Arcadia Biosciences(RKDA) - 2024 Q3 - Quarterly Results

Revenue Performance - Total revenues for the three months ended September 30, 2024, were $1,537,000, an increase of 18.4% compared to $1,298,000 for the same period in 2023[2] - Product revenues for the nine months ended September 30, 2024, reached $3,829,000, up from $3,667,000 in the same period of 2023, reflecting a growth of 4.4%[2] Operating Expenses and Losses - Operating expenses for the three months ended September 30, 2024, totaled $3,297,000, an increase of 22.3% from $2,695,000 in the same period of 2023[2] - The net loss from continuing operations for the three months ended September 30, 2024, was $(1,182,000), compared to a net loss of $(639,000) for the same period in 2023[2] - The company reported a net loss attributable to common stockholders of $(1,612,000) for the three months ended September 30, 2024, compared to $(2,567,000) for the same period in 2023[2] - The basic and diluted net loss per share attributable to common stockholders for the three months ended September 30, 2024, was $(1.18), compared to $(1.89) for the same period in 2023[2] - Net loss for the nine months ended September 30, 2024, was $2.974 million, a decrease from a loss of $11.133 million in the same period of 2023[4] Cash and Current Assets - Cash and cash equivalents decreased to $3,936,000 as of September 30, 2024, down from $6,518,000 as of December 31, 2023[1] - Total current assets decreased to $10,711,000 as of September 30, 2024, from $14,972,000 as of December 31, 2023, representing a decline of 28.4%[1] - Cash and cash equivalents at the end of the period were $3.936 million, down from $10.611 million at the end of the previous year[4] Liabilities - Total liabilities decreased to $5,092,000 as of September 30, 2024, from $7,002,000 as of December 31, 2023, indicating a reduction of 27.3%[1] Cash Flow Activities - Cash used in operating activities resulted in a net cash outflow of $678 thousand, compared to an outflow of $573 thousand in the previous year[4] - Net cash provided by investing activities was $4.827 million, a significant increase from a net cash outflow of $4.396 million in the prior year[4] - Proceeds from the sale of RS durum wheat trait amounted to $4 million, contributing to the overall cash inflow from investing activities[4] Valuation and Gains - The company had a valuation loss on March 2023 PIPE of $0, compared to a loss of $(6,076,000) in the previous period[2] - The company recognized a valuation loss of $493 thousand related to common stock warrant and option liabilities, compared to a loss of $5.965 million in the prior year[4] - The company reported a gain on the sale of investments totaling $2.501 million, which was not present in the previous year[4] - The company reported a gain of $342 thousand from the sale of property and equipment, compared to $42 thousand in the previous year[4] Stock-Based Compensation and Inventory - Stock-based compensation expenses were $395 thousand, a decrease from $573 thousand in the same period last year[4] - The company experienced a write-down of inventories amounting to $154 thousand, down from $444 thousand in the previous year[4]