Lightwave Logic Provides Fourth Quarter and Fiscal Year 2023 Corporate Update
Dr. Michael Lebby to Host Fireside Chat with Benzinga All-Access Hosts at 10:50 a.m. Eastern time Today
ENGLEWOOD, Colo., March 1, 2024 /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 in a small form factor, 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, 2023.
Fourth Quarter 2023 and Subsequent Company Highlights:
Hosted meetings with a variety of companies to discuss licensing agreements for the Company's EO polymer materials, including innovative start-ups, existing OEMs and tier-1 multinational corporations that have optical network systems businesses designed to address emerging applications including generative AI.
As of December 31, 2023, the company had cash and cash equivalents of $31.4 million, enabling the company to finance operations through July 2025.
Received the 2023 Industry Award for Most Innovative Hybrid PIC/Optical Integration Platform from the European Conference on Optical Communications (ECOC) - a premier industry exhibition.
Invited to speak at leading industry and investor conferences internationally, including the Optica Photonic-Enabled Cloud Computing Industry Summit, ROTH MKM 12th Annual New York Technology Conference, ROTH MKM 12th Annual Deer Valley Conference, and the Sequire Puerto Rico Investor Summit.
The full text of the company's Annual Report on Form 10-K for the year ended December 31, 2023 was filed with the SEC on February 29, 2024 and can be found here.
Management Commentary
"The fourth quarter of 2023 was highlighted by ongoing interest in licensing our technologies, driven by our first commercial material supply license agreement announced in May," said Dr. Michael Lebby, Chairman and Chief Executive Officer of Lightwave Logic. "This initial licensing agreement demonstrated tangible commercial progress and market acceptance of our EO polymer materials. As we continue to engage with a wide spectrum of companies – including multinational tier-1 corporations – our first licensing agreement has served as a good commercial template to discuss the potential for additional committed, multi-year agreements.
"Although closing agreements are a long and deliberate process, we are encouraged by these positive discussions and momentum from potential customers for our innovative device platform and licensing our technologies. In our conversations with potential customers, the biggest points are not performance related. They know our polymers are fast, low power and in a smaller footprint. They are asking to see more reliability data and the ability to produce at scale, as well as to ensure that we can sustain a long-term partnership.
"To that end, we continue to provide more reliability data and have accelerated this with our facilities expansion in 2023. We are actively working with foundries that supply 200mm silicon wafers so that we can showcase the ability to scale in volume. Given our robust cash position with no debts – we believe that we are well positioned to serve as a value-added partner and will continue to grow increasingly strong in the quarters and years to come.
"Underlying this momentum is the fact that our technology continues to be recognized for driving innovative change in our industry, most recently with the 2023 Industry Award for Most Innovative Hybrid PIC/Optical Integration Platform from the European Conference on Optical Communications (ECOC). With our commercialization underway, awards such as this further validate our technology and provide industry confirmation of the inherent benefits of our platform. Our ability to evangelize the benefits of platform at leading industry events globally has been an important part of our awareness efforts. At the Optica Photonic-Enabled Cloud Computing Industry Summit I was privileged to present how electro-optic polymers can serve as a core enabling technology in the future of cloud computing, and ultimately, become a ubiquitous part of the internet itself.
"Our efforts in 2023 to expand our new laboratory production facilities and add key team members has positioned us for anticipated growth in 2024. Supporting these efforts, we continue to fortify our intellectual property with new patent issuances and patent applications. We are encouraged by the constructive meetings we are having with industry leaders, and believe they are positioning us to capitalize on our momentum with additional licensees as we continue to build the excitement around our technology, which we believe has the potential to deliver sustainable value for our shareholders over the long-term," concluded Lebby.
Benzinga All-Access Interview
Dr. Michael Lebby, Chairman and Chief Executive Officer of Lightwave Logic, will host a fireside chat at 10:50 a.m. Eastern time today with the hosts of the Benzinga All-Access show to discuss the Company's fourth quarter and fiscal 2023 corporate updates, recent milestone achievements and potential near-term catalysts. To watch the interview, please refer to the access information below.
Benzinga All-Access Show
Date: Friday, March 1, 2024
Presentation Time: 10:50 a.m.
Eastern time Webcast: https://www.youtube.com/watch?v=QzMrtjrwrJI
An audio webcast and an archived replay will be available using the webcast link above.
About Lightwave Logic, Inc.
Lightwave Logic, Inc. (NASDAQ: LWLG) develops a platform leveraging its proprietary engineered electro-optic (EO) polymers to transmit data at higher speeds with less power in a small form factor. 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 www.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 and 10-Q; 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.
