<SEC-DOCUMENT>0001420506-25-003302.txt : 20251114
<SEC-HEADER>0001420506-25-003302.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114104632
ACCESSION NUMBER:		0001420506-25-003302
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SmartKem, Inc.
		CENTRAL INDEX KEY:			0001817760
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				851083654
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-92119
		FILM NUMBER:		251482567

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		MANCHESTER TECHNOLOGY CENTER
		STREET 2:		HEXAGON TOWER, DELAUNAYS ROAD, BLACKLEY
		CITY:			MANCHESTER
		PROVINCE COUNTRY:   	X0
		ZIP:			M9 8GQ
		BUSINESS PHONE:		011-44-161-721-1514

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		MANCHESTER TECHNOLOGY CENTER
		STREET 2:		HEXAGON TOWER, DELAUNAYS ROAD, BLACKLEY
		CITY:			MANCHESTER
		PROVINCE COUNTRY:   	X0
		ZIP:			M9 8GQ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Parasol Investments Corp
		DATE OF NAME CHANGE:	20200710

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bleichroeder LP
		CENTRAL INDEX KEY:			0001781002
		ORGANIZATION NAME:           	
		EIN:				842006600
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		917-769-2999

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
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<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
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	<submissionType>SCHEDULE 13G/A</submissionType>
	<previousAccessionNumber>0001420506-25-000718</previousAccessionNumber>
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		<liveTestFlag>LIVE</liveTestFlag>



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<!-- Start Form -->
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<!-- Issuer Cover Page-->
    <coverPageHeader>
		<amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Common Shares</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001817760</issuerCik>
        <issuerName>SmartKem, Inc.</issuerName>
        <issuerCusip>83193D203</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>MANCHESTER TECHNOLOGY CENTER</com:street1>
          <com:street2>HEXAGON TOWER DELAUNAYS ROAD</com:street2>
          <com:city>BLACKLEYMANCHESTER</com:city>
          <com:stateOrCountry>X0</com:stateOrCountry>
          <com:zipCode>M9 8GQ</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
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      <reportingPersonName>Bleichroeder LP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>231666</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>231666</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>231666</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.1</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
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    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Bleichroeder Holdings LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>231666</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>231666</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>231666</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.1</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Andrew Gundlach</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>231666</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>231666</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>231666</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.1</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
<!-- Items -->
    <items>
      <item1>
        <issuerName>SmartKem, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>MANCHESTER TECHNOLOGY CENTERHEXAGON TOWER, DELAUNAYS ROAD, BLACKLEYMANCHESTER, X0  M9 8GQ011</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Bleichroeder Holdings LLC

Bleichroeder LP

Andrew Gundlach
</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>1345 Avenue of the Americas, 47th Floor
New York, NY 10105
</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Bleichroeder Holdings LLC and Bleichroeder LP: Delaware, USA
Andrew Gundlach: United States
</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
      <typeOfPersonFiling>IA</typeOfPersonFiling>
      <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See cover page</amountBeneficiallyOwned>
        <classPercent>See cover page</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See cover page</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See cover page</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See cover page</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See cover page</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>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 4.10% 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.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>See Exhibit 99.1</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <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.</certifications>
      </item10>
    </items>
	<!-- Exhibit Information -->
	<exhibitInfo>Exhibit 99.1</exhibitInfo>
	<!-- Signature -->
    <signatureInformation>
      <reportingPersonName>Bleichroeder LP</reportingPersonName>
      <signatureDetails>
        <signature>Andrew Gundlach</signature>
        <title>Andrew Gundlach, President and CEO</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Bleichroeder Holdings LLC</reportingPersonName>
      <signatureDetails>
        <signature>Andrew Gundlach</signature>
        <title>Andrew Gundlach, President and CEO</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Andrew Gundlach</reportingPersonName>
      <signatureDetails>
        <signature>Andrew Gundlach</signature>
        <title>Andrew Gundlach, Individual</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1 (608)
<TEXT>
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<P STYLE="font: 12pt Calibri,sans-serif; margin: 0 0 8pt; text-align: right">Exhibit 99.1</P>

<P STYLE="font: 12pt Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Calibri,sans-serif; margin: 0 0 8pt">The identity and the Item 3 classification of the relevant subsidiary is: Bleichroeder
LP, which is an Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E).</P>

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