Issue 006 | U.S. Pilot | US

SMTK

SmartKem, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-20 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 60.1%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 8,801,000USD
Total Liabilities: 4,071,000USD
NCAV: 4,730,000USD
Cash: 7,566,000USD
NCAV per share: 0.22USD/share
Evidence: 6 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 2
Unavailable: 8

Requires inspection Negative OCF -1,572,000

Latest: -1,572,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001104659-26-064618

Supporting observation Current Ratio > 1.5 2.29

Latest: 2.292026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001104659-26-064618

8 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

High NCAV Burn since the previous filing NCAV burn since previous filing >= 10%; previous NCAV must be positive

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2020-12-31 10-K Open filing
Period-end Shares Outstanding	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	1,780,4721,780,472	1,721,9001,721,900	1,379,7501,379,750	889,668889,668	876,278876,278	2,15027,087,773	2,15027,087,773	2,14226,984,996	2,13926,949,282	2,13926,949,282	2,10826,566,809	2,02825,554,309	2,02725,541,809	2,02125,462,000	3975,000,000
Weighted-average Basic Shares	n/an/a	8,156,6388,156,638	n/an/a	n/an/a	n/an/a	n/an/a	3,308,9753,308,975	3,157,3343,157,334	2,735,3752,735,375	1,344,8921,344,892	1,701,1661,701,166	n/an/a	2,32129,248,150	n/an/a	2,31129,117,282	2,28228,751,365	2,25728,438,003	2,00325,233,384	2,19627,671,646	n/an/a	n/an/a
Weighted-average Diluted Shares	14,436,28214,436,282	8,156,6388,156,638	8,782,7668,782,766	8,070,8368,070,836	6,649,6036,649,603	3,260,1273,260,127	3,308,9753,308,975	3,157,3343,157,334	2,735,3752,735,375	1,344,8921,344,892	1,701,1661,701,166	3,08938,916,386	2,32129,248,150	2,29128,861,789	2,31129,117,282	2,28228,751,365	2,25728,438,003	2,00325,233,384	2,19627,671,646	2052,582,095	n/an/a
Basic EPS	-1-1	-1-1	-1-1	-1-1	-0-0	-6-6	-2-2	-2-2	-1-1	-6-6	-6-6	-0-0	-0-0	-0-0	-0-0	-0-0	-0-0	-1-1	-1-1	-1-1	-2-2
Diluted EPS	-1-1	-1-1	-1-1	-1-1	-0-0	-6-6	-5-5	-4-4	-3-3	-6-6	-6-6	-0-0	-0-0	-0-0	-0-0	-0-0	-0-0	-1-1	-1-1	-1-1	-2-2
Basic-to-Diluted Share Difference	Insufficient evidence	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	0.0%	0.0%	0.0%	0.0%	Insufficient evidence	0.0%	Insufficient evidence	0.0%	0.0%	0.0%	0.0%	0.0%	Insufficient evidence	Insufficient evidence
Net Share Count Change	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	3.4%	24.8%	55.1%	1.5%	40660.5%	0.0%	0.4%	0.1%	0.0%	1.4%	4.0%	0.0%	0.3%	409.2%	Insufficient evidence
Ownership Claim Change	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	-3.3%	-19.9%	-35.5%	-1.5%	-99.8%	0.0%	-0.4%	-0.1%	0.0%	-1.4%	-3.8%	-0.0%	-0.3%	-80.4%	Insufficient evidence

Verified split events: reverse 30.0 on 2023-08-25; reverse 12.0 on 2023-09-21; reverse 35.0 on 2023-09-21

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD	2020-12-31 10-K USD
Revenue	697,000	82,000	27,000	40,000	18,000	94,000
Operating Income	-12,835,000	-10,464,000	-9,991,000	-9,694,000	-16,302,000	-4,550,000
Net Income	-10,509,000	-10,330,000	-8,499,000	-11,495,000	-17,126,000	-23,133,000
Cash From Operations	-7,736,000	-8,096,000	-8,037,000	-9,049,000	-10,536,000	-4,082,000
Capex	-123,000	-75,000	-18,000	-79,000	-341,000	-118,000
Free Cash Flow	-7,859,000	-8,171,000	-8,055,000	-9,128,000	-10,877,000	-4,200,000
Cash And Equivalents	374,000	7,141,000	8,836,000	4,235,000	12,226,000	8,441
Accounts Receivable	3,000	n/a	268,000	30,000	n/a	18,000
Inventory	n/a	n/a	n/a	n/a	n/a	n/a
Total Current Assets	1,501,000	8,509,000	10,525,000	6,442,000	14,098,000	8,441
Total Assets	2,288,000	8,904,000	11,272,000	7,525,000	15,060,000	8,441
Total Current Liabilities	5,910,000	2,288,000	1,768,000	1,403,000	1,510,000	29,000
Total Liabilities	6,222,000	2,313,000	3,159,000	1,642,000	1,538,000	29,000
Shareholders Equity	-3,934,000	6,591,000	8,113,000	5,883,000	13,522,000	-20,559
Shares Outstanding	6,839,689	3,590,217	889,668	26,984,996	25,554,309	5,000,000
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	8,156,638	3,260,127	1,344,892	28,861,789	25,233,384	12,821,748
Weighted Avg Shares Basic	8,156,638	3,260,127	1,344,892	28,861,789	25,233,384	12,821,748
Net Share Count Change (Normalized)	Insufficient evidence	Insufficient evidence	1.5%	0.1%	0.0%	Insufficient evidence
Ownership Claim Change (Normalized)	Insufficient evidence	Insufficient evidence	-1.5%	-0.1%	-0.0%	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	20,000	561,000	81,000	32,000	23,000	n/a	40,000	40,000	16,000	0	3,000	8,000	16,000	-20,000	26,000	4,000	30,000	n/a	50,000	20,770
Operating Income	-2,573,000	-2,136,000	-3,189,000	-4,372,000	-3,138,000	-2,400,000	-2,838,000	-2,777,000	-2,449,000	-2,375,000	-2,695,000	-2,367,000	-2,554,000	-2,407,000	-2,461,000	-2,418,000	-2,408,000	-2,687,316	-2,277,000	-2,459,999
Net Income	-19,369,000	-2,055,000	-3,920,000	-2,400,000	-2,134,000	-2,693,000	-2,842,000	-3,099,000	-1,696,000	-1,402,000	-3,022,000	-2,027,000	-2,048,000	-1,079,000	-3,953,000	-3,701,000	-2,762,000	-2,696,785	-2,662,000	-2,400,900
Cash From Operations	-1,572,000	-1,415,000	-200,000	-2,783,000	-3,338,000	-1,087,000	-2,607,000	-2,831,000	-1,571,000	-2,417,000	-2,550,000	-637,000	-2,433,000	-2,214,000	-1,184,000	-2,082,000	-3,569,000	-2,436,000	-1,659,463	-10,181,437
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-6,000	n/a	-41,000	-12,000	-9,000	-17,000	-41,000	n/a	-161,432	n/a
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-2,556,000	n/a	-2,474,000	-2,226,000	-1,193,000	-2,099,000	-3,610,000	n/a	-1,820,895	n/a
Cash And Equivalents	7,566,000	374,000	881,000	1,152,000	3,881,000	7,141,000	1,783,000	4,351,000	7,251,000	8,836,000	11,210,000	13,774,000	1,700,000	4,235,000	6,304,000	7,757,000	10,647,000	12,226,000	14,719,000	16,430,719
Total Current Assets	8,801,000	1,501,000	2,364,000	3,430,000	5,636,000	8,509,000	3,750,000	6,504,000	9,140,000	10,525,000	12,734,000	15,071,000	4,278,000	6,442,000	8,486,000	11,081,000	13,266,000	14,098,000	16,577,000	19,125,234
Total Liabilities	4,071,000	6,222,000	6,200,000	4,409,000	2,123,000	2,313,000	2,026,000	2,475,000	3,202,000	3,159,000	3,279,000	3,721,000	1,564,000	1,642,000	1,689,000	1,718,000	1,235,000	1,538,000	1,464,000	1,517,904
Shares Outstanding	21,202,911	6,839,689	5,605,043	4,441,165	3,620,217	3,590,217	1,780,472	1,721,900	1,379,750	889,668	876,278	27,087,773	27,087,773	26,984,996	26,949,282	26,949,282	26,566,809	25,554,309	25,541,809	25,462,000
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	14,436,282	9,089,653	8,782,766	8,070,836	6,649,603	3,832,003	3,308,975	3,157,334	2,735,375	1,344,892	1,701,166	38,916,386	29,248,150	29,130,093	29,117,282	28,751,365	28,438,003	27,714,291	27,671,646	27,066,385
Weighted Avg Shares Basic	14,436,282	9,089,653	8,782,766	8,070,836	6,649,603	3,832,003	3,308,975	3,157,334	2,735,375	1,344,892	1,701,166	38,916,386	29,248,150	29,130,093	29,117,282	28,751,365	28,438,003	27,714,291	27,671,646	27,066,385
Net Share Count Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	3.4%	24.8%	55.1%	1.5%	40660.5%	0.0%	0.4%	0.1%	0.0%	1.4%	4.0%	0.0%	0.3%	409.2%
Ownership Claim Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	-3.3%	-19.9%	-35.5%	-1.5%	-99.8%	0.0%	-0.4%	-0.1%	0.0%	-1.4%	-3.8%	-0.0%	-0.3%	-80.4%

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	8,801,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001817760/companyfacts.json Data Vault \| sec/companyfacts/cik=0001817760/companyfacts.json
Total Liabilities	4,071,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001817760/companyfacts.json Data Vault \| sec/companyfacts/cik=0001817760/companyfacts.json
Cash	7,566,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001817760/companyfacts.json Data Vault \| sec/companyfacts/cik=0001817760/companyfacts.json
Shares Outstanding	21,202,911	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001817760/companyfacts.json Data Vault \| sec/companyfacts/cik=0001817760/companyfacts.json
NCAV	4,730,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	0.22USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	60.1%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001817760
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001817760/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001817760/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 21
Imported At: 2026-08-15T12:52:48+00:00
Rendered At: 2026-08-16T03:30:06+00:00

Run Audit

Mary Run: 63eb9cbe01c34796bb5a9e8d156e6111
Mary As Of: 2026-08-15
Accession: 0001104659-26-064618
CIK: 0001817760
Mary Filing Date: 2026-05-20
Filing Currency: USD
Internal Discount: 60.1%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=63eb9cbe01c34796bb5a9e8d156e6111; mary_as_of=2026-08-15; mary_filing_date=2026-05-20; mary_accession=0001104659-26-064618; mary_cik=0001817760; gnni_supporting_filing_date=2026-04-08; internal_discount=0.601045; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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