Lightwave Logic Provides Fourth Quarter and Fiscal Year 2022 Corporate Update

Rhea-AI Summary

Lightwave Logic (NASDAQ: LWLG) reported its fourth quarter and full year 2022 update, showcasing key achievements and financial status as of December 31, 2022. The company holds $24.1 million in cash, financing operations until April 2024. Major highlights include securing three U.S. patents for advanced hybrid silicon photonics and polymer modulator fabrication, expanding its intellectual property portfolio. Lightwave Logic aims to license its technology and engage further with partners for technology transfer to capitalize on the growing interest in polymer technology.

Positive

• Company holds $24.1 million in cash, funding operations through April 2024.
• Acquired critical polymer technology and IP assets from Chromosol Ltd.
• Secured three new U.S. patents enhancing production efficiency and integration.

Negative

• None.

Expansion of Intellectual Property and Technology Moat Advances Company for Near-Term Licensing Agreements

ENGLEWOOD, Colo., March 2, 2023 /PRNewswire/ -- Lightwave Logic, Inc. (NASDAQ: LWLG), a technology platform company leveraging its proprietary electro-optic (EO) polymers to transmit data at higher speeds with less power, today provided a corporate update in conjunction with the filing of its Annual Report on Form 10-K for the quarter and year ended December 31, 2022.

Fourth Quarter 2022 Company Highlights:

• As of December 31, 2022, the company's cash and cash equivalents were $24.1 million, enabling it to finance operations through April 2024.
• Provided a world-class figure of merit performance for modulators using electro-optical polymers and a plasmonic device design in conjunction with Polariton Technologies, achieving ultra-low drive voltages and ultra-high bandwidths - which are extremely well suited for next generation internet and optical networking transceivers beyond 800Gbps.
• Acquired polymer technology and intellectual property assets of Chromosol Ltd (UK) including a critical manufacturing process for foundry Process Development Kits (PDKs)
• Secured three U.S. patents including:
• Patent for breakthrough chip-scale packaging technique to enable foundry-level packaging of polymer modulators using chip-scale techniques, enabling simplified high-volume manufacturing through foundry-level packaging.
• Patent for novel hybrid silicon photonics polymer modulator fabrication process to advance high-volume foundry potential; enables stable, high yielding poling of polymer devices with silicon photonics circuits.
• Patent for new hybrid photonics to enable improved modulator fabrication in high-volume foundry manufacturing - simplifies fabrication of polymer modulators designed to integrate with silicon photonics to enable enhanced internet traffic flow and reduced energy usage.
• Presented at leading industry conferences internationally, including the 2023 Laser Focus World Executive Forum and the 2023 Photonics Spectra Conference.

The full text of the company's Annual Report on Form 10-K for the year ended December 31, 2022 was filed with the SEC on March 1, 2023 and can be found here.

Management Commentary

"The fourth quarter of 2022 saw the achievement of world-class performance with our partners and further expansion of our intellectual property moat with acquired polymer technology and IP assets, as well as three additional new patents," said Dr. Michael Lebby, Chairman and Chief Executive Officer of Lightwave Logic. "Entering into 2023 we expect to continue our forward momentum as we review near-term business opportunities in both licensing the use of our polymer materials as well as more deeply engage with our partners for technology transfer.        

"During the fourth quarter we provided a world-class figure of merit performance for modulators using electro-optical polymers and a plasmonic device design in conjunction with Polariton Technologies. Building from the world record performance and demonstration of a 250 GHz super high bandwidth electro-optical-electrical (EOE) link that was presented at ECOC through a collaboration with ETH Zurich, these latest figure of merit results show the potential for extreme power savings for optical network equipment and demonstrate clearly that polymer-based technology platforms are positioned well for general implementation. These results position us extremely well for next generation ultra-high-capacity interconnects for the hyper-scale market.

"We continued to see strong validation of our intellectual property (IP) in the fourth quarter with three new patent issuances to strengthen our portfolio. We secured a patent for a novel fabrication process to advance high-volume foundry potential, a second to simplify fabrication of polymer modulators designed to integrate with silicon photonics and a third to simplify modulator integration and reliability for high-volume foundry manufacturing operations. This expansion of our IP moat, paired with our acquisition of the mission-critical IP assets of Chromosol Ltd (UK) to strengthen foundry PDK design capabilities with extremely low temperature ALD Processes, is a part of our ability to advance initial production trials with our foundry partners and secure our first licensing agreements in the near-term.

"The industry's interest in polymer technology continues to rapidly grow, and our ability to evangelize the benefits of polymers at leading industry events globally has been an important part of our awareness efforts. As we continue to build thought leadership, clear technology leadership and progress towards our first licensing agreements, I firmly believe that we are well positioned to create sustainable value for our shareholders over the long-term," concluded Dr. Lebby.

About Lightwave Logic, Inc. 
Lightwave Logic, Inc. (NASDAQ: LWLG) is developing a platform leveraging its proprietary engineered electro-optic (EO) polymers to transmit data at higher speeds with less power. The company's high-activity and high-stability organic polymers allow Lightwave Logic to create next-generation photonic EO devices, which convert data from electrical signals into optical signals, for applications in data communications and telecommunications markets. For more information, please visit the company's website at lightwavelogic.com.

Safe Harbor Statement
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, lack of available funding; general economic and business conditions; competition from third parties; intellectual property rights of third parties; regulatory constraints; changes in technology and methods of marketing; delays in completing various engineering and manufacturing programs; changes in customer order patterns; changes in product mix; success in technological advances and delivering technological innovations; shortages in components; production delays due to performance quality issues with outsourced components; those events and factors described by us in Item 1.A "Risk Factors" in our most recent Form 10-K; other risks to which our company is subject; other factors beyond the company's control.

Investor Relations Contact: 
Lucas A. Zimmerman
MZ Group - MZ North America
949-259-4987
LWLG@mzgroup.us 
www.mzgroup.us 

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SOURCE Lightwave Logic, Inc.

FAQ

What were Lightwave Logic's financial highlights for Q4 2022?

Lightwave Logic reported $24.1 million in cash as of December 31, 2022, allowing operations to continue until April 2024.

What new patents did Lightwave Logic secure in 2022?

The company secured three new U.S. patents focusing on hybrid silicon photonics and polymer modulator fabrication.

What is Lightwave Logic's strategy for 2023?

The company aims to pursue near-term licensing agreements for its polymer materials and enhance technology transfer with partners.

How is Lightwave Logic's technology positioned in the market?

Lightwave Logic's electro-optic polymers are set for next-generation internet and optical networking, showcasing ultra-low drive voltages and high bandwidths.