SmartKem 2026年季度报告

☒QUARTERLYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACT OF 1934 For the quarterly period ended March31,2026or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGEACT OF 1934For the transition period fromtoCommission File Number: 001-42115 SmartKem, Inc. (Exact name of registrant as specified in its charter) 85-1083654 (I.R.S. Employer Identification Number) 011-44-161-721-1514 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. 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.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of May 18, 2026, there were 21,446,213shares of the registrant’s common stock outstanding. TABLE OF CONTENTS Page Part IFinancial Information3 Item 1.Financial Statements3Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December31, 20253Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss forthe three months ended March 31, 2026 and 20254Unaudited Condensed Consolidated Statements of Stockholders’ Equity / (Deficit) for thethree months ended March 31, 2026 and 20255Unaudited Condensed Consolidated Statements of Cash Flows for the three months endedMarch 31, 2026 and 20256Notes to the Unaudited Interim Condensed Consolidated Financial Statements7-20 Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations21Item 3.Quantitative and Qualitative Disclosures about Market Risk25Item 4.Controls and Procedures25 Part IIOther Information27 Item 1.Legal ProceedingsItem 1A. Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.Exhibits 27272727272727 Exhibit IndexSignature s SMARTKEM, INC.Condensed Consolidated Balance Sheets(Unaudited)(in thousands, except number of shares and per share data) The accompanying notes are an integral part of these unaudited interim condensed consolidated financialstatements. SMARTKEM, INC.Condensed Consolidated Statements of Operations and Comprehensive Loss(Unaudited)(in thousands, except number of shares and per share data) The accompanying notes are an integral part of these unaudited interim condensed consolidated financialstatements. SMARTKEM, INC.Condensed Consolidated Statements of Stockholders’ Equity / (Deficit)(Unaudited)(in thousands, except share data) The accompanying notes are an integral part of these unaudited interim condensed consolidated financialstatements. SMARTKEM, INC.Condensed Consolidated Statements of Cash Flows(Unaudited)(in thousands) Supplemental disclosure of cash and non-cash investing and financingactivities The accompanying notes are an integral part of these unaudited interim condensed consolidated financialstatements. SMARTKEM, INC.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 theclosing of the Exchange described below. 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 votingrigh