Niagen Bioscience Inc (NAGE) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Niagen Bioscience Inc. third quarter of 2025 earnings conference call. My name is Tamika, 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，感謝各位的耐心等待，歡迎參加Niagen Bioscience Inc. 2025年第三季財報電話會議。我叫塔米卡，今天我將擔任你們的會議接線生。目前所有參與者均處於唯讀模式，並提醒各位，本次電話會議正在錄音。

This afternoon Niagen Biosciences issued a news release announcing the company's financial results for the third 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.knowgenscience.com.

今天下午，Niagen Biosciences發布新聞稿，公佈了該公司2025年第三季的財務表現。如果您尚未查看此信息，可以在Niagen Bioscience網站www.knowgenscience.com的投資者關係部分找到這些資訊。

I would now like to turn the conference over to Kendall Knysch, senior director of publicity and public relations. Please go ahead, Ms. Knysch.

現在我將把會議交給宣傳和公共關係高級總監肯德爾·克尼什。請繼續，克尼什女士。

Thank you, good afternoon, and welcome to Niagen Bioscience Inc.'s third quarter of 2025 conference call. With us today are Nai and Bioscience's Chief Executive Officer Robert Fried, Chief Financial OfficerOzan 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年第三季電話會議。今天與我們在一起的有奈氏生物科學公司執行長羅伯特·弗里德、財務長奧贊·帕米爾以及科學與監管事務高級副總裁安德魯·邵博士。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 nitrogen 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聲明，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、未來監管文件提交的時間、在新市場擴大氮產品和成分的銷售相關的聲明。業務發展機會、未來財務績效、現金需求、營運績效、投資者興趣。以及業務前景和機遇，以及預期的營運結果。

Forward-looking statements represent only the company's estimates on the date of this conference call and are not intended to give any assurance to the 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提供任何保證。由於前瞻性陳述涉及尚未發生的事項，因此這些陳述本身就存在風險和不確定性。

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 NIM Bioscience's quarterly report on Form 10Q, 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生物科學的實際活動或結果與前瞻性聲明中預期的活動和結果有重大差異。這些風險因素包括 NIM Bioscience 最近向美國證券交易委員會提交的 10Q 表格季度報告中所包含的風險因素，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 the changes in its expectations.

請注意，本公司不承擔在本次電話會議日期之後更新任何前瞻性聲明的義務，以使其與前瞻性聲明的實際結果或預期變化相符。

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. Finally, this conference call is being recorded via webcast. The webcast will be available at the investor relations section of our website at www.ninbioscience.com.

此外，本次電話會議中提供的某些財務資訊參考了非公認會計準則財務指標。本公司今天下午發布的獲利報告和獲利新聞稿可在公司網站上查閱，其中包含與相應 GAAP 指標的對帳資訊。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.ninbioscience.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.

接下來，我很高興將電話交給我們的執行長羅伯·弗里德。

Thank you, Kendall. Good afternoon, everyone, and thank you for joining us on today's investor call. For the third quarter, I'm quite pleased to share that we delivered yet another record performance with $34 million in revenue, a 33% increase year over year, and net income of $4.6 million compared to a net income of $1.9 million last year. We ended the quarter with $64.3 million in cash. and no debt Our e-commerce business continues to anchor our growth, delivering net sales of $19 million a 29% increase year over year. The distribution business grew 109% year over year with $7 million in revenue, while our nitrogen ingredient business remained steady, bringing in $6.9 million.

謝謝你，肯德爾。各位下午好，感謝各位參加今天的投資者電話會議。我很高興地宣布，第三季我們再次取得了創紀錄的業績，收入達到 3,400 萬美元，年增 33%，淨收入為 460 萬美元，而去年同期淨收入為 190 萬美元。本季末，我們持有現金6430萬美元，且無任何債務。我們的電子商務業務持續成為我們成長的支柱，淨銷售額達1,900萬美元，較去年同期成長29%。分銷業務年增 109%，收入達 700 萬美元，而我們的氮成分業務保持穩定，收入達 690 萬美元。

During the third quarter we onboarded a new strategic partner with access to a network of over 8,000 medical and healthcare practitioners, strengthening the true Niagen distributor revenues. This partnership supports our ongoing mission to educate healthcare practitioners, patients, and consumers that Niagen is the most efficient, effective, and only legal and highest quality NAD booster available.

第三季度，我們引入了一位新的策略合作夥伴，該合作夥伴擁有超過 8,000 名醫療保健從業人員的網絡，從而增強了 Niagen 經銷商的真正收入。此次合作旨在支持我們持續進行的使命，即教育醫療保健從業人員、患者和消費者，讓他們了解 Niagen 是最有效、最高效、唯一合法且品質最高的 NAD 補充劑。

It also expands our communications engine to amplify awareness of Niagen 40 peer reviewed published clinical studies, our new study results, and the healthy aging benefits of Niagen. Niagen Plus remains a key strategic focus for the company. In August, Niagen Plus at-home injection kits were launched.

它還擴展了我們的溝通管道，以提高人們對 Niagen 40 同行評審發表的臨床研究、我們新的研究結果以及 Niagen 健康老化益處的認識。Niagen Plus 仍然是公司的關鍵策略重點。8 月份，Niagen Plus 家用注射套裝上市。

Now only available to patients with a prescription from their practitioner. But we plan to expand distribution of the at-home injection kits via our own telehealth platform and leverage our e-commerce expertise to reach more patients. Last month we announced that we added iCRYO to our clinic network and are currently in over 50 of their clinics nationwide.

目前僅限持有醫師處方的患者購買。但我們計劃透過我們自己的遠距醫療平台擴大家用注射套裝的分銷範圍，並利用我們的電子商務專業知識來惠及更多患者。上個月我們宣布將 iCRYO 加入我們的診所網絡，目前已在全國 50 多家診所開展業務。

As of today, we have now onboarded more than 1,000 wellness and healthcare clinics across the United States to offer our Niagen Plus product line as most of you may have noticed the NAD market in general continues to expand quite rapidly. Yet it is still only met a fraction of its potential. The supplement and injection markets are still at early stages, but there also remain considerable opportunity for MAD boosting innovations in skincare, cosmetics, food, beverage, and of course, in drug applications.

截至今日，我們已在美國各地與 1000 多家健康保健診所合作，提供我們的 Niagen Plus 產品系列。正如你們大多數人可能已經注意到的那樣，NAD 市場總體上仍在快速擴張。然而，它目前只發揮了其潛力的一小部分。補充劑和注射市場仍處於早期階段，但 MAD 在護膚品、化妝品、食品、飲料以及藥物應用領域仍有相當大的創新機會。

But it is critically important for everyone to understand that the NAD molecule itself is very large and is a nucleotide. Meaning it cannot enter cells directly. It is therefore ineffective at directly boosting NAD levels. One needs a precursor to enter the cell and then convert into NAD, and of course, The best precursor by quite a lot is Niagen NR.

但對每個人來說，至關重要的是要理解，NAD 分子本身非常大，而且是一種核苷酸。這意味著它不能直接進入細胞。因此，它不能直接提高 NAD 水平。需要一種前體才能進入細胞並轉化為 NAD，當然，最好的前體是 Niagen NR。

This is likely the reason why NADIVs take hours to ingest, and they have significant unpleasant side effects. There are no studies that show that oral NAD supplementation increases cellular NAD. Yet, as we have over 40 published peer reviewed clinical studies in NR. Indeed, last month, the National Advertising Division, an independent advertising review arm of the Better Business Bureau, agreed with this position.

這可能是 NADIV 需要數小時才能服用，並且會產生嚴重不良副作用的原因。目前尚無研究顯示口服 NAD 補充劑可以增加細胞內 NAD 含量。然而，我們在 NR 領域發表了 40 多篇同行評審的臨床研究。事實上，上個月，美國商業改進局旗下的獨立廣告審查機構——全國廣告審查委員會也同意了這一點。

Niagen Bio made a formal challenge against one particular company that was making false claims about its products that feature the NAD molecule. The National Advertising division found that this company lacked human clinical evidence to support claims that NAD itself elevates NAD levels in the body, since NAD itself is not bioavailable and there are no published human studies, oral or otherwise, demonstrating that it elevates cellular or tissue NAD.

Niagen Bio 對一家公司提出了正式質疑，該公司對其含有 NAD 分子的產品做出了虛假宣傳。國家廣告部門發現，該公司缺乏人體臨床證據來支持 NAD 本身可以提高體內 NAD 水平的說法，因為 NAD 本身沒有生物利用度，也沒有已發表的人體研究（無論是口服還是其他方式）證明它可以提高細胞或組織中的 NAD 水平。

The National Advertising division's decision affirms the importance of scientific substantiation for safety and benefit claims in an industry quite crowded with brands seeking to capitalize on this big trend. At the end of September, the FDA reversed. A prior determination that nicotinamide mononucleotide and the men could not be lawfully marketed as a dietary supplement. We believe this decision will face quite strong opposition, and we expect further challenges.

國家廣告部門的決定肯定了科學基礎對於安全性和益處聲明的重要性，在這個充斥著試圖利用這一大趨勢的品牌的行業中，科學依據顯得尤為重要。9月底，FDA改變了決定。先前已確定菸鹼醯胺單核苷酸和這些男性不能作為膳食補充劑合法銷售。我們認為這項決定將面臨相當大的反對，並預計還會遇到更多挑戰。

But even when NMN was prohibited from being on the market, the companies that are selling it presently were selling it. They were ignoring the previous FDA decision anyway. And what we see in the months since the decision is the same companies are continuing to sell at a comparable pace. We also will note that we and others have tested many NMN products on the market, and most do not meet product label claims.

但即使在 NMN 被禁止上市銷售期間，目前銷售 NMN 的公司仍在銷售它。他們本來就無視了FDA之前的決定。自從該決定做出以來的幾個月裡，我們看到這些公司繼續以類似的速度銷售產品。我們也要指出，我們和其他人已經測試了市面上許多 NMN 產品，發現大多數產品都不符合產品標籤上的說法。

It's important to highlight that the businesses that have been and continue to sell NMN. Are likely infringing on existing NMN patents that are owned by Knives and Bioscience and another company throughout the global market. So technically NMN continues to be illegal. While NMN as an NAD precursor does elevate NAD levels, Niagen is the superior scientifically validated, safe, and most efficient and effective way to elevate NAD levels.

需要強調的是，那些曾經銷售和現在仍在銷售 NMN 的企業。可能侵犯了 Knives and Bioscience 和另一家公司在全球市場上擁有的現有 NMN 專利。所以嚴格來說，NMN仍然是非法的。雖然 NMN 作為 NAD 前體確實可以提高 NAD 水平，但 Niagen 是經過科學驗證的更優越、更安全、更有效的提高 NAD 水平的方法。

Last quarter I discussed two studies investigating the effects of NR supplementation on patients experiencing symptoms of long COVID. One study conducted by Harvard University examined the effect of NR supplementation on fatigue, depressive symptoms, sleep quality, and cognition. This study will be published later this month. There's also another study conducted in Norway that is undergoing peer review. We continue to make steady progress toward Parkinson's disease and Ataxia Telangiectasia, or AT indications. As mentioned last quarter, the phase 3 No Par clinical trial was completed in June, and we expect the results of that study to be published in early 2026.

上個季度我討論了兩項研究，這兩項研究調查了NR補充劑對出現新冠長期症狀的患者的影響。哈佛大學進行的一項研究檢視了NR補充劑對疲勞、憂鬱症狀、睡眠品質和認知能力的影響。這項研究將於本月晚些時候發表。還有一項在挪威進行的研究正在接受同儕審查。我們在帕金森氏症和毛細血管擴張性共濟失調（AT）適應症方面持續取得穩定進展。正如上個季度所提到的，No Par 的 3 期臨床試驗已於 6 月完成，我們預計研究結果將於 2026 年初公佈。

We are incorporating the FDA's feedback into our strategy for AT and continue to engage with the agency to prepare for an investigation of a new drug application. In an industry often marked by unverified claims and inconsistent quality, Niagen bioscience stands apart for its scientific rigor, authenticity, integrity, transparency, and innovation.

我們正在將 FDA 的回饋意見納入我們的 AT 策略中，並繼續與該機構溝通，為新藥申請的調查做好準備。在生技產業，未經證實的說法和品質參差不齊的情況屢見不鮮，而Niagen生物科技公司則以其科學嚴謹性、真實性、誠信、透明度和創新性脫穎而出。

While we maintained portfolio of several NAD precursors. Nicotinamide riboide patented as nigen is the most efficient, effective, and extensively researched NAD precursor. As we have said, supported by over 40 peer-reviewed clinical studies with more than 50 patents and used in over 300 research collaborations. I am and I remain proud of the team's commitment to the company's initiatives and of the progress we have made over the years.

我們同時維持多種 NAD 前驅物產物組合。煙鹼醯胺核苷（專利名稱為 nigen）是最有效、最高效、研究最廣泛的 NAD 前驅物。正如我們所說，該產品得到了 40 多項同行評審臨床研究的支持，擁有 50 多項專利，並在 300 多項研究合作中使用。我一直以來都為團隊對公司各項舉措的投入以及我們多年來所取得的進步感到自豪。

Our 25 plus year mission is rooted in one goal. Delivering scientifically proven solutions to address one of life's greatest challenges Aging.

我們25多年來的使命都源自於一個目標。提供科學驗證的解決方案，以應對人生最大的挑戰之一——老化。

I would like to hand the call over to Ozon to run through the quarter's financials, and then on to Q&A in closing remarks.

我謹將電話交給 Ozon，讓他介紹本季的財務狀況，然後在結束語中進行問答環節。

Thanks, Rob. It is a pleasure to once again address our investors, partners, and team members today and present another quarter of exceptional results. As Rob highlighted, we delivered another 25% of record revenues and continued profitability. This performance we're seeing is a testament to our team's commitment to operational discipline and delivering on our key initiatives and to the growing general awareness of Niagen as the premier solution to boost NAD levels.

謝謝你，羅伯。今天，我很高興再次向我們的投資者、合作夥伴和團隊成員致辭，並向大家匯報另一個季度的出色業績。正如羅布所強調的，我們實現了創紀錄的 25% 的收入成長，並保持了持續獲利。我們所看到的這一業績證明了我們團隊對營運紀律的承諾以及我們關鍵舉措的落實，也證明了人們對 Niagen 作為提升 NAD 水平的首選解決方案的認識不斷提高。

In the third quarter of 2025, we brought in $34 million in revenue and increase of 33% or $8.4 million from the same period last year. True nitrogen revenue grew by 44% to $26 million a $7.9 million a year over year increase driven primarily by e-commerce revenue of $19 million which was 29% or $4.3 million higher. Our Niagen ingredient revenue was $6.9 million up 4%, or $300,000 year over year. Within the ingredients business, we delivered $6.4 million in food grade nitrogen sales to key partners and $500 million in pharma grade nitrogen sales.

2025 年第三季度，我們實現了 3,400 萬美元的收入，比去年同期成長了 33%，即 840 萬美元。True Natio 的營收成長了 44%，達到 2,600 萬美元，比去年同期成長了 790 萬美元，這主要得益於電子商務營收成長了 29%，達到 1,900 萬美元，比去年同期成長了 430 萬美元。我們的Niagen原料營收為690萬美元，年增4%，即30萬美元。在食材業務方面，我們向主要合作夥伴提供了價值 640 萬美元的食品級氮銷售額和價值 5 億美元的醫藥級氮銷售額。

Tru Niagen distribution remains a key growth opportunity both domestically and internationally. While we anticipate quarterly fluctuations with Watson's, we continue to work closely with them to strengthen Niagen brand presence in Hong Kong and to launch Tru Niagen in additional Asia Pacific markets.

Tru Niagen 的分銷在國內和國際市場仍然是一個重要的成長機會。儘管我們預計與屈臣氏的合作會存在季度波動，但我們將繼續與他們緊密合作，以加強Niagen品牌在香港的影響力，並在亞太地區的其他市場推出Tru Niagen。

Domestically, we're focused on expanding our distribution through partners with access to healthcare practitioners and other key channels which contributed to the growth in the third quarter.

在國內，我們專注於透過與醫療保健從業人員和其他關鍵管道建立聯繫的合作夥伴來擴大分銷管道，這促進了第三季度的成長。

As Rob mentioned, our new partner will give us access to thousands of medical and healthcare practitioners, a key part of our efforts to reinforce that Niagen is the most effective, efficient, and clinically validated NAD booster while amplifying awareness of the growing body of clinical research supporting it.

正如羅布所提到的，我們的新合作夥伴將使我們能夠接觸到數千名醫療保健從業人員，這是我們努力鞏固Niagen是最有效、最高效、經臨床驗證的NAD增強劑，同時提高人們對支持它的越來越多的臨床研究的認識的關鍵部分。

Our gross margin improved to 64.5% in the third quarter, up 100 basis points compared to 63.5% a year ago. This improvement was driven primarily by changes in product mix, improvements in labour and overhead utilization, and the use of lower cost inventory purchases and production.

第三季度，我們的毛利率提高至 64.5%，比去年同期的 63.5% 提高了 100 個基點。這項改善主要得益於產品組合的變化、勞動力和管理費用利用率的提高，以及使用成本較低的庫存採購和生產方式。

While we expect that gross margins will improve year by year on a full year basis compared to 61.8% in 2024, we expect that gross margins will normalize on a quarterly basis moving forward. Selling and marketing expense as a percentage of net sales improved to 25.8% compared to 27.5% in the third quarter of 2024, reflecting our continued investments in growing global brand awareness of Niagen and doing so efficiently.

雖然我們預計全年毛利率將逐年提高，到 2024 年將達到 61.8%，但我們預計未來季度毛利率將趨於正常化。銷售和行銷費用佔淨銷售額的百分比從 2024 年第三季的 27.5% 改善至 25.8%，這反映了我們持續投資以提高 Niagen 的全球品牌知名度，並且高效地開展了這項工作。

Research and development expense was $1.8 million half a million dollars higher year over year. Science continues to be the cornerstone of our company as we continue to invest in research and innovation to further our studies and R&D projects. General and administrative expenses totalled $7.1 million an $800,000 increase compared to the previous year. This increase is primarily driven by increased share-based compensation expense. And finally, our net income for the third quarter of 2025 was $4.6 million or $0.06 per share, a significant improvement compared to $1.9 million or $0.02 per share for the third quarter of 2024.

研發費用為180萬美元，比前一年增加了50萬美元。科學仍然是我們公司的基石，我們將繼續投資於研究和創新，以推進我們的研究和研發專案。一般及行政費用總計710萬美元，較上年增加80萬美元。這一增長主要是由於股權激勵支出增加所致。最後，我們 2025 年第三季的淨收入為 460 萬美元，即每股 0.06 美元，與 2024 年第三季的 190 萬美元（即每股 0.02 美元）相比，有了顯著提高。

Turning to the balance sheet and cash flow. Our balance sheet continues to strengthen. We ended the quarter with $64.3 million cash and no debt. For the nine months ended September 30, 2025. Net cash provided by operations was $12.8 million compared to $3.5 million in the same period last year.

接下來來看資產負債表和現金流量表。我們的資產負債表持續增強。本季末，我們擁有6,430萬美元現金，且無任何債務。截至 2025 年 9 月 30 日的九個月。經營活動產生的淨現金流量為 1,280 萬美元，而去年同期為 350 萬美元。

This year to year increase was mostly driven by an $11.9 million dollar increase in net income along with other positive shifts in working capital such as higher accounts payable, significantly improved collections on trade receivables, and increased share-based compensation expense compared to the prior year period. These were offset by increased inventory levels to support operational expansion.

與去年同期相比，今年的成長主要得益於淨收入增加 1,190 萬美元，以及營運資本的其他積極變化，例如應付帳款增加、貿易應收帳款的回收情況顯著改善，以及與去年同期相比，股權激勵費用增加。這些損失被增加的庫存水準所抵消，以支持業務擴張。

Regarding our full year 2025 outlook, detailed information on key financial metrics can be found in our earnings press release and presentation. Building on the strong momentum year-to-date, we recently revised our revenue growth guidance from 22% to 27% to 25% to 30% year to year.

關於我們 2025 年全年展望，有關關鍵財務指標的詳細信息，請參閱我們的盈利新聞稿和演示文稿。憑藉今年以來強勁的成長勢頭，我們最近將營收成長預期從年比 22% 至 27% 調整為年比 25% 至 30%。

We remain confident in our updated full year guidance supported by our strong e-commerce business and existing and new partnerships in the rapidly expanding NAD market. We're also revising our outlook for research and development expenses to decline as a percentage of net sales while still increasing in absolute dollars compared to our previous expectation of remaining stable as a percentage of net sales and increasing in absolute dollars. This adjustment reflects changes in timing of studies and projects.

我們對更新後的全年業績預期仍然充滿信心，這得益於我們強大的電子商務業務以及在快速增長的北美數位行銷市場中現有和新的合作夥伴關係。我們也修改了研發費用的預期，預計研發費用佔淨銷售額的比例將下降，但絕對金額仍將增加，而我們先前的預期是研發費用佔淨銷售額的比例將保持穩定，但絕對金額將增加。這項調整反映了研究和專案時間安排的變化。

Finally, we are revising our outlook for general and administrative expenses. We now expect expenses to be up $8 million to $9 million in absolute dollars year over year compared to the previous expectation of a $7 million to $8 million dollar increase. This change in G&A expectations is primarily driven by increased share-based compensation expense.

最後，我們將修訂一般及行政費用的預期。我們現在預計，與先前預計的700萬至800萬美元的成長相比，支出將比上年同期增加800萬至900萬美元。一般及行政費用預期的這項變動主要是由股權激勵支出增加所驅動的。

One year into my tenure as CFO of Niagen Bioscience, I want to express how proud I am to be part of an organization that not only leads and defines the NAD category but does so with integrity and professionalism. Looking ahead to 2026 and beyond, I'm confident in our ability to deliver significant returns to our shareholders.

在我擔任Niagen Bioscience財務長一年後，我想表達我為能成為這家不僅引領和定義NAD類別，而且以誠信和專業精神行事的組織的一份子而感到多麼自豪。展望2026年及以後，我對我們為股東帶來豐厚回報的能力充滿信心。

Operator, you're now ready to take questions.

操作員，現在可以開始接聽問題了。

(Operator Instructions) Jeff Cohen, Ladenburg Thalmann & Co Inc - Equity Analyst

（操作說明）傑夫·科恩，拉登堡·塔爾曼公司 - 股票分析師

Hi, this is Destiny on for Jeff. Thank you for taking our questions. I'm curious with the new partnership for IV, I'm curious to know what the uptake's looking like, any feedback you've received from those clinics, and if you're getting any sense, which potentially no, but if you're getting any sense of what the number of patients they're treating per week or month whatever clarity you have there is great.

大家好，這裡是Destiny，為您報道Jeff。感謝您回答我們的問題。我對靜脈輸液的新合作關係很感興趣，想知道目前的接受度如何，你從這些診所收到了什麼反饋，以及你是否掌握了任何信息（也許沒有），但如果你了解他們每週或每月治療的患者人數，無論你掌握多少信息，都非常感謝。

It's a little early destiny for that. They just made the purchase toward the end of the quarter. And so, they've only just begun the process. Of reselling the material to their physician network and presenting it, so we don't have any direct feedback from them yet.

現在就斷定命運還為時過早。他們是在季度末才完成這筆採購的。所以，他們才剛開始這個過程。他們會將這些材料轉售給他們的醫生網絡並進行展示，所以我們還沒有收到他們的任何直接回饋。

Okay, got it. And then I'm curious with about NAD, where does this fit in your marketing funnel? Is this something that a potential consumer would see early on, or is this something that would maybe fall a little later further down the funnel prior to purchase? I'm just Curious.

好的，明白了。然後，我對 NAD 很感興趣，它在你們的行銷漏斗中處於什麼位置？這是潛在消費者會很早就看到的內容，還是會在購買流程的後期階段才會看到的內容？我只是好奇。

With regard to NAD.

關於 NAD。

You're about NAD site.

您即將造訪 NAD 網站。

Oh, about NAD. So, the about NAD website is something that we maintain, but it's an objective website. There are no, it's not, it's actually not in any way connected to or part of the purchasing funnel. It's just an information resource for journalists, investors, researchers, people who are generally interested in the true up to date science of NAD. What are the actual published studies, clinical and preclinical.

哦，關於NAD。所以，關於 NAD 的網站是我們維護的，但它是一個客觀的網站。不，它與購買流程沒有任何關聯，也不是購買流程的一部分。它只是一個資訊資源，面向記者、投資者、研究人員以及對 NAD 的最新科學進展感興趣的人士。實際已發表的研究有哪些，包括臨床研究和臨床前研究？

As a dietary supplement company, the rules are clear and we stick to the rules that one cannot imply a claim for a disease state, even if your product cures a disease.

作為一家膳食補充劑公司，規則很明確，我們也堅持這些規則：即使你的產品可以治癒某種疾病，也不能暗示對某種疾病狀態的療效。

So, if one conducts a study on a disease and it's actually therapeutic or prophylactic, they're very limited in what they can do with the information. So about NAD is a great resource where we can publish all the studies, not just the nitrogen studies, but all NAD related studies, so people can go to the search bar, type in any disease indication that they are concerned about or want to know about, and we'll see the studies that have been published to date without any noise of commerce or any attempt to try to push a product.

所以，如果對某種疾病進行研究，而研究實際上是治療或預防性的，那麼他們能利用這些資訊做的事情就非常有限。所以，關於 NAD 是一個很好的資源，我們可以在這裡發布所有研究，不僅是氮的研究，而是所有與 NAD 相關的研究，這樣人們就可以在搜尋欄中輸入他們關心或想要了解的任何疾病跡象，我們就可以看到迄今為止已發表的研究，沒有任何商業噪音或試圖推銷產品的企圖。

(Operator Instructions) Susan Anderson Canaccord Genuity Corp - Equity Analyst

（操作說明）Susan Anderson，Canaccord Genuity Corp - 股票分析師

Hi, good evening, I [stop] on the corner, I guess maybe just a follow-up on the at home injection. So, it sounds like they're at physician offices. Are they at all of the offices I guess where you can also go to get the injection in office and then also how should we think about that roll out? Will they go, will you go into other distribution and then I think you mentioned. You're going to put them on your own telehealth platform. So maybe if you could talk about that a little bit, how should we think about that getting up and running and will this be in conjunction with your own DTC platform, as well. Thanks.

您好，晚上好，我在街角停了下來，我想也許只是對居家注射進行後續檢查。聽起來他們好像在醫生辦公室。我想所有辦公室都可以提供注射服務，那我們該如何考慮推廣這項服務呢？他們會走嗎？你會進入其他分銷管道嗎？然後我想你提到了。你要把它們放到你自己的遠距醫療平台。所以，如果您能稍微談談這方面的話，我們應該如何考慮啟動和運行，以及這是否會與您自己的 DTC 平台相結合。謝謝。

Yes, that's an important series of questions. Thank you, Susan. We do believe that the at-home kids are important for our future. But we're doing it like most things that we do carefully and slowly. And although there is an at-home kit available in the market, one needs to go to a clinic to purchase it at this point in time, and we're still working on the user experience to make sure that it's optimized.

是的，這是一系列重要的問題。謝謝你，蘇珊。我們確實認為，在家上學的孩子對我們的未來很重要。但我們做事的方式和做其他事情一樣，都是謹慎而緩慢的。雖然市面上已經有家用檢測套裝，但目前仍需前往診所購買，我們仍在努力優化用戶體驗，以確保其達到最佳狀態。

So it'll be several months at least before it is available on our website. We are developing our own telehealth capability. Where one could go to TruNiagen.com or Niagen plus.com. And get a prescription from a physician online, much like the classic telehealth companies, and it would be delivered to their home via a pharmacy.

所以至少還要幾個月才能在我們的網站上看到。我們正在開發自己的遠距醫療能力。使用者可以造訪 TruNiagen.com 或 Niagen plus.com 網站，像傳統的遠距醫療公司一樣在線上獲得醫生的處方，然後透過藥局將藥品送到家中。

But that we don't expect that functionality to be available for maybe 2 quarters probably middle of next year. We do expect that some of the existing telehealth companies that are out there right now will be making it available to their customers. There are studies being done presently on Niagen injection as a potential complement to GLP1.

但我們預計該功能可能要到明年年中，也就是兩個季度內才能推出。我們預計，目前市面上的一些遠距醫療公司將會向其客戶提供這項服務。目前正在進行關於 Niagen 注射液作為 GLP-1 的潛在補充療法的研究。

As we, as one of the Leading side effects for these GOP ones are a muscle loss. And we believe that there is a benefit to NAD with true nitrogen or with nitrogen plus. To a muscle density. So, we hope that the results indicate that. And if that's the case, we expect to see some of the existing telehealth companies to offer it either in addition or as a complement to their GOP-1 products or as a separate stand-alone anti-aging at home injection. We expect that also to be somewhere in the middle of next year.

我們發現，這些共和黨人的主要副作用之一是肌肉流失。我們相信，NAD 與真正的氮或氮肥結合是有益的。達到肌肉密度。所以，我們希望結果能夠顯示這一點。如果是這樣，我們預計一些現有的遠距醫療公司會提供這種療法，作為其 GOP-1 產品的補充或附加療法，或作為一種單獨的家庭抗衰老注射療法。我們預計這也會在明年年中某個時候發生。

Okay. Great, that was actually going to be my next question. So, I assume you're already in conversations with them and I guess are there multiple other tele telehealth platforms that you're talking to?

好的。太好了，這其實正是我要問的下一個問題。所以，我假設您已經和他們進行過洽談，而且我猜您還在和其他多個遠距醫療平台進行溝通嗎？

Yes.

是的。

Okay, great. Yes just looking at Truain, I, I'm curious since the FDA's announcement on Inman, have you seen any change in purchasing behavior by consumers, I guess, in your own products, whether that's, higher lower or just changed behavior at all since the announcement, or do you think it was really kind of a non event?

好的，太好了。是的，就我目前了解到的情況來看，我很好奇，自從FDA宣布對Inman公司進行整治以來，您是否觀察到消費者的購買行為發生了任何變化，例如貴公司產品的銷量是否上漲、下跌，或者消費者的行為是否發生了任何變化？或者您認為這實際上並沒有造成什麼影響？

Yeah, it's only been 5 or 6 weeks, and we haven't noticed anything yet. We've seen basically name sellers that never stopped selling it, continuing to sell it, maybe one or two brand new brands that we never heard of. None of the existing established reputable play by the rule's brands have entered the space, probably mostly because they know that there's a very good chance that the FDA will reverse this reversal again and because there are patents and, most of the well-managed, reputable companies and dietary supplements don't blatantly go against existing patents. The ones that play in the space.

是的，才過了五、六週，我們還沒發現任何問題。我們看到的基本上都是一些從未停止銷售這種產品的知名商家，他們仍在繼續銷售，可能還有一兩個我們從未聽說過的全新品牌。目前，該規則下所有知名品牌都沒有進入這個領域，這很可能是因為他們知道FDA很有可能再次推翻這一決定，而且因為存在專利，大多數管理良好、信譽良好的公司和膳食補充劑都不會公然違反現有專利。在太空中玩耍的人。

The main beneficiaries of that rule are these Chinese manufacturing companies. It's all coming out of China. And the smaller earlier stage dietary supplement companies that generally don't really care much about the rules anyway. And as we've tested. Many of the existing NMN products on the market, and very few of them actually met label claims. Some of them had actually no NMN at all. We think NMN has in its purest form, an ability to elevate NAD, not as well as nitrogen, obviously, but it still does it. It's still an effective way to elevate NAD. But at this point in time, we're not seeing any meaningful impact from the change in that rule.

該規則的主要受益者是這些中國製造企業。這一切都來自中國。還有一些規模較小、處於早期階段的膳食補充劑公司，他們通常不太在意這些規則。正如我們測試的那樣。市面上現有的NMN產品很多，但真正符合標籤聲明的卻寥寥無幾。他們中有些人其實根本沒有NMN。我們認為 NMN 在其最純淨的形式下具有提升 NAD 的能力，雖然顯然不如氮那麼有效，但它仍然能夠提升 NAD 的水平。這仍然是提高 NAD 水平的有效方法。但就目前而言，我們還沒有看到這項規則的改變產生任何實質的影響。

(Operator Instructions) Raghuram Selvaraju H C Wainwright & Co LLC (Pre-Merger) - Analyst

（操作說明）Raghuram Selvaraju H C Wainwright & Co LLC（合併前）- 分析師

Sorry about that. A couple of technical difficulties. Just wanted to ask about two aspects here. Firstly, I wanted to see if you would be in a position at this juncture to elaborate on the possibility of establishing a stand-alone entity to pursue pharmaceutical RX applications of nicotinamide ribozide, particularly in the context of Parkinson's disease, but not limited to Parkinson's disease. And if you could maybe talk through some of the key decision making factors that are likely to influence the timing and the nature of the manner in which you might go about establishing a stand-alone entity or venture to pursue those initiatives.

抱歉。出現了一些技術問題。我只想問兩方面的問題。首先，我想了解您目前是否能夠詳細說明成立一個獨立實體來尋求煙酰胺核糖嗪的處方藥應用的可能性，尤其是在帕金森氏症方面，但不僅限於帕金森氏症。如果您能談談一些可能影響您建立獨立實體或企業以進行這些計劃的時間和方式的關鍵決策因素，那就太好了。

Thank you. It is likely that we will set up a stand-alone entity to manage the pharmaceutical pursuits. As the two primary indications at this point are Parkinson's disease and ataxia AT [Ataxia Telangiectasia].

謝謝。我們可能會成立一個獨立的實體來管理製藥業務。目前主要的兩個適應症是帕金森氏症和毛細血管擴張性共濟失調（AT）。

There are other disease indications for which we've been doing studies. Some have been published, others are ongoing. But at this point we're waiting for some of these studies to be completed so that we can see the results, and we've had conversations with a number of pharma companies. And I think that the results of those studies and the results of those discussions will dictate when we exactly set up that separate entity and put all those rights into that entity. We might. Begin segment reporting in the next quarter or two.

我們也針對其他一些疾病適應症進行了研究。有些已經發表，有些還在連載中。但目前我們正在等待一些研究完成，以便看到結果，我們已經與多家製藥公司進行了洽談。我認為，這些研究和討論的結果將決定我們何時真正設立這個獨立實體，並將所有這些權利賦予該實體。或許吧。在接下來的一、兩個季度開始編制分部報告。

Thank you. That's very helpful. Also, I wanted to ask about more broadly speaking how you are thinking about in particular the Niagen plus the Niagen plus IV applicability in the context of, for example, broader access for GOP 1 medications, the continued prevalence of compounded versions of those drugs, and in particular, if you could perhaps quantify for us, now. You've indicated through your press release that this manifestation of the product is available in over 1,000 clinics. Maybe you could give us a sense of how large that segment actually is in terms of the total number of clinics in which the product could be positioned and how long it might take for you to reach sort of steady state maximal penetration in this segment, please.

謝謝。那很有幫助。另外，我還想更廣泛地詢問一下，您是如何看待 Niagen plus 和 Niagen plus IV 在以下方面的適用性，例如，在 GOP 1 藥物更廣泛的獲取途徑、這些藥物的複方製劑的持續流行等方面，特別是，您能否為我們量化一下？您在新聞稿中指出，該產品的這種形式已在超過 1000 家診所提供。或許您可以為我們介紹一下，就產品可以投放的診所總數而言，這個細分市場實際規模有多大，以及您需要多長時間才能在這個細分市場達到某種穩定的、最大程度的滲透率。

The way we view that segment is in two groups, and then there are subgroups of those two groups. There's the injection market and then there's the ID market, and there are distinct markets. The IV product itself will deliver a much higher dose. The injection, it does still go straight into the bloodstream, but it's injected at much smaller doses and generally takes place over a period of time. We think the injection, both injections and IVs are available in the clinics. And we think there are 2000 to 3,000 of these IV clinics or wellness clinics. In the US, but there are also several 1,000 physicians that administer MAD IVs or injections in office. So part of the reason we did this deal with this third-party company is to begin accessing actual physicians' offices.

我們認為這個群體分為兩組，然後這兩組各自有子組。有註射市場，也有ID市場，這是兩個截然不同的市場。靜脈注射產品本身將提供更高的劑量。注射時，藥物仍然會直接進入血液，但注射劑量要小得多，而且通常會在一段時間內完成。我們認為診所可以提供注射服務，包括注射和靜脈輸液。我們認為這類靜脈輸液診所或健康診所大約有 2000 到 3000 家。在美國，也有數千名醫生在診間進行 MAD IV 或註射。我們與這家第三方公司達成這項交易的部分原因是為了開始接觸真正的醫生診所。

To administer some of these IVs and injections. So, we think between the two markets, then there is even a potential third market, these Botox clinics. It could be as much as 10,000 individual officers in terms of the clinic market. Again, the clinic market is both IVs and injection. When we endeavored to pursue this business, which is quite different than the dietary supplement business, although it's a similar molecule, but it's a molecule pharmaceutical grade, very different supply chain and manufacturing process and approval process.

負責進行部分靜脈輸液和注射。所以，我們認為在這兩個市場之間，甚至可能有第三個市場，那就是肉毒桿菌診所。就診所市場而言，個人執業人員可能多達 10,000 人。再次強調，診所市場既包括靜脈輸液也包括注射。當我們努力從事這項業務時，它與膳食補充劑業務截然不同，雖然分子結構相似，但它是藥用級分子，供應鏈、生產流程和審批流程都非常不同。

And RAM, as we also, everything we do, we also apply for support patents, which we've done in the nitrogen plus business in addition to all of our ingredients and supplement businesses as well. But it's a very different vertical with different operations, although the molecule. It is quite similar, but when we endeavored to get into this business, we didn't contemplate. The at-home injection market GLP ones, it took us several years, 5 years or so to get to where we are now in that sense.

與 RAM 一樣，我們所做的每一件事，我們都會申請支持性專利，我們在氮肥業務以及所有原料和補充劑業務中都這樣做過。但這是一個非常不同的垂直領域，有著不同的運作方式，儘管分子本身也是如此。情況非常相似，但當我們決定進入這個行業時，我們並沒有考慮到這一點。家用注射劑市場符合 GLP 標準，我們花了幾年時間，大概 5 年左右才達到現在的水平。

Now we realize that there are 10s of millions of people who are willing to self-inject in order to stay thin or get thin. And we're hopeful that there will be many people that are interested in self-injecting in order to stay young, or to complement. The GLP1 products that they're injecting with. So the injection market as we look at it today, appears to be significantly larger as an addressable market than the clinic market or the straight IV market.

現在我們意識到，有數千萬人願意透過注射來保持苗條或變得苗條。我們希望會有很多人對自我注射以保持年輕或作為補充手段感興趣。他們注射的GLP1產品。因此，從我們今天的角度來看，注射劑市場作為一個潛在市場，其規模似乎比診所市場或直接靜脈注射市場大得多。

The other thing we didn't know about at the time when we first entered this was the telehealth market in general. We started this process prior to COVID. So now we see the telehealth market is expanding quite rapidly and provides a fascinating service to the average consumer. Integrating physicians' prescriptions as well is very convenient and well priced medications delivered straight to the home. So we see that as a very significant opportunity for Niagen. And from what we see in that telehealth market and in the clinic market, the players in that space seem to so far agree with it as well. One headwind that we've noticed so far is We have one very good partner in the compound pharmacy space who compounds Niagen and productizes it. They sell at a fairly high price, and then they sell it to the clinics who then sell at an extremely high price.

我們剛進入這個領域時，對遠距醫療市場整體情況並不了解。我們在新冠疫情之前就開始了這項工作。所以現在我們看到遠距醫療市場正在迅速擴張，並為一般消費者提供了一項極具吸引力的服務。將醫生處方整合到系統中非常方便，藥品價格合理，可直接送貨上門。所以我們認為這對Niagen來說是一個非常重要的機會。從遠距醫療市場和診所市場的情況來看，該領域的參與者似​​乎也認同這一點。我們目前遇到的一個不利因素是，我們在複方藥房領域有一位非常優秀的合作夥伴，他負責配製 Niagen 並將其產品化。他們以相當高的價格出售，然後賣給診所，診所再以極高的價格出售。

So the price to consumers are getting these IVs at this point is quite high. They've positioned it very much like a Rolls-Royce in this space. We think that until those prices come down to more manageable levels, the volume is not going to reach its potential. So right now it's not a huge business for us, this pharmaceutical ingredient business that's catering to nitrogen Plus. And we don't think it's going to really take off in a significant way until those two things happen, those two things being #1, the injection market, particularly the telehealth market, embraces it, and number 2, the overall pricing at the clinics and physicians' offices comes down fairly dramatically.

所以目前消費者購買這些靜脈注射劑的價格相當高。他們在這個領域的定位非常像勞斯萊斯。我們認為，只有當這些價格降至更易於控制的水平時，銷量才能達到其應有的水平。所以目前對我們來說，為 Nitrogen Plus 提供服務的這家製藥原料公司並不是一門大生意。我們認為，只有當以下兩件事發生時，它才會真正得到顯著發展：第一，注射市場，特別是遠距醫療市場，接受它；第二，診所和醫生辦公室的整體價格大幅下降。

(Operator Instructions) Sean McGowan Roth Capital Partners LLC - Equity Analyst

（操作說明）肖恩·麥克高恩，羅斯資本合夥公司 - 股票分析師

Thank you. Good afternoon, guys. A couple of questions, maybe first circling back on the impact of the FDA decision. You've talked a little bit about it not apparently having much impact, but has there been any discussion with customers about pricing in any way? Is it having any impact on your ability to take whole price where it is?

謝謝。下午好，各位。我有幾個問題，或許可以先回顧FDA決定的影響。您剛才提到這似乎沒有產生太大影響，但是有沒有和客戶就定價問題進行過任何討論呢？這是否對您以全價購買商品的能力產生任何影響？

So, you mean the FDA decision on NMN? Yeah. You mean with our ingredient partners.

所以，你指的是FDA對NMN的決定？是的。你是說和我們的原料合作夥伴一起合作嗎？

Yes.

是的。

Most of them understand that the, those companies are not really that interested in anything other than Niagen. They're always asking us to cut our prices though, regardless of theirs FDA or not.

他們中的大多數人都明白，這些公司除了Niagen之外，對其他任何事情都不太感興趣。儘管他們的產品沒有獲得FDA認證，但他們總是要求我們降價。

Why waste a good crisis, right?

何必浪費一場好危機？

Exactly.

確切地。

Okay, got it. And then maybe for ozone. The gross margin overall was higher than I thought, and it was especially higher in consumer where I thought we would see kind of things drip down a little bit. Can you drill down a little bit more on how, I guess on normal the margin in the consumer segment might have been in the quarter when you say that you expect it to normalize, how far above normal do you think those factors that you cited, have to put that margin. So, what should we expect in terms of normalization?

好的，明白了。然後或許對臭氧層也有好處。整體毛利率高於我的預期，尤其是在消費品領域，我原以為消費品領域的毛利率會略有下降，但實際情況卻並非如此。您能否再詳細解釋一下，您認為消費者領域的正常利潤率在本季會如何變化？您說您預計利潤率會恢復正常，那麼您提到的那些因素需要使利潤率比正常水平高出多少？那麼，在標準化方面我們應該期待什麼呢？

Yeah, so the Gross margin in the quarter was driven, a lot of it was driven by still some of the leftover inventory, the lower cost inquiry we had. And also improve product mix. But. Once we are through that low-cost inventory, it will normalize, but we have also increased our outlook to, we previously were slight improvement, we are now seeing an improvement. We're not able to put a percentage on it. But it will be better than, last year's, that's what we say.

是的，所以本季的毛利率很大程度上是由一些剩餘庫存和較低的詢價所推動的。同時優化產品組合。但。一旦我們消化了這部分低成本庫存，情況就會恢復正常，但我們也提高了預期，之前只是略有改善，現在我們看到情況正在好轉。我們無法給出具體的百分比。但我們說，今年的會比去年的好。

At this time there are no further questions. I will now have the call back over to our presenters for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給我們的演講嘉賓，請他們作總結發言。

Thank you, Tamika. A replay of this call will be available beginning at 7:30 p.m. 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，塔米卡。本次電話會議的錄音將於今天美國東部時間晚上7:30開始提供重播。重播號碼為 1-800-770-2030，重播 ID 為 858-4242。感謝各位今天蒞臨現場，也感謝大家一直以來對Niagen生物科學的支持。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。