SmartKem, Inc. (SMTK) Balance Sheet
SMTK balance sheet, 2025
December 31, 2025 · U.S. dollars$2.3M assets = $6.2M liabilities + −$3.9M equity
Liabilities exceed assets: shareholders’ equity is negative (−$3.9M).
Both columns are drawn to the same scale: what SMTK owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SMTK financial health
Descriptive bands, not a rating. Fiscal 2025.
SMTK balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $8,4412020 | $2.3M2025 | +206.6%/yr | |
| Total liabilities | $29,0002020 | $6.2M2025 | +192.6%/yr | |
| Shareholders’ equity | −$20,5592020 | −$3.9M2025 | — | |
| Cash & short-term investments | $8,4412020 | $374,0002025 | +113.4%/yr | |
| Working capital | $945,0002020 | −$4.4M2025 | −$5.4M | |
| Current ratio | 1.882020 | 0.252025 | −1.62 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SMTK assets
SMTK liabilities and equity
SMTK debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SMTK balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $374,000 | $7.1M | $8.8M | $4.2M | $12.2M | $8,441 |
| Cash & equivalents | $374,000 | $7.1M | $8.8M | $4.2M | $12.2M | $8,441 |
| Receivables | $3,000 | $0 | $268,000 | $30,000 | $1.1M | $18,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.1M | $1.4M | $1.4M | $2.2M | $752,000 | $2.0M |
| Total current assets | $1.5M | $8.5M | $10.5M | $6.4M | $14.1M | $2.0M |
| Property, plant & equipment (net) | $787,000 | $389,000 | $740,000 | $1.1M | $956,000 | $918,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $6,000 | $7,000 | $6,000 | $6,000 | $0 |
| Total assets | $2.3M | $8.9M | $11.3M | $7.5M | $15.1M | $8,441 |
| Liabilities | ||||||
| Accounts payable | $4.4M | $843,000 | $355,000 | $230,000 | $510,000 | $227,000 |
| Total current liabilities | $5.9M | $2.3M | $1.8M | $1.4M | $1.5M | $1.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $583,000 | $72,000 | $249,000 | $445,000 | $115,000 | $237,000 |
| Other long-term liabilities | $312,000 | $25,000 | $1.4M | $239,000 | $28,000 | $20,000 |
| Total liabilities | $6.2M | $2.3M | $3.2M | $1.6M | $1.5M | $29,000 |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | — | — | — | — | $3,000 | $1,000 |
| Retained earnings (deficit) | −$125.1M | −$114.6M | −$95.1M | −$86.6M | −$75.1M | −$57.9M |
| Total shareholders' equity | −$3.9M | $6.6M | $8.1M | $5.9M | $13.5M | −$20,559 |
| Key figures | ||||||
| Working capital | −$4.4M | $6.2M | $8.8M | $5.0M | $12.6M | $945,000 |
| Tangible book value | −$3.9M | $6.6M | $8.1M | $5.9M | $13.5M | −$20,559 |
| Book value per share | — | — | $9.26 | — | — | — |
| Shares outstanding | — | — | 876K | — | — | — |
| Current ratio | 0.25 | 3.72 | 5.95 | 4.59 | 9.34 | 1.88 |
| Quick ratio | 0.06 | 3.12 | 5.15 | 3.04 | 8.84 | 0.02 |
| Equity / assets | −171.9% | 74.0% | 72.0% | 78.2% | 89.8% | −243.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.7M | $7.6M | $374,000 | $881,000 | $1.2M | $3.9M | $7.1M | $1.8M | $4.4M | $7.3M | $8.8M | $11.2M |
| Cash & equivalents | $3.7M | $7.6M | $374,000 | $881,000 | $1.2M | $3.9M | $7.1M | $1.8M | $4.4M | $7.3M | $8.8M | $11.2M |
| Receivables | $0 | $3,000 | $3,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $268,000 | $54,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $6.7M | $1.2M | $1.1M | $1.5M | $2.3M | $1.8M | $1.4M | $2.0M | $2.2M | $1.9M | $1.4M | $1.5M |
| Total current assets | $10.4M | $8.8M | $1.5M | $2.4M | $3.4M | $5.6M | $8.5M | $3.8M | $6.5M | $9.1M | $10.5M | $12.7M |
| Property, plant & equipment (net) | $0 | $676,000 | $787,000 | $884,000 | $852,000 | $274,000 | $389,000 | $550,000 | $553,000 | $611,000 | $740,000 | $840,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $6,000 | $6,000 | $6,000 | $6,000 | $7,000 | $6,000 |
| Total assets | $10.4M | $9.5M | $2.3M | $3.2M | $4.3M | $5.9M | $8.9M | $4.3M | $7.1M | $9.8M | $11.3M | $13.6M |
| Liabilities | ||||||||||||
| Accounts payable | $380,000 | $3.0M | $4.4M | $4.0M | $2.0M | $738,000 | $843,000 | $747,000 | $1.1M | $1.2M | $355,000 | $385,000 |
| Total current liabilities | $675,000 | $3.8M | $5.9M | $5.8M | $4.0M | $2.1M | $2.3M | $2.0M | $2.5M | $2.6M | $1.8M | $1.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $0 | $507,000 | $583,000 | $650,000 | $664,000 | $45,000 | $72,000 | $196,000 | $225,000 | $178,000 | $249,000 | $303,000 |
| Other long-term liabilities | $0 | $230,000 | $312,000 | $376,000 | $421,000 | $21,000 | $25,000 | $31,000 | $16,000 | $623,000 | $1.4M | $1.5M |
| Total liabilities | $675,000 | $4.1M | $6.2M | $6.2M | $4.4M | $2.1M | $2.3M | $2.0M | $2.5M | $3.2M | $3.2M | $3.3M |
| Shareholders' equity | ||||||||||||
| Retained earnings (deficit) | −$147.8M | −$144.5M | −$125.1M | −$123.1M | −$119.2M | −$116.8M | −$114.6M | −$109.8M | −$107.0M | −$103.9M | −$95.1M | −$93.7M |
| Total shareholders' equity | $9.7M | $5.4M | −$3.9M | −$3.0M | −$127,000 | $3.8M | $6.6M | $2.3M | $4.6M | $6.6M | $8.1M | $10.3M |
| Key figures | ||||||||||||
| Working capital | $9.7M | $5.0M | −$4.4M | −$3.5M | −$558,000 | $3.5M | $6.2M | $1.8M | $4.0M | $6.6M | $8.8M | $10.9M |
| Tangible book value | $9.7M | $5.4M | −$3.9M | −$3.0M | −$127,000 | $3.8M | $6.6M | $2.3M | $4.6M | $6.6M | $8.1M | $10.3M |
| Book value per share | $18.85 | $12.75 | — | — | — | $1.05 | $1.84 | $1.28 | $2.66 | $4.75 | $9.12 | $11.76 |
| Shares outstanding | 514K | 424K | — | — | — | 3.6M | 3.6M | 1.8M | 1.7M | 1.4M | 890K | 876K |
| Current ratio | 15.34 | 2.29 | 0.25 | 0.41 | 0.86 | 2.68 | 3.72 | 1.88 | 2.64 | 3.54 | 5.95 | 6.97 |
| Quick ratio | 5.47 | 1.97 | 0.06 | 0.15 | 0.29 | 1.85 | 3.12 | 0.89 | 1.77 | 2.81 | 5.15 | 6.16 |
| Equity / assets | 93.5% | 57.0% | −171.9% | −90.9% | −3.0% | 64.1% | 74.0% | 52.9% | 65.0% | 67.2% | 72.0% | 75.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed —); data from EODHD.
SMTK financial position
At the end of fiscal 2025 (December 31, 2025), SmartKem had total assets of $2.3 million (down 74.3% from a year earlier), total liabilities of $6.2 million and shareholders' equity of -$3.9 million. Its current ratio was 0.25. In the latest quarter (ended June 30, 2026) total assets were $10.4 million and equity $9.7 million.
Related: SMTK income statement, SMTK cash flow statement, SMTK key metrics. See the SMTK stock overview for the latest quote and news.
SMTK balance sheet FAQ
What are SmartKem's total assets?
SmartKem reported total assets of $2.3 million at the end of fiscal 2025 (December 31, 2025), compared with $8.9 million a year earlier.
How much cash does SmartKem have?
SmartKem held $0.4 million in cash and short-term investments at the end of fiscal 2025.
What is SmartKem's book value?
SmartKem's shareholders' equity (book value) was -$3.9 million at the end of fiscal 2025.
What is SmartKem's current ratio?
SmartKem had current assets of $1.5 million and current liabilities of $5.9 million, a current ratio of 0.25 (current liabilities exceed current assets).