SmartKem 2026年季度报告

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ TABLE OF CONTENTS Part IFinancial Information Item 1.Financial Statements Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December31, 2025Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss forthe three months ended March 31, 2026 and 2025 Unaudited Condensed Consolidated Statements of Stockholders’ Equity / (Deficit) for thethree months ended March 31, 2026 and 2025Unaudited Condensed Consolidated Statements of Cash Flows for the three months endedMarch 31, 2026 and 2025Notes to the Unaudited Interim Condensed Consolidated Financial Statements Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations Part IIOther Information Item 1.Legal Proceedings27Item 1A. Risk Factors27Item 2.Unregistered Sales of Equity Securities and Use of Proceeds27Item 3.Defaults Upon Senior Securities27Item 4.Mine Safety Disclosures27Item 5.Other Information27Item 6.Exhibits27 Signatures30 SMARTKEM, INC.Condensed Consolidated Balance Sheets(Unaudited) SMARTKEM, INC.Condensed Consolidated Statements of Operations and Comprehensive Loss SMARTKEM, INC.Condensed Consolidated Statements of Cash Flows Notes to the Unaudited Condensed Consolidated Financial Statements 1.GENERAL Organization SmartKem, Inc. (“SmartKem” or the “Company”) a Delaware corporation, formerly known asParasol Investments Corporation (“Parasol”), was formed on May 13, 2020, and is the successor, asdiscussed below, of SmartKem Limited, which was formed under the Laws of England and Wales.The Company was founded as a “shell” company registered under the Exchange Act, with no specificbusiness plan or purpose until it began operating the business of SmartKem Limited following the On February 23, 2021, Parasol entered into a Securities Exchange Agreement (the “ExchangeAgreement”), with SmartKem Limited. Pursuant to the Exchange Agreement all of the equityinterests in SmartKem Limited, except certain deferred shares which had no economic or votingrights, and which were purchased by Parasol for an aggregate purchase price of $1.40, were As a result of the Exchange, Parasol legally acquired the business of SmartKem Limited, andcontinues as the existing business operations of SmartKem Limited as a public reporting company Business We are seeking to change the world of electronics with a new class of transistor developed using ourproprietary advanced semiconductor materials that we believe has the potential to revolutionize thedisplay industry. Our TRUFLEX® semiconductor polymers enable low-temperature printingprocesses that are compatible with existing manufacturing infrastructure to deliver low-cost, high-performance displays. Our semiconductor platform can be used in a range of display technologies, We design and develop our materials at our research and development facility in Manchester, UK. Wealso operate a field application office in Hsinchu, Taiwan, in close proximity to our collaborationpartner, The Industrial Technology Research Institute of Taiwan. Together with our collaborationpartners, we are developing a commercial-scale production process and Electronic Design During the first quarter of 2026, SmartKem was involved in a number of financing transactions.These included the transfer of our patent portfolio to a third party. The company still owns its processand formulation intellectual property as codified in 40 trade secrets. As previously disclosed, theCompany is continuing to conduct a review of its strategy. In particular, it is evaluating its display The consolidated entity presented is referred to herein as “SmartKem”, “we”, “us”, “our”, or the“Company”, as the context requires and unless otherwise noted. Risk and Uncertainties The Company’s activities are subject to significant risks and uncertainties including the risk of failureto secure additional funding to properly execute the Company’s business plan. The Company issubject to risks that are common to companies in the growth stage, including, but not limited to, SMARTKEM, INC.Notes to the Unaudited Condensed Consolidated Financial Statements Going Concern The Company has incurred continuing losses including net losses of $19.4 million for the threemonths ended March31,2026. The Company’s cash as of March31,2026 was $7.6 million with netcash used in operating activities of $1.6 million for the three months ended March31,2026. TheCompany anticipates operating losses to continue for the foreseeable future due to, among other The Company expects that its cash and cash equivalents of $7.6 million as of March31,2026 will notbe sufficient to fund its operating expenses and capital expenditures for the 12 months from theissuance of these financial