Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
61.0%Gross margin3
-1841.5%Operating margin3
-1507.7%Net margin3
750.0%Revenue growth, 20253
-$7.9MFree cash flow3
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue2¢$272.0K
- Research and development48¢$7.0M
- Selling, general and admin50¢$7.4M
- Income tax0¢$24.0K
Out of $697.0K in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $697.0K | $82.0K |
| Cost of revenue | $272.0K | $32.0K |
| Gross profit | $425.0K | $50.0K |
| Other operating income | $951.0K | $1.0M |
| Research and development | $7.0M | $5.1M |
| General and administrative | $7.4M | $6.3M |
| (Gain) / loss on foreign currency transactions | -$177.0K | $78.0K |
| Total operating expenses | $14.2M | $11.5M |
| Loss from operations | -$12.8M | -$10.5M |
| Gain / (loss) on foreign currency transactions | $2.4M | -$544.0K |
| Change in fair value of the warrant liability | $672.0K | |
| Interest income / (expense) | -$73.0K | $7.0K |
| Total non-operating income / (expense) | $2.3M | $135.0K |
| Loss before income taxes | -$10.5M | -$10.3M |
| Income tax refund / (expense) | $24.0K | -$1.0K |
| Preferred stock deemed dividends | -$9.2M | |
| Net loss attributed to common stockholders | -$10.5M | -$19.6M |
| Basic net loss per common share (in dollars per share) | -$1.29 | -$3.17 |
| Weighted average shares outstanding - basic (in shares) | 8.2M shares | 3.3M shares |
| Diluted net loss per common share (in dollars per share) | -$1.29 | -$6.00 |
| Weighted average shares outstanding -diluted (in shares) | 8.2M shares | 3.3M shares |
| Dividends per common share (in dollars per share) | -$2.83 | |
| Net loss | -$10.5M | -$10.3M |
| Foreign currency translation | -$2.5M | $473.0K |
| Total comprehensive loss | -$13.0M | -$9.9M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $374.0K | $7.1M | |
| Accounts receivable | $3.0K | ||
| Research and development tax credit receivable | $549.0K | $519.0K | |
| Prepaid expenses and other current assets | $575.0K | $849.0K | |
| Total current assets | $1.5M | $8.5M | |
| Property, plant and equipment, net | $180.0K | $269.0K | |
| Right-of-use assets, net | $607.0K | $120.0K | |
| Other assets, non-current | $6.0K | ||
| Total assets | $2.3M | $8.9M | |
| Accounts payable and accrued expenses | $4.6M | $1.8M | |
| Lease liabilities, current | $271.0K | $47.0K | |
| Notes payable, current | $928.0K | ||
| Other current liabilities | $108.0K | $450.0K | |
| Total current liabilities | $5.9M | $2.3M | |
| Lease liabilities, non-current | $312.0K | $25.0K | |
| Total liabilities | $6.2M | $2.3M | |
| 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 | $1.0K | ||
| Additional paid-in capital | $124.8M | $122.3M | |
| Accumulated other comprehensive loss | -$3.6M | -$1.1M | |
| Accumulated deficit | -$125.1M | -$114.6M | |
| Total stockholders' (deficit) / equity | -$3.9M | $6.6M | $8.1M |
| Total liabilities and stockholders' (deficit) / equity | $2.3M | $8.9M | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 856 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 856 shares | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 300.0M shares | 300.0M shares | |
| Common stock, shares issued (in shares) | 6.8M shares | 3.6M shares | |
| Common stock, shares outstanding (in shares) | 6.8M shares | 3.6M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $374.0K | $7.1M | |
| Accounts receivable | $3.0K | ||
| Research and development tax credit receivable | $549.0K | $519.0K | |
| Prepaid expenses and other current assets | $575.0K | $849.0K | |
| Total current assets | $1.5M | $8.5M | |
| Property, plant and equipment, net | $180.0K | $269.0K | |
| Right-of-use assets, net | $607.0K | $120.0K | |
| Other assets, non-current | $6.0K | ||
| Total assets | $2.3M | $8.9M | |
| Accounts payable and accrued expenses | $4.6M | $1.8M | |
| Lease liabilities, current | $271.0K | $47.0K | |
| Notes payable, current | $928.0K | ||
| Other current liabilities | $108.0K | $450.0K | |
| Total current liabilities | $5.9M | $2.3M | |
| Lease liabilities, non-current | $312.0K | $25.0K | |
| Total liabilities | $6.2M | $2.3M | |
| 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 | $1.0K | ||
| Additional paid-in capital | $124.8M | $122.3M | |
| Accumulated other comprehensive loss | -$3.6M | -$1.1M | |
| Accumulated deficit | -$125.1M | -$114.6M | |
| Total stockholders' (deficit) / equity | -$3.9M | $6.6M | $8.1M |
| Total liabilities and stockholders' (deficit) / equity | $2.3M | $8.9M | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 856 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 856 shares | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 300.0M shares | 300.0M shares | |
| Common stock, shares issued (in shares) | 6.8M shares | 3.6M shares | |
| Common stock, shares outstanding (in shares) | 6.8M shares | 3.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$10.5M | -$10.3M |
| Depreciation | $212.0K | $258.0K |
| Stock-based compensation expense | $1.0M | $850.0K |
| Issuance of common stock to vendor | $1.3M | $253.0K |
| Right-of-use asset amortization | $205.0K | $268.0K |
| (Loss) / gain on foreign currency transactions | -$2.6M | $647.0K |
| Change in fair value of the warrant liability | -$672.0K | |
| Debt discount amortization | $87.0K | |
| Accounts receivable | -$3.0K | $269.0K |
| Research and development tax credit receivable | -$29.0K | $84.0K |
| Prepaid expenses and other assets | $268.0K | -$33.0K |
| Accounts payable and accrued expenses | $2.8M | $504.0K |
| Lease liabilities | -$182.0K | -$281.0K |
| Other current liabilities | -$342.0K | $87.0K |
| Net cash used in operating activities | -$7.7M | -$8.1M |
| Purchases of property, plant and equipment | -$123.0K | -$75.0K |
| Net cash used by investing activities | -$123.0K | -$75.0K |
| Payment of issuance costs | -$1.1M | |
| Proceeds from the issuance of debt | $1.0M | |
| Proceeds from the exercise of warrants | $24.0K | |
| Net cash provided by financing activities | $1.0M | $6.5M |
| Effect of exchange rate changes on cash | $92.0K | -$56.0K |
| Net change in cash | -$6.8M | -$1.7M |
| Right-of-use asset and lease liability additions | $708.0K | $82.0K |
| Cash paid for income taxes | -$24.0K | $1.0K |
No quarter-by-quarter statement was filed.
Corporate structure
SmartKem, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of SmartKem, Inc.
- Joseph Christopher Lizzio Filed SCHEDULE 13G/A on SmartKem, Inc., latest Aug 4, 2026 (2 filings since Sep 24, 2025)
- Orin Hirschman Filed SCHEDULE 13G/A on SmartKem, Inc., latest Jul 27, 2026 (7 filings since Jan 25, 2022)
- Five Narrow Lane LP Filed SCHEDULE 13G/A on SmartKem, Inc., latest Jan 21, 2026 (3 filings since Feb 1, 2024)
- Bleichroeder LP Filed SCHEDULE 13G/A on SmartKem, Inc., latest Nov 14, 2025 (3 filings since Mar 31, 2025)
- MYDA Advisors LLC Filed SCHEDULE 13G/A on SmartKem, Inc., latest Jul 1, 2025 (2 filings since Dec 27, 2024)
- Laurence W. Lytton Filed SCHEDULE 13G/A on SmartKem, Inc., latest May 15, 2025 (2 filings since Dec 23, 2024)
- Octopus Investments Filed SCHEDULE 13D/A on SmartKem, Inc., latest May 12, 2025 (3 filings since Jan 28, 2022)
- Mark N. Tompkins Filed SC 13G/A on SmartKem, Inc., latest Feb 14, 2024 (3 filings since Feb 14, 2022)
- Ian Seth Jacobs Filed SC 13G/A on SmartKem, Inc., latest Feb 14, 2022
- SmartKem, Inc. Delaware, Delaware
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What SmartKem, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $2.0M3 Dec 31, 2025 | $1.8M3 Dec 31, 2024 | +13.6% |
| Accumulated depreciation | $1.8M3 Dec 31, 2025 | $1.5M3 Dec 31, 2024 | +22.0% |
| Property and equipment, net | $180.0K3 Dec 31, 2025 | $269.0K3 Dec 31, 2024 | −33.1% |
| Finance-lease assets | $03 Dec 31, 2025 | $03 Dec 31, 2024 | |
| Operating-lease assets (leased space) | $607.0K3 Dec 31, 2025 | $120.0K3 Dec 31, 2024 | +405.8% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $374.0K3 Dec 31, 2025 | $7.1M3 Dec 31, 2024 | −94.8% |
Properties, in its own words
Our headquarters are located in Manchester, England, where we lease approximately 10,000 square feet of commercial space for research and development, engineering, testing and corporate offices pursuant to a lease that expires in April 2028. We also have a leased office in Hsinchu City Taiwan where we lease approximately 1,000 square feet of office space pursuant to a lease which expires in July 2028.
Item 2 of the 10-K filed Apr 8, 2026.10
Leadership
Who has led SmartKem, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chair
Chief financial officer
2025
- Chief executive officerIan Jenks Feb 24, 2021 to now11
- ChairIan Jenks Feb 24, 2021 to now11
- Chief financial officerBarbra Keck Dec 20, 2022 to now12
- Chief financial officerRobert Bahns Feb 24, 2021 to Apr 11, 202213
Board members and other officers (10)
- Chief Accounting OfficerNigel Prue Sep 8, 2022 to Sep 8, 202214
- Chief ScientistBeverley Brown Feb 24, 2021 to now15
- Chief Technology OfficerSimon Ogier Feb 24, 2021 to now16
- Board memberSriram Krishnamurthy Peruvemba Jul 18, 2023 to now17
- Board memberMelisa Denis Nov 28, 2023 to now18
- Board memberSteven Denbaars Jun 30, 2022 to now19
- Board memberBarbra Keck Feb 24, 2021 to Dec 20, 202220
- Board memberBoer Klaas De Feb 24, 2021 to now21
- Board memberRobert Bahns Feb 24, 2021 to Apr 11, 202213
- Board memberSimon P. King Feb 24, 2021 to Jan 27, 202222
Named in SEC Form D filings
People the company listed in its private-offering notices.
Former names
- Parasol Investments CorpJul 13, 2020 to Feb 19, 20212
Timeline
- Sep 21, 20268-K Executive or director change26
- Sep 14, 20268-K Listing notice or transfer27
- Sep 4, 20268-K Executive or director change28
- Aug 21, 20268-K Bylaws or fiscal year changed29
- Aug 19, 20268-K Other events30
- Aug 3, 20268-K Entered a material agreement; Regulation FD disclosure31
- Jul 27, 20268-K Entered a material agreement; Unregistered sale of shares; Other events32
- Jul 21, 20268-K Entered a material agreement; Unregistered sale of shares33
- Jun 26, 20268-K Shareholder vote34
- Jun 26, 20268-K Entered a material agreement; Unregistered sale of shares35
- Jun 12, 20268-K Other events36
- Apr 29, 20268-K Entered a material agreement37
- Feb 24, 2021New chief executive Ian Jenks becomes CEO11
Calendar
Coming up
- Nov 12, 2026Reports results for the quarter ending Sep/202638
When it reported results
- Nov 13, 2025Reported quarterly or annual results39
- Aug 12, 2025Reported quarterly or annual results40
- May 14, 2025Reported quarterly or annual results41
- Apr 1, 2025Reported quarterly or annual results42
- Nov 12, 2024Reported quarterly or annual results43
- Aug 12, 2024Reported quarterly or annual results44
- Mar 28, 2024Reported quarterly or annual results45
- Aug 15, 2022Reported quarterly or annual results46
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
298 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 76 major events, 56 insider forms, 26 large holders, 8 private raises, 109 other. The latest 20:
- Sep 21, 20268-K EDGAR
- Sep 18, 2026S-3 EDGAR
- Sep 18, 2026S-1 EDGAR
- Sep 14, 20268-K EDGAR
- Sep 4, 20268-K EDGAR
- Aug 21, 20268-K EDGAR
- Aug 19, 20268-K EDGAR
- Aug 14, 202610-Q EDGAR
- Aug 4, 2026SCHEDULE 13G/A EDGAR
- Aug 3, 20268-K EDGAR
- Jul 27, 2026SCHEDULE 13G/A EDGAR
- Jul 27, 20268-K EDGAR
- Jul 21, 20268-K EDGAR
- Jul 10, 2026424B3 EDGAR
- Jul 9, 2026EFFECT EDGAR
- Jul 7, 2026S-8 POS EDGAR
- Jul 7, 2026S-3/A EDGAR
- Jul 2, 2026S-8 EDGAR
- Jul 2, 2026S-3 EDGAR
- Jun 26, 20268-K EDGAR
The 298 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jan 27, 2022 | King Simon P.Director | Buy | 1,000,000 | $2.00 | $2.0M | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Joseph Christopher LizzioSCHEDULE 13G/A, 2 filings Sep 24, 2025 to Aug 4, 202647
- Orin HirschmanSCHEDULE 13G/A, 7 filings Jan 25, 2022 to Jul 27, 202648
- Five Narrow Lane LPSCHEDULE 13G/A, 3 filings Feb 1, 2024 to Jan 21, 202649
- Bleichroeder LPSCHEDULE 13G/A, 3 filings Mar 31, 2025 to Nov 14, 202550
- MYDA Advisors LLCSCHEDULE 13G/A, 2 filings Dec 27, 2024 to Jul 1, 202551
- Laurence W. LyttonSCHEDULE 13G/A, 2 filings Dec 23, 2024 to May 15, 202552
- Octopus InvestmentsSCHEDULE 13D/A, 3 filings Jan 28, 2022 to May 12, 202553
- Mark N. TompkinsSC 13G/A, 3 filings Feb 14, 2022 to Feb 14, 202454
- Ian Seth JacobsSC 13G/A, 1 filing Feb 14, 202255
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Ian JenksChief Executive Officer | 71 | $414.0K | $906.8K56 |
| 2025 | Barbra KeckChief Financial Officer | 47 | $360.1K | $619.7K56 |
| 2025 | Jonathan WatkinsChief Operating Officer | 55 | $218.5K | $400.5K56 |
| 2025 | Simon Ogier, Ph.D. Chief Technology Officer | $186.5K | $361.2K56 | |
| 2024 | Ian JenksChief Executive Officer | 71 | $400.6K | $1.1M56 |
| 2024 | Barbra KeckChief Financial Officer | 47 | $329.2K | $767.9K56 |
| 2024 | Simon Ogier, Ph.D. Chief Technology Officer | $202.2K | $412.5K56 |
Funding
Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.
- Private raises (Form D) $25.3M
Figures by year
| Year | Private raises (Form D) | Total |
|---|---|---|
| 2024 | $8.1M | $8.1M |
| 2023 | $14.3M | $14.3M |
| 2022 | $2.8M | $2.8M |
Private raises
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
- Dec 20, 2024Raised $7.6 million in a private offering of equity23 Form D: 13 investors so far Form D
- Sep 10, 2024Raised $152,400 in a private offering of equity57 Form D: 1 investor so far Form D
- Mar 7, 2024Raised $347,500 in a private offering of equity58 Form D: 1 investor so far Form D
- Jun 14, 2023Raised $14.3 million in a private offering of equity59 Form D: 89 investors so far Form D
- Jun 29, 2022Raised $720,000 in a private offering of equity24 Form D: 1 investor so far Form D
- May 27, 2022Raised $100,000 in a private offering of equity60 Form D: 1 investor so far Form D
- Jan 27, 2022Raised $2 million in a private offering of equity25 Form D: 2 investors so far Form D
SEC filer profile
How SmartKem, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARSmartKem, Inc.1
- CIK0001817760
- Employer ID (EIN)85-108365410
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company10
- Incorporated inU.K10
- Fiscal year endsDecember 311
- Industry code (SIC)3674 Semiconductors & Related Devices1
- SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
- Business address3 Germay Drive, Unit 4 #1029, Delaware, DE 198041
- Phone011-44-161-721-15141
- Shares outstanding28,263,733 as of Aug 12, 20269
- Public float$3.6M as of Jun 30, 202510
- AuditorMarcum LLP, New York, NY PCAOB ID 688; no auditor attestation of internal control over financial reporting10
- On EDGAR sinceJul 13, 20201
- Filings350 in all: 8-K (77), 4 (58), 424B3 (35), 10-Q (19), EFFECT (18), 3 (17), SCHEDULE 13G/A (11), D (10)1
All 40 form types
CORRESP (9), POS AM (9), UPLOAD (8), S-1 (7), 10-K (6), 4/A (6), SC 13G/A (6), DEF 14A (5), S-8 (5), S-3 (4), SC 13G (4), SCHEDULE 13G (4), 424B5 (3), ARS (3), NT 10-Q (3), S-1/A (3), 10-Q/A (2), PRE 14A (2), SC 13D (2), SCHEDULE 13D/A (2), 10-12G (1), 10-K/A (1), 8-A12B (1), 8-K/A (1), CERT (1), D/A (1), NT 10-K (1), S-3/A (1), S-8 POS (1), SC 13D/A (1), SC 14F1 (1), SEC STAFF ACTION (1)
- Latest filingsAnnual report (10-K) Apr 8, 2026
Quarterly report (10-Q) Aug 14, 2026
Proxy statement (DEF 14A) May 18, 2026
Latest 8-K (8-K) Sep 21, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.0001 per share | SMTK | The Nasdaq Stock Market LLC |
From the cover page of the 10-K filed Apr 8, 2026 (Section 12(b) of the Exchange Act).10
Risk factors and legal proceedings
The risks SmartKem, Inc. names in Item 1A of its 10-K filed Apr 8, 2026: 38 risks under these headings, as written.10
- Risks Related to Our Financial Position, Financial Reporting Matters and Need for Capital
- We have generated no revenue from commercial sales to date, and our future profitability is uncertain.
- If we fail to obtain the capital necessary to fund our operations, we will be unable to continue or complete our product development, and you will likely lose your entire investment.
- Risks Related to Our Business and the Industry in Which We Operate
- Our recurring losses from operations have raised substantial doubt regarding our ability to continue as a going concern and will likely require additional capital to support our business and objectives.
- Our quarterly results of operations are likely to vary from period to period, which could cause the market price of our common stock to fluctuate or decline.
- We may not be able to develop technologies and products to satisfy changes in customer demand or industry standards, and our competitors could develop products that decrease the demand for our products.
- We participate in highly competitive markets characterized by rapid technological changes, and existing and new companies may introduce products that compete with ours, which may adversely affect our business and operating results.
- If we are unable to establish sales capabilities on our own or through third parties, we may not be able to market and sell our existing or future products or generate product revenue.
- We expect that our sales cycles will be long and unpredictable, and our sales efforts will require considerable time and expense. As a result, our revenue is difficult to predict and may vary substantially from period to period, which may cause our results of operations to fluctuate significantly.
- Risks Related to Our Operations and Manufacturing
- We rely on access to third-party facilities, including ITRI, for prototyping and commercial process development, and the loss of access to such facilities could have a material adverse effect on our business.
The other 29 risks
- Our current operations are concentrated, and in the event of an earthquake, terrorist attack or other disaster affecting these locations or those of our major suppliers, our operations may be interrupted, and our business may be harmed.
- Certain of our partners are and many of our potential customers will be located in Taiwan, which increases the risk that a natural disaster, epidemic, labor strike, war or political unrest could have a material adverse effect on our business, financial condition and results of operations.
- We rely on our management team and other key employees and will need additional personnel to grow our business. The loss of one or more key employees or our inability to attract and retain qualified personnel could harm our business.
- If we fail to effectively manage our growth, our business, financial condition and results of operations would be harmed.
- Public health crises, such as pandemics, epidemics, or widespread outbreaks of infectious disease, have had, and could in the future have, an adverse effect on our business, financial condition and results of operations.
- Disruptions in global supply chains have impacted, and may in the future, impact, our business, results of operations and financial condition.
- Risks Related to Our International Operations and Regulatory Compliance
- We are subject to risks associated with international sales and operations.
- We are subject to economic, political and other risks that could have a materially adverse effect on our business, financial condition and results of operations.
- Failure to comply with anti-bribery, anti-corruption and anti-money laundering laws as well as export control laws, import and customs laws, trade and economic sanctions laws and other laws governing our operations could subject us to penalties and other adverse consequences.
- In order to comply with environmental laws and regulations, we may need to modify our activities or incur substantial costs, and such laws and regulations, including any failure to comply with such laws and regulations, could subject us to substantial costs, liabilities, obligations and fines.
- Our business may be affected by litigation and government investigations.
- Risks Related to Our Information Technology and Cybersecurity
- Security breaches, computer malware, computer hacking attacks and other security incidents could harm our business, reputation, brand and operating results.
- We rely on our internal technology systems for development, marketing, operational, support and sales activities. A disruption or failure of these systems or in those of our external service providers, in the event of a major storm, earthquake, fire, telecommunications failure, cyber-attack, terrorist attack or other catastrophic event could cause system interruptions, reputational harm, delays in our product development and loss of critical data and could materially and adversely affect our ability to operate our business.
- Risks Related to Our Intellectual Property
- Any failure by us to protect our proprietary technologies or maintain the right to use certain technologies may negatively affect our ability to compete.
- Risks Related to Our Financial Controls and Reporting
- We incur significant costs as a result of operating as a public company.
- If we fail to maintain effective internal controls, we may not be able to report financial results accurately or on a timely basis, or to detect fraud, which could have a material adverse effect on our business or share price.
- If our estimates or judgments relating to our critical accounting policies are based on assumptions that change or prove to be incorrect, our results of operations could fall below the expectations of investors, resulting in a decline in the market price of our common stock.
- Changes in accounting rules and regulations, or interpretations thereof, could result in unfavorable accounting charges or require us to change our compensation policies.
- Risks Related to Our Common Stock
- We are a smaller reporting company, and we cannot be certain if the reduced disclosure requirements applicable to smaller reporting companies will make our common stock less attractive to investors.
- An active trading market for our common stock may not develop or be sustained, which may make it difficult for investors to sell shares of our common stock and may make it difficult for us to raise capital.
- If we fail to meet all applicable Nasdaq listing requirements our common stock would be subject to delisting from Nasdaq which could negatively affect the trading price of our common stock, reduce the liquidity of our common stock and restrict our ability to access the capital markets.
- We do not anticipate paying dividends on our common stock, and investors may lose the entire amount of their investment.
- FINRA sales practice requirements may limit a stockholder’s ability to buy and sell our stock.
- Substantial future sales of shares of our common stock could cause the market price of our common stock to decline.
- If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our stock, our stock price and trading volume could decline.
- Our principal stockholders and management have substantial control over us and could delay or prevent a change in corporate control.
- Provisions in our amended and restated certificate of incorporation and bylaws and Delaware law might discourage, delay or prevent a change of control of our company or changes in our management and, therefore, depress the trading price of our common stock.
- Our Amended and Restated Certificate of Incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit the ability of our stockholders to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
- Because we became a reporting company under the Exchange Act by means other than a traditional underwritten initial public offering, we may not be able to attract the attention of research analysts at major brokerage firms.
Legal proceedings
From time to time, we may become involved in litigation or other legal proceedings. We are not currently a party to any litigation or legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our business. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
The opening of Item 3, Legal Proceedings.10
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARSmartKem, Inc. filings on SEC EDGAR
- 2SEC EDGARSmartKem, Inc. filings on SEC EDGAR
- 3SEC EDGARSmartKem, Inc. 10-K for fiscal 2025
- 4SEC EDGARSmartKem, Inc. 10-K for fiscal 2020
- 5SEC EDGARSmartKem, Inc. 10-K for fiscal 2021
- 6SEC EDGARSmartKem, Inc. 10-K for fiscal 2022
- 7SEC EDGARSmartKem, Inc. 10-K for fiscal 2023
- 8SEC EDGARSmartKem, Inc. 10-Q for fiscal 2026
- 9SEC EDGARSmartKem, Inc. 10-Q for fiscal 2026
- 10
- 11SEC EDGARIan Jenks, Chief executive officer
- 12SEC EDGARBarbra Keck, Chief financial officer
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- 14SEC EDGARNigel Prue, Chief Accounting Officer
- 15SEC EDGARBeverley Brown, Chief Scientist
- 16
- 17
- 18SEC EDGARMelisa Denis, Board member
- 19SEC EDGARSteven Denbaars, Board member
- 20SEC EDGARBarbra Keck, Board member
- 21SEC EDGARBoer Klaas De, Board member
- 22SEC EDGARSimon P. King, Board member
- 23
- 24
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- 26SEC EDGARExecutive or director change
- 27SEC EDGARListing notice or transfer
- 28SEC EDGARExecutive or director change
- 29SEC EDGARBylaws or fiscal year changed
- 30SEC EDGAROther events
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- 34SEC EDGARShareholder vote
- 35
- 36SEC EDGAROther events
- 37SEC EDGAREntered a material agreement
- 38NasdaqNasdaq calendar
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