The ATM program introduces continuous dilution risk and overhang. Monitor the pace of sales and any subsequent disclosures on use of proceeds. The stock may face ongoing pressure as the market absorbs the offering; consider short-term bearish positioning if selling accelerates.
Price Chart
Executive Summary
Niagen Bioscience filed a 424B5 prospectus supplement for an at-the-market offering of up to $50 million in common stock through Canaccord Genuity and Roth Capital Partners. The offering, taken from the $125M shelf filed 14 days ago, will dilute existing shareholders by approximately $2.05 per share based on the assumed $3.37 price, with proceeds earmarked for working capital and general corporate purposes. The ATM program adds overhang and immediate dilution risk, particularly given the company's $278M market cap.
Key Facts
- At-the-market offering of up to $50,000,000 in common stock via Canaccord Genuity and Roth Capital Partners.
- Commission of 3% of gross proceeds; no minimum offering amount.
- Net tangible book value as of March 31, 2026 was $76.8M ($0.97/share); after full $50M at $3.37, as-adjusted book value would be $125.1M ($1.32/share), diluting new investors by $2.05/share.
- Proceeds to be used for working capital and general corporate purposes; no specific allocation disclosed.
- Offering size represents ~18% of the current $278M market cap.
- Offering is part of the $125M shelf registration (S-3) filed on June 27, 2026.
Financial Impact
Up to $50M in gross proceeds, with net proceeds after 3% commission and ~$250K estimated expenses. Dilution of $2.05 per share for new investors at the assumed $3.37 price, increasing share count by up to ~14.9M shares (18.7% of outstanding).
Risk Factors
- Management has broad discretion over proceeds, potentially funding value-destructive initiatives.
- Continuous ATM sales could depress the stock price, especially if the company accelerates sales in a weak market.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001213900-26-077234 |
| Document: 0001213900-26-077234-index-headers.html | 0001213900-26-077234 |
| Document: 0001213900-26-077234-index.html | 0001213900-26-077234 |
| Document: 0001213900-26-077234.txt | 0001213900-26-077234 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 10, 2026 15w ago | 424B5 | $3.47 $2.69 | ▲ +22.48% | ▲ +26.47% | $2.50 (+27.95%) |
Jul 10, 2026 15w ago | EFFECT | $3.39 $2.68 | ▲ +20.94% | ▲ +23.58% | $2.50 (+26.25%) |
Jun 26, 2026 17w ago | S-3 | $3.30 $3.09 | ▲ +6.36% | ▲ +10.75% | $2.50 (+24.24%) |
May 6, 2026 24w ago | 8-K | $4.19 $3.53 | ▼ −15.75% | ▼ −19.58% | $2.50 (−40.33%) |
Mar 4, 2026 33w ago | 8-K | $5.10 $3.61 | ▼ −29.22% | ▼ −40.52% | $2.50 (−50.98%) |
Feb 26, 2026 34w ago | 8-K | $5.18 $3.79 | ▼ −26.83% | ▼ −34.58% | $2.50 (−51.74%) |
US Market Status
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