Business
Smartkem Reports Second Quarter 2024 Financial Results
MANCHESTER, England, Aug. 12, 2024 /PRNewswire/ -- Smartkem (Nasdaq: SMTK), a company that has the potential to power the next generation of displays using
About this update from Smartkem, Inc.
[{"type":"text","content":"MANCHESTER, England, Aug. 12, 2024 /PRNewswire/ -- Smartkem (Nasdaq: SMTK), a company that has the potential to power the next generation of displays using its disruptive organic thin-film transistors (OTFTs), today provides a business update and reports financial results for the three and six months ended June 30, 2024.\n\nRecent Business Highlights\nDuring Q1 and Q2 2024, Smartkem:\nAnnounced that it had uplisted to The Nasdaq Stock Market.Commenced a project with RiTdisplay, with whom it entered into a joint development agreement in 2021, to develop the world's first commercially ready active-matrix OLED (AMOLED) display using OTFT technology. This new project is funded by Innovate UK (part of UK Research and Innovation (UKRI)), as part of the Taiwan-UK Research & Development Collaboration.Entered into a technology collaboration agreement with the Industrial Technology Research Institute (ITRI) in Taiwan.Began collaborating with FlexiIC to develop low-cost, rapid turnaround custom circuits using OTFT technology.Entered into a joint development agreement with Tianma to develop OTFT biosensors.Joined the Hi-Accµracy Project to develop active-matrix printed Q-LED displays.Exhibited and gave company presentations at key trade industry conferences including Touch Taiwan 2024 and Display Week 2024 in San Jose, where CEO Ian Jenks gave a keynote speech at the DSCC / SID Business Conference.Q2 2024 Financial Highlights:\nCash and cash equivalents as of June 30, 2024, were $4.4 million compared to $8.8 million as of December 31, 2023.Operating expenses for the three months ended June 30, 2024, were $3.0 million compared $2.5 million for the same period of 2023.Revenues for the three months ended June 30, 2024, were $40.0 thousand compared to $8.0 thousand for the same period of 2023.In May 2024, Smartkem received approval to list its common stock on the Capital Market tier of The Nasdaq Stock Market LLC (\"Nasdaq\") under the symbol \"SMTK\". Trading on Nasdaq commenced with the open of trading on Friday, May 31, 2024.CEO Outlook Commentary:\nSmartkem Chairman and CEO, Ian Jenks, comments,\n\"The most exciting 2024 milestone for the company so far is the recent announcement of our uplist to Nasdaq. We are proud to now be trading on the world's premier technology stock exchange and believe that it will result in increased marketability...