Arcadia Biosciences, Inc 8-K, filed Nov 9, 2023

Arcadia Biosciences, Inc. (RKDA)

8-K 2023-11-09 For: 2023-11-09

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Added on April 09, 2026

About this 8-K

Arcadia Biosciences, Inc filed this 8-K on November 9, 2023.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Delaware	001-37383	81-0571538
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5950 Sherry Lane Suite 215
Dallas, Texas		75225
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common	RKDA	The Nasdaq Stock Market LLC


Exhibit No.		Description

99.1		Arcadia Biosciences Announces Third-Quarter 2023 Financial Results and Business Highlights
99.2		Arcadia Biosciences Third-Quarter 2023 Financial Information
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


			ARCADIA BIOSCIENCES, INC.

Date:	November 9, 2023	By:	/s/ THOMAS J. SCHAEFER
			Thomas J. Schaefer, Chief Financial Officer


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023	2022	Favorable / (Unfavorable)		2023	2022	Favorable / (Unfavorable)
			$	%			$	%
Total revenues	1,597	1,570	27	2%	4,160	6,674	(2,514)	(38%)
Total operating expenses	4,839	5,561	722	13%	14,734	16,023	1,289	8%
Loss from continuing operations	(3,242)	(3,991)	749	19%	(10,574)	(9,349)	(1,225)	(13%)
Net loss attributable to common stockholders	(2,567)	(2,867)	300	10%	(11,128)	(11,132)	4	0%



	September 30, 2023			December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	10,611		$	20,644
Short-term investments		5,089			—
Accounts receivable and other receivables, net of allowance for doubtful accounts of $0 and $3 as of September 30, 2023 and December 31, 2022, respectively		304			1,221
Inventories, net — current		2,657			2,321
Assets held for sale		87			87
Prepaid expenses and other current assets		1,093			795
Current assets of discontinued operations		165			330
Total current assets		20,006			25,398
Property and equipment, net		468			680
Right of use asset		1,147			1,848
Inventories, net — noncurrent		1,624			767
Intangible assets, net		40			40
Other noncurrent assets		181			165
Noncurrent assets of discontinued operations		—			24
Total assets	$	23,466		$	28,922
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses	$	2,602		$	2,855
Amounts due to related parties		46			48
Operating lease liability — current		924			1,010
Other current liabilities		282			270
Current liabilities of discontinued operations		31			26
Total current liabilities		3,885			4,209
Operating lease liability — noncurrent		347			1,007
Common stock warrant and option liabilities		1,836			806
Other noncurrent liabilities		2,000			2,000
Total liabilities		8,068			8,022
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.001 par value—150,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 1,110,337 and 616,079 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively		65			65
Additional paid-in capital		284,371			278,827
Accumulated other comprehensive income		87			—
Accumulated deficit		(268,987	)		(257,859	)
Total stockholders’ equity		15,536			21,033
Non-controlling interest		(138	)		(133	)
Total stockholders' equity		15,398			20,900
Total liabilities and stockholders’ equity	$	23,466		$	28,922


	Three Months Ended September 30,						Nine Months Ended September 30,
		2023			2022			2023			2022
Revenues:
Product	$	1,597		$	1,543		$	4,150		$	5,685
Royalty		—			17			—			117
License		—			10			10			872
Total revenues		1,597			1,570			4,160			6,674
Operating expenses (income):
Cost of revenues		1,102			1,128			2,630			5,201
Research and development		305			255			1,055			1,009
Gain on sale of Verdeca		—			—			—			(1,138	)
Change in fair value of contingent consideration		—			—			—			(70	)
Gain on sale of property and equipment		(11	)		—			(36	)		(386	)
Selling, general and administrative		3,443			4,178			11,085			11,407
Total operating expenses		4,839			5,561			14,734			16,023
Loss from continuing operations		(3,242	)		(3,991	)		(10,574	)		(9,349	)
Interest income		133			95			538			123
Other income, net		17			43			36			13
Valuation loss on March 2023 PIPE		—			—			(6,076	)		—
Change in fair value of common stock warrant and option liabilities		608			1,880			5,965			1,880
Issuance and offering costs allocated to liability classified options		—			(314	)		(430	)		(314	)
Net loss from continuing operations before income taxes		(2,484	)		(2,287	)		(10,541	)		(7,647	)
Income tax provision		—			(1	)		(1	)		(1	)
Net loss from continuing operations		(2,484	)		(2,288	)		(10,542	)		(7,648	)
Net loss from discontinued operations		(83	)		(589	)		(591	)		(3,636	)
Net loss		(2,567	)		(2,877	)		(11,133	)		(11,284	)
Net loss attributable to non-controlling interest		—			(10	)		(5	)		(152	)
Net loss attributable to common stockholders	$	(2,567	)	$	(2,867	)	$	(11,128	)	$	(11,132	)
Net loss per share attributable to common stockholders:
Basic and diluted from continuing operations	$	(1.83	)	$	(3.71	)	$	(8.81	)	$	(13.05	)
Basic and diluted from discontinued operations	$	(0.06	)	$	(0.96	)	$	(0.49	)	$	(6.33	)
Net loss per basic and diluted share attributable to common stockholders	$	(1.89	)	$	(4.67	)	$	(9.31	)	$	(19.37	)
Weighted-average number of shares used in per share calculations:
Basic and diluted		1,359,511			613,814			1,195,354			574,621
Other comprehensive income, net of tax
Unrealized gains on available-for-sale securities	$	66		$	—		$	87		$	—
Other comprehensive income	$	66		$	—		$	87		$	—