end of the year. We don't know if it will be the pen version like you see with GLP-1, but there'll be a syringe version with a vial that people can purchase in self-inject at home.

目前許多診所都提供這種藥物，劑量較低。我們目前正在開發一種家庭版，供人們在家中使用。我們希望在今年年底前推出家用版的 Niagen 注射劑。我們不知道它是否會是像 GLP-1 那樣的筆式版本，但將會有一個帶有小瓶的注射器版本，人們可以購買並在家中自行注射。

Any sense of when that might be kind of widely available?

您知道什麼時候這種技術可以廣泛應用嗎？

We think the syringe version will be available certainly by the fourth quarter, maybe sooner. And we think if there is a pen version, we're exploring it right now, it won't be available before the first quarter of next year.

我們認為注射器版本肯定會在第四季上市，甚至可能更早。我們認為，如果有筆式版本，我們現在正在探索它，它將在明年第一季之前上市。

Okay, that's helpful. It's a risk of maybe putting the cart before the horse here, but in terms of this Parkinson's study, trying to anticipate in advance the timing of when there might be some commentary on this is the timing of when you would be able to comment on this in any way a function of whether the news is kind of good or bad like are people going to be looking into the time that it takes to make a comment and inferring from that, whether it's positive or negative?

好的，這很有幫助。這可能是本末倒置的風險，但就帕金森氏症研究而言，試圖提前預測對此進行評論的時間就是你能夠以任何方式對此進行評論的時間，這取決於新聞是好是壞，比如人們是否會關注發表評論所需的時間，並從中推斷出評論是正面的還是負面的？

No, you can't interpret whether the news is good or not good by the timing of our announcement. And the reason for that is the study will be completed, but this is a very long, very large study. So it will take several months the researchers to compile the data and analyze the data and then share the data.

不，你不能根據我們發布訊息的時間來解讀這個消息是好是壞。原因是這項研究將會完成，但這是一項非常漫長、規模非常大的研究。因此，研究人員需要花費幾個月的時間來彙編數據、分析數據並共享數據。

But after that, they will want to get the study published, and they will write up a manuscript and submit it to several journals for peer review. And they won't want to risk getting accepted in these journals by the data being leaked.

但在那之後，他們希望發表這項研究，他們會寫一份手稿並將其提交給幾家期刊進行同行評審。他們也不想冒著資料外洩而無法被這些期刊接受的風險。

So it will be a while. It could be a year (inaudible) or more, after June before it is publicly available. It is possible that it is sooner than that. But we don't intend to rush it, it's a great study. We have very high hopes, but of course, we have no idea.

所以還需要一段時間。可能需要一年（聽不清楚）或更長時間，六月之後才會向公眾開放。有可能比這更早。但我們並不打算倉促行事，這是一項偉大的研究。我們抱持著很高的期望，但當然我們也不知道。

It's double blinded. Neither the participants nor the researchers have any idea about who took what and what the efficacy and the results were. So the reason we're hopeful is because we understand the mechanisms of action of Parkinson's and it's -- how it relates to mitochondrial malfunctions, and that's really where we are most effective. But also there were studies that were already published that were smaller Phase I studies that indicated a benefit. So we are hopeful, but we really have no idea.

這是雙盲的。參與者和研究人員都不知道誰服用了什麼，以及其功效和結果如何。我們充滿希望的原因是，我們了解帕金森氏症的作用機制以及它與粒線體功能障礙的關係，而這正是我們最有效的地方。但已經發表的一些規模較小、第一階段的研究顯示了其益處。所以我們充滿希望，但我們真的不知道。

Okay. That's very helpful. Ozan, if I can just ask you to clarify one thing on the G&A, not only in the number in the quarter, but on your commentary. Was there anything besides the reversal of that kind of bad debt reserve in the first quarter of this year that you would consider kind of an unusual or unrepeatable benefit? Or if we just make the adjustment and assume that that's just the starting point?

好的。這非常有幫助。Ozan，如果我可以請您澄清有關 G&A 的一件事，不僅是本季度的數字，還有您的評論。除了今年第一季扭轉此類壞帳準備金之外，您認為還有什麼不尋常或不可重複的好處嗎？或者我們只是進行調整並假設這只是起點？

Yes, that would be the only one. The only -- the difference between Q1 and the rest of the quarters is the -- I think we talked about it a little bit earlier to stock-based compensation. We didn't have full order impact of that in Q1 since (inaudible) was done a little bit later in the quarter. So I would, on a go-forward basis, there will be an impact there. But in terms of onetime events, the reversal, the bad debt, $1.3 million is the only item.

是的，那是唯一的一個。第一季與其他季度之間的唯一區別是——我想我們之前討論過股票薪酬。由於（聽不清楚）是在本季稍後完成的，因此我們在第一季沒有受到該訂單的全部影響。因此，我認為，從未來來看，這會產生影響。但就一次性事件、逆轉、壞帳而言，130 萬美元是唯一的項目。

Does all of the stock-based comp taken in that line?

所有股票薪酬都屬於這一類嗎？

Sorry, say that again?

抱歉，您再說一次嗎？

Is all of stock-based compensation reflected in that G&A line? Or is it a (inaudible).

所有股票薪酬都反映在 G&A 費用中嗎？或者它是一個（聽不清楚）。

I believe so, yes. It is shown in the 10-Q is spread out.

是的，我相信如此。它在 10-Q 中顯示為展開。

Matt Dhane, Tieton Capital Management.

馬特‧達恩 (Matt Dhane)，蒂頓資本管理公司。

Great. Thank you. I wanted to ask, are you able to meet all demand for the Niagen IV product today? Yes, I just was curious about that.

偉大的。謝謝。我想問一下，今天您能滿足所有 Niagen IV 產品的需求嗎？是的，我只是對此感到好奇。

Yes.

是的。

Okay. Are you holding back additional clinics from signing up though or being a persistent until you have the full Niagen IV product availability in the -- I guess, the supply ramped up?

好的。您是否會阻止更多診所註冊，或者堅持不懈，直到 Niagen IV 產品全面上市——我猜，供應量已經增加了？

No.

不。

Okay. And then I also did want to touch on what is happening around your discussions with the FDA around the AT and Niagen. You said that there should be some maybe potentially some development player this year. Just curious what's going on behind the scenes? Is there active discussions today with the FDA?

好的。然後我也想談談您與 FDA 就 AT 和 Niagen 進行的討論的情況。你說今年應該會有一些有潛力的發展型球員。只是好奇幕後發生了什麼事？今天與 FDA 有積極的討論嗎？

Are you having discussions with potential partners? Just was hoping to get a little bit more color there, that would be great.

您正在與潛在合作夥伴進行討論嗎？只是希望那裡能有更多的色彩，那就太好了。

It's a good question. We are having active discussions with the FDA. We submitted a pre-IND to them in October. They gave us their comments in December, we responded to them. They got back to us a few weeks ago.

這是個好問題。我們正在與 FDA 進行積極討論。我們在十月向他們提交了一份預 IND。他們在 12 月向我們提出了意見，我們對此做出了回應。他們幾週前就回覆我們了。

There is some discussion about the endpoints, the number of studies, but it is definitely progressing. And no, we have not had any active discussions with third-party partners. We want to take it further along before we do that.

關於終點、研究數量有一些討論，但肯定正在取得進展。不，我們還沒有與第三方合作夥伴進行任何積極的討論。在這樣做之前，我們想進一步推進此事。

Okay, okay. And so now the FDA has got back to you with their comments. And so basically, you're understanding what the next steps are, and then you'll just continue down the path back and forth with the FDA and tell you to that point to do the filing here later this year, then it sounds like?

好的，好的。現在 FDA 已經回覆了他們的評論。所以基本上，您了解接下來的步驟是什麼，然後您將繼續與 FDA 來回溝通，並告訴您在今年晚些時候在這裡提交文件，聽起來怎麼樣？

Correct.

正確的。

Okay. Perfect. Thank you, Rob.

好的。完美的。謝謝你，羅布。

Susan Anderson, Canaccord Genuity.

蘇珊安德森（Susan Anderson），Canaccord Genuity。

Hi. Good evening, thanks for taking my questions. Congrats on the quarter. I guess maybe just to ask about the various Tru Niagen formulations. I guess, you started doing the [thick pass]. I think you have an immune product now. I guess I'm just curious how those are performing.

你好。晚上好，感謝您回答我的問題。恭喜本季取得佳績。我想也許只是想詢問有關 Tru Niagen 的各種配方。我猜，你開始做[厚傳球]。我認為你現在有了一種免疫產品。我想我只是好奇它們的表現如何。

Are they helping to add to growth at all? And then are you planning for any more product rollout for the rest of the year?

它們對促進成長有幫助嗎？那麼，您計劃在今年剩餘時間內推出更多產品嗎？

Those are good questions, and welcome, Susan. They are selling, it's not -- it doesn't yet have a meaningful impact on overall sales. Most of our sales are still the various Tru Niagen SKUs and the ingredient business. But both stick packs and immune are growing, and we intend to invest more in our marketing efforts in both of those products because we see increasing demand in both.

這些都是很好的問題，歡迎提問，蘇珊。他們正在銷售，但還沒有對整體銷售產生有意義的影響。我們的大部分銷售仍然來自各種 Tru Niagen SKU 和配料業務。但條狀包裝和免疫產品都在成長，我們打算在這兩種產品的營銷上投入更多資金，因為我們看到這兩種產品的需求都在不斷增長。

We may be doing some alterations in the immune formulation based on consumer feedback. But we expect both stick packs and immune to grow more as the year progresses.

根據消費者的回饋，我們可能會對免疫配方做一些改變。但我們預計，隨著時間的推移，棒狀包裝和免疫包裝都會進一步成長。

Yes, there is another formulation that we call Tru Niagen Beauty. It was a formulation that we created a few years ago, specifically for Watsons Hong Kong at their request. We're making a few alterations to that formula as well and intend to launch it here in the U.S., perhaps as early as this year.

是的，還有另一種配方，我們稱之為 Tru Niagen Beauty。這是我們幾年前應香港屈臣氏的要求專門為他們研發的配方。我們也對該配方進行了一些修改，並打算最早在今年在美國推出。

Okay. Great. And will that be launched on your own website or another website?

好的。偉大的。它會在您自己的網站還是其他網站上發布？

It will be launched on our website and other websites.

它將在我們的網站和其他網站上推出。

Okay, great. And then maybe I could just follow up on the Niagen injectables. Maybe a question, you talked about the at home potentially rolling out in the fourth quarter. I guess I'm curious do you already have plans on kind of what channels will that be rolling out the clinics? Will it be rolling out other even DTC kind of clinic riders where consumers could even order them online?

好的，太好了。然後我或許可以繼續使用 Niagen 注射劑。也許有一個問題，您談到了可能在第四季度推出的家庭服務。我想我很好奇，您是否已經計劃好了透過哪些管道推出這些診所？它是否會推出其他甚至 DTC 類型的診所附加險，讓消費者可以透過線上訂購？

Or how should we think about that?

或者我們應該如何思考這個問題？

Yes. We expect that consumers will be able to order them online. And it might be through some of these telehealth companies that presently are selling GLP-1 at home products. We don't have any deals like that to announce presently, and it will likely also be available on other platforms like Google shop, for example.

是的。我們預計消費者能夠在線上訂購。這可能是透過一些目前正在銷售 GLP-1 家用產品的遠距醫療公司實現的。目前我們還沒有宣布任何類似的交易，但它很可能也會在其他平台上推出，例如 Google 商店。

But one thing to point out that's important to remember is we sell Niagen to the compound pharmacy. The compound pharmacy then sells to those telehealth companies and clinics. So we are not the direct seller to those customers, we are more marketers.

但需要指出的是，我們將 Niagen 賣給了複方藥房。然後，複方藥房將藥物出售給那些遠距醫療公司和診所。因此，我們並不是這些客戶的直接銷售商，我們更多的是行銷商。

Of course, we're very, very involved in that process, and we developed very close relationships with these clinics and telehealth companies. Indeed, in most cases, we actually bring them to the pharmacy. But it's an important distinction to understand in the supply chain.

當然，我們非常積極地參與這個過程，並與這些診所和遠距醫療公司建立了非常密切的關係。事實上，在大多數情況下，我們確實會把它們帶到藥局。但在供應鏈中，這是一個需要理解的重要區別。

Okay, great. That's really helpful. Thanks so much. Good luck for the rest of the year.

好的，太好了。這真的很有幫助。非常感謝。祝你今年餘下的時間一切順利。

Thank you, Susan.

謝謝你，蘇珊。

JP Mark, Farmhouse Equity Research.

JP Mark，Farmhouse Equity Research 公司。

Hi rob, I just wanted to say my questions have been asked and answered. I just wanted to sing along my congratulations on a great quarter.

你好，羅布，我只是想說我的問題已經有人問過了，而且也得到了答案。我只是想一起唱歌祝賀這個偉大的季度。

Thank you very much.

非常感謝。

And there are no further questions at this time. Wesley Yu, I turn the call back over to you.

目前沒有其他問題。Wesley Yu，我把電話轉回給你。

Thank you, Kayla. There will be a replay of this call beginning at 7:30 p.m. Eastern Time today. (Event Instructions)

謝謝你，凱拉。本次通話將於晚上 7:30 開始重播。今天東部時間。（活動須知）

Thank you, everyone, for joining today and for your continued support of Niagen Bioscience.

感謝大家今天的參與以及對 Niagen Bioscience 的持續支持。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。