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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, 2021

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.)

202 Cousteau Place, Suite 105

Davis, CA

95618

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (530) 756-7077

 

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 9, 2021, the registrant had 22,173,650 shares of common stock outstanding, $0.001 par value per share.

 

 

 


 

Arcadia Biosciences, Inc.

FORM 10-Q FOR THE QUARTER ENDED June 30, 2021

INDEX

 

 

 

 

 

 

 

Page

Part I —

 

Financial Information (Unaudited)

 

 

 

 

 

 

 

 

 

Item 1.

 

Condensed Consolidated Financial Statements:

 

1

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets

 

1

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

 

2

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity

 

3

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

 

4

 

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

5

 

 

 

 

 

 

 

Item 2.

 

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

 

24

 

 

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

35

 

 

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

35

 

 

 

 

Part II —

 

Other Information

 

36

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

36

 

 

 

 

 

 

 

Item 1A.

 

Risk Factors

 

36

 

 

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

36

 

 

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

36

 

 

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

36

 

 

 

 

 

 

 

Item 5.

 

Other Information

 

36

 

 

 

 

 

 

 

Item 6.

 

Exhibits

 

37

 

 

 

 

 

 

 

SIGNATURES

 

38

 

 

 

 


 

ITEM 1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Arcadia Biosciences, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except share data)

 

 

 

June 30, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

43,977

 

 

$

14,042

 

Short-term investments

 

 

 

 

 

11,625

 

Accounts receivable

 

 

1,147

 

 

 

1,406

 

Inventories, net — current

 

 

3,897

 

 

 

3,812

 

Prepaid expenses and other current assets

 

 

1,895

 

 

 

811

 

Total current assets

 

 

50,916

 

 

 

31,696

 

Restricted cash

 

 

 

 

 

2,001

 

Property and equipment, net

 

 

3,740

 

 

 

3,539

 

Right of use asset

 

 

6,360

 

 

 

5,826

 

Inventories, net — noncurrent

 

 

3,890

 

 

 

3,485

 

Goodwill

 

 

1,648

 

 

 

408

 

Intangible assets, net

 

 

4,068

 

 

 

370

 

Other noncurrent assets

 

 

176

 

 

 

23

 

Total assets

 

$

70,798

 

 

$

47,348

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

5,189

 

 

$

4,105

 

Amounts due to related parties

 

 

33

 

 

 

80

 

Debt — current

 

 

1,140

 

 

 

1,141

 

Unearned revenue — current

 

 

63

 

 

 

8

 

Operating lease liability — current

 

 

962

 

 

 

717

 

Other current liabilities

 

 

264

 

 

 

263

 

Total current liabilities

 

 

7,651

 

 

 

6,314

 

Debt — noncurrent

 

 

87

 

 

 

2,105

 

Operating lease liability — noncurrent

 

 

5,727

 

 

 

5,389

 

Common stock warrant liabilities

 

 

12,514

 

 

 

2,708

 

Other noncurrent liabilities

 

 

2,140

 

 

 

2,280

 

Total liabilities

 

 

28,119

 

 

 

18,796

 

Commitments and contingencies (Note 17)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value—150,000,000 shares authorized as

   of June 30, 2021 and December 31, 2020; 22,163,650

   and 13,450,861 shares issued and outstanding as of June 30,

   2021 and December 31, 2020, respectively

 

 

63

 

 

 

54

 

Additional paid-in capital

 

 

256,616

 

 

 

239,496

 

Accumulated other comprehensive income

 

 

(12

)

 

 

 

Accumulated deficit

 

 

(215,027

)

 

 

(211,825

)

Total Arcadia Biosciences stockholders’ equity

 

 

41,640

 

 

 

27,725

 

Non-controlling interest

 

 

1,039

 

 

 

827

 

Total stockholders' equity

 

 

42,679

 

 

 

28,552

 

Total liabilities and stockholders’ equity

 

$

70,798

 

 

$

47,348

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

1


 

Arcadia Biosciences, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except share and per share data)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

 

2021

 

 

 

2020

 

 

2021

 

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

1,379

 

 

$

231

 

$

2,183

 

 

$

385

 

License

 

 

 

 

 

 

 

 

 

 

100

 

Royalty

 

 

26

 

 

 

12

 

 

51

 

 

 

42

 

Contract research and government grants

 

 

 

 

 

38

 

 

 

 

 

63

 

Total revenues

 

 

1,405

 

 

 

281

 

 

2,234

 

 

 

590

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenues

 

 

1,587

 

 

 

1,490

 

 

2,443

 

 

 

1,622

 

Research and development

 

 

1,131

 

 

 

1,993

 

 

2,290

 

 

 

4,237

 

Change in fair value of contingent consideration

 

 

 

 

 

 

 

(140

)

 

 

 

Write-down of fixed assets

 

 

 

 

 

 

 

210

 

 

 

 

Selling, general and administrative

 

 

6,370

 

 

 

3,674

 

 

10,439

 

 

 

7,397

 

Total operating expenses

 

 

9,088

 

 

 

7,157

 

 

15,243

 

 

 

13,256

 

Loss from operations

 

 

(7,682

)

 

 

(6,876

)

 

(13,009

)

 

 

(12,666

)

Interest expense

 

 

(1

)

 

 

(6

)

 

(8

)

 

 

(9

)

Other income, net

 

 

2,759

 

 

 

10

 

 

10,222

 

 

 

82

 

Change in fair value of common stock warrant liabilities

 

 

(498

)

 

 

(3,079

)

 

(176

)

 

 

5,082

 

Gain on extinguishment of warrant liability

 

 

 

 

 

47

 

 

 

 

 

47

 

Issuance and offering costs

 

 

 

 

 

 

 

(769

)

 

 

 

Net loss before income taxes

 

 

(5,422

)

 

 

(9,904

)

 

(3,740

)

 

 

(7,464

)

Income tax benefit (provision)

 

 

 

 

 

10

 

 

 

 

 

(7

)

Net loss

 

 

(5,422

)

 

 

(9,894

)

 

(3,740

)

 

 

(7,471

)

Net loss attributable to non-controlling interest

 

 

(161

)

 

 

(205

)

 

(538

)

 

 

(307

)

Net loss attributable to common stockholders

 

$

(5,261

)

 

$

(9,689

)

$

(3,202

)

 

$

(7,164

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.24

)

 

$

(1.04

)

$

(0.15

)

 

$

(0.80

)

Weighted-average number of shares used in per share

   calculations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

21,745,403

 

 

 

9,327,317

 

 

21,271,960

 

 

 

8,989,265

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on investment securities

 

 

 

 

 

 

 

 

 

 

(1

)

Foreign currency translation adjustment

 

 

(12

)

 

 

 

 

(12

)

 

 

 

Other comprehensive loss

 

 

(12

)

 

 

 

 

(12

)

 

 

(1

)

Comprehensive loss attributable to common stockholders

 

$

(5,273

)

 

$

(9,689

)

$

(3,214

)

 

$

(7,165

)

 

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 Comprehensive

 

 

Non-

Controlling

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Interest

 

 

Equity

 

Balance at December 31, 2020

 

 

13,450,861

 

 

$

54

 

 

$

239,496

 

 

$

(211,825

)

 

$

 

 

$

827

 

 

$

28,552

 

Issuance of shares related to the

   January 2021 PIPE

 

 

7,876,784

 

 

 

8

 

 

 

15,508

 

 

 

 

 

 

 

 

 

 

 

 

15,516

 

Offering costs related to the January 2021 PIPE

 

 

 

 

 

 

 

 

(2,084

)

 

 

 

 

 

 

 

 

 

 

 

(2,084

)

Issuance of placement agent warrants related to

   issuance of January 2021 PIPE

 

 

 

 

 

 

 

 

942

 

 

 

 

 

 

 

 

 

 

 

 

942

 

Issuance of shares related to employee stock

   purchase plan

 

 

8,604

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

21

 

Non-controlling interest capital contribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

750

 

 

 

750

 

Stock-based compensation

 

 

 

 

 

 

 

 

325

 

 

 

 

 

 

 

 

 

 

 

 

325

 

Net income

 

 

 

 

 

 

 

 

 

 

 

2,059

 

 

 

 

 

 

(377

)

 

 

1,682

 

Balance at March 31, 2021

 

 

21,336,249

 

 

$

62

 

 

$

254,208

 

 

$

(209,766

)

 

$

-

 

 

$

1,200

 

 

$

45,705

 

Issuance of shares at closing of

   Arcadia Wellness acquisition

 

 

827,401

 

 

 

1

 

 

 

2,052

 

 

 

 

 

 

 

 

 

 

 

 

2,053

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

(12

)

Stock-based compensation

 

 

 

 

 

 

 

 

356

 

 

 

 

 

 

 

 

 

 

 

 

356

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(5,261

)

 

 

 

 

 

(161

)

 

 

(5,422

)

Balance at June 30, 2021

 

 

22,163,650

 

 

$

63

 

 

$

256,616

 

 

$

(215,027

)

 

$

(12

)

 

$

1,039

 

 

$

42,679

 

 

 

 

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Non-

Controlling

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Loss) Income

 

 

Interest

 

 

Equity

 

Balance at December 31, 2019

 

 

8,646,149

 

 

$

49

 

 

$

214,826

 

 

$

(207,171

)

 

$

1

 

 

$

621

 

 

$

8,326

 

Issuance of shares related to employee stock

   purchase plan

 

 

7,946

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

14

 

Stock-based compensation

 

 

 

 

 

 

 

 

772

 

 

 

 

 

 

 

 

 

 

 

 

772

 

Unrealized losses on available-for-sale securities