SmartKem, Inc.(US:SMTK)2025-11-13 21:11Financial 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]