Arcadia Bioscien Stock Price, News & Analysis

Arcadia Biosciences (Nasdaq: RKDA) announced a registered direct offering of 2,618,658 shares at a price of $3.055 per share, aiming to raise approximately $8 million in gross proceeds. The offering includes warrants to purchase an equal number of shares at an exercise price of $3.00, exercisable immediately and expiring in five and a half years. The funds will support customer acquisition for GoodWheat, digital marketing, and corporate costs. The closing is expected around December 22, 2020.

Arcadia Biosciences (Nasdaq: RKDA) announced a distribution agreement with Tritium 3H, Inc. for its GoodHemp seed varieties in Canada. The agreement follows extensive field tests and will see the initial distribution of three CBD dominant varieties: Umpqua, Rogue, and Santiam. AOSCA certification is expected in mid-December, with Health Canada certification anticipated in February. CEO Matt Plavan emphasized the commercialization acceleration of Arcadia's hemp genetics, while Tritium CEO Jayme Hunter praised the performance of the seeds in Canadian trials.

Arcadia Biosciences, Inc. (Nasdaq: RKDA) announced third-quarter 2020 results, reporting revenues of $314,000, down 20% from $392,000 in Q3 2019. Operating expenses increased to $7.9 million, while the net loss attributable to common shareholders decreased to $6.4 million, or ($0.60) per share, reflecting a $7.8 million drop compared to the previous year. Key strategic transactions with Bioceres Crop Solutions will enhance commercialization efforts of HB4 soybeans and GoodWheat products. The company received $6 million in cash and equity from these deals.

Arcadia Biosciences (Nasdaq: RKDA) and Three Farm Daughters have launched new food products using Arcadia's non-GMO GoodWheat™ ingredients. The initial offerings include Artisan Linguine, Fusilli, Fettuccine Pasta, and 100% Wheat Flour, available online from November 12 and in select North Dakota and Minnesota stores. GoodWheat™ boasts up to nine times the fiber of traditional wheat and lower gluten and calorie content. This partnership addresses a fiber deficiency in American diets, aiming to provide consumers with healthier family food staples.

Arcadia Biosciences, Inc. (Nasdaq: RKDA) will release its third-quarter financial and business results after the market closes on November 12, 2020. A conference call is scheduled for 4:30 p.m. Eastern time to discuss the results and strategic achievements. Participants can join via U.S. toll-free at +1-844-243-4690 or internationally at +1-225-283-0138, using passcode 1303009. A live webcast will also be available on the company's website.

Arcadia Biosciences (Nasdaq: RKDA) announced the promotion of Kevin Hodges to Vice President of Commercial Operations and the hiring of Tracy Baker as Vice President of Product Innovation. Hodges will manage supply chain operations and marketing for Arcadia's existing products, including GoodWheat and GoodHemp. Baker brings nearly 40 years of experience in product formulation and innovation, aiming to enhance product commercialization strategies. The leadership changes aim to accelerate the introduction of GoodWheat-based products as the company navigates new market opportunities.

Arcadia Biosciences (Nasdaq: RKDA) will present at the 22nd Annual Global Investment Conference hosted by H.C. Wainwright, taking place virtually from September 14-16, 2020. The company's president and CEO, Matthew Plavan, will deliver a business overview on September 16, 2020, at 2:00 p.m. EDT. Investors can register for one-on-one meetings. The presentation will be available via a live webcast, with a replay accessible on Arcadia's website. Arcadia focuses on enhancing crop quality and nutritional value through innovative agricultural practices.

Arcadia Biosciences (Nasdaq: RKDA) recently acquired Industrial Seed Innovations (ISI), a company specializing in high CBD feminized hemp seeds. This acquisition enhances Arcadia's GoodHemp™ product line, integrating ISI's Umpqua and Rogue seed varieties known for their high yield and unique characteristics. The deal is aimed at strengthening their hemp breeding platform, establishing a research facility in the Pacific Northwest, and expanding their market reach into new territories and states. CEO Matt Plavan emphasized the strategic benefits of this acquisition.

Arcadia Biosciences (Nasdaq: RKDA) reported its Q2 2020 results, revealing total revenues of $281,000, a 38% increase from $203,000 in Q2 2019, and $590,000 for the first half of 2020, up 63% from $361,000. Operating expenses rose to $7.2 million compared to $5.2 million the previous year. The net loss for Q2 2020 was $9.7 million, significantly down from a net income of $4.2 million in Q2 2019. Despite pandemic challenges, Arcadia secured $9 million through warrant exchanges to bolster its cash position and announced strategic partnerships to expand its GoodWheat and GoodHemp product lines.