ChromaDex Corporation (CDXC): Business Model Canvas [Dec-2025 Updated]

As someone who has spent two decades dissecting company structures, I can tell you that understanding the engine behind a growth story like ChromaDex Corporation (CDXC) is key, so let's cut right to the nine blocks of their Business Model Canvas. Honestly, their model hinges on monetizing their patented Nicotinamide Riboside-Niagen-by balancing strong consumer subscription revenue, which hit $\mathbf{\$26}$ million in Q3 2025, with B2B ingredient supply, all while defending a valuable intellectual property portfolio. If you want to see exactly how they manage high R&D investment, protect their lead against competitors, and structure their path from clinical validation to the shelf, this breakdown below gives you the precise, no-fluff map you need.

ChromaDex Corporation (CDXC) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that drive Niagen Bioscience, Inc.'s (formerly ChromaDex Corporation) revenue and market access as of late 2025. These partnerships are crucial for scaling both the consumer supplement and the pharmaceutical-grade ingredient segments.

Distribution and Retail Alliances

The relationship with Watsons, Asia's leading health and wellness retailer, remains a cornerstone for Asian distribution. This partnership, active since 2017, has seen TRU NIAGEN become the #1 selling supplement in Watsons Hong Kong. The distribution footprint covers Hong Kong and Singapore, though tariff risks have been noted for the Hong Kong segment.

Direct-to-consumer sales rely heavily on major e-commerce platforms. For the full year 2024, Tru Niagen® sales, which are heavily e-commerce driven, reached $76.8 million out of total net sales of $99.6 million. Management projected continued expansion of this e-commerce business as a driver for the anticipated 18% year-over-year revenue growth in 2025.

Ingredient Supply and Pharmaceutical Channels

Life Extension is cited as a key dietary supplement partner for Niagen ingredient supply. While specific 2025 revenue contribution isn't public, the overall Niagen ingredient sales for the full year 2024 were $19.2 million, an 82% increase from the prior year.

The pharmaceutical-grade channel utilizes U.S. FDA-registered 503B outsourcing facilities, specifically naming Wells Pharma of Houston, to compound and distribute Niagen+ as IV and injections. As of early 2025, this Niagen Plus product line was accessible at over 475 U.S. wellness clinics. Clinical data supports this channel, showing Niagen IV offered a 75% shorter infusion time compared to standard NAD+ IV treatments and resulted in a 20% increase in whole blood NAD+ levels three hours post-infusion in a pilot study.

Scientific Validation and Research

Collaboration with global research institutions underpins the scientific credibility of the flagship ingredient. As of 2017, Niagen was backed by over 120 collaborative studies with institutions like MIT and the Scripps Research Institute, representing an estimated $50+ million in research investment. This ongoing scientific rigor supports the company's positioning as the global authority on NAD+ science.

Here's a quick look at the financial context supporting these partnerships as of the end of fiscal year 2024:

The pharmaceutical-grade Niagen+ channel is poised for growth, with management expecting the number of clinics offering Niagen IV to potentially double by the end of 2025 from the reported 500 clinics mentioned earlier in 2025 planning.

The key partnership activities translate directly to the balance sheet:

• Growth through established partnerships is a key driver for the 18% FY 2025 revenue target.
• The company generated $12.1 million in operating cash flows in FY 2024.
• The Niagen ingredient business saw sales jump 96% to $5.3 million in one quarter in early 2025, showing strong momentum in the B2B segment.

You'll want to track the revenue contribution from Watsons specifically, as analyst notes pointed out tariff risks impacting that important revenue source.

ChromaDex Corporation (CDXC) - Canvas Business Model: Key Activities

You're looking at the core operational engine of Niagen Bioscience, Inc. (formerly ChromaDex Corporation) as of late 2025. This is where the science meets the market, and the numbers reflect that focus on proprietary science and commercial scaling.

Scientific research and development (R&D) on NAD+ precursors

Scientific rigor remains the foundation, funding the continued exploration of nicotinamide adenine dinucleotide (NAD+) science. This activity supports both the ingredient business and the pursuit of pharmaceutical applications. For the third quarter of 2025, Research and development expense totaled $1.8 million, which was $0.5 million higher year-over-year. Niagen Bioscience, Inc. reaffirmed its commitment to maintaining a steady investment in research and development throughout the 2025 fiscal year to fuel future innovation.

Key R&D focus areas include:

• Investigating the full potential of NAD+ through collaborations with independent investigators and esteemed universities.
• Supporting the advancement of clinical trials for therapeutic indications.
• Launching digital platforms, such as AboutNAD®, to consolidate NAD+ research findings.

Manufacturing and quality control of patented Niagen (Nicotinamide Riboside)

This activity centers on producing the patented ingredient, Niagen, ensuring it meets high-quality standards for both the nutraceutical and pharmaceutical sectors. The ingredient business showed growth in Q3 2025. Niagen ingredient revenue for the third quarter of 2025 was $6.9 million, marking a 4% or $300,000 increase year-over-year. The gross margin for the company overall improved to 64.5% in Q3 2025, an increase of 100 basis points.

Here's a breakdown of the ingredient sales mix for Q3 2025:

The 2025 outlook anticipates increased revenue specifically from the pharmaceutical-grade Niagen® ingredient business.

Global e-commerce and retail channel management

This is a major driver of current financial performance, focusing on direct-to-consumer sales and expanding professional distribution networks. The e-commerce segment performed strongly in Q3 2025, delivering net sales of $19 million, a 29% or $4.3 million increase year-over-year. Overall Tru Niagen® revenue grew by 44% to $26 million in that quarter. The distribution business, which includes Niagen Plus™, saw a substantial 109% year-over-year growth, contributing $7 million in Q3 2025 revenue.

Channel expansion metrics as of late 2025 include:

• Availability of Niagen Plus™ IV and injectable therapies at over 1,000 wellness and healthcare clinics across the U.S..
• A new strategic partnership granting access to over 8,000 medical and healthcare practitioners.
• The company reaffirmed its full-year 2025 net sales outlook to be between 25% and 30% year-over-year growth.

Intellectual property protection and legal defense of patents

Protecting the proprietary nature of Niagen (NR) and challenging competitors is a critical activity. The company maintains a robust patent portfolio protecting NR and other NAD+ precursors. Niagen Bioscience, Inc.'s market surveillance program revealed that every NMN supplement tested infringes upon a robust patent portfolio related to NMN crystallization. Furthermore, operational highlights for Q3 2025 included a successful challenge against a competitor's false advertising claims.

Pursuing pharmaceutical drug indications (e.g., Parkinson's disease)

This activity involves translating the science into prescription drug opportunities, which is a longer-term, high-value endeavor. Niagen Bioscience, Inc. secured a worldwide exclusive commercial license agreement with Haukeland University Hospital in Norway for Niagen® as a potential Parkinson's Disease (PD) therapy. This license secures exclusive rights to proprietary intellectual property and data to support future regulatory filings in the EU.

The NOPARK Phase III clinical trial, the largest investigation of NAD+ augmentation in early-stage PD to date, was completed in June 2025.

Key pharmaceutical development data points:

Finance: draft 13-week cash view by Friday.

ChromaDex Corporation (CDXC) - Canvas Business Model: Key Resources

You're looking at the core assets ChromaDex Corporation (CDXC) relies on to execute its business strategy. These aren't just line items; they are the moat protecting the company's market position in the NAD+ space. Honestly, the IP is the real prize here.

Patented Ingredient and Intellectual Property

The foundation of ChromaDex Corporation (CDXC)'s value is its patented ingredient, Nicotinamide Riboside (NR), marketed as Niagen. This ingredient is the most efficient and high-quality NAD+ precursor available, according to the company. The protection around this molecule is extensive, which is critical for a science-based company.

The intellectual property (IP) portfolio is designed to cover the molecule itself, its manufacturing processes, and its various forms. As of late 2025, the company owns and licenses a robust portfolio protecting NR and other NAD+ precursors. Here's a quick look at the scale of that protection:

• Total owned and licensed patents related to NR and other NAD+ precursors: over 90 patents.
• Recent IP activity includes a U.S. Patent granted in March 2025 covering composition of matter for nicotinamide riboside (NR) salt forms, such as NR Malate and NR Tartrate.
• The IP strategy anticipates protection for NR for at least the next 10 years, combining new grants with existing licenses.

Financial Strength

A strong balance sheet allows ChromaDex Corporation (CDXC) to fund R&D, defend its IP, and scale operations without immediate financing pressure. You need to see the cash runway to understand their operational flexibility.

The company reported a strong cash position, which is a key resource for near-term execution:

Scientific Validation and Human Capital

The credibility of Niagen and the Tru Niagen brand is directly tied to the scientific rigor underpinning it. This is where the human capital-the researchers-becomes a tangible asset.

The clinical validation is substantial, providing the evidence base for marketing claims and physician adoption. The company's flagship ingredient is supported by a growing body of human research:

• Number of published and peer-reviewed human clinical studies supporting Niagen®: 35+.
• The scientific team includes world-renowned researchers contributing to the company's direction.

The Scientific Advisory Board (SAB) is comprised of leading experts. For example, the Chairman, Dr. Roger Kornberg, is a Nobel Prize Winner in Chemistry from 2006 for his work on eukaryotic transcription. Another key member, Dr. Vilhelm Bohr, is noted for having over 590 journal publications in aging and neurodegenerative disease research.

Consumer Brand Equity

The consumer-facing asset is the Tru Niagen brand, which represents the commercial application of the patented ingredient. Brand equity is built on quality perception and market presence.

Tru Niagen has established itself as a leader in the category, which translates directly into customer trust and repeat purchases. As of a recent period ending February 29, 2024, Tru Niagen was recognized as the number one healthy-aging NAD+ supplement in the United States based on revenue from the largest U.S. e-commerce marketplace. This market position is a significant resource, especially as the company projects approximately 18% year-over-year revenue growth for full-year 2025.

ChromaDex Corporation (CDXC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose ChromaDex Corporation (CDXC) over alternatives in the competitive NAD+ space. It's not just about a product; it's about the science backing it up, which translates directly into trust and perceived efficacy.

The primary value proposition is centered on Niagen, the patented ingredient, which is clinically proven to safely increase Nicotinamide Adenine Dinucleotide (NAD+) levels in humans. This is the foundation of everything ChromaDex Corporation (CDXC) offers.

The scientific backing is extensive, positioning the ingredient as the gold standard in scientific rigor, safety, and quality for NAD+ boosters. This isn't just marketing fluff; it's supported by a significant body of independent work.

• Supplementation with Niagen® is backed by over 20 published and peer-reviewed clinical trials.
• Over 65% of registered nicotinamide riboside trials utilize Niagen.
• ChromaDex Corporation (CDXC) maintains over 40 owned and licensed patents protecting its core technology.
• Over 90% of Niagen studies are third-party funded and investigator-initiated, showing independent validation.

For the everyday consumer, the value is delivered through the consumer-friendly dietary supplement, Tru Niagen, for healthy aging. The numbers here show significant traction in the direct-to-consumer market.

Here's the quick math on the consumer side, based on the latest full-year and recent quarterly results:

What this estimate hides is the ongoing investment required to maintain that number one spot, but the growth trajectory is clear. Also, ChromaDex Corporation (CDXC) projects approximately 18% year-over-year revenue growth for the full year 2025.

A major strategic expansion is the offering of pharmaceutical-grade Niagen IV and injections for clinical settings under the Niagen+ line. This moves the ingredient into a higher-margin, prescription-based channel.

The growth in the ingredient business, which includes pharmaceutical-grade sales, has been explosive. For instance, total Niagen® ingredient sales surged 368% to $6.7 million in the third quarter of 2024. This segment is clearly gaining momentum.

• The Niagen+ product line, featuring pharmaceutical-grade Niagen®, was available in over 475 U.S. wellness clinics by the end of 2024.
• By May 2025, the network offering Niagen® IV expanded to almost 600 clinics nationwide.
• The global intravenous hydration therapy market was valued at $2.32 billion globally in 2022, providing a large addressable market for the IV product.

Finally, the value proposition of transparency and trust built on published, peer-reviewed human trials is critical for a science-based company. This builds the moat around the product.

The latest data shows over 35 peer-reviewed clinical studies supporting Niagen. For example, a peer-reviewed study published in July 2024 demonstrated that a single 900 milligram dose of NR (Tru Niagen) increased brain NAD+ levels by about 16% within four hours in healthy adults. That's a concrete, measurable benefit you can point to.

Finance: draft 13-week cash view by Friday.

ChromaDex Corporation (CDXC) - Canvas Business Model: Customer Relationships

You're looking at how Niagen Bioscience, Inc. (formerly ChromaDex Corporation) interacts with its distinct customer groups as of late 2025. It's a multi-pronged approach, balancing high-volume consumer sales with specialized B2B and clinical channels. Honestly, the relationship management shifts significantly depending on who you're talking to.

Automated direct-to-consumer (DTC) subscription model via TruNiagen.com

The core consumer relationship is built on automation and convenience through the TruNiagen.com platform. This is where the bulk of the consumer revenue flows. For the third quarter of 2025, the Tru Niagen revenue grew by a strong 44% year-over-year, hitting $26 million. Within that, the e-commerce revenue alone was $19 million, showing a 29% or $4.3 million increase over the prior year's third quarter. Tru Niagen is positioned as the number one healthy-aging NAD+ supplement in the United States. The goal here is retention through a seamless, automated subscription experience, making sure the customer gets their supply without friction.

Dedicated account management for large B2B ingredient partners

For ingredient partners, the relationship is much more hands-on, involving dedicated account management to handle large-volume supply of Niagen®. This segment supports other manufacturers using the ingredient. In the third quarter of 2025, Niagen ingredient revenue reached $6.9 million, marking a 4% year-over-year increase. This total included $6.4 million in food-grade Niagen sales to key partners. To give you context from the prior full year, ingredient sales reached $19.2 million for all of 2024, which was up 82% from 2023.

Here's a quick look at how the revenue streams break down based on the latest reported quarter:

Prescription-based relationship with U.S. wellness clinics

The clinical channel establishes a prescription-based relationship, primarily through the pharmaceutical-grade Niagen IV and injection offerings, which are distributed via U.S. FDA-registered 503B outsourcing facilities. This segment is growing rapidly. As of the announcement in September 2024, Niagen IV and injections were rolling out to 14 new clinics. By March 2025, the Niagen IV product was available in 500 clinics across the country, with management projecting that number to double by the end of 2025. As of the start of 2025, Niagen Plus products were already available at over 475 leading wellness clinics in the U.S.. This channel requires a high degree of trust and regulatory alignment with the clinics themselves.

High-touch scientific communication with researchers and media

The scientific communication strategy is high-touch because the product's value proposition rests entirely on rigorous science. This relationship management targets credibility building with key opinion leaders, researchers, and the media. The company continues to invest in research and innovation, supporting its claims. The communications engine is designed to amplify awareness of Niagen's 40 peer-reviewed published clinical studies. This scientific backing is critical for maintaining the premium positioning of Niagen as the most efficient, effective, and only legal NAD booster available.

The key touchpoints for this relationship focus include:

• Supporting ongoing research and development projects.
• Amplifying results from new clinical studies.
• Educating healthcare practitioners and consumers on NAD+ science.
• Maintaining transparency regarding safety and quality standards.

Finance: review Q3 2025 marketing spend allocation across DTC vs. clinical channel support by next Tuesday.

ChromaDex Corporation (CDXC) - Canvas Business Model: Channels

You're looking at how ChromaDex Corporation, which officially became Niagen Bioscience, Inc. (NAGE) in March 2025, gets its products to the customer. The channel strategy is clearly multi-pronged, balancing high-margin direct sales with broad market reach via established partners.

Direct-to-Consumer (DTC) e-commerce via TruNiagen.com remains a core focus, driving significant revenue. For the fourth quarter of 2024, this channel saw net sales of $17.3 million, representing robust organic growth of 30% year-over-year. This channel is expected to see continued expansion throughout 2025, supporting the overall projection of approximately 18% year-over-year revenue growth for the full fiscal year 2025. This DTC focus helps capture higher margins directly from the consumer base.

The company maintains a solid foothold in major online marketplaces. While Amazon is noted as historically doing the heavy lifting, the Shopify platform is reportedly starting to pull its weight after an initial underwhelming stretch. The overall e-commerce business, which includes these marketplaces, saw stable sales of $13 million in the second quarter of 2024. The overall strategy anticipates growth through these established partnerships.

International retail distribution is heavily reliant on key partners. The relationship with A.S. Watson Group, which includes Watsons, is a key component of the B2B segment. In the fourth quarter of 2024, combined sales through Watsons and other B2B channels increased by 26% compared to the prior year period. The partnership with iHerb is also critical for global reach, as nearly 90% of iHerb's sales are generated outside the United States, and iHerb serves 10 million active customers across more than 180 countries.

The newer channel involves U.S. wellness clinics and compounding pharmacies for the pharmaceutical-grade Niagen Plus products (IV/injections). This segment is showing rapid adoption. As of May 2025, pharmaceutical-grade Niagen IV was available in almost 600 clinics nationwide. Management expressed an expectation that this number would double by the end of 2025, suggesting this segment is targeted to become a steady source of revenue. This channel also includes the ingredient business, where food-grade and pharmaceutical-grade Niagen ingredient sales reached $5.3 million in Q4 2024, marking a 96% year-over-year increase for that quarter.

Here's a quick look at the performance metrics across the primary sales avenues based on the latest available figures:

The company's overall strategy relies on these distinct pathways to market:

• TruNiagen.com for direct customer relationship and margin capture.
• Amazon, iHerb, Walmart.com for broad online accessibility.
• Watsons and other partners for established international retail presence.
• Wellness Clinics for prescription-based, high-value IV/injection delivery.

The full-year 2024 net sales for ChromaDex Corporation reached $99.6 million, and the projection for 2025 is approximately 18% revenue growth, which depends on the successful execution across all these channels.

Finance: draft 13-week cash view by Friday.

ChromaDex Corporation (CDXC) - Canvas Business Model: Customer Segments

You're looking at the core groups ChromaDex Corporation (now Niagen Bioscience, Inc. as of March 19, 2025) serves to drive its revenue and research pipeline. This isn't just about selling a bottle; it's about supplying a science-backed ingredient across multiple channels.

The customer base is segmented into four distinct, yet interconnected, groups that rely on the company's flagship ingredient, Niagen (patented nicotinamide riboside or NR).

Health-conscious consumers focused on longevity and cellular health.

This segment buys the direct-to-consumer product, Tru Niagen®. This group is targeted as people focused on healthy aging and cellular health, seeking to boost NAD+ levels.

• Tru Niagen® is the number one healthy-aging NAD+ supplement in the United States, based on revenue per the largest U.S. e-commerce marketplace (as of the period ending February 29, 2024).
• For the full year 2024, net sales from Tru Niagen® reached $76.8 million.
• In the fourth quarter of 2024, Tru Niagen® net sales were $22.7 million.

B2B dietary supplement and functional food manufacturers.

These are other companies that purchase pharmaceutical-grade Niagen® as an active ingredient for their own branded products, including supplements and functional foods. This is a key ingredient licensing/supply stream.

The company also supplies pharmaceutical-grade Niagen® to U.S. FDA-registered 503B outsourcing facilities for compounding into injectable/IV products for clinics.

U.S. wellness and anti-aging clinics (over 475 clinics in 2024).

This segment purchases the Niagen Plus product line, which includes Niagen IV and injectables, available exclusively by prescription at participating clinics.

• As of the fiscal year 2024 results announcement (early 2025), Niagen Plus products were available at over 475 leading wellness clinics in the U.S..
• One analysis noted availability in 500 clinics across the country, with management expecting that number to double by the end of 2025.
• This availability was noted to have expanded to over 100 wellness clinics as of October 31, 2024.

Academic and pharmaceutical researchers.

This group engages with ChromaDex Corporation through the ChromaDex External Research Program (CERP™) to advance the science of NAD+.

Here's a look at the scale of the research engagement:

The company is also actively pursuing a pharmaceutical path, having initiated discussions with the FDA regarding an Investigational New Drug (IND) application for nicotinamide riboside (NR) in the treatment of Ataxia Telangiectasia (AT).

ChromaDex Corporation (CDXC) - Canvas Business Model: Cost Structure

You're looking at the expense side of Niagen Bioscience Inc.'s (formerly ChromaDex Corporation) operations as of late 2025. This structure shows where the money is going to support the science, brand, and supply chain for Niagen.

The cost structure is heavily weighted toward commercialization and maintaining scientific leadership. For the third quarter of 2025, total operating expenses increased 21%, or $3.1 million, to $17.7 million, reflecting investments for business growth and brand awareness.

Here is a breakdown of the key cost components for the third quarter of 2025:

• High R&D investment, totaling $1.8 million in Q3 2025.
• Significant selling and marketing expenses for brand expansion.
• General and administrative (G&A) expenses, $7.1 million in Q3 2025.
• Manufacturing and supply chain costs for Niagen production.
• Legal costs for patent defense and enforcement.

The primary operating expenses for the third quarter of 2025 are detailed below. Note that the company's net sales for the period were $34.0 million.

The manufacturing and supply chain costs are managed to drive the gross margin, which reached 64.5% in Q3 2025, up 100 basis points from the prior year period. This efficiency is supported by a U.S.-based supply chain for Niagen ingredient manufacturing by their partner, W.R. Grace.

For G&A, the increase of $0.8 million (or 28%) over the prior year period was primarily driven by higher employee-related expenses and share-based compensation.

The S&M spend is viewed through an efficiency lens; while the absolute spend increased to support brand awareness, it improved to 25.8% of net sales, showing operating leverage.

Finance: draft 13-week cash view by Friday.

ChromaDex Corporation (CDXC) - Canvas Business Model: Revenue Streams

You're looking at the core ways ChromaDex Corporation generates cash as of late 2025. The business model clearly splits revenue between direct-to-consumer sales and business-to-business ingredient licensing and sales.

The largest component is the Tru Niagen consumer product sales. For the third quarter of 2025, this channel brought in $26 million. Honestly, the e-commerce segment within this is anchoring the growth, delivering net sales of $19 million in that same quarter, which was a 29% increase year-over-year. So, direct consumer engagement remains critical.

Next up is the Niagen ingredient sales to B2B partners. This segment generated $6.9 million in Q3 2025. This ingredient revenue is further segmented based on the end-use application, which is important for understanding the quality tiers ChromaDex services.

The third distinct revenue pathway involves Pharmaceutical-grade Niagen sales (IV/injections) to clinics. This is the newer, higher-grade vertical. For the third quarter of 2025, the sales specifically from pharmaceutical-grade Niagen were $0.5 million, which came out of the total ingredient sales. Management has been actively expanding the footprint for these prescription-based offerings, aiming to capitalize on the intravenous hydration therapy market.

Here's a quick math look at the Q3 2025 revenue composition:

The overall top-line expectation for ChromaDex Corporation shows confidence in continued momentum. The full-year 2025 revenue projected to grow approximately 18% year-over-year, building on the strong performance seen in the earlier part of the year. This outlook reflects expected expansion in e-commerce, growth via established partnerships, and increased revenue from that pharmaceutical-grade Niagen ingredient business.

On the bottom line for the quarter, the company achieved a net income of $4.6 million in Q3 2025. That's a significant improvement compared to the net income of $1.9 million reported in the third quarter of 2024. The company ended the quarter with $64.3 million in cash and no debt, which definitely supports their investment strategy.

You should track the clinic count for the IV/injection business; management had previously indicated a goal to double the number of clinics offering Niagen IV by the end of 2025 from the 500 clinics reported in August 2024.

Finance: draft 13-week cash view by Friday.