olivLaw · US equity research
22nd Century Group, Inc. XXII
Cigarettes · SIC 2111 · Vertical: Cigarettes (SIC 2111)
22nd Century Group sells reduced nicotine cigarettes under the VLN brand and manufactures cigarettes and filtered cigars under contract for other brands. The company is in a transition phase, with revenue falling sharply in 2025, while preliminary third quarter 2026 data show a sales rebound after a difficult year.
At the close of 04 Nov 2026, 22nd Century Group, Inc. (XXII) stock was 0.04 USD (−12.50% on the day), with market capitalisation 30.0 k USD, beta 1.29, 52-week range 0.04–387.00 USD. Latest reported quarter (Q2 2026): revenue of 2.9 m USD (−29.9% YoY), net income of -3.3 m USD, diluted EPS -104.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 16.8
- oversold (≤ 30)
- Bollinger (20, 2)
- -0.23 – 0.88
- in the lower half of the band · %B 0.24 · band width 339.5%
- SMA 50 / 200
- 1.24 / 33.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.37 / -0.42
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −95.4% | −1.1% | −94.3 pp | — |
| 3 months | −99.0% | −0.5% | −98.6 pp | — |
| 6 months | −99.8% | +4.4% | −104.1 pp | — |
| Year to date | −100.0% | +12.3% | −112.3 pp | — |
| 1 year | −100.0% | +13.5% | −113.5 pp | +7.3% |
| 3 years | −100.0% | +76.4% | −176.4 pp | +85.6% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.9 m | 4.0 m | 6.0 m | 4.1 m | 4.0 m | 3.5 m | 4.1 m | 2.9 m |
| Cost of revenue | 3.1 m | 3.1 m | 2.9 m | 2.9 m | 2.6 m | 1.9 m | 1.9 m | 1.6 m |
| Research & development | 240.0 k | 218.0 k | 162.0 k | 227.0 k | 193.0 k | 105.0 k | 285.0 k | 295.0 k |
| SG&A | 2.5 m | 2.5 m | 1.8 m | 2.1 m | 1.8 m | 1.8 m | 2.1 m | 2.7 m |
| Operating income | -3.4 m | -4.1 m | -2.6 m | -3.0 m | -3.2 m | -2.8 m | -3.0 m | -3.3 m |
| Interest expense | 311.0 k | 266.0 k | 558.0 k | 351.0 k | 534.0 k | 12.0 k | 11.0 k | 17.0 k |
| Pre-tax income | -3.6 m | -4.2 m | -3.3 m | -3.3 m | -3.8 m | -2.8 m | -3.0 m | -3.3 m |
| Income tax | 1.0 k ≈ | 3.0 k | — | -34.0 k | 0 ≈ | 6.0 k | — | — |
| Net income | -3.8 m | -4.6 m | -4.3 m | -3.4 m | 5.5 m | -2.8 m | -3.3 m | -3.3 m |
| Diluted EPS | -1,760.26 | — | -838.43 | -3,390.05 | -0.28 | — | -18.08 | -104.00 |
| Operating cash flow | -3.0 m ≈ | -4.4 m | -3.0 m | -3.5 m ≈ | -4.0 m ≈ | 2.7 m | -3.1 m | -4.0 m ≈ |
| Capex | 70.0 k ≈ | 0 | 10.0 k | 29.0 k ≈ | 6.0 k ≈ | 16.0 k | 40.0 k | 331.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26.4 m | 25.8 m | 28.1 m | 30.9 m | 40.5 m | 32.2 m | 24.4 m | 17.6 m |
| Revenue YoY | +59.2% | −2.2% | +8.8% | +10.1% | +30.9% | −20.5% | −24.3% | −27.9% |
| Net income | -8.0 m | -26.6 m | -19.7 m | -32.6 m | -59.8 m | -140.8 m | -15.2 m | -5.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.21 | -0.14 | -0.21 | -4.65 | -15,925.99 | -45,711.05 | -52.87 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -30.1% | -102.8% | -70.1% | -105.4% | -147.7% | -437.1% | -62.2% | -28.7% |
| Free cash flow | unavailable | -15.1 m | -15.7 m | -23.6 m | -55.4 m | -59.6 m | -14.5 m | -7.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.1 m USD
- Financial debt
- 708.0 k USD
- Net debt
- -6.4 m USD
- Equity
- 15.8 m USD
- Total assets
- 27.0 m USD
- Debt / equity
- 0.04x
- Current ratio
- 2.42x
- ROE
- -51.1%
- ROA
- -20.8%
- FCF margin
- -44.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 28.1 m | 30.9 m | 40.5 m | 32.2 m | 24.4 m | 17.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | 26.7 m | 29.5 m | 38.7 m | 24.9 m | 14.3 m | 10.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Gross profit | 1.4 m ≈ | 1.5 m ≈ | 1.8 m ≈ | 7.3 m ≈ | 10.1 m ≈ | 7.4 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Research & development | — | 3.9 m | 3.6 m | 2.6 m | 1.1 m | 688.0 k | SEC (XBRL)· 26 Mar 2026verified |
| SG&A | 15.0 m | 25.9 m | 32.2 m | 31.1 m | 10.3 m | 7.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Operating income | -19.2 m | -28.4 m | -33.6 m | -44.9 m | -14.0 m | -11.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | — | 1.2 m | 2.9 m | — | — | — | SEC (XBRL)· 09 Mar 2023verified |
| EBITDA | — | -27.2 m ≈ | -30.8 m ≈ | — | — | — | SEC (XBRL)· 28 Mar 2024derived |
| Interest expense | 72.0 k | 58.0 k | 55.0 k | 9.4 m | 2.1 m | 1.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Pre-tax income | -19.7 m | -32.6 m | -36.5 m | -54.6 m | -15.5 m | -13.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 38.0 k | 14.0 k | 21.0 k | 47.0 k | 30.0 k | -28.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Net income | -19.7 m | -32.6 m | -59.8 m | -140.8 m | -15.2 m | -5.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | -0.14 | -0.21 | -4.65 | -15,925.99 | -45,711.05 | -52.87 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | 138.8 m | 156.2 m | 12.9 m | 9.5 k | 557 | 184.1 k | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.0 m | 1.3 m | 3.0 m | 2.1 m | 4.4 m | 7.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Receivables | 2.2 m | 585.0 k | 1.4 m | 1.7 m | 1.7 m | 3.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Inventories | 2.0 m | 2.9 m | 7.3 m | 4.3 m | 2.0 m | 4.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 28.3 m | 54.4 m | 44.6 m | 16.3 m | 11.5 m | 17.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | 2.5 m | 5.8 m | 3.7 m | 3.4 m | 2.8 m | 2.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Goodwill | — | 0 | 33.2 m | 0 | — | — | SEC (XBRL)· 28 Mar 2024verified |
| Intangibles (excl. goodwill) | 8.2 m | 7.9 m | 7.2 m | 5.9 m | 5.7 m | 6.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 51.7 m | 76.0 m | 114.7 m | 27.5 m | 21.7 m | 27.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 1.1 m | 2.2 m | 2.1 m | 4.4 m | 2.4 m | 1.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Short-term debt | — | — | — | 5.8 m | 1.5 m | — | SEC (XBRL)· 20 Mar 2025verified |
| Long-term debt | — | — | 3.9 m | 8.1 m | 5.2 m | 708.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Current liabilities | 7.3 m | 8.4 m | 13.0 m | 25.0 m | 10.0 m | 7.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 7.6 m | 9.9 m | 18.7 m | 35.9 m | 17.7 m | 8.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 44.1 m † | 66.1 m † | 96.0 m † | -8.4 m † | 4.0 m † | 15.8 m † | SEC (XBRL)· 26 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -15.6 m | -22.8 m | -51.7 m | -55.0 m | -14.3 m | -7.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Capex | 54.0 k | 745.0 k | 3.7 m | 4.7 m | 141.0 k | 61.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | -15.7 m ≈ | -23.6 m ≈ | -55.4 m ≈ | -59.6 m ≈ | -14.5 m ≈ | -7.8 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | 16.5 m | -27.7 m | 22.6 m | 16.8 m | -139.0 k | -505.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | -304.0 k | 50.9 m | 30.8 m | 37.2 m | 16.8 m | 11.0 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 30.0 k USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -27.0% | 20 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -24.3% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -21.5x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -29,191.9% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial20/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
22nd Century Group, Inc. (XXII). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 17.6 m USD in 2025; YoY growth -27.9%; net margin -27.0%; ROE -32.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.6x
What contradicts it
- Net margin: -27.0%
- Revenue CAGR 3Y: -24.3%
- Interest coverage: -21.5x
- FCF yield: -29,191.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Cigarettes (SIC 2111) · same industry (4-digit SIC) · compared with 5 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PMPhilip Morris International Inc. | 329.3 bn | 30.8 | — | 24.8% | +7.3% | +34% / +126% |
| MOAltria Group, Inc. | 129.8 bn | 16.1 | — | 34.5% | −3.1% | +32% / +86% |
| RLXRLX Technology Inc. | 2.5 bn | 16.4 | 6.0% | 23.3% | +50.3% | −35% / −27% |
| ISPRIspire Technology Inc. | 86.6 m | — | — | -34.6% | −24.7% | −39% / −86% |
| XXII22nd Century Group, Inc. | 30.0 k | — | -32.4% | -27.0% | −27.9% | −100% / −100% |
| BTIBritish American Tobacco p.l.c. | — | — | 16.5% | 30.3% | −1.0% | +7% / +97% |
1- and 3-year price returns: for XXII from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
22nd Century Group sells reduced nicotine cigarettes under the VLN brand and manufactures cigarettes and filtered cigars under contract for other brands. The company is in a transition phase, with revenue falling sharply in 2025, while preliminary third quarter 2026 data show a sales rebound after a difficult year 13.
SWOT
Strengths
- The company holds the only FDA MRTP authorization for a reduced nicotine combustible cigarette, giving it a regulatory advantage 13.
- The factory is vertically integrated with high production capacity, allowing control of quality and cost 1.
- The company holds a patent portfolio and exclusive rights to nicotine reduction technology in tobacco 1.
Weaknesses
- The company has reported repeated losses and a going concern warning, and its cash position is limited 12.
- Revenue fell sharply in 2025, and dependence on contract manufacturing has been a source of vulnerability 1.
- The company has limited experience marketing and selling modified exposure cigarettes, which makes demand hard to estimate 1.
Opportunities
- A regulation requiring reduced nicotine in all cigarettes could create demand for the company's products 1.
- Partnerships with existing brands and distribution networks could expand access to retail points of sale 13.
- If consumers adopt the reduced nicotine category, the company could become a central player in that segment 3.
Threats
Risks
- Going concernhigh
The company has warned it may be unable to continue operations without new capital, which could lead to curtailed activity or bankruptcy proceedings 12.
- MRTP renewalhigh
The FDA could decline to extend the exposure modification order for VLN beyond December 2026, which would have a major impact on the business 1.
- Consumer adoptionmedium
Reduced nicotine products may not reach the acceptance needed to be commercially viable, and consumption could remain limited 1.
- Competition from large companiesmedium
Large tobacco and pharmaceutical producers have superior resources and could launch competing or alternative products 1.
- Revenue volatilitymedium
Revenue has fluctuated widely between quarters, and dependence on a few manufacturing customers could amplify the swings 123.
Investment thesis
What would need to be true (bull case)
- If reduced nicotine regulation advances, the company could benefit from being the only authorized producer in this category 13.
- The preliminary revenue increase in the third quarter of 2026 and positive gross profit could indicate an operating recovery 3.
- If distribution partnerships and private label brands expand, the company could grow volume without heavy spending on its own distribution 31.
What would break the thesis
- The company could be unable to continue operating without new financing, and the going concern warning remains in place 12.
- Revenue fell significantly in 2025 and the first half of 2026, and the third quarter rebound could prove temporary 123.
- If the FDA does not renew authorizations or the regulatory proposal is not adopted, demand for the company's products could stay weak 1.
What to watch
- Release of final third quarter 2026 results and confirmation of the preliminary figuresQ3 2026
- FDA decision on extending the exposure modification order for VLN2026
- Progress of the FDA proposal on reduced nicotine in combustible cigarettes2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
22nd Century Group, Inc. is a tobacco products company that aims to let cigarette smokers control their nicotine consumption. Its flagship VLN cigarette has 95% less nicotine than a traditional cigarette and received FDA modified risk orders, the first of their kind for a combustible product 1. The company also operates as a contract manufacturer for other brands, including cigarettes and filtered cigars, and its Mocksville, North Carolina factory is vertically integrated 1.
The business is tied to a strict regulatory framework. Products need FDA marketing authorization, and the MRTP orders for VLN have a maximum duration of five years, so the company reapplied to extend the order beyond December 2026 1. The company is also a subsequent participating manufacturer under the Master Settlement Agreement, which releases it from certain health-cost claims 1.
Financially the company is under strain. In 2025 it reported an operating loss of 11,566 thousand USD and a going concern warning, and in the second quarter of 2026 revenue fell after exiting high-volume, low-price export contracts 12.
Market context
The company aims to compete in a US combustible cigarette market estimated at 58 billion USD, where there are roughly 270,000 retail outlets 1. The reduced nicotine cigarette category is still early, and the FDA proposal of January 2025, if approved, could mandate reduced nicotine content in all combustible products sold in the US 1.
The market is dominated by large tobacco companies with far greater resources, brand recognition and distribution. The company relies on a regulatory advantage, being the only combustible cigarette with an MRTP authorization, but this position depends on keeping authorizations and on consumer acceptance 1.
Trends
- FDA reduced nicotine proposalmixed
If the January 2025 FDA proposal were adopted, it could create demand for reduced nicotine products, and the company has already filed public comments supporting it 1. The company acknowledges such rules do not guarantee demand for its products 1.
- Exit from high-volume, low-price contractsmixed
The company exited export contracts with high volumes and low prices, which reduced short-term revenue but could improve margins over time 21.
- Sales rebound in third quarter 2026tailwind
Preliminary data show revenue up 66% in the third quarter of 2026 versus the second quarter, with positive gross profit, which could indicate a favourable trend if sustained 3.
- Cost and capital pressureheadwind
The company has reported a going concern warning and uncertain funding options, which limits its capacity to invest in distribution and marketing 12.
Competitive position
The company competes with large tobacco and pharmaceutical companies that have far greater financial resources, brand recognition and distribution. Growing numbers of companies are developing low nicotine tobacco or alternatives, and if one launches a cheaper or more appealing product it could diminish VLN's success 1.
Large companies can offer entry-level pricing for premium products, which could make the company less competitive. The company hopes to remain the first and only player in the low nicotine category, but that advantage depends on consumer adoption and FDA authorizations 13.
- Large tobacco companies
Major tobacco companies have superior resources, brand recognition and distribution and could launch low nicotine products or alternatives 1.
- Pharmaceutical companies
Large pharmaceutical companies compete through financial resources and research, and could develop alternatives for smoking cessation 1.
- Low nicotine tobacco developers
Several companies are developing MRTP applications or reduced nicotine alternatives, which could erode the company's technology advantage 1.
- Alternative tobacco companies
Companies launching alternative tobacco products could attract consumers looking for less harmful options 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report28 Oct 2026Material agreement · Financial statements and exhibits
- Current report23 Oct 2026Other events · Financial statements and exhibits
- Current report22 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Current report01 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report05 Aug 2026Shareholder vote
- Current report02 Jul 2026Termination of a material agreement
- Proxy statement23 Jun 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / 22nd Century Group, Inc. · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / 22nd Century Group, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / 22nd Century Group, Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.