EX-99.2 3 rkda-ex99_2.htm EX-99.2 EX-99.2

 

Exhibit 99.2

img193038000_0.jpg

 

Arcadia Biosciences, Inc.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share data)

 

 

 

As of December 31,

 

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

259

 

 

$

4,242

 

Short-term investments

 

 

4,304

 

 

 

—

 

Accounts receivable and other receivables, net of allowance for credit loss
   of $559 and $0 as of December 31, 2025 and 2024, respectively

 

 

425

 

 

 

1,175

 

Inventories

 

 

1,212

 

 

 

904

 

Note receivable — current, net of allowance for credit losses (Note 8)

 

 

—

 

 

 

1,894

 

Prepaid expenses and other current assets

 

 

156

 

 

 

931

 

Current assets of discontinued operations — GoodWheat

 

 

—

 

 

 

96

 

Total current assets

 

 

6,356

 

 

 

9,242

 

Property and equipment, net

 

 

8

 

 

 

41

 

Right of use assets

 

 

—

 

 

 

137

 

Intangible assets, net

 

 

39

 

 

 

39

 

Note receivable — noncurrent, net of allowance for credit losses (Note 8)

 

 

—

 

 

 

3,966

 

Other noncurrent assets

 

 

143

 

 

 

92

 

Total assets

 

$

6,546

 

 

$

13,517

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

1,789

 

 

$

2,108

 

Amounts due to related parties

 

 

—

 

 

 

30

 

Operating lease liability — current

 

 

—

 

 

 

155

 

Other current liabilities

 

 

270

 

 

 

270

 

Total current liabilities

 

 

2,059

 

 

 

2,563

 

Common stock warrant and option liabilities

 

 

347

 

 

 

2,731

 

Other noncurrent liabilities

 

 

—

 

 

 

2,000

 

Total liabilities

 

 

2,406

 

 

 

7,294

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.001 par value—150,000,000 shares authorized as of
   December 31, 2025 and December 31, 2024; 1,373,120 and 1,364,940 shares
   issued and outstanding as of December 31, 2025 and December 31, 2024,
   respectively.

 

 

65

 

 

 

65

 

Additional paid-in capital

 

 

285,292

 

 

 

285,036

 

Accumulated deficit

 

 

(281,217

)

 

 

(278,878

)

Total stockholders' equity

 

 

4,140

 

 

 

6,223

 

Total liabilities and stockholders’ equity

 

$

6,546

 

 

$

13,517

 

 

 

1


 

Arcadia Biosciences, Inc.

Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(In thousands, except share data and per share data)

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Revenues:

 

 

 

 

 

 

Product

 

$

4,858

 

 

$

5,012

 

License

 

 

—

 

 

 

7

 

Royalty

 

 

—

 

 

 

26

 

Total revenues

 

 

4,858

 

 

 

5,045

 

Operating expenses (income):

 

 

 

 

 

 

Cost of revenues

 

 

3,098

 

 

 

2,963

 

Research and development

 

 

9

 

 

 

53

 

Gain on sale of intangible assets

 

 

(750

)

 

 

(4,000

)

Impairment of property and equipment

 

 

—

 

 

 

36

 

Change in fair value of contingent consideration

 

 

(2,000

)

 

 

—

 

Selling, general and administrative

 

 

7,001

 

 

 

9,641

 

Total operating expenses

 

 

7,358

 

 

 

8,693

 

Loss from operations

 

 

(2,500

)

 

 

(3,648

)

Interest income

 

 

221

 

 

 

782

 

Credit loss

 

 

(4,745

)

 

 

—

 

Other income, net

 

 

2,309

 

 

 

31

 

Change in fair value of common stock warrant and option liabilities

 

 

2,384

 

 

 

(1,474

)

Net loss from continuing operations before income taxes

 

 

(2,331

)

 

 

(4,309

)

Income tax expense

 

 

(8

)

 

 

(8

)

Net loss from continuing operations

 

 

(2,339

)

 

 

(4,317

)

Net loss from discontinued operations — GoodWheat

 

 

—

 

 

 

(2,721

)

Net loss attributable to common stockholders

 

$

(2,339

)

 

$

(7,038

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

Basic and diluted from continuing operations

 

$

(1.71

)

 

$

(3.17

)

Basic and diluted from discontinued operations

 

$

—

 

 

$

(2.00

)

Net loss per basic and diluted share attributable to common stockholders

 

$

(1.71

)

 

$

(5.17

)

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

 

 

 

 

 

 

Basic and diluted

 

 

1,368,057

 

 

 

1,363,303

 

Other comprehensive income, net of tax

 

 

 

 

 

 

Unrealized gains on available-for-sale securities

 

$

—

 

 

$

127

 

Reclassification adjustment for gains on available-for-sale securities included in net loss

 

$

—

 

 

$

(228

)

Change in unrealized gains on available-for-sale securities

 

$

—

 

 

$

(101

)

Comprehensive loss

 

$

(2,339

)

 

$

(7,139

)

 

2


 

Arcadia Biosciences, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(2,339

)

 

$

(7,038

)

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

 

 

 

 

 

 

Change in fair value of common stock warrant and option liabilities

 

 

(2,384

)

 

 

1,474

 

Change in fair value of contingent consideration

 

 

(2,000

)

 

 

—

 

Depreciation

 

 

32

 

 

 

113

 

Lease amortization

 

 

122

 

 

 

652

 

Amortization of note receivable discount

 

 

(69

)

 

 

(157

)

Gain on disposal of property and equipment

 

 

—

 

 

 

(65

)

Gain on sale of intangible assets

 

 

(750

)

 

 

(4,000

)

Gain on receipt of Above Food Ingredients, Inc. common stock

 

 

(1,067

)

 

 

—

 

Unrealized gain subsequent to receipt of Above Food Ingredients, Inc. common stock

 

 

(1,237

)

 

 

—

 

Stock-based compensation

 

 

234

 

 

 

512

 

Credit loss

 

 

4,745

 

 

 

—

 

Write-down of inventories

 

 

—

 

 

 

154

 

Impairment of property and equipment

 

 

—

 

 

 

36

 

Write-down of non-controlling interest

 

 

—

 

 

 

138

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable and other receivables

 

 

165

 

 

 

(762

)

Inventories

 

 

(308

)

 

 

550

 

Prepaid expenses and other current assets

 

 

775

 

 

 

(124

)

Other noncurrent assets

 

 

(50

)

 

 

72

 

Accounts payable and accrued expenses

 

 

(399

)

 

 

(303

)

Amounts due to related parties

 

 

(30

)

 

 

(29

)

Other current liabilities

 

 

(57

)

 

 

—

 

Operating lease payments

 

 

(122

)

 

 

(850

)

Net cash used in operating activities

 

 

(4,739

)

 

 

(9,627

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Proceeds from sale of property and equipment

 

 

—

 

 

 

334

 

Proceeds from sale of investments

 

 

—

 

 

 

5,024

 

Proceeds from sale of intangible assets

 

 

750

 

 

 

4,000

 

Cash paid related to sale of GoodWheat

 

 

—

 

 

 

(2,000

)

Purchases of property and equipment

 

 

—

 

 

 

(16

)

Net cash provided by investing activities

 

 

750

 

 

 

7,342

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from ESPP purchases

 

 

6

 

 

 

9

 

Net cash provided by financing activities

 

 

6

 

 

 

9

 

Net decrease in cash and cash equivalents

 

 

(3,983

)

 

 

(2,276

)

Cash and cash equivalents — beginning of period

 

 

4,242

 

 

 

6,518

 

Cash and cash equivalents — end of period

 

$

259

 

 

$

4,242

 

 

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