Losses have been cut at a firm which makes materials for flexible electronics such as bendable smart phone displays, foldable laptops and TV backlights.
Manchester-headquartered SmartKem has reported pre-tax losses of $17.1m for 2021, compared to $23.1m in 2020.
Its research and development expenses increased from $4.3m to $8.2m while its selling, general and administrative expenses rose from $1.7m to $8.1m.
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In January the company secured a $2m boost from Octopus Ventures, an investor with stakes in the likes of Cazoo.
The firm is based in London and its other investments include Secret Escapes while it has previously backed Graze and Zoopla.
It also started trading on the OTCQB, a mid-tier equity market which lists primarily early-stage and developing companies.
In February 2021, SmartKem raised almost $25m and completed a reverse takeover with a US business.
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The company closed a £24.6m private placement financing drive after it completed a reverse acquisition with Parasol Investments Corporation, a public Delaware corporation.
In an exclusive interview with BusinessLive following the deal, SmartKem's CEO Ian Jenks said it would allow the company to increase its headcount by 25%.
In a new statement, Mr Jenks said: "After what has been a challenging year for international travel, and many global industries, we have taken great leaps forward with our business and our TRUFLEX technology.
"Already in 2022, we have raised a further $2m from Octopus Ventures, a longstanding stakeholder in the business, and have commenced trading on the OTCQB market.
"We have also secured our second joint development agreement with Nanosys to collaborate on the production of microLED displays
"We will continue to work at pace with our exceptional team and industry leading partners to deliver the next generation of displays, sensors and logic."
SmartKem added it will provide a business update on Monday, April 4.