March 31, 2022

December 31, 2021

Assets

Current assets:

Cash and cash equivalents

$

24,551

$

28,685

Accounts receivable, net of allowance for doubtful accounts of $54 and $76
   as of March 31, 2022 and December 31, 2021, respectively

2,768

1,370

Inventories, net — current

3,235

4,433

Assets held for sale

254

-

Prepaid expenses and other current assets

691

900

Total current assets

31,499

35,388

Property and equipment, net

1,468

2,291

Right of use asset

2,546

3,081

Inventories, net — noncurrent

2,656

2,494

Intangible assets, net

471

484

Other noncurrent assets

159

180

Total assets

$

38,799

$

43,918

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable and accrued expenses

$

3,440

$

3,638

Amounts due to related parties

69

64

Operating lease liability — current

1,036

1,074

Other current liabilities

264

264

Total current liabilities

4,809

5,040

Operating lease liability — noncurrent

1,709

2,220

Common stock warrant liabilities

—

3,392

Other noncurrent liabilities

2,039

2,070

Total liabilities

8,557

12,722

Commitments and contingencies (Note 15)

Stockholders’ equity:

Common stock, $0.001 par value—150,000,000 shares authorized as
   of March 31, 2022 and December 31, 2021; 22,188,918
   and 22,184,235 shares issued and outstanding as of March 31,
   2022 and December 31, 2021, respectively

63

63

Additional paid-in capital

277,169

257,515

Accumulated deficit

(246,971

)

(226,485

)

Total Arcadia Biosciences stockholders’ equity

30,261

31,093

Non-controlling interest

(19

)

103

Total stockholders' equity

30,242

31,196

Total liabilities and stockholders’ equity

$

38,799

$

43,918

Three Months Ended March 31,

2022

2021

Revenues:

Product

$

3,170

$

803

Royalty

50

25

Total revenues

3,220

828

Operating expenses (income):

Cost of revenues

3,458

856

Research and development

395

1,159

Change in fair value of contingent consideration

(31

)

(140

)

Impairment of property and equipment

—

210

Gain on sale of property and equipment

(328

)

—

Selling, general and administrative

4,349

4,069

Total operating expenses

7,843

6,154

Loss from operations

(4,623

)

(5,326

)

Interest expense

(1

)

(9

)

Other income, net

14

7,463

Change in fair value of common stock warrant liabilities

—

322

Issuance and offering costs

—

(769

)

Net (loss) income before income taxes

(4,610

)

1,681

Income tax provision

—

—

Net (loss) income

(4,610

)

1,681

Net loss attributable to non-controlling interest

(122

)

(377

)

Net (loss) income attributable to common stockholders

$

(4,488

)

$

2,058

Net (loss) income per share attributable to common stockholders:

Basic

$

(0.20

)

$

0.11

Diluted

$

(0.20

)

$

0.11

Weighted-average number of shares used in per share
   calculations:

Basic

22,186,993

18,970,250

Diluted

22,186,993

19,042,962

Three Months Ended March 31,

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES:

Net (loss) income

$

(4,610

)

$

1,681

Adjustments to reconcile net loss to cash used in operating activities:

Change in fair value of common stock warrant liabilities

—

(322

)

Change in fair value of contingent consideration

(31

)

(140

)

Issuance and offering costs

—

769

Depreciation

149

236

Amortization of intangible assets

13

20

Lease amortization

166

289

Gain on disposal of property and equipment

(328

)

—

Stock-based compensation

260

325

Unrealized gain on corporate securities

—

(7,463

)

Write-down of fixed assets

—

210

Write-down of inventory

368

160

Changes in operating assets and liabilities:

—

—

Accounts receivable

(1,398

)

293

Inventories

669

184

Prepaid expenses and other current assets

208

(90

)

Other noncurrent assets

22

—

Accounts payable and accrued expenses

(198

)

(591

)

Amounts due to related parties

5

(54

)

Unearned revenue

—

55

Other current liabilities

-

3

Operating lease payments

(180

)

(272

)

Net cash used in operating activities

(4,885

)

(4,707

)

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of property and equipment

787

—

Purchases of property and equipment

(40

)

(485

)

Net cash provided by (used in) investing activities

747

(485

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issuance of common stock and warrants from
   January 2021 PIPE securities purchase agreement

—

25,147

Payments of offering costs relating to January 2021 PIPE
   securities purchase agreement

—

(1,912

)

Principal payments on debt

—

(2,009

)

Proceeds from ESPP purchases

4

21

Capital contributions received from non-controlling interest

—

750

Net cash provided by financing activities

4

21,997

Net (decrease) increase in cash and cash equivalents

(4,134

)

16,805

Cash and cash equivalents — beginning of period

28,685

16,043

Cash and cash equivalents — end of period

$

24,551

$

32,848

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash paid for interest

$

1

$

19

NONCASH INVESTING AND FINANCING ACTIVITIES:

Common stock warrant liabilities reclassified to equity
   upon adoption of ASU 2020-06

$

3,392

$

—

Common stock warrants issued to placement agent and included in offering
   costs related to January 2021 PIPE securities purchase agreement

$

—

$

942

Purchases of fixed assets included in accounts payable and accrued expenses

$

—

$

25