Arcadia Biosciences Announces Second-Quarter And First-Half 2017 Financial Results And Business Highlights

DAVIS, Calif.--(BUSINESS WIRE)--Arcadia Biosciences, Inc. (Nasdaq: RKDA), an agricultural technology company that creates value for farmers while benefitting the environment and enhancing human health, today released its financial and business results for the second quarter and first half of 2017.

Revenues for the quarter were up 37 percent to $991,000, compared to $721,000 for the second quarter of 2016. The increase reflects higher product sales as well as higher contract and grant revenue, primarily the result of a new agreement. Operating expenses for the second quarter were $4.7 million compared to $5.0 million for the same period in the prior year.

The company’s net loss and net loss attributable to common stockholders in the second quarter of 2017 was $4.0 million, compared to $4.6 million in the comparable period in 2016.

For the first half of 2017, net loss attributable to common stockholders was $8.2 million, an improvement of 16 percent over the comparable period loss of $9.7 million in 2016. Cash on hand and liquid investments at the end of the second quarter totaled $44.1 million.

“Our positive momentum from the first quarter continued in the second quarter with increased revenue, decreased operating costs and a reduced net loss,” said Raj Ketkar, president and CEO of Arcadia. “Together with our global partners, we continue to advance the key products from our yield trait and food ingredient platforms toward commercialization.”

Business and Technology Highlights

Arcadia made the following business and technical achievements during the second quarter of 2017:

• SONOVA GLA Safflower Oil Approved For Use in Dog Food. After completing its review of Arcadia’s food additive petition, the FDA concluded that the data supports the safety and functionality of GLA safflower oil as a source of omega-6 fatty acids in dry food for adult dogs. The petition will be approved when the final rule is published in the Federal Register. This approval opens up an expanded opportunity for use of SONOVA GLA safflower oil in pet nutrition and demonstrates Arcadia’s strong regulatory capabilities and commitment toward creating the greatest possible value for our entire product portfolio.
• Eric J. Rey and Gregory D. Waller Join Arcadia Biosciences Board Of Directors. Eric J. Rey and Gregory D. Waller were elected at the company’s annual stockholders meeting to replace directors Vic Knauf, Ph.D., and Rajiv Shah, M.D. Additionally, the board of directors formally elected George F.J. Gosbee as its chair. Gosbee had served as interim chair of the board since November 2016.

Since the close of the second quarter, Arcadia has also announced the following achievements: