SmartKem, Inc.(US:SMTK)2025-05-13 20:05Revenue and Income - Revenue for the three months ended March 31, 2025, was $23.0 thousand, with a cost of revenue of $1.0 thousand, compared to no revenue in the same period of 2024[95] - Other operating income increased to $0.3 million in Q1 2025 from $0.2 million in Q1 2024, primarily from research grants and R&D tax credits[96] Operating Expenses - Operating expenses rose to $3.4 million in Q1 2025 from $2.7 million in Q1 2024, with research and development expenses accounting for 43.9% of total operating expenses[97][98] - General and administrative expenses increased by $0.6 million in Q1 2025 compared to Q1 2024, representing 58.9% of total operating expenses[99] Financial Performance - The company reported a loss before income taxes of $2.1 million for Q1 2025, with an accumulated deficit of $116.8 million as of March 31, 2025[93] - Cash and cash equivalents decreased to $3.9 million as of March 31, 2025, down from $7.1 million as of December 31, 2024, indicating a need for additional capital funding[101] - Net cash used in operating activities was $3.3 million for Q1 2025, an increase of $1.7 million compared to $1.6 million in Q1 2024[104] Innovation and Development - The company has an extensive IP portfolio with 138 granted patents across 17 patent families, indicating a strong focus on innovation[91] - The company is developing a commercial-scale production process for its TRUFLEX® semiconductor materials, aiming to revolutionize the display industry[90] Future Outlook - Future viability is dependent on the ability to raise additional capital for operations, R&D, and business development activities[103]