Good afternoon and welcome to Arcadia Biosciences second quarter earnings conference call. Today's presenters will be Raj Ketkar, President and CEO and Steve Brandwein, Interim 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 two, 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-Q and again on slide two of this presentation. With that, I will now turn the call over Raj Ketkar, President and CEO.

Thank you Andrew and thanks to everyone who is joining us on the call today. I would like to start by sharing a bit about myself and my background, since I just recently joined the company. I will then provide an update on business activities for the last quarter and my vision for the future of Arcadia, including near-term priorities and our long-term strategy. Steve will then provide a review of the second quarter financial results and we will conclude the call with your questions. As many of you know, I joined Arcadia as President and CEO on May 23 of this year. On slide three, you will see some details on my background. I started my professional carrier 35 years ago as a Chemical Engineer in Manufacturing and Technical roles and over the years, transitioned to commercial roles in agricultural chemicals, seed and biotechnology. In my career, I have gained valuable leadership experience in many areas, including P&L responsibility, strategy and operations and international assignments in developing markets. As Joint Managing Director of Mahyco-Monsato Biotech, I lead the successful launch of Bt cotton in India, the first biotech trade to be commercialized in that country. Today, Bt cotton trades are grown on more than 90% of cotton acres in India or about 20 million acres and are planted by more than five million farmers annually. I learned many lessons from this experience, including working effectively with seed partners, managing uncertainty in the regulatory process and maximizing value capture in a challenging market. I think there is tremendous opportunity to draw on this commercial experience as we work to maximize value from the Arcadia pipeline. Turning to slide four. I would like to highlight a few reasons why I joined Arcadia and why I am excited about our future. First,…

Thank you Raj and welcome everyone. Overall, our 2016 first half results were in line with our internal expectations and reflect consistent performance compared to the same period last year. A summary of our financial results is shown on slide eight. Net loss attributable to common stockholders for the second quarter was $4.6 million comparable to the same period last year. For the first half of 2016, net loss attributable to common stockholders was $9.7 million compared to $12.3 million in 2015, an improvement of 20%. Now I would like to point out that last year's loss included certain expenses associated with preferred shares that were redeemed with our IPO in May and warrants reissued when we reincorporated the company prior to the IPO. Net loss per share attributable to common stockholders for the second quarter was $0.10 compared to a loss of $0.19 in the second quarter of 2015 and net loss per share attributable to common stockholders for the first half of 2016 was $0.22 compared to a loss of $0.94 last year. Note that results for 2015 were prior to our recapitalization of the company in conjunction with the IPO. Loss from operations for the quarter totaled $4.3 million compared to last year's loss of $3.5 million with the decrease resulting from lower revenues recognized during the period. Loss from operations for the first half of 2016 was $9.2 million compared to $7.3 million in 2015. Again, this is partly due to lower revenues as well as additional costs associated with operating as a public company following our IPO in May of last year. If you turn to slide nine, I will go into breakdown of the revenue categories. Total revenues were down by $709,000 for the second quarter compared to last year. Our product sales of…

Thanks Steve. Before we get to your questions, let me just say again how excited I am about the many opportunities that lie ahead for Arcadia. We have important work ahead of us. But with multiple products in the late development stages, our robust pipeline of leads, strong partnerships and a dedicated team of experienced professionals, I firmly believe that there is a very promising future for Arcadia. I am confident that we will deliver great value to our customers and shareholders as well as growers and consumers worldwide. With that, I would like to turn the call over to your questions now.

[Operator Instructions]. And our first question or comment comes from the line of Chris Parkinson with Credit Suisse. Your line is now open.

Perfect. Thank you very much. Can you just give us some more color on HB4 specifically? Anything else you have on expectations for cultivation import approvals? You mentioned some countries in addition to Argentina, I guess, the U.S. and Paraguay. As well as any new color on the potential for licensing agreements, any new interest? And also, is there any read-through on your business from the latest M&A proposals, especially for potential for import approvals into China? Thank you.

Thanks Chris. So yes, we talked about regulatory approvals. We are developing the packages for submission, like I said earlier, for China and Europe. These are the two main parts of the globe where soybeans from Argentina would be exported. So we need to have the import approvals from these two major regions, China and Europe. So we are applying for those as we develop the packages for them. And your second question was related to an M&A activity.

Yes. Is there any read-through on your business from the latest M&A proposals, specifically potential for any import approvals or even potential delays out of China given what's going on there?

No. Nothing that we know of there, Chris. I don't think we could speak to that.

Okay. And then just over the next six to 12 months, can you generally run through any additional regional field trials you are looking at across the globe, including any new efficiency metrics you are looking for or yield hurdles you are looking at accomplishing? And then also is any difference in the scale of these field trials that's a big difference on year-on-year basis? Thank you.

So we are continuing to do field trials for all of our or many of our products in the portfolio that we have. This would be around things like nitrogen use efficiency, salinity tolerance, water use in different countries and in different crops. So those are normal development work that we do and we work with our partners to conduct these trials.

Perfect. Thank you very much.

[Operator Instructions]. And I am showing no further questions or comments at this time. So with that being said, I would like to turn the conference back over to President and CEO, Mr. Raj Ketkar, for closing remarks.

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

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program. You may now disconnect. Everyone have a wonderful day.