Exhibit 99.2
Arcadia Biosciences, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
| | | | | | | | |
| | | | | | |
| | March 31, 2024 | | | December 31, 2023 | |
Assets | | | | | | |
Current assets: | | | | | | |
Cash and cash equivalents | | $ | 3,317 | | | $ | 6,518 | |
Short-term investments | | | 5,184 | | | | 5,124 | |
Accounts receivable and other receivables, net of allowance for doubtful accounts of
$0 as of March 31, 2024 and December 31, 2023 | | | 760 | | | | 514 | |
Inventories — current | | | 1,831 | | | | 1,958 | |
Assets held for sale | | | 15 | | | | 51 | |
Prepaid expenses and other current assets | | | 535 | | | | 807 | |
Total current assets | | | 11,642 | | | | 14,972 | |
Property and equipment, net | | | 328 | | | | 384 | |
Right of use asset | | | 695 | | | | 792 | |
Inventories — noncurrent | | | 3,178 | | | | 3,354 | |
Intangible assets, net | | | 39 | | | | 39 | |
Other noncurrent assets | | | 164 | | | | 164 | |
Total assets | | $ | 16,046 | | | $ | 19,705 | |
Liabilities and stockholders’ equity | | | | | | |
Current liabilities: | | | | | | |
Accounts payable and accrued expenses | | $ | 1,732 | | | $ | 2,410 | |
Amounts due to related parties | | | 75 | | | | 58 | |
Operating lease liability — current | | | 801 | | | | 852 | |
Other current liabilities | | | 270 | | | | 270 | |
Total current liabilities | | | 2,878 | | | | 3,590 | |
Operating lease liability — noncurrent | | | 21 | | | | 155 | |
Common stock warrant and option liabilities | | | 664 | | | | 1,257 | |
Other noncurrent liabilities | | | 2,000 | | | | 2,000 | |
Total liabilities | | | 5,563 | | | | 7,002 | |
Commitments and contingencies (Note 13) | | | | | | |
Stockholders’ equity: | | | | | | |
Common stock, $0.001 par value—150,000,000 shares authorized as
of March 31, 2024 and December 31, 2023; 1,362,840 and 1,285,337 shares issued
and outstanding as of March 31, 2024 and December 31, 2023, respectively | | | 65 | | | | 65 | |
Additional paid-in capital | | | 284,658 | | | | 284,515 | |
Accumulated other comprehensive income | | | 161 | | | | 101 | |
Accumulated deficit | | | (274,263 | ) | | | (271,840 | ) |
Total stockholders’ equity | | | 10,621 | | | | 12,841 | |
Non-controlling interest | | | (138 | ) | | | (138 | ) |
Total stockholders' equity | | | 10,483 | | | | 12,703 | |
Total liabilities and stockholders’ equity | | $ | 16,046 | | | $ | 19,705 | |
Arcadia Biosciences, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands, except share data and per share data)
| | | | | | | | |
| | Three Months Ended March 31, | |
| | | 2024 | | | | 2023 | |
Revenues: | | | | | | |
Product | | $ | 1,255 | | | $ | 1,232 | |
Total revenues | | | 1,255 | | | | 1,232 | |
Operating expenses (income): | | | | | | |
Cost of revenues | | | 820 | | | | 688 | |
Research and development | | | 272 | | | | 359 | |
Loss (Gain) on sale of property and equipment | | | 2 | | | | (19 | ) |
Impairment of property and equipment | | | 36 | | | | — | |
Selling, general and administrative | | | 3,189 | | | | 4,071 | |
Total operating expenses | | | 4,319 | | | | 5,099 | |
Loss from continuing operations | | | (3,064 | ) | | | (3,867 | ) |
Interest income | | | 45 | | | | 198 | |
Other income, net | | | 3 | | | | 32 | |
Valuation loss on March 2023 PIPE | | | — | | | | (6,076 | ) |
Change in fair value of common stock warrant and option liabilities | | | 593 | | | | 940 | |
Issuance and offering costs allocated to liability classified options | | | — | | | | (430 | ) |
Net loss from continuing operations | | | (2,423 | ) | | | (9,203 | ) |
Net loss from discontinued operations | | | — | | | | (181 | ) |
Net loss attributable to common stockholders | | $ | (2,423 | ) | | $ | (9,384 | ) |
Net loss per share attributable to common stockholders: | | | | | | |
Basic and diluted from continuing operations | | $ | (2 | ) | | $ | (10.65 | ) |
Basic and diluted from discontinued operations | | $ | — | | | $ | (0.21 | ) |
Net loss per basic and diluted share attributable to common stockholders | | $ | (1.78 | ) | | $ | (10.86 | ) |
Weighted-average number of shares used in per share
calculations: | | | | | | |
Basic and diluted | | | 1,361,657 | | | | 864,391 | |
Other comprehensive income, net of tax | | | | | | |
Unrealized gains on available-for-sale securities | | $ | 60 | | | $ | — | |
Other comprehensive income | | $ | 60 | | | $ | — | |
Comprehensive loss attributable to common stockholders | | $ | (2,363 | ) | | $ | (9,384 | ) |
Arcadia Biosciences, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
| | | | | | | | |
| | Three Months Ended March 31, | |
| | | 2024 | | | | 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | |
Net loss | | $ | (2,423 | ) | | $ | (9,384 | ) |
Adjustments to reconcile net loss to cash used in operating activities: | | | | | | |
Change in fair value of common stock warrant and option liabilities | | | (593 | ) | | | (940 | ) |
Issuance and offering costs allocated to liability classified options | | | — | | | | 430 | |
Valuation loss on March 2023 PIPE | | | — | | | | 6,076 | |
Depreciation | | | 51 | | | | 71 | |
Lease amortization | | | 177 | | | | 180 | |
Loss (Gain) on disposal of property and equipment | | | 2 | | | | (19 | ) |
Stock-based compensation | | | 138 | | | | 212 | |
Write-down of inventories | | | — | | | | 23 | |
Impairment of property and equipment | | | 36 | | | | — | |
Changes in operating assets and liabilities: | | | | | | |
Accounts receivable and other receivables | | | (246 | ) | | | 80 | |
Inventories | | | 303 | | | | (37 | ) |
Prepaid expenses and other current assets | | | 275 | | | | 203 | |
Accounts payable and accrued expenses | | | (678 | ) | | | (149 | ) |
Amounts due to related parties | | | 17 | | | | (33 | ) |
Other current liabilities | | | — | | | | 12 | |
Operating lease liabilities | | | (269 | ) | | | (191 | ) |
Net cash used in operating activities | | | (3,210 | ) | | | (3,466 | ) |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | |
Proceeds from sale of property and equipment | | | 17 | | | | 30 | |
Purchases of property and equipment | | | (13 | ) | | | — | |
Proceeds from sale of Verdeca — earn-out received | | | — | | | | 285 | |
Net cash provided by investing activities | | | 4 | | | | 315 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | |
Proceeds from issuance of common stock, pre-funded warrants and
preferred investment options from March 2023 PIPE | | | — | | | | 5,997 | |
Payments of offering costs relating to March 2023 PIPE | | | — | | | | (497 | ) |
Proceeds from ESPP purchases | | | 5 | | | | 5 | |
Net cash provided by financing activities | | | 5 | | | | 5,505 | |
Net (decrease) increase in cash and cash equivalents | | | (3,201 | ) | | | 2,354 | |
Cash and cash equivalents — beginning of period | | | 6,518 | | | | 20,644 | |
Cash and cash equivalents — end of period | | $ | 3,317 | | | $ | 22,998 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | | | | | | |
NONCASH INVESTING AND FINANCING ACTIVITIES: | | | | | | |
Accrued legal and accounting fees included in offering
costs related to March 2023 PIPE | | $ | — | | | $ | 51 | |
Common stock options issued to placement agent and included in offering
costs related to March 2023 PIPE | | $ | — | | | $ | 212 | |
Proceeds from sale of property and equipment in accounts receivable and other receivables | | $ | 12 | | | $ | — | |
Purchases of property and equipment in accounts payable and accrued expenses | | $ | 13 | | | $ | — | |
Warrant and option modifications included in Valuation loss on March
2023 PIPE | | $ | — | | | $ | 404 | |
Proceeds from sale of Verdeca in accounts receivable and other receivables | | $ | — | | | $ | 285 | |
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