Exhibit 99.2
Arcadia Biosciences, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
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March 31, 2022 |
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December 31, 2021 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
24,551 |
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$ |
28,685 |
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Accounts receivable, net of allowance for doubtful accounts of $54 and $76 |
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2,768 |
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1,370 |
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Inventories, net — current |
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3,235 |
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4,433 |
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Assets held for sale |
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254 |
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- |
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Prepaid expenses and other current assets |
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691 |
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900 |
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Total current assets |
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31,499 |
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35,388 |
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Property and equipment, net |
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1,468 |
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2,291 |
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Right of use asset |
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2,546 |
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3,081 |
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Inventories, net — noncurrent |
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2,656 |
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2,494 |
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Intangible assets, net |
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471 |
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484 |
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Other noncurrent assets |
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159 |
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180 |
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Total assets |
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$ |
38,799 |
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$ |
43,918 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
3,440 |
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$ |
3,638 |
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Amounts due to related parties |
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69 |
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64 |
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Operating lease liability — current |
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1,036 |
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1,074 |
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Other current liabilities |
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264 |
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264 |
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Total current liabilities |
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4,809 |
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5,040 |
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Operating lease liability — noncurrent |
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1,709 |
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2,220 |
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Common stock warrant liabilities |
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— |
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3,392 |
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Other noncurrent liabilities |
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2,039 |
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2,070 |
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Total liabilities |
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8,557 |
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12,722 |
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Commitments and contingencies (Note 15) |
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Stockholders’ equity: |
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Common stock, $0.001 par value—150,000,000 shares authorized as |
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63 |
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63 |
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Additional paid-in capital |
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277,169 |
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257,515 |
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Accumulated deficit |
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(246,971 |
) |
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(226,485 |
) |
Total Arcadia Biosciences stockholders’ equity |
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30,261 |
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31,093 |
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Non-controlling interest |
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(19 |
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103 |
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Total stockholders' equity |
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30,242 |
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31,196 |
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Total liabilities and stockholders’ equity |
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$ |
38,799 |
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$ |
43,918 |
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1
2
Arcadia Biosciences, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands, except share data and per share data)
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Three Months Ended March 31, |
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2022 |
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2021 |
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Revenues: |
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Product |
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$ |
3,170 |
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$ |
803 |
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Royalty |
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50 |
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25 |
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Total revenues |
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3,220 |
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828 |
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Operating expenses (income): |
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Cost of revenues |
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3,458 |
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856 |
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Research and development |
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395 |
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1,159 |
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Change in fair value of contingent consideration |
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(31 |
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(140 |
) |
Impairment of property and equipment |
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— |
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210 |
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Gain on sale of property and equipment |
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(328 |
) |
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— |
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Selling, general and administrative |
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4,349 |
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4,069 |
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Total operating expenses |
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7,843 |
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6,154 |
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Loss from operations |
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(4,623 |
) |
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(5,326 |
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Interest expense |
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(1 |
) |
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(9 |
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Other income, net |
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14 |
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7,463 |
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Change in fair value of common stock warrant liabilities |
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— |
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322 |
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Issuance and offering costs |
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— |
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(769 |
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Net (loss) income before income taxes |
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(4,610 |
) |
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1,681 |
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Income tax provision |
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— |
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— |
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Net (loss) income |
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(4,610 |
) |
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1,681 |
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Net loss attributable to non-controlling interest |
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(122 |
) |
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(377 |
) |
Net (loss) income attributable to common stockholders |
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$ |
(4,488 |
) |
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$ |
2,058 |
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Net (loss) income per share attributable to common stockholders: |
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Basic |
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$ |
(0.20 |
) |
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$ |
0.11 |
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Diluted |
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$ |
(0.20 |
) |
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$ |
0.11 |
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Weighted-average number of shares used in per share |
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Basic |
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22,186,993 |
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18,970,250 |
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Diluted |
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22,186,993 |
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19,042,962 |
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3
Arcadia Biosciences, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
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Three Months Ended March 31, |
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2022 |
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2021 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net (loss) income |
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$ |
(4,610 |
) |
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$ |
1,681 |
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Adjustments to reconcile net loss to cash used in operating activities: |
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Change in fair value of common stock warrant liabilities |
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— |
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(322 |
) |
Change in fair value of contingent consideration |
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(31 |
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(140 |
) |
Issuance and offering costs |
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— |
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|
769 |
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Depreciation |
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149 |
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236 |
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Amortization of intangible assets |
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13 |
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20 |
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Lease amortization |
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166 |
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289 |
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Gain on disposal of property and equipment |
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(328 |
) |
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— |
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Stock-based compensation |
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260 |
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325 |
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Unrealized gain on corporate securities |
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— |
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(7,463 |
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Write-down of fixed assets |
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— |
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210 |
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Write-down of inventory |
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368 |
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160 |
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Changes in operating assets and liabilities: |
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— |
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— |
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Accounts receivable |
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(1,398 |
) |
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293 |
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Inventories |
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669 |
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184 |
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Prepaid expenses and other current assets |
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208 |
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(90 |
) |
Other noncurrent assets |
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22 |
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— |
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Accounts payable and accrued expenses |
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(198 |
) |
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(591 |
) |
Amounts due to related parties |
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5 |
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(54 |
) |
Unearned revenue |
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— |
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55 |
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Other current liabilities |
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- |
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3 |
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Operating lease payments |
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(180 |
) |
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(272 |
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Net cash used in operating activities |
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(4,885 |
) |
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(4,707 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sale of property and equipment |
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787 |
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— |
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Purchases of property and equipment |
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(40 |
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(485 |
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Net cash provided by (used in) investing activities |
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747 |
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(485 |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from issuance of common stock and warrants from |
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— |
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25,147 |
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Payments of offering costs relating to January 2021 PIPE |
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— |
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(1,912 |
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Principal payments on debt |
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— |
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(2,009 |
) |
Proceeds from ESPP purchases |
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4 |
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21 |
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Capital contributions received from non-controlling interest |
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— |
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750 |
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Net cash provided by financing activities |
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4 |
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21,997 |
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Net (decrease) increase in cash and cash equivalents |
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(4,134 |
) |
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16,805 |
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Cash and cash equivalents — beginning of period |
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28,685 |
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16,043 |
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Cash and cash equivalents — end of period |
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$ |
24,551 |
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$ |
32,848 |
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SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
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Cash paid for interest |
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$ |
1 |
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$ |
19 |
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NONCASH INVESTING AND FINANCING ACTIVITIES: |
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Common stock warrant liabilities reclassified to equity |
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$ |
3,392 |
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$ |
— |
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Common stock warrants issued to placement agent and included in offering |
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$ |
— |
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$ |
942 |
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Purchases of fixed assets included in accounts payable and accrued expenses |
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$ |
— |
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$ |
25 |
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# # #
4