Investor group led by Orin Hirschman reports 9.9% SmartKem (SMTK) stake

Rhea-AI Filing Summary

SmartKem, Inc. received an updated ownership report on its common stock from investment manager AIGH Capital Management and related reporting person Orin Hirschman. They report beneficial ownership of 678,500 shares of common stock, representing 9.9% of the class.

The filing notes an additional 2,082,703 common shares are issuable upon exercise of warrants that are not currently exercisable because of beneficial ownership limitations. The reporting persons certify the shares are held in the ordinary course of business and not for the purpose of influencing control of SmartKem.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

SmartKem, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

83193D203

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 83193D203

1

Names of Reporting Persons

Orin Hirschman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 678,500.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 678,500.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

678,500.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 83193D203

1

Names of Reporting Persons

AIGH Capital Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 675,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 675,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

675,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SmartKem, Inc.
(b)	Address of issuer's principal executive offices: Manchester Technology Center, Hexagon Tower, Delaunays Road, Blackley, Manchester, X0, M9 8GQ
Item 2.
(a)	Name of person filing: This Schedule 13G is being jointly filed by each of the following persons pursuant to Rule 13d-1 promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Act"): (i) AIGH Capital Management, LLC, a Maryland limited liability company ("AIGH CM"), as an Advisor or Sub-Advisor with respect to shares of Common Stock (as defined in Item 2(d) below) held by AIGH Investment Partners, L.P., and WVP Emerging Manger Onshore Fund, LLC - AIGH Series. (ii) AIGH Investment Partners, L.L.C., a Delaware limited liability company ("AIGH LLC";), with respect to shares of Common Stock (as defined in Item 2(d) below) directly held by it; (iii) Mr. Orin Hirschman ("Mr. Hirschman"), who is the Managing Member of AIGH Capital Management, LLC and president of AIGH LLC, with respect to shares of Common Stock (as defined in Item 2(d) below) indirectly held through AIGH CM, directly by AIGH LLC and Mr. Hirschman and his family directly. AIGH Capital Management LLC., AIGH Investment Partners LLC, and Mr. Hirschman are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
(b)	Address or principal business office or, if none, residence: The principal office and business address of AIGH Capital Management LLC, AIGH Investment Partners LLC, and Mr.Hirschman is: 6006 Berkeley Avenue, Baltimore MD 21209
(c)	Citizenship: See Item 2(a) above and Item 4 of each cover page.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 83193D203
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 678,500 Excludes 2,082,703 common shares issuable upon exercise of warrants not currently exercisable due to beneficial ownership limitations on exercise.
(b)	Percent of class: 9.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 678,500
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 678,500 Excludes 2,082,703 common shares issuable upon exercise of warrants not currently exercisable due to beneficial ownership limitations on exercise.
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Orin Hirschman

Signature:	/s/ Orin Hirschman
Name/Title:	Orin Hirschman
Date:	01/30/2026

AIGH Capital Management LLC

Signature:	/s/ Orin Hirschman
Name/Title:	Orin Hirschman, Managing Member
Date:	01/30/2026

FAQ

What ownership stake in SmartKem (SMTK) does Orin Hirschman report?

Orin Hirschman reports beneficial ownership of 678,500 SmartKem common shares, or 9.9% of the class. The filing shows sole voting and dispositive power over these shares, reflecting a significant but sub-10% position in the company’s outstanding common stock.

Who are the reporting persons in the SmartKem (SMTK) Schedule 13G/A?

The reporting persons are AIGH Capital Management LLC, AIGH Investment Partners LLC, and Orin Hirschman. Hirschman is the Managing Member of AIGH Capital Management and president of AIGH Investment Partners, and they jointly report beneficial ownership of SmartKem common stock.

What is the percentage of SmartKem (SMTK) common stock owned by the reporting group?

The reporting group discloses beneficial ownership of 9.9% of SmartKem’s common stock. This percentage is based on 678,500 shares over which they report sole voting and dispositive power, keeping the stake just under the 10% threshold.

Are there additional SmartKem (SMTK) shares tied to warrants in this filing?

The filing states 2,082,703 additional common shares are issuable upon warrant exercise. These warrants are not currently exercisable because of beneficial ownership limitations, so the underlying shares are excluded from the reported 678,500-share beneficial ownership figure.

How do the reporting persons characterize their SmartKem (SMTK) investment purpose?

The reporting persons certify the SmartKem securities are held in the ordinary course of business. They state the holdings were not acquired and are not held to change or influence control of the issuer, consistent with a passive investment under Schedule 13G.

What is the event date for the SmartKem (SMTK) Schedule 13G/A Amendment No. 5?

The event requiring this Schedule 13G/A Amendment No. 5 is dated December 31, 2025. This date marks the ownership status as of which the reporting persons updated their beneficial ownership disclosure for SmartKem’s common stock.