UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 30, 2022 |
Arcadia Biosciences, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware |
001-37383 |
81-0571538 |
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(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
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202 Cousteau Place Suite 105 |
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Davis, California |
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95618 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code: 530 756-7077 |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Common |
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RKDA |
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The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On March 30, 2022, Arcadia Biosciences, Inc. (the “Company”) issued a press release announcing financial results for the fourth quarter and year ended December 31, 2021. A copy of the press release is furnished as Exhibit 99.1, and the Company's annual financial information tables are furnished as Exhibit 99.2, to this Current Report on Form 8-K and are incorporated herein by reference.
The information furnished in this Form 8-K, the press release attached as Exhibit 99.1, and the financial information attached as Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02, in the press release attached as Exhibit 99.1, and in the financial information attached as Exhibit 99.2, shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
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99.1 |
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99.2 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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ARCADIA BIOSCIENCES, INC. |
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Date: |
March 30, 2022 |
By: |
/s/ PAMELA HALEY |
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Name: Title: |
Pamela Haley |
Exhibit 99.1
Arcadia Biosciences (RKDA) Announces Fourth-Quarter and Full-Year 2021 Financial Results and Business Highlights
– Strong balance sheet entering 2022 –
– Expanded consumer product offerings in on-trend categories –
– Experienced CPG talent added throughout organization –
DAVIS, Calif. (March 30, 2022) – 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 fourth quarter and full year of 2021.
“Arcadia had an unprecedented year of transition and entered consumer-focused categories for the first time” said Stan Jacot, president and CEO of Arcadia Biosciences. “The acquisitions from 2021 have positioned us to broaden our reach within the health and wellness sector, and there are significant opportunities to grow our business by accelerating the monetization of our GoodWheatTM portfolio, commercializing and scaling our food, beverage and body care consumer brands, and evaluating acquisition opportunities.
“In addition, we have made tremendous progress towards becoming a CPG-driven company and are well positioned to execute on our business strategy in 2022. Our strong leadership team has deep experience across many successful brands, and we have added new talent across the organization has been added to further enhance our CPG expertise.”
2021 Key Operating and Business Highlights
1
Belinda Yao joined the company in Q2 as vice president of operations in May 2021, overseeing supply chain manufacturing for the company, including demand planning, procurement and supplier relationships, order fulfillment, inventory management, logistics, customer service and data analytics. She is a former supply chain lead for The Dannon Company, Harmless Harvest and Zola.
In July 2021, Laura Pitlik joined Arcadia as chief marketing officer. A veteran CPG strategist, Pitlik launched the first national line of all-natural breads, Nature’s Pride, for Hostess Brands, and has deep expertise in the CPG industry, leading brands such as Dr Pepper, Wonder Bread and On The Border tortilla chips and salsas.
In Q4, Arcadia named Brian Schaffer as senior vice president of sales in November 2021. With a CPG pedigree that includes leadership roles at PepsiCo and Kellogg’s, Schaffer possesses comprehensive knowledge across categories, channels of trade and go-to-market systems. Throughout his extensive career, he has successfully developed and executed growth strategies for brands including Keebler Chips Deluxe, Cheez It, Gatorade, Tropicana, Quaker Foods & Snacks and On The Border tortilla chips and salsas.
And also in the third quarter, Arcadia began its search for a new CEO with deep experience running successful CPG organizations who would be able to leverage its innovation-oriented heritage, elevate its brands and further penetrate the consumer health and wellness categories.
The company expanded its roster of CPG talent beyond executive roles as well, attracting key individuals in finance and procurement positions who bring tenured experience from leading CPG companies.
2
Recent Highlights
3
Arcadia Biosciences, Inc.
Financial Snapshot
(Unaudited)
($ in thousands)
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Three Months Ended December 31, |
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Years Ended December 31, |
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2021 |
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2020 |
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% Favorable/ |
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2021 |
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2020 |
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% Favorable/ |
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$ |
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% |
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$ |
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% |
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Total Revenues |
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2,171 |
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7,130 |
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(4,959 |
) |
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(70 |
)% |
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6,780 |
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8,034 |
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(1,254 |
) |
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(16 |
)% |
Total Operating Expenses |
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15,975 |
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(339 |
) |
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(16,314 |
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(4812 |
)% |
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42,306 |
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20,812 |
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(21,494 |
) |
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(103 |
)% |
(Loss) Income From Operations |
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(13,804 |
) |
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7,469 |
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(21,273 |
) |
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(285 |
)% |
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(35,526 |
) |
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(12,778 |
) |
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(22,748 |
) |
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(178 |
)% |
Net (Loss) Income Attributable to Common Stockholders |
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(9,282 |
) |
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8,898 |
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(18,180 |
) |
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(204 |
)% |
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(14,660 |
) |
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(4,655 |
) |
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(10,005 |
) |
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(215 |
)% |
More detailed financial statements are included in the Form 8-K filed today, available in the Investors section of the company’s website under SEC Filings.
Revenues
Arcadia’s 2021 revenues were mainly related to the product sales of the newly acquired portfolio of wellness brands, in addition to sales of GoodWheat grain and GoodHemp seed. Arcadia’s revenues for 2020 were predominately comprised of license revenue generated from the transaction executed with Bioceres in November 2020. As expected, revenues from legacy sources continued to wind down during the year and revenues from GoodWheat and wellness products are poised for growth in 2022.
In the fourth quarter of 2021, revenues were $2.2 million, compared to $7.1 million in the fourth quarter of 2020. Annual revenues for 2021 decreased by $1.3 million compared to the same period of 2020. The quarter-over-quarter and annual results were largely driven by the non-recurring license revenue generated from Bioceres in 2020.
Operating Expenses
Operating expenses for the fourth quarter and year ended December 31, 2021, were $16.0 million and $42.3 million, compared to $(339,000) and $20.8 million for the fourth quarter and year ended December 31, 2020. Total operating expenses, which include cost of product revenues, research and development (R&D), and selling, general and administrative (SG&A) expenses, also included asset impairments in 2021. Impairments in the fourth quarter and year ended December 31, 2021, respectively, were $3.2 million and $3.3 million for intangible assets; $1.6 million and $1.6 million for goodwill; and $197,000 and $1.5 million for property and equipment. Operating expenses for 2020 included an $8.8 million gain on the sale of Arcadia’s membership interest in Verdeca.
Cost of product revenues was $3.8 million and $8.7 million in the fourth quarter and year ended December 31, 2021, an increase of $2.0 million and $3.5 million when compared to the prior year period. The increase is mainly due to product sales of the newly acquired portfolio of wellness brands, in addition to GoodWheat grain and GoodHemp seed sales. The increase was
4
partially offset by lower inventory write-downs charged to cost of product revenues in 2021 than in 2020.
R&D spending of $561,000 and $3.9 million in the fourth quarter and year ended December 31, 2021 decreased by $1.4 million and $4.1 million compared to the same periods in 2020, primarily due to the increased focus on commercialization versus R&D activities.
SG&A expenses of $6.2 million and $22.9 million for the fourth quarter and year ended December 31, 2021 were $1.4 million and $6.5 million higher than for the fourth quarter and year ended December 31, 2020, primarily the result of increased selling expenses and other general and support costs related to the acquired brands, as well as acquisition-related investment banker success fees, legal diligence and transaction fees. Commercial and marketing personnel and consulting activities were also increased in preparation for new product and channel launches.
Cost of product revenues was $2.0 million and $3.5 million higher in the fourth quarter and year ended December 31, 2021 when compared to the fourth quarter and year ended December 31, 2020. The increase is mainly due to product sales of the newly acquired portfolio of wellness brands, in addition to GoodWheat grain and GoodHemp seed sales. The increase was partially offset by lower inventory write-downs charged to cost of product revenues during the year ended December 31, 2021. The write-downs in 2021 were primarily related to GoodHemp and GoodWheat, while the 2020 write-down mostly resulted from the destruction of hemp biomass that didn’t meet quality specifications.
Net Loss Attributable to Common Stockholders
Net loss for the fourth quarter of 2021 was $9.3 million, or a loss of $0.42 per share, compared to the $8.9 million of income recognized in the fourth quarter of 2020. Net loss for the year was $14.7 million, or ($0.69) per share, compared to the net loss of $4.7 million in 2020. Gains of $10.2 million were realized on the sale of Bioceres stock in 2021, and there were no similar realized gains during 2020. The change in the fair value of the common stock warrant liabilities for the year was a non-cash gain of $8.9 million in 2021 and $6.6 million in 2020, the difference driven by additional warrant shares outstanding and a lower ending stock price as of December 31, 2021.
Conference Call and Webcast
The company has scheduled a conference call for 4:30 p.m. Eastern (1:30 p.m. Pacific) today, March 30, to discuss fourth-quarter and annual 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: 7975008
5
A live webcast of the conference call will be available on the “Investors” section of Arcadia’s 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, Zola® coconut water, ProVault, SoulSpring and Saavy Naturals®. 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 the company’s growth, financial success and commercialization of products. 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 company’s and its partners’ and affiliates’ ability to develop and sell commercial products incorporating its traits and to 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 market; our ability to continue to make acquisitions and execute on divestitures in accordance with our business strategy or effectively manage the growth from acquisitions; the potential impact of COVID-19 on our 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 that will be set forth in its Form 10-K for the year ended December 31, 2021, and other filings. These forward-looking statements speak only as of the date hereof, and Arcadia Biosciences, Inc. undertakes no duty to update this information.
Arcadia Biosciences Contact:
T.J. Schaefer
ir@arcadiabio.com
# # #
6
Exhibit 99.2
Arcadia Biosciences, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
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As of December 31, |
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2021 |
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2020 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
28,685 |
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$ |
14,042 |
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Short-term investments |
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— |
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11,625 |
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Accounts receivable, net of allowance for doubtful accounts of $76 and $0 |
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1,370 |
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1,406 |
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Inventories, net — current |
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4,433 |
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3,812 |
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Prepaid expenses and other current assets |
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900 |
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|
811 |
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Total current assets |
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35,388 |
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31,696 |
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Restricted cash |
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— |
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2,001 |
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Property and equipment, net |
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2,291 |
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|
3,539 |
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Right of use assets |
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3,081 |
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5,826 |
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Inventories, net — noncurrent |
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2,494 |
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|
3,485 |
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Goodwill |
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— |
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|
408 |
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Intangible assets, net |
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484 |
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370 |
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Other noncurrent assets |
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180 |
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23 |
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Total assets |
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$ |
43,918 |
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$ |
47,348 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
3,638 |
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$ |
4,105 |
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Amounts due to related parties |
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64 |
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|
80 |
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Debt — current |
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— |
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1,141 |
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Unearned revenue — current |
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— |
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8 |
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Operating lease liability — current |
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1,074 |
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|
717 |
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Other current liabilities |
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264 |
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263 |
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Total current liabilities |
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5,040 |
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|
6,314 |
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Debt — noncurrent |
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— |
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2,105 |
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Operating lease liability — noncurrent |
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2,220 |
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5,389 |
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Common stock warrant liabilities |
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3,392 |
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2,708 |
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Other noncurrent liabilities |
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2,070 |
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|
2,280 |
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Total liabilities |
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12,722 |
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18,796 |
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Stockholders’ equity: |
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Common stock, $0.001 par value—150,000,000 shares authorized as of |
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63 |
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54 |
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Additional paid-in capital |
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257,515 |
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239,496 |
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Accumulated deficit |
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(226,485 |
) |
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(211,825 |
) |
Total Arcadia Biosciences stockholders’ equity |
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31,093 |
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27,725 |
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Non-controlling interest |
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103 |
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|
827 |
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Total stockholders' equity |
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31,196 |
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28,552 |
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Total liabilities and stockholders’ equity |
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$ |
43,918 |
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$ |
47,348 |
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1
Arcadia Biosciences, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands, except share data and per share data)
|
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Year Ended December 31, |
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2021 |
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2020 |
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Revenues: |
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Product |
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$ |
6,587 |
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$ |
1,044 |
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License |
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17 |
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6,801 |
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Royalty |
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176 |
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— |
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Contract research and government grants |
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— |
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106 |
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Total revenues |
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6,780 |
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|
7,951 |
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Operating expenses (income): |
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Cost of product revenues |
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8,708 |
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5,199 |
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Research and development |
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3,889 |
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|
7,960 |
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Gain on sale of Verdeca |
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— |
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(8,814 |
) |
Loss on sale of Arcadia Spain |
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497 |
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— |
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Impairment of intangible assets |
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3,302 |
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|
— |
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Impairment of goodwill |
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1,648 |
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— |
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Change in fair value of contingent consideration |
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(210 |
) |
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— |
|
Impairment of property and equipment, net |
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1,534 |
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|
— |
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Selling, general and administrative |
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22,938 |
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|
16,467 |
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Total operating expenses |
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42,306 |
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|
20,812 |
|
Loss from operations |
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|
(35,526 |
) |
|
|
(12,778 |
) |
Interest expense |
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(20 |
) |
|
|
(47 |
) |
Other income, net |
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10,114 |
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|
|
740 |
|
Change in fair value of common stock warrant liabilities |
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8,946 |
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|
6,570 |
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Loss on extinguishment of warrant liability |
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— |
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(635 |
) |
Gain on extinguishment of PPP loan |
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|
1,123 |
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|
|
— |
|
Offering costs |
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(769 |
) |
|
|
— |
|
Net loss before income taxes |
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|
(16,132 |
) |
|
|
(6,150 |
) |
Income tax (provision) benefit |
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(2 |
) |
|
|
124 |
|
Net loss |
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|
(16,134 |
) |
|
|
(6,026 |
) |
Net loss attributable to non-controlling interest |
|
|
(1,474 |
) |
|
|
(1,371 |
) |
Net loss attributable to common stockholders |
|
$ |
(14,660 |
) |
|
$ |
(4,655 |
) |
Net loss per share attributable to common stockholders: |
|
|
|
|
|
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||
Basic and diluted |
|
$ |
(0.69 |
) |
|
$ |
(0.47 |
) |
Weighted-average number of shares used in per share |
|
|
|
|
|
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||
Basic and diluted |
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|
21,280,620 |
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|
|
9,959,018 |
|
Other comprehensive loss, net of tax |
|
|
|
|
|
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||
Unrealized losses on investment securities |
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|
— |
|
|
|
(1 |
) |
Other comprehensive loss |
|
|
— |
|
|
|
(1 |
) |
Comprehensive loss attributable to common stockholders |
|
$ |
(14,660 |
) |
|
$ |
(4,656 |
) |
2
Arcadia Biosciences, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
|
|
Year Ended December 31, |
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2021 |
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2020 |
|
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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|
|
|
|
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||
Net loss |
|
$ |
(16,134 |
) |
|
$ |
(6,026 |
) |
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
|
|
|
|
||
Change in fair value of common stock warrant liabilities |
|
|
(8,946 |
) |
|
|
(6,570 |
) |
Change in fair value of contingent consideration |
|
|
(210 |
) |
|
|
— |
|
Offering costs |
|
|
769 |
|
|
|
— |
|
Depreciation |
|
|
929 |
|
|
|
632 |
|
Amortization of intangible assets |
|
|
116 |
|
|
|
30 |
|
Lease amortization |
|
|
1,276 |
|
|
|
1,048 |
|
Impairment of intangible assets |
|
|
3,302 |
|
|
|
— |
|
Impairment of goodwill |
|
|
1,648 |
|
|
|
— |
|
Loss (Gain) on disposal of equipment |
|
|
23 |
|
|
|
(8 |
) |
Loss on disposal of intangible assets |
|
|
222 |
|
|
|
— |
|
Net amortization of investment premium |
|
|
— |
|
|
|
(44 |
) |
Stock-based compensation |
|
|
1,541 |
|
|
|
2,042 |
|
Bad debt expense |
|
|
76 |
|
|
|
— |
|
Gain on sale of Verdeca |
|
|
— |
|
|
|
(8,814 |
) |
Realized gain on corporate securities |
|
|
(10,221 |
) |
|
|
— |
|
Corporate securities received in exchange for license agreement |
|
|
— |
|
|
|
(4,318 |
) |
Unrealized gain on corporate securities |
|
|
— |
|
|
|
(656 |
) |
Write-down of inventory and prepaid production costs |
|
|
3,593 |
|
|
|
4,311 |
|
Loss on extinguishment of warrant liability |
|
|
— |
|
|
|
635 |
|
Gain on extinguishment of PPP loan |
|
|
(1,123 |
) |
|
|
— |
|
Impairment of property and equipment |
|
|
1,534 |
|
|
|
— |
|
Deferred income taxes |
|
|
— |
|
|
|
(107 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(40 |
) |
|
|
(1,119 |
) |
Inventories |
|
|
(2,383 |
) |
|
|
(9,751 |
) |
Prepaid expenses and other current assets |
|
|
56 |
|
|
|
39 |
|
Other noncurrent assets |
|
|
(158 |
) |
|
|
(15 |
) |
Accounts payable and accrued expenses |
|
|
(372 |
) |
|
|
(580 |
) |
Amounts due to related parties |
|
|
(16 |
) |
|
|
40 |
|
Unearned revenue |
|
|
(8 |
) |
|
|
(34 |
) |
Other current liabilities |
|
|
1 |
|
|
|
(43 |
) |
Operating lease payments |
|
|
(1,343 |
) |
|
|
(910 |
) |
Net cash used in operating activities |
|
|
(25,868 |
) |
|
|
(30,218 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Proceeds from sale of property and equipment |
|
|
19 |
|
|
|
8 |
|
Purchases of property and equipment |
|
|
(1,007 |
) |
|
|
(2,335 |
) |
Proceeds from sale of Verdeca |
|
|
— |
|
|
|
3,153 |
|
Acquisitions, net of cash acquired |
|
|
(4,250 |
) |
|
|
(500 |
) |
Purchases of investments |
|
|
— |
|
|
|
(1,292 |
) |
Proceeds from sales and maturities of investments |
|
|
21,846 |
|
|
|
18,250 |
|
Net cash provided by (used in) investing activities |
|
|
16,608 |
|
|
|
17,284 |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Proceeds from issuance of common stock and warrants from |
|
|
— |
|
|
|
8,000 |
|
Payments of offering costs relating to December 2020 Offering |
|
|
— |
|
|
|
(652 |
) |
Proceeds from issuance of common stock and warrants from |
|
|
25,147 |
|
|
|
— |
|
Payments of offering costs relating to January 2021 PIPE |
|
|
(1,912 |
) |
|
|
— |
|
Proceeds from borrowings |
|
|
— |
|
|
|
3,108 |
|
Payments of transaction costs relating to extinguishment of warrant liability |
|
|
— |
|
|
|
(863 |
) |
3
Principal payments on notes payable |
|
|
(2,146 |
) |
|
|
(34 |
) |
Proceeds from exercise of warrants |
|
|
22 |
|
|
|
9,372 |
|
Proceeds from exercise of stock options and purchases through ESPP |
|
|
39 |
|
|
|
51 |
|
Capital contributions received from non-controlling interest |
|
|
750 |
|
|
|
1,578 |
|
Net cash provided by financing activities |
|
|
21,900 |
|
|
|
20,560 |
|
Effects of foreign currency translation on cash and cash equivalents |
|
|
2 |
|
|
|
— |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
12,642 |
|
|
|
7,626 |
|
Cash, cash equivalents and restricted cash — beginning of period |
|
|
16,043 |
|
|
|
8,417 |
|
Cash, cash equivalents and restricted cash — end of period |
|
$ |
28,685 |
|
|
$ |
16,043 |
|
|
|
$ |
— |
|
|
$ |
— |
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
||
Cash paid for interest |
|
$ |
25 |
|
|
$ |
10 |
|
Cash paid for taxes |
|
$ |
1 |
|
|
$ |
1 |
|
NONCASH TRANSACTIONS: |
|
|
|
|
|
|
||
Shares of common stock issued at closing of ISI transaction |
|
$ |
— |
|
|
$ |
432 |
|
Common stock warrants issued to placement agent and included in offering costs related to |
|
|
— |
|
|
|
287 |
|
Common stock warrants issued to placement agent and included in offering costs related to |
|
|
— |
|
|
|
215 |
|
Common stock warrants issued to placement agent and included in offering costs related to |
|
|
— |
|
|
|
101 |
|
Fair value of shares of common stock issued at closing of Arcadia Wellness transaction |
|
|
2,053 |
|
|
|
— |
|
Common stock warrants issued to placement agent and included in offering |
|
|
942 |
|
|
|
— |
|
Right of use assets obtained in exchange for new operating lease liabilities |
|
|
1,664 |
|
|
|
331 |
|
Right of use assets obtained through modification of existing lease agreement |
|
|
— |
|
|
|
4,207 |
|
Fixed assets acquired with notes payable |
|
|
— |
|
|
|
37 |
|
Purchases of fixed assets included in accounts payable and accrued expenses |
|
|
— |
|
|
|
71 |
|
# # #
4