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SmartKem Inc. (SMTK+0.41%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details SmartKem's efforts to develop a new class of transistor using proprietary semiconductor materials aimed at revolutionizing the display industry. The company's TRUFLEX® semiconductor polymers are designed for low temperature printing processes compatible with existing manufacturing infrastructure.
SmartKem reported a net loss of $10.3 million for the year ended December 31, 2024, compared to a net loss of $8.5 million for the previous year. The increase in net loss was attributed to higher operating expenses and lower non-operating income.
Revenue for the year was $82,000, up from $27,000 in 2023, primarily due to increased sales of demonstrator products. Cost of revenue was $32,000, reflecting a unit increase in the number of products sold.
The company recorded $1.0 million in other operating income, primarily from research grants and tax credits, compared to $0.8 million in the previous year.
Research and development expenses decreased to $5.1 million from $5.6 million, mainly due to lower personnel costs. General and administrative expenses increased to $6.3 million from $5.2 million, driven by higher professional service fees.
SmartKem's cash and cash equivalents as of December 31, 2024, were $7.1 million, down from $8.8 million at the end of 2023. The company anticipates that this will not be sufficient to fund its operations for the next 12 months and will require additional capital.
The company highlighted its dependence on raising additional funds through equity offerings, debt financings, or other arrangements to continue its operations and research activities.
SmartKem's commercialization strategy focuses on continuous improvement of polymer materials, development of electronic design automation tools, and robust commercial manufacturing processes.
The filing also discusses various collaboration agreements with partners in Taiwan and the UK to develop commercial-scale manufacturing processes and to demonstrate the commercial viability of SmartKem's technology.
SmartKem's management has set operational goals for 2025, including the development of a rollable, transparent MicroLED display and the completion of the first sale of TRUFLEX® materials to a co-development partner.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SmartKem Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.