EX-99.2 3 rkda-ex99_2.htm EX-99.2 EX-99.2

 

Exhibit 99.2

img193038000_0.jpg

 

Arcadia Biosciences, Inc.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share data)

 

 

 

 

 

 

 

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,376

 

 

$

4,242

 

Short-term investments

 

 

3,067

 

 

 

—

 

Accounts receivable and other receivables, net of allowance for credit losses of
   $559 and $0 as of June 30, 2025 and December 31, 2024, respectively

 

 

1,264

 

 

 

1,175

 

Inventories

 

 

1,489

 

 

 

904

 

Note receivable — current, net of allowance for credit losses (Note 7)

 

 

—

 

 

 

1,894

 

Prepaid expenses and other current assets

 

 

383

 

 

 

931

 

Current assets of discontinued operations — GoodWheat

 

 

—

 

 

 

96

 

Total current assets

 

 

7,579

 

 

 

9,242

 

Property and equipment, net

 

 

12

 

 

 

41

 

Right of use asset

 

 

10

 

 

 

137

 

Intangible assets, net

 

 

39

 

 

 

39

 

Note receivable — noncurrent, net of allowance for credit losses (Note 7)

 

 

—

 

 

 

3,966

 

Other noncurrent assets

 

 

148

 

 

 

92

 

Total assets

 

$

7,788

 

 

$

13,517

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

1,558

 

 

$

2,108

 

Amounts due to related parties

 

 

—

 

 

 

30

 

Operating lease liability — current

 

 

11

 

 

 

155

 

Other current liabilities

 

 

270

 

 

 

270

 

Total current liabilities

 

 

1,839

 

 

 

2,563

 

Common stock warrant and option liabilities

 

 

1,416

 

 

 

2,731

 

Other noncurrent liabilities

 

 

—

 

 

 

2,000

 

Total liabilities

 

 

3,255

 

 

 

7,294

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.001 par value—150,000,000 shares authorized as
   of June 30, 2025 and December 31, 2024; 1,367,040 and 1,364,940 shares issued
   and outstanding as of June 30, 2025 and December 31, 2024, respectively

 

 

65

 

 

 

65

 

Additional paid-in capital

 

 

285,205

 

 

 

285,036

 

Accumulated deficit

 

 

(280,737

)

 

 

(278,878

)

Total stockholders' equity

 

 

4,533

 

 

 

6,223

 

Total liabilities and stockholders’ equity

 

$

7,788

 

 

$

13,517

 

 

1

 

 

 

Arcadia Biosciences, Inc.

Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(In thousands, except share data and per share data)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

1,455

 

 

$

1,306

 

 

$

2,655

 

 

$

2,293

 

Total revenues

 

 

1,455

 

 

 

1,306

 

 

 

2,655

 

 

 

2,293

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

824

 

 

 

633

 

 

 

1,506

 

 

 

1,104

 

Research and development

 

 

9

 

 

 

10

 

 

 

9

 

 

 

16

 

Gain on sale of intangible assets

 

 

—

 

 

 

(4,000

)

 

 

(750

)

 

 

(4,000

)

Impairment of property and equipment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

36

 

Change in fair value of contingent consideration

 

 

(1,000

)

 

 

—

 

 

 

(2,000

)

 

 

—

 

Selling, general and administrative

 

 

2,123

 

 

 

2,683

 

 

 

3,861

 

 

 

4,745

 

Total operating expenses

 

 

1,956

 

 

 

(674

)

 

 

2,626

 

 

 

1,901

 

(Loss) income from operations

 

 

(501

)

 

 

1,980

 

 

 

29

 

 

 

392

 

Interest income

 

 

9

 

 

 

150

 

 

 

216

 

 

 

195

 

Credit loss

 

 

(4,489

)

 

 

—

 

 

 

(4,489

)

 

 

—

 

Other income

 

 

1,071

 

 

 

150

 

 

 

1,071

 

 

 

153

 

Change in fair value of common stock warrant and option liabilities

 

 

(548

)

 

 

(430

)

 

 

1,314

 

 

 

163

 

Net (loss) income from continuing operations

 

 

(4,458

)

 

 

1,850

 

 

 

(1,859

)

 

 

903

 

Net loss from discontinued operations

 

 

—

 

 

 

(789

)

 

 

—

 

 

 

(2,265

)

Net (loss) income attributable to common stockholders

 

$

(4,458

)

 

$

1,061

 

 

$

(1,859

)

 

$

(1,362

)

Net (loss) income per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted from continuing operations

 

$

(3.26

)

 

$

1.36

 

 

$

(1.36

)

 

$

0.66

 

Basic and diluted from discontinued operations

 

$

—

 

 

$

(0.58

)

 

$

—

 

 

$

(1.66

)

Net (loss) income per basic share attributable to common stockholders

 

$

(3.26

)

 

$

0.78

 

 

$

(1.36

)

 

$

(1.00

)

Weighted-average number of shares used in per share
   calculations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

1,367,040

 

 

 

1,362,840

 

 

 

1,366,553

 

 

 

1,362,249

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains on available-for-sale securities

 

$

—

 

 

$

31

 

 

$

—

 

 

$

91

 

Reclassification adjustment for gains on available-for-sale securities included in net (loss) income

 

 

—

 

 

 

(111

)

 

 

—

 

 

 

(111

)

Change in unrealized gains on available-for-sale securities

 

$

—

 

 

$

(80

)

 

$

-

 

 

$

(20

)

Comprehensive (loss) income

 

$

(4,458

)

 

$

981

 

 

$

(1,859

)

 

$

(1,382

)

 

2

 

Arcadia Biosciences, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

Six Months Ended June 30,

 

 

 

 

2025

 

 

 

2024

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(1,859

)

 

$

(1,362

)

Adjustments to reconcile net loss to cash used in operating activities:

 

 

 

 

 

 

Change in fair value of common stock warrant and option liabilities

 

 

(1,314

)

 

 

(163

)

Change in fair value of contingent consideration

 

 

(2,000

)

 

 

—

 

Depreciation

 

 

28

 

 

 

85

 

Lease amortization

 

 

117

 

 

 

352

 

Amortization of note receivable

 

 

(69

)

 

 

(29

)

Gain on disposal of property and equipment

 

 

—

 

 

 

(89

)

Gain on sale of RS durum wheat trait

 

 

(750

)

 

 

(4,000

)

Gain on receipt of Above Food Ingredients, Inc. common stock

 

 

(1,067

)

 

 

—

 

Stock-based compensation

 

 

164

 

 

 

240

 

Credit loss

 

 

4,489

 

 

 

—

 

Impairment of property and equipment

 

 

—

 

 

 

36

 

Changes in operating assets and liabilities:

 

 

—

 

 

 

—

 

Accounts receivable and other receivables

 

 

(417

)

 

 

(334

)

Inventories

 

 

(585

)

 

 

440

 

Prepaid expenses and other current assets

 

 

544

 

 

 

270

 

Other noncurrent assets

 

 

(56

)

 

 

—

 

Accounts payable and accrued expenses

 

 

(630

)

 

 

(612

)

Amounts due to related parties

 

 

(30

)

 

 

22

 

Other current liabilities

 

 

(57

)

 

 

(15

)

Operating lease liabilities

 

 

(129

)

 

 

(507

)

Net cash used in operating activities

 

 

(3,621

)

 

 

(5,666

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Proceeds from sale of intangible assets

 

 

750

 

 

 

—

 

Proceeds from sale of property and equipment

 

 

—

 

 

 

162

 

Proceeds from sale of investments

 

 

—

 

 

 

2,501

 

Proceeds from sale of RS durum wheat trait

 

 

—

 

 

 

4,000

 

Cash paid related to sale of GoodWheat

 

 

—

 

 

 

(2,000

)

Purchases of property and equipment

 

 

—

 

 

 

(16

)

Net cash provided by investing activities

 

 

750

 

 

 

4,647

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from ESPP purchases

 

 

5

 

 

 

5

 

Net cash provided by financing activities

 

 

5

 

 

 

5

 

Net decrease in cash and cash equivalents

 

 

(2,866

)

 

 

(1,014

)

Cash and cash equivalents — beginning of period

 

 

4,242

 

 

 

6,518

 

Cash and cash equivalents — end of period

 

$

1,376

 

 

$

5,504

 

NONCASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from sale of property and equipment in accounts receivable and other receivables

 

$

—

 

 

$

84

 

Right of use assets obtained in exchange for new operating lease liabilities

 

$

—

 

 

$

86

 

Fair value of Above Food Ingredients, Inc. common stock received

 

$

3,067

 

 

$

—

 

 

 

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