Good afternoon, and welcome to Arcadia Biosciences Fourth Quarter and Full Year 2017 Earnings Conference Call. Today's presenters are Raj Ketkar, President and Chief Executive Officer; and Matt Plavan, Chief Financial Officer. 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 results may differ materially from those described or implied today. You can review the company's safe harbor language in their most recent filed 10-K and again on Slide 2 of this presentation. With that, I will now turn the call over to Raj Ketkar, President and Chief Executive Officer.

Thank you, Brian, and thanks to everyone who is joining us on the call today. The purpose of the call is to report 2017 earnings, and we also have some exciting developments in 2018 that we would like to talk about today. I will summarize the 2017 results and our growth strategy for 2018, and Matt will discuss our recently completed financing round and the 2017 financials. At the end of the call, we will, as always, take your questions. Turning to Slide 3. 2017 was a pivotal success for Arcadia. We began the year by implementing the results of the strategy review that we conducted in 2016. We determined that the shortest path to shareholder value creation is to focus on the commercialization of our non-GM wheat quality traits portfolio and have restructured the company to achieve this. We sharpened our focus on the commercialization of our non-GM wheat quality traits, targeting the $200 billion global wheat market. We developed new lines of high fiber Resistant Starch wheat, identified the phenotype for a Reduced Gluten wheat and advanced Extended Shelf Life wheat. We demonstrated steady advancement towards the commercialization of our high-value agricultural productivity traits, namely HB4 drought-tolerant soybeans in Argentina and field trials of Nitrogen Use Efficiency and Salinity Tolerance traits in India. We further enhanced our industry-leading development capabilities by adding one of the most advanced gene editing tools to our toolkit, CRISPR-Cas 9. And we achieved meaningful reductions in our operating loss for the fourth quarter and full year, which was driven by continued cost containment as well as our focus on a select group of products. Our 2017 accomplishments position us favorably for even greater success in 2018 on several fronts, including commercialization of our consumer branded products, advancements of additional new quality traits and…

Thank you, Raj, and good afternoon, everyone. As Raj touched on briefly earlier in the call, we are very pleased with the $10 million private equity financing secured and announced yesterday. Adding to our cash balance as reported at the end of the year of $13 million, we are well positioned to focus on the acceleration of our high fiber RS wheat commercialization activities. And we are really excited about the potential for our portfolio of wheat quality traits to maximize value for all of our stakeholders, including food companies, consumers, growers and of course, our shareholders. Turning for a moment to our financial results for the fourth quarter and all of 2017, let's take a look at our revenue performance on Slide 8. As you can see, total revenues were favorable for the quarter and for the year as compared to 2016. Our biggest driver in the quarter and the year was an increase in our license revenues. You may remember from our prior earnings call that we were performing a review, as Raj mentioned earlier, by territory of our abiotic stress trait licenses to determine by the year end, that would be 2017, the optimal deregulation forward strategy. In other words, do we have the optimal licensee to most quickly and effectively obtain regulatory approval? We completed that analysis. And as a result, a number of licenses were terminated, which is enabling us to potentially secure new in-country partners to work with the regulatory bodies in that country and secure approval for our traits. In those cases, the remaining balance of the upfront license fees previously deferred for these same agreements, those were released and recognized as revenue in the fourth quarter. And that amount totaled $528,000. As for our product revenues, they were down 23% for the…

Thanks, Matt. Before we get to your questions, I'd like to summarize our results for the fourth quarter and for the full year 2017. 2017 was a pivotal year for Arcadia as we sharpened our focus on the commercialization of our non-GM quality and nutrition ingredient traits for the $200 billion global wheat flour market. We demonstrated steady advancement towards the commercialization of our high value agriculture productivity traits in Argentina and India, and we achieved notable reductions in our operating loss for the fourth quarter and full year driven primarily by continued cost containment and the cost efficiencies brought about through focus on a select group of products. With the organization in place and commercial launch plans under way, we are well positioned for success in 2018. We secured $10 million in private equity financing that meaningfully fortifies our cash resources and allows us to effectively execute our health and nutrition growth strategy. This additional financing will accelerate our commercialization activities and demonstrates our commitment to maximizing value for the food companies, consumers, growers and our shareholders. With that, I'd like to turn the call over to your questions now.

Thanks, everyone, for joining the call, and your continued interest in Arcadia and for your support. We look forward to speaking with you again in 2018 during our next quarter call.