Arcadia Biosciences, Inc 8-K, filed Mar 30, 2023

Arcadia Biosciences, Inc. (RKDA)

8-K 2023-03-30 For: 2023-03-30

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Added on April 09, 2026

About this 8-K

Arcadia Biosciences, Inc filed this 8-K on March 30, 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 Fourth-Quarter and Full Year 2022 Financial Results and Business Highlights
99.2		Arcadia Biosciences Full Year 2022 Financial Information
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


			ARCADIA BIOSCIENCES, INC.

Date:	March 30, 2023	By:	/s/ THOMAS J. SCHAEFER
			Thomas J. Schaefer, Chief Financial Officer


	Three months ended Dec 31				Twelve months ended Dec 31
	2022	2021	Favorable/ (Unfavorable)		2022	2021	Favorable/ (Unfavorable)
			$	%			$	%
Total Revenues	1,000	2,171	(1,171)	(54)%	9,956	6,780	3,176	47%
Total Operating Expenses	6,830	15,975	9,145	57%	28,771	42,306	13,535	32%
(Loss) Income From Operations	(5,830)	(13,804)	7,974	58%	(18,815)	(35,526)	16,711	47%
Net (Loss) Income Attributable to Common Stockholders	(4,244)	(9,282)	5,038	54%	(15,376)	(14,660)	(716)	(5)%


	As of December 31,
	2022			2021
Assets
Current assets:
Cash and cash equivalents	$	20,644		$	28,685
Accounts receivable and other receivables, net of allowance for doubtful accounts of $3 and $76 as of December 31, 2022 and 2021, respectively		1,287			1,370
Inventories, net — current		2,571			4,433
Assets held for sale		87			—
Prepaid expenses and other current assets		809			900
Total current assets		25,398			35,388
Property and equipment, net		704			2,291
Right of use assets		1,848			3,081
Inventories, net — noncurrent		767			2,494
Intangible assets, net		40			484
Other noncurrent assets		165			180
Total assets	$	28,922		$	43,918
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses	$	2,881		$	3,638
Amounts due to related parties		48			64
Operating lease liability — current		1,010			1,074
Other current liabilities		270			264
Total current liabilities		4,209			5,040
Operating lease liability — noncurrent		1,007			2,220
Common stock warrant and option liabilities		806			3,392
Other noncurrent liabilities		2,000			2,070
Total liabilities		8,022			12,722
Stockholders’ equity:
Common stock, $0.001 par value—150,000,000 shares authorized as of December 31, 2022 and December 31, 2021; 616,079 and 554,609 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively.		65			63
Additional paid-in capital		278,827			257,515
Accumulated deficit		(257,859	)		(226,485	)
Total Arcadia Biosciences stockholders’ equity		21,033			31,093
Non-controlling interest		(133	)		103
Total stockholders' equity		20,900			31,196
Total liabilities and stockholders’ equity	$	28,922		$	43,918


	Year Ended December 31,
	2022			2021
Revenues:
Product	$	8,960		$	6,587
License		879			17
Royalty		117			—
Total revenues		9,956			6,604
Operating expenses (income):
Cost of revenues		9,802			8,708
Research and development		1,509			3,889
(Gain) on sale of Verdeca		(1,138	)		0
Loss on sale of Arcadia Spain		—			497
Impairment of intangible assets		404			3,302
Impairment of goodwill		—			1,648
Change in fair value of contingent consideration		(70	)		(210	)
(Gain) on sale of property and equipment		(314	)		—
Impairment of property and equipment, net		530			1,534
Selling, general and administrative		18,048			22,938
Total operating expenses		28,771			42,306
Loss from operations		(18,815	)		(35,526	)
Interest income (expense)		289			(20	)
Other income, net		33			10,114
Change in fair value of common stock warrant and option liabilities		3,209			8,946
Gain on extinguishment of PPP loan		—			1,123
Issuance and offering costs		(314	)		(769	)
Net loss before income taxes		(15,598	)		(16,132	)
Income tax (provision)		(14	)		(2	)
Net loss		(15,612	)		(16,134	)
Net loss attributable to non-controlling interest		(236	)		(1,474	)
Net loss attributable to common stockholders	$	(15,376	)	$	(14,660	)
Net loss per share attributable to common stockholders:
Basic and diluted	$	(25.65	)	$	(27.56	)
Weighted-average number of shares used in per share calculations:
Basic and diluted		599,389			532,016
Other comprehensive loss		—			—
Comprehensive loss attributable to common stockholders	$	(15,376	)	$	(14,660	)


SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	$	1	$	25
Cash paid for taxes	$	—	$	1
NONCASH TRANSACTIONS:
Fair value of shares of common stock issued at closing of Arcadia Wellness transaction	$	—	$	2,053
Common stock warrant liabilities reclassified to equity upon adoption of ASU 2020-06	$	3,392	$	—
Common stock options issued to placement agent and included in offering costs related to August 2022 RDO securities purchase agreement	$	191	$	—
Common stock warrants issued to placement agent and included in offering costs related to January 2021 PIPE securities purchase agreement	$	—	$	942
Right of use assets obtained in exchange for new operating lease liabilities	$	114	$	1,664
Proceeds from sale of property and equipment in accounts receivable and other receivables	$	19	$	—
Proceeds from sale of Verdeca in accounts receivable and other receivables	$	569	$	—