UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR Arcadia Biosciences, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 81-0571538 (State or other jurisdiction of incorporation or organization) 5950 Sherry Lane, Suite 215 Dallas, TX 75225 (Address of Principal Executive Offices) (Zip Code) Identification No.) Re ...

Exhibit 99.2 Arcadia Biosciences, Inc. Consolidated Balance Sheets (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 ...

Financial Performance - Arcadia Biosciences reported an 11% increase in total revenues for the second quarter of 2025, amounting to $1.455 million compared to $1.306 million in the same period of 2024 [3][5][7] - Zola® coconut water sales drove this revenue growth, with a 24% increase, contributing $280,000 to the total revenue in Q2 2025 [3][8] - For the first half of 2025, total revenues increased by 16% to $2.655 million, with Zola revenues rising by 47% [9] Operating Expenses - Total operating expenses for Q2 2025 were $1.956 million, a significant increase compared to the previous year, primarily due to higher costs associated with Zola coconut water [5][10] - Cost of revenues for Zola increased by 30% in Q2 2025, reflecting a $191,000 rise [10] - SG&A expenses decreased by $560,000 in Q2 2025 compared to the same period in 2024, indicating improved operational efficiency [12] Net Income and Loss - The net loss attributable to common stockholders for Q2 2025 was $4.458 million, a significant decline from a net income of $1.061 million in Q2 2024, largely due to a $4.5 million credit loss related to a note receivable [17][19] - For the first half of 2025, the net loss attributable to common stockholders was $1.9 million, compared to a loss of $1.4 million in the same period of 2024 [19] Strategic Developments - Arcadia received 2.7 million shares of stock in Above Food Ingredients Inc. as part of a repayment related to the sale of GoodWheat™ assets [4][15] - The company has eliminated $1 million in contingent liabilities, contributing to a total of $2 million in liabilities removed year-to-date [4] Business Combination - The pending business combination with Roosevelt Resources is progressing, with an amendment filed to the initial Form S-4 registration statement to address SEC comments and provide updated financial information [5][20]

Group 1: HilleVax, Inc. - HilleVax will be acquired by XOMA Royalty Corporation for $1.95 in cash per share plus one non-transferable contingent value right (CVR) [2] - The investigation focuses on whether the HilleVax Board breached its fiduciary duties by failing to conduct a fair process and whether the consideration provides fair value to shareholders [2] Group 2: Steelcase Inc. - Steelcase will be acquired by HNI Corporation for $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase [4] - The implied per share purchase price is $18.30 based on HNI's closing share price of $50.62 on August 1, 2025 [4] - The investigation concerns whether the Steelcase Board breached its fiduciary duties by failing to conduct a fair process and whether the consideration provides fair value to shareholders [4] Group 3: LAVA Therapeutics N.V. - LAVA will be acquired by XOMA Royalty Corporation for between $1.16 and $1.24 per share in cash, plus a non-transferable CVR [6] - The cash amount consists of a base price of $1.16 per share and an additional amount of up to $0.08 per share [6] - The investigation focuses on whether the LAVA Board breached its fiduciary duties by failing to conduct a fair process and whether the consideration provides fair value to shareholders [6] Group 4: Arcadia Biosciences, Inc. - Arcadia will be acquired by Roosevelt Resources LP, with current equity owners of Roosevelt and Arcadia shareholders expected to own approximately 90% and 10% of the combined company, respectively [8] - The investigation concerns whether the Arcadia Board breached its fiduciary duties by failing to conduct a fair process and the potential dilution of shareholders in the combined company [8]

Financial Data and Key Metrics Changes - In Q1 2025, total revenues were approximately $1,200,000, representing a 22% increase compared to the same period last year [16] - Zola revenues increased 90% year over year, driven by new distribution gains [4][17] - The cost of revenues in Q1 was approximately $680,000, a 45% increase compared to the same period last year, with a gross margin rate of 43% [17] - Selling, general and administrative costs were $1,700,000, down from $2,100,000 in Q1 2024 [19] Business Line Data and Key Metrics Changes - Zola coconut water sales increased 90% year over year, with a 70% increase in new distribution [4][5] - Sell-through data for Zola increased 76% during the thirteen weeks ended March 29, 2025, compared to a 24% growth in the coconut water category [6] - The company has successfully launched new flavors, with pineapple sales exceeding last year's total in the first four months of 2025 [7] Market Data and Key Metrics Changes - Coconut water continues to outpace the growth of many beverage categories, driven by consumer preferences for healthier options [6] - The company has replenished inventory ahead of the beverage season, mitigating potential impacts from recently announced tariffs [9] Company Strategy and Development Direction - The company is focused on expanding Zola's market presence and monetizing its intellectual property [5][10] - Arcadia is exiting its legacy ag tech business and has made significant progress in this area, including the return of certain patents [10][12] - The pending business combination with Roosevelt Resources is on track to be completed by the end of summer 2025 [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the continued momentum from 2024 into 2025, with strong sales growth and a healthy pipeline of opportunities [35] - The company anticipates that the impact of tariffs will be minimal due to identified cost-saving opportunities [9] - Management highlighted the importance of maintaining gross margins above 30% for nine consecutive quarters [35] Other Important Information - The company ended Q1 with $3,200,000 in cash, down from $4,200,000 at the start of the year, reflecting ongoing M&A expenses [20] - The company expects to receive approximately $2,500,000 in cash as the first repayment of principal and interest from a note receivable [21] Q&A Session Summary Question: Can you quantify any successes in expanding the Zola distribution pipeline? - Management indicated that the pipeline is about half of the current distribution, which is approximately 3,500 stores [27] Question: Will the momentum in new accounts impact 2025 financials or be more of a 2026 event? - Management expects that most awards will have an impact on 2025 [28] Question: Is there any commercial value in the remaining patent from the legacy ag biotech business? - Management noted that while there is potential commercial value, it is licensed to a third party who is two years away from commercialization [30] Question: Confirmation on the $2,500,000 initial payment for the note receivable? - Management confirmed that the payment is scheduled for receipt in Q2 [31]

Financial Data and Key Metrics Changes - In Q1 2025, total revenues were approximately $1.2 million, representing a 22% increase year over year [16] - Zola revenues increased 90% compared to the same period last year, driven by a 70% increase in new distribution [4][17] - The cost of revenues in Q1 was approximately $680,000, a 45% increase year over year, with a gross margin rate of 43% compared to 52% in Q1 2024 [17] - Selling, general and administrative costs were $1.7 million, down from $2.1 million in Q1 2024 [19] Business Line Data and Key Metrics Changes - Zola coconut water sales increased 90% year over year, with sell-through data showing a 76% increase [4][6] - The company has successfully launched new flavors, with pineapple sales in the first four months of 2025 surpassing total sales from the previous year [7] - The company has a healthy pipeline and is in discussions with new customers and distributors representing over 50% of its current customer base [8] Market Data and Key Metrics Changes - The coconut water category grew 24% during the same period, indicating Zola's growth is significantly outpacing the overall market [6] - Zola's market presence is expected to expand, with new customer accounts already won in Q2 [8] Company Strategy and Development Direction - The company is focused on monetizing its intellectual property and exiting its legacy ag tech business [10][12] - A pending business combination with Roosevelt Resources is on track to be completed by the end of summer 2025, with a fixed equity share ratio established [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the continued momentum from 2024 into 2025, with strong sales growth and a robust pipeline of opportunities [35] - The company does not anticipate significant impacts from recently announced tariffs due to proactive inventory management and cost-saving measures [9] Other Important Information - The company completed a transaction to regain rights to certain patents, eliminating a $1 million contingent liability from its balance sheet [12][19] - Cash at the end of Q1 was $3.2 million, down from $4.2 million at the start of the year, reflecting ongoing M&A expenses [20] Q&A Session Summary Question: Can you quantify any successes in expanding the distribution pipeline for Zola? - Management indicated that the pipeline is about half of the current distribution, which is approximately 3,500 stores [27] Question: Will the momentum in distribution be reflected in 2025 financials? - Management expects that most of the awarded accounts will impact 2025 financials, despite a potential lag in product placement [28] Question: Is there any commercial value in the remaining patent from the legacy ag biotech business? - There is potential commercial value, but it is licensed to a third party, which is two years away from commercialization [29] Question: When is the expected receipt of the $2.5 million initial payment for the note receivable? - Management confirmed that the payment is scheduled for receipt in Q2 [31]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37383 Arcadia Biosciences, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 81-0571538 (State or other jurisd ...

Financial Performance - Total revenues for Q1 2025 were $1,200,000, an increase of 21.5% compared to $987,000 in Q1 2024[4] - Net income attributable to common stockholders for Q1 2025 was $2,599,000, compared to a net loss of $2,423,000 in Q1 2024[4] - Basic net income per share from continuing operations was $1.90 in Q1 2025, a significant improvement from a loss of $0.70 in Q1 2024[4] - Operating expenses for Q1 2025 were $670,000, a decrease of 74% from $2,575,000 in Q1 2024[4] - The company reported a gain on the sale of intangible assets of $750,000 in Q1 2025[4] Assets and Liabilities - Total current assets decreased to $8,846,000 as of March 31, 2025, down from $9,242,000 as of December 31, 2024[2] - Total liabilities decreased to $4,085,000 as of March 31, 2025, compared to $7,294,000 as of December 31, 2024[2] Cash Flow - Cash and cash equivalents at the end of Q1 2025 were $3,159,000, down from $4,242,000 at the beginning of the period[5] - The company experienced a net cash used in operating activities of $1,588,000 in Q1 2025, an improvement from $3,210,000 in Q1 2024[6] Research and Development - Research and development expenses were $0 in Q1 2025, down from $6,000 in Q1 2024[4]

Core Insights - Arcadia Biosciences, Inc. reported a 22% year-over-year increase in total revenues, driven by a 90% growth in Zola® coconut water sales [1][6] - The company successfully sold patents for $750,000 and eliminated $1 million in liabilities, indicating a strategic exit from its legacy business [3] - An amendment to the Roosevelt agreement has been made to provide greater certainty regarding the exchange ratio, enhancing ownership certainty for Arcadia's stockholders post-transaction [4] Financial Performance - Total revenues for Q1 2025 reached $1.2 million, up from $987,000 in Q1 2024, marking a $213,000 increase [4] - Zola coconut water sales accounted for the entire revenue increase, with sales rising by $567,000, or 90%, compared to the same period last year [6] - Operating expenses decreased significantly by $1.9 million, primarily due to reductions in selling, general and administrative expenses [7][10] Profitability Metrics - Income from continuing operations improved to $530,000 in Q1 2025, compared to a loss of $1.6 million in Q1 2024, reflecting a 133% favorable change [4] - Net income attributable to common stockholders was $2.6 million, or $1.90 per share, a $5 million improvement from a net loss of $2.4 million, or $1.78 per share, in Q1 2024 [11] Operational Highlights - Gross margins have exceeded 30% for nine consecutive quarters, indicating strong operational efficiency [2] - Distribution of Zola coconut water grew by 70% year-over-year, contributing to the sales increase [2] - The company did not implement any price increases during 2024 or Q1 2025, focusing on volume growth instead [6]

DALLAS, April 29, 2025 (GLOBE NEWSWIRE) -- Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a producer and marketer of innovative, plant-based health and wellness products, today announced that it will release its financial and business results for the first quarter of 2025 on May 8, 2025. The company has scheduled a conference call for 2:00 p.m. Eastern time (11:00 a.m. Pacific time) to discuss first-quarter results and key strategic achievements. Interested participants can join the conference call using the fo ...