Q2 2024 ChromaDex Corp Earnings Call

Dustin: Ladies and gentlemen, thank you for standing by, and welcome to ChromaDex Corporation's second quarter of 2024 earnings conference call. My name is Dustin, and I will be the conference operator today.

Unknown Attendee: to ChromaDex Corporation's second quarter of 2024 earnings conference call.

Dustin: My name is Dustin, and I will be the conference operator today. This time, all participants are in a listen-only mode, and, as a reminder, this conference call is being recorded.

Operator: At this time, all participants are in a listen-only mode, and as a reminder, this conference call is being recorded. This afternoon, ChromaDex issued a news release announcing the company's financial results for the second quarter of 2024. Website at www.chromadex.com. I would now like to turn the conference call over to Ben Shamsian, Vice President of Lifetime Partners. Please go ahead, Mr. Shelton.

Operator: At this time, all participants are in a listen-only mode, and as a reminder, this conference call is being recorded. This afternoon, ChromaDex issued a news release announcing the company's financial results for the second quarter of 2024. If you have not reviewed this information, both are available within the Investor Relations section of ChromaDex's website at www.chromadex.com. I would now like to turn the conference call over to Ben Shamsian, Vice President, Alive Them! Please go ahead, Mr. Shamsian.

Speaker Change: This time, all participants are in a listen-only mode, and as a reminder, this conference call is being recorded.

Dustin: This afternoon, ChromaDex issued a news release announcing the company's financial results for the second quarter of 2024. If you have not reviewed this information, both are available within the Investor Relations section of ChromaDex's website at www.chromadex.com.

Speaker Change: This afternoon, ChromaDex issued a news release announcing the company's financial results for the second quarter of 2024.

Speaker Change: If you have not reviewed this information, both are available within the Investor Relations section of ChromaDex's website at www.chromadex.com.

Ben Shamsian: I would now like to turn the conference call over to Ben Shamsian, Vice President, 11 Partners. Please go ahead, Mr. Shamsian.

Speaker Change: I would now like to turn the conference call over to Ben Shamsian, Vice President of Lifetime Partners. Please go ahead, Mr. Shamsian.

Ben Shamsian: Thank you. I'm good afternoon, and welcome to ChromaDex Corporation's second quarter of 2024 results investor call. With us today, are ChromaDex's Chief Executive Officer, Rob Fried, Interim Chief Financial Officer, James Lee, Senior Vice President of Scientific and Regulatory Affairs, Dr. Andrew Shao, and Vice President of Finance, Wesley Yu.

Ben Shamsian: Thank you and good afternoon, and welcome to ChromaDex Corporation's second quarter of 2024 results investor call. With us today are ChromaDex's Chief Executive Officer Rob Fried, Interim Chief Financial Officer James Lee, Senior Vice President of Scientific and Regulatory Affairs Dr. Andrew Hsiao, and Vice President of Finance Wesley Yu. Dr. Hsiao and Mr. Yu will join the call for Q&A. Today's conference call may include forward-looking statements, including statements related to ChromaDex's research and development and clinical trial plans and the timing and results of such trials, the timing of future regulatory filings, the expansion of the sale of NIAGEN products and ingredients in new markets, business development opportunities, future financial results, cash needs, operating performance, investor interest, and business prospects and opportunities, as well as anticipated results of operations.

Ben Shamsian: Thank you and good afternoon, and welcome to ChromaDex Corporation's second quarter of 2024 Results Investor Call. With us today are ChromaDex's Chief Executive Officer, Rob Fried, Interim Chief Financial Officer, James Lee, Senior Vice President of Scientific and Regulatory Affairs, Dr. Andrew Shao, and Vice President of Finance, Leslie Yu. Dr. Shao and Mr. Yu will join the call for Q&A.

Ben Shamsian: Thank you and good afternoon and welcome to ChromaDex Corporation's second quarter of 2024 results investor call.

Ben Shamsian: These risk factors include those contained in ChromaDex'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 affecting our business. The company's earnings presentation and earnings press release, which were issued this afternoon and are available on the company's website, present reconciliations to the appropriate GAAP measure.

Ben Shamsian: Today's conference call may include forward-looking statements, including statements related to ChromaDex's research and development and clinical trial plans and the timing and results of such trials, the timing of future regulatory filings, the expansion of the sale of NIAGEN products and ingredients in new markets, business development opportunities, future financial results, cash needs, operating performance, investor interest, and business prospects and opportunities, as well as anticipated results of operations. Forward-looking statements represent only the company's estimates as of the date of this conference call and are not intended to give any assurance as to actual future results.

Ben Shamsian: With us today are ChromaDex's Chief Executive Officer, Rob Fried.

Rob Fried: Interim Chief Financial Officer James Lee, Senior Vice President of Scientific and Regulatory Affairs Dr. Andrew Hsiao, and Vice President of Finance Leslie Yu. Dr. Hsiao and Mr. Yu will join the call for Q&A.

Ben Shamsian: Dr. Shao and Mr. Yu will join the call for Q&A. Today's conference call may include forward-looking statements, including statements related to ChromaDex as a research and development and clinical trial plans and the timing and results of site trials. The timing of future regulatory filings, the expansion of the sale of naive-gen 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. 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 fee to results.

Ben Shamsian: Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause ChromaDex's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These risk factors include those contained in ChromaDex's quarterly 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 affecting our business. Please note that the company assumes no obligation to update any forward-looking statements after the date of this conference call to conform with the forward-looking statements. The actual results are to changes in its expectations.

Rob Fried: Today's conference call may include forward-looking statements, including statements related to ChromaDex's research and development and clinical trial plans, and the timing and results of such trials.

Rob Fried: The timing of future regulatory filings, the expansion of the sale of NIAGEN products and ingredients in new markets, business development opportunities.

Rob Fried: Future Financial Results, Cash Needs, Operating Performance, Investor Interest, and Business Prospects and Opportunities, as well as Anticipated Results of Operations.

Ben Shamsian: 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 and are available on the company's website, present reconciliations to the appropriate gap measure. Finally, the conference call is being recorded via webcast. The webcast will be available on the investor relations section of our website at www.chromadex.com. With that said, it's now my pleasure to turn the call over to our Chief Executive Officer, Rob.

Rob Fried: 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.

Ben Shamsian: Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risk and uncertainties. Many factors could cause ChromaDex's actual activities or results to defer materially from the activities and results anticipated in forward-looking statements. These risk factors include those contained in ChromaDex'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. 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 are to changes in its expectations.

Rob Fried: Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

Rob Fried: Many factors could cause ChromaDex's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements.

Rob Fried: These risk factors include those contained in ChromaDex's quarterly report on Form 10-Q most recently filed with the SEC, including results of operations

Rob Fried: Financial condition, cash flows, as well as global market and economic conditions on our business.

Speaker Change: 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.

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

Speaker Change: The company's earnings presentation and earnings press release, which were issued this afternoon and are available on the company's website, present reconciliations to the appropriate GAAP measures.

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

Speaker Change: Finally, the conference call is being recorded via webcast. The webcast will be available at the Investor Relations section of our website at www.chromadex.com. With that, it's now my pleasure to turn the call over to our Chief Executive Officer, Rob Fried.

Ben Shamsian: With that, it's now my pleasure to turn the call over to our Chief Executive Officer, Rob. Fried.

Robert Fried: Thank you, Ben.

Robert Fried: Good afternoon, everyone. And thank you for joining us today on our investor call. For the second quarter, we delivered another solid performance with $22.7 million in revenue, a 12% increase year-over-year, and an unexpected virtual break-even net income, $15,000 net loss. We achieved $1.6 million in positive adjusted EBITDA, marking our fifth consecutive quarter of positive adjusted EBITDA. This reflects our steadfast focus on maintaining fiscal discipline across the company, while still supporting upcoming launches and key initiatives. In the second quarter, we generated total positive cash flows and ended the quarter with $27.9 million in cash and no debt.

Rob Fried: Good afternoon, everyone, and thank you for joining us today on our investor call. For the second quarter, we delivered another solid performance. $22.7 million in revenue, a 12% increase year over year, and an unexpected virtual break-even that ain't... $15,000 net loss.

Rob Fried: Thank you, Ben.

Rob Fried: Good afternoon everyone and thank you for joining us today on our investor call.

Rob Fried: For the second quarter, we delivered another solid performance.

Rob Fried: with $22.7 million in revenue, a 12% increase year-over-year.

Rob Fried: and an unexpected virtual break-even net income.

Speaker Change: $15,000 net loss.

Rob Fried: We achieved $1.6 million in positive adjusted EBITDA, marking our fifth consecutive quarter of positive adjusted EBIT. This reflects our steadfast focus on maintaining fiscal discipline across the company while still supporting upcoming launches and key initiatives. In the second quarter, we generated total positive cash flows and ended the quarter with $27.9 million in cash and Nodep.

Speaker Change: We achieved 1.6 million dollars in positive adjusted EBITDA, marking our fifth consecutive quarter of positive adjusted EBITDA.

Speaker Change: This reflects our steadfast focus on maintaining fiscal discipline.

Speaker Change: across the company, while still supporting upcoming launches and key initiatives.

Speaker Change: In the second quarter, we generated total positive cash flows and ended the quarter with $27.9 million in cash.

Robert Fried: As most of you know, ChromaDex is the gold standard in the NAD space. And we are at the forefront of improving the health of all individuals.

Rob Fried: $15,000 net loss. However, we achieved $1.6 million in positive adjusted EBITDA. As most of you know... ChromaDex is the gold standard in the NAD space. We are at the forefront of improving the health of all individuals, and our Niogen Plus product line launch is finally here. U.S. FDA-registered 503B outsourcing facilities will compound and distribute pharmaceutical grade 9, which will be available in intravenous IV and injectable forms exclusively at clinics with prescriptions, starting this month.

Rob Fried: As most of you know, ChromaDex is the gold standard in the NAD space. We are at the forefront of improving the health of all individuals. After significant time and investment in research and development, I'm excited that our Niogen Plus product line launch is finally here. In June, we first introduced the Niogen Plus product line featuring pharmaceutical grade 9. U.S. FDA-registered 503B outsourcing facilities will compound and distribute pharmaceutical-grade knives, will be available in intravenous IV and injectable forms exclusively at clinics with prescriptions. Starting this month, Niagen IV and injections will debut at select IV clinics through Wells Pharmacy Network, including Senogenic, Drip Hydration, Revive, Next Health, Restore Hyperwellness, and many others.

Speaker Change: And no debt.

Speaker Change: As most of you know,

Speaker Change: ChromaDex is the gold standard in the NAD space.

Speaker Change: And we are at the forefront of improving the health of all individuals.

Robert Fried: After significant time and investment in research and development, I'm excited that our NIAGEN Plus product line launch is finally here. In June, we first introduced the NIAGEN Plus product line featuring pharmaceutical-grade NIAGEN. US FDA registered 503D outsourcing facilities will compound and distribute pharmaceutical grade NIAGEN, which will be available in intravenous IV and injectable forms exclusively at clinics with prescription. Starting this month, NIAGEN IV and injections will debut at select IV clinics through Wells Pharmacy Network, including Cenedigenics, Drift Hydration, Revive, Next Health, Historic Hyper-Wolmous, and many others. This innovation not only opens significant growth opportunities for the company and a global market valued at over $2 billion, but also represents a major advancement in NAD Plus IV therapy, offering a superior tolerability, 75% shorter infusion time, and a faster elevation of NAD blood levels post-infusion.

Rob Fried: This innovation not only opens significant growth opportunities for the company and a global market valued at over $2 billion but also represents a major advancement in NAD plus IV, offering superior tolerability, 75% shorter infusion time, and a faster elevation of NAD blood levels post. Over the last few years, we've seen the increasing popularity of NAD IV therapy among celebrities, athletes, and influencers who seek to biohack the aging process. We know that users of traditional NAD IV therapies have reported very uncomfortable experiences and shared that it takes hours to administer. This is not the case with Niogen.

Speaker Change: After significant time and investment in research and development, I'm excited that our Niogen Plus product line launch is finally here.

Speaker Change: In June , we first introduced the Niogen Plus product line featuring pharmaceutical-grade Niogen.

Speaker Change: U.S. FDA-registered 503B outsourcing facilities will compound and distribute pharmaceutical-grade niagen.

Speaker Change: which will be available in intravenous IV and injectable forms exclusively at clinics with prescription.

Speaker Change: Starting this month, Niagen IV and injections.

Speaker Change: will debut at select IV clinics through Well's Pharmacy Network, including Cenogenics, Drip Hydration, Revive, Next Health, Restore Hyperwellness, and many others.

Rob Fried: This innovation not only opens significant growth opportunities for the company and a global market value of over $2 billion but also represents a major advancement in NAD plus IV, offering superior tolerability, 75% shorter infusion time, and a faster elevation of NAD blood levels post. Over the last few years, we've seen the increasing popularity of NAD IV therapy among celebrities, athletes, and influencers who seek to biohack the aging process. We believe that NIAGEN-ID will provide a superior experience for all consumers, to offer our patented NR in both oral and injectable sterile formulations, and is passionate about this constant stream of innovation. I am very proud of everyone here for their diligence, has been established. As I have said previously, the mission at ChromaDex is to improve the lifespan of as many lives as possible.

Speaker Change: This innovation not only opens significant growth opportunities for the company and a global market value at over $2 billion,

Speaker Change: but also represents a major advancement in NAD plus IV therapy.

Speaker Change: offering a superior tolerability, 75% shorter infusion time, and a faster elevation of NAD blood levels post infusion.

Robert Fried: Over the last few years, we've seen the increasing popularity of NIAGEN IV therapy among celebrities, athletes, and influencers who seek to biohack the aging process. We know that users of traditional NAD IV therapies have reported very uncomfortable experiences and shared that it takes hours to administer. This is not the case with NIAGEN IV. We believe that NIAGEN IV will provide a superior experience for all consumers, and we are excited to bring the best NAD boosting ingredient to IV therapies.

Speaker Change: Over the last few years, we've seen the increasing popularity of NAD IV therapy among celebrities, athletes, and influencers who seek to biohack the aging process.

Speaker Change: We know that users of traditional NAD IV therapies have reported very uncomfortable experiences and shared that it takes hours to administer.

Speaker Change: This is not the case with NIAGEN-IV.

Rob Fried: We believe that NIAGEN-ID will provide a superior experience for all consumers, and we are excited to bring the best NAD boosting ingredient to IV therapy. We also announced the launch of the Niagen Plus NAD test, available exclusively to healthcare practitioners to provide a reliable method for measuring patient blood NAD levels. The Niagen NAD Test Kit allows healthcare practitioners a tool to provide patients with personalized and effective protocols by more accurately tracking NAD changes over time.

Speaker Change: We believe that Niagen ID will provide a superior experience for all consumers.

Speaker Change: And we are excited to bring the best NAD boosting ingredient to IV therapies.

Robert Fried: We also announced the launch of the NIAGEN Plus NAD test kit, available exclusively to healthcare practitioners to provide a reliable method for measuring patient blood NAD levels. The NIAGEN NAD test kit allows healthcare practitioners a tool to provide patients with personalized and effective protocols by more accurately tracking NAD changes over. for time. ChromaDex is the only company to offer our patent in NR in both oral and injectable sterile formulations. We are indeed holding true to our commitment to developing new products and mechanisms to benefit the way humans age. This is beyond traditional dietary supplementation. The team that ChromaDex is passionate about this constant stream of innovations, and there's more to come.

Speaker Change: We also announced the launch of the Niagen Plus NAD test kit.

Speaker Change: Available exclusively to health care practitioners to provide a reliable method for measuring patient blood NAD levels.

Speaker Change: The NIAGEN NAD Test Kit allows healthcare practitioners a tool to provide patients with personalized and effective protocols by more accurately tracking NAD changes over time.

Rob Fried: ChromaDex is the only company to offer our patented NR in both oral and injectable sterile formulations. We are indeed holding true to our commitment to developing new products and mechanisms to benefit the way humans age. This beyond traditional dietary supplements is passionate about this constant stream of innovation, and there's more to come. I am very proud of everyone here for their diligence, and all of you here today will serve the country thoroughly throughout the development process to ensure the proper safety, efficacy, and compliance of federal employees. And in ending the efforts to preserve human life, get to know each other and address any of the language issues, please.

Speaker Change: ChromaDex is the only company.

Speaker Change: to offer our patented NR in both oral and injectable sterile formulations.

Speaker Change: We are indeed holding true to our commitment to developing new products and mechanisms to benefit the way humans age.

Speaker Change: This is beyond traditional dietary supplementation.

Speaker Change: The team at ChromaDex is passionate about this constant stream of innovations.

Robert Fried: I am very proud of everyone here for their diligence and thoroughness throughout the development process to ensure the proper safety, efficacy, and compliance has been established. As I have said previously, the mission at ChromaDex is to improve health span to as many lives as possible.

Speaker Change: And there's more to come.

Speaker Change: I am very proud of everyone here for their diligence.

Speaker Change: and Thoroughness throughout the development process to ensure the proper safety, efficacy and compliance.

Speaker Change: has been established.

Speaker Change: As I have said previously,

Speaker Change: The mission at ChromaDex is to improve healthspan to as many lives as possible.

Robert Fried: In a past earnings call, I referenced the clinical study that investigated the safety benefits of long-term NAD supplementations in individuals with ataxia, telangiectasia, a rare genetic neurodegenerative disorder. AT is a rare progressive disease where children suffer from adverse effects of premature aging and face limited life expectancy. The results of the study were published in October 2023 and confirmed that long-term supplementation of NR was safe and well-tolerated and improved motor coordination eye movement in AT patients of various ages.

Rob Fried: In a past earnings call, I referenced a clinical study that investigated the safety benefits of long-term NAD supplementation in individuals with ataxia telangiectasia. The results of the study were published in October 2023 and confirmed that long-term supplementation of NR was safe and well-tolerated and improved motor coordination and eye movement in AT patients of various. In June, we announced the U.S. FDA-granted orphan drug designation and rare pediatric disease for N.R. as the candidate for treatment of HIV.

Rob Fried: And please, if you're practicing, and can't comment,ch can I tell you that no, nothing has been established. As I have said previously, The mission at ChromaDex is to improve the lifespan of as many lives as possible. In a past earnings call, I referenced the clinical study that investigated the safety benefits of long-term NAD supplementation and individuals with ataxia telangiectasia, a rare genetic neurodegenerative disease. AT is a rare progressive disease where children suffer from the adverse effects of premature aging and face limited life expectancy.

Speaker Change: In a past earnings call, I referenced a clinical study that investigated the safety benefits of long-term NAD supplementations.

Speaker Change: and individuals with ataxia telangiectasia.

Speaker Change: a rare genetic neurodegenerative disorder.

Speaker Change: AT is a rare progressive disease where children suffer from adverse effects of premature aging and face limited life expectancy.

Rob Fried: The results of the study were published in October 2023 and confirmed that long-term supplementation of NR was safe and well-tolerated, and Improved Motor Coordination and Eye Movement in AT Patients of Various Types. In June, we announced the U.S. FDA-granted orphan drug designation and rare pediatric disease for N.R. as a candidate for treatment of HIV.

Speaker Change: The results of the study were published in October 2023 and confirmed that long-term supplementation of NR was safe and well-tolerated and improved motor coordination, eye movement in AT patients of various ages.

Robert Fried: In June, we announced the U.S. FDA granted orphan drug designation and rare pediatric disease for NR as the candidate for treatment of AT. We plan to file an investigated new drug application with the FDA in anticipation of conducting human clinical trials guided by Dr. Wilhelm Bohr, Professor at University of Copenhagen, and scientific advisor to ChromaDex. We eagerly anticipate the results from future research and how NR can bring therapeutic benefits to individuals suffering from AT.

Speaker Change: In June ,

Speaker Change: We announce the U.S. FDA-granted orphan drug designation and rare pediatric disease.

Speaker Change: for NR as the candidate for treatment of AT.

Rob Fried: We plan to file an investigative new drug application with the FDA in anticipation of conducting human clinical trials guided by Dr. Wilhelm Bohr, professor at the University of Copenhagen and scientific advisor to ChromaDex. We eagerly anticipate the results of future research and how NR can bring therapeutic benefits to individuals suffering from HIV, with regard to Art Parkinson's Initiative. Just last week, a new patent was granted in Europe for the use of nicotinamide riboside in the treatment of Parkinson's.

Speaker Change: We plan to file an investigative new drug application with the FDA in anticipation of conducting human clinical trials guided by Dr. Wilhelm Bohr, professor at University of Copenhagen and scientific advisor to ChromaDex.

Speaker Change: We eagerly anticipate the results from future research and how NR can bring therapeutic benefits to individuals suffering from AT.

Robert Fried: With regard to our Parkinson's initiative, just last week, a new patent was granted in Europe for the use of nicotinamide riboside in the treatment of Parkinson's disease. This is a very exciting step forward. We look forward to the results of the Phase III No-Park study, which is nearing completion. We anticipate the study to be complete sometime in the first half of next year. The no-park study aims to examine the therapeutic potential of NR in patients with Parkinson's disease, all of whom take either a placebo or a grandma day for a year of nicotinamide riboside.

Speaker Change: with regard to our Parkinson's initiative.

Rob Fried: Just last week, a new patent was granted in Europe for the use of nicotinamide riboside in the treatment of Parkinson's. This is a very exciting step forward. The NOPARC study aims to examine the therapeutic potential of NR in patients with Parkinson's disease, all of whom take either a placebo or a gram of NR a day for a year. Since our last quarterly update, there have been a few key clinical publications, with 1,000 milligrams per day significantly improved. PAD is a condition characterized by plaque buildup in the peripheral arteries that restricts blood flow.

Speaker Change: Just last week, a new patent was granted in Europe for the use of nicotinamide riboside in the treatment of Parkinson's disease.

Rob Fried: This is a very exciting step forward. We look forward to the results of the Phase 3 NOPARC, which is nearing completion; we anticipate the study to be complete sometime in the first half of next year. The NOPARC study aims to examine the therapeutic potential of NR in patients with Parkinson's disease, all of whom take either a placebo or a gram a day for a year of nicotinamide ribosome. Since our last quarterly update, there have been a few key clinical publications.

Speaker Change: This is a very exciting step forward.

Rob Fried: that I'd like to highlight.

Speaker Change: We look forward to the results of the Phase 3 NOPARC study.

Speaker Change: which is nearing completion. We anticipate the study to be complete sometime in the first half of next year.

Speaker Change: The NOPARC study aims to examine the therapeutic potential of NR in patients with Parkinson's disease, all of whom take either a placebo or a gram a day for a year of nicotinamide riboside.

Robert Fried: Since our last quarterly update, there have been a few key clinical publications that I'd like to highlight. In June, results of a pivotal Phase II trial were published in the journal Nature Communications. The study, led by Dr. Mary McDermott at Northwestern University, revealed that six months of NR supplementation at 1,000 milligrams per day significantly improved the six-minute walk distance in treadmill, walk in time, and people with peripheral artery disease or PAD, this compared to a placebo. PAD is a condition characterized by plaque buildup and peripheral arteries that restricts blood flow. It affects 200 million people worldwide.

Speaker Change: Since our last quarterly update, there have been a few key clinical publications that I'd like to highlight.

Rob Fried: In June, results of a Pivotal Phase II trial were published in the journal Nature Communications. The study led by Dr. Mary McDermott at Northwestern University revealed that six months of NR supplementation at 1,000 milligrams per day significantly improved six minute walk distance and treadmill walking time in people with peripheral artery disease or PAD. This is compared to a placebo. PAD is a condition characterized by plaque buildup in peripheral arteries that restricts blood flow, and affects 200 million people worldwide.

Speaker Change: In June , results of a Pivotal Phase II trial were published in the journal Nature Communications.

Speaker Change: The study led by Dr. Mary McDermott at Northwestern University revealed that six months of NR supplementation

Speaker Change: at 1,000 milligrams per day, significantly improved.

Speaker Change: The Six Minute Walk Distance and Treadmill Walking Time in People with Peripheral Artery Disease, or PAD. This compared to a placebo.

Speaker Change: PAD is a condition characterized by plaque buildup in peripheral arteries that restricts blood flow.

Speaker Change: It affects 200 million people worldwide.

Robert Fried: In July, a peer-reviewed clinical study was published demonstrating that a single dose of NR supplementation affects NAD levels in the brain. The study at the University of Pennsylvania examined the effect of supplementing 900 milligrams of NR offered to them as true nitrogen in healthy adults and found that within four hours, brain NAD levels increased significantly by about 16 percent compared to baseline. This study is the first to demonstrate an increase in brain NAD levels after just a single dose of true nitrogen, and the results are consistent with previously published clinical evidence demonstrating supplemental NR increases brain NAD levels.

Rob Fried: In July, a peer-reviewed clinical study was published demonstrating that a single dose of NR supplementation affects NAD levels in the brain. University of Pennsylvania examined the effect of supplementing 900 milligrams of NR offered to them as true niagen in healthy adults and found that within 4 hours, brain NAD levels increased significantly, by about 16% compared to days prior. This study is the first to demonstrate an increase in brain MAD levels after just a single dose of Trunide. The results are consistent with previously published clinical evidence. Demonstrating Supplemental NR increases brain NAD levels, these recent findings are quite compelling. The brain relies heavily on NAD to support its extensive metabolic function.

Speaker Change: In July , a peer-reviewed clinical study was published demonstrating that a single dose of NR supplementation affects NAD levels in the brain.

Rob Fried: University of Pennsylvania examined the effect of supplementing 900 milligrams of NR offered to them as true niagen in healthy adults. This study is the first to demonstrate an increase in brain MAD levels after just a single dose of Trunide. The results are consistent with previously published clinical evidence demonstrating supplemental NR increases brain NAD levels. These publications add to our understanding of the many profound benefits NR supplementation can provide to all individuals. At $13 million for the second quarter, e-commerce continues to be our largest and most consistent source of revenue, remaining stable year over year. Several factors play into our current position.

Speaker Change: The study out of the University of Pennsylvania examined the effect of supplementing 900 milligrams of NR offered to them as true niagen in healthy adults.

Speaker Change: and found that within four hours brain NAD levels increased significantly by about 16% compared to baseline.

Speaker Change: This study is the first to demonstrate an increase in brain MAD levels after just a single dose.

Speaker Change: of TrueNiagen.

Speaker Change: And the results are consistent with previously published clinical evidence.

Speaker Change: demonstrating supplemental NR increases brain NAD levels.

Robert Fried: These recent findings are quite compelling, as the brain relies heavily on NAD to support its extensive metabolic functioning. These publications add to our understanding of the many profound benefits NR supplementation can provide to all individuals.

Speaker Change: These recent findings are quite compelling.

Speaker Change: As the brain relies heavily on NAD to support its extensive metabolic functioning.

Rob Fried: These publications add to our understanding of the many profound benefits NRSupplementation can provide to all individuals. I'd now like to give a brief update on the current core business. At $13 million for the second quarter, e-commerce continues to be our largest and most consistent source of revenue, remaining stable year over year.

Speaker Change: These publications add to our understanding of the many profound benefits NRSupplementation can provide to all individuals.

Robert Fried: I'd now like to give a brief update on the current core business. At $13 million for the second quarter, e-commerce continues to be our largest and most consistent source of revenue, remaining stable year over year. Several factors play into our current position in e-commerce. First, as you all know, last year, we invested in a brand campaign through Amazon's home page takeover. This drove a significant increase in new-to-brand purchases for the first quarter of 2023. Subsequently, in the second quarter of 2023, our team reduced top-of-the-funnel spending, but redirected our efforts to retargeting consumers exposed to the home page takeover event.

Speaker Change: I'd now like to give a brief update on the current core business.

Speaker Change: At $13 million for the second quarter, e-commerce continues to be our largest and most consistent source of revenue, remaining stable year over year. Several factors play into our current position in e-commerce.

Rob Fried: Several factors play into our current position. First, as you all know, last year we invested in a brand campaign through Amazon's homepage Takeover event. This drove a significant increase in new-to-brand purchases for the first quarter of 2023. Subsequently, in the second quarter of 2023, our team reduced top-of-the-funnel spending but redirected our efforts to retargeting consumers exposed to the homepage

Rob Fried: First, as you all know, last year, we invested in a brand campaign through Amazon's homepage takeover event. This drove a significant increase in new-to-brand purchases for the first quarter of 2023. Subsequently, in the second quarter of 2023, our team reduced top-of-the-funnel spending but redirected our efforts to retargeting consumers exposed to the homepage takeover event. Moving away from heavy promotional periods and instead utilizing influencer marketing, refreshed content, and a social media presence, we are seeing positive signs from our marketing efforts, including increases in subscriptions on Amazon and on our own website.

Rob Fried: In contrast, during the first two quarters of 2024, our marketing team focused on different initiatives, moving away from heavy promotional periods and instead utilizing influencer marketing, refreshed content, and social media presence to drive acquisitions and brand awareness, absent a large-scale event like last year. We are seeing positive signs from our marketing efforts, including increases in subscriptions on Amazon and on our own website. Total Niogen-related sales on Amazon marketplaces have grown significantly year over year, reflecting increased consumer awareness that Niogen is the gold standard in NAD-boosting supplementation.

Speaker Change: First, as you all know, last year we invested in a brand campaign through Amazon's homepage Takeover.

Speaker Change: This drove a significant increase in new-to-brand purchases for the first quarter of 2023.

Speaker Change: Subsequently, in the second quarter of 2023, our team reduced top-of-the-funnel spending but redirected our efforts to retargeting consumers exposed to the homepage takeover event.

Robert Fried: In contrast, during the first two quarters of 2024, our marketing team focused on different initiatives, moving away from heavy promotional periods and instead utilizing influencer marketing, refreshed content, and social media presence to drive acquisitions and brand awareness. Absent to large scale event like last year, we are seeing positive signs from our marketing efforts, including increases in subscriptions on Amazon and on our own website. Total Niagen-related sales on Amazon marketplaces have grown significantly year over year, reflecting increased consumer awareness that Niagen is the gold standard in NAD boosting supplementation. True Niagen as a brand continues to grow on Amazon, and the presence of our other Niagen partners, including Life Extension, Neurohacker, and Nestlé's brand Solgar, has furthered the recognition of Niagen's benefits without requiring significant marketing expenditure for us.

Speaker Change: In contrast, during the first two quarters of 2024, our marketing team focused on different initiatives.

Speaker Change: Moving away from heavy promotional periods, and instead utilizing influencer marketing, refreshed content, and social media presence.

Speaker Change: to drive acquisitions and brand awareness.

Speaker Change: Absent the large-scale event like last year, we are seeing positive signs from our marketing efforts, including increases in subscriptions on Amazon and on our own website.

Rob Fried: Total Niogen-related sales on Amazon marketplaces have grown significantly year over year, reflecting increased consumer awareness that Niogen is the gold standard in NAD boosting supplementation. True Niagen as a brand continues to grow on Amazon, and the presence of our other Niagen partners, including Life Extension, NeuroHacker, and Nestle's brand Solgar, has furthered the recognition of Niagen's benefits without requiring significant marketing expenditure. Unfortunately, other brands have emerged on Amazon promoting NAD-boosting products that do not live up to their claims.

Speaker Change: Total Niogen-related sales on Amazon marketplaces have grown significantly year over year, reflecting increased consumer awareness that Niogen is the gold standard in NAD boosting supplementation.

Rob Fried: True Niogen as a brand continues to grow on Amazon, and the presence of our other Niogen partners, including Life Extension, NeuroHacker, and Nestle's brand Solgar, has furthered the recognition of Niogen's benefits without requiring significant marketing expenditure from us. Unfortunately, other brands have emerged on Amazon promoting NAD-boosting products that do not live up to their claims.

Speaker Change: True Niogen as a brand continues to grow on Amazon, and the presence of our other Niogen partners, including Life Extension, NeuroHacker, and Nestle's brand Solgar, has furthered the recognition of Niogen's benefits.

Speaker Change: without requiring significant marketing expenditure from us.

Robert Fried: Unfortunately, other brands have emerged on Amazon promoting NAD boosting products that do not live up to their claims. It is troubling that such misinformation and misleading practices continue to pursue justice. But it only strengthens our resolve to emphasize niage and superior quality. As the popularity and awareness of NAD continues to grow, we will remain vigilant to now our actions against infringers and against brands that continue to be disingenuous to consumers. We are dedicated to ensuring that niage and remains recognized as the premier choice in the NAD boosting industry through our continued focus on product excellence in consumer education.

Speaker Change: Unfortunately, other brands have emerged on Amazon promoting NAD-boosting products that do not live up to their claims.

Rob Fried: It is troubling that such misinformation and misleading practices continue to persist, but it only strengthens our resolve to emphasize NIGE's superior quality. Unknown Attendee, Jeffrey Cohen, Jeffrey Cohen, Unknown Attendee, Unknown Attendee. Thank you.

Rob Fried: It is troubling that such misinformation and misleading practices continue to persist, but it only strengthens our resolve to emphasize NIGE's superior quality. Unknown Attendee, Raghuram Selvaraju, James Lee, Andrew Shao, Kendall Knysch, Howard Horberg, We are dedicated to ensuring that Niagen remains reputable. Premier Choice and the NAD Boosting Industry to our continued focus on product excellence in consumer education. Watson's remains a valued strategic partner, providing steady recurring revenue with occasional quarterly fluctuations.

Speaker Change: It is troubling that such misinformation and misleading practices continue to persist.

Speaker Change: But it only strengthens our resolve to emphasize NIGE's superior quality.

Speaker Change: As the popularity and awareness of NAD continues to grow, we will remain vigilant in our actions against infringers and against brands that continue to be disingenuous to consumers.

Speaker Change: We are dedicated to ensuring that NIAGEN remains recognized as the premier choice in the NAD boosting industry through our continued focus on product excellence and consumer education.

Robert Fried: Watson's remains a valued strategic partner, providing steady recurring revenue with occasional quarterly fluctuations. We continue to explore new opportunities with Watson's to enhance brand awareness. One such initiative is the development of a sample size package of 10, 300 milligram doses of true niage. This smaller offering is intended for using gift-with-purchase promotions or as a standalone product to attract new customers. Additionally, we are collaborating with Watson's on further marketing initiatives planned later this year and perhaps new product offerings as well.

Rob Fried: Watson's remains a valued strategic partner, providing steady recurring revenue with occasional quarterly fluctuations. We continue to explore new opportunities with Watsons to enhance brand awareness. One such initiative is the development of a sample size package of 10 300 milligram doses of Trunide. This smaller offering is intended for use in a gift with purchase promotion.

Speaker Change: Watson's remains a valued strategic partner providing steady recurring revenue with occasional quarterly fluctuations.

Rob Fried: We continue to explore new opportunities with Watsons to enhance brand awareness. One such initiative is the development of a sample size package of 10 300 milligram doses of Trunide. This smaller offering is intended for use in gift with purchase promotion or as a stand-alone product to attract new customers.

Speaker Change: We continue to explore new opportunities with Watsons to enhance brand awareness.

Speaker Change: One such initiative is the development of sample size package of 10 300 milligram doses of truniogen.

Speaker Change: This smaller offering is intended for use in gift with purchase promotions or as a stand-alone product to attract new customers.

Rob Fried: Additionally, we're collaborating with Watson's on further marketing initiatives planned later this year and perhaps new product offerings as well. Nestle Health Science has made excellent progress in integrating Nigent into their products. Last month, Pure Encapsulations launched a new multi-ingredient product featuring nitrogen. James has been with ChromaDex for over 15 years and has over 20 years of public accounting experience at ChromaDex and Samsung Electronics. I have immense trust in James's capability and expertise, and I am confident in his leadership during this transition.

Rob Fried: Additionally, we're collaborating with Watson's on further marketing initiatives planned later this year and perhaps new product offerings as well. Nestle Health Science has made excellent progress in integrating Nigent into their. Earlier this year, Pure Encapsulations reformulated two of their existing SKUs to replace NMN with NIGE. Last month, Pure Encapsulations launched a new multi-ingredient product featuring nitrogen called NR Longevity. We are quite proud to collaborate with Nestle, working together to deliver products that enhance cellular health and support health. As many of you know, Brianna Gerber stepped down as CFO in July.

Speaker Change: Additionally, we're collaborating with Watson's on further marketing initiatives planned later this year and perhaps new product offerings as well.

Robert Fried: Nestle Health Science has made excellent progress in integrating Niagen into their brands. Earlier this year, Pure Encapsulations reformulated two of their existing SKUs to replace NMN with Niagen. Last month, Pure Encapsulations launched a new multi-ingredient product featuring Niagen called NRLongevity.

Speaker Change: Nestle Health Science has made excellent progress in integrating Niagen into their brands.

Speaker Change: Earlier this year, Pure Encapsulations reformulated two of their existing SKUs to replace NMN with Niogen. Last month, Pure Encapsulations launched a new multi-ingredient product featuring Niogen

Robert Fried: We are quite proud to collaborate with Nestlé, working together to deliver products that enhance cellular health and support health. As many of you know, Brianna Gerber stepped down as CFO in July. Brianna was an important business partner to me and to the rest of the organization. Her leadership contributed to our progress toward cash flow, break even, and better.

Speaker Change: NR Longevity.

Speaker Change: We are quite proud to collaborate with Nestle.

Speaker Change: working together to deliver products that enhance cellular health and support healthspan.

Rob Fried: Brianna was an important business partner to me and to the rest of the organization; her leadership contributed to our progress toward cash flow break even and better. As she moves on to a new opportunity, we'd like to thank her for her contribution to ChromaDex, and we wish her the best of luck. While we search for a new CFO, we have promoted James Lee to the position of interim CFO. James has been with ChromaDex for over 15 years and has over 20 years of public accounting experience at ChromaDex and Samsung Electronics. I have immense trust in James' capability and expertise, and I am confident in his leadership during this transition.

Speaker Change: As many of you know, Brianna Gerber stepped down as CFO in July .

Speaker Change: Brianna was an important business partner to me and to the rest of the organization. Her leadership contributed to our progress toward cash flow break-even and better.

Robert Fried: As she moves on to a new opportunity, we'd like to thank her for her contribution to Chromedex, and we wish her the best of luck. While we search for a new CFO, we have promoted James Lee to the position of Interim CFO. James has been with Chromedex for over 15 years and has over 20 years of public accounting experience at Chromedex and Samsung Electronics. I have immense trust in James' capability and expertise, and I am confident in his leadership during this transition.

Speaker Change: As she moves on to a new opportunity, we'd like to thank her for her contribution to ChromaDex, and we wish her the best of luck.

Speaker Change: While we search for a new CFO , we have promoted James Lee to the position of Interim CFO .

Speaker Change: James has been with ChromaDex over 15 years and has over 20 years of public accounting experience at ChromaDex and Samsung Electronics.

Speaker Change: I have immense trust in James's capability and expertise, and I am confident in his leadership during this transition.

Robert Fried: In the past quarter, we have made significant announcements around our upcoming launches and around our science. As the commercialization of the Niagen IV took longer than we had originally anticipated, this may have implications on our overall growth plans for the balance of 2024. Over the last few years, we put tremendous time and effort in applying for the patents around Niagen IV to secure pharmaceutical grade Niagen to obtain 503B approval with the FDA and to conduct third party independent studies to assess safety and efficacy. Accordingly, while we are still driving toward higher growth, we are introducing a range that contemplates the later launch of Niagen IV and contemplates that there's not within our control that may impact our top line of this.

Rob Fried: In the past quarter, we have made significant announcements around our upcoming launches and around our science. However, the commercialization of Niagen IV took longer than we had originally anticipated. This may have implications on our overall growth plans for the balance of 2020. Over the last few years, we put tremendous time and effort into applying for the patents around Niogen IV to secure pharmaceutical-grade Niogen, obtain 503B approval with the FDA, and conduct third-party independent studies to assess safety and efficacy.

Speaker Change: In the past quarter, we have made significant announcements around our upcoming launches and around our science.

Rob Fried: The commercialization of Niagen IV took longer than we had originally anticipated over the last few years. Accordingly, while we are still driving toward higher growth, we are introducing a range that contemplates the later launch of NIAGEN-IV and contemplates factors not within our control that may impact our top-line expectations. James will review the updated 2024 outlook in greater detail shortly, but we look to finish the rest of 2024 by building momentum towards stronger growth in 2025 while still maintaining positive cash flow through continued fiscal growth, the NAD company. At the same time, we are continuing to focus on optimizing our e-commerce marketing strategy and our business partnerships to gather momentum to end the year in a strong position. James.

Speaker Change: As the commercialization of the Niagen IV took longer than we had originally anticipated.

Speaker Change: This may have implications on our overall growth plans for the Balance 2024.

Speaker Change: Over the last few years,

Speaker Change: We put tremendous time and effort in applying for the patents around Niogen IV to secure pharmaceutical-grade Niogen, to obtain 503B approval with the FDA, and to conduct third-party independent studies to assess safety and efficacy.

Rob Fried: Accordingly, while we are still driving toward higher growth, we are introducing a range that contemplates the later launch of Niagen IV and contemplates factors not within our control that may impact our top-line expectations. James will review the updated 2024 outlook in greater detail shortly, but we look to finish the rest of 2024 by building momentum toward stronger growth in 2025 while still maintaining positive cash flow through continued fiscal growth. In summary, this quarter marks an important point for ChromaDex.

Speaker Change: Accordingly, while we are still driving toward higher growth, we are introducing a range that contemplates the later launch of NIAIDs and contemplates factors not within our control that may impact our top-line expectations.

Robert Fried: expectations. James will review the updated 2024 Outlook in greater detail shortly, but we look to finish the rest of 2024 by building momentum towards stronger growth in 2025, while still maintaining positive cash flow through continued fiscal discipline.

Speaker Change: James will review the updated 2024 outlook in greater detail shortly, but we look to finish the rest of 2024 by building momentum towards stronger growth in 2025, while still maintaining positive cash flow through continued fiscal discipline.

Robert Fried: In summary, this quarter marks an important point for ChromaDex. The debut of Nige and Plus will be transformative for ChromaDex, the NAD company. At the same time, we are continuing to focus on optimizing our e-commerce marketing strategy and our business partnerships to gather momentum to end the year in a strong position. And we are eagerly anticipating our progress on Parkinson's and on attack field.

Speaker Change: In summary, this quarter marks an important point for ChromaDex.

Rob Fried: The debut of Niogen Plus will be transformative for NAD, the company. At the same time, we are continuing to focus on optimizing our e-commerce marketing strategy and our business partnerships to gather momentum to end the year in a strong position. We are eagerly anticipating our progress on Parkinson's and Don Attas. I would now like to hand the call over to James to run through the quarter's financials and then on to Q&A in closing remarks. James.

Speaker Change: The debut of Niagen Plus will be transformative for ChromaDex.

Speaker Change: of the NAD company.

Speaker Change: At the same time, we are continuing to focus on optimizing our e-commerce marketing strategy and our business partnerships to gather momentum to end the year in a strong position.

Speaker Change: And we are eagerly anticipating our progress on Parkinson's.

James Lee: I would now like to hand the call over to James to run through the quarter's financials and the non-to-Q&A closing remarks. James, thank you, Rob. It's a pleasure to address our investors, partners, and team members today.

Speaker Change: and Don Ataxia.

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

Speaker Change: James

James Lee: It's a pleasure to address our investors, partners, and team members today. I am honored to step in as interim CFO, and I'm committed to upholding the operational efficiency and financial discipline that have been central to ChromaDex's success these past few years. The progress we've made on key initiatives is promising, and I'm excited about the opportunities ahead. As Rob said, we're diligently searching for a permanent CFO who will guide us through the next phase of our journey.

James Lee: Thank you all. It's a pleasure to address our investors, partners, and team members today.

James Lee: I am honored to step in as interim CFO and am committed to upholding the operational efficiency and financial discipline that have been central to ChromaDex's success these past few years. The progress we've made on key initiatives is promising, and I'm excited about the opportunities ahead. As Rob said, we're diligently searching for a permanent CFO who will guide us through the next phase of our journey. In the meantime, I'm dedicated to leading the company through this transition and continuing to drive our strategic and financial goals forward.

James Lee: I'm honored to step in as interim CFO, and I'm committed to upholding operational efficiency and financial discipline, and I'm excited about the opportunities ahead, which will guide us through the next phase of our journey. In the meantime, I'm dedicated to leading the company through this transition and continuing to drive our strategic and financial goals forward. With that, let's turn to the second quarter financials in more detail. As noted, total net sales in the second quarter of 2024 reached $22.7 million.

James Lee: I am honored to step in as interim CFO and am committed to upholding the operational efficiency and financial discipline that have been central to ChromaDex's success these past few years.

Speaker Change: The progress we've made on key initiatives is promising.

Speaker Change: And I'm excited about the opportunities ahead.

Speaker Change: As Rob said, we're diligently searching for a permanent CFO who will guide us through the next phase of our journey.

James Lee: In the meantime, I'm dedicated to leading the company through this transition and continuing to drive our strategic and financial goals forward. Moving to the key highlights of our second quarter performance, ChromaDex delivered total net sales of $22.7 million, solid gross margins of 60.2 percent, a reduction in overall operating expenses of $0.7 million, and a near break-even net loss of $15,000. Additionally... We had near break-even operating cash flows and a positive $1.6 million of adjusted EBITDA, a non-GAAP metric.

Speaker Change: In the meantime, I am dedicated to leading the company through this transition and continuing to drive our strategic and financial goals forward.

James Lee: Moving to the key highlights of our second quarter performance, ChromaDex delivered total net sales of $22.7 million. Solid gross margins of 60.2%, a reduction in overall operating expenses of $0.7 million, and a near-break even net loss of $15,000. Additionally, we had near-break even operating cash flows and a positive $1.6 million of adjusted EBDA, a non-GAAP metric. Our performance discordant demonstrates our continued financial discipline across the organization while making meaningful progress with key initiatives such as Nigel Plus.

Speaker Change: Moving to the key highlights of our second quarter performance, ChromaDex delivered total net sales of $22.7 million, solid gross margins of 60.2 percent,

Speaker Change: A reduction in overall operating expenses of $0.7 million.

Speaker Change: and a near break-even net loss of $15,000.

Speaker Change: Additionally,

Speaker Change: We had near break-even operating cash flows and a positive $1.6 million of adjusted EBITDA, a non-GAAP metric.

James Lee: Our performance this quarter demonstrates our continued financial discipline across the organization while making meaningful progress with key initiatives such as NIGEN+. With that, let's turn to the second quarter financials in more detail. As noted, total net sales in the second quarter of 2024 reached $22.7 million, reflecting a 12% increase compared to the second quarter of 2023. This growth was primarily driven by a 10% increase in true nitrogen sales, with steady e-commerce performance year over year, and a 44% increase in combined Watsons and other B2B sales, partly due to timing of sales.

Speaker Change: Our performance this quarter demonstrates our continued financial discipline across the organization, while making meaningful progress with key initiatives such as NIGEN+.

James Lee: With that, let's turn to the second quarter financials in more detail. As noted, total net sales in the second quarter of 2024 reached $22.7 million, reflecting a 12% increase compared to the second quarter of 2023. This growth was primarily driven by a 10% increase in true nitrogen sales, with steady e-commerce performance year-over-year, and a 44% increase in combined voxins and other B2B sales, partly due to timing up sales.

Speaker Change: With that, let's turn to the second quarter financials in more detail.

James Lee: This growth was primarily driven by a 10% increase in true nitrogen sales, with steady e-commerce performance year over year, and a 44% increase in combined Watsons and other B2B sales, partly due to timing of sales. As a quick reminder, in mid-March of the previous year, we invested in a brand-building event with the Amazon Home Page Takeover. We continue to see steady recurring demand from existing partners and have realized some modest upsides. Additionally, total ingredient sales grew $0.6 million, partly driven by the timing of sales from our partners. Gross margins remain strong at 60.2%.

Speaker Change: As noted, total net sales in the second quarter of 2024 reached $22.7 million, reflecting a 12% increase compared to the second quarter of 2023.

Speaker Change: This growth was primarily driven by a 10% increase in true nitrogen sales, with steady e-commerce performance year-over-year.

Speaker Change: and a 44% increase in combined Watson's and other B2B sales, partly due to timing of sales.

James Lee: Hills. As a quick reminder, in mid-March of the previous year, we invested in a brand-building event with the Amazon homepage takeover, which drove higher e-commerce sales during the second quarter of 2023. Even without a similar initiative this year, we maintained robust e-commerce performance. Regarding Watson's and other B2B sales, the timing of sales can vary for our partners on a quarterly basis. Nonetheless, we continue to see steady recurring demand from existing partners and have realized some modest upside. Additionally, total ingredient sales grew 0.6 million dollars, partly driven by timing of sales from our partners. Gross margins remain strong at 60.2%, slightly down compared to 60.8% in the second quarter of 2023.

James Lee: As a quick reminder, in mid-March of the previous year, we invested in a brand-building event with the Amazon Home Page Takeover, which drove higher e-commerce sales during the second quarter of 2023. Even without a similar initiative this year, we maintain robust e-commerce performance. Regarding Watson's and other B2B sales, the timing of sales can vary for our partners on a quarterly basis. Nonetheless, we continue to see steady recurring demand from existing partners and have realized some modest upsides. Additionally, total ingredient sales grew $0.6 million, partly driven by timing of sales from our partners. Gross margins remain strong at 60.2%, slightly down compared to 60.8% in the second quarter of 2023.

Speaker Change: As a quick reminder, in mid-March of the previous year, we invested in a brand building event with the Amazon homepage takeover.

Speaker Change: which drove higher e-commerce sales during the second quarter of 2023.

Speaker Change: Even without a similar initiative this year, we maintained robust e-commerce performance.

Speaker Change: Regarding Watson's and other B2B sales, the timing of sales can vary for our partners on a quarterly basis.

Speaker Change: Nonetheless, we continue to see steady recurring demand from existing partners and have realized some modest upside.

Speaker Change: Additionally, total ingredient sales grew $0.6 million, partly driven by timing of sales from our partners.

Speaker Change: Gross margins remain strong at 60.2 percent.

Speaker Change: Slightly down compared to 60.8% in the second quarter of 2023.

James Lee: This modest decline is mainly due to changes in our business mix, with e-commerce sales constituting 57% of our total net sales in the current quarter, compared to 64% in the prior year. Even with this shift, our margins continue to reflect strong operational efficiency and cost management. Selling and marketing expense as a percentage of net sales rose to 30.6%. Compared to 29.6% in the second quarter of 2023. As discussed earlier, our investment in a major brand-building event in the first quarter of the prior year allowed us to re-target consumers effectively and achieve overall efficiencies in the second quarter of last year.

James Lee: This modest decline is mainly due to changes in our business mix. Even with this shift, our margins continue to reflect strong operational efficiency and cost management, compared to 29.6% in the second quarter of 2023. As discussed earlier, our investment in a major brand building event in the first quarter of the prior year, demonstrating our commitment to strategic growth. This reduction was largely due to lower costs in executive and administrative headcount.

James Lee: This modest decline is mainly due to changes in our business mix, with e-commerce sales constituting 57% of our total net sales in the current quarter. Compared to 64% in the prior year, Even with this shift, our margins continue to reflect strong operational efficiency and cost management. Selling and marketing expense as a percentage of net sales rose to 30.6%, compared to 29.6% in the second quarter of 2023.

Speaker Change: This modest decline is mainly due to changes in our business mix, with e-commerce sales constituting 57% of our total net sales in the current quarter.

Speaker Change: compared to 64% in the prior year.

Speaker Change: Even with this shift, our margins continue to reflect strong operational efficiency and cost management.

Speaker Change: Selling and marketing expense as a percentage of net sales rose to 30.6 percent.

Speaker Change: compared to 29.6% in the second quarter of 2023.

James Lee: As discussed earlier, our investment in a major brand building event in the first quarter of the prior year allowed us to retarget consumers effectively and achieve overall efficiencies in the second quarter of last year. This year, without a comparable campaign, we increased our marketing investments, but still managed to drive similar efficiencies, demonstrating our commitment to strategic growth and our ability to adapt our marketing approach to continue delivering strong results. Research and development expenses remain stable year over year as we continue to focus on advancing innovations and developing new NAD precursors. General and administrative expenses decreased by $1.6 million compared to the previous year. This reduction was largely due to lower costs in executive and administrative headcount. Bad Dad.

Speaker Change: As discussed earlier, our investment in a major brand-building event in the first quarter of the prior year

Speaker Change: Allowed us to retarget consumers effectively and achieve overall efficiencies in the second quarter of last year.

James Lee: This year, without a comparable campaign, we increased our marketing investments but still managed to drive similar efficiencies, demonstrating our commitment to strategic growth and our ability to adapt our marketing approach to continue delivering strong results. Research and development expenses remain stable year over year as we continue to focus on advancing innovations and developing new NAD precursors. General and administrative expense decreased by $1.6 million compared to the previous year. This reduction was largely due to lower costs in executive and administrative account, that that severance and restructuring and royalty and commissions expenses.

Speaker Change: This year, without a comparable campaign, we increased our marketing investments, but still managed to drive similar efficiencies.

Speaker Change: demonstrating our commitment to strategic growth and our ability to adapt our marketing approach to continue delivering strong results.

Speaker Change: Research and development expenses remain stable year over year as we continue to focus on advancing innovations and developing new NAD precursors.

Speaker Change: General and administrative expense decreased by $1.6 million compared to the previous year.

Speaker Change: This reduction was largely due to lower costs in executive and administrative headcount.

James Lee: Bad Dad, For the second quarter of 2024, our operating loss was $0.3 million versus a $2.3 million loss in the second quarter of 2023, compared to a net loss of $2.2 million. Moving to the balance sheet and cash flow, our vows should remain strong.

Speaker Change: b then

James Lee: Severance and Restructuring, and Royalty and Commission Expenses. For the second quarter of 2024, our operating loss was $0.3 million versus a $2.3 million loss in the second quarter of 2023, an improvement of $2.1 million, driven by higher net sales and lower operating expenses. The net loss attributable to common stockholders for the second quarter of 2024 was near break-even, or a loss of zero cents per share, compared to a net loss of $2.2 million and a loss of three cents per share for the second quarter of 2023. Moving to the balance sheet and cash flow, Our bond should remain strong.

Speaker Change: Severance and Restructuring

Speaker Change: and Royalty and Commissioners' Expenses.

James Lee: For the second quarter of 2024, our operating loss was $0.3 million versus a $2.3 million loss in the second quarter of 2023. An improvement of $2.1 million given by higher net sales and lower operating expense. The net loss attributable to common stockholders for the second quarter of 2024 was near break even or a loss of zero cents per share, compared to a net loss of 2.2 million and a loss of three cents per share for the second quarter of 2023.

Speaker Change: For the second quarter of 2024, our operating loss was $0.3 million versus a $2.3 million loss in the second quarter of 2023.

Speaker Change: An improvement of 2.1 million dollars.

Speaker Change: Driven by higher net sales and lower operating expense.

Speaker Change: The net loss attributable to common stockholders for the second quarter of 2024 was near break-even or a loss of 0 cents per share.

Speaker Change: compared to a net loss of $2.2 million.

Speaker Change: and a loss of three cents per share for the second quarter of 2023.

James Lee: Moving to the balance sheet and cash form, our balance sheet remains strong. We entered the quarter with $27.9 million in cash and no debt. For the six months ended June 30, 2024, net cash provided by operations was near break even at $31,000, compared to a $6.1 million cash inflow in the same period last year. The difference year over year was largely driven by changes in working capital with a relatively greater increase in trade receivables of $4.2 million and a greater reduction in accounts payable of $2.5 million.

Speaker Change: Moving to the balance sheet and cash flow.

James Lee: We ended the quarter with $27.9 million in cash and no debt. For the six months ended June 30, 2024, and a greater reduction in accounts payable of $2.5 million, as it relates to our 2024 full-year P&L Outlook. As mentioned in the prior earnings call, our top line outlook included revenues from new product launches, although due to the longer than expected commercialization process of Nigent Plus. While we continue to aim for higher growth, we now anticipate a 10 to 15% year-over-year growth rate and other factors beyond our control.

James Lee: We ended the quarter with $27.9 million in cash and no debt. For the six months ended June 30, 2024, net cash provided by operations was near break-even at $31,000, compared to a $6.1 million cash inflow in the same period last year.

Speaker Change: Our Bioshed remains strong.

Speaker Change: We ended the quarter with $27.9 million in cash and no debt.

Speaker Change: For the six months ended June 30, 2024.

Speaker Change: Net cash provided by operations was near break-even at $31,000.

Speaker Change: Compared to a $6.1 million cash inflow in the same period last year.

James Lee: The difference year over year was largely driven by changes in working capital, with a relatively greater increase in trade receivables of $4.2 million and a greater reduction in accounts payable of $2.5 million. As it relates to our 2024 full-year panel, I'll, Detailed information on key financial metrics can be found in our earnings press release and accompanying slide presentation. As mentioned in the prior earnings call, our top line outlook included revenues from new product launches. However, due to the longer than expected commercialization process of Nigent Plus, stemming from the necessary steps to ensure thorough diligence.

Speaker Change: The difference year-over-year was largely driven by changes in working capital, with a relatively greater increase in trade receivables of $4.2 million

Speaker Change: and a greater reduction in accounts payable of $2.5 million.

James Lee: As it relates to our 2024 full year panel outlook, detailed information on key financial matrix can be found in our earnings press release and accompanying slide presentation. As mentioned in the prior earnings call, our top line outlook included revenues from new product launches due to the longer than expected commercialization process of Nigerian Plus, stemming from the necessary steps to ensure thorough diligence. We have revisited our outlook. While we continue to aim for higher growth, we now anticipate a 10 to 15% year-over-year growth driven by our global e-commerce business, new and existing partnerships, and a launch of Nigerian IB.

Speaker Change: As it relates to our 2024 Full Year Panel Outlook.

Speaker Change: Detailed information on key financial metrics can be found in our Earnings Press release.

Speaker Change: and accompanying slide presentation.

Speaker Change: As mentioned in the prior earnings call, our top-line outlook included revenues from new product launches.

Speaker Change: Due to the longer-than-expected commercialization process of Nigent Plus.

Speaker Change: Stemming from the necessary steps to ensure thorough diligence.

James Lee: We have revisited our outlook, and while we continue to aim for higher growth, we now anticipate a 10 to 15% year-over-year growth. This is driven by our global e-commerce business, new and existing partnerships, and the launch of NIGEN-IB. Our revised top-line expectations account for the extended commercialization timeline of Niagigan Plus and other factors beyond our control. We also revised our general and administrative expense outlook, which is now down approximately $1.5 million, a reduction from the previous increase of $1.5 to $2.5 million.

Speaker Change: We have revisited our outlook.

Speaker Change: While we continue to aim for higher growth, we now anticipate a 10-15% year-over-year growth driven by our global e-commerce business, new and existing partnerships, and the launch of Niagen IV.

James Lee: Our revised top line expectations account for the extended commercialization timeline of Nigerian Plus and other factors beyond our control. We also revised our general and administrative expense outlook, which is now down approximately $1.5 million. A reduction from the previous increase of $1.5 to $2.5 million. Initially, we provided the guidance that GNA was going to increase year over year due to investments in infrastructure to support our growth trajectory and new market launches. Even the later launch date of Nigerian IB, we have shifted the timing for some of those initiatives into 2025. Beyond these adjustments, our key metrics remain consistent with loss quarters outlook.

Speaker Change: Our revised top-line expectations account for the extended commercialization timeline of NiagionPlus.

Speaker Change: and other factors beyond our control.

James Lee: We also revised our general and administrative expense outlook, which is now down approximately $1.5 million. Initially, we provided guidance that GNA was going to increase year over year. Even with the later launch date of NIGE and IV, we have shifted the timing for some of those initiatives into 2025, while maintaining similar efficiencies. In summary, we delivered a solid financial performance in the second quarter, both at the top and bottom line. We are advancing crucial aspects of our strategic plan. While unlocking the full revenue potential of the Niantic Plus launch may take time, We're seeing encouraging responses from our partners, and we're proud of the progress we have made. They have been instrumental in driving us forward.

Speaker Change: We also revised our general and administrative expense outlook, which is now down approximately $1.5 million.

Speaker Change: A reduction from the previous increase of $1.5 to $2.5 million.

James Lee: Initially, we provided the guidance that GNA was going to increase year over year due to investments in infrastructure to support our growth trajectory and New Market Launches. Despite the later launch date of NIGE and IV, we have shifted the timing for some of those initiatives into 2025.

Speaker Change: Initially, we provided the guidance that GNA was going to increase year over year.

Speaker Change: Due to investments in infrastructure to support our growth trajectory,

Speaker Change: and New Market Launches.

Speaker Change: Even the later launch date of NIGEN-IV, we have shifted the timing for some of those initiatives into 2025.

James Lee: Beyond these adjustments, our key metrics remain consistent with Lost Quarters' Outlook. We expect strong and steady gross margins, with a slight improvement over the prior year's 60.8%. We plan to make greater investments in sales and marketing expenses, while maintaining similar efficiencies, and increase research and development investments to support our strategic initiatives. In summary, we delivered a solid financial performance in the second quarter, both at the top and bottom lines. We are advancing crucial aspects of our strategic plan, including the introduction of Nigel Plus, which opens up exciting new market opportunities. However, unlocking the full revenue potential of the Niantic Plus launch may take time.

Speaker Change: Beyond these adjustments, our key metrics remain consistent with last quarter's outlook. We expect strong and steady gross margins, with a slight improvement over the prior year's 60.8%.

James Lee: We expect strong and steady growth margins with a slight improvement over the prior year's 60.8%. We plan to make greater investments in sales and marketing expense while maintaining similar efficiencies and increase research and development investments to support our strategic initiatives.

Speaker Change: We plan to make greater investments in sales and marketing expense.

Speaker Change: while maintaining similar efficiencies.

Speaker Change: and increase research and development investments to support our strategic initiatives.

James Lee: In summary, we deliver a solid financial performance in the second quarter, both at the top and bottom lines. We advance crucial aspects of our strategic plan, including the introduction of Nigerian Plus, which opens up exciting new market opportunities. While unlocking the full revenue potential of the Nigerian Plus launch may take time, we're seeing encouraging responses from our partners, and we're proud of the progress we have made. We will remain disciplined in managing the business at cash flow break even or better while scaling our revenues and making key investments for growth. Our core business remains strong with continued positive operating cash flows and a healthy balance sheet.

Speaker Change: In summary, we deliver a solid financial performance in the second quarter, both at the top and bottom lines.

Speaker Change: We advance crucial aspects of our strategic plan, including the introduction of NIGEN+.

Speaker Change: which opens up exciting new market opportunities.

Speaker Change: While unlocking the full revenue potential of the Nigent Plus launch may take time,

James Lee: We're seeing encouraging responses from our partners, and we're proud of the progress we have made. We will remain disciplined in managing the business at cash flow, breakeven, or better while scaling our revenues and making key investments for growth. Our core business remains strong, with continued positive operating cash flows and a healthy balance sheet. All of the achievements this quarter are a testament to the team here at ChromaDex; their dedication and hard work in bringing these initiatives to fruition have been instrumental in driving us forward. As we continue to pursue our goals together, I am committed to maintaining the operational efficiency and financial discipline that have been key to our success. Operator, we're now ready to take questions.

Speaker Change: We're seeing encouraging responses from our partners and we're proud of the progress we have made.

Speaker Change: We will remain disciplined in managing the business at cashflow, breakeven, or better.

Speaker Change: while scaling our revenues and making key investments for growth.

Speaker Change: our core business remains strong with continued positive operating cash flows and a healthy balance sheet

James Lee: All of the achievements this quarter are a testament to the team here at ChromaDex. Their dedication and hard work in bringing these initiatives to fruition have been instrumental in driving us forward. As we continue to pursue our goals together, I am committed to maintaining the operational efficiency and financial discipline that have been key to our success.

Speaker Change: All of the achievements this quarter are a testament to the team here at ChromaDex.

Speaker Change: Their dedication and hard work in bringing these initiatives to fruition have been instrumental in driving us forward.

Speaker Change: As we continue to pursue our goals together, I am committed to maintaining the operational efficiency and financial discipline that have been key to our success.

Dustin: Operator, we're now ready to take questions. Thank you. As a reminder, if you'd like to ask a question, please press star and the number one on your telephone keypad. We will pause for just a moment to compile our roster. And with that, we will begin the question-and-answer session.

Speaker Change: Operator, we're now ready to take questions.

Speaker Change: Thank you. As a reminder, if you'd like to ask a question, please press star and the number 1 on your telephone keypad.

Operator: If you'd like to ask a question, please press star and the number 1 on your telephone keypad. We will pause for just a moment to compile our roster. And with that, we will begin the question and answer session. Your first question comes from the line of Mitch Pinheiro from Sturtevant.

Speaker Change: We will pause for just a moment to compile our roster.

Speaker Change: And with that, we will begin the question and answer session.

Mitchell Pinheiro: Your first question comes from the line of Mitch Benero from Steardiment. The line is open.

Speaker Change: Your first question comes from the line of Mitch Pinheiro from Sturtevant.

Mitchell Pinheiro: Yep, hey, good afternoon. I'm Mitch. Hey, you know, a Robin company, congratulations on all the sort of new products and initiatives that you've launched recently. I would just like to take a look at if you could provide a little more color around the Nigel Plus. Like how many clinics are we talking about right here, you know, initial shipments? And you know, and just looking at the advantages that your product has of the current product set, why wouldn't you expect adoption to be faster? Who wants three-hour infusion times with pain? I mean, why wouldn't you be able to capture, you know, 50 share right out of the gate?

Mitch Pinheiro: Hey, good afternoon. I'm it. Hey, you know, Rob and company, congratulations on all the sort of new products and initiatives that you've launched recently. I would like to take, I'd just like to take a look at, if you could provide a little more color around the Niagin Plus.

Speaker Change: The line is open.

Unknown Attendee: I'm it, and, you know, and

Speaker Change: Good afternoon.

Mitch: I'm it.

Mitch Pinheiro: Hey Rob and company, congratulations on all the sort of new products and initiatives that you've launched recently.

Mitch: I'd just like to take a look at, um, if you could provide a little more color around the Niagen Plus. Like, how many clinics are we talking about, um, right here, you know, initial shipments and, you know, and...

Mitch Pinheiro: Like, how many clinics are we talking about? Right here, you know, initial shipments. And, you know, and, Just looking at the advantages that your product has over the current product set, why wouldn't you expect adoption to be... faster? Who wants three-hour infusion times with pain? I mean, why wouldn't you be able to capture, you know, 50 share right out of the gate? What are the obstacles that I'm missing on that?

Speaker Change: Just looking at the advantages that your product has over the current product set, why wouldn't you expect adoption to be...

Speaker Change: faster. Who wants three-hour infusion times with pain? I mean, why wouldn't you be able to capture, you know, 50 share right out of the gate? What are the obstacles that I'm missing on that?

Mitchell Pinheiro: What are the obstacles that I'm missing on that?

Robert Fried: Thanks, Mitch. That's a very good question. We do think we'll get more than 50 percent share. Head-to-head, the product is so significantly better than NADIV. The reason why it's so much better than NADIV is the same reason why it's so much better than NMN. Neither NAD nor NMN, when consumed, are easily up taken up in the cells, neither one of them. NAD is a very large molecule, and it has is a nucleotide. It has a phosphate on the perimeter; the same with NMN, it has a phosphate. It's that phosphate that blocks entry into the cell.

Rob Fried: Thanks, Mitch. That's a very good question. We do think we'll get more than 50% share. Head-to-head, the product is so significantly better than NADIV. The reason why it's so much better than NADIV is the same reason why it's so much better than NMN. Neither NAD nor NMN, when consumed, are easily taken up in the cells; neither one of them. NAD is a very large molecule, and it is a nucleotide. It has phosphate on the outside.

Speaker Change: Thanks Mitch. That's a very good question. We do think we'll get more than 50% share.

Speaker Change: Head-to-head, the product is so significantly better than NADIV.

Speaker Change: The reason why it's so much better than NADIV is the same reason why it's so much better than NMN.

Unknown Attendee: Neither NAD nor NMN, when consumed, are easily taken up in the cells. NAD is a very large molecule, and it is a nucleotide. It has a phosphate on the perimeter. The same with NMN.

Rob Fried: The same with NMN. It has a phosphate. It's that phosphate that blocks entry into the cell. In the case of NAD, they have the double whammy. They have the phosphate, and it's an extra-large molecule. That's the reason why when people sit down to ingest NAD via infusion, it takes so long, and there's so much nausea and stress and sweating, because it's unable to get into the cell. So what happens with both NAD and NMN is it tries, creates friction, and we believe inflammation, but eventually breaks out and breaks up into smaller molecules. One of the molecules it breaks up into is nicotinamide riboside, Niager.

Speaker Change: neither n ad nor n a men when consumed easily are uptaken up in the cells neither one of them

Speaker Change: NAD is a very large molecule and it is a nucleotide, it has a phosphate on the perimeter. The same with NMN, it has a phosphate, it's that phosphate that blocks entry into the cell. In the case of NAD they have the double whammy, they have the phosphate and it's an extra large molecule.

Unknown Attendee: It has a phosphate. It's that phosphate that blocks entry into the cell. In the case of NAD, they have the double whammy. They have the phosphate, and it's an extra-large molecule.

Robert Fried: In the case of NAD, they have the double whammy; they have the phosphate and it's an extra large molecule. That's the reason why, when people sit down to ingest NADV infusion, it takes so long and there's so much nausea and stress and sweating because it's unable to get into the cell. So what happens with both NAD and NMN is it tries, creates friction, and we believe inflammation, but eventually breaks up into smaller molecules. One of the molecules it breaks up into is nicotinamide riboside, niacin. Once that NR molecule is floating through the bloodstream, it quite easily up regulates into the cell.

Rob Fried: That's the reason why when people sit down to ingest NAD via infusion, it takes so long, and there's so much nausea and stress and sweating. Like everything that we do, Mitch, we do it very, very much by the book. As you know, there have been two studies out there that show that a very low percentage of the NMN bottles that are sold out there actually have any NMN, let alone are accurately label

Speaker Change: That's the reason why when people sit down to ingest NAD via infusion, it takes so long and there's so much nausea and stress and sweating.

Speaker Change: because it's unable to get into the cell. So what happens with both NAD and NMN is it tries, creates friction, and we believe inflammation.

Speaker Change: but eventually breaks up into smaller molecules.

Speaker Change: One of the molecules it breaks up into is nicotinamide riboside, niagen.

Rob Fried: Once that NR molecule is floating through the bloodstream, it quite easily upregulates into the cell. So that's why the test results are exactly what we expected. If you do an IV infusion of Niagen, it cleanly goes right into the cell with no side effects and has a dramatically increased level of NADF.

Speaker Change: Once that NR molecule is floating through the bloodstream, it quite easily upregulates into the cell.

Robert Fried: So that's why the test results are exactly what we expected. If you do an ID infusion of niagin, it cleanly goes right up into the cell with no side effects and has dramatically increased level of NAD after. That's why NR is better than NMN. That's why it's better than NAD.

Speaker Change: So that's why the test results are exactly what we expected. If you do an IV infusion of niagen, it cleanly goes right up into the cell with no side effects and has a dramatically increased level of NAD after.

Rob Fried: That's why NR is better than NMN. That's why it's better than NAD. This is a difficult message to communicate, but that's our quest. We've got the superior product, but explaining it to people is challenging. We know that once we explain the science to the clinics, they all know what the experience is with NAD. They say, "Wow, you have something that only takes minutes instead of hours." Doesn't it have side effects? When can I get it?

Speaker Change: That's why NR is better than NMN. That's why it's better than NAD. This is a difficult message to communicate, but that's our quest. We've got the superior product. Explaining it to people is challenging.

Robert Fried: This is a difficult message to communicate, but that's our quest. We've got the superior product; explaining it to people is challenging. We know that once we explain the science to the clinics, they all know what the experience is with NAD. They say, "Wow, you have something that only takes minutes instead of hours." It doesn't have side effects. When can I get it? So we know that the thing sells. They all want it. The problem has been the supply. Like everything that we do, Mitch, we do it very, very much by the book. It puts us at a disadvantage from some players who like to steal patents or make false claims or put things in bottles that are inaccurate.

Speaker Change: we know that once we explain the science to the clinics they all know what the experience is withinan a they say wow you have something that only takes minutes instead of ourhours it it doesn't have side effects when can i get it

Rob Fried: So we know that the thing sells. They all want it. The problem has been the supply. Like everything that we do, Mitch, we do it very, very much by the book. It puts us at a disadvantage from some players who like to steal patents or make false claims or put things in bottles that are inaccurate. As you know, there have been two studies out there that show that a very low percentage of the NMN bottles that are sold out there actually have any NMN, let alone be accurately labeled.

Speaker Change: So, we know that the thing sells. They all want it.

Speaker Change: The problem has been the supply.

Speaker Change: Like everything that we do, Mitch, we do it very, very much by the book.

Mitch Pinheiro: It puts us at a disadvantage from some players who like to steal patents or make false claims or put things in bottles that are inaccurate.

Robert Fried: As you know, there have been two studies out there that showed that a very low percentage of the NMN bottles that are sold out there actually have any NMN, let alone accurately labeled. But we went through the process. We worked on this thing for almost four years. We got the FDAA to put it on the 503B list as an improved ingredient. And we applied for it. We have patents pending on this process delivery of NR and NAD precursors via this mechanism. But most importantly, it had to be pharmaceutical-grade material. It's going right into the bloodstream.

Mitch Pinheiro: As you know, there have been two studies out there that showed that a very low percentage of the NMN bottles that are sold out there actually have any NMN, let alone accurately labeled.

Rob Fried: But we went through the process. We worked on this thing for almost four years. We got the FDA to put it on the 503B list as an improved ingredient. And we applied for, and we have patents pending on this process, delivery of NR and NAD precursors via this mechanism. But most importantly, it had to be pharmaceutical grade material. It's going right into the bloodstream.

Rob Fried: But we went through the process. We worked on this thing for almost four years. We got the FDA to put it on the 503B list as an improved ingredient. And we applied for, and we have patents pending on this process, delivery of NR and NAD precursors via this mechanism. But most importantly, it had to be pharmaceutical-grade material. It's going right into the bloodstream. Different supply chain, different partners; every step of the way has to be FDA approved. It's triple-sterilized, triple-validated, and purified. The thing is perfect.

Mitch Pinheiro: But we went through the process. We worked on this thing for almost four years.

Speaker Change: We got the FDA to put it on the 503B list as an improved ingredient.

Speaker Change: And we applied for, we have patents pending on this process, delivery of NR and NAD pre-pursers via this mechanism.

Speaker Change: But most importantly, it had to be pharmaceutical-grade material. It's going right into the bloodstream.

Robert Fried: And that has been a very long process. It's a completely different supply chain than the one we're using on the food grade material we sell as a dietary supplement. It's a different supply chain. It's different partners. Every step of the way has to be FDA approved. It's triple sterilized, triple validated, purified. The thing is perfect. In fact, our partner will... Health, our compound pharmacy said, it tests better than any ingredient they've ever tested before. That's how painstaking we are and how slow it is. In August, we have a limited amount of ingredient. We hope we only have a few kilos.

Rob Fried: And that has been a very long process. It's a completely different supply chain than the one we're using in the food grade material we sell as a dietary supplement. Unknown Attendee, Ben Shamsian, Matthew Dhane, Jeffrey Cohen, Andrew Shao, Kensa Wells, Health Our compound pharmacy said it tests better than any ingredient they've ever tested before.

Speaker Change: And that has been a very long process. It's a completely different supply chain than the one we're using in the food grade material we sell as a dietary supplement.

Speaker Change: It's a different supply chain, it's different partners, every step of the way has to be FDA approved. It's triple sterilized, triple validated, purified. The thing is perfect. In fact, our partner, Wells,

Rob Fried: In fact, our partner Wells, in August, we have a limited amount of ingredients. We hope we only have a few kilos. Those kilos have already been sold, not in October. And that's really the main reason why we're we had built it into the forecast for the year. That's why we are slightly lowering our forecast for the year because we just don't know what's going to happen in October, November, and December when we finally have the ingredient. So, just to be safe.

Speaker Change: Health, our compound pharmacy, said it tests better than any ingredient they've ever tested before. That's how painstaking we are and how slow it is.

Rob Fried: That's how painstaking we are and how slow it is. In August, we have a limited amount of ingredients. We hope we only have a few kilos, but those kilos have already been sold.

Speaker Change: In August , we have a limited amount of ingredients. We only have a few kilos.

Robert Fried: Those kilos have already been sold. In October, we're going to get a much larger batch. So that's the reason. It's not demand. It's not that they don't get it. And it's not that they don't want it. It's just been very, very challenging to do things the right way. And it's why it's taken us so long. We anticipated initially that we were going to have the product available at the beginning of this year, not October. And that's really the main reason why we're. We had built it into the into the forecast for the year. That's why we are slightly lowering our forecast for the year because we just don't know what's going to happen in October, November, and December when we finally have the ingredient.

Speaker Change: Those kilos have already been sold.

Rob Fried: In October, we're going to get a much larger batch. So that's the reason. It's not demand. It's not that they don't get it, and it's not that they don't want it.

Speaker Change: In October , we're going to get a much larger batch.

Speaker Change: So, that's the reason. It's not demand. It's not that they don't get it, and it's not that they don't want it. It's just been very, very challenging to do things the right way, and it's why it's taken us so long. We anticipated initially that we were going to have the product available at the beginning of this year.

Rob Fried: It's just been very, very challenging to do things the right way, and that's why it's taken us so long. We anticipated initially that we were gonna have the product available at the beginning of this year, not October. And that's really the main reason why we had built it into the forecast for the year. That's why we are slightly lowering our forecast for the year because we just don't know what's going to happen in October, November, and December when we finally have the ingredient.

Speaker Change: not October . And that's really the main reason why we're we had built it into the into the forecast for the year. That's why we are slightly lowering our forecast for the year because we just don't know what's going to happen in October , November and December when we finally have the ingredient. So just to be safe.

Mitchell Pinheiro: So just to be safe. We created that slightly lower expectation. I know I answered a bunch of questions in one, but I knew those other questions were coming from you anyway, Mitch.

Rob Fried: So just to be safe, we created that slightly lower expectation. I know I answered a bunch of questions in one, but I knew those other questions were coming from you anyway. Yeah, no, that was very helpful. Let me ask you this, and then...

Speaker Change: We created that slightly lower expectation. I know I answered a bunch of questions in one, but I knew those other questions were coming from you anyway, Mitch.

Mitch Pinheiro: Yeah, no, that was very helpful. Um, let me ask you this, and then, um, so you're getting a larger batch in October. I mean, when do you think you'll be at the point where, you know, you're fulfilling orders real-time, as opposed to, like, batching?

Mitchell Pinheiro: Yeah, that was very helpful.

Mitchell Pinheiro: Let me ask you this. And then, so you're getting a larger batch in October. I mean, when do you think you'll be at the point where you're fulfilling orders real time as opposed to like. Thatching October.

Mitch Pinheiro: Yeah, no, that was very helpful. Let me ask you this, and then, so you're getting a larger batch in October . I mean, when do you think you'll be, you know, at the point where, where, you know, you're fulfilling orders real time, as opposed to like,

Speaker Change: Batching.

Speaker Change: october

Robert Fried: Could you hear me, Mitch? I'm sorry. No lost the connection. I think Hello. Yeah. Can you hear me?

Operator: Could you hear me, Mitch? I'm sorry.

Mitch Pinheiro: Could you hear me? Mitch, I'm sorry.

Speaker Change: Could you hear me, Mitch? I'm sorry.

Mitch Pinheiro: No, lost the connection I think.

Mitch Pinheiro: No, I've lost the connection, I think. Yeah, can you hear me? This is Rob. Dustin, are you still with us?

Dustin: This is Rob. Dustin. Dustin, are you still with us? Yes, sir. I was about to announce our second question if Mr. Penaer would not respond after that answer. What? Make sure you're still on. I have a return to the queue and apologize.

Mitch Pinheiro: Dustin are you still with us?

Operator: Yes, sir. I was about to announce our second question if Mr. Pinheiro would not respond after that.

Speaker Change: yes sir i was about to announce our stepping question if mr pener would not respond after that answer

Operator: What? Mitch, are you still on? I have returned him to the queue, and I apologize. Our second question comes from Bill Dezellem from Titan. Okay, the line's open. Hi, Bill. Hello, Rob.

Operator: What? Mitch, are you still on? I have returned him to the queue, and I apologize. Our second question comes from Bill Dezellem from Titan.

Mitch Pinheiro: What? Mitch, are you still on?

Speaker Change: I have returned him to the queue and I apologize. Our second question comes from Bill Dezellem from Titan.

Bill Dezellem: Our second question comes from Bill. Desilum from Titan.

Bill Dezellem: Okay, lines open.

Bill Dezellem: Hello Rob. I could hear your answer. And hopefully, Mitch will come back in. Those were good questions. So continuing on with that line of questioning, I think that you answered the question that Mitch kind of started with, which was, what's the biggest hurdle to Niagin's adoption? And I believe you basically said availability of product. So if once you have full availability, then what do you see as the biggest hurdle to. And what do you see as a result of that? That's an interesting question because the demand is already there. I mean, there is a night.

William Dezellem: Hello, Rob. I could hear your answer, and hopefully Mitch will come back in. Those were good questions. So continuing on with that line of questioning, I think that you answered the question that Mitch kind of started with, which was, what's the biggest hurdle to Niagen's adoption? And I believe you basically said availability of the product. So once you have full availability, then what do you see as the biggest hurdle to Niagen IV being adopted?

Speaker Change: Okay, line's open. Hi, Bill.

Bill Desilu: Hello Rob, I could hear your answer and hopefully Mitch will...

Mitch Pinheiro: we'll come back in those are good questions so continuing on with that line of questioning

Bill Dezellem: I think that you answered the question that Mitch kind of started with, which was, what's the biggest hurdle to Niogen's adoption? And I believe you basically said availability of product.

Speaker Change: So if once you have full availability, then what do you see as the biggest hurdle to NIH and IV being adopted?

Rob Fried: Hmm, that's an interesting question because the demand is already there. I mean, there is already an NAD IV business out there. We think we have the opportunity to dramatically expand that market dramatically because, you know, it is a fairly expensive consumer product. I think that's one answer, that's one limiting factor. But also, because NAD IV is such an unpleasant experience, it's limited its broad adoption. We think Niogen IV and Niogen shots, and Niogen injection has the opportunity to dramatically expand the market. So I think the challenge there would be just communicating that it's out there.

Rob Fried: Hmm, that's an interesting question because the demand is already there. I mean, there is an NAD IV business out there already. We think we have the opportunity to expand that market dramatically. So I think the challenge there would be just communicating that it's out.

Speaker Change: Hmm. That's an interesting question because the demand is already there. I mean, there is an NAD IV business out there already. We think we have the opportunity to expand that market dramatically.

Robert Fried: There is an NAD IV business out there already. We think we have the opportunity to expand that market dramatically. Because, you know, it is a fairly expensive consumer product. I think that's one answer. That's one limiting factor. But also because it's NAD IV, such an unpleasant experience, it's limited the broad adoption. We think NIAGEN IV and NIAGEN SHOTS, NIAGEN Injection, has the opportunity to dramatically expand the market. So I think the challenge there would be just communicating that it's out there. All right, thank you. And which I guess means that it's the clinics that ultimately will be doing the marketing to their local constituents.

Speaker Change: Because it is a fairly expensive consumer product, I think that's one answer, that's one limiting factor. But also because NAD IV is such an unpleasant experience, it's limited the broad adoption.

Speaker Change: We think Niagen IV and Niagen shots, Niagen injection has the opportunity to dramatically expand the market. So I think the challenge there would be just communicating that it's out there.

Rob Fried: All right, thank you, which I guess means that it's the clinics that will ultimately be doing the marketing to their local constituents.

Rob Fried: All right, thank you, which I guess means that it's the clinics that will ultimately be doing the marketing to their local constituents.

Speaker Change: All right, thank you. Which I guess means that it's the clinics that ultimately will be doing the marketing to their local constituents.

Rob Fried: Well, we will be doing some marketing, but our customer is the pharmacy. The pharmacy sells to the clinics, and the clinics sell to the consumers. But we will be doing broad marketing of Niagen IV at both the clinic level and the consumer level.

Rob Fried: Well, we will be doing some marketing, but our customer is the pharmacy. The pharmacy sells to the clinics, and the clinics sell to the consumers. But we will be doing broad marketing of Niogen IV at both the clinic level and the consumer level.

Robert Fried: Well, we will be doing some marketing. But it's our customer, the pharmacy. The pharmacy sells to the clinics, and the clinic sells to the consumer, but we will be doing broad marketing of NIAGEN IV at both the clinic level and the consumer level. Okay, thank you, Rob.

Speaker Change: Well, we will be doing some marketing, but our customer is the pharmacy. The pharmacy sells to the clinics, and the clinics sell to the consumer. But we will be doing broad marketing of Niagen IV at both the clinic level and the consumer level.

William Dezellem: Okay, thank you, Rob. And, and then maybe I should be asking this question slightly differently than I was thinking, but I was going to ask what percent of the IV therapy market do the partners that you've identified represent? And when I say partners, in my mind, I was thinking clinics, but maybe the correct way to characterize it is pharmacies, so maybe you could help me ask the question the right way and then answer it. I guess you get to do both sides of this.

Robert Fried: And then maybe I should be asking this question slightly different than I was thinking I was going to ask: what percent of the IV therapy market? Do the partners that you've identified, do they represent? And when I say partners, in my mind, I was thinking clinics, but maybe the correct way to characterize this pharmacy. So maybe you could, maybe you could help me ask the question the right way. And then, and then answer it. I guess you get to go do both sides of this. Well, there are many 503B and 503A compound pharmacies out there.

Speaker Change: Okay, thank you, Rob. And then,

Rob Fried: Maybe I should be asking this question slightly differently than I was thinking, but I was going to ask what percent of the IV therapy market do the partners that you identified represent? And when I say partners, in my mind, I was thinking clinics, but maybe the correct way to characterize it is pharmacies, so maybe you could help me ask the question the right way and then answer it. I guess you get to do both sides of this.

Speaker Change: Maybe I should be asking this question slightly different than I was thinking. But I was going to ask, what percent...

Speaker Change: of the IV therapy market, do the partners that you've identified, do they represent? And when I say partners, in my mind, I was thinking clinics.

Speaker Change: but maybe the correct way to characterize it is pharmacies. So maybe you could help me ask the question the right way and then answer it. I guess you get to do both sides of this.

Rob Fried: Well, there are many 503B and 503A compound pharmacies out there. The 503B pharmacy business generally exists because of special situations where there's a unique critical need for an ingredient that may not have a specific drug approval for an indication but is approved by the FDA to be offered through this channel, by this means, or if there's an example like Ozempic, for example, where the supply is not meeting the demand. So many of these 503B companies are actually selling these GLP-1 products because the demand is so great, and other peptides because the demand is so great that the drug companies can't make it in time to meet that demand.

Speaker Change: There are many 503B and 503A compound pharmacies out there. The 503B pharmacy business generally

Robert Fried: The 503B pharmacy business generally exists because of special situations where there's a unique critical need for an ingredient that may not have a specific drug approval for an indication, but is approved by the FDA to be offered through this channel through this means. Or if there's an example like an Ozempic, for example, where the supply is not meeting the demand. So many of these 503B companies are actually selling these GLP1 products because the demand is so great. That and other peptides because the demand is so great that the drug companies can't make it in time to meet that demand.

Rob Fried: exists because of special situations where there's a unique critical need for an ingredient that may not have a specific drug approval for an indication but is approved by the FDA to be offered through this channel by this means. Or if there's an example like Ozempic, for example, where the supply is not meeting the demand. So many of these 503B companies are actually selling these GLP-1 products, so NAD as a percentage of that market is really kind of a small percentage of that overall market. We think at the clinic level, at the consumer level, the NAD IV market in the U.S. is somewhere between $100 and $150 million total.

Speaker Change: exists because of special situations where there's a unique critical need for an ingredient that may not have a specific drug approval for an indication but is approved by the FDA to be offered through this channel, through this means.

Speaker Change: Or, if there's an example like Ozempic, for example, where the supply is not meeting the demand. So, many of these 503B companies are actually selling these GLP-1 products.

Speaker Change: because the demand is so great.

Speaker Change: and other peptides because the demand is so great that the drug companies can't make it in time to meet that demand.

Robert Fried: And so, NAD as a percentage of that market is really kind of a small percentage of that overall market. We think at the clinic level, at the consumer level, the NAD IV market in the US is somewhere between $150 million total. And so you split that with the pharmacy, then you split it again with the ingredients supplier, which is, in this case, would be Chromatex. So that's how big we think that market is today, but we think we have an opportunity to expand that market because the product is so much superior to what's out there presently.

Rob Fried: So NAD as a percentage of that market is really kind of a small percentage of that overall market. We think at the clinic level, at the consumer level, the NAD IV market in the U.S. is somewhere between $100 and $150 million total. And so you split that with the pharmacy, then you split it again with the ingredient supplier, which, in this case, would be ChromaDex. So that's how big we think that market is today. But we think we have an opportunity to expand that market because the product is so much superior to what's out there present.

Speaker Change: So NAD as a percentage of that market is really kind of a small percentage of that overall market.

Speaker Change: We think at the clinic level, at the consumer level, the NAD IV market in the U.S. is somewhere between 100 and 150 million dollars total.

Speaker Change: And so you split that with the pharmacy, then you split it again with the ingredient supplier, which is, in this case, would be ChromaDex. So that's how big we think that market is today, but we think we have an opportunity to expand that market because the product is so much superior to what's out there presently.

Robert Fried: And Rob, the clinics that you're in partnership with, what percentage of that 150 million at retail do they represent? More than 50%; the other 50% would be physicians that administer NAD, either in injection or an IV in the actual physician's office, but the clinics are the majority of that business. Great, thank you. That is helpful. A couple of other questions before I hop off, if I may.

Rob Fried: And Rob, the clinics that you are in partnership with, what percentage of that $150 million at retail do they represent?

Rob Fried: And Rob, the clinics that you are in partnership with, what percentage of that $150 million at retail do they represent?

Rob Fried: And Rob, the clinics that you are in partnership with, what percentage of that $150 million at retail do they represent?

Rob Fried: More than 50%. The other 50% would be physicians that administer NAD either via an injection or an IV in the actual physician's office, but the clinics are the majority.

Rob Fried: More than 50%, the other 50% would be physicians that administer NAD either via an injection or an IV in the actual physician's office, but the clinics are the majority.

Rob Fried: More than 50%. The other 50% would be physicians that administer NAD either via an injection or an IV in the actual physician's office, but the clinics are the majority of that business.

Rob Fried: Great. Thank you. That is helpful. A couple of other questions before I hop off, if I may. The first one is related to AT. How is this process that you're going forward with AT different from the process that you had several years ago with Cocaine Syndrome?

William Dezellem: Great. Thank you. That is helpful. A couple of other questions before I hop off, if I may. The first one is related to AT. How is this process that you're going forward with AT different from the process that you had several years ago with Cochrane syndrome?

Speaker Change: Great. Thank you. That is helpful. A couple other questions before I hop off, if I may. The first one is relative to AT. How is this process that you're going forward with AT different than the process that you had several years ago with Cocaine Syndrome?

Robert Fried: The first one is relative to AT. How is this process that you're going forward with AT different than the process that you had several years ago with Cocaine syndrome? That's a good question. The cocaine studies that were just mouse studies and we contemplated in actually Andrews on the call. I'll give you a quick answer, and then I'll let Andrew chime in if you'd like, Andrew. The cocaine studies, which is comparable in a way, it's also an orphan disease that's accelerated aging disease, and it was Will Boer who's on our SAP and at the time was at the NIH who oversaw those cocaine studies while at the NIH, and he again is overseeing these attacks, the studies presently.

Rob Fried: That's a good question. The cocaine studies that were done were just mouse studies.

Rob Fried: That's a good question. The cocaine studies that were done were just mouse studies. And we contemplated, and actually, Andrew's on the call. I'll give you a quick answer, and then I'll let Andrew chime in if you'd like, Andrew.

Speaker Change: That's a good question. The cocaine studies that were done were just mouse studies.

Speaker Change: And we contemplated, and actually Andrew's on the call, I'll give you a quick answer and then I'll let Andrew chime in if you'd like, Andrew.

Andrew Shao: The cocaine studies, which is comparable in a way, it's also an orphan disease that's an accelerated aging disease, and it was Will Boer, who's on our SAP and at the time was at the NIH, who oversaw those cocaine studies while at the NIH, and he again is overseeing these ataxia studies presently. But they never, we never did cocaine studies that reached the human level. They never got to the clinical level, whereas Ataxia did.

Andrew Hsiao: The cocaine studies, which is comparable in a way, it's also an orphan disease that's an accelerated aging disease. And it was Will Bohr, who's on our SAP and at the time was at the NIH, who oversaw those cocaine studies while at the NIH, and he again is overseeing these ataxia studies presently.

Andrew Shao: We never did cocaine studies that reached the human level. They never got to the clinical level, whereas the taxi did. We had that study published in October of last year, which I think is a phase two human clinical study on a taxi. We thought there's a therapeutic benefit to both, but we thought a taxi was further along. Andrew, is there anything else you want to add to that? Sure, I'll just add a little bit. The overall regulatory process is the same, and as Rob mentioned, cocaine had never been explored in a human clinical study setting; whereas the taxi, as you've heard from Rob's comments earlier, has been studied in a couple of trials, most recently, a two-year trial in a group of patients.

Andrew Hsiao: We never did cocaine studies that reached the human level, they never got to the clinical level, whereas Ataxia did.

Andrew Shao: We had that study published in October of last year, which I think is a phase two human clinical study on Ataxia. So we thought that it, we thought there was a therapeutic benefit to both, but we thought Ataxia was further along. Andrew, is there anything else you want to add to that?

Andrew Hsiao: We had that study published in October of last year, which I think is a phase two human clinical study on ataxia. So we thought there's a therapeutic benefit to both.

Andrew Hsiao: But we thought Ataxia was further along.

Andrew Hsiao: Andrew, is there anything else you want to add to that?

Rob Fried: Sure, sure, Rob. I'll just add a little bit. Great question, Bill. The overall regulatory process is the same, and as Rob mentioned, Cocaine has never been explored in a human clinical study setting, whereas ataxia, as you've heard from Rob's comments earlier, has been studied in a couple of trials, most recently a two-year trial in a group of patients, so it's just further along as far as its investigation in humans. But the regulatory process process going through FDA's Office of Warfarin Disease and so forth is the same.

Unknown Attendee: Sure, sure, Rob. I'll just add a little bit. Great question, Bill. The overall regulatory process is the same, and as Rob mentioned, Cocaine has never been explored in a human clinical study setting, whereas ataxia, as you've heard from Rob's comments earlier, has been studied in a couple of trials, most recently a two-year trial in a group of patients. So it's just further along as far as its investigation in humans is concerned.

Andrew Hsiao: Sure, sure, Rob. I'll just add a little bit. Great question, Bill. The overall regulatory process is the same, and as Rob mentioned,

Andrew Hsiao: Cochrane's had never been explored in a human clinical study setting, whereas ataxia, as you said,

Speaker Change: heard from Rob's comments earlier.

Speaker Change: has been studied in a couple of trials, most recently a two-year trial in a group of patients. So it's just further along as far as its investigation in humans. But the regulatory process going through FDA's Office of Warfarin Disease and so forth is the same.

Robert Fried: It's just further along as far as its investigation in humans. But the regulatory process going through FDA's Office of Orphan Disease and so what is the same? And then the, I guess, business logic for going down the path with AT with human studies first versus cocaine was that a decision that ChromaDex made or was that really tied to those who were doing the studies, the researchers and you all really did not have a role in that. I'm sorry, could you ask that one more time? Yeah, did ChromaDex make the decision to go down the AT path in terms of the human trials and to not go down the, okay, and why AT instead of cocaine?

Rob Fried: And then the, I guess, business logic for going down the path with AT, with Human Studies First versus Cocaine, was that a decision that ChromaDex made, or was that really tied to those who were doing the studies, the researchers, and you all really did not have a role in that?

William Dezellem: And then the, I guess, business logic for going down the path with AT, with Human Studies First versus Cocaine, was that a decision that ChromaDex made, or was that really tied to those who were doing the studies, the researchers, and you all really did not have a role in that?

Andrew Hsiao: And then the...

Speaker Change: I guess business logic for

Speaker Change: can going down in the path with eight with human studies first versus coucaine was at a decision that chromox made or was that really tied to the to those who were doing the studies the researchers and you all really did not have a role in that

William Dezellem: I'm sorry. Could you ask that one more time?

William Dezellem: Yeah, did ChromaDex make the decision to go down the AT path in terms of human trials and not go down the... Yeah. Okay. And why AT instead of cocaine?

Speaker Change: I'm sorry could you ask that one more time? Yeah did did did ChromaDex make the decision to go down the AT path in terms of the human trials and to and to not go down the okay and why why AT instead of cocaine?

Rob Fried: Well, you know, the way our CERP program works is usually companies come to us. And somebody came to us with both cocktails and a taxi, but we just thought a taxi was either easier to get approval on, easier to get done, and easier to get finance.

Rob Fried: Well, you know, the way our CERP program works is usually companies come to us. And somebody came to us with both cocktails and a taxi, but we just thought a taxi was easier to get approval on, easier to get done, and easier to get finance.

Robert Fried: Well, you know the way our SERP program works is usually companies come to us. And somebody came to us on both cocaine and Xamotaxia, but we just thought attacks you was either easier to get approval on, easier to get done, easier to get financed.

Speaker Change: Well, you know, the way our CERP program works is usually companies come to us.

Speaker Change: and somebody came to us on both cocktails and a taxi but we just thought a taxi was either easier to get approval on, easier to get done, easier to get financed.

James Lee: Great, okay, that's helpful, and then one additional question, please. The B2B sales being up 44% congratulations. Does that represent a sell-through level, or is that business still really dictated by lumpy orders depending on your consumers and needs? I don't have a lot of clarity if they're just ordering on a consistent basis now or more batch orders. So there's an interesting development that we alluded to in our talk. and that is that one of our ingredient customers this year began aggressively marketing a combination product of niogen plus another ingredient on Amazon and marketing it very heavily and doing extremely well on Amazon.

Rob Fried: Great, okay, that's helpful. And then one additional question, please: the B2B sales are up 44%. Congratulations.

William Dezellem: Great, okay, that's helpful. And then one additional question, please: the B2B sales are up 44%. Congratulations.

Speaker Change: Great. Okay, that's helpful. And then one additional question, please. The B2B sales being up 44%. Congratulations.

Rob Fried: Does that represent a sell-through level? Or is that business still really dictated by lumpy orders, depending on your consumers and needs? I just don't have a lot of clarity if they're just ordering on a consistent basis now, or more batch orders.

William Dezellem: Does that represent a sell-through level? Or is that business still really dictated by lumpy orders, depending on your consumers and needs? I just don't have a lot of clarity if they're just ordering on a consistent basis now, or more batch orders.

Speaker Change: Does that represent a sell-through level or is that business still really dictated by lumpy orders depending on...

Speaker Change: I don't have a lot of clarity if they're just ordering on a consistent basis now or more batch orders.

Rob Fried: So, there's an interesting development that we alluded to in our talk. This year, he began aggressively marketing a combination product of Niagen plus another ingredient on Amazon and marketing it very heavily. So his sales have been extremely strong on Amazon and on his website. So he's been purchasing. But we think, on balance, it's good for the health of Niagen overall and our company overall, and they're very effective marketers, and they spread the word on NAD and Niagen in particular. Because of that. That's why ingredient sales have gone up so significantly and why we expect them to continue, at least for the rest of the year. Great

Rob Fried: So there's an interesting development that we alluded to in our talk. And that is that one of our ingredient customers this year began aggressively marketing a combination product of niogen plus another ingredient on Amazon and marketing it very heavily, and doing extremely well on Amazon. So we're in this interesting position where we sort of compete with our customers. So his sales have been extremely strong on Amazon and on his website. So he's been purchasing a lot of ingredients.

Speaker Change: So there's an interesting development that we alluded to in the in our talks.

Speaker Change: and that is that one of our ingredient customers

Speaker Change: this year began aggressively marketing a combination product of niagen plus another ingredient on Amazon and marketing it very heavily.

Speaker Change: and doing extremely well on Amazon. So we're in this interesting position where we sort of compete with our customer.

James Lee: So we're in this interesting position where we're sort of compete with our customer. He's strong on Amazon and on his website, so he's been purchasing a lot of ingredient, and we think that's a really good thing. It's obviously good for our top line and bottom line, but maybe having not done that, our top line would be significantly higher if you follow what I'm saying. But we think I'm balanced; it's good for the health of Niogen overall and our company overall, and they're very effective marketers in the advanced the word on NAD and niogen in particular.

Speaker Change: So his sales have been extremely strong on Amazon and on his website, so he's been purchasing...

Rob Fried: And we think that's a really good thing, and it's obviously good for our top line and bottom line. But maybe, had he not done that, our top line would be significantly higher, if you understand what I'm saying. But we think, on balance, it's good for the health of Niagen overall and our company overall, and they're very effective marketers, and they spread the word on NAD and Niagen in particular. Because of that. That's why ingredient sales have gone up so significantly and why we expect them to continue, at least for the rest of the year. Great

Speaker Change: A lot of ingredient and we think that's a really good thing and it's obviously good for our top line and bottom line But maybe had he not done that we our top line would be significantly higher

Speaker Change: If you follow what I'm saying, but we think OnBalance is good for the health of Niagen overall and our company overall and they're very effective marketers and they advance the word on NAD and Niagen in particular. So,

James Lee: So because of that, that's why ingredient sales have gone up so significantly and why we expect them to continue to at least for the rest of the year. Great excellent problem to have. Thank you for all the time. Thank you.

Speaker Change: Because of that, that's why ingredient sales have gone up so significantly and why we expect them to continue to, at least for the rest of the year.

Operator: Great. It's an excellent problem to have. Thank you for all the time. Thank you. Our next question comes from the line of Ragh Selvaraju from HC Wainwright. The line is open. Hey everyone, this is Mitchell from ROM.

Speaker Change: Great. It's an excellent problem to have. Thank you for all the time.

Raghuram Selvaraju: Our next question comes from the line of Raghuram Selvaraju from H.C. Wingwright. The line is open.

Operator: Our next question comes from the line of Ragh Selvaraju from HC Wainwright. The line is open. Hey, everyone. This is Mitchell from ROM.

Operator: Our next question comes from the line of Ragh Selvaraju from HC Wainwright. The line is open. Hey, everyone. This is Mitch.

Operator: Our next question comes from the line of Ragh Selvaraju from HC Wainwright. The line is open.

Speaker Change: Thank you.

Speaker Change: Our next question comes from the line of Ragh Selvaraju from HC Wainwright.

Mitchell: Hey everyone, this is Mitchell on for ROM. Thanks for taking our questions. A few from us. I wanted to know how you'll go about setting the pricing for Niogen IV and what impact you expect it to the roll out to have an overall gross margins. You could just provide a little more color. I know you touch briefly on your expectations for margins changing. And then separately, how long do you expect it to take for in our to replace NM in XUS markets and in particular in China. Thank you. So the way we priced it is we work backward.

Speaker Change: The line is open.

Speaker Change: Hey everyone, this is Mitchell on for ROM. Thanks for taking our questions.

Mitchell: A few from us. I wanted to know how you'll go about setting the pricing for Niagen IV and what impact you expect the rollout to have on overall gross margins. If you could just provide a little more color. I know you touched briefly on your expectations for margins changing.

Speaker Change: And then separately, how long do you expect it to take for NR to replace NMN in ex-U.S. markets, and in particular, in China?

Rob Fried: So the way we priced it is we worked backward. We saw what the pricing was or is for NAD IV. We priced ours slightly higher than that, and then we worked our way back to the split with the clinics and with the compound farmers. The margins are higher than our corporate margins, so it should have a positive impact on our gross margin.

Speaker Change: Thank you.

Speaker Change: So the way we priced it is we worked backward. We saw what the pricing was or is for NAD IV. We priced ours slightly higher than that.

Robert Fried: We saw what the pricing was or is for NAD IV. We priced our slightly higher than that. And then worked our way back to the split with the clinics and with the compound promises. The margins are higher than our corporate margins, so it should have a positive impact on our gross margins. As you know, NM is illegal in the United States. The FDA has ruled on that numerous times. And all reputable companies have ceased selling NM in the US, but there is a proliferation of it of increase many, many companies coming out there building a website selling NM, taking advantage of awareness level that was mostly generated by a few podcasts and by a professor, a Harvard professor.

Rob Fried: and then worked our way back to the split with the clinics and with the compound farmers. As you know, NMN is illegal in the United States, the FDA has ruled on that numerous times, and all reputable companies have ceased selling NMN in the U.S., but there is a proliferation of it, of increased; many, many companies coming out there, building a website, selling NMN, taking advantage of an awareness level that was mostly generated by a few podcasts and by a professor, a Harvard professor.

Speaker Change: and then worked our way back to the split with the clinics and with the compound pharmacies.

Speaker Change: The margins are higher than our corporate margins, so it should have a positive impact on our gross margins.

Rob Fried: As you know, NMN is illegal in the United States. The FDA has ruled on that numerous times. And all reputable companies have ceased selling NMN in the U.S., but there is a proliferation of it, an increase, many, many companies coming out there, building a website, selling NMN, taking advantage of an awareness level that was mostly generated by a few podcasts and by a professor, a Harvard professor.

Speaker Change: as you know anamman is illegal in the united states the fda ruled on that numerous times

Speaker Change: and all reputable companies have ceased selling NMN in the U.S. But there is a proliferation of it, of increase, many, many companies coming out there, building a website, selling NMN.

Speaker Change: taking advantage of awareness level that was mostly generated by a few podcasts and by a professor, a Harvard professor.

Robert Fried: But since that has happened, and one of the things that we've shown, and there are two studies to show it, is that the vast majority of these NMN bottles are mislabeled, and many have endotoxins present, meaning a real health issue. The endotoxin presence comes as a result of poor manufacturing process. Dezellem. The companies that decide to keep selling it are the same companies that probably don't care much about from where they get it. The companies that are making it are also companies that have decided to keep making it despite the FDA's decision. And that's why you're seeing the presence of endotoxins in many of these NMN products.

Rob Fried: But since that has happened... present, meaning a real health issue. The endotoxin presence comes as a result of a poor manufacturing process. You have to realize that if the FDA makes a decision that NMN cannot be sold, the companies that can that decide to keep selling are the same companies that probably don't care much about where they get it. The companies that are making it are also companies that have decided to keep making it despite the FDA's decision. And that's why you're seeing the presence of endotoxins in many of these NMN products. It's a function of poor manufacturing.

Speaker Change: But since that has happened.

Rob Fried: And one of the things that we've shown, and there are two studies to show it, is that the vast majority of these NMN bottles are mislabeled, and many have endotoxins present, meaning a real health issue. The endotoxin presence comes as a result of poor manufacturing processes. You have to realize that if the FDA makes a decision that NMN cannot be sold, the companies that can that decide to keep selling are the same companies that probably don't care much about where they get it.

Speaker Change: And one of the things that we've shown, and there are two studies to show it, is that the vast majority of these NMN bottles are mislabeled and many have endotoxins present, meaning a real health issue.

Speaker Change: The endotoxin presence comes as a result of poor manufacturing processes.

Speaker Change: You have to realize that if the FDA makes a decision that NMN cannot be sold,

Speaker Change: The companies that decide to keep selling it.

Speaker Change: are the same companies that probably don't care much about from where they get it.

Speaker Change: the companies that are making it are also companies that have decided to keep making it despite the f d a's decision that's why you're seeing the presence of end of bendotoxins

Rob Fried: The companies that are making it are also companies that have decided to keep making it despite the FDA's decision. And that's why you're seeing the presence of endotoxins in many of these NMN products. It's a function of poor manufacturing.

Robert Fried: It's a function of poor manufacturing processes. That type of approach has been very prevalent in China as well, mislabeling presence of endotoxins, false claims, and then, of course, the FDA's decision on NMN. So the Chinese government has decided that NMN is no longer legally sellable as a cross-border product in China. So NMN sales in Asia and China have dropped dramatically in the last year. Very, very, very dramatically. It has not yet benefited us. And our partner, Sinopharm, believed that the reason it hasn't yet benefited us is because the average consumer seems to confuse Trunage and with NMN.

Speaker Change: in many of these NMN products. It's a function of poor manufacturing processes.

Rob Fried: That type of approach has been very prevalent in China as well, mislabeling, the presence of endotoxins, false claims, and then, of course, the FDA's decision on NMN. So the Chinese government has decided that NMN is no longer legally sellable as a cross-border product in China. Hence NMN sales in Asia and China have dropped dramatically in the last few months, very, very, very dramatically. It has not yet benefited us, and our partner, Sinopharm, believes that the reason it hasn't yet benefited us is because the average consumer seems to confuse TrueNiagen with NMN.

Rob Fried: That type of approach has been very prevalent in China as well. Mislabeling, the presence of endotoxins, false claims, and then, of course, the FDA's decision on NMN. So the Chinese government has decided that NMN is no longer legally sellable as a cross-border product in China. Hence NMN sales in Asia and China have dropped dramatically in the last few months, very, very, very dramatically. It has not yet benefited us, and our partner, Sinopharm, believes that the reason it hasn't yet benefited us is because the average consumer seems to confuse TrueNiagen with NMN. They don't yet understand that we are different.

Speaker Change: That type of...

Speaker Change: approach has been very prevalent in China as well. Mislabeling, presence of endotoxins, false claims.

Speaker Change: And then, of course, the FDA's decision on NMN. So the Chinese government has decided that NMN is no longer legally sellable as a cross-border product in China. So NMN sales in Asia and China have dropped dramatically in the last year. Very, very, very dramatically. It has not yet benefited us.

Speaker Change: and our partner Sinopharm believe that the reason it hasn't yet benefited us is because the average consumer seems to confuse TruNiagen with NMN. They don't yet understand that that we are different.

Rob Fried: They don't yet understand that we are different, but they are persistent about continuing to get that message across. The Chinese government has not issued anything negative on TrueNiagen, and they won't, because they're aware of the studies we've done and the way we go about doing our business, but it has not yet translated into a convergence of sales from NMN to Niagen or to TrueNiagen.

Robert Fried: They don't yet understand that we are different, but they are persistent about continuing to get that message across. The Chinese government has not issued anything negative on Trunage, and nor will they because they're aware of the studies we've done in the way we go about doing our business. But it has not yet translated into a convergence of sales from NMN to NMN or Trunage. We have added one or two additional partners. I heard this partner that we added that's selling Trunage in globally and soon will be selling in China, and they are doing well and growing.

Rob Fried: But they are persistent about continuing to get that message across. The Chinese government has not issued anything negative on TruNiagen, and they won't, because they're aware of the studies we've done and the way we go about doing our business. But it has not yet translated into a convergence of sales from NMN to Niagen or to TruNiagen. We have added one or two additional partners. iHerb is a partner that we added that's selling TrueNigin globally and soon will be selling in China, and they are doing well and growing. So we hope that between H&H, Sinopharm, iHerb, and maybe one or two others, we will start to see an increase in cross-border sales into China.

Speaker Change: but they are persistent about continuing to get that message of across

Speaker Change: The Chinese government has not issued anything negative on TruNiagen, nor will they, because they're aware of the studies we've done and the way we go about doing our business, but it has not yet translated into a convergence of sales from NMN to Niagen or to TruNiagen.

Speaker Change: We have added one or two additional partners.

Speaker Change: iHerb is a partner that we added that's selling TruNiagen globally and soon will be selling in China and they are doing well.

Robert Fried: So we hope that between H&H, Sinopharm, I heard, and maybe one or two others will start to see an increase in cross-border sales into China. Great. Thank you so much. Sure. Thank you. Again, if you'd like to ask a question, please read star one on your telephone keypad.

Speaker Change: growing. So we hope that between H&H, Sinopharm, iHerb, and maybe one or two others, we'll start to see an increase in cross-border sales into China.

Speaker Change: Great, thank you so much.

Speaker Change: showing

Operator: Again, if you'd like to ask a question, please press star 1 on your telephone keypad. Our next question comes from the line of Sean McGowan from Roth and Kay Partners.

Operator: Again, if you'd like to ask a question, please press star 1 on your telephone keypad. Our next question comes from the line of Sean McGowan from Roth MK Partners.

Speaker Change: Thank you.

Speaker Change: Again, if you'd like to ask a question, please press star 1 on your telephone keypad.

Sean McGowan: Our next question comes from the line of Sean McGowan from Roth and K Partners. The line's open. Thank you.

Speaker Change: Our next question comes from the line of Sean McGowan from Roth MK Partners.

Sean McGowan: Thank you, Rob, James, and others. I have a couple of questions, too. So regarding the shift in the timing, let's say, of the rollout of Niogen Plus, if we had a certain expectation for where you would be by, let's say, the middle of next year, would this delay have an impact on that, or or is it, you know, you can catch up pretty quickly, so you'll be basically where you expect it to be by the middle of next year? I would ask the same question regarding the spending

Sean McGowan: Thank you, Rob, James, and others. I have a couple of questions, too.

Sean McGowan: I love Hudgems and others. I have a couple of questions too. So regarding the shift in the timing, let's say of the rollout of nitrogen plus, if we had a certain expectation for where you would be by, let's say, the middle of next year. Would this delay have an impact on that, or is it, you know, you can catch up pretty quickly. So you'll be basically where you expected to be by the middle of next year. I would ask the same question regarding the spending associated with that. Yes, I think it will not expect it will not have an impact on where we expect to be in the middle of next year on either spending or on revenue.

Speaker Change: The line is open.

Sean McGowan: Thank you, Rob, James, and others. I have a couple questions too. So regarding the shift in the timing, let's say, of the rollout of Niogen Plus, if we had a certain expectation for where you would be,

Speaker Change: by, let's say, the middle of next year. Would this delay have an impact on that, or...

Rob Fried: So regarding the shift in the timing, let's say, of the rollout of Niogen Plus, if we had a certain expectation for where you would be by, let's say, the middle of next year, would this delay have an impact on that, or or is it, you know, you can catch up pretty quickly. So you'll be basically where you expect to be by the middle of next year. And I would ask the same question regarding the spending associated with it.

Speaker Change: Or is it, you know, you can catch up pretty quickly so you'll be basically where you expect it to be by the middle of next year? And I would ask the same question regarding the spending associated with that.

Rob Fried: Yes, I think it will not have an impact on where we expect to be in the middle of next year on either spending or on revenue.

Rob Fried: Yes, I think it will not have an impact on where we expect to be in the middle of next year on either spending or on revenue.

Speaker Change: Yes, I think it will not have an impact on where we expect to be in the middle of next year on either spending or on revenue.

Sean McGowan: Okay, that's very helpful. And, you know, when you say, I think you said earlier that you would expect, at some point, you didn't say when, but, you know, we get greater than 50% share of that market, and then you shared what the current market is, but said you expected to expand it. So do you think that there's a lot of growth in the existing market? Or is it, are you basically going to be providing all of that growth?

Sean McGowan: Okay. That's very helpful. And, you know, when you say, I think you said earlier that you would expect at some point, you know, I needed to say when, but, you know, we get greater than 50% share of that market, and then we shared what the current market is, but said you expect to expand it. So do you think that there's a lot of growth in the existing market or is. You know, to new business for us and many of us know what it's like to start a new business and get into a new business, and it's just the unknowable.

Speaker Change: Okay, that was very helpful.

Speaker Change: and

Speaker Change: You know, when you say, I think you said earlier that you would expect at some point, you know, you didn't say when, but, you know, we get greater than 50% share of that market, and then you shared what the current market is, but said you expect to expand it. So do you think that there's a lot of growth in the existing market? Or is

Rob Fried: Are you basically going to be providing all of that growth?

Speaker Change: Are you basically going to be providing all of that group?

Rob Fried: You know, it's a new business for us. We're confident based on what we know, but until we're actually up and running and in the business and steady, we don't know what we don't know. It doesn't have the same side effects and is much quicker and elevates NAD higher. And you have all these clinics that know how to communicate it and have communicated it. So it does seem intuitive that it would expand

Rob Fried: You know, it's a new business for us, and many of us know what it's like to start a new business and get into a new business. And it's just the unknowable. You just don't know. So we want to be conservative.

Speaker Change: You know, it's a new business for us.

Speaker Change: And many of us know what it's like to start a new business and get into a new business and it's just the unknowable. You just don't know. So we want to be conservative about this.

Robert Fried: You just don't know. So we want to be conservative about this. We just don't know what problems will emerge, but we've been at this for a long time. The early indications are, I would say, extremely positive. The clinics we've we've we've given nitrogen ID to many people at this point, dozens of people have tried it, not just in the test, but at the clinics and, you know, various influencers and celebrities, and they've all validated what what the test show and what we believe. So we're confident based on what we know, but until we're actually up and running and in the business and study, we don't know what we don't know.

Rob Fried: We just don't know what problems will emerge, but we've been at this for a long time. The early indications are, I would say, extremely positive. Clinics. We've given Niagina ID to many people at this point.

Speaker Change: We just don't know what problems will emerge, but we've been at this for a long time. The early indications are, I would say, extremely positive.

Rob Fried: Dozens of people have tried it, not just in the test, but at clinics and with various influencers and celebrities, and they've all validated what the tests show and what we believe. We're confident based on what we know, but until we're actually up and running and in the business and steady, we don't know what we don't know. So we're being conservative with our projections, but we're hopeful that it'll expand the market. It seems very intuitive and logical that it might, since it's a better product than what's on the market, doesn't have the same side effects, and is much quicker and elevates NAD higher. And you have all these clinics that know how to communicate it and have communicated with each other. So it's like that.

Speaker Change: The clinics, we've given NiogenID to many people at this point. Dozens of people have tried it, not just in the test, but at the clinics and...

Speaker Change: You know various influencers and celebrities and they've all validated what what the tests show and what we believe so We're confident based on what we know, but until we're actually up and running and in the business and steady We don't know what we don't know

Robert Fried: So we're being conservative with our projections. We are hopeful that it'll expand the market. It seems orientuitive and logical that it might since a it's a better product than what's on the market. Doesn't have the same side effects and is much quicker and elevates NAD higher. And you have all these clinics that know how to communicate it and have communicated. So it does seem intuitive that it would expand the market, but we're not jumping to that conclusion yet. Well, I guess, you know, the car only to what I'm asking is, are you expecting, like, if you weren't entering the market, would you expect the existing market to exhibit strong growth, or is it kind of flattened out and, you know, you're just going to take all the incremental sales.

Speaker Change: So we're being conservative with our projections. We're hopeful that it'll expand the market. It seems very intuitive and logical that it might, since it's a better product than what's on the market.

Speaker Change: doesn't have the same side effects and is much quicker and elevates NAD higher and you have all these clinics that know how to communicate it and have communicated so it does seem intuitive that it would expand the market but we're not jumping to that conclusion yet.

Sean McGowan: Well, I guess, you know, the corollary to what I'm asking is, are you expecting, like if you weren't entering the market, would you expect the existing market to exhibit strong growth? Or is it kind of flattened out, and you're just going to take all the incremental sales?

Speaker Change: Well, I guess, you know, the corollary to what I'm asking is, are you expecting, like, if you weren't entering the market, would you expect the existing market to exhibit strong growth? Or is it kind of flattened out and, you know, you're just going to take all the incremental sales?

Robert Fried: The existing market. Yeah, existing NAD market like the guy what's already out there before you went to the market is that, you know, that is double digit, triple digit growth rate. Yeah, so the existing NAD market, I know you know this and I said it before and everybody does know, but I feel like it needs to be emphasized. We don't sell NAD. We sell NAD and R, which is a precursor to NAD. So, but what it ultimately does is it elevates NAD, but if you just simply do NAD through infusion or oral, it just doesn't work, and NAD does work.

Rob Fried: Unknown Attendee The existing NA... Unknown Attendee The existing market... Unknown Attendee Yeah, the...

Speaker Change: The existing NAD market, what's already out there before you got to the market, is that a double-digit, triple-digit growth rate?

Rob Fried: Yeah, so the existing NAD market, I know you know this, and I've said it before, and everybody does know, but I feel like it needs to be emphasized. We don't sell NAD. We sell Niagen NR, which is a precursor to NAD. But what it ultimately does is it enhances NAD. But if you just simply do NAD through infusion or oral, it just doesn't work, and NIAGIN IV does work. The existing NAD IV and injection market has not actually been growing. It's been at this range of between $100 and $150 million for two or three years now.

Speaker Change: Yeah, so the existing NAD market, I know you know this and I've said it before and everybody does know it, but I feel like it needs to be emphasized. We don't sell NAD. We sell Niogen NR, which is a precursor to NAD. But what it ultimately does is it elevates NAD.

Rob Fried: But if you just simply do NAD through infusion or oral, it just doesn't work, and Niagen IV does work.

Speaker Change: But if you just simply do NAD through infusion or oral, it just doesn't work, and Niagen IV does work. The existing NAD IV and injection market has not actually been growing.

Robert Fried: The existing NAD and injection market has not actually been growing. It's been at this range of between 150 million for two or three years now. The reason why it hasn't been growing is A, it's expensive, but most importantly, because it's a very unpleasant experience. So, we think it would we hope that it will grow now that we're introducing NAD and IV into the space, but it's mostly been targeting a very influential group. You know, the influencers, the bio hackers, the celebrities, and the athletes, but it hasn't been a market that's been growing. The one thing I will say is right now we're offering it as an infusion.

Rob Fried: The existing NAD, IV, and injection market has not actually been growing. It's been at this range of between $100 and $150 million for two or three years now. The reason why it hasn't been growing is, A, it's expensive, but most importantly, you know, the influencers, the biohackers, the celebrities, and the athletes. But it hasn't been a market that's been growing. The one thing I will say... and then we will be offering it as an at-home injection in the last couple of years is the GLP-1 market, where people inject these GLP-1 peptides at home.

Rob Fried: it's been at this range of between one hundred and five hundred fifty million for two or three years now the reason why it hasn't been growing is a it's expensive but most importantly

Rob Fried: The reason why it hasn't been growing is, A, it's expensive, but most importantly, it's because it's a very unpleasant experience. So we think, we hope that it will grow now that we're introducing Niagen IV into the space, but it's mostly been targeting a very influential group. You know, the influencers, the biohackers, the celebrities, and the athletes.

Speaker Change: because it's a very unpleasant experience.

Rob Fried: So we we think it would we hope that it will grow now that we're introducing Niagara and IV into the space but it's mostly been targeting a very influential group.

Rob Fried: You know, the influencers, the biohackers, the celebrities, and the athletes. But it hasn't been a market that's been growing. The one thing I will say is right now we're offering it as an infusion.

Rob Fried: But it hasn't been a market that's been growing. The one thing I will say is that right now, we're offering it as an infusion. Soon, we will also be offering it as an injection, and then we will be offering it as an at-home injection. And one market that has grown very substantially in the last couple of years is the GLP-1 market, where people inject these GLP-1 peptides at home. And that market has become extremely popular.

Robert Fried: Soon, we will be offering it also as an injection. And then we will be offering it as an ad home injection. And one market that has grown very substantially in the last couple of years is the GLP-1 market where people inject these GLP-1 peptides at home. And that market has become extremely popular, and it's our belief. Steve, that people who want to stay thin also want to stay young. And we think that there is the potential for nitrogen IV to gain popularity in that community of people who are already injecting themselves with Ozempic peptide products.

Rob Fried: Soon we will be offering it also as an injection.

Speaker Change: And then we will be offering it as an at-home injection.

Rob Fried: and one market that has grown very substantially.

Rob Fried: In the last couple of years is the GLP-1 market where people inject these GLP-1 peptides at home.

Rob Fried: And it's our belief that people who want to stay thin also want to stay young. And we think that there is the potential for Niogen IV to gain popularity in that community of people who are already injecting themselves with Olympic-type peptide products, and we think that it has the potential to take off and become very popular once we offer these injection products, especially the at-home injection products. Another final point is that one of the side effects of Ozempic is Low Energy. And as you know, elevating NAD with Niagen increases mitochondrial biogenesis, and mitochondrial output increases cellular energy.

Rob Fried: and that market has become extremely popular and it's our belief

Rob Fried: that people who want to stay thin also want to stay young.

Rob Fried: And we think that there is the potential for Niagen IV to gain popularity in that community of people who are already injecting themselves with Olympic-type peptides. So we think it also could be a complementary product in that regard. But again, we're being conservative with our projections. We just think that that's, we're hopeful about that. We see the opportunity.

Rob Fried: And we think that there is the potential.

Rob Fried: for Niogen IV to gain popularity in that community of people who are already injecting themselves with ozempic type peptide products.

James Lee: And we think that has the potential to take off and become very popular once we offer these injection products, especially the at-home injection products. Another one final point is that one of the side effects to Ozempic is low energy. And as you know, elevating NAD with niage increases mitochondrial biogenesis and mitochondrial output; it increases cellular energy. So we think it also could be a complementary product in that regard. But again, we're being conservative with our projections. We just think that that's, we're hopeful about that. We see the opportunity very helpful. Thanks for addressing that. And my last question is regarding the reduction in spending.

Rob Fried: and we think that has the potential to take off and become very popular when once we offer these injection products especially the at-home injection products. Another one final point is that one of the side effects to

Rob Fried: Ozempic is

Speaker Change: Low energy.

Rob Fried: And as you know, elevating NAD with niagen increases mitochondrial biogenesis and mitochondrial output. It increases cellular energy.

Rob Fried: So we think it also could be a complementary product in that regard. But again, we're being conservative with our projections. We just think that that's, we're hopeful about that. We see the opportunity.

Rob Fried: So, we think it also could be a complementary product in that regard. But again, we're being conservative with our projections. We just think that that's, we're hopeful about that. We see the opportunity.

Sean McGowan: Very helpful. Thanks for addressing that.

Sean McGowan: And my last question is, regarding the reduction in spending, would you characterize that delta from your previous guidance on where you thought spending would be? Is that delta entirely due to the timing of Niogen Plus? Or are there, you know, were there reductions in other areas related to other reasons?

Speaker Change: Very helpful. Thanks for addressing that. And my last question is...

James Lee: Would you characterize that delta from, you know, the previous guidance on where that spending would be? Is that delta entirely due to the timing of Niagen Plus, or are there, you know, whether reductions in other, you know, related to other reasons? Hi, this is James. Yeah, we believe that most of the reduction is due to the shift in timing of the launches of the Niagen Plus. As explained before, we have forecasted a lot of it of investment in the overall infrastructure related to Niagen Plus, including, you know, spending regulatory, legal, and, you know, other GNA activities to support the launch.

Speaker Change: regarding the reduction in spending would you characterize that delta from the previous guidance some where that's spendingwould be is that nelta entirely do to the timing of niig gen plus or are there whetherthe reductions in other related other reasons

James Lee: Hi, this is James. Yeah, we believe that most of the reduction is due to the shift in timing of the launches of Niagen Plus. As explained before, we have forecasted quite a bit of investment in the overall infrastructure related to Niagen Plus, including spending on regulatory, legal, and other GNA activities to support the launch. Yeah, we would characterize it as most of it being related to the shift in timing of Nigel Plus. Okay.

Rob Fried: Hi, this is James. Yeah, we believe that most of the reduction is due to the shift in timing of the launches of the Niagen Plus.

Speaker Change: as explained before we have forecasted a quite a bit of investment in the overall infrastructure related to nagent busus

Rob Fried: including regulatory, legal, and other GNA activities to support the launch. Yeah, we would characterize it as most of it being related to the shift in timing of Nigel plus. Okay.

Speaker Change: including you a spending ing regulatory legal and you know other gna activities to support the launch so

James Lee: So yeah, we would characterize it that most of it is related to the shift in timing of Niagen Plus. Okay. Thank you very much. Appreciate it. Thank you, Sean. Thanks. I think we're all waiting to see if much. I met you back. I apologize. Let me put them back again. Dustin. Hello, Mr. McGowan. I apologize. You're back on the line. Mr. McGowan. Well, I'm okay. I'll defer the floor. I'll yield the floor to mention these interests. Okay. All right. Dustin, I think we wanted to reconnect with Mitch, not Sean. Which person? Understood. Just a minute, please.

Rob Fried: Yeah, we would characterize it as most of it is related to the shift in timing of NIGEN+.

Sean McGowan: Okay, thank you very much. I appreciate it. Thanks, Sean. Thanks. I think we're all waiting to see if Mitch, I met you back. I apologize, uh...

Rob Fried: Okay, thank you very much. I appreciate it. I think we're all waiting to see it, Mitch.

Speaker Change: Okay, thank you very much. Appreciate it.

Speaker Change: b short inks

Speaker Change: I think we're all waiting to see it, Mitch.

Operator: I met you back. I apologize, uh... Let me put him back again.

Speaker Change: I apologize, uh...

Speaker Change: Unknown Attendee, Brianna Gerber, Raghuram Selvaraju, Kendall Knysch, ChromaDex

Operator: I apologize, uh... Let me put him back again. Hello, Mr. McGowan, I apologize, you're back on the line. That's McGowan.

Operator: Let me put him back again. That's it. Hello, Mr. McGowan, I apologize; you're back on the line.

Operator: That's it.

Operator: Hello, Mr. McGowan, I apologize, you are back on the line.

Sean McGowan: Well, I'll defer the floor. I'll yield the floor to Mitch if he's interested.

Sean McGowan: Well, I'll defer the floor. I'll yield the floor to Mitch if he's interested.

Mr. McGowan: Mr. McGowan.

Sean McGowan: Well, I'll defer the floor. I'll yield the floor to Mitch if he's interested.

Operator: Okay, all right. Unknown Speaker....

Operator: Dustin, I think we wanted to reconnect with Mitch, not Sean, which could be understood.

Operator: Dustin, I think we wanted to reconnect with Mitch, not Sean.

Operator: Dustin, I think we wanted to reconnect with Mitch, not Sean. Understood.

Operator: Also, we have another question here. The next question is coming back from the line of Bill Dezellem from Titan. Your line is once again open.

Dustin: Sure. Also, we have another question here.

Operator: Unknown AttendeeAlso, we have another question here. The next question is coming back from the line of Bill Dezellem from Titan. Your line is once again open.

Speaker Change: Just a minute, please.

Operator: Also, we have another question here. The next question is coming back from the line of Bill Dezellem from Titan.

Bill Dezellem: The next question is coming back from the line of Bill Desiland from Titan. Thank you.

William Dezellem: Thank you. I fear it will be a great disappointment to hear that it's me instead of Mitch.

Bill Dezellem: Thank you. I fear it will be a great disappointment to hear that it's me instead of Mitch. Never. Not at all. Thank you. You mentioned on the Chinese market that the NMM players are significantly reduced and that Sinopharm is optimistic. And I know that this has been a really long process, but does any of this somehow favor your green hat approval or change the outlook or opportunity for that?

Speaker Change: Your line is once again open, sir.

Robert Fried: I feel it's a great disappointment to hear that it's way instead of Mitch. But not at all. Thank you. So you had mentioned in the Chinese market that the NMM players are significantly reduced in that Sinopharm is optimistic, and I know that this has been a really long process, but does any of this somehow favor your green hat approval and change the outlook or opportunity for that? It's a very important question, but sadly no. We're really having a difficult time getting to the blue hat approval process. There has not been an ingredient approved by China FDA in many years from that's not from China.

Bill Dezellem: Thank you. I fear it's a great disappointment to hear that it's me instead of Mitch, but... Never. Not at all. Thank you. So you had mentioned in the Chinese market that the NMN players are significantly reduced and that Sinopharm is...

William Dezellem: Never. Not at all. Thank you. So you had mentioned in the Chinese market that the NMN players are significantly reduced, and that Sinopharm is optimistic. And I know that this has been a really long process, but does any of this somehow favor your green hat approval and change the outlook or opportunity for that? It's a very important question, but sadly, no, we're really

Bill Dezellem: I know that this has been a really long process, but does any of this somehow favor your green hat approval and change the outlook or opportunity for that?

Rob Fried: It's a very important question, but sadly, no. We're really having a difficult time getting to the Blue Hat approval process.

Rob Fried: It's a very important question, but sadly, no. We're really having a difficult time getting to the Blue Hat approval process. There has not been an ingredient to prove by the Chinese FDA in many years. That's not from China, and we don't have an outlook on when we will be getting Blue Hat approved. Great. Thank you.

Rob Fried: it's a very important question but sadly note we're really having a difficult time getting to the blue hhad approval process there has not been an ingredient to prove

Rob Fried: There has not been an ingredient to prove by the Chinese FDA in many years. That's not from China. Great, thank you.

Rob Fried: by China FDA in many years. That's not from China and we don't have an outlook on when we will be getting Blue Hat approval.

Robert Fried: And we don't have an outlook on when we will be getting Blue Hat approval. Great. Thank you.

Rob Fried: Great, thank you.

JP Marker: And our next question comes from the line of JP Marker from Formhouse. Equity research line is open. Hi Rob.

J.P. Mark: And our next question comes from the line of J.P. Mark from Formhouse Equity Research. The line is open. Hi Rob. Thanks for taking my call. Very quickly, just a quick question about...

Operator: And our next question comes from the line of J.P. Mark from Formhouse Equity Research. The line is open. Hi Rob. Thanks for taking my call. Very quickly, just a quick question about...

J.P. Mark: Thank you. And our next question comes from the line of J.P. Mark from Farmhouse Equity Research.

Rob Fried: We will have an injectable product that's available at the clinic in just two or three months when we have one that's an at-home product. Okay, that's great. Thank you. Appreciate it.

Robert Fried: Thanks for taking my call very quickly. Just quick question about the injectables. Do you know what, approximately when you think you're going to be launching that product and that might be available. We will have an injectable product that's available at the clinics in just two or three months. When we have one that's an at-home product, I'm just giving you a loose estimate. I'm going to say by the end of the year, but it might it might be the first quarter of next year. Okay. Thank you. Appreciate it. Sure. Thank you.

Speaker Change: The line is open.

Rob Fried: Hi, Rob. Thanks for taking my call. Very quickly, just quick question about the injectables. Do you know what approximately when you think you're going to be launching that product, when that might be available?

Rob Fried: We will have an injectable product that's available at the clinic in just two or three months, when we have one that's an at-home product. I'm just giving you a loose estimate. I'm going to say by the end of the year, but it might be the first quarter of the year.

Rob Fried: We will have an injectable product that's available at the clinics.

Speaker Change: in just two or three months.

Speaker Change: when we have one that's an at-home product.

Speaker Change: I'm just giving you a loose estimate. I'm going to say by the end of the year, but it might it might be the first quarter of next year.

Rob Fried: Okay, sounds good. Thank you. I appreciate it. Sure. Thank you.

Speaker Change: Okay, that's great, thank you, appreciate it.

Rob Fried: Sure.

Howard Horberg: Seeing as, oh, I apologize. The next question here comes from Howard Horberg from Horberg Enterprises. Line is open, sir.

Speaker Change: Thank you.

Operator: The next question here comes from Howard Horberg from Horberg Enterprises.

Howard Horberg: The next question here comes from Howard Horberg from Horberg Enterprises.

Speaker Change: oh iapologize

Howard Horberg: The next question here comes from Howard Horberg from Horberg Enterprises.

Howard Horberg: Hey Rob. This is a quick question. I know it's a risk focused on the nitrogen drip, but with regards to Parkinson's. Can you tell me what the addressable market would be there if you want me to get favorable results in 2025. So there's approximately 10 million diagnosed Parkinson's patients globally, and there is no drug approved for that. There's approximately one million in the United States. The majority of them are outside of the United States. The study that's being done on Parkinson's, as you know, is in Norway. It's being conducted by Dr. Tizzulus, who is a world-renowned Parkinson's expert, and it's being funded by the Norwegian government. I hope to be the last patient in that study was enrolled on May 1st.

Speaker Change: Line is open, sir.

Howard Horberg: Hey Rob, this is a quick question. I know it's always focused on the nitrogen drip, but with regards to Parkinson's...

Howard Horberg: Can you tell me what the addressable market would be there if and when we get favorable results in 2025?

Howard Horberg: There are approximately 10 million diagnosed Parkinson's patients globally, and there is no drug approved for that. There are approximately 1 million in the United States, but the majority of them are outside of the United States.

Howard Horberg: So

Speaker Change: There's approximately 10 million.

Speaker Change: diagnosed Parkinson's patients globally and there is no

Unknown Attendee: Drugs approved for that, as you know, is in Norway, have been published. But if... on the market comparable to the one done in the study, and the study itself is positive, it's 500,000 people.

Speaker Change: drug approved for that. There's approximately 1 million in the United States. The majority of them are outside of the United States. The study that's being done on Parkinson's, as you know, is in Norway.

Rob Fried: The study that's being done on Parkinson's, as you know, is in Norway. It's being conducted by Dr. Tzoulis, who is a world-renowned Parkinson's expert, and it's being funded by the Norwegian government. And hope to be, the last patient in that study was enrolled on May 1st, so it's a four-year study, and that patient will be completed on May 1st of next year. Then months after that, hopefully, they will tabulate the data. Hopefully, at that point, we'll see it, and it will be positive. Then it will take some months after that when they write up the manuscript, and have it published. But, uh...

dr tozus: it's being conducted by dr tozus who is a world renowned parkinson's expert and it's being funded by the norwegian government and hope to be that the last patient in that study was enrolled on may first so it's a four year study

Robert Fried: So it's a four-year study, and that patient will be completed in May 1st of next year, then the months after that. Hopefully, they will tabulate the data. Hopefully, at that point we'll see it and it will be positive. Then it will take some months after that for when they write up the manuscript. and have it published there.

Speaker Change: and that patient will be completed in May 1st of next year. Then months after that, hopefully they will tabulate the data. Hopefully at that point we'll see it and it will be positive. Then it will take some months after that when they write up the manuscript and have it.

Robert Fried: But if we don't look at it as a drug approval, if we just simply look at it as a dietary supplement opportunity in the United States, what the way we see it is that we now have a pharmaceutical-grade pipeline because of IV. If we release a pharmaceutical grade, if we just simply look at it as a dietary supplement opportunity in the United States, what the way we see it is that we now have a pharmaceutical grade pipeline because of IV. We've made a product on the market comparable to the one done in the study. And the study itself is positive.

Speaker Change: I don't have it published, but...

Rob Fried: If we don't look at it as a drug approval, if we just simply look at it as, "A Dietary Supplement Opportunity in the United States." The way we see it is that we now have a pharmaceutical-grade pipeline because of IV, if we release a pharmaceutical-grade product on the market comparable to the one done in the study, and the study itself is positive, We think a good percentage of those global Parkinson's patients will seek out a safe, tested dietary supplement from a very reputable, trustworthy company that conducted the study.

Unknown Attendee: if

Speaker Change: If we don't look at it as a drug approval, if we just simply look at it as

Speaker Change: A Dietary Supplement Opportunity in the United States.

Unknown Attendee: What

Speaker Change: The way we see it is that we now have a pharmaceutical grade pipeline because of IV.

Howard Horberg: If we released a pharmaceutical grade product on the market comparable to the one done in the study, and the study itself is positive.

Robert Fried: We think a good percentage of those global Parkinson's patients will seek out a safe, tested dietary supplement from a very reputable, trustworthy company that conducted the study. We think the addressable market there, if there's 10 million people globally, what percentage do you think would be interested in that dietary supplement if the study results are good? This is putting drug approval completely to the side, just as a dietary supplement. If it's five percent, it's 500,000 people. And we all know people with Parkinson's; it's quite debilitating and heartbreaking. We understand that Parkinson's is a mitochondrial disorder, and we understand how nitrogen and NAD help mitochondrial health.

Speaker Change: We think a good percentage of those global Parkinson's patients will seek out a

Speaker Change: safe, tested dietary supplement from a very reputable, trustworthy company that conducted the study.

Rob Fried: We think the addressable market there, if there are 10 million people globally, what percentage do you think would be interested in that dietary supplement if the study results are good? This is putting drug approval completely to the side, just as a dietary supplement. If it's 5%, it's 500,000 people.

Howard Horberg: We think the addressable market there, if there's 10 million people globally, what percentage do you think would be interested in that dietary supplement if the study results are good? This is putting drug approval completely to the side.

Speaker Change: just as a dietary supplement.

Speaker Change: If it's 5%...

Howard Horberg: It's 500,000 people.

Rob Fried: And, you know, we all know people with Parkinson's; it's quite debilitating and heartbreaking. We understand that Parkinson's is a mitochondrial disorder, and we understand how niagen and NAD work. Health, Mitochondrial Health.

Speaker Change: And, you know, we all know people with Parkinson's, it's quite debilitating and heartbreaking.

Speaker Change: We understand that Parkinson's is a mitochondrial disorder, and we understand how niagen and NAD

Rob Fried: So we are optimistic that the phase one clinicals have been published, which were mostly about safety, but the secondary endpoints were positive. We are cautiously optimistic, because it's a blinded study.

Robert Fried: So we are optimistic that the phase one clinical has been published, which we're mostly about safety, but the secondary endpoints were positive. We are cautiously optimistic. It's a blinded study. We have no idea, obviously, if it's going to work or if it's not going to work, but we think that if it does work, there's a very, very dramatic, significant opportunity for us.

Speaker Change: help mitochondrial health. So we are optimistic that the phase one clinicals have been published.

Speaker Change: which were mostly about safety, but the secondary endpoints were positive.

Rob Fried: We are cautiously optimistic. It's a blinded study. We have no idea, obviously, if it's going to work or if it's not going to work, but we think that if it does work, it will just be an opportunity to sell True Knowledge and PharmaGrade, quite large catalysts, if you will. Yes, it would be nice if we were growing slightly greater, and perhaps we could, and perhaps we will

Rob Fried: We have no idea, obviously, if it's going to work or if it's not going to work, but we think that if it does, there's a very, very dramatic, significant opportunity for us, even if we do not pursue drug approval, just as an opportunity to sell True Knowledge and PharmaGrade. I think you could do the math, and you realize that the numbers are quite large.

Rob Fried: We are cautiously optimistic. It's a blinded study. We have no idea, obviously, if it's going to work or if it's not going to work. But we think that if it does work,

Rob Fried: There's a very, very dramatic, significant opportunity.

Robert Fried: Even if we do not pursue drug approval, just as an opportunity to sell true nides and form a grade, I think you could do the math and realize that the numbers are quite large. Yeah, I appreciate you're asking that question because if you take a step back and look at the Chromodex business plan, we are very focused on making sure that we are cash flow positive and that we are responsible in managing our base business, but we are pursuing several initiatives, catalysts, if you will. All of which have the potential to be fairly significant, but you never know.

Rob Fried: for us, even if we do not pursue drug approval.

Rob Fried: just as an opportunity to sell True Knowledge and PharmaGrade.

Rob Fried: I think you could do the math and you realize that the numbers are...

Rob Fried: Yeah, I appreciate your asking that question, because if you take a step back and look at the ChromaDex business plan, we are very focused on making sure that we are cash flow positive and that we are responsible for managing our base business, but we are pursuing several initiatives, catalysts, if you will, all of which have the potential to be fairly significant, but you never know. The IV is one, Parkinson's is one, ataxia is another.

Rob Fried: Quite large.

Rob Fried: Yeah, I appreciate your asking that question because if you take a step back and look at the ChromaDex business plan.

Rob Fried: We are very focused on making sure that we are cash flow positive and that we are responsible in managing our base business. But we are pursuing several initiatives.

Rob Fried: catalysts, if you will.

Rob Fried: All of which have the potential to be fairly significant, but you never know.

Robert Fried: The IV is one; Parkinson's is one, a taxia is another. If any of those hit well, it has a dramatic impact on the company. So what we are doing is just making sure that we're running a safe, stable, well-managed business that plays by the rules with excellent players that does things the right way, develops its intellectual property, and grows. Yes, it would be nice if we were growing slightly greater, and perhaps we could, and perhaps we will. But we are still growing, managing our cash flow and managing the business while we take these very, very dramatic shots on goal, on one of which has significant upside potential.

Rob Fried: The IV is one, Parkinson's is one, ataxia is another.

Rob Fried: If any of those hit well, it has a dramatic impact on the company. So what we are doing is just making sure that we're running a safe, stable, well-managed business that plays by the rules.

Rob Fried: If any of those hits well, it has a dramatic impact on the company. So what we are doing is just making sure that we're running a safe, stable, well-managed business that plays by the rules, with excellent players, that does things the right way, develops its intellectual property, and grows. Yes, it would be nice if we were growing slightly greater, and perhaps we could, and perhaps we will. But we are still growing, managing our cash flow, and managing the business while we take these very, very dramatic shots at goal, only one of which has significant upside potential.

Rob Fried: with excellent players that does things the right way, develops its intellectual property, and grows.

Rob Fried: Yes, it would be nice if we were growing slightly greater, and perhaps we could, and perhaps we will.

Rob Fried: But we are still growing, managing our cash flow, and managing the business while we take these very, very dramatic shots on goal, only one of which has significant upside potential.

Unknown Attendee: Thank you for the question. Thank you.

Speaker Change: Thank you for the question.

Operator: Thank you, and that concludes our question and answer session. I'll now turn the call back over to Ben Shamsian for closing remarks. Sir, please go ahead. Thank you.

Ben Shamsian: Thank you, and that concludes our question and answer session. I'll now turn the call back over to Ben Shamsian for closing remarks. Sir, please go ahead. Thank you.

Ben Shamsian: And that concludes our question-and-answer session.

Ben Shamsian: Thank you. And that concludes our question and answer session. I'll now turn the call back over to Ben Shamsian for closing remarks. Sir, please go ahead.

Ben Shamsian: I'll now turn the call back over to Ben Shamsian for closing remarks. Sir, please go ahead. Thank you, operator. There will be a replay of this call beginning at 7:30 PM Eastern Time today. The replay number is 1-800-770-2030 and the replay ID is 858-4242.

Ben Shamsian: Thank you, operator. There will be a replay of this call 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 ChromaDex.

Speaker Change: Thank you, operator. There will be a replay of this call beginning at 7.30 p.m. Eastern Time today. The replay number is 1-800-770-2030 and the replay ID is 858.

Ben Shamsian: Thank you, everyone, for joining us today and for your continued support of ChromaDex.

Speaker Change: four two four two

Ben Shamsian: Thank you everyone for joining us today and for your continued support of ChromaDex.

Unknown Attendee: The meeting is now concluded. Thank you, ladies and gentlemen, for all joining. You may now disconnect. Please wait.

Operator: The meeting is now concluded. Thank you, ladies and gentlemen, for all joining us.

Operator: The meeting is now concluded. Thank you, ladies and gentlemen, for all joining us.

Ben Shamsian: The meeting is now concluded.

Unknown Attendee: The conference will begin shortly. Thank you very much.