ChromaDex Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ChromaDex Corp. has submitted its annual 10-K filing for fiscal year 2023, detailing financial performance and business operations.</b>

AI Summary

ChromaDex Corp. (NAGE) filed a Annual Report (10-K) with the SEC on March 6, 2024. ChromaDex Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in Los Angeles, California. The filing covers the period from January 1, 2023, to December 31, 2023. Key segments include Consumer Products, Ingredients, and Analytical Reference Standards & Services. The report details financial data for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking ChromaDex Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of ChromaDex's financial health and strategic direction for the past fiscal year, crucial for investors assessing the company's performance. Understanding the breakdown of revenue by segment and key financial metrics will help stakeholders evaluate the company's growth trajectory and operational efficiency.

Risk Assessment

Risk Level: medium — ChromaDex Corp. shows moderate risk based on this filing. The company operates in the 'Medicinal Chemicals & Botanical Products' sector, which can be subject to regulatory scrutiny and market volatility, as indicated by its SIC code.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand ChromaDex's performance and potential challenges in the upcoming fiscal year.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2024-03-06 — Filing Date (Date the report was filed)
• 2023-01-01 — Reporting Period Start (Start date of the fiscal year)
• 2022-12-31 — Prior Year End (End date of the previous fiscal year)

Key Players & Entities

• ChromaDex Corp. (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240306 (date) — Filing date
• Los Angeles (location) — Business address city
• DE (location) — State of incorporation
• 2833 (industry) — Standard Industrial Classification
• 0001386570 (company) — Central Index Key
• USD (currency) — Currency used in filing

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-06: Filing Date — Date ChromaDex Corp. officially submitted its 10-K filing.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share CDXC The Nasdaq Cap
• $5.6 — lness industry market was approximately $5.6 trillion in 2022, nearly 14% higher tha
• $1,089 b — are and beauty market was approximately $1,089 billion, healthy eating, nutrition and we
• $1,079 billion — ition and weight loss was approximately $1,079 billion and traditional and complementary medic
• $519 billion — ntary medicine market was approximately $519 billion. The Global Wellness Institute projects
• $164 billion — upplements market size was estimated at $164 billion in 2022, and is expected to grow at a c
• $83.6 million — 2022, our net sales were approximately $83.6 million and $72.1 million, respectively. The fo
• $72.1 m — es were approximately $83.6 million and $72.1 million, respectively. The following tabl
• $26.4 million — ber 31, 2023 and 2022 was approximately $26.4 million and $28.3 million, respectively. Resea
• $28.3 m — 022 was approximately $26.4 million and $28.3 million, respectively. Research and Deve

Filing Documents

• cdxc-20231231.htm (10-K) — 1768KB
• ex1024-10900wilshirechroma.htm (EX-10.24) — 41KB
• ex1060-amendedincentivecom.htm (EX-10.60) — 27KB
• cdxcq42023ex211subsidiaries.htm (EX-21.1) — 13KB
• cdxcq4202310kex231consent.htm (EX-23.1) — 3KB
• cdxcq4202310kexhibit311.htm (EX-31.1) — 11KB
• cdxcq4202310kexhibit312.htm (EX-31.2) — 11KB
• cdxcq4202310kexhibit321.htm (EX-32.1) — 6KB
• ex971-doddxfrankclawbackpo.htm (EX-97.1) — 45KB
• cdxc-20231231_g1.jpg (GRAPHIC) — 26KB
• cdxc-20231231_g2.jpg (GRAPHIC) — 36KB
• cdxc-20231231_g3.jpg (GRAPHIC) — 48KB
• cdxc-20231231_g4.jpg (GRAPHIC) — 34KB
• image_01.jpg (GRAPHIC) — 5KB
• image_0a.jpg (GRAPHIC) — 1KB
• image_1a.jpg (GRAPHIC) — 1KB
• image_2a.jpg (GRAPHIC) — 1KB
• image_3a.jpg (GRAPHIC) — 1KB
• storagespaceimage.jpg (GRAPHIC) — 54KB
• 0001628280-24-009380.txt (&nbsp;) — 9275KB
• cdxc-20231231.xsd (EX-101.SCH) — 65KB
• cdxc-20231231_cal.xml (EX-101.CAL) — 79KB
• cdxc-20231231_def.xml (EX-101.DEF) — 318KB
• cdxc-20231231_lab.xml (EX-101.LAB) — 728KB
• cdxc-20231231_pre.xml (EX-101.PRE) — 519KB
• cdxc-20231231_htm.xml (XML) — 1238KB

Business

Business 2 ITEM 1A.

Risk Factors

Risk Factors 13 ITEM 1B. Unresolved Staff Comments 34 ITEM 1C. Cybersecurity 34 ITEM 2.

Properties

Properties 35 ITEM 3.

Legal Proceedings

Legal Proceedings 36 ITEM 4. Mine Safety Disclosures 36 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 ITEM 6. Reserved 36 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 81 ITEM 9A.

Controls and Procedures

Controls and Procedures 81 ITEM 9B. Other Information 82 ITEM 9C. Disclosures regarding Foreign Jurisdictions that Prevent Inspections 82 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 82 ITEM 11.

Executive Compensation

Executive Compensation 83 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 83 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 83 ITEM 14. Principal Accounting Fees and Services 83 PART IV ITEM 15. Exhibits, Financial Statement Schedules 84 ITEM 16. Form 10-K Summary 88

Signatures

Signatures 89 Table of Contents PART I Cautionary Notice Regarding Forward-Looking Statements This Annual Report on Form 10-K (Form 10-K) contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended, (Exchange Act) which are subject to the safe harbor created by those sections. We may, in some cases, use words such as "expects," "anticipates," "intends" "estimates," "plans," "potential," "possible," "probable," "believes" "seeks," "may," "will," "should," "could," "predicts," "projects," "continue," "would" or the negative of these terms, and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Such statements, include, but are not limited to, statements contained in this Form 10-K relating to our business, business strategy, products and services we may offer in the future, the outcome and impact of litigation, the timing and results of future regulatory filings, the timing and results of future clinical trials, our ability to collect from major customers, sales and marketing strategy and capital outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statement of historical f

Business

Item 1. Business Unless otherwise indicated or the context otherwise requires, references to the Company, ChromaDex, we, us and our refer to ChromaDex Corporation and its consolidated subsidiaries. Company Background On May 21, 2008, Cody Resources, Inc., a Nevada corporation and a public company, (Cody) entered into an Agreement and Plan of Merger (Merger Agreement), by and among Cody, CDI Acquisition, Inc., a California corporation and wholly-owned subsidiary of Cody (Acquisition Sub), and ChromaDex, Inc. (Merger). Subsequent to the signing of the Merger Agreement, Cody merged with and into a Delaware corporation. On June 20, 2008, Cody amended its articles of incorporation to change its name to ChromaDex Corporation. ChromaDex Corporation was traded on the over-the-counter market under the symbol "CDXC." On April 25, 2016, ChromaDex Corporation became listed on the Nasdaq Capital Market under the symbol "CDXC." ChromaDex, Inc., a wholly owned subsidiary of ChromaDex Corporation, was originally formed as a California corporation on February 19, 2000. On March 12, 2017, ChromaDex Corporation acquired Healthspan Research LLC, a consumer product company offering Tru Niagen branded products. This marked the strategic shift to become a global bioscience company dedicated to healthy aging. On January 15, 2021, Healthspan Research LLC was dissolved. Prior to its dissolution, Healthspan Research, LLC contributed its assets and liabilities to ChromaDex, Inc. Company Overview ChromaDex is a global bioscience company dedicated to healthy aging. Our team, which includes world-renowned scientists, is pioneering research on nicotinamide adenine dinucleotide (NAD+), an essential coenzyme that is a key regulator of cellular metabolism and is found in every cell of the human body. NAD+ levels in humans have been shown to decline by up to 65% between ages 30 and 70. In addition to age, other factors linked to NAD+ depletion include poor diet, excess alcohol consumption and

View Full Filing

View this 10-K filing on SEC EDGAR