SmartKem, Inc.
Business
SmartKem develops proprietary organic thin-film transistor (OTFT) materials branded TRUFLEX® that enable low-temperature printing processes for flexible and cost-effective displays and advanced chip packaging. The company supplies formulated semiconductor polymer inks, process documentation, and design consultancy to display manufacturers and semiconductor packaging customers. SmartKem operates R&D and formulation facilities in the UK, prototyping services in partnership with the Centre for Process Innovation and ITRI in Taiwan, and maintains a field application office in Taiwan.
Summary from 10-K filed 2026-04-08
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 697,000 | 82,000 | 27,000 | 40,000 | 18,000 | |
| Cost of revenue | 272,000 | 32,000 | 23,000 | 33,000 | 8,000 | |
| Gross profit | 425,000 | 50,000 | 4,000 | 7,000 | 10,000 | |
| Other operating income | 951,000 | 1 | 800,000 | 1 | 1 | |
| Research and development | 7 | 5 | 6 | 6 | 8 | |
| General and administrative | 7 | 6 | 5 | 5 | 8 | |
| (Gain) / loss on foreign currency transactions | −177,000 | 78,000 | 87,000 | — | — | |
| Total operating expenses | 14 | 12 | 11 | 11 | 18 | |
| Loss from operations | −13 | −10 | −10 | −10 | −16 | |
| Gain / (loss) on foreign currency transactions | 2 | −544,000 | 1 | −2 | — | |
| Change in fair value of the warrant liability | — | 672,000 | 465,000 | — | — | |
| Interest income / (expense) | −73,000 | 7,000 | 12,000 | — | — | |
| Total non-operating income / (expense) | 2 | 135,000 | 1 | −2 | −824,000 | |
| Loss before income taxes | −11 | −10 | −8 | −11 | −17 | |
| Income tax refund / (expense) | 24,000 | −1,000 | — | −24,000 | — | |
| Net loss | −11 | −10 | −9 | −12 | −17 | |
| Preferred stock deemed dividends | — | −9 | — | — | — | |
| Net loss attributed to common stockholders | −11 | −20 | −8 | — | — | |
| Basic net loss per common share (in dollars per share) | −1.29 | −3.17 | −6.32 | −13.88 | −0.68 | |
| Weighted average shares outstanding - basic (in shares) | 8 | 3 | 1 | 827,906 | 25 | |
| Diluted net loss per common share (in dollars per share) | −1.29 | −6 | −6.32 | −13.88 | −0.68 | |
| Weighted average shares outstanding -diluted (in shares) | 8 | 3 | 1 | 827,906 | 25 | |
| Dividends per common share (in dollars per share) | — | −2.83 | — | — | — | |
| Foreign currency translation | −2 | 473,000 | −1 | 880,000 | 117,000 | |
| Total comprehensive loss | −13 | −10 | −10 | −11 | −17 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 400,000 | 7 | 9 | 4 | 12 | |
| Accounts receivable | 3,000 | — | 268,000 | 30,000 | — | |
| Research and development tax credit receivable | 500,000 | 500,000 | 600,000 | 1 | 1 | |
| Prepaid expenses and other current assets | 575,000 | 849,000 | 811,000 | 1 | 802,000 | |
| Total current assets | 2 | 9 | 11 | 6 | 14 | |
| Property, plant and equipment, net | 180,000 | 269,000 | 455,000 | 602,000 | 802,000 | |
| Right-of-use assets, net | 607,000 | 120,000 | 285,000 | 475,000 | 154,000 | |
| Other assets, non-current | — | 6,000 | 7,000 | 6,000 | 6,000 | |
| Total assets | 2 | 9 | 11 | 8 | 15 | |
| Accounts payable and accrued expenses | 5 | 2 | 1 | 931,000 | 1 | |
| Lease liabilities, current | 271,000 | 47,000 | 230,000 | 206,000 | 87,000 | |
| Notes payable, current | 928,000 | — | — | — | — | |
| Other current liabilities | 108,000 | 450,000 | 360,000 | 244,000 | — | |
| Total current liabilities | 6 | 2 | 2 | 1 | 2 | |
| Lease liabilities, non-current | 312,000 | 25,000 | 19,000 | 239,000 | 28,000 | |
| Total liabilities | 6 | 2 | 3 | 2 | 2 | |
| Contingencies (Note 7) | — | — | — | — | — | |
| Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, 0 and 856 shares issued and outstanding, at December 31, 2025 and December 31, 2024, respectively | — | — | — | — | — | |
| Common stock, par value $0.0001 per share, 300,000,000 shares authorized, 6,836,689 and 3,590,217 shares issued and outstanding, at December 31, 2025 and December 31, 2024, respectively | 1,000 | — | — | — | 3,000 | |
| Additional paid-in capital | 125 | 122 | 105 | 93 | 90 | |
| Accumulated other comprehensive loss | −4 | −1 | −2 | −483,000 | −1 | |
| Accumulated deficit | −125 | −115 | −95 | −87 | −75 | |
| Total stockholders' (deficit) / equity | −4 | 7 | 8 | 6 | 14 | |
| Total liabilities and stockholders' (deficit) / equity | 2 | 9 | 11 | 8 | 15 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net loss | −11 | −10 | −8 | −11 | −17 | |
| Depreciation | 212,000 | 258,000 | 145,000 | 198,000 | 209,000 | |
| Stock-based compensation expense | 1 | 850,000 | 717,000 | 488,000 | 6 | |
| Issuance of common stock to vendor | 1 | 253,000 | 55,000 | 391,000 | 263,000 | |
| Right-of-use asset amortization | 205,000 | 268,000 | 263,000 | 264,000 | 234,000 | |
| (Loss) / gain on foreign currency transactions | −3 | 647,000 | −1 | 2 | — | |
| Debt discount amortization | 87,000 | — | — | — | — | |
| Accounts receivable | −3,000 | 269,000 | −231,000 | −32,000 | 19,000 | |
| Research and development tax credit receivable | −29,000 | 84,000 | 562,000 | −213,000 | −104,000 | |
| Prepaid expenses and other assets | 268,000 | −33,000 | 70,000 | −42,000 | −532,000 | |
| Accounts payable and accrued expenses | 3 | 504,000 | 459,000 | −385,000 | 579,000 | |
| Lease liabilities | −182,000 | −281,000 | −266,000 | −265,000 | −276,000 | |
| Other current liabilities | −342,000 | 87,000 | 98,000 | 238,000 | — | |
| Net cash used in operating activities | −8 | −8 | −8 | −9 | −10 | |
| Purchases of property, plant and equipment | −123,000 | −75,000 | −18,000 | −79,000 | −341,000 | |
| Net cash used by investing activities | −123,000 | −75,000 | −18,000 | −79,000 | −341,000 | |
| Payment of issuance costs | — | −1 | −1 | −170,000 | −2 | |
| Proceeds from the issuance of debt | 1 | — | — | — | — | |
| Proceeds from the exercise of warrants | — | 24,000 | 25,000 | — | — | |
| Net cash provided by financing activities | 1 | 7 | 13 | 2 | 22 | |
| Effect of exchange rate changes on cash | 92,000 | −56,000 | −35,000 | −693,000 | — | |
| Net change in cash | −7 | −2 | 5 | −8 | 11 | |
| Right-of-use asset and lease liability additions | 708,000 | 82,000 | 50,000 | 583,000 | 136,000 | |
| Cash paid for income taxes | −24,000 | 1,000 | — | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is SmartKem, Inc.'s CIK number?
SmartKem, Inc.'s SEC CIK number is 0001817760 (1817760). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find SmartKem, Inc.'s SEC filings?
All of SmartKem, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did SmartKem, Inc. last report earnings?
SmartKem, Inc. (SMTK) most recently filed an earnings 8-K with the SEC on Nov 13, 2025, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-25-111295). This is SmartKem, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is SmartKem, Inc.'s most recent earnings 8-K?
SmartKem, Inc.'s latest earnings 8-K (Item 2.02) was filed Nov 13, 2025 under accession 0001104659-25-111295. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View SmartKem, Inc.'s latest earnings 8-K →
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