Arcadia Biosciences(RKDA) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenues for Q2 2024 were $1,306,000, a slight increase of 0.7% compared to $1,297,000 in Q2 2023[2] - The company reported a net income of $1,061,000 for Q2 2024, compared to a net income of $818,000 in Q2 2023, representing a 29.7% increase[2] - Basic and diluted net income per share attributable to common stockholders was $0.78 for Q2 2024, compared to $0.61 in Q2 2023, reflecting improved profitability[2] - Net loss for the six months ended June 30, 2024, was $1,362 million, a significant improvement from a loss of $8,566 million in the same period of 2023[4] Operating Expenses and Management - Operating expenses for Q2 2024 were $674,000, significantly lower than $2,751,000 in Q2 2023, indicating improved cost management[2] - The company recorded stock-based compensation of $240 million, down from $411 million in the same period last year[4] Cash and Liquidity - Cash and cash equivalents decreased to $5,504,000 as of June 30, 2024, down from $6,518,000 at the end of 2023[1] - Current liabilities decreased to $2,698,000 as of June 30, 2024, down from $3,590,000 at the end of 2023, showing improved liquidity[1] - Cash flows from investing activities provided $4,647 million, compared to a cash outflow of $4,401 million in the prior year[4] - The net cash used in operating activities was $5,666 million, a decrease from $8,264 million in the prior year[4] Assets and Equity - Total assets decreased to $17,369,000 as of June 30, 2024, compared to $19,705,000 at the end of 2023, reflecting a reduction in current assets[1] - The company’s total stockholders' equity decreased to $11,566,000 as of June 30, 2024, down from $12,703,000 at the end of 2023[1] - The accumulated deficit increased to $(273,202,000) as of June 30, 2024, compared to $(271,840,000) at the end of 2023[1] Gains and Losses - The company reported a gain on the sale of intangible assets of $(4,000,000) in Q2 2024, which impacted overall income[2] - The company reported a gain of $4,000 million from the sale of RS durum wheat trait, with no comparable figure in the previous year[4] - The company had a valuation loss on March 2023 PIPE of $85 million, compared to a significant loss of $6,076 million in the previous year[4] Other Financial Activities - Proceeds from the sale of investments amounted to $2,501 million, with no such proceeds reported in the previous year[4] - Proceeds from the issuance of common stock and preferred investment options from March 2023 PIPE were $5,997 million, with no such proceeds in the current period[4] - The company experienced a decrease in accounts payable and accrued expenses by $612 million, compared to a decrease of $149 million in the same period last year[4]