Arcadia Bio Inc. (NASDAQ: RKDA) stock plunged by 2.55% at last close whereas the RKDA stock-price rises by 1.75% during after-hour trading session. Arcadia Biosciences, which began as a trailblazer in the development of science-based ways to improving the quality and nutritional content of crops and food components, is today a manufacturer of cutting-edge plant-based health and wellness products.
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RKDA stock’ financial results
Arcadia Bio releases its second quarter and first half 2021 financial highlights. Given below is the summary:
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- For the second quarter 2021 the revenue generated was $1.4 million whereas the revenue for the same period in 2020 was $281,000. On the other hand the revenue for the first half 2021 was $2.2 million relative to $590,000 in the first half of previous year.
- Operating costs were $9.1 million in the second quarter of 2021, relative to $7.2 million in the second quarter of 2020, however for the first half 2021 the values were $15.2 million relative to $13.3 million in the first half of 2020.
- For the second quarter and six months ended June 30, 2021, research and development spending dropped by $862,000 and $1.9 million, respectively, owing to lower staff expenses as RKDA right-sized their research teams, as well as the absence of Verdeca-related activities in 2021.
- General and administrative costs were $2.7 million and $3.0 million more in the quarter and six months ended June 30, 2021, accordingly, than in the quarter and six months ended June 30, 2020.
- For the second quarter 2021, net loss attributable to common stockholders was $5.3 million relative to $9.7 million for the second quarter 2020 which is a decrease of $4.4 million. The first-half net loss attributable to common shareholders was $3.2 million, or $0.15 per share, down $4.0 million from the second-half net loss of $7.2 million, or $0.80 per share, in 2020.
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Matt Plavan, CEO of RKDA Stock commented,
Significant progress in their strategic resource and capability building, as well as the seamless integration of operations following the Lief Brands purchase, were other highlights of the quarter. They are confident that these measures, together with the sale of our Bioceres shares at a profit, will allow them to maintain their present pace and position the firm to achieve substantial top-line growth.
