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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-37383
Arcadia Biosciences, Inc.
(Exact Name of Registrant as Specified in its Charter)
|
|
Delaware |
81-0571538 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
5950 Sherry Lane, Suite 215 Dallas, TX |
75225 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (214) 974-8921
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common |
RKDA |
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. Yes ☒ No ☐
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 (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
|
|
|
|
|
|
Large accelerated filer |
☐ |
|
|
Accelerated filer |
☐ |
|
|
|
|
|
Non-accelerated filer |
☒ |
|
|
Smaller reporting company |
☒ |
|
|
|
|
|
|
|
|
Emerging growth company |
☐ |
|
|
|
|
|
If an emerging growth company, indicate by check mark 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 3, 2023, the registrant had 1,108,432 shares of common stock outstanding, $0.001 par value per share.
Arcadia Biosciences, Inc.
FORM 10-Q FOR THE QUARTER ENDED June 30, 2023
INDEX
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Arcadia Biosciences, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
13,484 |
|
|
$ |
20,644 |
|
Short-term investments |
|
|
5,023 |
|
|
|
— |
|
Accounts receivable and other receivables, net of allowance for doubtful accounts of $1 and $3 as of June 30, 2023 and December 31, 2022, respectively |
|
|
630 |
|
|
|
1,287 |
|
Inventories, net — current |
|
|
3,164 |
|
|
|
2,571 |
|
Assets held for sale |
|
|
87 |
|
|
|
87 |
|
Prepaid expenses and other current assets |
|
|
951 |
|
|
|
809 |
|
Total current assets |
|
|
23,339 |
|
|
|
25,398 |
|
Property and equipment, net |
|
|
560 |
|
|
|
704 |
|
Right of use asset |
|
|
1,384 |
|
|
|
1,848 |
|
Inventories, net — noncurrent |
|
|
1,297 |
|
|
|
767 |
|
Intangible assets, net |
|
|
40 |
|
|
|
40 |
|
Other noncurrent assets |
|
|
178 |
|
|
|
165 |
|
Total assets |
|
$ |
26,798 |
|
|
$ |
28,922 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
2,783 |
|
|
$ |
2,881 |
|
Amounts due to related parties |
|
|
33 |
|
|
|
48 |
|
Operating lease liability — current |
|
|
993 |
|
|
|
1,010 |
|
Other current liabilities |
|
|
282 |
|
|
|
270 |
|
Total current liabilities |
|
|
4,091 |
|
|
|
4,209 |
|
Operating lease liability — noncurrent |
|
|
532 |
|
|
|
1,007 |
|
Common stock warrant and option liabilities |
|
|
2,445 |
|
|
|
806 |
|
Other noncurrent liabilities |
|
|
2,000 |
|
|
|
2,000 |
|
Total liabilities |
|
|
9,068 |
|
|
|
8,022 |
|
Commitments and contingencies (Note 13) |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, $0.001 par value—150,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 1,108,432 and 616,079 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
|
|
65 |
|
|
|
65 |
|
Additional paid-in capital |
|
|
284,202 |
|
|
|
278,827 |
|
Accumulated other comprehensive income |
|
|
21 |
|
|
|
— |
|
Accumulated deficit |
|
|
(266,420 |
) |
|
|
(257,859 |
) |
Total stockholders’ equity |
|
|
17,868 |
|
|
|
21,033 |
|
Non-controlling interest |
|
|
(138 |
) |
|
|
(133 |
) |
Total stockholders' equity |
|
|
17,730 |
|
|
|
20,900 |
|
Total liabilities and stockholders’ equity |
|
$ |
26,798 |
|
|
$ |
28,922 |
|
See accompanying notes to the unaudited condensed consolidated financial statements.
1
Arcadia Biosciences, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
(In thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
1,379 |
|
|
$ |
2,946 |
|
|
$ |
2,889 |
|
|
$ |
6,116 |
|
Royalty |
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
100 |
|
License |
|
|
10 |
|
|
|
862 |
|
|
|
10 |
|
|
|
862 |
|
Total revenues |
|
|
1,389 |
|
|
|
3,858 |
|
|
|
2,899 |
|
|
|
7,078 |
|
Operating expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
981 |
|
|
|
3,447 |
|
|
|
1,806 |
|
|
|
6,906 |
|
Research and development |
|
|
391 |
|
|
|
359 |
|
|
|
750 |
|
|
|
754 |
|
Gain on sale of Verdeca |
|
|
— |
|
|
|
(1,138 |
) |
|
|
— |
|
|
|
(1,138 |
) |
Impairment of intangible assets |
|
|
— |
|
|
|
72 |
|
|
|
— |
|
|
|
72 |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
|
(70 |
) |
Impairment of property and equipment |
|
|
— |
|
|
|
346 |
|
|
|
— |
|
|
|
346 |
|
Gain on sale of property and equipment |
|
|
(7 |
) |
|
|
(58 |
) |
|
|
(26 |
) |
|
|
(386 |
) |
Selling, general and administrative |
|
|
3,815 |
|
|
|
4,652 |
|
|
|
8,209 |
|
|
|
9,000 |
|
Total operating expenses |
|
|
5,180 |
|
|
|
7,641 |
|
|
|
10,739 |
|
|
|
15,484 |
|
Loss from operations |
|
|
(3,791 |
) |
|
|
(3,783 |
) |
|
|
(7,840 |
) |
|
|
(8,406 |
) |
Interest income |
|
|
207 |
|
|
|
30 |
|
|
|
405 |
|
|
|
29 |
|
Other (loss) income, net |
|
|
(13 |
) |
|
|
(44 |
) |
|
|
19 |
|
|
|
(3 |
) |
Valuation loss on March 2023 PIPE |
|
|
— |
|
|
|
— |
|
|
|
(6,076 |
) |
|
|
— |
|
Change in fair value of common stock warrant and option liabilities |
|
|
4,416 |
|
|
|
— |
|
|
|
5,357 |
|
|
|
— |
|
Issuance and offering costs allocated to liability classified options |
|
|
— |
|
|
|
— |
|
|
|
(430 |
) |
|
|
(27 |
) |
Net income (loss) before income taxes |
|
|
819 |
|
|
|
(3,797 |
) |
|
|
(8,565 |
) |
|
|
(8,407 |
) |
Income tax provision |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
Net income (loss) |
|
|
818 |
|
|
|
(3,797 |
) |
|
|
(8,566 |
) |
|
|
(8,407 |
) |
Net loss attributable to non-controlling interest |
|
|
(5 |
) |
|
|
(20 |
) |
|
|
(5 |
) |
|
|
(142 |
) |
Net income (loss) attributable to common stockholders |
|
$ |
823 |
|
|
$ |
(3,777 |
) |
|
$ |
(8,561 |
) |
|
$ |
(8,265 |
) |
Net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.61 |
|
|
$ |
(6.81 |
) |
|
$ |
(7.70 |
) |
|
$ |
(14.90 |
) |
Weighted-average number of shares used in per share calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
1,358,395 |
|
|
|
554,723 |
|
|
|
1,111,915 |
|
|
|
554,700 |
|
Other comprehensive income, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains on available-for-sale securities |
|
$ |
21 |
|
|
$ |
— |
|
|
$ |
21 |
|
|
$ |
— |
|
Other comprehensive income |
|
|
21 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
Comprehensive income (loss) attributable to common stockholders |
|
$ |
844 |
|
|
$ |
(3,777 |
) |
|
$ |
(8,540 |
) |
|
$ |
(8,265 |
) |
See accompanying notes to the unaudited condensed consolidated financial statements.
2
Arcadia Biosciences, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Accumulated |
|
|
Accumulated Other |
|
|
Non- Controlling |
|
|
Total Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Comprehensive Income |
|
|
Interest |
|
|
Equity |
|
Balance at December 31, 2022 |
|
|
616,079 |
|
|
$ |
65 |
|
|
$ |
278,827 |
|
|
$ |
(257,859 |
) |
|
$ |
— |
|
|
$ |
(133 |
) |
|
$ |
20,900 |
|
Issuance of shares related to March 2023 PIPE |
|
|
165,500 |
|
|
|
— |
|
|
|
4,740 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,740 |
|
Modification of warrants related to March 2023 PIPE |
|
|
— |
|
|
|
— |
|
|
|
219 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219 |
|
Issuance of shares related to August 2022 pre-funded warrants exercise |
|
|
56,813 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of shares related to employee stock purchase plan |
|
|
88 |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
Issuance of shares related to reverse stock split |
|
|
19,092 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
212 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
212 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,384 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,384 |
) |
Balance at March 31, 2023 |
|
|
857,572 |
|
|
$ |
65 |
|
|
$ |
284,003 |
|
|
$ |
(267,243 |
) |
|
$ |
- |
|
|
$ |
(133 |
) |
|
$ |
16,692 |
|
Issuance of shares related to March 2023 pre-funded warrants exercise |
|
|
250,834 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
Issuance of shares related to reverse stock split |
|
|
26 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
199 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
199 |
|
Unrealized gains on available-for-sale securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
21 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
823 |
|
|
|
— |
|