Monitor daily NAGE trading volume and ATM sales disclosures in subsequent 10-Q filings; any material insider selling or sales agent updates would confirm active drawdown. The broad shelf also enables debt or hybrid issuance — watch for prospectus supplements detailing specific terms.
Price Chart
Executive Summary
Niagen Bioscience filed a universal shelf registration statement (S-3) to offer up to $125M in securities (common stock, debt, warrants, units), including an immediate $50M ATM program through Canaccord Genuity and Roth Capital Partners. The filing, combined with the company's disclosed net tangible book value of ~$76.8M and its history of negative net income (implied by accumulated deficit context), signals potential significant dilution — up to ~64% of current market cap if fully drawn — with management retaining broad discretion over proceeds.
Key Financial Metrics
Key Facts
- Up to $125M universal shelf registration filed; includes immediate $50M ATM via Canaccord Genuity and Roth Capital Partners.
- On June 24, 2026, the last reported sale price of NAGE common stock was $3.45 per share.
- As of March 31, 2026, the company had net tangible book value of ~$76.8M ($0.97 per share) and 79,624,227 shares outstanding.
- Assumed full $50M ATM draw at $3.45/sh would add ~14.5M shares (~18% dilution from current base); issuance at lower prices would increase dilution.
- Proceeds use: working capital and general corporate purposes — no specific capital need or deployment plan disclosed.
- Management has broad discretion; use of proceeds is not tied to any specific acquisition or operational milestone.
- Cross-filing context includes a recent 10-Q (May 2026) that provides financial position details but does not alter the dilution impact assessment.
Financial Impact
Potential dilution of up to ~18% from the $50M ATM assuming sale at $3.45/sh; full $125M shelf draw could dilute by ~45% or more depending on pricing.
Risk Factors
- Substantial dilution risk from ATM sales, particularly if conducted at depressed prices.
- No specific capital need disclosed — raises concerns about management's capital allocation discipline.
- Broader shelf allows for debt securities that could add leverage and interest burden.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-3 Filing (Primary) | 0001213900-26-072796 |
| Document: ea029479701ex4-4.htm | 0001213900-26-072796 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 10, 2026 15w ago | 424B5 | $3.47 $2.69 | ▲ +22.48% | ▲ +26.47% | $2.44 (+29.68%) |
Jul 10, 2026 15w ago | EFFECT | $3.39 $2.68 | ▲ +20.94% | ▲ +23.58% | $2.44 (+28.02%) |
Jun 26, 2026 17w ago | S-3 | $3.30 $3.09 | ▲ +6.36% | ▲ +10.75% | $2.44 (+26.06%) |
May 6, 2026 24w ago | 8-K | $4.19 $3.53 | ▼ −15.75% | ▼ −19.58% | $2.44 (−41.77%) |
Mar 4, 2026 33w ago | 8-K | $5.10 $3.61 | ▼ −29.22% | ▼ −40.52% | $2.44 (−52.16%) |
Feb 26, 2026 34w ago | 8-K | $5.18 $3.79 | ▼ −26.83% | ▼ −34.58% | $2.44 (−52.90%) |
US Market Status
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