So, here's a company that just had its best year ever, but its stock is acting like it's in trouble. Niagen Bioscience (NAGE), the maker of anti-aging NAD+ supplements used by folks like longevity entrepreneur Bryan Johnson, reported on Wednesday that it doubled its full-year profit and posted 30% revenue growth. The Los Angeles-based firm also said it's on the hunt for acquisitions and wants to expand into new markets. But its shares are trading below $5, which is more than 60% below their 52-week high. Something doesn't quite add up.

CEO Rob Fried, in an exclusive interview ahead of the earnings call, confirmed the acquisition search. "We are looking at companies," Fried said. "We have not found one to pull the trigger on yet, but it is possible." So, they're shopping, but they're picky shoppers.

The Next Bet: Injections, Beauty, And A Possible Deal

Niagen has been around since 1999. Its main thing is making NAD+ precursor supplements—these are compounds your body uses to produce a coenzyme that, unfortunately, declines as you get older. Its flagship product, Tru Niagen, competes in what's becoming a pretty crowded longevity market.

Here's the science bit, made simple: NAD is crucial for a healthy body, but you have less of it as you age. Taking NAD directly as a supplement doesn't really work because your body can't absorb it well. That's why experts recommend precursors instead. Niagen's active ingredient, nicotinamide riboside, is one of those precursors, and it's passed FDA safety reviews (though, to be clear, it's not approved to treat or prevent any specific disease).

Fried didn't hold back when talking about newer competitors. "These are people that are just basically marketers. They are selling sawdust," he said of companies selling NAD as a direct supplement. In his view, they're selling something the body can't even use.

Right now, Niagen supplies pharmaceutical-grade products to over 900 clinics for IV infusions. But later this year, it's planning to launch an at-home self-injection kit. You'd order it through the website, but you'd need a prescription. Fried sees a big opportunity here, inspired by the explosive growth of GLP-1 drugs like Ozempic. "The at-home self-injection market for GLP-1 products has grown quite dramatically, and we are seeing great interest for Niagen in that market," he said.

On top of that, the company is in talks with major cosmetics firms. The idea is to supply its ingredient as a premium alternative to niacinamide, a common skincare compound. And there's a pharma play too: Fried said Niagen is targeting a partnership deal in orphan diseases within the next 18 months. He noted "there is a fair amount of interest," especially with results from the anticipated NOPARK Parkinson's trial due for journal submission within weeks.

A Record Year, But 2026 Looks More Modest

Let's look at the numbers, because they're good. For the full year 2025, Niagen posted net sales of $129.4 million. That's up 30% year-over-year, hitting the top end of its own guidance and beating Wall Street's estimates. Net income doubled to $17.7 million from $8.6 million. The company ended the year with $64.8 million in cash and, notably, no debt. That's a strong financial position.

The fourth quarter, however, was a bit softer. Revenue grew 16% to $33.8 million, which is a slower pace than earlier in the year. Net income fell to $4.4 million from $7.2 million in the same quarter last year. But that comparison is a little tricky because the prior-year period got a boost from one-time legal settlements and royalty reversals. Earnings per share were 5 cents, compared to 9 cents last year.

Looking ahead to 2026, Niagen is guiding for $145 million in revenue. That implies roughly 15% growth—still solid, but a step down from the 30% it just posted. Fried attributed the more measured outlook to the competitive dynamics in the supplement market. "Historically, we tend to be fairly conservative with our projections, and I don't think that is going to change," he added. In other words, don't expect them to overpromise.

Why The Stock Hasn't Caught Up

This is the puzzling part. The company is profitable, growing, debt-free, and sitting on a pile of cash. Yet its shares trade below $5, which is more than 60% below their 52-week high of $14.69. Analysts, according to market data, carry an average price target of $16.33. Year-to-date, the stock is down about 22%. The market, it seems, is not impressed.

So, what would it take to change that? The next meaningful catalysts are probably the launch of the at-home injection product, any movement on the pharma partnership front, and the publication of the NOPARK trial results in the coming months. The stock currently reflects negative price trends across short-, medium-, and long-term time frames, and market data shows a moderate value score. Investors are waiting for something to spark a rerating.

In summary, Niagen Bioscience is a company executing well, expanding its reach from supplements to injections and cosmetics, and keeping its balance sheet clean. But its stock price tells a different story—one of skepticism and waiting. The coming year, with its new product launches and potential deals, will be the test of whether the fundamentals can finally convince the market.