Niagen Bioscience, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the NIGEN Biosciences, Inc., third quarter of 2025 earnings conference call. My name is Tamika, and I will be your conference operator today. At this time, all participants are in a listen-only mode, and as a reminder, this conference call is being recorded. This afternoon, NIGEN Biosciences issued a news release announcing the company's financial results for the third quarter of 2025. If you have not reviewed this information, both are available within the Investor Relations section of Niogen Biosciences website at www.niogenscience.com. I will now turn the conference over to Kendall Knish, Senior Director of Publicity and Public Relations. Please go ahead, Ms. Knish.

Thank you. Good afternoon, and welcome to Niogen Bioscience, Inc. third quarter of 2025 conference call. With us today are Niagen Biosciences Chief Executive Officer Rob Fried, Chief Financial Officer Ozan Pamir, and Senior Vice President of Scientific and Regulatory Affairs, Dr. Andrew Hsiao. Dr. Hsiao will join the call for Q&A. Today's conference call may include forward-looking statements including statements related to the company's research and development and clinical trial plans and the timing and results of such trials, the timing of future regulatory filings, the expansion of the sale of Niagen products and ingredients in new markets, business development opportunities, future financial results, cash needs, operating performance, investor interest, and business prospects and opportunities, as well as anticipated results of operations. Forward-looking statements represent only the company's estimates on the date of this conference call and are not intended to give any assurance to the actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause Niagen Bioscience's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These risk factors include those contained in Niagen Bioscience's quarterly report on Form 10-Q most recently filed with the SEC, including results of operations, financial condition, cash flows, as well as global market and economic conditions on our business. 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 statement's actual results or to changes in its expectations. In addition, certain financial information presented in this call references non-GAAP financial measures. The company's earnings presentation and earnings press release which were issued this afternoon, are available on the company's website, present reconciliations to the appropriate gap measures. Finally, this conference call is being recorded via webcast. The webcast will be available at the investor relations section of our website at www.niaginbioscience.com. With that, it is now my pleasure to turn the call over to our Chief Executive Officer, Rob Fried.

Thank you, Kendall. Good afternoon, everyone, and thank you for joining us on today's investor call. For the third quarter, I'm quite pleased to share that we delivered yet another record performance with $34 million in revenue, a 33% increase year over year, and net income of $4.6 million compared to net income of $1.9 million last year. We ended the quarter with $64.3 million in cash and no debt. Our e-commerce business continues to anchor our growth, delivering net sales of $19 million, a 29% increase year over year. The distribution business grew 109% year over year with $7 million in revenue. while our nitrogen ingredient business remained steady, bringing in $6.9 million. During the third quarter, we onboarded a new strategic partner with access to a network of over 8,000 medical and healthcare practitioners, strengthening the true nitrogen distributor revenues. This partnership supports our ongoing mission to educate healthcare practitioners, patients, and consumers that Niagen is the most efficient, effective, and only legal and highest quality NAD booster available. It also expands our communications engine to amplify awareness of Niagen's 40 peer-reviewed published clinical studies, our new study results, and the healthy aging benefits of Niagen. Niagen Plus remains a key strategic focus for the company. and August Niagen Plus at-home injection kits were launched. Now only available to patients with a prescription from their practitioner, but we plan to expand distribution of the at-home injection kits via our own telehealth platform and leverage our e-commerce expertise to reach more patients. Last month, we announced that we added iCryo to our clinic network and are currently in over 50 of their clinics nationwide. As of today, we have now onboarded more than 1,000 wellness and healthcare clinics across the United States to offer our Niagen Plus product line. As most of you may have noticed, the NAD market in general continues to expand quite rapidly. Yet it is still only met a fraction of its potential. The supplement and injection markets are still at early stages. but there also remain considerable opportunity for NAD boosting innovations in skincare, cosmetics, food, beverage, and of course in drug applications. But it is critically important for everyone to understand that the NAD molecule itself is very large and is a nucleotide, meaning it cannot enter cells directly. It is therefore ineffective at directly boosting NAD levels. One needs a precursor to enter the cell and then convert into NAD, and of course, the best precursor by quite a lot is Niagen-NR. This is likely the reason why NAD IVs take hours to ingest, and they have significant unpleasant side effects. There are no studies that show that oral NAD supplementation increases cellular NAD. Yet, as you know, we have over 40 published peer-reviewed clinical studies in NR. Indeed, last month, the National Advertising Division, an independent advertising review arm of the Better Business Bureau, agreed with this position. Niagen-Bio made a formal challenge against one particular company that was making false claims about its products that feature the NAD molecule. The National Advertising Division found that this company lacked human clinical evidence to support claims that NAD itself elevates NAD levels in the body, since NAD itself is not bioavailable and there are no published human studies, oral or otherwise, demonstrating that it elevates cellular or tissue NAD. The National Advertising Division's decision affirms the importance of scientific substantiation for safety and benefit claims in an industry quite crowded with brands seeking to capitalize on this big trend. At the end of September, the FDA reversed a prior determination that nicotinamide mononucleotide could not be lawfully marketed as a dietary supplement. We believe this decision will face quite strong opposition, and we expect further challenges. But even when NMN was prohibited from being on the market, the companies that are selling it presently were selling it. They were ignoring the previous FDA decision anyway. And what we see in the months since the decision is the same companies are continuing to sell at a comparable pace. We also will note that we and others have tested many NMN products on the market, and most do not meet product label claims. It's important to highlight that the businesses that have been and continue to sell NMN are likely infringing on existing NMN patents that are owned by Nige and Bioscience and another company throughout the global market. So technically, NMN continues to be illegal. While NMN as an NAD precursor does elevate NAD levels, Niagen is the superior scientifically validated, safe, and most efficient and effective way to elevate NAD levels. Last quarter, I discussed two studies investigating the effects of NR supplementation on patients experiencing symptoms of long COVID. One study conducted by Harvard University examined the effect of NR supplementation on fatigue, depressive symptoms, sleep quality, and cognition. This study will be published later this month. There's also another study conducted in Norway that is undergoing peer review. We continue to make steady progress toward Parkinson's disease and ataxia pilla injectasia, or AT, indications. As mentioned last quarter, The phase three NOPAR clinical trial was completed in June, and we expect the results of that study to be published in early 2026. We are incorporating the FDA's feedback into our strategy for AT and continue to engage with the agency to prepare for an investigational new drug application. In an industry often marked by unverified claims and inconsistent quality, nitrogen bioscience stands apart for its scientific rigor, authenticity, integrity, transparency, and innovation. While we maintain portfolio of several NAD precursors, nicotinamide riboside patented as Niagen is the most efficient, effective, and extensively researched NAD precursor. As we have said, supported by over 40 peer-reviewed clinical studies with more than 50 patents and used in over 300 research collaborations. I am and I remain proud of the team's commitment to the company's initiatives and of the progress we have made over the years. Our 25-plus year mission is rooted in one goal, delivering scientifically proven solutions to address one of life's greatest challenges, aging. I would like to hand the call over to Ozan to run through the quarter's financials and then on to Q&A and closing remarks. Ozan?