Arcadia Biosciences Inc (RKDA) 8-K exhibit

EX-99.2

Exhibit 99.2

Arcadia Biosciences, Inc.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share data)


	As of December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	259		$	4,242
Short-term investments		4,304			—
Accounts receivable and other receivables, net of allowance for credit loss of $559 and $0 as of December 31, 2025 and 2024, respectively		425			1,175
Inventories		1,212			904
Note receivable — current, net of allowance for credit losses (Note 8)		—			1,894
Prepaid expenses and other current assets		156			931
Current assets of discontinued operations — GoodWheat		—			96
Total current assets		6,356			9,242
Property and equipment, net		8			41
Right of use assets		—			137
Intangible assets, net		39			39
Note receivable — noncurrent, net of allowance for credit losses (Note 8)		—			3,966
Other noncurrent assets		143			92
Total assets	$	6,546		$	13,517
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses	$	1,789		$	2,108
Amounts due to related parties		—			30
Operating lease liability — current		—			155
Other current liabilities		270			270
Total current liabilities		2,059			2,563
Common stock warrant and option liabilities		347			2,731
Other noncurrent liabilities		—			2,000
Total liabilities		2,406			7,294
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.001 par value—150,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 1,373,120 and 1,364,940 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.		65			65
Additional paid-in capital		285,292			285,036
Accumulated deficit		(281,217	)		(278,878	)
Total stockholders' equity		4,140			6,223
Total liabilities and stockholders’ equity	$	6,546		$	13,517

Arcadia Biosciences, Inc.

Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(In thousands, except share data and per share data)


	Year Ended December 31,
	2025			2024
Revenues:
Product	$	4,858		$	5,012
License		—			7
Royalty		—			26
Total revenues		4,858			5,045
Operating expenses (income):
Cost of revenues		3,098			2,963
Research and development		9			53
Gain on sale of intangible assets		(750	)		(4,000	)
Impairment of property and equipment		—			36
Change in fair value of contingent consideration		(2,000	)		—
Selling, general and administrative		7,001			9,641
Total operating expenses		7,358			8,693
Loss from operations		(2,500	)		(3,648	)
Interest income		221			782
Credit loss		(4,745	)		—
Other income, net		2,309			31
Change in fair value of common stock warrant and option liabilities		2,384			(1,474	)
Net loss from continuing operations before income taxes		(2,331	)		(4,309	)
Income tax expense		(8	)		(8	)
Net loss from continuing operations		(2,339	)		(4,317	)
Net loss from discontinued operations — GoodWheat		—			(2,721	)
Net loss attributable to common stockholders	$	(2,339	)	$	(7,038	)
Net loss per share attributable to common stockholders:
Basic and diluted from continuing operations	$	(1.71	)	$	(3.17	)
Basic and diluted from discontinued operations	$	—		$	(2.00	)
Net loss per basic and diluted share attributable to common stockholders	$	(1.71	)	$	(5.17	)
Weighted-average number of shares used in per share calculations:
Basic and diluted		1,368,057			1,363,303
Other comprehensive income, net of tax
Unrealized gains on available-for-sale securities	$	—		$	127
Reclassification adjustment for gains on available-for-sale securities included in net loss	$	—		$	(228	)
Change in unrealized gains on available-for-sale securities	$	—		$	(101	)
Comprehensive loss	$	(2,339	)	$	(7,139	)

Arcadia Biosciences, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)


	Year Ended December 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(2,339	)	$	(7,038	)
Adjustments to reconcile net loss to cash used in operating activities:
Change in fair value of common stock warrant and option liabilities		(2,384	)		1,474
Change in fair value of contingent consideration		(2,000	)		—
Depreciation		32			113
Lease amortization		122			652
Amortization of note receivable discount		(69	)		(157	)
Gain on disposal of property and equipment		—			(65	)
Gain on sale of intangible assets		(750	)		(4,000	)
Gain on receipt of Above Food Ingredients, Inc. common stock		(1,067	)		—
Unrealized gain subsequent to receipt of Above Food Ingredients, Inc. common stock		(1,237	)		—
Stock-based compensation		234			512
Credit loss		4,745			—
Write-down of inventories		—			154
Impairment of property and equipment		—			36
Write-down of non-controlling interest		—			138
Changes in operating assets and liabilities:
Accounts receivable and other receivables		165			(762	)
Inventories		(308	)		550
Prepaid expenses and other current assets		775			(124	)
Other noncurrent assets		(50	)		72
Accounts payable and accrued expenses		(399	)		(303	)
Amounts due to related parties		(30	)		(29	)
Other current liabilities		(57	)		—
Operating lease payments		(122	)		(850	)
Net cash used in operating activities		(4,739	)		(9,627	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property and equipment		—			334
Proceeds from sale of investments		—			5,024
Proceeds from sale of intangible assets		750			4,000
Cash paid related to sale of GoodWheat		—			(2,000	)
Purchases of property and equipment		—			(16	)
Net cash provided by investing activities		750			7,342
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from ESPP purchases		6			9
Net cash provided by financing activities		6			9
Net decrease in cash and cash equivalents		(3,983	)		(2,276	)
Cash and cash equivalents — beginning of period		4,242			6,518
Cash and cash equivalents — end of period	$	259		$	4,242

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Arcadia Biosciences Inc — 8-K exhibit