Slide 1: Niagen Bioscience, Inc. Earnings Presentation Third Quarter 2025
Niagen Bioscience, Inc. Earnings Presentation Third Quarter 2025 Nasdaq: NAGE | November 4, 2025
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT 2 This presentation and other written or oral statements made from time to time by representatives of Niagen Bioscience contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange A
Slide 3: Q3 2025 & Recent Highlights
• Total company and Tru Niagen® net sales: $34.0 million and $26.0 million, up 33%, and 44% YoY, respectively. • Gross margin: 64.5%, up 100bps YoY. • Sales and marketing expense as a percentage of net sales: 25.8%, an improvement of 170 basis points YoY. • Net income: $4.6 million or $0.06 earnings
Slide 4: Leadership Team
Leadership Team Rob Fried Chief Executive Officer E-commerce & entertainment industry executive Savoy Pictures, Columbia Pictures, Fried Films, FeeIn, WHN, Healthspan Research Andrew Shao SVP, Global Regulatory & Scientific Affairs Over two decades of global nutrition industry experience at Amway, H
Slide 5: Financial Highlights
The information contained in this documents is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent (2019) Financial Highlights
Slide 6: Q3 2025 Net Sales Mix
Q3 2025 Net Sales Mix E-Commerce 58% Watson's & Other B2B 13% Food-grade Niagen® 23% Pharmaceutical-grade Niagen® 3% Analytical Reference Standards & Services 3% Q3 2024 $25.6 MM E-Commerce 56% Watson's & Other B2B 21% Food-grade Niagen® 18% Pharmaceutical-grade Niagen® 2% Analytical Reference Stand
Slide 7: Q3 2025 Net Sales
Q3 2025 Net Sales Q3 2025 Net Sales ($ in millions) 19.0 7.0 6.4 .5 0.8 0.3 E-Commerce Watson's & Other B2B Food-grade Niagen® Pharmaceutical-grade Niagen® Analytical Reference Standards & Services Other Ingredients $26.0 YoY % (vs Q3 2024) +29% +109% +11% (2)% +33%Total Growth Rates Total company s
Slide 8: Year-to-Date 2025 Net Sales
Year-to-Date 2025 Net Sales YTD 2025 Net Sales ($ in millions) Total YoY % (vs YTD 2024) $70.2 53.9 16.3 19.4 2.9 2.4 0.7 E-Commerce Watson's & Other B2B Food-grade Niagen® Pharmaceutical-grade Niagen® Analytical Reference Standards & Services Other Ingredients Growth Rates 8 +33% 21% +49% +4% +36%
Slide 9: 2024 – 2025 Net Sales Summary
2024 – 2025 Net Sales Summary 9 ($ in millions) 2025 2024 Description Q1 Q2 Q3 Q1 Q2 Q3 Q4 FY Ecommerce 16.8 18.1 19.0 12.9 13.0 14.8 17.3 58.0 Watsons & Other B2B 4.7 4.6 7.0 4.5 5.6 3.3 5.4 18.8 Total TRU NIAGEN 21.5 22.7 26.0 17.4 18.6 18.1 22.7 76.8 Food-grade NIAGEN 7.0 6.0 6.4 4.1 3.1 5.8 4.5
Slide 10: Q3 2025 vs Q3 2024 Key P&L Metrics
Q3 2025 vs Q3 2024 Key P&L Metrics (in thousands) Q3 2025 Q3 2024 Notes Net Sales $33,986 $25,580 Tru Niagen® business up 44% driven by strong E-commerce performance, paired with modest Niagen® ingredient growth. Gross Profit % of Net Sales 21,928 64.5% 16,240 63.5% Up 100bps primarily driven by cha
Slide 11: Adjusted EBITDA Summary
Adjusted EBITDA Summary Adjusted EBITDA grew to $6.4 million in Q3 2025 from $2.9 million in the prior year quarter, reflecting improved operating efficiency and higher share-based compensation. 11 (1) The reversal of royalties and fees relates to a supplemental agreement with Dartmouth, which waive
Slide 12: Q3 2025 Operating Income vs Q3 2024
Q3 2025 Operating Income vs Q3 2024 ($ in millions) +$6.2 MM 1.6 5.3 0.3 0.4 0.2 (1.7) (1.0) (0.4) (0.5) 4.2 Q3 2024 Operating Income Volume Gross Margin Improvement Legal Severance and Restructuring Sales & Marketing Equity Comp (G+A) Other G+A Research and Development Q3 2025 Operating Income $0.0
Slide 13: Quarterly Balance Sheet Highlights
Quarterly Balance Sheet Highlights (in thousands) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Key Drivers (Q4 2024 vs Q3 2025) Cash $27,565 $27,885 $32,398 $44,660 $55,616 $60,474 $64,290 Up $19.6 million primarily driven by net income and proceeds from stock option exercises Inventory
Slide 14: Cash Flow Highlights
Cash Flow Highlights Three Months Ended FY 2024 Three Months Ended Nine Months Ended September 30, 2025(in thousands) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Net Income (Loss) $(492) $(15) $1,878 $7,179 $8,550 $5,063 $3,609 $4,578 $13,250 Working Capital (643) (1,837) 1,235 5,111 3,
Slide 15: 2025 Financial Outlook
2025 Financial Outlook Strong 2025 net sales growth supported by continued investment in brand building, operational scalability, and R&D to drive future innovation and expansion. 15(1) FY 2024 actual G&A includes the reversal of royalties and fees related to a supplemental agreement with Dartmouth,
Slide 16: The Science
The information contained in this documents is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent (2019) 16 The Science
Slide 17: Scientific Advisory Board
Scientific Advisory Board 17
Slide 18: Clinical Studies on Oral Niagen in Multiple Health Areas
Clinical Studies on Oral Niagen® in Multiple Health Areas Note: Highlighted achievements in duration, participation, and dosage only consider peer-reviewed, published studies. Status of clinical studies presented as of October 20, 2025. 18
Slide 19: Contact Info
The information contained in this documents is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent (2019) Contact Info: Niagen Bioscience Investor Relations: ICR, LLC Reed Anderson T: +1 (62