Detailed financial statements for Niagen Bioscience Inc (NAGE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Niagen Bioscience, Inc. operates as a bioscience company engages in developing healthy aging products. The company operates through Consumer products; Ingredients; and Pharmaceutical Segments. It provides finished dietary supplement products that contain its proprietary ingredients directly to consumers and distributors; nicotinamide adenine dinucleotide (NAD+), an essential coenzyme that regulates cellular metabolism; and develops and commercializes proprietary-based ingredi...
Analysis Summary
Niagen Bioscience Inc reported revenue of $129.4M in the most recent fiscal year, growing at a 5-year CAGR of 16.9%.
Trailing-twelve-month margins: gross margin 64.2%, operating margin 6.7%, net margin 12.4%.
At the current price of $3.00, NAGE trades at a P/E of 15.45 and an ROE of 20.50%. Market capitalisation stands at $239M.
Balance sheet quality for NAGE: current ratio of 4.9, net cash position of $62.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $13.1M represents 76% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.7M | $21.2M | $31.6M | $46.3M | $59.3M | $67.4M | $72.0M | $83.6M | $99.6M | $129.4M |
| Cost of Revenue | $11.3M | $10.7M | $15.5M | $20.5M | $24.0M | $26.0M | $29.3M | $32.8M | $38.0M | $46.2M |
| Gross Profit | $10.4M | $10.5M | $16.1M | $25.8M | $35.3M | $41.5M | $42.8M | $50.8M | $61.6M | $83.2M |
| Research & Development | $2.5M | $4.0M | $5.5M | $4.4M | $3.4M | $3.8M | $4.8M | $5.0M | $6.0M | $6.3M |
| Selling, General & Admin | $10.8M | $22.1M | $43.7M | $52.5M | $51.7M | $64.7M | $56.6M | $51.4M | $47.8M | $62.6M |
| Operating Expenses | $13.3M | $26.9M | $49.2M | $57.1M | $55.1M | $68.6M | $61.4M | $56.4M | $53.9M | $68.9M |
| Operating Income | -$2.9M | -$16.4M | -$33.2M | -$31.3M | -$19.9M | -$27.1M | -$18.6M | -$5.6M | $7.7M | $14.3M |
| EBITDA | -$2.5M | -$15.7M | -$32.3M | -$29.8M | -$18.3M | -$25.4M | -$14.7M | -$3.2M | $10.3M | $19.6M |
| Interest Expense | $371899 | $153000 | $79000 | $847000 | $71000 | $55000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$3.6M | -$16.5M | -$33.3M | -$32.1M | -$19.9M | -$27.1M | -$16.5M | -$4.9M | $8.9M | $18.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $305000 | $810000 |
| Net Income | -$2.9M | -$11.4M | -$33.3M | -$32.1M | -$19.9M | -$27.1M | -$16.5M | -$4.9M | $8.6M | $17.4M |
| EPS | $-0.08 | $-0.26 | $-0.61 | $-0.56 | $-0.33 | $-0.40 | $-0.24 | $-0.07 | $0.11 | $0.22 |
| EPS (Diluted) | $-0.08 | $-0.26 | $-0.61 | $-0.56 | $-0.33 | $-0.40 | $-0.24 | $-0.07 | $0.11 | $0.20 |
| Shares Outstanding (Diluted) | $37.3M | $44.6M | $55.0M | $57.1M | $61.1M | $67.2M | $69.7M | $75.0M | $79.7M | $85.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $34.0M | $33.8M | $31.5M | $29.8M |
| Gross Profit | $21.9M | $21.7M | $20.0M | $19.3M |
| Operating Income | $4.2M | $2.1M | $1.6M | $700000 |
| EBITDA | $5.0M | $5.3M | $7.0M | $1.2M |
| Net Income | $4.6M | $4.1M | $6.3M | $963000 |
| EPS | $0.05 | $0.05 | $0.08 | $0.01 |
| EPS (Diluted) | $0.05 | $0.05 | $0.07 | $0.01 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.6M | $45.4M | $22.4M | $18.6M | $16.5M | $28.0M | $20.3M | $27.2M | $44.5M | $64.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $5.9M | $5.3M | $4.4M | $2.2M | $2.7M | $5.2M | $8.5M | $5.2M | $7.8M | $9.7M |
| Inventory | $7.9M | $5.8M | $8.2M | $11.5M | $11.7M | $13.6M | $14.7M | $14.5M | $9.2M | $20.4M |
| Total Current Assets | $15.7M | $57.2M | $36.5M | $33.5M | $32.2M | $48.9M | $46.6M | $49.5M | $64.1M | $96.8M |
| Property, Plant & Equipment | $1.8M | $2.9M | $3.6M | $4.7M | $4.4M | $7.4M | $6.3M | $4.5M | $3.4M | $3.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $486000 | $1.7M | $1.5M | $1.3M | $1.1M | $857000 | $671000 | $510000 | $359000 | $5.7M |
| Total Assets | $19.8M | $62.7M | $42.2M | $40.2M | $38.4M | $57.8M | $54.1M | $55.0M | $68.3M | $106.4M |
| Accounts Payable | $6.0M | $3.7M | $9.5M | $9.6M | $9.4M | $10.4M | $9.7M | $10.2M | $8.5M | $10.8M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.0M |
| Total Current Liabilities | $8.9M | $8.1M | $14.4M | $15.1M | $16.5M | $17.6M | $17.9M | $20.6M | $17.9M | $19.9M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $9.8M | $8.9M | $15.1M | $19.8M | $21.9M | $26.1M | $25.4M | $26.5M | $22.2M | $29.9M |
| Retained Earnings | -$45.2M | -$56.6M | -$89.8M | -$121.9M | -$141.8M | -$169.0M | -$185.5M | -$190.5M | -$181.9M | -$164.5M |
| Total Equity | $10.0M | $53.8M | $27.2M | $20.4M | $16.4M | $31.7M | $28.7M | $28.5M | $46.1M | $76.5M |
| Total Debt | $599050 | $506000 | $310000 | $1.7M | $1.6M | $4.7M | $4.3M | $3.3M | $2.7M | $2.8M |
| Net Debt | -$1.0M | -$44.9M | -$22.1M | -$16.9M | -$14.9M | -$23.3M | -$16.0M | -$23.9M | -$41.9M | -$62.0M |
| Working Capital | $6.9M | $49.1M | $22.1M | $18.5M | $15.7M | $31.3M | $28.7M | $28.9M | $46.2M | $76.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $64.1M | $64.8M | $66.5M | $66.7M |
| Total Assets | $98.1M | $106.4M | $114.3M | $106.6M |
| Total Liabilities | $27.5M | $29.9M | $32.0M | $24.1M |
| Total Equity | $70.7M | $76.5M | $82.3M | $82.5M |
| Total Debt | $3.1M | $2.8M | $2.6M | $2.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$2.9M | -$11.4M | -$33.3M | -$32.1M | -$19.9M | -$27.1M | -$16.5M | -$4.9M | $8.6M | $17.4M |
| Depreciation & Amortization | $419560 | $716000 | $842000 | $1.5M | $1.5M | $1.6M | $1.9M | $1.7M | $1.5M | $1.4M |
| Stock-based Compensation | $1.2M | $4.6M | $6.4M | $7.2M | $6.9M | $6.2M | $5.7M | $4.8M | $3.7M | $6.1M |
| Change in Working Capital | -$2.8M | $2.0M | $5.2M | $427000 | $1.1M | -$4.7M | -$6.0M | $4.6M | $3.1M | -$8.3M |
| Operating Cash Flow | -$2.9M | -$9.8M | -$20.9M | -$20.4M | -$10.6M | -$24.2M | -$15.1M | $7.1M | $12.1M | $13.4M |
| Capital Expenditure | -$1.7M | -$1.4M | -$1.5M | -$753000 | -$142000 | -$409000 | -$334000 | -$148000 | -$163000 | -$292000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$404000 | 0 | 0 | 0 | 0 | 0 | 0 | -$251000 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.7M | -$11.2M | -$22.4M | -$21.2M | -$10.7M | -$24.6M | -$15.4M | $7.0M | $11.9M | $13.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $3.7M | $679000 | -$1.2M | $2.8M |
| Capital Expenditure | -$24000 | -$101000 | -$61000 | -$89000 |
| Free Cash Flow | $3.7M | $578000 | -$1.3M | $2.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.8M | $1.7M | $1.7M | $1.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.1% | +48.8% | +46.7% | +28.0% | +13.8% | +6.8% | +16.0% | +19.2% | +29.9% | |
| Net Income Growth (YoY) | -288.6% | -192.8% | +3.5% | +38.0% | -36.2% | +39.0% | +70.1% | +273.1% | +103.3% | |
| EPS Growth (YoY) | -231.2% | -134.6% | +8.2% | +41.1% | -21.2% | +40.0% | +70.8% | +257.1% | +100.0% | |
| Shares Change (YoY) | +19.6% | +23.3% | +3.7% | +7.0% | +10.0% | +3.8% | +7.5% | +6.3% | +7.2% | |
| FCF Growth (YoY) | -139.3% | -100.4% | +5.2% | +49.3% | -128.7% | +37.2% | +145.2% | +71.4% | +10.0% | |
| Gross Margin | 48.0% | 49.4% | 50.9% | 55.7% | 59.5% | 61.5% | 59.4% | 60.8% | 61.8% | 64.3% |
| Operating Margin | -13.4% | -77.2% | -105.1% | -67.6% | -33.5% | -40.1% | -25.9% | -6.7% | 7.8% | 11.0% |
| EBITDA Margin | -11.5% | -73.9% | -102.4% | -64.3% | -31.0% | -37.7% | -20.3% | -3.9% | 10.4% | 15.2% |
| Net Margin | -13.5% | -53.7% | -105.6% | -69.4% | -33.6% | -40.2% | -23.0% | -5.9% | 8.6% | 13.4% |
| FCF Margin | -21.5% | -52.6% | -70.9% | -45.8% | -18.1% | -36.4% | -21.4% | 8.3% | 12.0% | 10.2% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 3.4% | 4.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.12 | $-0.25 | $-0.41 | $-0.37 | $-0.18 | $-0.37 | $-0.22 | $0.09 | $0.15 | $0.15 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $37.3M | $44.6M | $55.0M | $57.1M | $61.1M | $67.2M | $68.9M | $70.5M | $79.7M | $79.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 20.50% |
| Return on Invested Capital | 8.75% |
| Return on Assets | 15.00% |
| Gross Margin | 64.24% |
| Operating Margin | 6.67% |
| Net Margin | 12.39% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 6.50 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 10.48 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -42.17 | -24.42 | -5.62 | -7.70 | -14.55 | -9.35 | -7.00 | -20.43 | 48.27 | 28.91 |
| P/B | 12.38 | 5.26 | 6.94 | 12.03 | 17.85 | 7.92 | 4.04 | 3.54 | 9.18 | 6.58 |
| P/S | 5.70 | 13.36 | 5.98 | 5.31 | 4.95 | 3.73 | 1.61 | 1.21 | 4.25 | 3.89 |
| Gross Margin | 48.0% | 49.4% | 50.9% | 55.7% | 59.5% | 61.5% | 59.4% | 60.8% | 61.8% | 64.3% |
| Operating Margin | -13.4% | -77.2% | -105.1% | -67.6% | -33.5% | -40.1% | -25.9% | -6.7% | 7.8% | 11.0% |
| Net Margin | -13.5% | -53.7% | -105.6% | -69.4% | -33.6% | -40.2% | -23.0% | -5.9% | 8.6% | 13.4% |
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