Good afternoon, and welcome to Arcadia Biosciences Third Quarter 2018 Earnings Conference Call. Today’s presenters would be Raj Ketkar, President and CEO; and Matt 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, Hailey, and thanks to everyone who is joining us on the call today. Turning to Slide 3, at the outset of this call, based upon our progress up to the third quarter, we believe that three Arcadia-developed technologies will achieve first sales in the next 12 months to 18 months, representing three uniquely different trades in three crops around the globe. These products include the GoodWheat portfolio of improved wheat quality products in the Americas; HB4 Drought Tolerant Soybeans in Argentina; and extended shelf life tomatoes by Shriram Bioseed in India. After years of development, we are excited and motivated to bring these products to our customers and are taking all the steps necessary to successfully launch these products. Now let’s talk about the specifics of what we are doing to bring these products to our customers. Turning to Slide 4. I’m very pleased to report we made substantial progress on the strategic imperatives for each of our major product categories. Just yesterday, we announced our collaboration with Ardent Mills for the development of innovative wheat technologies. The first product will be the recently patented extended shelf life and improved taste whole wheat. We advanced a number of our products, including products in our GoodWheat portfolio towards commercialization. To enable these launches, we continue building partnerships across the supply chain. We demonstrated strong agronomics of our GoodWheat products and production trials in multiple locations. We received the regulatory approval for HB4 Drought Tolerant Soybeans stacked with herbicide-tolerant traits in Argentina. We also achieved an important technical milestone towards the commercialization of extended shelf life tomatoes in India. And finally, we hired top talent to enhance our commercial organizational capabilities, which are so essential to our future success. Moving to Slide 5. Yesterday, we issued a joint press release…

Thank you, Raj, and good afternoon to everyone. It was, indeed, a good quarter for Arcadia having achieved important milestones on the path to commercialization of our health and nutrition products as well as our HB4 soybeans. As we touched on, on our last quarterly call, our financial results in the near term will continue to reflect the impact of our transformation from an R&D out-licensing model to one of a consumer products, health and ingredients model. As we introduce our new nutritional ingredient products, like GoodWheat, and we advance our HB4 soybeans to commercializations, we expect the onset and scaleup of these revenues over the next 12 months to 36 months. These new revenues will be characterized as product sales or trait fees, depending upon the specific arrangement with our end customers. With this new focus, it’s no longer strategically relevant for us to continue pursuing new contract research and government grant projects at the levels we have historically. And we expect these revenues to be lower this year, as our current contract research agreements and government grant projects conclude and/or not replaced. In addition, we do not anticipate significant new upfront licensing fees under our new business model. And as described more fully in footnote five of our Q3/4 10-Q filed today, and as well as our 10-K filed for 2017, 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, $82,000 and $328,000 of license revenues for the quarter and the full year 2018, respectively, which were scheduled to be amortized into revenue, was reversed out of deferred revenue and charged to retain deficit effective January 1 of this year. For this reason, licensing revenues are down in each of the first…

Thanks, Matt. Before we get to your questions, I just like to summarize our results for the third quarter of 2018, during which we made really good progress towards commercialization of our key products. As I said earlier, we anticipate three products: GoodWheat; HB4 Drought Tolerant soybeans; and extended life tomatoes, would launch commercially in the next 12 months to 18 months. We announced our collaboration with Ardent Mills, which is an exciting development towards the commercialization of our wheat technology. We completed harvest of the production trials and are now developing the agronomic packages to provide to growers of good [indiscernible] We initiated development of recipes of popular foods containing GoodWheat and added food companies around the globe who are testing GoodWheat in their products. We received the U.S. patent for extended shelf life wheat, which adds to our overall portfolio of intellectual property relating to wheat. Based on the positive data from last year’s trials, we are preparing for the launch of HB4 in Argentina by introducing the technology to growers in Argentina and signing these growers up for testing the product on their farms this year. We received regulatory approval for HB4 stacked with herbicide tolerant trait, which will expand the market for HB4. And extended shelf life tomatoes developed via our non-GM TILLING technology reached an important milestone on this commercialization path in India. We’re excited about our new journey in the health and nutrition ingredients business, and we look forward to reporting our continuing positive results next quarter. With that, I’d like to turn the call over to your questions now.

Thank you. [Operator Instructions] Our first question comes from Ram Selvaraju of H.C. Wainwright. Your line is now open.

Hi. This is Rob on for Ram. Thank you for taking my questions. I just have two, if I may, first one being, when do we expect to – for you guys to provide additional granularity as to your commercial model? And then the number two, which of your wheat varieties, for example, the Resistant Starch, Reduced Gluten or longer shelf life? Do you expect to have the greatest commercial value moving forward?

So let me – your – could you state your earlier question, again, please, Rob?

Yes. When can we expect to see – have – additional granularity as to your commercial model, in particular, the economic packages that you’re developing as well as the ongoing move in Argentina?

So I think what we talked about was the agronomic packages that we are developing. These are really the agronomics that we provide to farmers on how to grow our product. As far as the commercial models, we are developing those – so for the ones in Argentina, for example, we’re developing that with our partner in Argentina, Bioceres. We are expecting, as we said, that in the next 12 months to 18 months, we would get a approval from China for launching the product in Argentina some time in the next 12 months to 18 months. That’s what we are anticipating. So I think, over this next year, we would have more information, granularity, as you said, in terms of acreages and so forth in terms of what we would penetrate. But we know – we have stated in some of our past calls, Rob, that – so again, staying with the Argentina model that the percentage of the acres in Argentina that are susceptible to drought conditions represent about 30% of the total acres. And I think that translates to something like around 12 million acres. So it’s a fairly large market that’s out there. We expect to be the first company to launch a drought tolerant product there in Argentina. So I think that’s what we are basing our models on, and we can provide more granularity as we go forward.

Thank you. Our next question comes from Robert Smith of Center for Performance Investing. Your line is now open.

Thank you. Thanks for taking my questions. Why isn’t the Bioseed agreement more robust as far as prospects go?

Well, the tomato seed market in India is extremely fragmented. There are dozens of companies that sell tomato seed. Bioseed is a fairly important seed company in India. They are fairly large, and they participate in a number of different crops. So we licensed the technology to them several years ago for them to put it into their varieties. And so far, they have tested it in a couple of varieties. They have the introgressed the genes that we provided them into two or three different varieties that they have been testing. And they feel now are ready to take to farmer scale, large trials, which they will do very soon now. And then they expect, after they get the results from that, they would launch it. The model essentially was that we would – we had access fees – in order to provide them the technology access, we got access fees for that. We’ll be getting milestone fees as they reach specific milestones. And then after they commercialize, we’ll be getting our royalty. Does that answer your question, Robert?

So you can take this technology elsewhere as well.

Yes, we can. Yes.

And so are you actively seeking to do so?

Yes, we are. We have licensed it to a seed company here in the U.S. Unfortunately, we are not at liberty to divulge that at this point because we’re – they’re in the very early phases of introgressing the seed into – the trait into their seed.

And what would that market opportunity be?

I think the tomato seed market in the India – in the U.S. is fairly large. We think that’s a good opportunity. That is – that process of introgression and testing has just started. And we’ll talk more about that as we get closer to commercialization. But it’s a pretty large opportunity. It’s not – it doesn’t show up in our charts at this time because it’s so early in the game, but that will definitely be an opportunity for us.

Thank you. Ladies and gentlemen, this concludes today’s question-and-answer session. I would like to turn the call back over to Raj Ketkar for any closing commentary.

Thanks, Hailey. Thanks, again, for everyone for joining the call today, and your continued interest and support of Arcadia. We look forward to speaking with you during our year-end conference call. In the meantime, if you have further questions, feel free to e-mail us or contact us outside. Thank you.

Ladies and gentlemen, thank you for participating in today’s conference. This concludes today’s program, and you may all disconnect. Everyone, have a great day.