ENGLEWOOD, Colo., Nov. 13, 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 Quarterly Report on Form 10-Q for the third quarter ended September 30, 2024.Third Quarter 2024 and Subsequent Company Highlights: Attended the 2024 European Conference on Optical Communications ...

Cash and Cash Equivalents - Cash and cash equivalents decreased from $31.43 million in December 2023 to $26.88 million in September 2024, a decline of 14.5%[5] - Cash and cash equivalents at the end of the period were $26,882,467, down from $30,876,646 at the end of the same period in 2023[11] - Total cash and cash equivalents at the end of September 30, 2024 was $26,882,467[11] Total Current Assets - Total current assets decreased from $32.70 million in December 2023 to $27.47 million in September 2024, a decline of 16.0%[5] Net Loss - Net loss for the three months ended September 30, 2024 was $5.30 million, compared to $5.16 million in the same period in 2023[6] - Net loss for the nine months ended September 30, 2024 was $17.00 million, compared to $16.10 million in the same period in 2023[6] - Net loss for the nine months ended September 30, 2024 was $17,000,508[7] - Net loss for the nine months ended September 30, 2023 was $16,098,356[8] - Net loss for the three months ended September 30, 2024 was $5,300,913[9] - Net loss for the three months ended September 30, 2023 was $5,164,591[10] - Net loss for the nine months ended September 30, 2024 was $17,000,508, compared to $16,098,356 for the same period in 2023[11] - Net loss for the nine months ended September 30, 2024 was $17.00 million, compared to $16.10 million in the same period of 2023[6] - Net loss for the three months ended September 30, 2024 was $5,300,913[9] Research and Development Expenses - Research and development expenses for the nine months ended September 30, 2024 were $12.81 million, compared to $12.01 million in the same period in 2023[6] - Research and development expenses for the nine months ended September 30, 2024 were $12.81 million, a 6.7% increase from $12.01 million in the same period of 2023[6] General and Administrative Expenses - General and administrative expenses for the nine months ended September 30, 2024 were $4.64 million, compared to $3.88 million in the same period in 2023[6] Total Liabilities - Total liabilities decreased from $5.35 million in December 2023 to $3.76 million in September 2024, a decline of 29.7%[5] - Total liabilities decreased from $5.35 million to $3.76 million, a decline of 29.7%[5] Total Stockholders' Equity - Total stockholders' equity decreased from $36.43 million in December 2023 to $33.47 million in September 2024, a decline of 8.1%[5] - Total stockholders' equity decreased from $36.43 million to $33.47 million, a decline of 8.1%[5] Net Sales - Net sales for the nine months ended September 30, 2024 were $72,688, compared to $0 in the same period in 2023[6] - Net sales for the nine months ended September 30, 2024 were $72,688, compared to $0 in the same period of 2023[6] Cost of Sales - Cost of sales for the nine months ended September 30, 2024 were $6,411, compared to $0 in the same period in 2023[6] - Cost of sales includes labor, material, and manufacturing overhead costs for producing materials under technology license agreements[16] Total Balance - Total balance at September 30, 2024 was $33,471,570[7] - Total balance at September 30, 2023 was $35,420,219[8] - Total balance at September 30, 2024 was $33,471,570[9] - Total balance at September 30, 2023 was $35,420,219[10] Common Stock Issued - Common stock issued to institutional investor in the nine months ended September 30, 2024 was 2,600,000 shares, totaling $9,175,900[7] - Common stock issued to institutional investor in the three months ended September 30, 2024 was 650,000 shares, totaling $1,680,300[9] - Common stock issued to institutional investors for the three months ended September 30, 2024 was 650,000 shares[9] Net Cash Used in Operating Activities - Net cash used in operating activities increased to $12,414,222 for the nine months ended September 30, 2024, up from $9,913,798 in 2023[11] - Net cash used in operating activities for the nine months ended September 30, 2024 was $12,414,222[11] Net Cash Used in Investing Activities - Net cash used in investing activities was $2,278,649 for the nine months ended September 30, 2024, compared to $1,386,164 in 2023[11] - Net cash used in investing activities for the nine months ended September 30, 2024 was $2,278,649[11] Net Cash Provided by Financing Activities - Net cash provided by financing activities decreased to $10,143,251 for the nine months ended September 30, 2024, down from $18,074,457 in 2023[11] - Net cash provided by financing activities for the nine months ended September 30, 2024 was $10,143,251[11] Expenditures and Cash Position - The company expects to incur approximately $1,687,000 of expenditures per month over the next 12 months[21] - The company's current cash position enables it to finance its operations through February 2026[21] - The company expects to incur approximately $1,687,000 in monthly expenditures over the next 12 months, with a current cash position sufficient to finance operations through February 2026[21] Revenue Recognition - Revenue recognized from the material supply and license agreement was $22,916 for the three months ended September 30, 2024 and $58,938 for the nine months ended September 30, 2024[21] - The company recognized $22,916 and $58,938 in revenue for the three and nine months ended September 30, 2024, respectively, related to the License Agreement[22] - Revenue from device processing work amounted to $0 and $13,750 for the three and nine months ended September 30, 2024, respectively[22] - Revenue recognized for the three and nine months ended September 30, 2024, related to the material supply and license agreement was $22,916 and $58,938, respectively[22] - The company completed device processing work in March 2024, recognizing $0 and $13,750 in revenue for the three and nine months ended September 30, 2024, respectively[22] - Revenue from technology license and material supply agreements is recognized pro-rata over the contract term[14] Accounts Receivable - Accounts receivable, net decreased from $30,376 as of December 31, 2023, to $26,814 as of September 30, 2024[23] - Accounts receivable, net, decreased from $30,376 at December 31, 2023, to $26,814 at September 30, 2024[23] Short-term Contract Liability - Short-term contract liability decreased from $39,875 as of December 31, 2023, to $27,375 as of September 30, 2024[23] - Short-term contract liability decreased from $39,875 at December 31, 2023, to $27,375 at September 30, 2024[23] Prepaid Expenses and Other Current Assets - Prepaid expenses and other current assets decreased from $1,237,621 as of December 31, 2023, to $562,084 as of September 30, 2024[25] - Prepaid expenses and other current assets decreased from $1,237,621 at December 31, 2023, to $562,084 at September 30, 2024[25] Property and Equipment - Property and equipment increased from $4,990,790 as of December 31, 2023, to $5,774,568 as of September 30, 2024[27] - Property and equipment increased from $4.99 million to $5.77 million, a growth of 15.7%[5] - Property and equipment increased from $9,665,350 at December 31, 2023, to $11,431,756 at September 30, 2024[27] Depreciation Expense - Depreciation expense for the nine months ended September 30, 2024, was $1,148,472, compared to $734,798 for the same period in 2023[27] Patents - Patents increased from $1,254,501 as of December 31, 2023, to $1,295,293 as of September 30, 2024[30] - Patents increased from $1,913,751 at December 31, 2023, to $2,039,808 at September 30, 2024[30] Amortization Expense - Amortization expense for the nine months ended September 30, 2024, was $92,167, compared to $62,703 for the same period in 2023[30] Lease Payments - Undiscounted future minimum lease payments under the Amended Lease as of September 30, 2024, totaled $4,073,544[34] - Undiscounted future minimum lease payments under the amended lease as of September 30, 2024, total $4,073,544, with a discounted total of $2,804,357[34] Income Tax Benefit - The company recorded no income tax benefit for losses in Q3 and the first nine months of 2024 and 2023 due to a valuation allowance on deferred tax assets[36] Shelf Registration Statement - The company filed a new $100 million universal shelf registration statement effective August 5, 2024[38] - The company filed a new $100,000,000 universal shelf registration statement on July 26, 2024, effective August 5, 2024[38] Institutional Investor Purchases - An institutional investor purchased 5,470,455 shares of common stock for $25.32 million between February 28, 2023 and September 30, 2024[38] - The company sold 5,470,455 shares of common stock for proceeds of $25,321,952 from February 28, 2023, to September 30, 2024, under a purchase agreement with an institutional investor[38] Share-based Compensation - As of September 30, 2024, the company had $2.81 million of unrecognized compensation expense related to non-vested market-based share awards[39] - Share-based compensation for the nine months ended September 30, 2024 was $3.77 million, down from $5.28 million in the same period of 2023[40] - As of September 30, 2024, the company had $2,808,467 of unrecognized compensation expense related to non-vested market-based share awards, expected to be recognized through September 2027[39] - Total share-based compensation for the nine months ended September 30, 2024 was $3,773,180, compared to $5,283,367 for the same period in 2023[40] Stock Options and Warrants - The company had 9,537,519 stock options and warrants outstanding as of September 30, 2024 with a weighted average exercise price of $3.08[41] - The aggregate intrinsic value of outstanding options and warrants was $10.21 million as of September 30, 2024[41] - 8,596,375 options and warrants were exercisable as of September 30, 2024 with a weighted average exercise price of $2.89[42] - The aggregate intrinsic value of options and warrants outstanding and exercisable as of September 30, 2024 was $10,209,133[41] - The weighted average exercise price of options and warrants currently exercisable as of September 30, 2024 was $2.89[42] Restricted Stock Awards (RSAs) - The company granted 99,616 Restricted Stock Awards (RSAs) to four outside directors on March 16, 2023, with a grant date fair value of $5.22 per share, vesting 8,338 shares immediately and the remaining in 33 monthly installments of 2,766 shares[43] - On August 1, 2023, the company granted 6,238 RSAs to an outside director with a grant date fair value of $6.68 per share, vesting 218 shares immediately and the remaining in 28 monthly installments of 215 shares[43] - On June 18, 2024, the company granted 92,475 RSAs to five outside directors with a grant date fair value of $3.33 per share, vesting 15,455 shares immediately and the remaining in 10 quarterly installments of 7,702 shares[43] - On August 1, 2024, the company granted 12,924 RSAs to an outside director with a grant date fair value of $3.16 per share, vesting in 9 quarterly installments of 1,436 shares[43] - On September 4, 2024, the company granted 11,488 RSAs to an outside director with a grant date fair value of $2.68 per share, vesting in 8 quarterly installments of 1,436 shares[43] - As of September 30, 2024, the company had 143,917 non-vested RSAs with a weighted average grant date fair value of $4.19 per share, and the unamortized value of RSAs was $506,925[45] - The company granted 92,475 Restricted Stock Awards to five outside directors on June 18, 2024, with a grant date fair value of $3.33 per share[43] - The unamortized value of Restricted Stock Awards as of September 30, 2024 was $506,925, compared to $496,736 as of September 30, 2023[45] Accruals and Expenses - The company had legal accruals to related parties of $77,659, directors' fees accruals of $58,750, consulting fees accruals of $22,500, and travel and office expense reimbursements of $17,836 as of September 30, 2024[46] - The company had legal accruals to related parties of $77,659 and directors' fees accruals of $58,750 as of September 30, 2024[46] 401(k) Retirement Plan Contributions - For the nine months ended September 30, 2024, the company contributed $95,524 to its 401(k) retirement plan for eligible non-executive participants, compared to $51,413 for the same period in 2023[47] - The company contributed $95,524 to the 401(k) retirement plan for eligible non-executive participants for the nine months ended September 30, 2024, compared to $51,413 for the same period in 2023[47] Accumulated Deficit - Accumulated deficit increased from $127.87 million to $144.87 million, a growth of 13.3%[5] - Total accumulated deficit as of September 30, 2024 was $144,871,901[9] Basic and Diluted Loss Per Share - Basic and diluted loss per share for the nine months ended September 30, 2024 was $0.14, unchanged from the same period of 2023[6] Technology Development - The company is focused on developing next-generation electro-optic photonic devices using its P2IC™ technology platform[13] - The company is focused on developing next-generation electro-optic photonic devices using its P2IC™ technology platform[13] Lease Agreements - The company leased approximately 13,420 square feet of office and R&D space in Colorado, with a base rent of $168,824 for the first year, increasing by 3% annually[31] - The company extended the lease term by 24 months in January 2022, with no lease modification required[31] - The company entered into an amended lease on November 22, 2022, adding 9,684 square feet of office and warehouse space, with a base rent of $30,517 per month through January 31, 2024[33] - The amended lease includes an allowance of up to $43,216 for renovations to the additional premises[33] - As of September 30, 2024, the operating lease right-of-use asset and liability amounted to $2,694,971 and $2,804,357, respectively[33] - Rent expense for the three months ended September 30, 2024, was $75,511 for R&D and $25,171 for general and administrative expenses[34] Institutional Investor Funding - The company received $1,916,730 from an institutional investor in October and November 2024, with an additional $2,761,318 available under the agreement[21] - The company received $817,455 from an investment banking company in October and November 2024, with an additional $31,857,377 available under the agreement[21]

Demonstration Combines Polariton's High-Speed Plasmonic Modulators with Lightwave's Perkinamine™ Chromophores in a Packaged Device ENGLEWOOD, Colo. and ADLISWIL, Switzerland, Sept. 24, 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 announced a collaboration with Polariton Technologies to demonstrate a packaged device with over 110 GH ...

Award Granted by ECOC Exhibition Industry Awards Committee, Composed of Telecom and Datacom Industrial Corporations Award Again Recognizes Lightwave Logic's EO Polymer Material and Technology as a Leading Innovation Amongst the Industry ENGLEWOOD, Colo., Sept. 24, 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 announced that it has r ...

Company Continues to Deepen its Optical Polymer Capabilities and Commercial Expertise to Open New Markets for its Advanced Materials Board Additions of Chemicals and Materials Leader Tom Connelly and Optical Network and AI/Datacenter Optics Executive Yves LeMaitre in August Advances Company Goal of Establishing its Presence in Multiple Verticals ENGLEWOOD, Colo., Sept. 9, 2024 /PRNewswire/ -- Lightwave Logic, Inc. (NASDAQ: LWLG), a technology platform company leveraging its proprietary electro-optic (EO) po ...

ENGLEWOOD, Colo., Aug. 12, 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 its corporate update in conjunction with the filing of its Quarterly Report on Form 10-Q for the second quarter ended June 30, 2024. Second Quarter 2024 and Subsequent Highlights: Hosted visits from tier-1 companies exploring potential material license ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Washington, D.C. 20549 _____________________ FORM 10-Q ____________________ For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________to _____________ Commission File Number 001-40766 Lightwave Logic, Inc. (Exact name of registrant as sp ...

Company Selected as a Conference Finalist for the Most Innovative Product: Most Innovative Hybrid PIC/Optical Integration Platform ECOC is Europe's leading conference on optical communications, and one of the largest and most prestigious events in the field worldwide. The conference brings together experts and leaders from academia, research and industry across the globe to share their latest breakthroughs and visions for the future. "With strong competition and only a fraction of entries selected for oral ...

Yves LeMaitre Brings Track Record of Success Productizing and Scaling Optical Technology for Datacenters With 30+ Years of Executive Experience in Photonics and Global Information Technology (IT) Previously, he spent 10 years in varying roles of increasing responsibility through multiple acquisitions with Oclaro (later acquired by Lumentum), ultimately achieving the roles of Chief Strategy Officer at Lumentum. During his time at OCLARO, he played a key role in positioning OCLARO as a leader in the optical c ...

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 compa ...