Arcadia Biosciences, Inc. (NASDAQ:RKDA) Q3 2023 Earnings Call Transcript

Ben Klieve: Okay. So, R&D costs in Q2 were directionally higher for – given both of those products, okay. I thought I missed an explicit number, okay. And then last question for me. I mean the – it looks like a lot of momentum is really built through 2023 so far. I mean as you look into 2024, can you guys give any kind of high-level expectations regarding overall retail doors that you hope to be at ending ‘24, any kind of high-level metrics that you can really provide to help us get a sense of kind of the scale you are looking at 12 months from now?

Stan Jacot: Yes, sure. I think when we add up the three categories for GoodWheat, we will be over 3,000 doors ending 2023. And in 2024, our plan is really to nurture those 3,000 doors. There may be additional accounts that come online in the first half of the year. But really, we want to make sure that we are growing where we are and that we become almost indispensably attractive to the larger retailers in the larger – in the accounts that we are today. So, we are still planning on double-digit growth for GoodWheat next year and then I would say the same for Zola.

Ben Klieve: Got it. Okay. Very good. Plenty more to talk about. That’s a good place to leave it. Thanks for taking my questions and congratulations again on a really nice quarter here.

Stan Jacot: Thank you.

Operator: I am showing no further questions at this time. I would now like to turn it back to Stan Jacot for closing remarks.

Stan Jacot: In summary, as we enter 2024, Arcadia is in the best position in its history. Our proprietary wheat technology has been commercialized in three categories with the potential to add more categories through acquisition. We have exited the low opportunity and high resource body care business and are revitalizing the Zola Coconut Water brand with innovation rolling out early next year. This has resulted in stronger top line growth and higher gross margins. And finally, we have right-sized the organization and streamlined our cost structure in order to extend our runway to execute our plan. We look forward to updating you in the future. Thanks again for joining us and have a great rest of your day.

Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.