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Arcadia Biosciences' revenues reached $852,000 in Q1 2016
May. 11, 2016
Arcadia Biosciences, Inc.
United StatesFollow
United StatesArcadia 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 first quarter ended March 31, 2016.
Revenues for the quarter were up 5 percent, to $852,000, compared to $815,000 for the first quarter of 2015. The increase reflects higher sales of the company’s SONOVA GLA safflower oil, which was partially offset by lower contract and grant revenue recognized during the quarter. Operating expenses for the first quarter were $5.8 million compared to $4.5 million for the same period in the prior year.
The company’s net loss for the first quarter was $5.2 million compared to a loss of $5.8 million for the same period last year, an improvement of $600,000. Net loss attributable to common stockholders improved for the quarter by $2.5 million from the first quarter of 2015.
Cash on hand and liquid investments at the end of the first quarter totaled $65.1 million.
“During the first quarter of 2016, we streamlined our pipeline to focus on opportunities in large acre, high value crops such as corn, rice, wheat and soybeans,” said Roger Salameh, interim president and CEO. “This is a critical exercise for the company, especially at this point in our evolution, as we move product candidates from research to product development and, ultimately, to commercialization.
“Now more than ever, farmers are looking for ways to improve the bottom line,” Salameh continued. “As we focus our yield and stress pipeline against the most important food and feed crops, Arcadia continues to advance the regulatory and technical milestones that will get these traits into the hands of growers who need them,” he added.
Business and Technology Highlights
Arcadia made the following business and technical achievements in the first quarter of 2016:
Beck’s Hybrids Corn Collaboration. Arcadia expanded its presence in the corn seed market through a new collaboration with Beck’s Hybrids, the largest family-owned retail corn seed company in the U.S. The partnership will leverage Arcadia’s abiotic stress and yield traits with Beck’s position as a leader in product development, marketing and sales to commercialize traits that improve yield, nutrient efficiency and stress tolerance under various environmental conditions. Both companies will invest in the collaboration and share in the value generated from the products incorporating Arcadia’s traits.
HB4 Soybean Regulatory Submissions. Following the successful completion of the regulatory process in Argentina, Arcadia, through its Verdeca joint venture, advanced progress in bringing stress tolerant soybeans to market by applying for regulatory approval in Uruguay. Work also continues towards submission for regulatory approval to import HB4 soybeans in China and Europe, the two largest soybean markets.
Salinity Tolerant Rice Technical Milestone. In two years of initial field trials, rice varieties with Arcadia’s Salinity Tolerance (ST) trait showed double-digit yield increases under saline conditions with no loss of yield under normal conditions. Mahyco will be advancing these lead ST rice lines into their trait introgression program and conducting further multi-location field trials to validate trait performance, a significant step in product development and commercial advancement for both companies
Source: Arcadia Biosciences
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