DAVIS, Calif., Nov. 15, 2021 /PRNewswire/ -- Arcadia
Biosciences, Inc.® (Nasdaq: RKDA), a producer and
marketer of innovative, plant-based health and wellness products,
today released its financial and business results for the third
quarter of 2021.
"Our third quarter was a continuation of the exciting momentum
Arcadia has generated since the
beginning of the year, as we again produced strong financial
results that further validate our successful transformation into a
consumer products company," said Matt
Plavan, CEO of Arcadia.
"The quarter also was marked by a heightened intensity of focus,
building on the significant progress we have made in
capacity-building, integration and alignment of
resources.
"To help ensure the positive trajectory continues, we've been
persistent – with our expanded bench of CPG talent in place – in
honing our focus, further refining our go-to-market strategies for
2022 and identifying ways to accelerate our path forward," he
added.
Q3 and Recent Operating and Business Highlights
- Arcadia Expands Distribution of Body Care Products. The company
significantly expanded its distribution of body care products
compared to the prior year third quarter, which bodes well for
continued retail growth. We estimate that distribution for our
three body care brands expanded by nearly 80% compared to the prior
year, primarily driven by the launch of ProVaultTM in Q1
2021.
In addition, a new ProVault site – getprovault.com – went live in
October, supported by a digital marketing and advertising campaign.
Two remaining product sites are expected to launch by the end of
the year, including the rebranded e-commerce sites for Saavy
Naturals® (saavynaturals.com) and
SoulSpringTM (mysoulspring.com).
- Arcadia Advances Plans for GoodWheatTM Launch. A
full-scale launch of five pasta SKUs supported by a comprehensive,
consumer-focused marketing campaign will launch in Q1 of 2022,
rather than a soft launch of one SKU in December 2021. As part of this effort, the
company has made meaningful progress preparing GoodWheat pasta
products for entrée into the consumer retail channel, including
developing and testing consumer-preferred packaging.
- Arcadia Successfully Harvests Hawaiian Hemp Biomass.
Arcadia successfully harvested
more than 20,000 lbs. of Hawaiian hemp biomass. The company is
currently processing the biomass and expects the resulting output
to be the largest supply of Hawaiian CBD on the market today. An
analysis of options to optimally monetize this asset is currently
underway in cooperation with our partner in Archipelago
Ventures.
Arcadia
Biosciences, Inc.
|
Financial
Snapshot
|
(Unaudited)
|
($ in
thousands)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2021
|
2020
|
Favorable/
(Unfavorable)
|
|
2021
|
2020
|
Favorable/
(Unfavorable)
|
|
|
|
$
|
%
|
|
|
|
$
|
%
|
Total
revenues
|
2,376
|
314
|
2,062
|
657%
|
|
4,609
|
904
|
3,705
|
410%
|
Total operating
expenses
|
11,089
|
7,895
|
(3,194)
|
(40%)
|
|
26,331
|
21,151
|
(5,180)
|
(24%)
|
Loss from
operations
|
(8,713)
|
(7,581)
|
(1,132)
|
(15%)
|
|
(21,722)
|
(20,247)
|
(1,475)
|
(7%)
|
Net loss
attributable to
common stockholders
|
(2,175)
|
(6,391)
|
4,216
|
66%
|
|
(5,378)
|
(13,553)
|
8,175
|
60%
|
Revenues
In the third quarter of 2021, revenues were
$2.4 million, compared to revenues of
$314,000 in the third quarter of
2020, and for the nine months ended September 30, 2021 revenues were $4.6 million, compared to $904,000 in the nine months ended September 30, 2020. The $2.1 million quarter-over-quarter increase was
primarily driven by the sales related to the newly acquired
portfolio of wellness brands. The $3.7
million year-over-year increase was driven by the
aforementioned, in addition to GoodHemp seed, GoodWheat grain and
increased GLA oil sales during the first nine months of 2021.
Operating Expenses
In the third quarter of 2021, total
operating expenses were $11.1 million
compared to $7.9 million in the third
quarter of 2020, and in the nine months ended September 30, 2021, total operating expenses were
$26.3 million compared to
$21.2 million in the nine months
ended September 30, 2020.
Cost of product revenues in the third quarter of 2021 were
$670,000 higher than in the third
quarter of 2020. Third quarter 2021 included costs associated with
the newly acquired portfolio of wellness brands, along with
$449,000 of write-downs of hemp seed
inventory to fair value and the destruction of hemp crops, while
the three months ended September 30,
2020 included $1.5 million in
write-downs. Cost of product revenues for the nine months ended
September 30, 2021 were $1.5 million higher than in the nine months ended
September 30, 2020, primarily driven
by sales of the newly acquired product lines, partially offset by
lower write-downs during 2021.
Research and development (R&D) expense decreased by
$724,000 and $2.7 million for the third quarter and nine
months ended September 30, 2021 and
2020, respectively, primarily due to lower employee expenses as we
right-sized our research teams, along with the absence of Verdeca
related activity in 2021. Partially offsetting the favorability for
the quarter and year to date is a $333,000 expense included in 2021 for the release
of product from inventory that was not commercialized by
Arcadia.
A write-down of fixed assets in the amount of $1.1 million was recognized in the third quarter
of 2021 as a result of the assessed impairment of Archipelago fixed
assets due to regulatory challenges and unfavorable market
conditions for hemp. The write-down totaled $1.3 million third quarter 2021 year to date,
while there was no such write-down during 2020.
General and administrative (SG&A) costs for the quarter and
nine months ended September 30, 2021
were $2.0 million and $5.1 million higher than in the quarter and nine
months ended September 30, 2020,
respectively, resulting in part from the acquisitions, including
investment banker success fees, legal diligence and transaction
fees, as well as additional salaries and benefits with the
increased headcount. Marketing, advertising and consulting
activities increased in 2021 as well.
Net Loss Attributable to Common Stockholders
Net loss
attributable to common stockholders for the third quarter of 2021
was $2.2 million, or $0.10 per share, a $4.2
million decrease from the $6.4
million, or $0.60 per share,
net loss for the third quarter of 2020. The third quarter of 2021
included $1.1 million of other income
for the gain on extinguishment of the Paycheck Protection Program
loan and $4.8 million of non-cash
income recognized as a result of the decrease in the fair value of
common stock warrant liabilities. The third quarter of 2020
included $1.1 million of non-cash
income for the decrease in the fair value of common stock warrant
liabilities.
Net loss attributable to common stockholders for the first nine
months of 2021 was $5.4 million, or
$0.26 per share, a $8.2 million decrease from the $13.6 million, or $1.42 per share, net loss for the first nine
months of 2020. A realized gain on the sale of Bioceres shares in
the amount of $10.2 million was
recognized in the first nine months of 2021. Non-cash income of
$4.6 million was recorded in the
first nine months of 2021 for the decrease in the fair value of
common stock warrant liabilities, while $6.2
million of non-cash income was recorded during the first
nine months of 2020 for the decrease in the fair value of common
stock warrant liabilities.
Conference Call and Webcast
The company has scheduled
a conference call for 4:30 p.m.
Eastern (1:30 p.m. Pacific) today,
November 15, to discuss third-quarter
financial results and key strategic achievements.
Interested participants can join the conference call using the
following numbers:
U.S. Toll-Free
Dial-In:
|
+1-844-243-4690
|
International
Dial-In:
|
+1-225-283-0138
|
Passcode:
|
9543419
|
A live webcast of the conference call will be available on the
"Investors" section of the Arcadia
website at www.arcadiabio.com. Following completion of the call, a
recorded replay will be available on the company's investor
website.
About Arcadia Biosciences, Inc.
With origins as a
trailblazing developer of science-based approaches to enhancing the
quality and nutritional value of crops and food ingredients,
Arcadia Biosciences (Nasdaq: RKDA) is now a producer of innovative,
plant-based health and wellness products, which include GoodWheat™,
Soul Spring™, ProVault™, Saavy Naturals® and
Zola® coconut water. The company's growing number
of innovative offerings are designed to enhance quality and health
benefits in an array of consumer product categories. For more
information, visit www.arcadiabio.com.
Safe Harbor Statement
"Safe Harbor" statement under
the Private Securities Litigation Reform Act of 1995: This press
release and the accompanying conference call contain
forward-looking statements about the company and its products,
including statements relating to projected revenue growth as a
result of the asset acquisition. Forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially, and reported results should not be considered
as an indication of future performance. These risks and
uncertainties include, but are not limited to: the price and demand
for the company's products are lower than expected; the company's
and its partners' and affiliates' ability to develop and sell
commercial products incorporating its traits, and complete the
regulatory review process for such products; the company's
compliance with laws and regulations that impact the company's
business, including the sale of products containing CBD, and
changes to such laws and regulations; the growth of the global
wheat and hemp markets; the successful integration of the acquired
brands and assets into Arcadia's
business; the potential impact of COVID-19 on the company's
business; and the company's future capital requirements and ability
to satisfy its capital needs. Further information regarding these
and other factors that could affect the company's financial results
is included in filings the company makes with the Securities and
Exchange Commission from time to time, including the section
entitled "Risk Factors" and additional information set forth in its
Form 10-K for the year ended December 31,
2020, and other filings. These forward-looking statements
speak only as of the date hereof, and Arcadia Biosciences, Inc.
undertakes no duty to update these forward-looking statements.
Arcadia
Biosciences, Inc.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(In thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
September 30,
2021
|
|
|
December 31,
2020
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
35,526
|
|
|
$
|
14,042
|
|
Short-term
investments
|
|
|
—
|
|
|
|
11,625
|
|
Accounts
receivable
|
|
|
1,453
|
|
|
|
1,406
|
|
Inventories, net —
current
|
|
|
5,447
|
|
|
|
3,812
|
|
Prepaid expenses and
other current assets
|
|
|
1,408
|
|
|
|
811
|
|
Total current
assets
|
|
|
43,834
|
|
|
|
31,696
|
|
Restricted
cash
|
|
|
—
|
|
|
|
2,001
|
|
Property and
equipment, net
|
|
|
2,634
|
|
|
|
3,539
|
|
Right of use
asset
|
|
|
3,486
|
|
|
|
5,826
|
|
Inventories, net —
noncurrent
|
|
|
3,539
|
|
|
|
3,485
|
|
Goodwill
|
|
|
1,648
|
|
|
|
408
|
|
Intangible assets,
net
|
|
|
3,905
|
|
|
|
370
|
|
Other noncurrent
assets
|
|
|
182
|
|
|
|
23
|
|
Total
assets
|
|
$
|
59,228
|
|
|
$
|
47,348
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
5,004
|
|
|
$
|
4,105
|
|
Amounts due to related
parties
|
|
|
51
|
|
|
|
80
|
|
Debt —
current
|
|
|
36
|
|
|
|
1,141
|
|
Unearned revenue —
current
|
|
|
—
|
|
|
|
8
|
|
Operating lease
liability — current
|
|
|
1,134
|
|
|
|
717
|
|
Other current
liabilities
|
|
|
264
|
|
|
|
263
|
|
Total current
liabilities
|
|
|
6,489
|
|
|
|
6,314
|
|
Debt —
noncurrent
|
|
|
78
|
|
|
|
2,105
|
|
Operating lease
liability — noncurrent
|
|
|
2,562
|
|
|
|
5,389
|
|
Common stock warrant
liabilities
|
|
|
7,736
|
|
|
|
2,708
|
|
Other noncurrent
liabilities
|
|
|
2,140
|
|
|
|
2,280
|
|
Total
liabilities
|
|
|
19,005
|
|
|
|
18,796
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $0.001
par value—150,000,000 shares authorized as of
September 30, 2021 and December 31, 2020; 22,184,235 and
13,450,861
shares issued and outstanding as of September 30, 2021 and
December
31, 2020, respectively
|
|
|
63
|
|
|
|
54
|
|
Additional paid-in
capital
|
|
|
257,009
|
|
|
|
239,496
|
|
Accumulated other
comprehensive income
|
|
|
(24)
|
|
|
|
—
|
|
Accumulated
deficit
|
|
|
(217,203)
|
|
|
|
(211,825)
|
|
Total Arcadia
Biosciences stockholders' equity
|
|
|
39,845
|
|
|
|
27,725
|
|
Non-controlling
interest
|
|
|
378
|
|
|
|
827
|
|
Total stockholders'
equity
|
|
|
40,223
|
|
|
|
28,552
|
|
Total liabilities and
stockholders' equity
|
|
$
|
59,228
|
|
|
$
|
47,348
|
|
Arcadia
Biosciences, Inc.
|
Condensed
Consolidated Statements of Operations and Comprehensive
Loss
|
(Unaudited)
|
(In thousands,
except share and per share data)
|
|
|
|
Three Months
Ended
September 30,
|
|
|
Nine Months
Ended
September 30,
|
|
|
|
|
2021
|
|
|
|
2020
|
|
|
|
2021
|
|
|
|
2020
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
2,324
|
|
|
$
|
245
|
|
|
$
|
4,506
|
|
|
$
|
630
|
|
License
|
|
|
17
|
|
|
|
10
|
|
|
|
17
|
|
|
|
110
|
|
Royalty
|
|
|
35
|
|
|
|
16
|
|
|
|
86
|
|
|
|
58
|
|
Contract research and
government grants
|
|
|
—
|
|
|
|
43
|
|
|
|
—
|
|
|
|
106
|
|
Total
revenues
|
|
|
2,376
|
|
|
|
314
|
|
|
|
4,609
|
|
|
|
904
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
revenues
|
|
|
2,511
|
|
|
|
1,841
|
|
|
|
4,954
|
|
|
|
3,463
|
|
Research and
development
|
|
|
1,038
|
|
|
|
1,762
|
|
|
|
3,328
|
|
|
|
5,999
|
|
Impairment of
intangible assets
|
|
|
120
|
|
|
|
—
|
|
|
|
120
|
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
|
|
—
|
|
|
|
—
|
|
|
|
(140)
|
|
|
|
—
|
|
Write-down of fixed
assets
|
|
|
1,108
|
|
|
|
—
|
|
|
|
1,319
|
|
|
|
—
|
|
Selling, general and
administrative
|
|
|
6,312
|
|
|
|
4,292
|
|
|
|
16,750
|
|
|
|
11,689
|
|
Total operating
expenses
|
|
|
11,089
|
|
|
|
7,895
|
|
|
|
26,331
|
|
|
|
21,151
|
|
Loss from
operations
|
|
|
(8,713)
|
|
|
|
(7,581)
|
|
|
|
(21,722)
|
|
|
|
(20,247)
|
|
Interest
expense
|
|
|
(15)
|
|
|
|
(23)
|
|
|
|
(23)
|
|
|
|
(32)
|
|
Other (expense)
income, net
|
|
|
(7)
|
|
|
|
—
|
|
|
|
10,214
|
|
|
|
83
|
|
Change in fair value
of common stock warrant liabilities
|
|
|
4,777
|
|
|
|
1,130
|
|
|
|
4,601
|
|
|
|
6,212
|
|
Loss on
extinguishment of warrant liability
|
|
|
—
|
|
|
|
(682)
|
|
|
|
—
|
|
|
|
(635)
|
|
Gain on
extinguishment of PPP loan
|
|
|
1,123
|
|
|
|
—
|
|
|
|
1,123
|
|
|
|
—
|
|
Issuance and offering
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
(769)
|
|
|
|
—
|
|
Net loss before
income taxes
|
|
|
(2,835)
|
|
|
|
(7,156)
|
|
|
|
(6,576)
|
|
|
|
(14,619)
|
|
Income tax
provision
|
|
|
(1)
|
|
|
|
(9)
|
|
|
|
(1)
|
|
|
|
(15)
|
|
Net loss
|
|
|
(2,836)
|
|
|
|
(7,165)
|
|
|
|
(6,577)
|
|
|
|
(14,634)
|
|
Net loss attributable
to non-controlling interest
|
|
|
(661)
|
|
|
|
(774)
|
|
|
|
(1,199)
|
|
|
|
(1,081)
|
|
Net loss attributable
to common stockholders
|
|
$
|
(2,175)
|
|
|
$
|
(6,391)
|
|
|
$
|
(5,378)
|
|
|
$
|
(13,553)
|
|
Net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.10)
|
|
|
$
|
(0.60)
|
|
|
$
|
(0.26)
|
|
|
$
|
(1.42)
|
|
Weighted-average
number of shares used in per share
calculations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
22,177,423
|
|
|
|
10,719,618
|
|
|
|
20,976,105
|
|
|
|
9,570,259
|
|
Other comprehensive
loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on
investment securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1)
|
|
Foreign currency
translation adjustment
|
|
|
(12)
|
|
|
|
—
|
|
|
|
(24)
|
|
|
|
—
|
|
Other comprehensive
loss
|
|
|
(12)
|
|
|
|
—
|
|
|
|
(24)
|
|
|
|
(1)
|
|
Comprehensive loss
attributable to common stockholders
|
|
$
|
(2,187)
|
|
|
$
|
(6,391)
|
|
|
$
|
(5,402)
|
|
|
$
|
(13,554)
|
|
Arcadia
Biosciences, Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
(In
thousands)
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2021
|
|
|
|
2020
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(6,577)
|
|
|
$
|
(14,634)
|
|
Adjustments to
reconcile net loss to cash used in operating activities:
|
|
|
|
|
|
|
Change in fair value
of common stock warrant liabilities
|
|
|
(4,601)
|
|
|
|
(6,212)
|
|
Loss (gain) on
extinguishment of warrant liability
|
|
|
—
|
|
|
|
635
|
|
Change in fair value
of contingent consideration
|
|
|
(140)
|
|
|
|
—
|
|
Issuance and offering
costs
|
|
|
769
|
|
|
|
—
|
|
Depreciation
|
|
|
737
|
|
|
|
395
|
|
Amortization of
intangible assets
|
|
|
99
|
|
|
|
—
|
|
Lease
amortization
|
|
|
914
|
|
|
|
745
|
|
Impairment of
intangible assets
|
|
|
120
|
|
|
|
—
|
|
Loss (gain) on
disposal of fixed assets
|
|
|
17
|
|
|
|
(8)
|
|
Net amortization of
investment premium
|
|
|
—
|
|
|
|
(44)
|
|
Stock-based
compensation
|
|
|
1,035
|
|
|
|
1,844
|
|
Realized gain on
corporate securities
|
|
|
(10,222)
|
|
|
|
—
|
|
Write-down of fixed
assets
|
|
|
1,319
|
|
|
|
—
|
|
Write-down of
inventory and prepaid production costs
|
|
|
1,802
|
|
|
|
3,063
|
|
Gain on extinguishment
of PPP loan
|
|
|
(1,123)
|
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
—
|
|
|
|
—
|
|
Accounts
receivable
|
|
|
(47)
|
|
|
|
229
|
|
Inventories
|
|
|
(2,651)
|
|
|
|
(9,609)
|
|
Prepaid expenses and
other current assets
|
|
|
(452)
|
|
|
|
(1,157)
|
|
Other noncurrent
assets
|
|
|
(159)
|
|
|
|
(15)
|
|
Accounts payable and
accrued expenses
|
|
|
972
|
|
|
|
2,026
|
|
Amounts due to related
parties
|
|
|
(29)
|
|
|
|
(11)
|
|
Unearned
revenue
|
|
|
(8)
|
|
|
|
(42)
|
|
Other current
liabilities
|
|
|
1
|
|
|
|
(43)
|
|
Operating lease
payments
|
|
|
(984)
|
|
|
|
(629)
|
|
Net cash used in
operating activities
|
|
|
(19,208)
|
|
|
|
(23,467)
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Proceeds from sale of
property and equipment
|
|
|
2
|
|
|
|
8
|
|
Purchases of property
and equipment
|
|
|
(919)
|
|
|
|
(2,038)
|
|
Acquisitions, net of
cash acquired
|
|
|
(4,250)
|
|
|
|
(500)
|
|
Purchases of
investments
|
|
|
—
|
|
|
|
(1,292)
|
|
Proceeds from sales
and maturities of investments
|
|
|
21,845
|
|
|
|
18,250
|
|
Net cash provided by
investing activities
|
|
|
16,678
|
|
|
|
14,428
|
|
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)
|
|
|
|
—
|
|
Proceeds from the
exercise of warrants
|
|
|
22
|
|
|
|
9,372
|
|
Proceeds from
borrowings
|
|
|
—
|
|
|
|
3,108
|
|
Payment of
transaction costs relating to extinguishment of warrant
liability
|
|
|
—
|
|
|
|
(863)
|
|
Principal payments on
debt
|
|
|
(2,032)
|
|
|
|
(26)
|
|
Proceeds from ESPP
purchases
|
|
|
39
|
|
|
|
51
|
|
Capital contributions
received from non-controlling interest
|
|
|
750
|
|
|
|
1,182
|
|
Net cash provided by
financing activities
|
|
|
22,014
|
|
|
|
12,824
|
|
Effects of foreign
currency translation on cash and cash equivalents
|
|
|
(1)
|
|
|
|
—
|
|
Net increase in cash,
cash equivalents and restricted cash
|
|
|
19,483
|
|
|
|
3,785
|
|
Cash, cash
equivalents and restricted cash — beginning of period
|
|
|
16,043
|
|
|
|
8,417
|
|
Cash, cash
equivalents and restricted cash — end of period
|
|
$
|
35,526
|
|
|
$
|
12,202
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
Cash paid for income
taxes
|
|
$
|
1
|
|
|
$
|
1
|
|
Cash paid for
interest
|
|
$
|
25
|
|
|
$
|
7
|
|
NONCASH INVESTING AND
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Fixed assets acquired
with notes payable
|
|
$
|
—
|
|
|
$
|
37
|
|
Common stock warrants
issued to placement agent and included in offering
costs related to May 2020 Warrant Transaction
|
|
$
|
—
|
|
|
$
|
215
|
|
Common stock warrants
issued to placement agent and included in offering
costs related to July 2020 Warrant Transaction
|
|
$
|
—
|
|
|
$
|
101
|
|
Shares of common
stock issued at closing of Arcadia Wellness transaction
|
|
$
|
2,053
|
|
|
$
|
—
|
|
Common stock warrants
issued to placement agent and included in offering
costs related to January 2021 PIPE securities purchase
agreement
|
|
$
|
942
|
|
|
$
|
—
|
|
Right of use assets
obtained in exchange for new operating lease liabilities
|
|
$
|
1,662
|
|
|
$
|
4,157
|
|
Purchases of fixed
assets included in accounts payable and accrued
expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
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SOURCE Arcadia Biosciences, Inc.