Niagen Bioscience Inc
NAGEHealthcare|Biotechnology|US
$2.07
-0.04 (-1.66%)
Tangible Book / Share
$0.98
Graham Number
$1.75
Financials
Financial Snapshot
Market Cap
$163.8M
Enterprise Value
$165.9M
Revenue (TTM)
$122.3M
Net Income (TTM)
$10.2M
Cash & Investments
$0.00
Net Cash
-$2.1M
Free Cash Flow (TTM)
$4.6M
Operating CF (TTM)
$4.9M
Debt/Equity
0.03
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.6M | $45.4M | $22.4M | $18.6M | $16.5M | $28.0M | $20.3M | $27.2M | $44.5M | $64.8M | $0.00 | |
| Operating Cash Flow | -$2.9M | -$9.8M | -$20.9M | -$20.4M | -$10.6M | -$24.2M | -$15.1M | $7.1M | $12.1M | $13.4M | $4.9M | |
| Free Cash Flow | -$4.7M | -$11.2M | -$22.4M | -$21.2M | -$10.7M | -$24.6M | -$15.4M | $7.0M | $11.9M | $13.1M | $4.6M | |
| Capital Expenditure | -$1.7M | -$1.4M | -$1.5M | -$753.0K | -$142.0K | -$409.0K | -$334.0K | -$148.0K | -$163.0K | -$292.0K | -$303.0K | |
| Financing Cash Flow | $754.3K | $48.9M | -$90.0K | $16.9M | $8.7M | $36.1M | $7.7M | -$90.0K | $5.4M | $7.0M | -$4.7M |
R&D Spending
R&D (TTM)
$6.5M
R&D Intensity
5.3%
R&D Growth vs Prior
+2.7%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.7M | $21.2M | $31.6M | $46.3M | $59.3M | $67.4M | $72.0M | $83.6M | $99.6M | $129.4M | $122.3M | |
| R&D Expense | $2.5M | $4.0M | $5.5M | $4.4M | $3.4M | $3.8M | $4.8M | $5.0M | $6.0M | $6.3M | $6.5M | |
| R&D % of Revenue | 11.6% | 18.9% | 17.4% | 9.5% | 5.8% | 5.7% | 6.7% | 5.9% | 6.0% | 4.9% | 5.3% | |
| SG&A | $10.8M | $22.1M | $43.7M | $52.5M | $51.7M | $64.7M | $56.6M | $51.4M | $47.8M | $62.6M | $68.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.7M | $21.2M | $31.6M | $46.3M | $59.3M | $67.4M | $72.0M | $83.6M | $99.6M | $129.4M | $122.3M | |
| Cost of Revenue | $11.3M | $10.7M | $15.5M | $20.5M | $24.0M | $26.0M | $29.3M | $32.8M | $38.0M | $46.2M | $44.2M | |
| Gross Profit | $10.4M | $10.5M | $16.1M | $25.8M | $35.3M | $41.5M | $42.8M | $50.8M | $61.6M | $83.2M | $78.1M | |
| R&D | $2.5M | $4.0M | $5.5M | $4.4M | $3.4M | $3.8M | $4.8M | $5.0M | $6.0M | $6.3M | $6.5M | |
| SG&A | $10.8M | $22.1M | $43.7M | $52.5M | $51.7M | $64.7M | $56.6M | $51.4M | $47.8M | $62.6M | $68.8M | |
| Operating Income | -$2.9M | -$16.4M | -$33.2M | -$31.3M | -$19.9M | -$27.1M | -$18.6M | -$5.6M | $7.7M | $14.3M | $2.8M | |
| Interest Expense | $371.9K | $153.0K | $79.0K | $847.0K | $71.0K | $55.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$3.6M | -$16.5M | -$33.3M | -$32.1M | -$19.9M | -$27.1M | -$16.5M | -$4.9M | $8.9M | $18.2M | $11.1M | |
| Net Income | -$2.9M | -$11.4M | -$33.3M | -$32.1M | -$19.9M | -$27.1M | -$16.5M | -$4.9M | $8.6M | $17.4M | $10.2M | |
| EPS (Diluted) | -0.08 | -0.26 | -0.61 | -0.56 | -0.33 | -0.40 | -0.24 | -0.07 | 0.11 | 0.20 | 0.12 | |
| EBITDA | -$2.5M | -$15.7M | -$32.3M | -$29.8M | -$18.3M | -$25.4M | -$14.7M | -$3.2M | $10.3M | $19.6M | $12.0M | |
| Shares Out. (M) | 37.29 | 44.60 | 55.01 | 57.06 | 61.07 | 67.19 | 69.73 | 74.98 | 79.72 | 85.44 | 79.15 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.6M | $45.4M | $22.4M | $18.6M | $16.5M | $28.0M | $20.3M | $27.2M | $44.5M | $64.8M | $0.00 | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $15.7M | $57.2M | $36.5M | $33.5M | $32.2M | $48.9M | $46.6M | $49.5M | $64.1M | $96.8M | $100.2M | |
| Total Assets | $19.8M | $62.7M | $42.2M | $40.2M | $38.4M | $57.8M | $54.1M | $55.0M | $68.3M | $106.4M | $108.7M | |
| Total Current Liabilities | $8.9M | $8.1M | $14.4M | $15.1M | $16.5M | $17.6M | $17.9M | $20.6M | $17.9M | $19.9M | $16.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $9.8M | $8.9M | $15.1M | $19.8M | $21.9M | $26.1M | $25.4M | $26.5M | $22.2M | $29.9M | $25.6M | |
| Stockholders' Equity | $10.0M | $53.8M | $27.2M | $20.4M | $16.4M | $31.7M | $28.7M | $28.5M | $46.1M | $76.5M | $83.1M | |
| Retained Earnings | -$45.2M | -$56.6M | -$89.8M | -$121.9M | -$141.8M | -$169.0M | -$185.5M | -$190.5M | -$181.9M | -$164.5M | -$158.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.9M | -$9.8M | -$20.9M | -$20.4M | -$10.6M | -$24.2M | -$15.1M | $7.1M | $12.1M | $13.4M | $4.9M | |
| Capital Expenditure | -$1.7M | -$1.4M | -$1.5M | -$753.0K | -$142.0K | -$409.0K | -$334.0K | -$148.0K | -$163.0K | -$292.0K | -$303.0K | |
| Free Cash Flow | -$4.7M | -$11.2M | -$22.4M | -$21.2M | -$10.7M | -$24.6M | -$15.4M | $7.0M | $11.9M | $13.1M | $4.6M | |
| Investing Cash Flow | -$1.7M | $4.6M | -$1.8M | -$249.0K | -$165.0K | -$409.0K | -$334.0K | -$143.0K | -$143.0K | -$292.0K | $5.0M | |
| Financing Cash Flow | $754.3K | $48.9M | -$90.0K | $16.9M | $8.7M | $36.1M | $7.7M | -$90.0K | $5.4M | $7.0M | -$4.7M | |
| Issuance of Stock | $5.7M | $46.6M | $0.00 | $6.8M | $4.9M | $26.7M | $7.7M | $0.00 | $5.4M | $7.2M | $741.0K | |
| Repurchase of Stock | $0.00 | $0.00 | -$404.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$251.0K | -$5.1M | |
| Net Debt Issuance | -$5.2M | -$608.0K | -$196.0K | $9.7M | -$272.0K | -$31.0K | -$16.0K | -$15.0K | -$11.0K | -$12.0K | -$2.0K | |
| Stock Based Comp. | $1.2M | $4.6M | $6.4M | $7.2M | $6.9M | $6.2M | $5.7M | $4.8M | $3.7M | $6.1M | $6.7M | |
| Net Change in Cash | -$3.9M | $43.7M | -$22.8M | -$3.8M | -$2.1M | $11.5M | -$7.8M | $6.9M | $17.3M | $20.1M | $5.2M |
Dilution Tracker
Shares outstanding grew 39.9% over 5 years — significant dilution
Shares Outstanding
79M
5-Year Share Growth
+39.9%
Stock Issuance (TTM)
$741.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 37.29 | 44.60 | 55.01 | 57.06 | 61.07 | 67.19 | 69.73 | 74.98 | 79.72 | 85.44 | 79.15 | |
| Change vs Prior % | — | 19.6% | 23.3% | 3.7% | 7.0% | 10.0% | 3.8% | 7.5% | 6.3% | 7.2% | -7.4% | |
| Stock Issuance | $5.7M | $46.6M | $0.00 | $6.8M | $4.9M | $26.7M | $7.7M | $0.00 | $5.4M | $7.2M | $741.0K | |
| Stock Repurchase | $0.00 | $0.00 | -$404.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$251.0K | -$5.1M | |
| Stock Based Comp. | $1.2M | $4.6M | $6.4M | $7.2M | $6.9M | $6.2M | $5.7M | $4.8M | $3.7M | $6.1M | $6.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 48.0% | 49.4% | 50.9% | 55.7% | 59.5% | 61.5% | 59.4% | 60.8% | 61.8% | 64.3% | 63.9% | |
| Operating Margin % | -13.4% | -77.2% | -105.1% | -67.6% | -33.5% | -40.1% | -25.9% | -6.7% | 7.8% | 11.0% | 2.3% | |
| Net Margin % | -13.5% | -53.7% | -105.6% | -69.4% | -33.6% | -40.2% | -23.0% | -5.9% | 8.6% | 13.4% | 8.4% | |
| EBITDA Margin % | -11.5% | -73.9% | -102.4% | -64.3% | -31.0% | -37.7% | -20.3% | -3.9% | 10.4% | 15.2% | 9.9% | |
| FCF Margin % | -21.5% | -52.6% | -70.9% | -45.8% | -18.1% | -36.4% | -21.4% | 8.3% | 12.0% | 10.2% | 3.7% | |
| ROE % | -29.4% | -21.1% | -122.6% | -157.2% | -121.3% | -85.5% | -57.7% | -17.4% | 18.5% | 22.7% | 12.6% | |
| ROA % | -14.8% | -18.1% | -78.9% | -79.9% | -51.9% | -46.9% | -30.6% | -9.0% | 12.5% | 16.3% | 9.4% | |
| ROIC % | -26.1% | -29.9% | -118.6% | -120.2% | -88.2% | -66.4% | -50.5% | -16.0% | 14.5% | 15.6% | 2.8% | |
| R&D / Revenue % | 11.6% | 18.9% | 17.4% | 9.5% | 5.8% | 5.7% | 6.7% | 5.9% | 6.0% | 4.9% | 5.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 21.1% | -2.1% | 48.8% | 46.7% | 28.0% | 13.8% | 6.8% | 16.0% | 19.2% | 29.9% | |
| Gross Profit | 37.9% | 0.8% | 53.2% | 60.5% | 36.9% | 17.6% | 3.2% | 18.7% | 21.3% | 35.1% | |
| Operating Income | -40.6% | -463.7% | -102.6% | 5.6% | 36.6% | -36.4% | 31.2% | 69.9% | 238.0% | 85.0% | |
| Net Income | -5.7% | -288.6% | -192.8% | 3.5% | 38.0% | -36.2% | 39.0% | 70.1% | 273.1% | 103.3% | |
| EPS (Diluted) | -1.7% | -231.2% | -134.6% | 8.2% | 41.1% | -21.2% | 40.0% | 72.5% | 266.9% | 81.8% | |
| Operating Cash Flow | -39.1% | -233.9% | -113.3% | 2.2% | 48.1% | -128.0% | 37.5% | 147.1% | 70.1% | 11.0% | |
| Free Cash Flow | -69.0% | -139.3% | -100.4% | 5.2% | 49.3% | -128.7% | 37.2% | 145.2% | 71.4% | 10.0% | |
| R&D Expense | 182.9% | 58.8% | 36.7% | -19.3% | -22.7% | 12.2% | 25.9% | 2.7% | 21.3% | 5.2% | |
| SG&A Expense | 23.7% | 105.2% | 97.6% | 20.3% | -1.5% | 25.2% | -12.6% | -9.1% | -7.0% | 30.8% | |
| Total Assets | 5.3% | 217.6% | -32.7% | -4.7% | -4.7% | 50.8% | -6.5% | 1.7% | 24.2% | 55.8% | |
| Book Value / Share | 81.9% | 351.3% | -59.1% | -27.5% | -24.9% | 75.6% | -11.9% | -3.0% | 43.3% | 67.2% | |
| Debt | -89.2% | -15.5% | -38.7% | 454.5% | -4.8% | 187.2% | -9.5% | -23.0% | -19.1% | 6.3% | |
| Diluted Shares | 3.9% | 19.6% | 23.3% | 3.7% | 7.0% | 10.0% | 3.8% | 7.5% | 6.3% | 7.2% |
Valuation
P/E (TTM)15.75
P/S1.34
10Y Low / Med / High1.21 / 4.95 / 12.37
P/B1.97
10Y Low / Med / High3.54 / 7.92 / 17.85
EV/EBITDA13.77
EV/Revenue1.36
10Y Low / Med / High0.92 / 4.70 / 10.25
P/FCF35.77
10Y Low / Med / High14.48 / 35.44 / 38.31
Intrinsic Value Models (per share)
Tangible Book / Share
$0.98
Net Current Assets / Share
$0.94
Graham Number
$1.75
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -42.17 | -22.62 | -5.62 | -7.70 | -14.55 | -9.35 | -7.00 | -20.43 | 48.27 | 28.91 | 15.75 | |
| P/S Ratio | 5.70 | 12.37 | 5.98 | 5.31 | 4.95 | 3.73 | 1.61 | 1.21 | 4.25 | 3.89 | 1.34 | |
| P/B Ratio | 12.38 | 4.87 | 6.94 | 12.03 | 17.85 | 7.92 | 4.04 | 3.54 | 9.18 | 6.58 | 1.97 | |
| EV/EBITDA | -49.24 | -13.88 | -5.15 | -7.69 | -15.17 | -8.96 | -6.81 | -23.81 | 36.90 | 22.48 | 13.77 | |
| EV/Revenue | 5.65 | 10.25 | 5.28 | 4.95 | 4.70 | 3.38 | 1.38 | 0.92 | 3.83 | 3.41 | 1.36 |
Analyst Estimates & Quality
Altman Z-Score
4.15
Safe
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $124.7M | $144.7M | $169.6M |
| Net Income | $6.8M | $3.2M | $14.5M |
| EPS | $0.08 | $0.07 | $0.17 |
| # Analysts (EPS) | 3 | 2 | 2 |