Business & Real Estate

Davis biotech firm releases its first financial results

Davis biotech company Aracadia Biosciences Inc., in its first financial report as a public company, said Monday that it lost $3.7 million in the second quarter on $1.4 million in revenue.

The results compared with a loss of $5 million on revenue of $1.3 million a year earlier.

It was Arcadia’s first quarterly report since raising $65.6 million in its initial public stock offering May 14. Along with a smaller, secondary offering a month later, the company raised $68 million this year.

“Operating performance in the first half of the year and our first quarter as a public company (was) in line with our expectations, and we are comfortable with our relatively stable level of revenues and expenses in the near term,” President and Chief Executive Officer Eric Rey said in a prepared statement.

Arcadia is an agricultural biotech company, working on advancements in salinity tolerance, water-use efficiency and other issues.

In the first half of the year, the company lost $9.5 million on revenue of $2.2 million. That compared with a loss of $9.3 million on revenue of $2.7 million the year before.

The company’s shares closed Monday at $4.53, up 17 cents, on the Nasdaq market.

Dale Kasler: 916-321-1066, @dakasler