SmartKem, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| 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 |
| Selling, general & administrative | $7.4M | $6.3M | $5.2M | $5.1M | $8.1M |
| Research and development | $7.0M | $5.1M | $5.6M | $5.8M | $8.2M |
| Operating expenses | $14.2M | $11.5M | $10.8M | $10.9M | $17.6M |
| Operating income | -$12.8M | -$10.5M | -$10.0M | -$9.7M | -$16.3M |
| Interest expense | — | — | — | — | $19,000 |
| Pretax income | -$10.5M | -$10.3M | -$8.5M | -$11.5M | -$17.1M |
| Income tax expense | -$24,000 | $1,000 | — | $24,000 | — |
| Net income | -$10.5M | -$10.3M | -$8.5M | -$11.5M | -$17.1M |
| Balance Sheet | |||||
| Cash and equivalents | $374,000 | $7.1M | $8.8M | $4.2M | $12.2M |
| Current assets | $1.5M | $8.5M | $10.5M | $6.4M | $14.1M |
| Total assets | $2.3M | $8.9M | $11.3M | $7.5M | $15.1M |
| Current liabilities | $5.9M | $2.3M | $1.8M | $1.4M | $1.5M |
| Total liabilities | $6.2M | $2.3M | $3.2M | $1.6M | $1.5M |
| Stockholders' equity | -$3.9M | $6.6M | $8.1M | $5.9M | $13.5M |
| Cash Flow Statement | |||||
| Cash from operations | -$7.7M | -$8.1M | -$8.0M | -$9.0M | -$9.7M |
| Depreciation and amortization | $212,000 | $258,000 | $145,000 | $198,000 | $209,000 |
| Stock-based compensation | $1.0M | $850,000 | $717,000 | $488,000 | $6.2M |
| Capital expenditure | $123,000 | $75,000 | $18,000 | $79,000 | $341,000 |
| Free cash flow | -$7.9M | -$8.2M | -$8.1M | -$9.1M | -$10.1M |
Shares outstanding 21.4M · Free float 76.9%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.