10-Q Filing

Niagen Bioscience, Inc. CIK: 1386570 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001628280-22-014057`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	cdcx-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 28 Cash Flow Statement 64 Stockholders Equity 17

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Restricted cash	`RestrictedCash`	$200.00K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$200.00K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$200.00K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$200.00K	USD	Point-in-time
Trade receivables, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$54.00K	USD	Point-in-time
Trade receivables, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$65.00K	USD	Point-in-time
Receivables from Related Party	`AccountsReceivableRelatedPartiesCurrent`	$2.30M	USD	Point-in-time
Cash, including restricted cash of $0.2 million as of both dates	`CashAndCashEquivalentsAtCarryingValue`	$28.22M	USD	Point-in-time
Cash, including restricted cash of $0.2 million as of both dates	`CashAndCashEquivalentsAtCarryingValue`	$20.99M	USD	Point-in-time
Receivables from Related Party	`AccountsReceivableRelatedPartiesCurrent`	$2.10M	USD	Point-in-time
Trade receivables, net of allowances of $54 and $65, respectively; Including receivables from Related Party of: $2.3 million and $2.1 million, respectively.	`AccountsReceivableNetCurrent`	$5.23M	USD	Point-in-time
Common stock par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Trade receivables, net of allowances of $54 and $65, respectively; Including receivables from Related Party of: $2.3 million and $2.1 million, respectively.	`AccountsReceivableNetCurrent`	$6.31M	USD	Point-in-time
Inventories	`InventoryNet`	$15.31M	USD	Point-in-time
Common stock authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Inventories	`InventoryNet`	$13.60M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$1.91M	USD	Point-in-time
Common stock issued (in shares)	`CommonStockSharesIssued`	68.13M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$1.86M	USD	Point-in-time
Common stock issued (in shares)	`CommonStockSharesIssued`	68.15M	shares	Point-in-time
Common stock outstanding (in shares)	`CommonStockSharesOutstanding`	68.13M	shares	Point-in-time
Common stock outstanding (in shares)	`CommonStockSharesOutstanding`	68.15M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$48.91M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$44.52M	USD	Point-in-time
Leasehold improvements and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$2.94M	USD	Point-in-time
Leasehold improvements and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$3.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$808.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$857.00K	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$4.05M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$4.35M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$723.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$606.00K	USD	Point-in-time
Total assets	`Assets`	$52.93M	USD	Point-in-time
Total assets	`Assets`	$57.84M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.78M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.42M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$8.13M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$6.48M	USD	Point-in-time
Current maturities of operating lease obligations	`OperatingLeaseLiabilityCurrent`	$630.00K	USD	Point-in-time
Current maturities of operating lease obligations	`OperatingLeaseLiabilityCurrent`	$528.00K	USD	Point-in-time
Current maturities of finance lease obligations	`FinanceLeaseLiabilityCurrent`	$17.00K	USD	Point-in-time
Current maturities of finance lease obligations	`FinanceLeaseLiabilityCurrent`	$20.00K	USD	Point-in-time
Customer deposits	`DeferredIncomeCurrent`	$141.00K	USD	Point-in-time
Customer deposits	`DeferredIncomeCurrent`	$161.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.69M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$4.35M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$4.35M	USD	Point-in-time
Operating lease obligations, less current maturities	`OperatingLeaseLiabilityNoncurrent`	$4.15M	USD	Point-in-time
Operating lease obligations, less current maturities	`OperatingLeaseLiabilityNoncurrent`	$4.01M	USD	Point-in-time
Total liabilities	`Liabilities`	$27.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$26.11M	USD	Point-in-time
Commitments and Contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; authorized 150,000 shares; 68,149 shares and 68,126 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively.	`CommonStockValue`	$68.00K	USD	Point-in-time
Common stock, $0.001 par value; authorized 150,000 shares; 68,149 shares and 68,126 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively.	`CommonStockValue`	$68.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$200.61M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$202.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-176.69M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-168.95M	USD	Point-in-time
Cumulative translation adjustments	`TranslationAdjustmentFunctionalToReportingCurrencyNetOfTax`	-	USD	Point-in-time
Cumulative translation adjustments	`TranslationAdjustmentFunctionalToReportingCurrencyNetOfTax`	$-2.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.42M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$43.83M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$31.73M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$25.88M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$52.93M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$57.84M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales, net	`Revenues`	$14.68M	USD	1 Quarter
Sales, net	`Revenues`	$17.26M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$5.45M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$6.73M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.53M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.23M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$8.24M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$6.26M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.08M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$787.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.55M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.95M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$16.60M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$18.26M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-7.36M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-7.73M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$8.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$19.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.38M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.74M	USD	1 Quarter
Basic loss per common share (in dollars per share)	`EarningsPerShareBasic`	$-0.11	USD	1 Quarter
Basic loss per common share (in dollars per share)	`EarningsPerShareBasic`	$-0.12	USD	1 Quarter
Diluted loss per common share (in dollars per share)	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter
Diluted loss per common share (in dollars per share)	`EarningsPerShareDiluted`	$-0.12	USD	1 Quarter
Basic weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	68.31M	shares	1 Quarter
Basic weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	64.16M	shares	1 Quarter
Diluted weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	64.16M	shares	1 Quarter
Diluted weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	68.31M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Restricted cash	`RestrictedCash`	$200.00K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$200.00K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$200.00K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$200.00K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-7.38M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.74M	USD	1 Quarter
Depreciation of leasehold improvements and equipment	`Depreciation`	$221.00K	USD	1 Quarter
Depreciation of leasehold improvements and equipment	`Depreciation`	$201.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$49.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$60.00K	USD	1 Quarter
Amortization of right of use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$126.00K	USD	1 Quarter
Amortization of right of use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$299.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$1.28M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$1.89M	USD	1 Quarter
Provision for doubtful trade receivables	`ProvisionForDoubtfulAccounts`	$10.00K	USD	1 Quarter
Provision for doubtful trade receivables	`ProvisionForDoubtfulAccounts`	$14.00K	USD	1 Quarter
Non-cash financing costs	`OtherNoncashIncomeExpense`	$-18.00K	USD	1 Quarter
Non-cash financing costs	`OtherNoncashIncomeExpense`	$-28.00K	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInOtherReceivables`	$1.97M	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInOtherReceivables`	$1.09M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.08M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.71M	USD	1 Quarter
Implementation costs for cloud computing arrangement	`ImplementationCostsForCloudComputingArrangement`	$114.00K	USD	1 Quarter
Implementation costs for cloud computing arrangement	`ImplementationCostsForCloudComputingArrangement`	$28.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-46.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-74.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-643.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.25M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$1.65M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$1.20M	USD	1 Quarter
Customer deposits and other	`IncreaseDecreaseInDeferredRevenue`	$-47.00K	USD	1 Quarter
Customer deposits and other	`IncreaseDecreaseInDeferredRevenue`	$-18.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-39.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-154.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.41M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.20M	USD	1 Quarter
Purchases of leasehold improvements and equipment	`PurchasesOfLeaseholdImprovementsAndEquipment`	$25.00K	USD	1 Quarter
Purchases of leasehold improvements and equipment	`PurchasesOfLeaseholdImprovementsAndEquipment`	$46.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-46.00K	USD	1 Quarter
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$24.87M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$8.63M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$44.00K	USD	1 Quarter
Principal payments on finance leases	`FinanceLeasePrincipalPayments`	$3.00K	USD	1 Quarter
Principal payments on finance leases	`FinanceLeasePrincipalPayments`	$15.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$33.45M	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$27.99M	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.23M	USD	1 Quarter
Cash, including restricted cash of $0.2 million for both periods - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.99M	USD	Point-in-time
Cash, including restricted cash of $0.2 million for both periods - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.69M	USD	Point-in-time
Cash, including restricted cash of $0.2 million for both periods - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.70M	USD	Point-in-time
Cash, including restricted cash of $0.2 million for both periods - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.22M	USD	Point-in-time
Cash, including restricted cash of $0.2 million for both periods - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.99M	USD	Point-in-time
Cash, including restricted cash of $0.2 million for both periods - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.69M	USD	Point-in-time
Cash, including restricted cash of $0.2 million for both periods - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.70M	USD	Point-in-time
Cash, including restricted cash of $0.2 million for both periods - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.22M	USD	Point-in-time
Cash payments for interest on finance leases	`FinanceLeaseInterestPaymentOnLiability`	$1.00K	USD	1 Quarter
Cash payments for interest on finance leases	`FinanceLeaseInterestPaymentOnLiability`	-	USD	1 Quarter
Cash payments for principal on operating lease liabilities	`OperatingLeasePayments`	$154.00K	USD	1 Quarter
Cash payments for principal on operating lease liabilities	`OperatingLeasePayments`	$58.00K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$100.00K	USD	1 Quarter
Beginning balance	`StockholdersEquity`	$16.42M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$43.83M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$31.73M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$25.88M	USD	Point-in-time
Issuance of common stock, net of offering costs	`IssuanceOfCommonStockNetOfOfferingCostsAmount`	$24.87M	USD	1 Quarter
Issuance of common stock resulting from the exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$8.63M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.28M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.89M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$1.00K	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$2.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.38M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.74M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$16.42M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$43.83M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$31.73M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$25.88M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.