Paper detailing this breakthrough to be published by the Institute of Electrical and Electronics Engineers (IEEE) as part of a project under the National Key R&D Program of China in collaboration with Shanghai Jiao Tong University (SJTU). MANCHESTER, England, Dec. 10, 2025 /PRNewswire/ -- Smartkem, Inc. (Nasdaq: SMTK), a company developing a new class of organic semiconductor technology, today announced that it has created the world's first all-organic-transistor (AOT) biometric sensor, in collaboration wit ...

Core Insights - Smartkem, Inc. is set to present its MicroLED-in-Package (MiP4) Backlight technology at the IDW Japan conference on December 4, 2025, showcasing a significant advancement in organic semiconductor technology [1][2]. Company Overview - Smartkem is focused on developing a new class of organic semiconductor technology, particularly through its proprietary TRUFLEX® semiconductor polymers, which enable low-temperature printing processes compatible with existing manufacturing infrastructure [5][7]. - The company has a robust intellectual property portfolio, including 140 granted patents across 17 families, 14 pending patents, and 40 codified trade secrets [8]. Technology and Product Details - The MiP4 backlight technology utilizes a 'chip-first' MicroLED architecture, which simplifies production, improves yields, and enhances display performance, potentially disrupting the global display market [3][5]. - MiP4 integrates four sub-85um sized MicroLEDs in series, supporting native 12V operation, which reduces power loss and complexity in surface mount technology (SMT) [4][6]. - Compared to traditional Chip-on-Board (COB) methods, MiP4 reduces Gallium Nitride (GaN) usage by 84% while achieving a peak brightness of 34,047 nits in a 400-zone backlight [4][6]. Market Impact - The new MicroLED-in-Package (MiP4) backlight is designed for seamless integration with existing Liquid Crystal Display (LCD) technologies, which currently represent approximately 65% of the global display industry [3][5]. - The technology is expected to lower production costs and is compatible with existing MiniLED die bonding equipment, facilitating industry adoption [6].

Core Viewpoint - Smartkem and Jericho Energy Ventures have agreed to a 60-day extension of their non-binding Letter of Intent for an all-stock business combination, aiming to create a U.S.-owned AI infrastructure company that integrates energy and semiconductor technologies to meet the growing demand for AI compute capacity [1][2][3] Company Overview - Smartkem is focused on developing a new class of organic semiconductor technology, specifically its TRUFLEX® semiconductor polymers, which enable low-temperature printing processes for high-performance displays and applications in AI chip packaging [4] - Jericho Energy Ventures is positioned at the intersection of energy and AI infrastructure, utilizing its oil and gas assets to provide scalable, on-site power solutions for AI data centers [5][6] Proposed Transaction Details - The proposed transaction aims to combine Smartkem's semiconductor innovations with Jericho's scalable energy platform, potentially unlocking significant value in the converging energy and AI sectors [3] - The extension of the LOI allows both companies additional time to negotiate and secure the necessary capital and approvals for the transaction [1][3] Strategic Commentary - Smartkem's leadership expresses optimism about the merger's potential to create a powerful AI infrastructure company, highlighting the complementary capabilities of both firms [3] - Jericho's CEO emphasizes the enthusiasm for progressing towards a definitive agreement that would leverage both companies' strengths in energy innovation and semiconductor technology [3]

Financial Performance - Revenue for Q3 2025 was $81 thousand, up 102.5% from $40 thousand in Q3 2024, driven by sales of OTFT backplanes and TRUFLEX® materials[5] - Loss from operations for Q3 2025 was $3.1 million, compared to $2.8 million in Q3 2024, indicating a 10.7% increase in losses[5] - The net loss attributed to common stockholders for Q3 2025 was $3.9 million, compared to $2.8 million in Q3 2024, a 37.8% increase[14] Operating Expenses - Operating expenses increased to $2 million in Q3 2025 from $1.5 million in Q3 2024, reflecting a 33.3% rise[5] - Research and development expenses for Q3 2025 were $2.1 million, up from $1.5 million in Q3 2024, a 37% increase[14] Cash and Assets - Cash and cash equivalents decreased to $0.9 million as of September 30, 2025, down from $7.1 million as of December 31, 2024[5] - The total assets decreased to $3.2 million as of September 30, 2025, from $8.9 million as of December 31, 2024[11] Strategic Initiatives - The company signed a non-binding Letter of Intent with Jericho Energy Ventures to establish a U.S.-owned, AI-focused infrastructure company[5] Intellectual Property - Smartkem has an extensive IP portfolio with 140 granted patents across 17 patent families, 14 pending patents, and 40 codified trade secrets[7] Financing - The company obtained $1 million in bridge financing on October 31, 2025, secured by all assets of the company and its subsidiaries[5]

Core Insights - Smartkem is focused on revolutionizing the electronics industry with its proprietary TRUFLEX® transistor technology aimed at applications such as MicroLED, LCD, AMOLED displays, and advanced AI chip packaging [4][8]. Financial Performance - Revenue for Q3 2025 was $81 thousand, up from $40 thousand in Q3 2024, driven by sales of OTFT backplanes and TRUFLEX® materials [8]. - Operating expenses increased to $2 million in Q3 2025 from $1.5 million in Q3 2024 [8]. - Loss from operations for Q3 2025 was $3.1 million, compared to $2.8 million in Q3 2024 [8]. - Cash and cash equivalents decreased to $0.9 million as of September 30, 2025, down from $7.1 million at the end of 2024 [8]. Capital and Financing - On October 31, 2025, Smartkem secured $1 million in bridge financing through the issuance of $1.1 million in Senior Secured Notes due April 30, 2026, along with warrants for 400,000 shares at an exercise price of $2.75 per share [8]. Research and Development - Smartkem operates a research and development facility in Manchester, UK, and collaborates with The Industrial Technology Research Institute (ITRI) in Taiwan for product prototyping [5]. - The company has a robust intellectual property portfolio with 140 granted patents and 14 pending patents [6]. Market Engagement - Smartkem has engaged in various industry events, including presentations at the International Meeting on Information Display (IMID) and exhibitions at SEMICON® Taiwan 2025 and MicroLED Connect 2025 [8].

Revenue and Income - Revenue for the three months ended September 30, 2025, was $81.0 thousand, with a cost of revenue of $5.0 thousand, compared to no revenue for the same period in 2024[108] - Revenue for the nine months ended September 30, 2025, was $136.0 thousand, compared to $40.0 thousand for the same period in 2024[114] - Non-operating income for the nine months ended September 30, 2025, was $2.2 million, an increase of $1.8 million, or 418.9%, compared to $0.4 million for the same period in 2024[120] - Other operating income for the nine months ended September 30, 2025, was $0.7 million, consistent with the same period in 2024, primarily from research grants and tax credits[116] Operating Expenses - Operating expenses for the three months ended September 30, 2025, were $3.4 million, an increase of $0.3 million, or 10.3%, compared to $3.1 million for the same period in 2024[110] - Operating expenses for the nine months ended September 30, 2025, were $11.5 million, an increase of $2.7 million, or 30.9%, compared to $8.8 million for the same period in 2024[117] Research and Development - Research and development expenses for the three months ended September 30, 2025, were $2.1 million, an increase of $0.6 million, or 36.7%, compared to $1.5 million for the same period in 2024[111] - Research and development expenses for the nine months ended September 30, 2025, were $6.0 million, an increase of $2.1 million, or 51.8%, compared to $3.9 million for the same period in 2024[118] Cash and Capital Requirements - As of September 30, 2025, cash and cash equivalents were $0.9 million, down from $7.1 million as of December 31, 2024, indicating a need for additional capital funding[121] - The company requires significant additional capital to fund operations, sales and marketing efforts, and research and development expenditures[125] - Expected cash payments over the next twelve months include $4.9 million for accounts payable and accrued expenses, and $0.3 million for lease liabilities[124] Financial Position and Commitments - The accumulated deficit as of September 30, 2025, was $123.1 million, primarily due to research and development expenses and general administrative costs[105] - The company's principal commitments consist of obligations under leases and purchase commitments for research and development facilities and services[129] Operational Changes - The company has significantly curtailed operations and delayed vendor payments, leading to a substantial increase in accounts payable since September 30, 2025[123] Cash Flow - Net cash used in operating activities was $6.3 million for the nine months ended September 30, 2025, a decrease of $0.7 million compared to the same period in 2024[126] - There were no cash flows from financing activities during the nine months ended September 30, 2025[128] Accounting and Estimates - The company prepares financial statements in accordance with U.S. GAAP, requiring management to make estimates affecting reported amounts of assets and liabilities[130] - Management has discussed critical accounting estimates with the Audit Committee, which could materially impact financial statements[132]

Core Insights - Smartkem, Inc. is showcasing its innovative organic semiconductor technology at TechBlick Berlin on October 22-23, 2025, with a focus on flexible electronics [1][2] - The company aims to revolutionize electronics with its TRUFLEX® semiconductor polymers, which enable low-cost, high-performance displays and are compatible with existing manufacturing processes [4] Company Presentation - Dr. Simon Ogier, Chief Technology Officer, will present on October 23, 2025, at 1:55 PM, discussing developments in OTFT circuits that facilitate low-voltage flexible processors [2] - The presentation will highlight Smartkem's strategy for flexible CMOS circuitry, showcasing near-ideal inverter performance and a roadmap for low-cost prototyping and production [2][3] Technology and Innovation - Smartkem has developed a CMOS platform that integrates p-type organic transistors with n-type oxide OTFTs, achieving low power operation and robust circuit performance [3] - The technology leverages existing IGZO manufacturing infrastructure and digital lithography-based OTFT processes for rapid prototyping and scalable production [3] Market Position and Applications - Smartkem's semiconductor platform is applicable in various display technologies, including MicroLED, LCD, and AMOLED, as well as in advanced computer and AI chip packaging, sensors, and logic [4] - The company is working on commercial-scale production processes and Electronic Design Automation (EDA) tools to validate the manufacturing viability of its new generation of displays [4] Intellectual Property - Smartkem holds an extensive intellectual property portfolio, including 140 granted patents across 17 families, 14 pending patents, and 40 codified trade secrets [4]

Company Overview - Smartkem is focused on revolutionizing electronics with a new class of transistor technology using proprietary advanced semiconductor materials [3][4] - The company's TRUFLEX® semiconductor polymers enable low-temperature printing processes compatible with existing manufacturing infrastructure, aimed at delivering low-cost, high-performance displays [3][4] - Smartkem's technology can be applied in various display technologies, including MicroLED, LCD, and AMOLED, as well as in advanced computer and AI chip packaging, sensors, and logic [3] Upcoming Events - Smartkem will participate in the PlayNitride 2025 MicroLED Technology Forum on September 9, 2025, where Prof. Steven P. DenBaars will discuss display applications [1][2] - The company will also exhibit at SEMICON Taiwan 2025 from September 10 to 12, 2025, at the TaiNEX Nangang Exhibition Centre, Hall 1, Booth No: I3022 [1][2] Research and Development - Smartkem conducts its R&D at its facility in Manchester, UK, and provides prototyping services at the Centre for Process Innovation in Sedgefield, UK [4] - The company operates a field application office in Hsinchu, Taiwan, in close proximity to its collaboration partner, The Industrial Technology Research Institute (ITRI) [4] Intellectual Property - Smartkem has an extensive intellectual property portfolio, including 140 granted patents across 17 patent families, 14 pending patents, and 40 codified trade secrets [5] Industry Context - SEMICON Taiwan is recognized as the most influential semiconductor event in Taiwan, attracting 700 exhibitors and utilizing a total of 2,450 booths [6] - The event focuses on key industry themes such as advanced manufacturing, heterogeneous integration, and semiconductor cybersecurity, making it a significant platform for business matching and showcasing innovations [6][7]

Core Insights - Smartkem has engaged Anthony Amato and his firm, Bridge Associates International Pharmaceutical Consulting (BAIPC), to support its long-term growth initiatives in the electronics sector [1][4][8] - Mr. Amato brings significant experience in life sciences and technology, having previously served as CEO of BioSig Technologies, Inc. and currently being on its Board of Directors [2][4] - The collaboration aims to evaluate and execute strategic opportunities and industry partnerships to enhance shareholder value [3][4] Company Overview - Smartkem is focused on revolutionizing electronics with a new class of transistors using proprietary advanced semiconductor materials, specifically TRUFLEX® semiconductor polymers [5][6] - The company's technology enables low-temperature printing processes compatible with existing manufacturing infrastructure, aimed at delivering low-cost, high-performance displays [5] - Smartkem's semiconductor platform is applicable in various display technologies, including MicroLED, LCD, and AMOLED, as well as in advanced computer and AI chip packaging, sensors, and logic [5] Research and Development - Smartkem operates a research and development facility in Manchester, UK, and provides prototyping services at the Centre for Process Innovation in Sedgefield, UK [6] - The company has a field application office in Hsinchu, Taiwan, to collaborate with The Industrial Technology Research Institute (ITRI) [6] - Smartkem is developing a commercial-scale production process and Electronic Design Automation (EDA) tools to demonstrate the viability of manufacturing a new generation of displays [6] Intellectual Property - The company holds an extensive intellectual property portfolio, including 140 granted patents across 17 patent families, 14 pending patents, and 40 codified trade secrets [7] Strategic Initiatives - On August 28, 2025, Smartkem's Board of Directors authorized management to consider and pursue strategic alternatives involving the company [7]

Core Insights - Smartkem is exploring strategic alternatives to enhance stockholder value, with no set timetable for any potential transactions [1][2] - The company remains committed to its operational plan to commercialize its patented technology during this review process [3] Company Overview - Smartkem is focused on revolutionizing electronics through a new class of transistors made from proprietary advanced semiconductor materials [4] - The TRUFLEX® semiconductor polymers developed by Smartkem allow for low-temperature printing processes, making them compatible with existing manufacturing infrastructure [4] - The technology can be applied in various display technologies, including MicroLED, LCD, and AMOLED, as well as in advanced computer and AI chip packaging, sensors, and logic [4] Research and Development - Smartkem conducts its R&D at its facility in Manchester, UK, and offers prototyping services at the Centre for Process Innovation in Sedgefield, UK [5] - The company has a field application office in Hsinchu, Taiwan, collaborating with The Industrial Technology Research Institute (ITRI) [5] - Smartkem is developing a commercial-scale production process and Electronic Design Automation (EDA) tools to validate the commercial viability of its display technologies [5] Intellectual Property - The company holds an extensive intellectual property portfolio, including 140 granted patents across 17 families, 14 pending patents, and 40 codified trade secrets [6]