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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arcadia Biosciences Inc | NASDAQ:RKDA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.99 | 1.95 | 2.11 | 0 | 09:00:00 |
Arcadia Biosciences, Inc. (Nasdaq: RKDA), an agricultural food ingredient company, today released its financial and business results for the third quarter and first nine months of 2018.
“With the announcement of our collaboration with Ardent Mills, the largest wheat milling company in the U.S., we are positioning ourselves to commercialize our wheat products portfolio,” said Raj Ketkar, president and CEO of Arcadia. “We are planning to launch up to three uniquely different traits in three crops around the globe over the next 12-18 months, driving value for consumers, growers, food manufacturers and Arcadia investors.”
Q3 2018 Operating and Financial Highlights
Q4 Achievements and Strategic Outlook
Arcadia Biosciences, Inc.
Financial Snapshot
(Unaudited)
($ in thousands)
Three months ended Sept 30 Nine months ended Sept 30 2018 2017Favorable/ (Unfavorable)
2018 2017Favorable/(Unfavorable)
$ % $ % Total Revenues 370 589 (219 ) (37 %) 1,020 2,598 (1,578 ) (61 %) Total Operating Expenses 4,469 4,204 (265 ) (6 %) 13,536 13,913 377 3 % Loss From Operations (4,099 ) (3,615 ) (484 ) (13 %) (12,516 ) (11,315 ) (1,201 ) (11 %) Net Income (Loss) and Net Income (Loss) Attributable to Common Stockholders 4,450 (4,525 ) 8,975 198 % (12,834 ) (12,747 ) (87 ) (1 )%Revenues
In the third quarter of 2018, total revenues were $370,000 compared to revenues of $589,000 in the third quarter of 2017, a 37 percent decrease. The quarter-over-quarter decrease was driven mainly by a $147,000 reduction in our contract research and government grant revenue due to the completion of government grants during 2017. In the first nine months of 2018, overall revenues decreased by $1.6 million from $2.6 million to $1.0 million, driven again by the decrease in government grant revenue, in addition to a contract research agreement in 2017 that is not present in 2018. Over the next 12 to 36 months, as the company transitions to its new focus on health and nutrition quality products, Arcadia expects revenue from government grants, research contracts and license revenues to be replaced by product and trait revenues.
Operating Expenses
In the third quarter of 2018, operating expenses totaled $4.5 million, up from $4.2 million in the third quarter of 2017, an increase of $265,000 or 6 percent. Cost of product revenues was $124,000 for the quarter, which was $84,000 or 210 percent higher than in the third quarter of 2017, due to a write-down of our GLA inventory in the amount of $46,000 and additional product revenues. Research and development (R&D) spending was $415,000 lower for the quarter, resulting from the termination of license and contract research agreements at the end of 2017. General and administrative (SG&A) costs were $596,000 higher than the amounts in third quarter of the previous year due to higher intellectual property legal fees and additional marketing activity. For the first nine months of 2018, total operating expenses were $13.5 million, compared with $13.9 million during the same period in 2017, a reduction of $377,000 or 3 percent. Cost of product revenues increased by $169,000, or 65 percent, as a result of the GLA inventory write-downs in the second and third quarters of 2018. Year to date R&D spending in 2018 was $717,000 less, or 14 percent, primarily the effect of the license and contract research agreement terminations at the end of 2017. SG&A expenses increased slightly by $171,000 or 2 percent, due largely to higher intellectual property legal fees and bonus expense in the first three quarters of 2018, partially offset by lower salary, benefit and advisory costs.
Net Income (Loss) and Net Income (Loss) Attributable to Common Stockholders
Net income and net income attributable to common stockholders for the third quarter of 2018 was $4.5 million, a 198 percent increase from the $4.5 million loss in the third quarter of 2017. The change from a net loss to a net income position in this quarter as compared to the third quarter of 2017 was due to non-cash income of $8.4 million recognized as the fair value of the common stock warrant liabilities associated with the PIPE financing and Registered Direct Offering decreased from the value at the end of the second quarter. Net loss and net loss attributable to common stockholders for the first nine months of 2018 was $12.8 million, a 1 percent decrease from the $12.7 million loss in the first nine months of 2017. The loss for the first nine months of 2018 included the initial recognition, and subsequent fair value remeasurement, of the liabilities associated with the PIPE financing, the subsequent fair value remeasurement of the liability associated with the Registered Direct Offering, and offering costs expensed for both transactions. The combined impact of this activity during the first nine months of 2018 totaled $558,000 of expense, while the first nine months of 2017 included a loss of $900,000 related to the extinguishment of debt and $747,000 of interest expense.
Conference Call and Webcast
The company has scheduled a conference call for 4:30 p.m. Eastern (1:30 p.m. Pacific) today, November 7, to discuss third-quarter and nine-month financial results and key strategic achievements.
Interested participants can join the conference call using the following numbers:
U.S. Toll-Free Dial-In: +1-844-243-4690International Dial-In: +1-225-283-0138Passcode: 6469448
A live webcast of the conference call will be available on the “Investors” section of the Arcadia’s website at www.arcadiabio.com. Following completion of the call, a recorded replay will be available on the company’s investor website.
About Arcadia Biosciences, Inc.
Arcadia Biosciences (Nasdaq: RKDA) develops and markets high-value food ingredients and nutritional oils that help meet consumer demand for a healthier diet. Arcadia’s GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. The company’s agricultural traits are being developed to enable farmers around the world to be more productive and minimize the impact of agriculture on the environment. For more information, visit www.arcadiabio.com.
Safe Harbor Statement
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release and the accompanying conference call contain forward-looking statements about the company and its products, including statements relating to the launch of the company’s products; the impact of legal disputes on the company’s business; the sources of future revenue; collaborations; and the company’s ability to manage the regulatory processes for its traits and commercial products. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the company’s and its partners’ ability to develop commercial products incorporating its traits and to complete the regulatory review process for such products; the company’s compliance with laws and regulations that impact the company’s business, the company’s ability to enter into favorable commercial relationships; the company’s ability to develop, secure, enforce and defend its intellectual property rights; and the company’s future capital requirements and ability to satisfy its capital needs. Further information regarding these and other factors that could affect the company’s financial results is included in filings the company makes with the Securities and Exchange Commission from time to time, including the section entitled “Risk Factors” in the company's Annual Report on Form 10-K for the year ended December 31, 2017. These documents are on the SEC Filings section of the “Investors” section of the company’s website at www.arcadiabio.com. All information provided in this release and in the attachments is as of the date hereof, and Arcadia Biosciences, Inc. undertakes no duty to update this information.
Arcadia Biosciences, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
September 30, 2018
December 31, 2017
Assets Current assets: Cash and cash equivalents $ 6,669 $ 9,125 Short-term investments 17,931 3,898 Accounts receivable 193 1,231 Unbilled revenue 168 4 Inventories — current 354 229 Prepaid expenses and other current assets 888 560 Total current assets 26,203 15,047 Property and equipment, net 265 299 Inventories — noncurrent 742 1,168 Other noncurrent assets 7 56 Total assets $ 27,217 $ 16,570 Liabilities and stockholders’ equity Current liabilities: Accounts payable and accrued expenses $ 2,303 $ 2,496 Amounts due to related parties 18 29 Unearned revenue — current 316 1,000 Total current liabilities 2,637 3,525 Unearned revenue — noncurrent — 2,038 Common stock warrant liabilities 8,658 — Other noncurrent liabilities 3,000 3,000 Total liabilities 14,295 8,563 Stockholders’ equity: Common stock, $0.001 par value—150,000,000 shares authorized as of September 30, 2018 and December 31, 2017; 4,774,919 and 2,134,154 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively 45 42 Additional paid-in capital 190,599 175,223 Accumulated deficit (177,720 ) (167,257 ) Accumulated other comprehensive loss (2 ) (1 ) Total stockholders’ equity 12,922 8,007 Total liabilities and stockholders’ equity $ 27,217 $ 16,570Arcadia Biosciences, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenues: Product $ 144 $ 82 $ 393 $ 482 License 10 144 100 353 Contract research and government grants 216 363 527 1,763 Total revenues 370 589 1,020 2,598 Operating expenses: Cost of product revenues 124 40 431 262 Research and development 1,334 1,749 4,524 5,241 Selling, general and administrative 3,011 2,415 8,581 8,410 Total operating expenses 4,469 4,204 13,536 13,913 Loss from operations (4,099 ) (3,615 ) (12,516 ) (11,315 ) Interest expense — (43 ) — (747 ) Other income, net 134 46 266 246 Initial loss on common stock warrant and common stock adjustment feature liability — — (4,000 ) — Change in fair value of common stock warrant liabilities andcommon stock adjustment feature liability
8,421 — 5,986 — Offering costs (1 ) — (2,544 ) — Loss on extinguishing of debt — (900 ) — (900 ) Net income (loss) before income taxes 4,455 (4,512 ) (12,808 ) (12,716 ) Income tax provision (5 ) (13 ) (26 ) (31 ) Net income (loss) $ 4,450 $ (4,525 ) $ (12,834 ) $ (12,747 ) Net income (loss) per share attributable to common stockholders: Basic and diluted $ 0.93 $ (2.12 ) $ (3.74 ) $ (5.89 ) Weighted-average number of shares used in per share calculations: Basic and diluted 4,774,732 2,133,846 3,427,799 2,163,604 Other comprehensive income (loss), net of tax Unrealized gains (losses) on available-for-salesecurities
(2 ) 8 (1 ) 14 Other comprehensive income (loss) (2 ) 8 (1 ) 14 Comprehensive income (loss) attributable to common stockholders $ 4,448 $ (4,517 ) $ (12,835 ) $ (12,733 )Arcadia Biosciences, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share data)
Common Stock AdditionalPaid-In
Capital
AccumulatedDeficit
AccumulatedOther
Comprehensive
(Loss)
TotalStockholders’
Equity
Shares Amount Balance at January 1, 2017 2,224,384 $ 44 $ 173,723 $ (151,550 ) $ (19 ) $ 22,198 Issuance of shares related to employee stock purchase plan 1,964 — 24 — — 24 Stock-based compensation — — 1,474 — — 1,474 Other comprehensive income — — — — 18 18 Exchange of membership interest in unconsolidated entity for common stock (92,194 ) (2 ) 2 — — — Net loss — — — (15,707 ) — (15,707 ) Balance at December 31, 2017 2,134,153 $ 42 $ 175,223 $ (167,257 ) $ (1 ) $ 8,007 Impact of adoption of Topic 606 (Note 5) — — — 2,371 — 2,371 Issuance of shares related to employee stock option exercises 44,354 — 963 — — 963 Issuance of shares related to employee stock purchase plan 1,122 — 6 — — 6 Issuance of shares related to Purchase Agreement 1,201,634 1 (1 ) — — — Issuance of placement agent warrants related to Purchase Agreement — — 526 — — 526 Reclassification of common stock adjustmentfeature liability balance
— — 8,378 — — 8,378 Issuance of shares related to June Offering 1,392,345 2 4,976 — — 4,978 Offering costs related to June Offering — — (897 ) — — (897 ) Issuance of placement agent warrants related to June Offering — — 427 — — 427 Stock-based compensation — — 998 — — 998 Issuance of shares related to reverse stock split 1,311 — — — — — Other comprehensive income — — — — (1 ) (1 ) Net loss — — — (12,834 ) — (12,834 ) Balance at September 30, 2018 4,774,919 $ 45 $ 190,599 $ (177,720 ) $ (2 ) $ 12,922Arcadia Biosciences, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Nine Months Ended September 30, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (12,834 ) $ (12,747 ) Adjustments to reconcile net loss to cash used in operating activities: Initial loss on common stock warrant and common stock adjustment feature liabilities 4,000 — Change in fair value of common stock warrant liabilities and common stock adjustment feature liability (5,986 ) — Offering costs 2,544 — Depreciation and amortization 123 215 Gain on disposal of equipment (3 ) (3 ) Net amortization of investment premium (115 ) (82 ) Stock-based compensation 998 1,177 Loss on sale of investments — 2 Accretion of debt discount — 98 Loss on extinguishment of debt — 900 Changes in operating assets and liabilities: Accounts receivable 1,038 276 Unbilled revenue (164 ) 123 Inventories 301 164 Prepaid expenses and other current assets (334 ) (222 ) Other noncurrent assets — (245 ) Accounts payable and accrued expenses (142 ) (496 ) Amounts due to related parties (11 ) 1 Unearned revenue (351 ) (443 ) Net cash used in operating activities (10,936 ) (11,282 ) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of property and equipment 10 4 Purchases of property and equipment (89 ) (77 ) Purchases of investments (22,871 ) (19,405 ) Proceeds from sales and maturities of investments 8,950 57,778 Net cash (used in) provided by investing activities (14,000 ) 38,300 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock and warrants from Purchase Agreement 10,000 — Payments of offering costs relating to Purchase Agreement (1,308 ) — Proceeds from issuance of common stock and warrants from June Offering 14,000 — Payments of offering costs relating to June Offering (1,181 ) — Payment of debt extinguishment costs — (1,125 ) Proceeds from exercise of stock options and ESPP purchases 969 24 Payment on notes payable — (25,000 ) Net cash provided by (used in) financing activities 22,480 (26,101 ) Net (decrease) increase in cash and cash equivalents (2,456 ) 917 Cash and cash equivalents — beginning of period 9,125 2,013 Cash and cash equivalents — end of period $ 6,669 $ 2,930 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for interest $ — $ 746 Cash paid for income taxes $ 24 $ 2 NONCASH INVESTING AND FINANCING ACTIVITIES: Common stock warrants issued to placement agent and included in offering costs related to Purchase Agreement $ 526 $ — Common stock warrants issued to placement agent and included in offering costs related to June Offering $ 239 $ — Purchases of property and equipment included in accounts payable and accrued expenses $ — $ 2 Reclassification of common stock adjustment feature liability balance to equity $ 8,378 $ — Exchange of membership interest in unconsolidated entity for common stock $ — $ 2
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005899/en/
Arcadia Biosciences, Inc.Jeff Bergaujeff.bergau@arcadiabio.com+1-312-217-0419
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