SmartKem, Inc. Releases Q1 2024 10-Q Report Highlighting Financial and Operational Performance
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SmartKem, Inc., a pioneering company in the field of organic thin-film transistors (OTFTs), has released its Form 10-Q report for the first quarter of 2024. The report provides a detailed overview of the company's financial performance and operational highlights, reflecting its ongoing efforts to innovate and lead in the electronics industry.
Financial Highlights
- Revenue: $0 million, with no revenue generated in the three months ended March 31, 2024, compared to $16.0 thousand in the same period of 2023.
- Gross Profit: $0 million, as there was no revenue or cost of revenue in the three months ended March 31, 2024.
- Net Loss: $(1.7) million, a decrease from a net loss of $2.0 million in the same period of 2023.
- Basic Net Loss Per Common Share: $(0.62), compared to $(2.45) in the same period of 2023.
- Diluted Net Loss Per Common Share: $(3.21), compared to $(2.45) in the same period of 2023.
Business Highlights
- Organic Thin-Film Transistors (OTFTs): SmartKem is focusing on reshaping the electronics industry with its disruptive OTFT technology, which is expected to drive the next generation of displays. The company's TRUFLEX® semiconductor and dielectric inks are designed for low-cost, high-performance displays.
- Research and Development: The company continues to invest in the development of TRUFLEX® inks for OTFT circuits, with a significant portion of operating expenses dedicated to R&D activities. This includes payroll and technical development costs.
- Geographical Operations: SmartKem operates a research and development facility in Manchester, UK, and provides prototyping services at the Centre for Process Innovation in Sedgefield, UK. Additionally, the company has a field application office in Taiwan.
- Intellectual Property Portfolio: The company boasts an extensive IP portfolio with 125 granted patents across 19 patent families and 40 codified trade secrets, underscoring its commitment to innovation and technology leadership.
- Future Outlook: SmartKem anticipates continued operating losses due to ongoing research funding, technology development, and commercialization efforts. The company is exploring various financing options to support its operations, including equity offerings and strategic alliances.