Bleichroeder Discloses 5.04% Position in SmartKem (SMTK)

Rhea-AI Filing Summary

SmartKem ownership disclosure: Bleichroeder LP, Bleichroeder Holdings LLC and Andrew Gundlach report beneficial ownership of 231,666 common shares of SmartKem, representing 5.04% of the class. The filing shows the reporting parties hold sole voting and sole dispositive power over those shares and report no shared voting or dispositive power.

The filing notes that Bleichroeder LP is an investment adviser acting for various clients who retain the right to receive dividends or sale proceeds. The statement includes a certification that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

Positive

• Material disclosure: Reporting persons disclose beneficial ownership of 231,666 shares (5.04%), exceeding the 5% SEC reporting threshold and increasing transparency.

Negative

• None.

Insights

Financial Analyst

TL;DR: Bleichroeder reports a 5.04% beneficial stake (231,666 shares) with sole voting and dispositive power.

This Schedule 13G/A discloses a >5% position that triggers public reporting requirements and clarifies ownership mechanics. The position is held by Bleichroeder LP as an investment adviser for various clients, while Bleichroeder Holdings LLC and Andrew Gundlach are listed as related reporting persons. The filing's certification states the holdings are in the ordinary course of business and not for control, which suggests a passive reporting posture rather than an activist intent.

Corporate Governance Expert

TL;DR: Passive >5% stake disclosed; classification identifies adviser and related holding persons with sole authority reported.

The schedule identifies Bleichroeder LP as an investment adviser (Type IA) and lists Bleichroeder Holdings LLC and Andrew Gundlach (Type HC) as reporting persons. The report indicates sole voting and dispositive power for 231,666 shares and explicitly states no shared power. From a governance perspective, the disclosure provides transparency on control rights and beneficiary relationships but contains an explicit certification that the position is not intended to influence issuer control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

SmartKem, Inc.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

83193D203

(CUSIP Number)

06/30/2025

(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

Bleichroeder LP

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 231,666.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 231,666.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

231,666.00

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)

5.04 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 83193D203

1

Names of Reporting Persons

Bleichroeder Holdings 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 231,666.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 231,666.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

231,666.00

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)

5.04 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 83193D203

1

Names of Reporting Persons

Andrew Gundlach

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 231,666.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 231,666.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

231,666.00

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)

5.04 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SmartKem, Inc.
(b)	Address of issuer's principal executive offices: MANCHESTER TECHNOLOGY CENTERHEXAGON TOWER, DELAUNAYS ROAD, BLACKLEYMANCHESTER, X0 M9 8GQ011
Item 2.
(a)	Name of person filing: Bleichroeder Holdings LLC Bleichroeder LP Andrew Gundlach
(b)	Address or principal business office or, if none, residence: 1345 Avenue of the Americas, 47th Floor New York, NY 10105
(c)	Citizenship: Bleichroeder Holdings LLC and Bleichroeder LP: Delaware, USA Andrew Gundlach: United States
(d)	Title of class of securities: Common Shares
(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: See cover page
(b)	Percent of class: See cover page
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See cover page
	(ii) Shared power to vote or to direct the vote: See cover page
	(iii) Sole power to dispose or to direct the disposition of: See cover page
	(iv) Shared power to dispose or to direct the disposition of: See cover page
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Bleichroeder LP ("Bleichroeder"), an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, is deemed to be the beneficial owner of 231,666 shares, or 5.04% of the common stock believed to be outstanding as a result of acting as investment adviser to various clients. Clients of Bleichroeder have the right to receive and the ultimate power to direct the receipt of dividends from, or the proceeds of the sale of, such securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.1
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.

Bleichroeder LP

Signature:	Andrew Gundlach
Name/Title:	Andrew Gundlach, President and CEO
Date:	08/12/2025

Bleichroeder Holdings LLC

Signature:	Andrew Gundlach
Name/Title:	Andrew Gundlach, President and CEO
Date:	08/12/2025

Andrew Gundlach

Signature:	Andrew Gundlach
Name/Title:	Andrew Gundlach, Individual
Date:	08/12/2025

Exhibit Information

Exhibit 99.1: Subsidiary Information

FAQ

Who filed this Schedule 13G/A for SmartKem (SMTK)?

Bleichroeder Holdings LLC, Bleichroeder LP and Andrew Gundlach are the reporting persons listed in the filing.

How many SmartKem shares does the filer report owning (SMTK)?

The filing reports beneficial ownership of 231,666 shares of SmartKem common stock.

What percentage of SmartKem (SMTK) common stock does the reported ownership represent?

The reported ownership represents 5.04% of the class.

Does the filer report voting or dispositive power over the SmartKem shares?

Yes. The filing reports sole voting power and sole dispositive power for the 231,666 shares and no shared voting or dispositive power.

Is Bleichroeder acting as an investment adviser in this filing (SMTK)?

Yes. The filing states Bleichroeder LP is an investment adviser acting for various clients, who retain the right to dividends or proceeds from sale.