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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
Commission File Number: 001-37752
cdcx-20220630_g1.jpg
CHROMADEX CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware26-2940963
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
10900 Wilshire Blvd. Suite 600, Los Angeles, California
90024
(Address of Principal Executive Offices)(Zip Code)
Registrant's telephone number, including area code: (310) 388-6706
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of Each exchange on which registered
Common Stock, $0.001 par value per shareCDXC
The Nasdaq Capital Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YesNo
Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer, non-accelerated filer, smaller reporting company or emerging growth company. See definition of “large accelerated filer, accelerated filer, smaller reporting company and emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.YesNo
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YesNo

As of August 8, 2022 there were 68,342,800 shares of the registrant’s common stock issued and outstanding.


CHROMADEX CORPORATION
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
Pg.

2


PART I
Item 1.    FINANCIAL STATEMENTS (unaudited)
ChromaDex Corporation and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(In thousands except par values, unless otherwise indicated)

Jun 30, 2022Dec 31, 2021
Assets
Current assets 
Cash and cash equivalents, including restricted cash of $0.2 million as of both dates
$17,072 $28,219 
Trade receivables, net of allowances of $54 and $65, respectively; Including receivables from Related Party of: $1.3 million and $2.1 million, respectively
4,228 5,226 
Inventories15,753 13,601 
Prepaid expenses and other assets1,455 1,859 
Total current assets38,508 48,905 
Leasehold improvements and equipment, net2,899 3,003 
Intangible assets, net758 857 
Right-of-use assets3,884 4,352 
Other long-term assets564 723 
Total assets$46,613 $57,840 
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable$10,197 $10,423 
Accrued expenses6,696 6,481 
Current maturities of operating lease obligations646 528 
Current maturities of finance lease obligations13 20 
Customer deposits173 161 
Total current liabilities17,725 17,613 
Deferred revenue4,228 4,346 
Operating lease obligations, less current maturities3,882 4,154 
Total liabilities25,835 26,113 
Commitments and Contingencies (Note 10)
Stockholders' Equity
Common stock, $0.001 par value; authorized 150,000 shares; 68,155 shares and 68,126 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
68 68 
Additional paid-in capital203,798 200,614 
Accumulated deficit(183,090)(168,953)
Cumulative translation adjustments2 (2)
Total stockholders' equity20,778 31,727 
Total liabilities and stockholders' equity$46,613 $57,840 
See accompanying notes to condensed consolidated financial statements.
3


ChromaDex Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Sales, net$16,732 $17,699 $33,991 $32,382 
Cost of sales6,690 6,889 13,417 12,338 
Gross profit10,042 10,810 20,574 20,044 
Operating expenses:
Sales and marketing8,021 6,232 16,258 12,490 
Research and development1,245 1,004 2,323 1,791 
General and administrative7,163 9,128 16,112 18,679 
Total operating expenses16,429 16,364 34,693 32,960 
Operating loss(6,387)(5,554)(14,119)(12,916)
Interest expense, net(10)(12)(18)(31)
Net loss$(6,397)$(5,566)$(14,137)$(12,947)
Basic and diluted loss per common share$(0.09)$(0.08)$(0.21)$(0.20)
Basic and diluted weighted average common shares outstanding68,336 67,986 68,325 66,086 
See accompanying notes to condensed consolidated financial statements.
4


ChromaDex Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Stockholders' Equity
(In thousands, unless otherwise indicated)

Three Months Ended June 30, 2022
Common StockAdditional Paid-in CapitalAccumulated DeficitCumulative Translation AdjustmentsTotal Stockholders' Equity
SharesAmount
Balance, April 1, 202268,149 $68 $202,502 $(176,693)$ $25,877 
Issuance of restricted stock 6 — — — 
Share-based compensation— — 1,296 — — 1,296 
Translation adjustment — — — — 2 2 
Net loss— — — (6,397)— (6,397)
Balance, June 30, 202268,155 $68 $203,798 $(183,090)$2 $20,778 

Six Months Ended June 30, 2022
Common StockAdditional
Paid-in Capital
Accumulated
 Deficit
Cumulative
Translation
 Adjustments
Total
Stockholders'
 Equity
SharesAmount
Balance, January 1, 202268,126 $68 $200,614 $(168,953)$(2)$31,727 
Issuance of restricted stock29 — — — 
Share-based compensation— — 3,184 — — 3,184 
Translation adjustment— — — — 4 4 
Net loss— — — (14,137)— (14,137)
Balance, June 30, 202268,155 $68 $203,798 $(183,090)$2 $20,778 
See accompanying notes to condensed consolidated financial statements.
5


ChromaDex Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Stockholders' Equity - Continued
(In thousands, unless otherwise indicated)

Three Months Ended June 30, 2021
Common StockAdditional Paid-in CapitalAccumulated DeficitCumulative Translation AdjustmentsTotal Stockholders' Equity
SharesAmount
Balance, April 1, 202167,702 $68 $192,972 $(149,206)$(2)$43,832 
Issuance of common stock, net of offering costs of $0.3 million
213 — 1,869 1,869 
Issuance of common stock resulting from the exercise of stock options94 — 391 — — 391 
Share-based compensation— — 1,616 — — 1,616 
Net loss— — — (5,566)— (5,566)
Balance, June 30, 202168,009 $68 $196,848 $(154,772)$(2)$42,142 

Six Months Ended June 30, 2021
Common StockAdditional
Paid-in Capital
Accumulated DeficitCumulative Translation AdjustmentsTotal Stockholders' Equity
SharesAmount
Balance, January 1, 202161,881 $62 $158,190 $(141,825)$(3)$16,424 
Issuance of common stock, net of offering costs of $0.4 million
4,059 4 26,736 26,740 
Issuance of common stock resulting from the exercise of stock options2,069 2 9,022 — — 9,024 
Share-based compensation— — 2,900 — — 2,900 
Translation adjustment— — — — 1 1 
Net loss— — — (12,947)(12,947)
Balance, June 30, 202168,009 $68 $196,848 $(154,772)$(2)$42,142 
See accompanying notes to condensed consolidated financial statements.
6


ChromaDex Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands, unless otherwise indicated)
Six Months Ended June 30,
20222021
Cash Flows From Operating Activities
Net loss$(14,137)$(12,947)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of leasehold improvements and equipment413 447 
Amortization of intangibles99 121 
Amortization of right of use assets468 254 
Share-based compensation expense3,184 2,900 
Loss on disposal of leasehold improvements and equipment5  
Provision for doubtful trade receivables 22 26 
Non-cash financing costs34 57 
Changes in operating assets and liabilities:
Trade receivables976 (3,331)
Inventories(2,152)(500)
Implementation costs for cloud computing arrangement(204)(79)
Prepaid expenses and other assets529 171 
Accounts payable(226)525 
Accrued expenses215 (564)
Deferred revenue (118) 
Customer deposits and other16 (68)
Operating lease liabilities (154)(312)
Net cash used in operating activities(11,030)(13,300)
Cash Flows From Investing Activities
Purchases of leasehold improvements and equipment(110)(311)
Net cash used in investing activities(110)(311)
Cash Flows From Financing Activities
Proceeds from issuance of common stock, net 26,740 
Proceeds from exercise of stock options 9,024 
Payment of debt issuance costs (47)
Principal payments on finance leases(7)(25)
Net cash (used in) provided by financing activities(7)35,692 
Net (decrease) increase in cash and cash equivalents (11,147)22,081 
Cash and cash equivalents, including restricted cash of $0.2 million for both periods - beginning of period
28,219 16,697 
Cash and cash equivalents, including restricted cash of $0.2 million for both periods - end of period
$17,072 $38,778 
Supplemental Disclosures of Cash Flow Information
Cash payments for interest on finance leases$ $1 
Cash payments for principal on operating lease liabilities $204 $312 
Supplemental Schedule of Noncash Operating Activity
Right-of-use assets and operating lease obligations incurred for entering into lease amendment $ $2,209 
See accompanying notes to condensed consolidated financial statements.
7


Note 1. Nature of Business
ChromaDex Corporation and its wholly owned subsidiaries, ChromaDex, Inc., ChromaDex Analytics, Inc., ChromaDex Asia Limited, ChromaDex Europa B.V. and ChromaDex Sağlik Ürünleri Anonim Şirketi (collectively, “ChromaDex” or the “Company”) is a global bioscience company dedicated to healthy aging. The ChromaDex 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 with age, among other factors, and may be increased through supplementation with NAD+ precursors.
ChromaDex is the innovator behind the NAD+ precursor nicotinamide riboside (NR), commercialized as the flagship ingredient Niagen®. Nicotinamide riboside and other NAD+ precursors are protected by ChromaDex’s patent and/or licensed rights portfolio. The Company delivers Niagen® as the sole active ingredient in its consumer product Tru Niagen®. The Company further develops and commercializes proprietary-based ingredient technologies and supplies these ingredients as raw materials to the manufacturers of consumer products. The Company also offers natural product fine chemicals, known as phytochemicals, and related research and development services.

Note 2. Basis of Presentation and Significant Accounting Policies
Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the interim condensed consolidated financial statements include all adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial condition, results of operations and cash flows for such periods. Results of operations for any interim period are not necessarily indicative of results for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2021 Annual Report on Form 10-K filed with the SEC.
Basis of Consolidation: The accompanying unaudited condensed financial statements and notes thereto have been prepared on a consolidated basis and reflect the consolidated financial position of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated from these financial statements.

Significant Accounting Policies: There have been no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2022, that have had a material impact on the Company’s condensed financial statements and related notes.

Recent Accounting Pronouncements: In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard’s main goal is to improve financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets in scope. The new guidance represents significant changes to accounting for credit losses: (i) full lifetime expected credit losses will be recognized upon initial recognition of an asset in scope; (ii) the current incurred loss impairment model that recognizes losses when a probable threshold is met will be replaced with the expected credit loss impairment method without recognition threshold; and (iii) the expected credit losses estimate will be based upon historical information, current conditions, and reasonable and supportable forecasts. ASU 2016-13 introduces two distinctive credit loss impairment models: (i) current expected credit loss impairment model (Subtopic 326-20) applicable to financial assets measured at amortized cost; and (ii) available-for-sale debt securities impairment model (Subtopic 326-30). ASU 2016-13 is effective for public entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Public entities that qualify as a smaller reporting company can elect to defer compliance effective for fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial statements.
8


Note 3. Liquidity 

Evaluation of Ability to Maintain Current Level of Operations

In connection with the preparation of these condensed consolidated financial statements for the six months ended June 30, 2022, management evaluated whether there were conditions and events, considered in the aggregate, that raised substantial doubt about the Company’s ability to meet its obligations as they became due over the next twelve months from the date of issuance of the Company’s second quarter of 2022 interim condensed consolidated financial statements. Management assessed that there were such conditions and events, including a history of recurring operating losses, negative cash flows from operating activities, the continued impact of the COVID-19 pandemic and inflationary pressures. For the six months ended June 30, 2022, the Company incurred a net loss of $14.1 million and used net cash in operating activities of $11.0 million. As of June 30, 2022, the Company had unrestricted cash and cash equivalents of $16.9 million which consists of bank deposits or highly liquid investment-grade debt instruments with an original maturity of three months or less. The fair value of the Company’s cash and cash equivalents is derived using Level 1 inputs.

Management evaluated these conditions and anticipates that its current unrestricted cash and cash equivalents and cash to be generated from net sales will be sufficient to meet its financial obligations as they become due over at least the next twelve months from the issuance date of these financial statements. Management’s assessment additionally includes plans to minimize expenses and reduce the cash burn rate for the second half of fiscal year 2022. The Company may, however, seek additional capital within the next twelve months, both to fund its projected operating plans after the next twelve months and/or to fund the Company’s longer-term strategic objectives.
The Company has an available line of credit with Western Alliance Bank for up to $10.0 million, subject to certain terms and conditions which currently allow for $3.8 million of borrowing. There are no outstanding borrowings as of June 30, 2022. In June 2020, the Company filed a $125 million registration statement on Form S-3 with the SEC, utilizing a “shelf” registration process. Under this shelf registration process, the Company may sell securities from time to time, including up to $50 million pursuant to the At Market Issuance Sales Agreement, dated as of June 12, 2020, with B. Riley FBR, Inc. and Raymond James & Associates, Inc. (ATM Facility). As of June 30, 2022, approximately $47.8 million remains available under the ATM Facility. The Company’s potential use of the ATM facility is subject to the satisfaction of various conditions in the ATM Facility agreement as well market conditions. As a result, the Company’s ability to rely on the ATM Facility to raise liquidity is limited to a material extent.

Note 4. Earnings Per Share Applicable to Common Stockholders
The following table sets forth the computations of earnings per share amounts applicable to common stockholders for the three and six months ended June 30, 2022 and 2021:
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share data)2022202120222021
Net loss$(6,397)$(5,566)$(14,137)$(12,947)
Basic and diluted loss per common share$(0.09)$(0.08)$(0.21)$(0.20)
Basic and diluted weighted average common shares outstanding (1):68,336 67,986 68,325 66,086 
Potentially dilutive securities (2):
Stock options11,907 10,535 11,907 10,535 
Restricted stock units593 92 593 92 
(1) Includes approximately 0.2 million nonvested shares of restricted stock for the three and six months ended June 30, 2021 which are participating securities that feature voting and dividend rights.
(2) Excluded from the computation of loss per share as their impact is antidilutive.

9


Note 5. Business Segments
The Company has the following three reportable segments:
Consumer Products segment: provides finished dietary supplement products that contain the Company's proprietary ingredients directly to consumers as well as to distributors;
Ingredients segment: develops and commercializes proprietary-based ingredient technologies and supplies these ingredients as raw materials to the manufacturers of consumer products; and,
Analytical Reference Standards and Services segment: offers the supply of phytochemical reference standards and other research and development services.
The Company’s reportable segments are significant operating segments that offer differentiated services. This structure reflects the Company’s current operational and financial management and provides the best structure to maximize the Company's objectives and investment strategy, while maintaining financial discipline. The Company's Chief Executive Officer, who is its chief operating decision maker (CODM), reviews financial information for each operating segment to evaluate performance and allocate resources. The Company evaluates performance and allocates resources based on reviewing gross margin by reportable segment. The Company's CODM does not review assets by segment in his evaluation and therefore assets by segment are not disclosed below. There are no intersegment sales that require elimination. The “Corporate and other” classification includes corporate items not allocated by the Company to each reportable segment.

The following tables set forth financial information by segment:
Three months ended June 30, 2022Consumer Products segmentIngredients segmentAnalytical Reference Standards and Services segmentCorporate and otherTotal
(In thousands)
Net sales$14,520 $1,464 $748 $ $16,732 
Cost of sales5,218 681 791  6,690 
Gross profit (loss) 9,302 783 (43) 10,042 
Operating expenses:
Sales and marketing7,864  157  8,021 
Research and development1,113 132   1,245 
General and administrative   7,163 7,163 
Operating expenses8,977 132 157 7,163 16,429 
Operating income (loss)$325 $651 $(200)$(7,163)$(6,387)
Six Months Ended June 30, 2022Consumer Products segmentIngredients segmentAnalytical Reference Standards and Services segmentCorporate and otherTotal
(In thousands)
Net sales$29,457 $2,891 $1,643 $ $33,991 
Cost of sales10,470 1,403 1,544  13,417 
Gross profit18,987 1,488 99  20,574 
Operating expenses:
Sales and marketing15,938 24 296  16,258 
Research and development2,115 208   2,323 
General and administrative   16,112 16,112 
Operating expenses18,053 232 296 16,112 34,693 
Operating income (loss)$934 $1,256 $(197)$(16,112)$(14,119)

10


Three months ended June 30, 2021Consumer Products segmentIngredients segmentAnalytical Reference Standards and Services segmentCorporate and otherTotal
(In thousands)
Net sales$15,396 $1,504 $799 $ $17,699 
Cost of sales5,547 675 667  6,889 
Gross profit9,849 829 132  10,810 
Operating expenses:
Sales and marketing6,190 1 41  6,232 
Research and development926 78   1,004 
General and administrative   9,128 9,128 
Operating expenses7,116 79 41 9,128 16,364 
Operating income (loss)$2,733 $750 $91 $(9,128)$(5,554)
Six Months Ended June 30, 2021Consumer Products segmentIngredients segmentAnalytical Reference Standards and Services segmentCorporate and otherTotal
(In thousands)
Net sales$27,833 $2,819 $1,730 $ $32,382 
Cost of sales9,750 1,238 1,350  12,338 
Gross profit18,083 1,581 380  20,044 
Operating expenses:
Sales and marketing12,301 11 178  12,490 
Research and development1,644 147   1,791 
General and administrative   18,679 18,679 
Operating expenses13,945 158 178 18,679 32,960 
Operating income (loss)$4,138 $1,423 $202 $(18,679)$(12,916)
Disaggregation of Revenue
The Company disaggregates its revenue from contracts with customers by type of goods or services for each of its segments, as the Company believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Disaggregated revenues are as follows:
Three Months Ended June 30, 2022Consumer Products SegmentIngredients SegmentAnalytical Reference Standards and Services SegmentTotal
(In thousands)
Tru Niagen®, Consumer Product$14,520 $ $ $14,520 
Niagen® Ingredient
 1,454  1,454 
Subtotal Niagen® Related$14,520 $1,454 $ $15,974 
Other Ingredients 10  10 
Reference Standards  704 704 
Consulting and Other  44 44 
Subtotal Other Goods and Services$ $10 $748 $758 
Total Net Sales$14,520 $1,464 $748 $16,732 
11


Six Months Ended June 30, 2022Consumer Products SegmentIngredients SegmentAnalytical Reference Standards and Services SegmentTotal
(In thousands)
Tru Niagen®, Consumer Product$29,457 $ $ $29,457 
Niagen® Ingredient
 2,585  2,585 
Subtotal Niagen® Related$29,457 $2,585 $ $32,042 
Other Ingredients 306  306 
Reference Standards  1,587 1,587 
Consulting and Other  56 56 
Subtotal Other Goods and Services$ $306 $1,643 $1,949 
Total Net Sales$29,457 $2,891 $1,643 $33,991 
Three Months Ended June 30, 2021Consumer Products SegmentIngredients SegmentAnalytical Reference Standards and Services SegmentTotal
(In thousands)
Tru Niagen®, Consumer Product$15,396 $ $ $15,396 
Niagen® Ingredient
 1,281  1,281 
Subtotal Niagen® Related$15,396 $1,281 $ $16,677 
Other Ingredients 223  223 
Reference Standards  695 695 
Consulting and Other  104 104 
Subtotal Other Goods and Services$ $223 $799 $1,022 
Total Net Sales$15,396 $1,504 $799 $17,699 
Six Months Ended June 30, 2021Consumer Products SegmentIngredients SegmentAnalytical Reference Standards and Services SegmentTotal
(In thousands)
Tru Niagen®, Consumer Product$27,833 $ $ $27,833 
Niagen® Ingredient
 2,484  2,484 
Subtotal Niagen® Related$27,833 $2,484 $ $30,317 
Other Ingredients 335  335 
Reference Standards  1,495 1,495 
Consulting and Other  235 235 
Subtotal Other Goods and Services$ $335 $1,730 $2,065 
Total Net Sales$27,833 $2,819 $1,730 $32,382 
12


Disclosure of Major Customers
Major customers are defined as customers whose sales or trade receivables individually consist of more than ten percent of total sales or total trade receivables, respectively. Percentage of net sales from major customers of the Company’s consumer products segment for the periods indicated were as follows:
Three Months Ended June 30,Six Months Ended June 30,
Major Customers2022202120222021
A.S. Watson Group - Related Party*16.5 %12.0 %13.8 %
* Represents less than 10%

The percentage of the amounts due from major customers to total trade receivables, net for the periods indicated were as follows:
Major CustomersAt Jun 30, 2022At Dec 31, 2021
A.S. Watson Group - Related Party34.2 %39.6 %
Life Extension14.1 %22.1 %
Amazon Marketplaces13.7 %*
Matakana Health11.5 %*
Persona
*10.3 %
* Represents less than 10%

Note 6. Related Party Transactions
The Company has two related parties, A.S. Watson Group and Horizon Ventures, through common ownership of an enterprise that beneficially owns more than 10% of the common stock of the Company. The sale of consumer products and corresponding trade receivables to related parties during the periods indicated are as follows:
Net Sales
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
A.S. Watson Group - Related Party $1.5  million$2.9  million$4.1  million$4.5  million
Total Related Party Net Sales$1.5  million$2.9  million$4.1  million