Ladies and gentlemen, thank you for standing by, and welcome to ChromaDex Corporation's First Quarter 2020 Earnings Conference Call. My name is Julia and I’ll be the conference operator today. At this time, all participants are in a listen-only mode. As a reminder, this conference call is being recorded. This afternoon, ChromaDex issued a news release announcing the Company’s financial results for the first quarter 2020. If you have not reviewed this information, both are available within the Investor Relations sections of ChromaDex’s website at www.chromadex.com. I would now like to turn the conference call over to Brianna Gerber, Vice President of FP&A and Investor Relations. Please go ahead, Ms. Gerber.

Thank you. Good afternoon, and welcome to ChromaDex Corporation's first quarter 2020 results investor call. With us today are ChromaDex's Chief Executive Officer, Rob Fried; Founder and Executive Chairman, Frank Jaksch; and Chief Financial Officer, Kevin Farr. Today's conference call may include forward-looking statements, including statements related to ChromaDex's research and development, and clinical trial plans, and the timing and results of such trials, the timing of future regulatory filings, the expansion of the sale of Tru Niagen in new markets, future financial results, business development opportunities, future cash needs, ChromaDex's operating performance in the future, and future investor interest that are subject to risks and uncertainties relating to ChromaDex's future business prospects and opportunities as well as anticipated results of operations. Forward-looking statements represent only the Company's estimates on the date of this conference call, and are not intended to give any assurance as to actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause ChromaDex's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These risks factors include those contained in ChromaDex's quarterly reports on Form 10-Q, most recently filed with the SEC. Please note that the Company assumes no obligation to update any forward-looking statements after the date of this conference call to conform with the forward-looking statements, actual results or to changes in its expectations. In addition, certain of the financial information presented in this call references non-GAAP financial measures. The Company's earnings presentation and earnings press release, which were issued this afternoon and are available on the Company's website, present reconciliations to the appropriate GAAP measures. Finally, this conference call is being recorded via webcast. The webcast will be available at the Investor Relation section of our website at www.chromadex.com. With that, it's now my pleasure to turn the call over to our Chief Executive Officer, Rob Fried. Rob?

Thank you, Brianna. Good afternoon, everyone, and thank you for joining our first quarter 2020 investor call. I hope everyone listening is navigating well these troubling times. ChromaDex had another strong quarter with total net sales of $14.3 million. Overall sales increased 10% sequentially and 43% year-over-year. Tru Niagen net sales were $11.1 million, a 10% increase sequentially and a 50% increase year-over-year. Sales of Watsons were down slightly compared to the prior quarter due to the impact of the coronavirus and the protests on retail traffic in Hong Kong stores. Importantly, our efforts in reducing costs continued to show positive results as adjusted EBITDA excluding total legal costs was a net loss of $316,000. ChromaDex reacted swiftly when the coronavirus hit. We already understood that there is an impact on NAD when viruses are present. We immediately initiated preclinical research in the area in the first quarter led by our chief scientific advisor Dr. Charles Brenner. And as you may have noticed, after Brenner published promising results in the initial preclinical study last month, further research is required and further research is underway. Additionally, we adjusted our marketing messaging in the first quarter to include the impact that lifestyle viral and age-related stressors have on our NAD levels and our cellular health. This in addition to be existing messages of cellular energy, cellular repair, and aging. And finally we stepped up our ongoing efforts to streamline costs. With regard to the overall outlook for the year it is still not clear if COVID-19 will be positive or negative for our business. We are currently expecting a reduction in our top line growth, but improvement in the bottom line results relative to the outlook presented last quarter. This includes some recent changes to our organization as well as some ongoing…

Thank you, Rob. As Rob stated, one of our core objectives is to own the science. We are committed to remaining a global scientific authority on NR and NAD research as well as setting the standard for excellence in the industry with our commitment to science, safety, and quality. Since our last call, publication of research on NR and NAD has continued to accelerate with the publication of the ninth human trial in multiple preclinical studies. As Rob mentioned earlier, Dr. Brenner and scientists from the University of Iowa, Oregon Health and Science University, and the University of Kansas recently published preliminary preclinical research on the potential impact coronavirus has on NAD levels in cell, animal and human tissue. The findings were published on BioRxiv, a preprint server. The research has characterized the key steps in what happens in a coronavirus infected cell and the impact it has on innate immunity. Before moving on, I want to briefly discuss the concept of innate versus acquired or adaptive immunity. Acquired immunity is where the body's immune cells have developed specific antibodies after being exposed to a virus and they can quickly seek out the virus and destroy it before it can spread infection. This is how vaccines work using the acquired or adaptive immune response to protect us from viruses. In contrast, innate immunity is where the cells go to work to fight off the infection when it was first introduced to the body. The body mobilizes immune cells to seek out attack and destroy the virus. What we've learned from these early publications is that NAD is important for the initial innate or nonspecific response. However, further preclinical research is required and those preclinical studies are underway. There are 40 ongoing, completed, and published clinical trials currently registered on clinical…

Thank you, Frank. Let's look at our financial results for the first quarter of 2020, which reflected continued progress against our key financial objectives, and strong underlying business performance. The underlying business is measured by adjusted EBITDA, excluding total legal expense, approach breakeven in the first quarter with a loss of $316,000. This was a $1.8 million improvements sequentially, and a $2.4 million improvement year-over-year. Compared to the fourth quarter of 2019, we delivered strong sequential topline growth, higher gross margins, significant lower advertising expenses as a percentage of net sales and lower general administrative expenses primarily driven by the absence of Elysium related bad debt expense in the current quarter, partially offset by higher severance and restructuring charges, which are related to cost savings initiatives. In April, we strengthened our balance sheet with a $5 million common stock raise from existing strategic investors. Where there was not an immediate need for the additional capital, we believe it's prudent given the current economic uncertainty. We're always opportunistic if an investor wants to invest capital into the company, and it benefits all of our shareholders. With this additional $5 million, based upon our current outlook, we believe we have enough cash to reach cash flow breakeven and defend our intellectual property, excluding our $7 million committed line of credit. The line of credit provides additional financial flexibility. Moving to the first quarter results, for the three months ended March 31, 2020. ChromaDex reported net sales of $14.3 million, up 10% compared to the $13.1 million in the fourth quarter of 2019. Year-over-year net sales were up 43% compared to the first quarter of 2019. Tru Niagen net sales were up 10% sequentially and grew by 50% year-over-year with diversified growth across U.S. e-commerce Watson's and international cross border launches year-over-year. Watson…

Thank you. [Operator Instructions] Your first question comes from Jeff Van Sinderen from B. Riley. Your line is open.

Hi everyone. Just a follow-up on the growth rate, just wondering what are you contemplating in terms of the top line growth rate this year? I guess trying to get a sense of what your thinking is regarding your order magnitude versus the growth rate last year?

Kevin? Well, we're not all in the same room right now, so we're – I'll have Kevin answer that question.

Okay. I'm sorry. Jeff, with regard to our outlook, we think that it's not going to grow as much as the 47% last year, and I think it's not growing versus last year because the base is higher as well as the sales are expected for the full year to grow with regard to the launch of new markets as well as the growth in the DTC business. And we think relative to what we indicated in the first quarter it is going to be slightly lower than what we had indicated in the first quarter.

Okay, that's helpful. And then maybe if you guys could delve into more on how your marketing is shifting or evolving for the COVID period. What are the milestones I guess we should think about in terms of getting to kind of the place you want to be with marketing?

I can tell you how we're shifting our messaging. I'm not sure how to give you milestones for that. You know, as you've noticed we don't market beyond the published data and there is some published data on the impact of viruses on NAD and now we have some additional data specifically relating to coronavirus, but there is limited data on the impact of Niagen on coronavirus, especially in the human study. We are working on it and as the data comes out, we will communicate that data. Anything that's preclinical, it can be marketed to healthcare practitioners, but cannot be marketed to consumers. And you know, we're very careful in the way we communicate these messages. So we are working vigorously to get these studies out. There are several underway, but we are not tone deaf about what the market is looking for. The market wants to understand how Tru Niagen could impact their risk for viruses in general and coronavirus specifically. So we did make a pivot, we did slightly adjust or add to our messaging and show that cell defense and NAD and Niagen are related. We are showing a positive benefit to that shift in messaging. But until we have some published information, scientific studies, we're not going to be able to make the full message clear.

Okay. And then if I could squeeze in one more just on Nestlé, anything else that you can share in terms of the rollout strategy there, may be anything in terms of the color of what marketing might look like their initial launch?

Well, they've shared some information with us. They haven't shared all of it yet. They're still developing their plans. They are slightly impacted by Coronavirus. They are still scheduled to be on track for a September, October release of the product and they are scheduled to begin their PR efforts in June. We've seen some creative materials from them. We haven't seen any final creative materials from them. Generally, it looks pretty good, but it's a slow rollout. You shouldn't have an expectation of anything large or dramatic initially. They're testing it. They have very high hopes long-term, but they don't have high expectations in the short-term.

Okay, understood. Thanks for taking my questions and continuing success.

Thanks, anytime.

Your next question comes from Brian Nagel from Oppenheimer. Your line is open.

Hi, this is William [indiscernible] asking on behalf of Brian Nagel. Thanks for taking our question. First, there is two main topics that we wanted to talk about. First, given the strong expansion recently in gross margin, did you discuss the sustainability of that in the longer term? And secondly, do you have an expected timetable in determining whether Tru Niagen could become more of a factor in the fight against COVID-19? And at what point would ChromaDex begin to put more marketing spend behind Tru Niagen? Thank you.

Kevin, why don't you take the first one and Frank, why don’t you take the second?

Sure. Okay yes, I think – we think that the gross margin improvements are sustainable, and we think there's more opportunities to continue to cut costs. Basically in the quarter, we grew 90 basis points from 57 to 57.9. And why we think that it's going to continue to move in the direction that it has been moving is because of the fact that we've got a tailwind from Tru Niagen. And if you see growth in our DTC business, which has margins of over 60%, you should see it to continue to move in that direction and has been doing that for, since we launched the Tru Niagen brand in 2017. So that's one of the drivers. I think we've also instituted supply chain savings and we've been executing these initiatives at the end of the third quarter, and we realized savings from the fourth quarter of 2019. In September of 2019, we launched the 300 mg 90 count, one bottle configuration that reduced product, packaging and shipping costs. We've also implemented an ERP system to help optimize our inventory and identify additional efficiencies. And we just completed a project where we've been driving CMO cost savings through a strategic sourcing process that established strong partnerships with new and existing CMOS. So essentially, we've had four CMOS that blend, encapsulate, bottle and label our product. And with regard to this, we had a competitive strategic sourcing process and in there, we realized significant savings in that cost. And you should see those costs flow through in the second half of the year as well as the majority of them in 2021. Frank?

Yes, so on your second question there – there has been quite a bit of research over the past few months or so that's published essentially showing the decline of any NAD or NAD under attack in Coronavirus. And we know now mechanistically why that's happening and a lot of that goes back to it's the same story we've been seeing as a product since the beginning. NAD comes under attack with age, it comes under attack in this case in a coronavirus infection. So and we know mechanistically how that's happening and it's essentially the infected cell, once it's infected is essentially responding to the replication of the RNA that's in that cell. And that process of the cell defending itself is utilizing NAD and it's also knocking down the viruses attacking the supply of NAD by knocking down the supply of NAD. So it's very similar to the ageing story. It's just happening in days rather than in years. But, so what we have to do now and Rob answered this in the other previous question, is that what we have to do is we have to do studies confirming the link between nicotinamide riboside's ability to essentially rescue or raise NAD when it's getting knocked down in that coronavirus cell. So those studies are still ongoing. One thing we don't need to show is we know and as all of you that have been following this, we don't have to prove that NR can raise NAD, we know it does that. Multiple human studies have shown that nicotinamide riboside is safe. And multiple studies have shown that nicotinamide riboside is in fact very much capable of raising NAD levels. What we need to do here in connecting the dots is just showing that in this particular model that we can successfully use nicotinamide riboside or Niagen to rescue NAD supply in coronavirus. And then by doing those studies – like Rob said, there are a few of them that are underway. We're hoping those will publish as soon as we can get them published. And then use them as mechanism to support or maybe amp up what we can say about the product. Do you want to add anything to that Rob?

Only that the last piece of the question was when are we going to increase our marketing, is that right, William?

Yes that's right, thank you.

So, as you know, ChromaDex is very sensitive to the topline as well as the bottom line. So we are constantly measuring the effectiveness of our marketing campaigns and assessing the efficiency of marketing, in fact all of our spending. And we hit the gas pedal when we find a vein that works. So we find that we've improved over time. Our retention is very strong across people who buy Tru Niagen intend to continue to buy Tru Niagen, particularly those who have taken it for more than a couple of months. So for example, on this call right now are presumably several dozen people who are Tru Niagen customers. If you are an owner of the ChromaDex stock, I hope that you appreciate what a special product Tru Niagen is and are taking Tru Niagen. It is our hope that by continuing to publish good science and being fundamentally sound in our marketing and our operations and in our scientific approach that essentially word of mouth will break out. As I said before, we're able to share preclinical data with healthcare practitioners and we're working hard to communicate with healthcare practitioners. We also have a very large and growing customer base. We hope that those healthcare practitioners and our large and growing customer base, feel compelled to share the information, the special information about Tru Niagen and how it could be helpful, not just with Coronavirus, but with cellular stress in general. But today with coronavirus, rather than put the company in a position where we have to make a claim too soon.

Okay, that's very helpful. Thank you.

Your next question comes from Mitch Pinheiro from Sturdivant. Your line is open.

Yes hi, good afternoon. So Rob, I wanted to ask you, you sort of I think you said, maybe it’s Kevin, where you're still not sure if coronavirus circumstances will be beneficial to your results this year. But as you look at the second quarter, it sounds like, sort of the news and the science is certainly hitting home and I would think that can you talk about maybe any difference in sales rates? Are we seeing new customers hit here? Is that part of the first quarter? Are you seeing it in the second? Obviously your ongoing customers, your retention is strong and those that use Tru Niagen are terribly loyal to it through all the science that read. But can you tell – are you seeing anything – any nuances to your sales relative to the coronavirus circumstances?

We do see that when the coronavirus publicly hit, it had an impact on sales across the board. We've said in the past that Watson sales began to decline in the first quarter mostly due to store closures. I am happy to say that we've seen as Watson stores start to open up we are seeing an uptick and a bit of a return from Watson's in Hong Kong. But the same basically happened here when coronavirus hit the attention of the general public shifted away from ageing to coronavirus and although nutraceutical sales in general have been strong, non-immune related nutraceuticals have not. And we have seen that when we communicate based on the science that Tru Niagen has an impact on innate immunity that people do respond to it. But as I've said a couple of times now and then a third time, we are very, very careful not to market any claims before the science is published. So it is interesting, what you're seeing concurrently is a very, very strong demand in the general public for products that are able to increase immunity, strengthen immunity, but for those that they believe do not you're seeing a decline in demand. So we're seeing both of those things concurrently. And that's why it's very difficult for us to say, if we think it's going to be a net positive or a net negative.

Can sales – that customers of Watson's in Hong Kong, if they obviously couldn't get to the stores, did you see a shift to e-commerce in [indiscernible]?

Yes, Hong Kong online sales increased.

When we were looking at Q1 results, was there any - is there any channel fill in Q1 related to the U.K. or Australia or any other new market?

Kevin, can you help with that?

Yes, I can. You know, given the nature of the business, there wasn't a ship in with regard to filling store shelves. It's more online businesses in Australia. U.K. is both online and it's also in-stores, and the in-stores is at 200 stores. So there is a minor amount with respect to the U.K, but basically, there is no big upfront purchases to put in their warehouses, it's more or less what they need to test in the U.K. So overall not a big impact. The launches in total, the new launches were about $700,000 for the quarter and was most of the driver of the growth rate in the quarter. And there is an opportunity I think for the rest of the year to grow that business since the incremental business over 2019. But again, it's hard to predict based upon the current economic environment.

And is the revenue breakdown to your Watson's line, is that where the U.K. revenue will go or will go into the other international line item?

It will go in the other international line item.

Okay. And then just finally, how long did these coronavirus studies take as a matter of, a couple of weeks, I mean the study is done and now you have to get it published, what's sort of the typical cadence on that?

Well, it depends on the type of study you're doing, but coronavirus infection studies, because it doesn't last that long in any model, whether it's an animal or a human. So the studies themselves are not long-term studies. They're in days. It's just a matter of getting the studies staged, completed, data reported. So each one is a little different. Cell models are different than animal models are different than trying to get human studies going. So - and human studies are a little different than the traditional sort of standard double blind placebo controlled study because you're not doing a study where you're infecting people. You have to actually introduce the study – introduce it into a place where they're receiving patients and then you have to dose patients that are already coming in infected. So it's a little bit more challenging on that end, because it's more of an observational study than I would say a true double blind placebo study. So, but the studies themselves are not long. It's just a matter of the timing of when you can get into those studies more so than the amount of time it takes.

And there are other complications as well. For example, it's difficult to replicate coronavirus in animals. So there aren't many places that have succeeded at replicating the human coronavirus in rats or mice - mice or rats or other animals for that matter. And then there is also funding issues. Some places have funding in place, some people require funding, and then there is sometimes contractual issues like intellectual property issues. So there are reasons why these things take a while separate from the actual study itself.

Okay, thank you very much.

Your next question comes from Ram Selvaraju from H.C. Wainwright. Your line is open.

Hi, this is [indiscernible] dialing in for Ram Selvaraju, and thanks for taking my question. So I just wanted to start with the California court case. I know that you mentioned that the trial has been postponed. May be you can add a little color on that. And then what is the outcome of the ChromaDex’s conference with the court on May 4?

Okay, Can you ask the first question one more time about the California court case?

Yes, sure. So the question was maybe you can provide some additional color on the trial that was postponed and then what was the outcome of the ChromaDex's conference with the court on May 4?

As you know the trial date was initially supposed to be the first half of last year then it got moved to October. Then in January, it was scheduled for May 12. And now then the coronavirus, hit and it got pushed back. There is no specific date. We're estimating it's going to be sometime around October, but we don't yet know. And I think - I hope that in June sometime next month, we will be able to set a - finally set a date. That's been a frustration for us. The fact - most of the facts or many of the facts have now come out into the public record. Anyone who bothers to read the public record can see that the facts are fairly clear. We're eager for those facts to come out in trial. We find it amazing frankly at this point with all the facts that have come out that there are investors, scientific advisors, frankly even employees that continue to be associated with that company given what has been disclosed into the public record, but it is what it is. One day there will be a trial, a jury will hear the facts, and we're confident in the decision that they will make.

Okay.

The May 4 conference relating to California was just an exchange of documentation at this point. In June, we will determine what the next trial date is for California.

Okay

And, as you know, we've got a trial date scheduled for September of 2021 on the patent case, which is the largest of all of these cases, and as you also know Ram, the Court of Appeals recently rejected, Elysium attempt to overturn the PTAB decision from last year on the 086 patent. So their position looks very weak with regard to these patents. These patents look extremely strong. We're confident in these patents. Not quite sure what their argument might be. We have some indication of that, but we're not completely sure. It's seems like a pretty clear case of infringement on the patents, so we're eager to have that day in court as well.

Okay, understood. And then with respect to the New York case is there unlikely to be any further extension to the discovery period or this is going to be the last one?

Well, I'd like to tell you that it's the last one, but we are amazed at how this process has gone on. And there have just been delays after delays. It often seems to us that that's the primary strategy of the other side to just find more delays. And to that extent, they've been somewhat successful. There have been delays. But we are confident that this is the last one. The judge in New York seems a little - very eager to get this thing to trial. And based on their public decisions that you can read, you see that they're very, very eager to finally decide this case. In all these cases, this is one of the longest cases on their dockets. So all the judges seem to want to finally get this thing resolved as do we.

Understood. And then shifting gears to the Asian and authorization market. Have any of these territories started to experience the recovery in the wake of the abatement of the COVID-19 pandemic? Do you expect a healthy rebound in consumer demand in 2020? In particular, are you anticipating substantial positive impact from Australia’s plan to reopen?

Okay. I just want to make sure I understand the question Ram. You're asking if as - if and when COVID dies down, do we anticipate an increase, a surge in demand?

Do you expect a [indiscernible] bound in consumer demand?

Do we expect an increase in consumer demand as COVID dies down?

Yes.

The only indication we have of that is what we're seeing in Hong Kong right now, and we are seeing that in Hong Kong right now as the Watson stores begin to open. We are seeing increased traffic in those stores and it appears as though the demand from the consumer level is restoring. There's also the possibility that as the studies come out on Niagen and its impact viruses and coronaviruses in particular, that that might increase consumer demand if the studies come out as we hope and we are able to properly communicate that information, which I expect we will be able to.

Understood. With respect to the coronavirus studies that you're conducting, maybe you can kind of comment on what kind of studies that are being conducted, and then is the plan to focus on use of Tru Niagen as an immune system boosting supplement or is it to conduct a full blown actual clinical investigation?

So, it's a little bit of both. I mean, the plan right now is we're focusing on research, the research that's ongoing right now is focused on coronavirus, but you're right, I mean in reality, it ratchets to the claims that we can make which are going to be more around general immune function. So we're trying to focus on those studies right now to demonstrate at least in this case, we'll have a good idea mechanistically of exactly how nicotinamide riboside by preparing NAD is going to impact a specific challenge coronavirus that's happening in the world right now. Ultimately that ratchets to an immune support claim. And I believe that fundamentally that there's going to be a demand for immune support related products ongoing well past this – this goes out. I mean it's – I think people are going to be concerned. They're going to be worried about their immune support in general. And in reality, I think that's what the data is going to show us that NAD plays a central role in a healthy immune system. And that's going to be not only immediate I think it's going to be a long lasting effect.

Understood. And final one from me, how is the shift to online sales and e-commerce progressing? Is it in line with your expectation, and what might you execute going forward to accelerate this in the coming quarter? Thank you.

Okay, I'm sorry. The connection isn't that great. So I wasn't able to hear the first part of the question. I know it was about e-commerce. Can you ask one more time, please?

Yes, yes I'm so sorry. So how is the shift to online sales and e-commerce progressing? Is this in line with your expectations and what might you execute going forward to accelerate this in the coming quarter?

Well, the shift began as you know really, three years ago. And as you could see, there's been steady and consistent growth in the e-commerce business every quarter for three years now. The retention has been good, the customer acquisition cost has steadily come down. Our systems are strong and getting stronger in place for measuring conversion rates, retention rates. And we have a pretty good team in place for creating content, releasing that content and measuring the performance of that content. We also have a pretty strong team in place for own media and social media. Running an e-commerce marketing operation is a fairly complicated one and it's a fairly integrated one. There are many pieces to that puzzle and it needs to be very data oriented, quantitative oriented, but also needs to be very inspired and creative. And we are a pretty strong team and we keep getting better and we keep improving and the best way to continue to show growth in the numbers is to have continued strength in your processes. And our processes are good and we will continue to improve those processes. I don't really have any – there's no magic bullet plan for how we're going to grow. We do a very, very good job of conducting research. And once the research comes out and is published, that we use that as the foundation of our marketing, creative materials. We are very, very careful to not make any claims that are not justified by published science and by published data. We try to operate the company in general, as a very conservative one and fundamentally sound one. And what we like to think is a model for how companies should operate in this industry. We see ourselves scientifically as a biotech company. But…

Understood, yes. Thank you so much for taking my questions.

Sure anytime.

Our last question comes from Jeffrey Cohen from Ladenburg Thalmann. Your line is open.

Well hi, Bob, Frank and Kevin. How are you?

Hi Jeff, good.

Good. Thanks, Jeff.

Just a couple of quick ones from me, so can you talk a little bit about the Tru Niagen Beauty product and with the 100 mg of NR, how do you see it playing out with the population, the geography in which you're marketing it? Would you expect that this would be largely in combination with NR, in addition to NR or a product unto itself?

Well, the product has been launched in stores in Hong Kong, in Watson stores in Hong Kong and it is a combination product. There is a formulation there and NR is the hero product. Niagen is the hero product. And there are three other products as well that are Beauty related. This product was requested by Watson, so a year and a half ago we spent quite a bit of time, Frank did in particular, figuring out what ingredients we were going to combine with Niagen. We had to make sure that it was stable, and that we could manufacture it. Watson's believe very strongly that this was a product that their market would embrace. Obviously, no one anticipated the coronavirus, which we launched the product right in the middle of it, but it did get launched. We did produce it and we did ship it to them. And I'm happy to say that they and we are very, very pleased with the early results.

Okay, got it. And then Frank, could you comment a little bit on this study you were talking about the University of Iowa's first cardiovascular effect? Can you also at top of your head what specific cardiac conditions that they measured in the study?

That study was specifically related to – one specific cardiovascular benefit and hold on, I am trying to pull it here for you, it was anti-arrhythmic effect. So – it’s basically mainly focused on arrhythmia is what it was focused on.

Okay, measured before, during and after I assume?

Exactly right.

Okay got it. And then lastly from – you spent some time talking about this intrinsic capacity and some of the outlines and what you're looking at. Is this something that you think will penetrate into the payers in the United States over time?

It's a little early to say. I mean – that side of the world they're trying to – there's a focus trying to essentially get ageing classified as a disease. Right? And World Health Organization and a lot of the other guys are really trying to start defining what healthy ageing really is. Now the World Health Organization has come out very clearly and has stated that healthy ageing is something or ageing itself is actually something that happens at the cellular level. And that's great because all the data and the science really has been going, they are making it their decision on what that means based on the data where the science is going. And science is showing that aging is really something that ultimately happens within the cell. And so you have to find strategies for mitigating the damage or repairing the damage or impacting the way that cells are damaged as we age. And that's where the science is going today. That's what the published science is showing right now. I mean, there are companies starting to pop up that focus on the nine hallmarks of aging, all of them ratchet to cellular function or ways of improving or start repairing cellular function. And intrinsic capacity, basically, ratchets to that as well. It's about molecular integrity, it's about cellular function, and ultimately gets to physiological function as well. So, but in reality, where does it start? It starts with that molecular and then the cellular function and that's of course, that's where we're at. We're in the middle of trying to find a way of helping the best we can of repairing. In our case, the one thing that nicotinamide riboside or Niagen does best is it's - if you want to improve any de-function that becomes deregulated from aging or age related damage, then Niagen is the best way to improve NAD. And now what we need to do in studies is connect the dots between by using NR or using Niagen to improve NAD levels that we can show that it ultimately connects to things specifically that fall under these models that are starting to come out like this intrinsic capacity concept. But it really talks to cellular health.

Okay, got it. That’s it from me. Thanks for taking the questions.

Thank you.

Thanks, Jeff.

I would now like to turn the call over to Brianna Gerber for closing remarks.

Thank you, Julia. There will be a replay of this call beginning at 4:30 p.m. Pacific Time today. The replay number is 1-800-585-8367 and the conference ID is 8259009. Thank you everyone for joining us today and for your continued support of ChromaDex.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.