Niagen Bioscience Inc (NAGE) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Niagen Bioscience Inc., second quarter of 2025 earnings conference call. My name is JL, and I will be your conference operator today. At this time, all participants are in a listen-only mode, 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 Bioscience Inc. 2025 年第二季財報電話會議。我叫 JL，今天我將擔任您的會議接線生。目前，所有參與者都處於只聽模式，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 second 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年第二季的財務表現。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 Kendall, Senior Director of Publicity and Public Relations. Please go ahead.

現在，我想將電話會議交給宣傳和公共關係高級總監肯德爾 (Kendall)。請繼續。

Thank you. Good afternoon, and welcome to Niagen Bioscience Inc., second 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 Bioscience Inc. 2025年第二季電話會議。今天與我們一起出席的有 Niagen Bioscience 的執行長 Rob Fried、財務長 Ozan Pamir 和科學與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 Bioscience'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 Niagen Bioscience's quarterly report on Form 10-Q, most recently filed with the SEC, including results of operations, financial condition, cash flows, as well as global market and economic conditions on our business.

許多因素可能導致 Niagen Bioscience 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 Bioscience 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. 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 reconciliation to the appropriate GAAP measures.

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、實際結果或預期變更的義務。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 is 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, Kendall. Good afternoon, everyone, and thank you for joining us on today's investor call.

謝謝你，肯德爾。大家下午好，感謝大家參加今天的投資人電話會議。

For the second quarter, I'm pleased to share that we delivered yet another record performance with $31.1 million in revenue, a 37% increase year over year, and net income of $3.6 million compared to virtually breakeven a year ago. We ended the quarter with $60.5 million in cash and no debt.

對於第二季度，我很高興地告訴大家，我們再次創下了創紀錄的業績，營收為 3,110 萬美元，年增 37%，淨收入為 360 萬美元，而去年同期幾乎實現收支平衡。本季結束時，我們擁有 6,050 萬美元現金，且沒有債務。

Our e-commerce business remains the largest component of our business, with net sales of $18.1 million, a 39% increase year over year. Our food-grade and pharmaceutical-grade Niagen ingredient business grew 135% year over year, with $7.4 million in revenue in the second quarter.

我們的電子商務業務仍然是我們業務的最大組成部分，淨銷售額為 1810 萬美元，年增 39%。我們的食品級和醫藥級 Niagen 成分業務年增 135%，第二季營收為 740 萬美元。

Since launching last August, Niagen Plus continues to be a strategic focus of the company. As of today, we've onboarded over 800 wellness clinics nationwide to offer our Niagen Plus product line, which includes Niagen intravenous and Niagen injections. As the clinic's adoption continues to grow, we are seeing increased interest in the Niagen Plus injections.

自去年 8 月推出以來，Niagen Plus 一直是該公司的策略重點。截至今天，我們已與全國 800 多家健康診所合作，提供我們的 Niagen Plus 產品系列，其中包括 Niagen 靜脈注射和 Niagen 注射。隨著診所的採用率不斷增長，我們看到人們對 Niagen Plus 注射的興趣日益濃厚。

To build on this trend, Wells Pharmacy Network, our compound pharmacy partner, is launching an at-home injection kit by the end of the year. We are exploring adding telehealth functionality to our website as a way for our valued customers to access Niagen Plus from our website.

為了順應這一趨勢，我們的複方藥房合作夥伴 Wells Pharmacy Network 將於今年底推出家用注射套件。我們正在探索在我們的網站中添加遠距醫療功能，以便我們尊貴的客戶從我們的網站訪問 Niagen Plus。

While the demand for Niagen Plus continues to grow, we are seeing increased scrutiny from the state of California around 503B outsourcing facility practices. Wealth Pharmacy Network remains a partner for us to maintain a network nationwide, and we expect that to continue as our partnership grows the Niagen Plus business.

雖然對 Niagen Plus 的需求持續增長，但我們看到加州對 503B 外包設施實踐的審查越來越嚴格。財富藥局網路 (Wealth Pharmacy Network) 仍然是我們維護全國網路的合作夥伴，我們期望隨著我們的合作夥伴關係不斷發展 Niagen Plus 業務，這種合作關係將繼續下去。

The buzz around Niagen is strong and growing. We've been featured in the last quarter in major media outlets, including Business Insider, People Magazine, Vogue, LA Times, New York Post, US News and World Report, Everyday Health, Ella Allure. We've been featured in top podcasts, including the All-In podcast, Call Her Daddy podcast, and just this past weekend with Theo Von.

關於 Niagen 的討論日益激烈。上個季度，我們多次出現在各大媒體上，包括《商業內幕》、《人物》雜誌、《Vogue》、《洛杉磯時報》、《紐約郵報》、《美國新聞與世界報道》、《每日健康》和《Ella Allure》。我們曾出現在頂級播客中，包括 All-In 播客、Call Her Daddy 播客，以及上週末與 Theo Von 的合作播客。

People are starting to realize that NAD is important for their health, especially as they age. But by far, the best, most tested, most trusted, legal, patented way to elevate NAD is with Niagen. And that Niagen Bioscience is the gold standard in the NAD space. If it doesn't say Niagen, I would recommend you save your money.

人們開始意識到 NAD 對他們的健康很重要，尤其是隨著年齡的增長。但到目前為止，提升 NAD 的最佳、經過最多測試、最值得信賴、合法且獲得專利的方法是使用 Niagen。Niagen Bioscience 是 NAD 領域的黃金標準。如果沒有提到 Niagen，我建議你省下這筆錢。

Niagen has also had a strong presence at major events and with some important influencers. We partner with some of our clinics to administer Niagen Plus IVs and injections. We attended the Miami Grand Prix Formula 1 event, and we gave out in partnership with our friends at the All-In Podcast, to many attendees of F1, as well as the NFL training camp in Miami, and the sports Front Office Forum in Santa Monica. We attended Cannes Lion Festival of Creativity, where we were featured on the panel discussion, and we did an interview with the LA Times. We also administered IV and injections at an event hosted by Gary Vaynerchuk [to] attendees at Cannes.

Niagen 也在一些重大活動中和一些重要的影響者中表現出色。我們與一些診所合作，提供 Niagen Plus 靜脈注射和注射。我們參加了邁阿密大獎賽一級方程式賽車活動，並與 All-In Podcast 的朋友們合作，向許多 F1 的參與者、邁阿密的 NFL 訓練營和聖莫尼卡的體育前台論壇分發了禮物。我們參加了坎城國際創意節，在小組討論中亮相，並接受了《洛杉磯時報》的採訪。我們還在加里·韋納查克 (Gary Vaynerchuk) 主持的坎城活動上為與會者進行了靜脈注射和注射。

We attended the Longevity Leadership Conference, which is a gathering of leaders and innovators in the longevity space, and gave out some IVs and injections. We attended the Athletech Innovation Summit, an event featuring wellness and fitness leaders. And periodically, we go to the Alo Gym events in partnership with Alo Yoga and give out IVs and injections to influencers. We also have visited the homes and offices of numerous athletes and celebrities and rock musicians before they go on tour or before they perform or before they play.

我們參加了長壽領導力會議，這是長壽領域的領導者和創新者的聚會，並提供了一些靜脈注射和注射。我們參加了 Athletech 創新高峰會，這是一個匯聚健康和健身領袖的活動。我們也定期與 Alo Yoga 合作，參加 Alo Gym 的活動，為有影響力的人士提供靜脈注射和針劑。我們還在許多運動員、名人和搖滾音樂家巡迴演出、演出或演奏之前拜訪了他們的家和辦公室。

People are becoming very aware of Niagen in general, not just Tru Niagen, but also the efficacy of injections and IVs, and it is growing in popularity. And the reason for that is because we have the best product in the market. And we continue to represent the highest standard in NAD science, and we represent authenticity, transparency, and scientific innovation in the dietary supplement industry in general.

人們開始越來越了解 Niagen，不僅是 Tru Niagen，還有註射和靜脈注射的功效，而且它越來越受歡迎。原因在於我們擁有市場上最好的產品。我們繼續代表 NAD 科學的最高標準，我們代表整個膳食補充劑行業的真實性、透明度和科學創新。

We are consistently recognized by the industry, by trade associations, by third-party testers as the gold standard in the space and one of the very, very few truly trusted brands that does the research, does the science, goes through the proper channels with the FDA and the FTC and deliver something that actually works.

我們一直受到業界、行業協會和第三方測試機構的認可，被視為該領域的黃金標準，也是極少數真正值得信賴的品牌之一，我們進行研究，進行科學研究，透過與 FDA 和 FTC 的適當管道提供真正有效的產品。

We also do many, many actual clinical high impact factor peer-reviewed published studies. For example, in the United States, it is estimated that between 10 and 15 people are actively experiencing symptoms from what is known as long COVID. With a subset of this population reporting that symptoms significantly limit their daily activities, these are symptoms like fatigue and sleep problems and depression.

我們也進行了大量實際的臨床高影響因子同行評審的發表研究。例如，在美國，據估計有 10 到 15 人正在經歷所謂的長期 COVID 症狀。其中一部分人群報告稱，這些症狀嚴重限制了他們的日常活動，例如疲勞、睡眠問題和憂鬱。

A study conducted by Harvard University examined the effect of NR supplementation on reducing fatigue, addressing these depressive symptoms, sleep quality, cognition. This study was completed recently and is currently going through the peer review publication process.

哈佛大學進行的一項研究調查了 NR 補充劑對減輕疲勞、解決憂鬱症狀、睡眠品質和認知能力的影響。這項研究最近完成，目前正在進行同儕審查出版流程。

There's also another long COVID study conducted in Norway, as well a slightly larger study, but the participants in that are slightly different. Their definition of long COVID differs slightly from the one at Harvard and here in the US. But we're looking forward to the results of those studies, and we will make them known to you when they are published.

挪威也進行了另一項長期的 COVID 研究，以及一項規模稍大的研究，但參與者略有不同。他們對長期 COVID 的定義與哈佛大學和美國的定義略有不同。但我們期待這些研究的結果，並在結果公佈後向大家公佈。

A notable article recently discussed the potential benefits of NAD supplementation in cellular health and fertility. While there's limited research on the effects of NAD modulation for fertility to date, we recognize that this is an important area of opportunity, and we're currently working with independent investigators through our external research program on a study looking at the potential for NR to support fertility and reproductive health. We understand that these egg cells, oocytes have NAD as well, and that at a certain point in the life cycle of these cells, the NAD becomes depleted. And the cells become less fertile, less healthy, and there might be an opportunity to elongate, lengthen the fertility clock by elevating NAD levels in these cells.

最近有一篇值得注意的文章討論了 NAD 補充劑對細胞健康和生育能力的潛在益處。雖然迄今為止關於 NAD 調節對生育力影響的研究有限，但我們認識到這是一個重要的機會領域，我們目前正在透過外部研究計畫與獨立研究人員合作進行一項研究，探討 NR 支持生育力和生殖健康的潛力。我們知道這些卵細胞、卵母細胞也含有 NAD，而在這些細胞生命週期的某個階段，NAD 會耗盡。細胞的生育能力和健康狀況會下降，透過提高這些細胞中的 NAD 水平，可能有機會延長生育時鐘。

Last month, we announced that the company entered into a worldwide exclusive license agreement with the Haukeland University Hospital in Bergen, Norway. This arrangement grants the company exclusive rights to develop and commercialize its patented nicotinamide riboside molecule as a potential pharmaceutical therapy for Parkinson's disease or to sub-license the program to a strategic pharmaceutical partner.

上個月，我們宣佈公司與挪威卑爾根的Haukeland大學醫院簽訂了全球獨家授權協議。該協議授予該公司獨家權利，開發和商業化其專利煙醯胺核糖分子作為帕金森氏症的潛在藥物療法，或將該專案再授權給戰略製藥合作夥伴。

Partnership also provides the company exclusive access to the data resulting from this NOPARK clinical trial and data from previous related studies as well. This marks a meaningful step forward in Niagen Bioscience's pursuit of pharmaceutical applications of NR to benefit patients with Parkinson's disease and potentially other neurodegenerative disorders. This Phase 3 NOPARK clinical trial was completed in June. We expect the study to be submitted to peer review sometime in October.

此次合作也使該公司獲得了此次 NOPARK 臨床試驗數據以及先前相關研究數據的獨家存取權。這標誌著Niagen Bioscience在NR藥物應用方面邁出了意義重大的一步，該公司致力於將NR應用於帕金森氏症患者以及其他潛在的神經退化性疾病患者。這項NOPARK三期臨床試驗已於今年6月完成。我們預計研究將於十月份某個時候提交同儕審查。

As it relates to NR for the treatment of Ataxia-telangiectasia, AT, we're actively engaging with the FDA to get our program ready for an investigational new drug application for the use of NR in the treatment of AT. We continue to have ongoing dialogue with the agency to address its comments and feedback. We hope to have an update later this year.

由於它與用於治療毛細血管擴張性共濟失調 (AT) 的 NR 相關，我們正在積極與 FDA 合作，為我們的計畫做好準備，以申請使用 NR 治療 AT 的試驗性新藥。我們將繼續與該機構進行對話，以解決其意見和回饋。我們希望今年稍後能夠有更新。

In last quarter's call, I discussed the FDA's pending response to the litigation and citizens' petition related to its determination that NMN is not a lawful dietary ingredient under the Federal Food, Drug, and Cosmetic Act. While the FDA's response has now been delayed until the end of September 2025 due to administrative disruptions, we continue to reaffirm our support of the agency's position, and we believe that the FDA must maintain its stance to ensure consumer safety and regulatory integrity.

在上個季度的電話會議中，我討論了 FDA 對訴訟和公民請願的未決回應，該訴訟和請願涉及 FDA 裁定 NMN 不是《聯邦食品、藥品和化妝品法案》下的合法膳食成分。雖然由於行政中斷，FDA 的回應現在已被推遲到 2025 年 9 月底，但我們繼續重申對該機構立場的支持，並且我們相信 FDA 必須堅持其立場，以確保消費者安全和監管完整性。

As I reflect on the progress we've made so far this year, I remain confident that we are well positioned to continue our growth trajectory and advance toward our key strategic goals. I am grateful for the dedication of our leadership and our team, and their unwavering commitment to the company's mission: to benefit the health and lives of every individual. As a global leader in NAD science, we will continue to reinforce Niagen as the gold standard and the premium solution to age better.

當我回顧我們今年迄今所取得的進展時，我仍然相信，我們已做好準備，繼續保持成長軌跡，並朝著我們的關鍵策略目標前進。我衷心感謝我們領導階層和團隊的奉獻，以及他們對公司使命的堅定承諾：造福每個人的健康和生活。作為NAD科學的全球領導者，我們將繼續鞏固Niagen作為黃金標準和卓越解決方案的地位，以幫助您更健康地老去。

I'd 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？

Thanks, Rob, and thank you to our investors, partners and team members for joining us today.

謝謝，羅布，也感謝我們的投資者、合作夥伴和團隊成員今天加入我們。

I want to echo Rob's sentiment that the company's performance in the first half of this year has been exceptional and is attributable to our consistent focus, dedication and discipline. While we still have much of the year left, I have trust in our team to continue to execute on our key initiatives to drive results.

我想同意羅布的觀點，即公司今年上半年的業績非常出色，這歸功於我們一貫的專注、奉獻和紀律。雖然今年還有很多時間，但我相信我們的團隊能夠繼續執行我們的關鍵舉措並取得成果。

Turning to our second quarter of financial performance. In the second quarter of 2025, we brought in $31.1 million in revenue, up 37%, or $8.4 million from the same period last year. Our Tru Niagen revenue grew by 22% to $22.7 million, a $4.1 million year over year increase. This was driven primarily by e-commerce revenues of $18.1 million, which was up 39%, adding $5 million year over year.

談談我們第二季的財務表現。2025 年第二季度，我們的營收為 3,110 萬美元，比去年同期成長 37%，即 840 萬美元。我們的 Tru Niagen 營收成長了 22%，達到 2,270 萬美元，比去年同期增加了 410 萬美元。這主要得益於電子商務收入 1,810 萬美元，成長 39%，比去年同期增加了 500 萬美元。

Our Niagen ingredient business was up 135% year over year and brought in $7.4 million, a $4.2 million year-over-year increase. Within the ingredients business, we delivered $6 million in food-grade Niagen sales and $1.4 million in pharma-grade Niagen sales.

我們的 Niagen 成分業務年增 135%，營收 740 萬美元，年增 420 萬美元。在食材業務方面，我們的食品級 Niagen 銷售額達到 600 萬美元，醫藥級 Niagen 銷售額達到 140 萬美元。

Tru Niagen distribution continues to be an area of opportunity for our company. Watsons remains a reliable partner, contributing steady and recurring revenues with occasional quarterly fluctuations. In the first half of this year, we saw that Watsons sell through was improved year over year, and we were actively working with their team to grow Tru Niagen's brand presence in Hong Kong through joint marketing efforts and exploring expansion into additional markets across the Asia Pacific region.

Tru Niagen 分銷仍然是我們公司的一個機會領域。屈臣氏仍然是一個可靠的合作夥伴，儘管偶爾會出現季度波動，但仍貢獻穩定且經常性的收入。今年上半年，我們看到屈臣氏的銷售量逐年提升，我們也積極與屈臣氏團隊合作，透過聯合行銷努力擴大 Tru Niagen 在香港的品牌影響力，並探索向亞太地區其他市場的擴張。

Our gross margin improved to 65% in the second quarter, up 480 basis points compared to 60.2% a year ago. This improvement was driven primarily by sales of lower cost inventory along with changes in our product and business mix, including the benefit of higher e-commerce sales and continued sales of pharmaceutical-grade Niagen.

我們的毛利率在第二季提高至 65%，較去年同期的 60.2% 上升了 480 個基點。這項改善主要得益於低成本庫存的銷售以及我們的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。

We expect gross margins for the full year to improve slightly compared to the previous year. Selling and marketing expense as a percentage of net sales improved to 26.4% compared to 30.6% in the second quarter of 2024. This improvement reflects our continued focus on scaling efficiently through measured high return investments.

我們預計全年毛利率將較上年略有提高。銷售和行銷費用佔淨銷售額的百分比從 2024 年第二季的 30.6% 改善至 26.4%。這項改進反映了我們繼續致力於透過衡量的高回報投資來有效擴大規模。

Research and development expense was $1.6 million, $300,000 higher year over year. The driver for this was the increased investment in continued NAD pre-pressure development as we continue to invest in future innovation and IP portfolio expansion. G&A expenses were $7.3 million, a $1.6 million increase compared to the previous year. This increase is driven by increased share-based compensation expense and increased spend to support the overall scaling of our business. For the second quarter of 2025, our net income was $3.6 million or earnings of $0.05 per share, a significant improvement compared to approximately breakeven per share for the second quarter of 2024.

研發費用為160萬美元，比去年同期增加了30萬美元。推動這一成長的因素包括，我們持續投資於NAD預壓技術開發，同時持續投資於未來創新和IP組合擴展。一般及行政費用為730萬美元，較上年增加160萬美元。這一成長主要源於股權激勵費用的增加以及為支持我們業務整體擴張而增加的支出。 2025年第二季度，我們的淨利潤為360萬美元，即每股收益0.05美元，與2024年第二季度的每股盈虧平衡相比，實現了顯著改善。

Turning to the balance sheet and cash flow. Our balance sheet continues to strengthen. We ended the quarter with $60.5 million in cash and no debt. For the six months ended June 30, 2025, net cash provided by operations was $9.1 million compared to breakeven in the same period last year.

轉向資產負債表和現金流。我們的資產負債表持續增強。本季結束時，我們擁有 6,050 萬美元現金，且沒有債務。截至 2025 年 6 月 30 日的六個月，經營活動提供的淨現金為 910 萬美元，而去年同期則達到損益兩平。

The year-over-year improvement was largely driven by a $9.2 million improvement in net income, along with other positive shifts in working capital, notably improved collections on trade receivables and higher accounts payable compared to the prior year period. These were partially offset by increased inventory levels to support operational expansion. As it relates to our 2025 full-year P&L outlook, detailed information on the key financial metrics can be found in our earnings press release and the accompanying slide presentation.

年成長主要得益於淨收入增加 920 萬美元，以及營運資本的其他積極變化，特別是與去年同期相比，貿易應收帳款回收有所改善，應付帳款有所增加。這些被支持業務擴張而增加的庫存水準部分抵消。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。

Following a strong start to the year, we are raising our revenue growth expectation from 20% to 25% year over year, to a range of 22% to 27% year over year. This update reflects our continued execution and leadership in the expanding NAD market, as well as our confidence in the momentum across both our e-commerce and Niagen ingredients business. We anticipate e-commerce to remain a steady growth engine, and we also anticipate growth in Niagen ingredient and broader B2B sales.

由於今年開局強勁，我們將營收成長預期從年增 20% 至 25% 上調至年增 22% 至 27%。此次更新反映了我們在不斷擴大的 NAD 市場中的持續執行力和領導地位，以及我們對電子商務和 Niagen 成分業務發展的信心。我們預計電子商務將繼續成為穩定的成長引擎，我們也預期 Niagen 成分和更廣泛的 B2B 銷售將會成長。

While revenue from certain Tru Niagen distribution channels, as well as our pharmaceutical-grade Niagen ingredient channel may fluctuate quarter to quarter, we remain confident in our full-year outlook. We're also improving our outlook for selling, marketing, and advertising expenses. We now expect these expenses to be up in absolute dollars but down as a percentage of net sales year over year compared to the previous expectation of up in absolute dollars and stable as a percentage of net sales year over year. This change in outlook is primarily driven by our continued efforts to scale efficiently as our e-commerce business steadily grows.

雖然某些 Tru Niagen 分銷管道以及我們的藥用級 Niagen 成分管道的收入可能會逐季度波動，但我們對全年前景仍然充滿信心。我們也在改善銷售、行銷和廣告費用的前景。我們現在預計這些費用的絕對金額將上升，但佔淨銷售額的百分比將同比下降，而先前的預期是絕對金額將上升，佔淨銷售額的百分比將同比穩定。這項預期變化主要源自於我們持續努力在電商業務穩定成長的同時高效擴張。

Our results to date reflect both the strength of our foundation and the consistent execution by the members of our teams. While we have work to do to continue the performance and momentum thus far, I have strong belief in the company's ability to execute efficiently and effectively. As Rob discussed earlier, there are many initiatives and strategic goals we are collectively working towards, and I look forward to joining him to share more positive news in the quarters ahead.

我們迄今為止的業績既體現了我們堅實的基礎，也體現了團隊成員始終如一的執行力。雖然我們仍需努力才能延續目前的業績和勢頭，但我堅信公司能夠有效率地執行。正如 Rob 之前所討論的，我們正在共同努力實現許多計劃和戰略目標，我期待在未來幾季與他分享更多正面的消息。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Ram Selvaraju, H.C. Wainwright.

（操作員指示）Ram Selvaraju，H.C. Wainwright。

Congrats on all the progress. I just wanted to ask about the initiative with respect to Parkinson's disease and assuming positive data from the NOPARK trial, how you expect to proceed and if indeed you would look at advancing nicotinamide riboside chloride or a different nicotinamide riboside analog. Thank you.

祝賀你取得的所有進展。我只是想問一下關於帕金森氏症的計劃，假設NOPARK試驗取得了積極的數據，您預計接下來會如何進行，以及您是否會考慮推進煙酰胺核苷氯化物或其他煙酰胺核苷類似物的研究。謝謝。

Thank you, Ram. It's very important and good question. Of course, as you know, we don't know the results, it's a double-blinded study. We expect or hope to hear the results before the end of the year. Of course, we probably wouldn't have an opportunity to make those results public until it's published, which would be probably sometime next year.

謝謝你，拉姆。這是一個非常重要且好的問題。當然，如你所知，我們不知道結果，這是一項雙盲研究。我們預計或希望在年底之前聽到結果。當然，我們可能沒有機會在研究結果發布之前將其公之於眾，而發佈時間可能要到明年某個時候。

We have analogs for nicotinamide riboside, most specifically nicotinamide riboside triacetate, NRT, and we've done studies that show that it's bioequivalent -- actually slightly bio superior NRC in certain ways. Our expectation is if we are pursuing FDA approval for Parkinson's in the US, we would likely pivot to NRT. And we would likely do so with a partner, and we've had some preliminary conversations with certain partners, but nothing to report at this point.

我們有煙酰胺核苷的類似物，最具體的是煙酰胺核苷三乙酸酯 (NRT)，而且我們已經做過研究，表明它具有生物等效性 - 實際上在某些方面比 NRC 的生物性能略勝一籌。我們的預期是，如果我們在美國尋求FDA批准帕金森氏症治療，我們很可能會轉向NRT療法。我們很可能會與合作夥伴合作，我們已經與一些合作夥伴進行了初步洽談，但目前尚無任何進展。

In the EU, however, we may pursue provisional drug approval for NRC depending on how these results play out. As you know also, we set up a separate subsidiary just for optionality purposes. Obviously, it's a wholly owned subsidiary, and we might at some point put the Parkinson's rights and other drug rights into that subsidiary just to maintain optionality for us corporately.

然而，在歐盟，我們可能會根據這些結果尋求NRC的臨時藥物批准。如您所知，我們設立了一家單獨的子公司，只是為了實現選擇性。顯然，這是一家全資子公司，我們可能會在某個時候將帕金森氏症和其他藥物的權利納入該子公司，以保持我們公司自身的選擇性。

Destiny Hance, Ladenburg Thalmann.

德斯蒂妮漢斯、拉登堡塔爾曼。

I'm curious, for Niagen IV, you've been able to grow the number of clinics so quickly. I'm wondering what kind of volume you're seeing in the more established clinics for those that came on earlier. And is there any opportunity for you to justify increasing pricing? I mean, is that something that you consider going forward?

我很好奇，對於 Niagen IV，你們能夠如此迅速地增加診所的數量。我想知道在較早就診的較為成熟的診所中，患者數量有多少。您是否有機會證明提高價格是合理的？我的意思是，這是您考慮繼續推進的事情嗎？

Actually, that's a very good question, Destiny. The awareness level of NAD has gotten quite high. And quickly, people are understanding that if you take NAD, especially orally, there's no reason to believe that it will have any impact on your cellular NAD levels. These [ADIV] experiences are also extremely unpleasant. But Niagen, which is the best precursor to NAD we've shown, is a much more pleasant IV experience and injection experience. It's much quicker and has much higher level of NAD afterward.

事實上，這是一個非常好的問題，Destiny。人們對 NAD 的認知度已經相當高了。而且人們很快就意識到，即使服用 NAD，尤其是口服，也不會對細胞 NAD 水平產生任何影響。這些[ADIV]體驗也極不愉快。但Niagen，作為我們目前證明的最佳NAD前體，能帶來更愉悅的靜脈注射體驗。它的速度更快，並且 NAD 水平更高。

So the clinics and the people who work in these clinics are very interested and very excited, I would say, about getting a supply of nitrogen as opposed to NAD because they know these facts, and this is why we've been able to expand the number of clinics that have signed on so quickly.

因此我想說，診所和在這些診所工作的人們對獲得氮氣供應而不是 NAD 非常感興趣並且非常興奮，因為他們了解這些事實，這就是為什麼我們能夠如此迅速地擴大簽約診所的數量。

But what we also noticed, and this has been a constraint for the real serious growth is that these clinics are charging a very, very high number for these IV experiences. They also charge a high number for NAD. But in many cases, even higher for Niagen because it's such a better experience than NAD and such a better product. We think quite the opposite. We need to see clinics dramatically reduce the price to make it generally accessible to people. We think it's a great product, we think it had meaningful impact on people's health and how they feel, and even in many cases, how they look.

但我們也注意到，這些診所對靜脈注射收費非常高，這對真正的成長造成了限制。他們對 NAD 的收費也很高。但在許多情況下，Niagen 的評級甚至更高，因為它比 NAD 的體驗更好，而且產品也更好。我們的想法恰恰相反。我們需要看到診所大幅降低價格，讓更多人負擔得起。我們認為這是一款很棒的產品，我們認為它對人們的健康和感覺，甚至在許多情況下，對他們的外表都有重大影響。

There's this thing called the Niagen glow. People go into these clinics and they get Niagen IV. And we keep hearing these reports of they experience within a day or two this skin glow. We're going to investigate that further, there might be something to that. But no, we'd like to see the prices come down significantly and we expect them to come down significantly in order to see dramatic volume increases in the Niagen Plus category.

有一種東西叫做 Niagen glow。人們去這些診所接受 Niagen IV 治療。我們不斷聽到這樣的報告，說他們在一兩天內就感受到皮膚煥發光彩。我們將進一步調查此事，可能會有相關線索。但不，我們希望看到價格大幅下降，並且我們預計價格會大幅下降，以便看到 Niagen Plus 類別的銷量大幅增長。

Sean McGowan, Roth Capital Partners.

麥高恩 (Sean McGowan)，羅斯資本合夥公司 (Roth Capital Partners)。

Just back on the Parkinson's trial, I was wondering if you could comment on this. So, if the results are encouraging, I know you don't have them yet and you can't really talk about them, but if it's -- let's say it's good enough to really light up a lot of ideas in the FDA, could this get fast tracked? I mean, is that a possibility?

剛剛回顧帕金森氏症試驗，我想知道您是否可以對此發表評論。因此，如果結果令人鼓舞，我知道您還沒有得到這些結果，而且您還不能真正談論它們，但如果它——讓我們說它足夠好，足以真正激發 FDA 的很多想法，那麼它能否快速推進？我的意思是，有這種可能嗎？

In the US?

在美國？

Yeah, in the US.

是的，在美國。

I don't think so. I think that in order for it to be approved as a Parkinson's drug in the US, we're going to have to do a series of human clinical bridging studies to show the bioequivalence between NRT and NRC. Most of the drug companies and insurance companies with whom we've talked said that they would prefer to see NRT be the molecule used for drug approval as distinct from NRC, which we sell as a dietary supplement. So there would be likely in the US a series of studies that would need to take place before it saw drug approval.

我不這麼認為。我認為，為了使其在美國被批准為帕金森氏症藥物，我們必須進行一系列人體臨床橋接研究，以證明 NRT 和 NRC 之間的生物等效性。與我們交談過的大多數製藥公司和保險公司都表示，他們更希望看到 NRT 成為用於藥物批准的分子，而不是像我們作為膳食補充劑銷售的 NRC 那樣。因此，美國可能需要進行一系列研究才能批准該藥物。

That's not to say that we wouldn't create some sort of a relationship with more established pharmaceutical company as a partner to pursue that, which could have economic benefits to our shareholders here in the interim. In the US -- in the EU though, it's slightly different. There might be a way for us to fast track even potentially provisional approval for NRC as an approved drug.

這並不是說我們不會與更成熟的製藥公司建立某種關係作為合作夥伴來實現這一目標，這可能會暫時為我們的股東帶來經濟利益。但在美國和歐盟，情況略有不同。我們可能有辦法加快甚至可能臨時批准 NRC 作為一種批准藥物。

Susan Anderson, Canaccord Genuity.

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

Nice job on the quarter. I was wondering if you can maybe just talk a little bit about kind of the drivers of the accelerated growth you saw on the e-comm business, I guess. Are you starting to see a few of the new products that you rolled out really start to kind of drive growth? Or is it new platforms or geographies or anything else driving that business? And then also have you shared at all what percent of customers are using the subscribe and save feature of your online site? Thanks.

本季表現不錯。我想知道您是否可以稍微談談電子商務業務加速成長的驅動因素。你們推出的一些新產品是否真的開始推動成長？是新平台、新地域，還是其他因素推動了業務成長？然後，您是否也分享過有多少百分比的客戶正在使用您線上網站的訂閱和儲存功能？謝謝。

Hi, Susan, and welcome. Actually, no. The growth in the e-commerce business is just basic blocking and tackling of our existing customers selling our existing product line. We are seeing growth in the 1,000 milligrams [SKU]. Most of our studies that we've published are at 1,000 milligrams, and most people who take it and email us about the impacts that they're experiencing say they noticed the difference more dramatically with 1,000 milligrams. So we see that as our fastest growing SKU.

你好，蘇珊，歡迎光臨。事實上，不是的。電子商務業務的成長只是對現有客戶銷售我們現有產品線的基本阻止和解決。我們看到 1,000 毫克 [SKU] 的數量正在增加。我們發表的大多數研究都是以 1,000 毫克的劑量進行的，大多數服用過並透過電子郵件向我們反映其感受的人都表示，服用 1,000 毫克後，差異更為顯著。因此我們認為這是我們成長最快的 SKU。

But it's not the new products that we've begun rolling out. It's basically still true. Niagen has awareness of Niagen increases, awareness of NAD increases, and customers returning. We actually don't have detailed demographic information on the subscribe and save customers on Amazon. We know that they are in an extremely educated group. We saw one study that showed that over 40% of them had graduate degrees. And that it's also a very high average income consumer. But obviously, we understand that elevating NAD with Niagen has health benefits for everybody, so we need to make sure that it's not just the wealthy and highly educated that are taking advantage of the product.

但這並不是我們開始推出的新產品。這基本上仍然是正確的。 Niagen 的知名度提高了，NAD 的知名度也提高了，顧客也回頭了。實際上，我們並沒有關於亞馬遜訂閱和保存客戶的詳細人口統計。我們知道他們是一個受教育程度極高的群體。我們看到一項研究表明，其中超過 40% 的人擁有研究生學位。而且他們的消費者平均收入也很高。但顯然，我們知道使用Niagen提升NAD水平對每個人都有益，所以我們需要確保不僅僅是富人和高學歷人士才能從這款產品中受益。

Sean McGowan, Roth Capital Partners.

麥高恩 (Sean McGowan)，羅斯資本合夥公司 (Roth Capital Partners)。

I was wondering if you could provide a little bit more color on what you think the series of steps are going to be for treating treatments of long COVID. Are there any milestones on that that we should be looking for, studies or product releases or something specific?

我想知道您是否可以提供更多細節，說明您認為治療長期 COVID 的一系列步驟是什麼。我們應該期待哪些里程碑事件，研究、產品發布或其他具體內容？

The main thing to look out for is the publication of the Harvard study. They've written the manuscript, and they've submitted for peer review presently. If it gets accepted for peer review and gets published, we will then be able to make the results public to everybody. There are no known treatments for this condition and there are many people that believe that they suffer. It's a strange condition because it's a disease that you test negative for.

最值得關注的是哈佛大學研究的發表。他們已經寫好了手稿，目前已提交同行評審。如果它被接受同行評審並發表，我們就可以向所有人公開結果。目前尚無已知的治療方法，許多人認為他們患有此病。這是一種奇怪的病症，因為這種疾病的檢測結果為陰性。

If you have the symptoms and you have long COVID, it means you tested negative for COVID. So it's an odd situation here. But there are many people, if you go on ChatGPT or any AI platform, you say, how many people in the United States are suffering from long COVID. The numbers are -- I've seen as high as 15 million people, 10 million to 15 million people. But there are other [in nations] that have comparable type of symptoms like Epstein-Barr or Fibromyalgia, or Lyme disease or Mononucleosis, where people are just living with fatigue and depression and sleeplessness, and they're just finding sluggishness getting through the day.

如果您出現症狀並且患有長期 COVID，則表示您的 COVID 檢測呈陰性。所以這是一個奇怪的情況。但有很多人，如果你造訪 ChatGPT 或任何 AI 平台，你會說，美國有多少人正在遭受長期 COVID 的折磨。我見過的數字最高達到 1500 萬人，也有 1000 萬到 1500 萬人。但在其他國家，也有人患有類似的症狀，如愛潑斯坦-巴爾病毒、纖維肌痛、萊姆病或單核細胞增多症，這些疾病的患者會感到疲勞、憂鬱和失眠，整天都感覺無精打采。

And of course, we understand the mechanisms of action of Niagen. One of the things that it does obviously is it increases mitogenesis, mitochondrial biogenesis, as well as the output from mitochondrial functions. So there is more actual energy in the body by elevating NAD levels with Niagen. So it is logical that these people are experiencing fatigue would benefit from taking Tru Niagen. In that Harvard study, they took very high doses of it. I think that the key arm, it was 2 grams a day for 12 weeks of that study. That's a significant dose.

當然，我們了解 Niagen 的作用機制。它顯然能起到的作用之一是增加有絲分裂生成、粒線體的生物合成以及粒線體功能的輸出。因此，透過使用 Niagen 來提高 NAD 水平，身體中就會有更多的實際能量。因此，這些感到疲勞的人服用 Tru Niagen 會受益，這是合乎邏輯的。在哈佛大學的研究中，他們服用了非常高的劑量。我認為關鍵的一點是，在該研究的 12 週內，每天服用 2 克。這是一個很大的劑量。

As I said, most of us here at the company take 1 gram a day, 1,000 milligrams per day. But the thing to watch out for would be that publication. And of course the hope is that it's positive for those symptoms. And then the marketing team at ChromaDex [facts] in the event that it gets published and it's positive to make sure that we legally and responsibly communicate that that study was done and make sure that healthcare practitioners are aware of it and influencers are aware of it, and people who are generally suffering from these fatigue-related condition know that there's a legal, safe dietary supplement on the market that may benefit you based on this Harvard study, if that's what the data shows. So number one would be the publication, number two would be the marketing campaign that comes from Niagen Bioscience.

正如我所說，我們公司大多數人每天服用 1 克，每天服用 1,000 毫克。但要注意的是那篇發表的文章。當然，希望它對這些症狀有積極作用。然後，如果研究結果發表，ChromaDex 的營銷團隊會積極確保合法且負責任地傳達這項研究的信息，並確保醫療保健從業者了解它，有影響力的人了解它，並且那些通常患有這些與疲勞相關的疾病的人知道，根據這項哈佛研究，市場上有一種合法、安全的膳食補充劑可能會對你有益，如果數據顯示是這樣的話。因此，第一個是出版物，第二是來自 Niagen Bioscience 的行銷活動。

That concludes our Q&A session. I'll now turn the conference back over to Lauren Borzynski for closing remarks.

我們的問答環節到此結束。現在我將會議交還給 Lauren Borzynski 並請他致閉幕詞。

Thank you, Jean Louis. 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 Niagen Bioscience.

謝謝你，讓路易斯。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，並感謝你們對 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。