Arcadia Biosciences announces second-quarter and first-half 2016 financial results and business highlights

Date:08-10-2016

Arcadia Biosciences, Inc., 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 second-quarter and first-half of 2016.

The company’s loss from operations was $4.3 million in the second quarter of 2016 compared to $3.5 million in the second quarter of 2015. Net loss attributable to common stockholders in the second quarter of 2016 was $4.6 million, consistent with the comparable period in 2015.

For the first half of 2016, loss from operations was $9.2 million compared to a loss from operations for the first half of 2015 of $7.3 million. Net loss attributable to common stockholders for the first half of 2016 was $9.7 million, an improvement of 20% over the comparable period loss of $12.3 million. Cash on hand and liquid investments at the end of the second quarter totaled $61.1 million.

“Arcadia is well positioned to deliver long-term value for growers and consumers worldwide,” said Raj Ketkar, president and CEO, who joined the company in late May. “We have made meaningful progress this quarter, and we will continue to focus on the near-term opportunities in our portfolio while optimizing how we invest our resources, building strategic partnerships and advancing our late-stage products towards commercialization.”

Business and Technology Highlights Arcadia made the following business and technical achievements in the second quarter of 2016:

Arcadia Names New CEO. Raj Ketkar joined the company as president and chief executive officer on May 23, 2016, bringing 35 years of agriculture and agricultural biotechnology business experience in the US and         internationally. Most notably, as managing director of Mahyco-Monsanto Biotech India, Ltd., Ketkar led the launch of Bt cotton, the country’s first agricultural biotechnology product.

HB4 Soybean Regulatory Submission to the FDA. Working through its Verdeca joint venture, Arcadia made a regulatory submission to the FDA for use of HB4 soybean in food and feed, further advancing HB4 soybean toward commercialization.

Milestone Achieved in the Development of High-Value Specialty Oil. In partnership with DuPont Pioneer, Arcadia completed successful field trials of safflower plants that produce high levels of arachidonic acid (ARA) oil, a high-value, specialty nutritional oil for global consumer markets.