Good afternoon, and welcome to Arcadia Biosciences' Second Quarter 2018 Earnings Conference Call. Today's presenters will be Raj Ketkar, President and CEO; and Matthew Plavan, CFO. This call is being webcast, and you can refer to the company's press release and slides at arcadiabio.com. Before we start, if you refer to Slide 2, we would like to remind you that Arcadia Biosciences will be making forward-looking statements on this call based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied today. You can review the company's safe harbor language in their most recently filed 10-K and again on Slide 2 of this presentation. With that, I'll now turn the call over to Raj Ketkar, President and CEO.

Thank you, Connor, and thanks for everyone who is joining us on the call. Today, we would like to report on the second quarter 2018 earnings and share with you the great progress we are making in moving our products closer to launch. I will summarize the second quarter achievements and Matt will discuss our recently completed financing round and the second quarter 2018 financials. At the end of the call, we will, as always, take your questions. Turning to Slide 3. In the second quarter of 2018, we continue progress towards the commercialization phase as a health and nutrition ingredients company. We have the potential now of commercializing up to three products in 2019 and I will be talking to you about those products today. A major accomplishment this quarter was a completion of $14 million registered direct offering round which will meaningfully fortify our cash resources and allow us to better execute our growth strategy in 2018 and beyond. Coupled with the $10 million round completed in the first quarter, we are well equipped to build on our strategy. We also made important progress in developing our non-GM wheat traits portfolio and I will speak to some of these in more detail later. We executed an agreement with the farmers business network which sets up for the production and supply of identity preserved GoodWheat products to our customers. Resistant Starch GoodWheat scale-up production trials were planted in multiple locations. Breeding of Resistant Starch GoodWheat into commercial germplasm continues, so that growers who will produce GoodWheat will have more options for planting. We’re building partnerships with several milling and food companies who are testing Resistant Starch GoodWheat in their product. Our ag productivity traits also completed important steps towards launch. Field trials of HB4 drought tolerant soybeans in the…

Thank you, Raj, and good afternoon everyone. It was indeed a good quarter for Arcadia having achieved important milestones on the path to commercialization of our health and nutritional products as well as our HB4 soybeans. As we touched on in our last quarterly call, our financial results in the near-term will continue to reflect the impact of our transformation from a predominantly research and licensing business model to one of a consumer health and ingredient product company. As we introduce our new nutritional ingredient products like GoodWheat to the market and we advance our HB4 soybeans to commercialization, we expect the onset and scale-up of these new revenues over the next 12 to 36 months, which will be characterized as product revenues or trait fees depending upon the specific arrangement with our end customers. Because of our primary focus on these new products, we do not intend to continue pursuing new contract research and government grant projects at the levels we have historically. These projects are no longer relevant to our forward business strategy and they divert critical resources away from essential GoodWheat breeding, production and commercialization activities that are underway. As such we expect these revenues to be lower this year as our current contract research agreements and government grant projects concluded and are not replaced. In addition, we do not anticipate future upfront licensing fees under our new business model and is described more fully in footnote 5 of our 10-Q filed today with the implementation of the accounting pronouncement ASC 606, we can no longer amortize such upfront license fees into revenue over time. As a result, 82,328 of license revenues for the quarter and for the full year of 2018 respectively, which were scheduled to be amortized into revenue were reversed out of deferred revenue…

Thanks, Matt. Before we get to your questions, I'd like to summarize our results for the second quarter of 2018. We made great progress in the execution of our strategy of transitioning to a health and nutrition ingredients company. We raised $14 million in a registered direct offering round for a total of $24 million in the last 90 days. This gives us the ability to execute on our strategy. We started building partnerships across that wheat value chain with breeders, seed companies, farmers, millers and food companies to prepare for the launch of our GoodWheat ingredients. Data from HB4 drought tolerant soybean trial in Argentina showed positive results and we introduced the technology to growers in Argentina to participate in pre-commercial testing. Extended Shelf Life tomatoes developed via non-GM TILLING technology reached an important milestone on its commercialization path. And we anticipate three products: GoodWheat, HB4 drought tolerant soybeans and Extended Shelf Life tomatoes will launch commercially in the next twelve to eighteen months. We are excited about our new journey in the health and nutrition ingredients business and look forward to reporting our continuing positive results next quarter. With that I would like to turn the call over to your questions now.

[Operator Instructions] Your first question comes from the line of Raghuram Selvaraju with H. C. Wainwright. Your line is open.

Hi, there. This is Julian on for Raghuram Selvaraju. First, can you talk a little more about what the commercial launch of Resistant Starch GoodWheat would likely look like in 2019?

I think what we are expecting is to work with some food companies to get product into a commercial introduction. We are working with several different food companies and in terms of volume it would be an introductory volume, limited by the seed multiplication that we are doing now, but also ensuring that we get the product into the right test markets.

Okay, thanks. That's helpful. I know it might be a little early, but I was just curious if there has been any feedback so far from farmers in the FBN network regarding GoodWheat seeds?

We are just beginning the conversations with farmers. We already – before our engagement with FBN, we already had been working with a select group of farmers with whom we've had experience with in the past and the feedback has been generally very positive, everybody in the wheat world starting with farmers and owned on the value chain is excited about traits that can bring value to wheat. Wheat really has not had much innovation over the years unlike corn and soybeans. So innovations in wheat are really welcomed by farmers. And that's what we're hearing talking to people across the wheat growing regions that we have been talking to.

Okay, got it and just a quick housekeeping question. Are you able to provide any guidance on how stock based compensation will likely trend over the next few quarters?

You know that – that's difficult to predict, but I don't think we expect it to change materially from what it’s been. We’ve been running between $800,000 to $1 million, $2 million a year, but we don't have any reason to believe that that's going to change materially, but as you know with a volatile stock using the Black Scholes Merton model to determine what the charges can sometimes surprise you. But I think we're not anticipating substantial changes in our granting amounts. And so, I think that's probably our best estimate of how this is going to perform over the next year or two.

Okay, great. Thanks very much.

Thanks, Julian.

There are no further questions at this time. I will turn the call back over to Raj Ketkar.

Thanks for everyone for joining the call today and your continued interest and support of Arcadia. We look forward to speaking with you again during our third quarter conference call.