Arcadia Biosciences Inc. (RKDA) stock soared 25.57% in the after-market session on Tuesday, March 30, 2021, after losing 4.51% in the morning session. Let’s try to figure out the reasons behind its gains.
Financial results announcement
Yesterday, March 30, 2021, Arcadia Biosciences released its financial results for the fourth quarter and full-year of 2020.
Fourth Quarter Financial highlights
- RKDA revenue for the fourth quarter was $7.1 million, compared to $416,000 in the fourth quarter of 2019.
- Operating expenses for the fourth quarter were $0.3million compared to $4.4 million in the same period in 2019.
- Research and development (R&D) expenses were $214,000 for the reported quarter.
- General and administrative (SG&A) expenses were $1.6 for the fourth quarter of 2020.
- RKDA Net income was $10.0 million, or a gain of $0.90 per share for the reported quarter, compared to the $6.2 million loss in the fourth quarter of 2019.
Full-year 2020 highlights
- Annual revenues for 2020 increased to $8.0 million from $1.2 million during the same period of 2019.
- RKDA operating expenses were$20.8 million for the year ended December 31, 2020, compared with$20.6 million for the prior year. For the year-end of December 31, 2020, Research and Development (R&D) spending were $826,000.
- General and administrative (SG&A) expenses were $2.9 million for the full year 2020.
- RKDA suffered a net loss of $4.7 million or $0.47 per share for the reported year compared to the net loss of $28.8 million in 2019.
Expanding GoodWheat Patent Portfolio
On March 4, 2021, RKDA announced that the U.S. Patent and Trademark Office has awarded the company a patent for its high fibre resistant starch GoodWheat.
GoodWheat non-GMO wheat platform reduced gluten and extended shelf life and this is the 28th patent for Arcadia’s GoodWheat non-GMO wheat platform.
Participation in the investor conference
Arcadia Biosciences participated in the H.C. Wainwright Global Life Sciences Conference which held virtually on March 9-10, 2021.
Arcadia’s president and CEO, Matt Plavan presented the company’s business overview and had one-on-one web meetings with investors.
About the company:
Arcadia Biosciences is a publicly-traded American agricultural biotechnology founded in 2020 and headquartered in Davis, California focused on the development of traits to enhance crop quality and productivity. The company is partly owned by Moral Compass Corporation. The company’s GoodWheat branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. The company’s other product GoodHemp seed catalogue delivers genetically superior hemp seeds.
Matt Plavan is leading the RKDA as a President and Chief Executive Officer since September 2019. He is a certified public accountant and earned a bachelor’s degree in business economics from the University of California, Santa Barbara. Matt has worked at senior management positions in many reputable organizations.
Arcadia Biosciences Inc. (NASDAQ: RKDA) share prices have decreased by -13.70% over the past week, but are down -8.27% over prices posted in the last quarter. Going further back, the stock’s price has gone over -15.27% over the last 6 months but is down -7.91% in year-to-date trading. RKDA stock went up yesterday because of improved financial results announcement and it can further go up because the company has a strong cash balance position in 2021.