美國
證券交易委員會
華盛頓特區 20549
_____________________
表格
____________________
(標記一個)
| 根據1934年證券交易法第13或15(d)條款的季度報告。 |
截至2024年6月30日季度結束
或
| 根據1934年證券交易法第13或15(d)條款的過渡報告 |
在從_____________到_____________的過渡期間
委員會檔案編號
（依憑章程所載的完整登記名稱）
|
(依據所在地或其他管轄區) 的註冊地或組織地點) |
(聯邦稅號 --> I.R.S. Employer Identification No.) |
|
(總部辦公地址) |
(郵遞區號) |
|
( (申報人的電話號碼，包括區號) | |
根據法案第12條(b)條款註冊的證券：
| 每種類別的名稱 | 交易標的（s） | 註冊的交易所名稱 |
| The |
請勾選以指示登記人（1）在過去12個月內是否已按照1934年證券交易法第13條或第15(d)條的要求提交所有需要提交的報告（或登記人需要提交該報告的較短期間），以及（2）在過去90天內是否受這些提交要求的約束。
請標註勾選符號，以指示公司是否在過去12個月內（或公司被要求提交此等檔案的較短期間內）已向根據S-t法規第405條（本章第232.405條）規定應提交的每份互動數據檔案進行電子提交。
請以勾選方式指明登記者是大型加速申報人、加速申報人、非加速申報人、較小報告公司或新興成長公司。請參見《交易所法》第120億2條中對「大型加速申報人」、「加速申報人」、「較小報告公司」和「新興成長公司」的定義：
| 加速報告者 ☐ | |
| 非高速申報人☐ | 較小的報告公司 |
| 新興成長型公司 |
如果是新興成長型公司，請以勾選方式指出，是否選擇不使用根據《交易所法》第13(a)條所提供的任何新或修訂的財務會計準則的延長過渡期來遵守。☐
請以勾號標示註冊人是否為空殼公司（根據交易法第120億2條的定義）。 是☐
截至2024年11月12日，登記人普通股的發行股數爲 .
目錄
| 頁面 | |||
| 第一部分 | 財務資訊 | ||
| 項目 1 | 基本報表 | 2 | |
| 項目2 | 管理層對財務狀況和業績的討論與分析 | 20 | |
| 項目 3 | 市場風險的定量和定性披露。 | 47 | |
| 項目4 | 內部控制及程序 | 47 | |
| 第二部分 | 其他資訊 | ||
| 項目 1 | 法律訴訟 | 48 | |
| 項目1A | 風險因素 | 48 | |
| 項目2 | 股票權益的未註冊銷售和資金用途 | 49 | |
| 項目 3 | 優先證券違約 | 49 | |
| 項目4 | 礦業安全披露 | 49 | |
| 條款5 | 其他資訊 | 49 | |
| 條款6 | 展品 | 49 | |
| 簽名 | 50 | ||
i
前瞻性聲明
本報告表格10-Q包含， 我們的高層及代表可能不時發表「前瞻性陳述」，該陳述的意義源自1995年美國私人證券訴訟改革法的安全港條款。前瞻性陳述可透過如下的字詞辨識： 「預期」、「打算」、「計畫」、「目標」、「尋求」、「相信」、「項目」、「估算」、「期望」、「持續中」、「持續進行」、「策略」、「未來」、「可能」、「或許」、「應該」、「可以」、「將」及類似字詞的未來期間的參考。例如，前瞻性陳述的例子包括我們對預期經營結果的陳述，例如預期的營業收入；預期的資本支出水平，針對我們目前的財政年度；我們相信我們擁有或將擁有足夠的流動性以支持我們的業務運作，並在接下來的12個月內；獲取客戶的策略、成長、產品開發、市場定位、財務結果和儲備。
前瞻性聲明既不是歷史事實，也不是未來績效的保證。相反，它們僅基於我們當前的信念、期望和關於我們業務的未來、未來計劃和策略、預測、預期事件和趨勢、經濟以及其他未來控件的假設。由於前瞻性聲明與未來相關，因此它們受固有不確定性、風險和變化的影響，這些情況難以預測，並且其中許多在我們的控制範圍之外。我們的實際結果和財務狀況可能與前瞻性聲明中所指示的有重大差異。因此，您不應依賴這些前瞻性聲明。可能導致我們實際結果和財務狀況與前瞻性聲明中所示有重大差異的重要因素包括：無法產生顯著的營業收入或管理增長；缺乏可用資金；缺少市場或市場對我們產品的接受度；來自第三方的競爭；一般經濟和業務狀況；第三方的知識產權；我們股票價格的變化及稀釋；監管限制和潛在法律責任；保持有效內部控制的能力；安防-半導體攻擊、網絡安全概念攻擊及我們信息技術系統中的其他重大幹擾；科技和營銷方法的變化；完成各種工程和製造項目的延誤；客戶訂單模式的變化和新客戶的資格；產品組合的變化；在科技進步和技術創新交付方面的成功；元件短缺；因外包組件的性能質量問題造成的生產延誤；我們公司面臨的其他風險；以及超出公司控制範圍的其他因素。
這些前瞻性聲明的最終準確性取決於衆多已知和未知的風險和事件。我們在公司年度報告表10-k末段的部分I第1.A「風險因素」中討論我們已知的實質性風險，並在本報告的10-Q表中的部分II第1.A「風險因素」中討論。許多因素可能導致我們的實際結果與前瞻性聲明大不相同。此外，我們無法評估每個因素對我們業務的影響，以及任何因素或多個因素可能導致實際結果與任何前瞻性聲明中所包含的結果大不相同的程度。
前瞻性陳述僅適用於其製作日期，除非法律要求，否則我們不承擔更新任何前瞻性說明以反映在作出該說明之日後發生的事件或情況，或反映意外事件的發生。
ii
第一部分 - 財務信息
| 項目1。 | 基本報表 |
光波邏輯公司
基本報表
2024年9月30日
(未經審計)
2024年6月4日，Nano Dimension股份有限公司（「註冊人」）發佈了一份新聞稿，題爲「大使喬吉特·莫斯巴赫加盟Nano Dimension董事會」，現附上99.1展覽，併成爲本文檔的一部分。
| 頁面 | |
| 資產負債表 | 2 |
| 3 | |
| 股東權益表 | 4 |
| 現金流量表 | 5 |
| 財務報表附註 | 6-19 |
| 1 |
LIGHTWAVE LOGIC，INC.
資產負債表
未經審計
| 2024年9月30日 | 2023年12月31日 | |||||||
| 資產 | ||||||||
| 當前 資產 | ||||||||
| 現金及現金等價物 | $ | $ | ||||||
| 應收賬款 | ||||||||
| 預付費用和其他 當前資產 | ||||||||
| 總計 當前 資產 | ||||||||
| 物業及設備 - 淨值 | ||||||||
| 其他資產 | ||||||||
| 無形資產 - 淨值 | ||||||||
| 運營租賃 - 使用權 - 建築 | ||||||||
| 其他資產合計 | ||||||||
| 總資產 | $ | $ | ||||||
| 負債和股東權益 | ||||||||
| 流動負債 | ||||||||
| 應付賬款 | $ | $ | ||||||
| 應計獎金及應計費用 | ||||||||
| 應付賬款及應計費用 - 相關方 | ||||||||
| 合同負債 | ||||||||
| 遞延租賃負債 | ||||||||
| 經營租賃負債 | ||||||||
| 流動負債總計 | ||||||||
| 長期負債 | ||||||||
| 經營租賃負債 | ||||||||
| 總開多負債 | ||||||||
| 總負債 | ||||||||
| 股東權益 | ||||||||
| 優先股，$0.0001 par value,
已授權，1618250已發行。 股已發行或流通 | ||||||||
| 普通股 $ par value,
已授權，1618250已發行。 和 截至 2024年9月30日和2023年12月31日 | ||||||||
| Additional paid-in-capital | ||||||||
| 遞延補償 | ( | ) | ( | ) | ||||
| 積累赤字 | ( | ) | ( | ) | ||||
| 股東總權益 | ||||||||
| 總負債和股東權益 | $ | $ | ||||||
查看基本報表附註。
| 2 |
光波邏輯公司
綜合損失報表
截至2024年9月30日，三個月和九個月結束於2024年和2023年
（未經審計）
| 三個月 | 三個月 | 截至九個月 | 截至九個月 | |||||||||||||
| 結束的月份 | 結束的月份 | 結束的月份 | 結束的月份 | |||||||||||||
| 2024年9月30日 | 2023年9月30日 | 2024年9月30日 | 2023年9月30日 | |||||||||||||
| 淨銷售額 | $ | $ | $ | $ | ||||||||||||
| 成本和費用 | ||||||||||||||||
| 銷售成本 | ||||||||||||||||
| 研發 | ||||||||||||||||
| 一般和行政 | ||||||||||||||||
| 總成本和費用 | ||||||||||||||||
| 營業虧損 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| 其他收入（支出） | ||||||||||||||||
| 利息收入 | ||||||||||||||||
| 承諾費 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| 處置物業、設備和無形資產的損失 | ( | ) | ( | ) | ( | ) | ||||||||||
| 其他費用 | ( | ) | ( | ) | ( | ) | ||||||||||
| 淨損失 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| 每股損失 | ||||||||||||||||
| 基本 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| 攤薄 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| 加權平均股份數量 | ||||||||||||||||
| 基本 | ||||||||||||||||
| 攤薄 | ||||||||||||||||
查看基本報表附註。
| 3 |
光波邏輯公司
股東權益表
(未經審計)
截至2024年9月30日的九個月期間
| 額外的 | ||||||||||||||||||||||||
| 數量 | 普通 | 實繳 | 遞延 | 累計 | ||||||||||||||||||||
| 股份 | 股票 | 股本 | 補償 | 赤字 | 總計 | |||||||||||||||||||
| 2023年12月31日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
| 向機構投資者發行的普通股 | ||||||||||||||||||||||||
| 爲承諾股份發行的普通股 | ||||||||||||||||||||||||
| 投資銀行公司在市場上銷售的普通股 | ||||||||||||||||||||||||
| 期權行使 | ||||||||||||||||||||||||
| 執行期權 | ||||||||||||||||||||||||
| 爲服務發行的期權 | — | |||||||||||||||||||||||
| 未來服務發行的限制性股票獎勵 | ( | ) | ||||||||||||||||||||||
| 延期補償 | — | |||||||||||||||||||||||
| 截至2024年9月30日的九個月淨損失 | — | ( | ) | ( | ) | |||||||||||||||||||
| 截至2024年9月30日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
2023年9月30日結束的九個月期間
| 額外的 | ||||||||||||||||||||||||
| 數量 | 普通 | 實繳 | 遞延 | 累計 | ||||||||||||||||||||
| 股份 | 股票 | 股本 | 補償 | 赤字 | 總計 | |||||||||||||||||||
| 2022年12月31日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
| 向機構投資者發行的普通股 | ||||||||||||||||||||||||
| 爲承諾股份發行的普通股 | ||||||||||||||||||||||||
| 投資銀行公司在市場上銷售的普通股 | ||||||||||||||||||||||||
| 期權行使 | ||||||||||||||||||||||||
| 執行期權 | ||||||||||||||||||||||||
| 爲服務而發行的期權 | — | |||||||||||||||||||||||
| 爲未來服務而發行的限制性股票獎勵 | ( | ) | ||||||||||||||||||||||
| 延期補償 | — | |||||||||||||||||||||||
| 截至2023年9月30日的九個月淨虧損 | — | ( | ) | ( | ) | |||||||||||||||||||
| 截至2023年9月30日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
查看基本報表附註。
| 4 |
光波邏輯公司
股東權益表
(未經審計)
2024年9月30日結束的三個月期間
| 額外的 | ||||||||||||||||||||||||
| 數量 | 普通 | 已支付 | 遞延 | 累計 | ||||||||||||||||||||
| 股份 | 股票 | 股本 | 補償 | 赤字 | 總計 | |||||||||||||||||||
| 截至2024年6月30日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
| 發行給機構投資者的普通股 | ||||||||||||||||||||||||
| 承諾股份發行的普通股 | ||||||||||||||||||||||||
| 投資銀行公司以市場價格銷售的普通股 | ||||||||||||||||||||||||
| 期權行使 | ||||||||||||||||||||||||
| 執行期權 | — | |||||||||||||||||||||||
| 爲服務而發行的期權 | — | |||||||||||||||||||||||
| 爲未來服務而發行的限制性股票獎勵 | ( | ) | ||||||||||||||||||||||
| 延期補償 | — | |||||||||||||||||||||||
| 2024年9月30日止三個月的淨損失 | — | ( | ) | ( | ) | |||||||||||||||||||
| 截至2024年9月30日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
截至2023年9月30日的三個月期間
| 額外的 | ||||||||||||||||||||||||
| 數量 | 普通 | 實繳 | 遞延 | 累計 | ||||||||||||||||||||
| 股份 | 股票 | 股本 | 薪酬 | 赤字 | 總計 | |||||||||||||||||||
| 2023年6月30日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
| 向機構投資者發行的普通股 | ||||||||||||||||||||||||
| 爲承諾股份發行的普通股 | ||||||||||||||||||||||||
| 投資銀行公司在市場上出售的普通股 | ||||||||||||||||||||||||
| 期權行使 | ||||||||||||||||||||||||
| 執行期權 | ||||||||||||||||||||||||
| 爲服務發行的期權 | — | |||||||||||||||||||||||
| 爲未來服務發行的受限股票獎勵 | ( | ) | ||||||||||||||||||||||
| 延期補償 | — | |||||||||||||||||||||||
| 2023年9月30日止三個月淨損失 | — | ( | ) | ( | ) | |||||||||||||||||||
| 2023年9月30日餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
查看基本報表附註。
| 5 |
光波邏輯公司
現金流量表
截至2024年和2023年9月30日的九個月
(未經審計)
| 截至九個月 | 截至九個月 | |||||||
| 結束的月份 | 結束的月份 | |||||||
| 2024年9月30日 | 2023年9月30日 | |||||||
| 經營活動產生的現金流量 | ||||||||
| 淨虧損 | $ | ( | ) | $ | ( | ) | ||
| 調整淨虧損爲經營活動使用的現金淨額 | ||||||||
| 爲服務發行的股票期權 | ||||||||
| 解除賠償費用攤銷 | ||||||||
| 承諾股份發行的普通股 | ||||||||
| 專利的折舊和攤銷 | ||||||||
| 承租權資產攤銷 | ||||||||
| 處置物業、設備和無形資產的損失 | ||||||||
| 資產減少 | ||||||||
| 應收賬款 | ||||||||
| 預付費用及其他流動資產 | ||||||||
| 負債減少（增加） | ||||||||
| 應付賬款 | ( | ) | ( | ) | ||||
| 應計獎金、應計費用及其他負債 | ( | ) | ( | ) | ||||
| 應付賬款及應計費用-相關方 | ( | ) | ( | ) | ||||
| 合同責任 | ( | ) | ||||||
| 遞延租賃負債 | ( | ) | ( | ) | ||||
| 經營租賃負債 | ( | ) | ( | ) | ||||
| 用於經營活動的淨現金 | ( | ) | ( | ) | ||||
| 投資活動產生的現金流量 | ||||||||
| 無形資產成本 | ( | ) | ( | ) | ||||
| 購置固定資產等資產支出 | ( | ) | ( | ) | ||||
| 償還貸款 | ||||||||
| 出售固定資產和設備 | ||||||||
| 投資活動中使用的淨現金 | ( | ) | ( | ) | ||||
| 籌資活動產生的現金流量 | ||||||||
| 期權和warrants的行使 | ||||||||
| 普通股的發行，機構投資者 | ||||||||
| 投資銀行公司以市場價格銷售的普通股 | ||||||||
| 融資活動提供的淨現金 | ||||||||
| 現金及現金等價物的（減少）增加 | ( | ) | ||||||
| 現金及現金等價物-期初餘額 | ||||||||
| 現金及現金等價物-期末 | $ | $ | ||||||
| 補充 非現金投資和融資活動的披露: | ||||||||
| 修訂後的運營租賃 - 使用權 - 建築物和運營租賃 負債 | $ | |||||||
查看基本報表附註。
| 6 |
光波邏輯公司
現金流量表
截至2024年和2023年9月30日的九個月
(未經審計)
注1 - Guochun International Inc.（以下簡稱「公司」或「國春」）於2018年8月2日在內華達州成立。到2022年6月27日，公司正在開發一種聊天應用程序，旨在爲用戶在與他人對話時提供變聲的機會以及類似的即時通訊應用程序的全部功能。公司計劃在iOS，Google Play，Amazon和Ethereum平台上開發和發佈移動應用。 Guochun International Inc.打算通過出售品牌廣告和通過消費者交易（包括應用內購買）來產生收入。公司管理層計劃利用各種平台將應用程序分發到全球各地。業務性質及重要會計政策概述
基本報表
Lightwave Logic, Inc.（以下簡稱「公司」）編制了附屬未經審計的基本財務報表。這些報表包括管理層認爲必要的所有調整（僅包括其正常的循環調整），已經根據在基本財務報表中附有的重大會計政策概要中所描述的會計政策，按一貫的方式編制，該概要包括了截至2023年12月31日提交給證券交易委員會的2024年2月29日的年度報告表格10-K中包含的基本財務報表和相關附註。儘管公司堅信，根據美國通用會計準則編制的財務報表通常包括的某些財務信息和腳註披露已根據證券交易委員會的規則和法規被簡化或省略，但公司堅信附帶的披露足以使所呈現的信息不會產生誤導。應當同時閱讀截至2024年9月30日三個月和九個月的實際運營結果，這可能並不代表全年預期的運營結果。
業務性質
Lightwave Logic, Inc.（「公司」）是一家科技公司，專注於開發基於其P2IC™技術平台的下一代電光光子設備，我們詳細介紹了：1）聚合物疊層™，2）聚合物增強™，和3）聚合物槽™。我們獨特的聚合物技術平台使用內部專有的高活性和高穩定性有機聚合物。電光設備稱爲調製器，可以將電信號轉換爲光信號，用於多種應用。公司的第一個營業收入來源於一項技術材料供應和許可協議，該協議包含了公司專利的電光聚合物材料，用於製造光子設備。目前，公司正處於與潛在客戶和戰略合作伙伴的光子設備和材料開發與評估的各個階段。公司預計將通過材料供應和許可協議、技術轉讓協議以及生產和直接銷售自己的光子設備獲得額外的收入。
公司的當前開發活動 面臨重大風險和不確定性，包括未能獲得額外資金以實現公司目前正在開發的 科技。
Lightwave Logic, Inc.於1997年根據內華達州的法律成立，並於2004年開始實施其當前的業務計劃。
營業收入確認和遞延營收
公司的主要營業收入來源於技術許可和材料供應協議，這些協議的條款是與公司的客戶共同商定的。根據這些協議，公司向客戶轉讓公司擁有的專利電光聚合物材料的權利和利益，通過向許可方提供其專有聚合物的供應，用於許可方製造光子器件（「許可產品」），以及在公司專利聚合物技術中許可方的知識產權授予的非獨家、有償許可。公司根據這些商業協議收取許可和版稅支付，其中一些是用於許可費的不可退還的預付款。這些預付款最初被記錄爲公司資產負債表上的遞延收入。公司認爲，在此類協議下提供的許可和轉讓的材料在財務報告目的上並非彼此獨立，因此作爲單一履約義務進行覈算。對於許可費和最低年度版稅的預付款，按相關合同期限的比例分別確認。當累計版稅超過最低版稅時，將確認許可方銷售許可產品所得版稅。當許可方達到出售合同規定數量的許可產品的里程碑時，會確認里程碑許可費。
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註釋 1 – 業務性質及重要會計政策摘要（繼續）
與公司銷售專利電光聚合物材料相關的營業收入，用於納入客戶的商用光子器件或進行設備開發和評估活動的營業收入，將在所有權轉移的時間認可，通常是在發貨或交付時，具體取決於各方之間的合同協議。
銷售成本
銷售成本包括與在公司設施下根據科技許可和物料供應協議轉移給客戶的材料生產相關的勞動力成本、材料成本和製造業-半導體間接費用。
公司根據財務會計準則委員會（FASB）會計準則法典（ASC）718號《薪酬-股票薪酬》，對股權補償進行覈算，該準則要求根據授予日的估計公允價值衡量和確認授予給員工和董事的所有股權獎勵的薪酬支出。受限制股票獎勵的公允價值是根據授予日公司普通股的市場價格進行估算。受限制股票獎勵正在根據歸屬期分攤爲費用。公司估計授予日使用Black-Scholes模型對期權和認股權獎勵的公允價值。最終預期將列入費用的獎勵部分的價值將使用直線法在有關服務期內予以確認。2018年6月，FASB發佈了ASU No. 2018-07 薪酬-股票薪酬（主題718），改進非僱員股權支付會計（2018更新）。2018年更新中的修正擴大了主題718的範圍，包括從非僱員處獲得商品和服務的股權支付交易。與僱員股權獎勵的會計要求一致，主題718範圍內的非僱員股權獎勵按照授予日的公允價值進行衡量，當商品已被交付或服務已經完成並且獲得從中受益的權利所必需的任何其他條件已被滿足時，實體有責任發行的權益工具。
公司 已決定在股權激勵獎勵被註銷時進行會計處理。
公司遵循FASb ASC 260，「每股收益」，導致基本和攤薄每股收益的呈現。 由於公司在2024年和2023年報告了淨損失，包括期權和認股權證在內的普通股等價物具有抗稀釋性； 因此，基本和攤薄每股虧損報告的金額相同。
綜合 收益（損失）
公司遵循FASB ASC 220.10，「報告 全面收益（損失）」。全面收益（損失）是一種更爲全面的財務報告方法，包含了某些歷史上未被納入淨利潤（損失）計算的財務信息的披露。由於公司沒有其他全面收益（損失）項目，全面收益（損失）等於淨利潤（損失）。
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註釋 1 – 業務性質與重要會計政策摘要 （續）
最近發佈的尚未採納的會計準則
截至2024年9月30日，尚未採納的最新會計準則對公司的基本報表沒有重大影響。
最近採用的會計準則
截至2024年9月30日及截至該日期的期間， 沒有最近採取的會計準則對公司的基本報表產生重大影響。
重新分類
爲了與2024年財務報表的展示相一致，2023年財務報表已進行了某些重新分類。
注2 - 管理層的計劃
公司未來的支出和資本需求將取決於許多因素，包括：其研發工作的進展速度；公司能夠通過直接或與原始設備製造商的安排推出和銷售包含其聚合物材料技術的產品的速度；提出、進行、辯護和執行任何專利索賠和其他知識產權的成本；市場對公司產品和競爭技術發展的接受程度；以及公司建立合作開發、合資和許可協議的能力。公司預計在未來12個月每月將產生約$
注3 - 收入
公司根據ASC 606主題《與客戶的合同產生的營業收入（主題606）》承認營業收入。該標準確立了實體應向基本報表用戶報告與客戶合同產生的營業收入和現金流量的性質、金額、時間和不確定性。
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備註 3 – 營業收入（續）
公司的第一個商業協議發生在2023年5月，形式爲一項爲期四年的材料供應和許可協議（「許可協議」），該協議包含公司專利的電光聚合物材料，用於製造光子設備（「許可產品」）。許可方應向公司支付運行版稅，在許可協議的期限內，年支付的最低版稅。未來的額外營業收入將來自許可方銷售超出最低版稅支付和里程碑許可費的許可產品所產生的版稅。許可協議是一項非獨佔性的材料供應和許可協議。
2024年期間，公司爲一位客戶執行設備加工工作。
營業收入確認時間和合同餘額
營業收入
與初始許可費用和最低年度特許權使用費相關的收入從2023年5月的許可協議開始逐步確認。$
在2024年3月，公司完成了客戶提供的設備的處理工作。該合同的營業收入在設備寄回客戶時確認，金額爲$
合同餘額如下：
| 2024年9月 30日 | 2023年12月31日 | |||||||
| 應收賬款，淨額 | $ | $ | ||||||
| 短期合同資產 | $ | $ | ||||||
| 長期合同資產 | $ | $ | ||||||
| 短期合同責任 | $ | $ | ||||||
截至2024年9月30日的合同餘額發生重大變化如下：
| 截至2024年9月30日的九個月 | ||||||||
| 資產 | 負債 | |||||||
| 截至2023年12月31日的餘額 | $ | $ | ( | ) | ||||
| 確認的營業收入，之前已包含在合同負債中 | — | |||||||
| 由於現金收入而減少/增加 | ( | ) | — | |||||
| 已記錄的應收賬款 | — | |||||||
| 已從未開票應收款轉移至應收款 | ( | ) | — | |||||
| 未開票應收款已記錄 | — | |||||||
| 截至2024年9月30日的餘額 | $ | $ | ( | ) | ||||
爲獲得合同而確認的資產
未確認任何資產用於獲得許可協議的成本。
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注意 4 – 預付費用和其他流動資產
預付費用和其他流動資產包括以下內容：
| 2024年9月30日 | 2023年12月31日 | |||||||
| 保險 | $ | $ | ||||||
| 許可證 | ||||||||
| 租金 | ||||||||
| 其他 | ||||||||
| 投資者關係 | ||||||||
| 原型設備 | ||||||||
| 材料加工 | ||||||||
| 設備存入資金 | ||||||||
| 應收租賃激勵 | ||||||||
| $ | $ | |||||||
註釋 5 – 貸款應收款
在2022年9月7日，公司與一家實體簽訂了可轉換貸款協議（「貸款」），並於2022年9月12日發放了一筆金額爲EUR的貸款。
註釋 6 – 物業和設備
財產和設備包括以下內容：
| 2024年9月30日 | 2023年12月31日 | |||||||
| 辦公設備 | $ | $ | ||||||
| 實驗室設備 | ||||||||
| 傢具 | ||||||||
| 租賃改良 | ||||||||
| 軟件 | ||||||||
| 減：累計折舊 | ||||||||
| $ | $ | |||||||
截至9月的三個月的折舊費用
30、2024 年和 2023 年的價格爲 $
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注意 7 – 無形資產
這代表與專利申請的訴訟相關的法律費用和專利費用。公司已記錄已授予專利的攤銷費用，攤銷時間爲剩餘的法律有效期。維護專利費用支付給政府專利機構，以維持已授予專利的有效性。一些國家要求爲待處理的專利申請支付維護費用。專利授予後支付的維護費用被視爲持續費用，作爲「維護專利」的成本。專利授予日前支付的維護費用被資本化爲專利成本，因爲這被視爲「專利申請費用」。由於專利尚未被授予，剩餘的專利申請沒有記錄攤銷費用。
專利包括以下內容：
| 2024年9月30日 | 2023年12月31日 | |||||||
| 專利 | $ | $ | ||||||
| 減：累計攤銷 | ||||||||
| $ | $ | |||||||
截至2024年9月30日與2023年9月30日的三個月的攤銷費用爲$
注意 8 – 租賃
在2017年10月30日，公司簽署了一份租賃協議（「租約」），租賃大約
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註釋 8 – 租賃（續）
由於採用了ASU 2016-02 –
「租賃」（主題842），公司已經將從2019年11月1日開始的最低租賃付款的現值進行資本化，
包括使用估計的增量借款利率的額外選項期
截至2019年1月1日，運營租賃使用權
資產和運營租賃負債總額爲$
2022年11月22日，公司簽署了一份
租賃修改協議（「修改後的租賃協議」）以租賃額外約9,684平方英尺的相鄰辦公室和
倉庫空間。修改後的租賃協議的期限爲120（
公司已選擇不確認來自短期租賃的使用權 資產和租賃負債。沒有其他重要的經營租賃。
截至2024年9月30日，根據修訂後的租賃協議，未來未折現的最低租賃付款按年份和總計，包括延長期，具體如下：
| 結束年份 | ||||
| 12月31日 | 金額 | |||
| 2024 | $ | |||
| 2025 | ||||
| 2026 | ||||
| 2027 | ||||
| 2028 | ||||
| 之後 | ||||
| 減去貼現利息 | ( | ) | ||
| 總計 | $ | |||
租賃費用總計$
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注意 9 – 所得稅
這是
公司的政策是將與未確認稅收利益相關的利息和罰款記錄爲運營報表中的額外所得稅。截至2024年9月30日，
在少數例外情況下，2020年12月31日及以後稅務年度提交的美國及州所得稅 申報表將受到相關稅務機關的審查。 淨營業損失（NOL）結轉在利用的年份也需接受審查，無論其產生的稅務年度是否已經按照法規關閉。 可被拒絕的金額僅限於已利用的NOL。因此，公司可能會因以前產生的NOL而受到審查，因爲這些NOL在被利用時。
注意 10 – 股東權益
優先股
根據公司的章程， 公司的董事會有權在不需要股東批准的情況下，發行具有任何名稱、權利和優先權的優先股的系列， 這些名稱、權利和優先權可以不時判斷。 這種優先股的權利和優先權可能優於 公司的普通股的權利和優先權；因此，發行的優先股可能具有股息、清算、 轉換、投票或其他權利，這可能會對普通股的投票權或其他權利產生不利影響。此外，優先股，若發行，可在特殊情況下用作一種方法，以阻止、延遲或防止公司的業務控制權或來自第三方的收購發生。
普通股、期權和Warrants
2021年7月2日，公司向美國證券交易委員會提交了一份100,000,000美元的通用貨架註冊聲明，該聲明於2021年7月9日生效，並於2024年7月8日到期。
在2024年7月26日，公司向美國證券交易委員會提交了一份新的 1億美元的普遍貨架註冊聲明，該聲明於2024年8月5日生效。
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註釋 10 - 股東權益（續）
在2021年10月4日，公司與機構投資者簽訂了一份購買協議，計劃在36個月內出售高達$
在2023年2月28日，公司
與一位機構投資者簽訂了一份購買協議，計劃出售最多$
2022年12月9日，公司開始銷售
與投資銀行公司達成協議。根據本銷售協議的條款，公司可以發行和出售股票
其普通股的總髮行價最高爲美元
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在2007年，公司董事會 採納了經股東批准的2007年員工股票計劃（「2007計劃」）。根據2007計劃，公司 被授權授予購買高達 的普通股期權給提供服務的董事、高級職員、員工和顧問。2007計劃旨在允許根據2007計劃授予給員工的股票期權符合1986年《國內稅收法》第422條修訂的激勵性股票期權（「激勵性股票期權」）的資格。所有根據2007計劃授予的期權，如果不打算符合激勵性股票期權的要求，則被視爲非合格期權（「非法定股票期權」）。
自2016年6月24日起，2007年計劃已終止。 截至2024年9月30日，已發行並在外的購買期權 普通股票的股份數量。
在2016年，公司董事會 通過了2016年計劃，該計劃於2016年5月20日在2016年年度股東大會上獲得股東批准。根據2016年計劃，公司被授權授予激勵和非合格期權及限制性股票，購買高達 普通股的股份予以員工、董事和顧問。自2019年5月16日起，公司2016年計劃下可發行的普通股股份數量由 到 股份增加。自2023年5月25日起，公司2016年計劃下可發行的普通股股份數量從 到 股份 並授權發行限制性股票單位。截至2024年9月30日，已發行且仍然有效的購買 普通股的期權數量爲 限制性普通股的股份已發行。截至2024年9月30日， 根據2016計劃，仍有普通股可供授予。
這兩個計劃由公司的董事會或其薪酬委員會管理，決定授予哪些人獎項、授予的獎項數量以及每項授予的具體條款。根據對10%股東（如2016計劃定義）的規定，每個期權的行使價格不得低於授予日期普通股的公允市場價值的100%。根據2016計劃授予的期權通常可以在授予之日起行使， 授予日期起的 年內有效，並可以在授予日、其他指定日期或在一段時間內逐漸生效。
公司使用 期權定價模型計算授予日期的公允價值，以下是2024年和2023年的假設： 所有年份的股息收益率，預期波動率，基於公司的歷史波動率， to , 2024年和 到 對於2023年，無風險利率介於 to 對於2024年以及 到 對於2023年， 以及預期期權的生命週期爲 年。在2018年5月之前，預期生命週期基於使用「簡化」方法的期權生命週期的估計平均值， 這一方法由FASB ASC 718規定，原因是近幾年缺乏足夠的歷史行權活動。從2018年5月開始，預期生命週期基於期權的法定合同生命週期。
截至2024年9月30日，尚未確認的與未歸屬的基於市場的股票獎勵相關的薪酬費用爲$預計將於2027年9月通過確認。 截至2023年9月30日，尚未確認的與未歸屬的基於市場的 股票獎勵相關的薪酬費用爲$預計將於2026年9月通過確認。
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注11 - 基於股票的補償（繼續）
根據以下方式確認以股份爲基礎的薪酬：
| 九個月 | 九個月 | |||||||
| 結束的三個月 | 結束的三個月 | |||||||
| 2024年9月30日 | 2023年9月30日 | |||||||
| 2007年員工股票期權計劃 | $ | $ | ||||||
| 2016年股權激勵計劃 | ||||||||
| 2016年股權激勵計劃限制性股票獎 | ||||||||
| 認股權證 | ||||||||
| 總股本補償 | $ | $ | ||||||
以下表格總結了截至2024年9月30日的九個月期間，公司所有股票期權和 認股權證的活動：
| 非合格股票期權和Warrants未兌現及可行使 | |||||||||||||
| 數量 | 行使 | 加權平均 | |||||||||||
| Shares | 價格 | 行使 價格 | |||||||||||
| 截至2023年12月31日的未結餘 | $ - $ | $ | |||||||||||
| 授予 | $ - $ | $ | |||||||||||
| 被註銷數量 | ( | ) | $ - $ | $ | |||||||||
| 行使 | ( | ) | $ - $ | $ | |||||||||
| 優秀的，截止到2024年9月30日 | $ - $ | $ | |||||||||||
| 可行使的，截止到2024年9月30日 | $ - $ | $ | |||||||||||
截至2024年9月30日，期權和Warrants的總內在價值爲$總內在價值的計算方法是底層期權和Warrants的行權價格與$的收盤股票價格之間的差額 截至2024年9月30日，該公司的普通股價格。截止到2024年9月30日的九個月期間， 期權被行使，獲得收益$
| 非合格股票期權和Warrants到期 | ||||||||||||
| 區間 行使價格 | 已發行股份數 當前可行使 截至2024年9月30日 | 加權平均 剩餘 合同期限 | 加權平均 當前可執行的期權行使價格及 當前可執行的Warrants | |||||||||
| $ - $ | 年 | $ | ||||||||||
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注11 - 基於股票的補償（繼續）
限制性股票獎勵
在2023年3月16日，董事會的薪酬委員會批准了總計的授予。 限制性股票獎勵給公司的四位外部董事。每個RSA的授予日期公允價值爲$ 將按照直線法在歸屬期內攤銷到合併綜合損失表內的董事薪酬費用。這些RSAs是根據2016年股權激勵計劃（「2016計劃」）授予的，總計在2023年3月16日歸屬
2023年8月1日，董事會的薪酬委員會批准了一項總計的 限制性股票獎勵授予公司的外部董事。每個RSA的授予日期公允價值爲$ 將按照直線法在歸屬期內攤銷至綜合損失的董事薪酬費用中。該RSA是在2016計劃下授予的。
在2024年6月18日，董事會的薪酬委員會批准了總計的授予 限制性股票獎勵給公司的五名外部董事。每個RSA的授予日期公允價值爲$ 將在授予期限內按直線法攤銷進入合併綜合損益表中的董事薪酬費用。這些RSA根據2016年股權激勵計劃（「2016計劃」）授予，2024年6月18日總共歸屬
在2024年8月1日，董事會的薪酬委員會批准了一項總額爲 的限制性股票獎勵，授予公司的外部董事。每個RSA的授予日期公允價值爲$ 將在歸屬期內以直線法攤銷至綜合損益表中的董事薪酬費用。該RSA是根據2016年權益激勵計劃（"2016計劃"）授予的，並將在2024年9月1日開始分9個相等的季度分期歸屬。
在2024年9月4日，董事會的薪酬委員會批准了一項總額爲 授予公司的外部董事的限制性股票獎勵。每個RSA的授予日期公允價值爲$ 將在歸屬期內按直線法攤銷到綜合損失報表中的董事薪酬費用中。該RSA是根據2016年股權激勵計劃（「2016年計劃」）授予的，並將以8個相等的季度分期方式歸屬，
在發生控制權變更時，100%的未歸屬限制性股票將在控制權變更之日歸屬。歸屬後，股票的限制解除。
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注11 - 基於股票的補償（繼續）
限制性股票獎勵的公允價值是通過授予日期公司普通股的市場價格來估算的。在截至2024年9月30日的九個月期間，限制性股票的活動如下：
| 加權平均 | ||||||||
| 數量 | 授予日期公允價值 | |||||||
| Shares | 每股價值 | |||||||
| 未歸屬，期初 | $ | |||||||
| 授予 | ||||||||
| 歸屬數量 | ( | ) | ||||||
| 已取消並沒收 | ||||||||
| 未授予，期末 | $ | |||||||
限制性股票獎勵在歸屬期間被分攤到費用中。截止2024年9月30日和2023年，未攤銷的限制性股票獎勵價值爲$
說明 12 – 相關方
截至2024年9月30日，公司對相關方的法律應計費用爲$
註釋 13 - 養老計劃
本公司於2013年11月15日建立了覆蓋所有符合條件員工的401(k) 養老計劃。截止至2024年和2023年9月30日的三個月內，所有符合條件的非高管參與者的費用中分別計入了$
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項目2。 管理層對財務控件及經營成果的討論與分析
以下討論與分析應與我們的基本報表一起閱讀，後附於此。此討論不應被解讀爲暗示此處討論的結果必然會持續到未來，或任何在此達成的結論必然會表明未來的實際經營結果。這樣的討論僅代表我們管理層目前的最佳評估。這些信息還應與我們審計過的歷史基本報表一起閱讀，這些報表包含在2023財年截至2023年12月31日的10-K表年度報告中，並於2024年2月29日提交給證券交易委員會。
概述
Lightwave Logic, Inc.（“公司）是一家專注於下一代電光光子器件開發的科技公司，基於其P2IC™技術平台，我們詳細介紹了：1）聚合物堆疊™，2）聚合物增強™，和3）聚合物槽™。我們獨特的聚合物技術平台使用內部專有的高活性和高穩定性有機聚合物。電光設備稱爲調製器，將電信號的數據轉換爲多個應用的光信號。
我們的差異化在 調製器器件級別具有更高的速度、更低的功耗、易於製造、佔地面積（尺寸）小以及 可靠性。我們已經在封裝設備中展示了更高的速度和更低的功耗，並且在 2023 年，我們繼續 在將我們世界一流的材料特性轉化爲高效、可靠的調製器件的技術方面取得進步 商業鑄造廠。我們目前專注於測試和演示其可製造性和可靠性的簡單性 我們的設備，包括與硅光子學制造生態系統相關的設備。2023 年，我們與硅基材料合作 鑄造廠合作伙伴幫助擴大聚合物調製器設備的批量規模，我們從這些鑄造廠那裏收到了有效的調製器芯片。 我們已經推進並完善了與鑄造合作伙伴的互動，我們將繼續收到有效的調製器芯片 原型製作。硅基鑄造廠是爲電子集成電路業務開發的大型半導體制造工廠，它們是 現在正在研究硅光子學以提高其晶圓吞吐量。不僅要與硅基鑄造廠合作 證明我們的聚合物技術可以使用標準設備轉移到標準生產線中，它還允許 我們要有效地利用我們的資本。鑄造合作伙伴關係將使我們能夠擴展我們的高性能聚合物光學發動機 快速而有效。我們現在已經收到了直徑不超過200mm的硅晶片，這與鑄造廠非常吻合 製造業。使用 200 毫米硅晶片，我們展示了封裝的聚合物調製器在開放（乾淨）的視圖下運行 在加利福尼亞州聖地亞哥舉行的 2024 年光纖會議上，電壓驅動水平爲 1V 時爲 100GBaud PAM4（或 200Gbps PAM4） 2024 年 3 月（”OFC 2024“）。OFC是一個領先的國際會議，彙集了完整的價值鏈 光纖通信、數據中心和電信行業參與者。我們還展示了帶電壓驅動的聚合物調製器 低於 1V 的電平。1V 左右的驅動電壓水平很重要，因爲它允許驅動我們的聚合物調製器 直接來自 CMOS IC（而不是專用的驅動器集成電路芯片）。這種性能非常適合在以下位置啓用 4 個通道 每通道 200Gbps 的可插拔收發器，可以 800Gbps 的總數據速率運行。自從 OFC 2024 受邀演講以來， 幾家一級可插拔收發器公司都審查了我們的技術結果，並查看了整體運行情況 聚合物槽調製器，速度爲 200Gbps PAM4，驅動電壓爲 1V。此外，我們最近展示了低於 0.5V 的驅動電平 這是迄今爲止商用設計的最高性能的電光聚合物調製器。駕駛的影響 遠低於 1V 的光學調製器意義重大，這不僅是因爲直接驅動電子 IC 的調製器的影響 節省驅動器成本，但更重要的是，節省模塊系統的功耗，這是數據中心面臨的關鍵問題 今天的運營商。
我們極其強大且廣泛的專利組合使我們能夠在三個領域優化我們的業務模型：1）傳統的產品開發關注， 2）專利許可和 3）向代工廠轉讓技術。我們持續尋求通過內部發明和知識產權收購來加強我們的專利組合。
我們最初將目標定在光纖數據通信和電信市場的應用，並探索其他應用，如汽車/激光雷達、傳感、顯示等，以支持我們的聚合物技術平台。我們的目標是使我們獨特的聚合物技術平台在多個市場垂直面中普及，超越光纖通信市場。
生成性人工智能（G-AI）正在更深層次地融入我們的日常活動中，應用於提高我們的效率和可能性。對互聯網的影響是巨大的，而互聯網是基於利用數據中心來路由和交換流量或信息的光網絡。數據中心正在以行業前所未見的方式進行升級，投入了大量的資本。G-AI 驅動的流量、信息和數據的預期需求正在改變互聯網的運作方式。G-AI 現在正在創造出新的有趣的市場機會來升級互聯網。 今天，這三個機會非常重要：密度、速度和低功耗，這與我們高性能電光聚合物調製器平台非常契合。我們正在設計高性能聚合物調製器光學引擎，以支持 G-AI 的崛起和增長，因爲它生成更多的信息將通過互聯網和光網絡傳輸。雖然我們並非直接是一家設計電子處理器的 G-AI 公司，但我們確實看到了利用我們的光學聚合物調製器平台使更高級別的信息穿越互聯網的直接好處。
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商業運營開始
我們於2023年5月開始商業運營。目前， 我們的商業運營包括一個材料供應許可協議，以提供Perkinamine®染料 用於基於聚合物的光子設備和光子集成電路（PICs）。該許可協議代表了電光聚合物作爲我們公司業務計劃的一部分的實際商業進展。我們的公司也在與潛在客戶和戰略合作伙伴進行各種階段的光子設備 和材料開發與評估。我們預計將繼續從技術許可協議中獲得營業收入， 並通過技術轉讓協議和直接銷售我們的電光元件獲得額外的營業收入。我們在2023年對我們的材料看到的興趣增加，這種趨勢持續到2024年，我們 正在討論未來的許可協議。此外，2024年我們公司爲一位客戶進行設備處理工作。
材料開發
我們公司設計併合成有機色譜材料，用於其獨有的電光聚合物系統和光子器件設計。聚合物系統不僅僅是一種材料，還包括實施所需的各種技術增強。這些增強包括主聚合物、極化方法和分子間隔系統，這些系統經過定製以實現特定的光學特性。我們的有機電光聚合物系統化合物混合成溶液形式，以便能夠應用於薄膜。我們的專有電光聚合物在分子層面上設計，旨在獲得潛在的更優越性能、穩定性和成本效益。我們相信，我們的專有和獨特聚合物有潛力取代當前用於光纖通信網絡的昂貴、高能耗、性能較慢的半導體基調製器件。
我們的專利與待申請專利的分子結構基於已知的化學和量子力學現象，即芳香性。芳香性提供了較高的分子穩定性，使我們的核心分子結構能夠在廣泛的操作條件下保持穩定。
我們預期 我們的專利和申請專利的光學材料，以及商業機密和許可材料，將成爲我們未來開發的光學設備、模塊、子系統和系統的核心及關鍵 科技，並使我們的合作伙伴能夠全面商業化。我們的合作伙伴包括電光設備製造商、代工廠商、原始設備製造商、鑄造廠、包裝和組裝製造商等。我們的公司考慮在市場細分中進行未來應用，以滿足半導體公司、光網絡公司、Web 2.0/3.0媒體公司、高性能計算-腦機公司、通信公司、航空航天公司、汽車公司以及例如政府機構和軍工股實體的需求。
設備設計和開發
電光調製器
我們的公司 設計自己的專有電光調製設備。電光調製器將電信號轉換爲光信號，隨後可以通過高速光纖電纜傳輸。我們的調製器是電光式的，這意味着它們的工作原理是聚合物的光學特性受到電極施加的電場的影響。調製器是光纖通信、數據通信和數據中心網絡等領域中使用的關鍵元件，用於傳遞由圖像、視頻流、電影等應用所驅動的高數據流，這些數據通過互聯網傳輸。隨着對數據的需求每年增加以及對降低功耗和更小佔地面積（尺寸）的推動，電光調製器預計將繼續作爲一個重要的組成部分存在。
聚合物光子特斯拉-集成電路
我們的公司還設計自己的專有光子集成電路（也稱爲聚合物PIC）。聚合物PIC是一種光子設備，它將多個光子功能集成在單個芯片上。我們相信我們的技術可以實現超小型化佔用面積，以增加半導體芯片上光子功能的數量。我們看到，這將會創造出類似於計算機集成電路的進步，通常被稱爲摩爾定律。一種集成類型是將多個相同的光子功能實例結合在一起，例如多個調製器，以創建一個多車道聚合物PIC。車道的數量可以根據應用而變化。例如，光子組件的數量可以增加4、8或16倍。另一種集成類型是將不同類型的設備結合在一起，包括來自不同技術基礎的設備，如將半導體激光器與聚合物調製器的結合。我們的P2IC™平台涵蓋了這兩種類型的架構。
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Current semiconductor photonic technology today is both struggling to reach faster device speeds as well as seamless integration with commercial silicon foundries. Our modulator devices, enabled by our electro-optic polymer material systems, work at extremely high frequencies (wide bandwidths) and possess inherent advantages over current crystalline electro-optic material contained in most modulator devices such as bulk lithium niobate (LiNbO3), indium phosphide (InP), silicon (Si), and gallium arsenide (GaAs). Our advanced electro-optic polymer platform is creating a new class of modulators such as the Polymer Stack™, Polymer Plus™, Polymer Slot™, and associated PIC platforms that can address higher data rates in a lower cost, lower power consuming manner, smaller footprint (size) with much simpler data encoding techniques. Our electro-optic polymer material will boost the performance of standard PIC platforms such as silicon photonics and indium phosphide. Further, with our recent demonstration of packaged polymer slot modulator devices fabricated onto commercial silicon 200mm wafers using a commercial silicon foundry, our electro-optic polymer material is much easier to integrate with silicon foundries compared to competitive crystalline electro-optic materials.
Our electro-optic polymers can be integrated with other materials platforms because they can be applied as a thin film coating in a fabrication clean room such as may be found in semiconductor foundries using standard clean room tooling. These approaches enable our Polymer Plus™ and Polymer Slot™ device platforms to not only be competitive but fully integrated with foundries. Our polymers are unique in that they are stable enough to seamlessly integrate into existing CMOS, Indium Phosphide (InP), Gallium Arsenide (GaAs), and other semiconductor manufacturing lines. Of relevance are the integrated silicon photonics platforms that combine optical and electronic functions. These include a miniaturized modulator for ultra-small footprint applications in which we term the Polymer Slot™. This design is based on a slot modulator fabricated into semiconductor wafers that can include either silicon or indium phosphide.
我們公司在科羅拉多州擁有一家制造設施，專門應用標準制造工藝來生產我們的光電聚合物，從而製造調製器設備。雖然我們的內部製造設施能夠生產調製器設備，但我們與被稱爲鑄造廠的商業硅基製造公司合作，能夠快速有效地對我們的科技進行大規模生產。製造工廠或鑄造廠的工藝配方稱爲「工藝開發工具包」或PDk。我們目前正在與商業鑄造廠合作，將我們的光電聚合物納入鑄造廠接受的PDK中。成功實施PDK的一個指標是獲得工作中的調製器芯片。我們與鑄造廠的合作主要集中在Polymer Plus™和Polymer Slot™聚合物調製器上。我們目前從新加坡的一家硅光子學鑄造廠AMF處接收200mm硅晶圓，內含我們的Polymer Slot™調製器設計。
業務策略
我們的第一個 營業收入來源於我們簽訂的材料供應許可協議，以提供Perkinamine®色素 材料用於基於聚合物的光子設備和光子集成電路（PICs）。我們公司也在與潛在客戶和戰略合作伙伴，包括光纖通信行業的一級公司，進行各種階段的光子設備和材料開發與評估。我們預計將繼續從科技許可協議中獲得營業收入，並從技術轉讓協議和直接銷售我們的電光元件中獲得額外的營業收入來源。
具體而言， 我們的業務策略規定我們的營業收入將來自以下一種或幾種組合：(i) 針對特定產品應用的科技許可；(ii) 與重要行業領導者的合資關係；以及(iii) 自主生產和直接銷售我們自己的電光元件。我們的目標是成爲電光設備市場專有科技和技術知識的領先供應商。爲了實現這一目標，我們計劃繼續：
| • | 進一步開發專有有機電光聚合物材料系統 | |
| • | 基於我們的P2IC™科技 | |
| • | 開發專有知識產權 | |
| • | 提升我們的商業設備開發能力 | |
| • | 與能夠快速擴大成交量的硅基代工廠合作 | |
| • | 提升我們的產品可靠性和質量保證能力 | |
| • | 提升我們的光電封裝和測試能力 | |
| • | 增強我們的商業材料製造能力 | |
| • | 與主要電信和數據通信公司保持/發展戰略關係，以進一步提高我們科技平台的認知度和商業化。 | |
| • | 在我們材料和器件開發項目的關鍵領域增加具有工業和製造經驗的高層人員。 |
創建有機聚合物增強的 電光調製器
我們打算利用我們專有的光學聚合物科技來創建初始的商業電光聚合物產品設備組合，應用於包括通信-半導體、數據通信和數據中心等多個市場。這些產品設備將成爲我們專有的光子集成電路（PIC）技術平台的一部分。
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我們預計 我們的初始調制解調器產品將以至少112 Gigabaud的符號速率運行，結合PAM4編碼方案時，大約可以達到200Gbps 這與我們在2024年OFC會議上發佈的近期封裝聚合物插槽調制解調器結果一致。我們的設備具有高度線性，並且可以 在需要時啓用所需的性能，以利用更先進的複雜編碼方案。
我們正在開發的專有產品
作爲戰術營銷策略的一部分，我們公司正在開發幾種光學設備，這些設備使用我們專有的電光聚合物材料， 目前處於不同的開發階段。包括：
脊波導調製器， 聚合物堆疊™
我們的脊型電光波導調製器是在我們內部實驗室設計和製造的。我們首個內部設備的製造對我們整個設備項目具有重要意義，並且是爲了目標市場開發的調製器的重要起點。我們有多代新材料即將爲此特定設計進行優化。2017年9月，我們宣佈我們的初始α原型脊型波導調製器，由我們的P IC™聚合物系統驅動，展示了可實現112 Gbaud調製的帶寬性能水平。2該設備在一個結合我們聚合物波導的馬赫-曾德光調製器結構中演示了真實的幅度（強度）調製。這一重要成就將允許用戶利用4 x 112 Gbaud 標的速率（4x 200 Gbps數據速率）的聚合物調製器，通過PAm-4編碼，支持800 Gbps數據速率的系統。這些脊型波導調製器目前正與我們的合作伙伴一起打包成原型包。
這些 原型包將使潛在客戶能夠在112 Gbaud下評估性能。一旦潛在客戶對我們的原型生成技術 反饋，我們期望會被要求根據他們的規格來優化性能。假設這成功了，我們 預計將進入一個資格階段，屆時我們的原型將被更全面地評估。
與此同時， 我們正在開發調制解調器，以實現超過112 Gbaud的更高符號速率的可擴展性。2018年9月，我們在會議演講中展示了我們的聚合物調制解調器平台在超過100 GHz Bandwidth下運行的潛力。這個初步結果對應於使用簡單的NRZ數據編碼方案的100 Gbps數據傳輸速率，或使用PAm-4編碼的200 Gbps。通過在我們的PIC™平台中使用4路陣列， 公司因此具備了滿足400 Gbps和800 Gbps市場需求的潛力。儘管客戶可能以112 Gbaud開始合作， 但我們相信潛在客戶認識到向更高速度擴展是聚合物技術的重要差異化因素。2在我們的PIC™平台中， 公司因此具備了滿足400 Gbps和800 Gbps市場需求的潛力。儘管客戶可能以112 Gbaud開始合作， 但我們相信潛在客戶認識到向更高速度擴展是聚合物技術的重要差異化因素。
我們相信， 嶺波導調制解調器 Polymer Stack™ 代表了我們首款商業可行設備，目標是光纖通信 市場。我們已完成內部市場分析，最初目標是在連接距離低於1公里的情況下進行。在這些 市場中，系統網絡公司希望實現基於調制解調器的收發器，可以處理聚合數據速率達到800 Gbps及以上。未來十年，低於10公里的市場機會價值超過20亿。
聚合物Plus™
通過我們的新型波導設計，我們正在開發一種更緊湊的調製器，以便直接與現有的集成光子學平台實現，如硅光子學和磷化銦。由於我們的電光聚合物以液體形態應用，可以在如半導體制造廠等潔淨室中沉積爲薄膜塗層。這種方法我們稱之爲Polymer Plus™。這種方法的優點在於，它使得現有的半導體集成光子學平台，如硅光子學和磷化銦，能夠通過聚合物以一種簡單直接的方式升級爲更高速度的調製功能。此外，我們的聚合物具有獨特的穩定性，能夠無縫集成到現有的CMOS、磷化銦（InP）、砷化鎵（GaAs）以及其他半導體制造線中。
大多數商業硅光子平台使用大型硅光子代工廠，例如那些爲通信、計算、消費等多種應用製造IC產品的代工廠。爲了無縫集成我們的聚合物材料以升級例如硅光子設計，與硅代工廠合作是必要的。
聚合物 Slot™
作爲支持我們平台進一步改進和可擴展性的措施，我們繼續開發更多的愛文思控股設備結構，其中包括 Polymer Slot™。我們的高性能、低功耗、極小佔地的聚合物光子槽波導調製器利用了槽設計，這是一種部分集成光子電路平台，如硅光子學，使用我們的一種專有電光聚合物材料系統作爲啓用材料層。2023年來自商業代工廠的性能結果達到了槽調製器的關鍵設計規格。
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初步測試和我們在商業鑄造廠製造的聚合物光子插槽波導調製器的初始數據證明其具有極高的性能，適用於超大規模和光纖市場。經過測試的聚合物光子插槽芯片的佔地面積不到1平方毫米，這使得在單一硅基材上實現複雜的光子集成電路架構設計成爲可能。此外，波導結構的長度僅爲典型無機硅光子調製器波導長度的一小部分，適合用作先進的可插拔收發模塊的引擎，例如OSFP和QSFP-DD。
通過我們專有的電光聚合物材料和槽波導中極高的光場濃度的結合，測試調製器展示了非常低的工作電壓。初始速度在通信、1310nm和1550納米頻段超過70GHz，並且有些設備在3db帶寬方面超過100GHz。
我們還在與擁有愛文思控股設備設計能力的合作伙伴繼續開發我們的聚合物光子槽波導調製器（Polymer Slot™）。這些設備中的一些在2022年展示了超過250GHz的性能水平，超過了我們的合作伙伴的預期。
我們的開多設備開發 目標 - 多通道聚合物光子集成電路（P2IC™）
我們的P2IC™ 平台定位於解決數據速率達到100 Gbps、400 Gbps、800 Gbps及更高市場的需求。我們的P2IC™ 平台將包含幾個光子設備，可能包括除了聚合物基調製器之外的激光器、 複用器、解複用器、探測器和光纖耦合器等光子設備。
而 我們的聚合物基脊波導和縫隙調製器目前正在開發中，將成爲商業上可行的產品，我們的長遠來看 設備開發目標是爲400 Gbps、800 Gbps、1600Gbps及以後的光纖收發器市場生產一個平台。這個 已在我們的網站上公開發布的光子學產品路線圖中進行了說明。路線圖顯示了速度的提高 50 個基於 Gbaud 的調製器到 100 個基於 Gbaud 的調製器。路線圖顯示了調製器陣列的集成進展 創建靈活的多車道 P2跨越 100 Gbps、400 Gbps、800 Gbps、1.6Tbps（或 1600Gbps）和™ 擴展理念將增長到3.2Tbps的線路速率。
我們在一個主要國際會議（ECOC – 歐洲光通信會議2018）上展示了聚合物基調製器設備的帶寬，超過了100GHz。我們注意到，要實現100Gbaud，聚合物基調製器只需要達到80GHz的帶寬。在ECOC 2019期間，我們展示了環保母基的穩定性。我們繼續開發我們的聚合物材料和設備設計，以優化額外的度量。我們現在正在優化設備參數，以實現非常低電壓的操作。在ECOC 2022會議上，我們展示了兩種不同的世界記錄性能，使用聚合物插槽基調製器。在2024年在聖地亞哥的OFC會議上，我們展示了數據，表明我們的封裝聚合物插槽調製器在100GBaud PAM4（或200Gbps PAM4）下以1V的電壓驅動水平運行，且眼圖乾淨（開放）。我們還展示了電壓驅動水平低於1V的聚合物調製器。大約1V的驅動電壓水平很重要，因爲它允許我們的聚合物調製器直接從CMOS集成電路驅動（而不是專用的驅動集成電路芯片）。我們最近展示了低於0.5V的驅動水平，代表了目前商用設計的電光聚合物調製器的最高性能。非常低的驅動電壓的影響直接影響模塊系統的功耗節省，這對今天的數據中心運營商來說是一個關鍵問題。
我們的 目標市場
雲計算服務商和數據中心
大 數據 是一個通用術語，用於描述公司創建的大量非結構化和半結構化數據——數據 加載到關係數據庫進行分析將花費太多時間和金錢。各公司都在尋求雲服務 在他們的數據中心進行計算以訪問所有數據。傳統解決方案固有的速度和帶寬限制及其潛力 的有機聚合物設備爲增加帶寬、降低成本、提高接入速度和降低功耗提供了機會 設備和系統級別的消耗。
數據中心 已經發展到巨大的規模，一個數據中心內有成千上萬，甚至數百萬台服務器。所謂的「超大規模」 數據中心的數量預計將繼續增加。由於它們的規模，一個「數據中心」可能由多個 大型倉庫大小的建築物組成，或者甚至分佈在一個大城市區域的多個地點。IDC概念面臨的問題是，不僅要在單個數據中心建築內移動大量數據，還要在分佈式 數據中心架構中的建築之間移動數據。單個數據中心建築內的連接可能短於500米，但有些需要能夠 達到2公里的光纖。在數據中心建築之間，越來越需要超過10公里範圍的高性能互聯。
我們的調制解調器 適用於單模光纖鏈路。我們相信我們的單模調制解調器解決方案在50000万到10公里的鏈路長度範圍內具有競爭力，並在800Gbps應用中具有固有優勢。
電信/數據 通信-半導體
電信行業已經從通過銅線傳輸傳統的模擬語音數據演變爲移動數字語音和數據。電信公司面臨着巨大的挑戰，以跟上由此帶來的對帶寬的巨大需求激增。大都市網絡現在以及在不久的將來面臨着特別的壓力。電信公司爲某些數據中心客戶提供服務，以支持上述的數據中心間連接。5G移動升級、自動駕駛和物聯網預計將增加在邊緣數據中心存儲和處理接近最終用戶的數據的需求。這種應用同樣需要能夠支持非常高速度且超過10公里的光纖。
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行業板塊擴展的問題
光纖通信行業面臨的關鍵問題是任何基於PIC的技術平台的經濟進步和可擴展性。 我們的聚合物平台是獨特的，因爲它是真正可擴展的，預計將成爲收發模塊的高性能引擎。 可擴展意味着能夠提升高數據速率，同時能夠降低成本，並減少功耗。 這使得每比特數據速率或每Gbps指標的成本具有競爭力。
光纖 光纖數據中心和高性能計算客戶希望實現每千兆比特1美元的指標，800Gbps（這基本上意味着一個單模光纖鏈路，總成本爲800美元，數據傳輸速率爲800Gbps）。同樣重要的是，數據中心行業希望顯著降低400Gbps、800Gbps等光端口的功耗。隨着行業努力實現這個目標，它需要可擴展的光子集成電路平台來達成這一目標，而我們的聚合物平台正好適合。
一篇由邁克爾·萊比博士撰寫的文章於2023年2月初在《寬帶社區》（BBC）雜誌上發表，討論了聚合物基科技作爲行業科技路線圖的一部分的優點。文章的標題爲《互聯網是諾查丹瑪斯未曾預見的磚牆》。在這篇文章中，討論了成本/性能指標，顯示出使用PIC平台的更高數據速率的趨勢，這些平台包括非常高速、低功耗的調製器設備。
這篇文章還指出，電光聚合物在未來十年中在光子集成電路（PIC）中發揮着重要作用，因爲它們可以通過有效地提升高性能與低成本的比例，縮小或消除客戶期望與技術性能之間的差距，特別是在短距離收發器光鏈接方面。
爲實現聚合物在集成光子平台上的規模性能所需的一些東西，現在已在眼前：
| 1. | 增加了 r33（這導致調製設備中的Vpi非常低），我們目前正在爲此優化我們的聚合物。Vpi水平在1V或更低時，可以直接與相關電子設備連接，並且可能爲網絡架構師節省單個驅動IC的成本。最近的材料已顯示出我們聚合物在r33性能方面的顯著提升。 |
| 2. | 提高溫度穩定性，以便聚合物能夠在更廣泛的溫度範圍內有效運行，我們在過去幾年中取得了顯著進展，並且最近的聚合物繼續改善。 |
| 3. | 在波導和有源/無源設備中實現低光損耗，以改善光學預算指標，這目前是我們公司的一個正在進行的開發項目。 |
| 4. | 在收發器模塊中，爲光學子組件提供更高水平的密封性，以降低包裝成本，我們的愛文思控股設計正在應用於基於聚合物的包裝，這些包裝採用的是在內部開發的原子層沉積（ALD）技術。 |
在成本降低和高成交量製造方面，可通過以下方式提高可擴展性：
| 1. | 利用基於硅的代工廠的商業硅光子製造能力。我們的Polymer Plus™平台旨在對標準硅光子電路進行增值。 |
| 2. | 通過在芯片級別集成多個調制解調器和其他光學設備來降低光學封裝成本。我們的P2IC™平台旨在解決設備集成問題。 |
在成本降低和高成交量製造方面，可通過以下方式提高可擴展性：
| 1. | 利用 商業硅光子製造，使用運行200毫米硅晶圓的商業硅基代工廠。我們的Polymer Plus™平台旨在對標準硅光子電路進行補充。 |
| 2. | 通過在芯片級集成多個調制解調器和其他光學設備，降低光學封裝成本。我們的P2IC™平台旨在解決設備集成問題。 |
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上面的 圖形展示了公司電光材料設計理念中提高玻璃轉變溫度的策略。當材料的Tg設計在170攝氏度以上時，這大約相當於在IDC概念環境中正常操作溫度上升了約100攝氏度。這個特性 顯著提高了材料的可靠性。此外，上面圖形右側的蛛網圖表明，公司電光染料在光穩定性、分解溫度、電壓、吸光度、玻璃轉變溫度和r33（電光效率）等關鍵性能指標上優於競爭對手。這使公司的 材料在市場上處於良好位置，並消除了交聯聚合物的需要，因爲這會危及材料的穩定性和可靠性。
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上述 圖形顯示了公司開發的電光染料的提高趨勢。圖形詳細列出了r33的改善情況，r33是Perkinamine®電光材料電光效率的一個測量指標。在過去7年中，通過箱型圖，r33的值提高了約5倍，並且現在在測試中非常穩定。
上述 圖形顯示了公司在分解 temperature方面開發的電光染料的改善趨勢。圖形詳細展示了Td的改進，通過箱形圖顯示出過去3年材料熱穩定性的極大提升，以及過去一年優異的結果。
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上述圖形顯示了公司在玻璃轉變溫度方面開發的改善電光色譜的趨勢。該圖詳細說明了Tg的改進，通過箱線圖顯示出極其緊密和改進的材料，Tg在170°C以上，材料性能在薄膜中的測量也保持嚴密控制。
近期重大事件和成就里程碑
在2018年2月至3月期間，我們將位於特拉華州紐瓦克的合成實驗室和位於科羅拉多州朗蒙特的光學測試實驗室以及公司總部遷移至位於科羅拉多州英格爾伍德的369 Inverness Parkway, Suite 350的辦公、實驗室和研發空間。該英格爾伍德設施佔地22,420平方英尺，包括完全功能的1,000平方英尺的1,000級潔淨室、500平方英尺的10,000級潔淨室、化學實驗室和分析實驗室。英格爾伍德設施簡化了我們公司全部的研發工作流程，以提高運營效率。
在2018年3月，我們公司與包裝合作伙伴成功展示了用於50Gbaud的封裝聚合物調制解調器，我們相信這將使我們能夠擴展我們的P2IC™平台，與我們的Mach-Zehnder脊波導調制解調器設計以及其他光子設備在100Gbps和400Gbps數據通訊及電信應用市場中具有競爭力。我們目前正在微調這些原型的性能參數，爲客戶評估做準備。
在2018年6月，我們公司收購了巴西公司BrPhotonics Productos Optoelectrónicos S.A.的聚合物科技知識產權資產，這大大增強了我們在電光聚合物科技方面的專利組合，擁有15項聚合物化學材料、設備、包裝和子系統的專利，並進一步增強了我們的設計能力，以鞏固我們的市場地位，同時我們正在準備進入400Gbps集成光子市場，以提供一種與已安裝的傳統系統具有高度競爭力和可擴展性的替代方案。
此外， 在2018年6月，我們公司在荷蘭恩斯赫德的世界科技映射論壇上，推廣了聚合物光集成電路（PICs）和固化聚合物光集成電路，作爲光子技術路線圖的一部分，這包括我們公司的聚合物和聚合物光集成電路技術，這些技術不僅有潛力實現400Gbps的總數據速率解決方案，還有800Gbps及以上的可能性。
在2018年8月 我們宣佈提前完成了我們全裝備的現場製造設施的建設，在這裏我們正在擴展我們的高速 測試和設計能力。我們還宣佈繼續培養我們的內部專業知識，招聘具有100Gbps經驗的世界級 技術人員。
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在2019年2月，我們宣佈在清潔科技聚合物材料的發展方面取得了重大突破，旨在滿足多億美元電信和數據市場對快速高效數據通信的巨大需求，支持互聯網、5G和物聯網（IoT）大規模服務。改進後的熱穩定聚合物的電光響應超過我們以前材料的兩倍，使光學器件在極低的功耗要求下，其性能超過100 GHz。這個Perkinamine家族的新增成員TM將有效控制資源和能源的過度消耗，以支持日益增長的數據消費需求。我們繼續對該材料進行測試，並評估相關的製造業-半導體工藝和器件結構，以便在完全開發之前發佈。
在2019年3月，我們成立了一個由三位光子行業世界級領導人組成的顧問委員會：德克雷格·切斯拉博士、克里斯托弗·S·哈德博士和安德烈亞斯·烏姆巴赫先生。2022年1月，切斯拉博士被任命爲我們的董事會成員，我們的顧問委員會目前由法蘭基·索博士、克里斯托弗·S·哈德博士、安德烈亞斯·烏姆巴赫先生和約瑟夫·A·米勒博士（前董事會成員）組成。顧問委員會與我們公司的領導層緊密合作，以增強我們公司的產品定位，並推廣我們基於我們專有技術製造的聚合物調制解調器， 設計更快™聚合物P2 IC™平台。顧問委員會的使命最初是增加我們公司在數據中心互連市場的影響力，隨後支持拓展到其他十億級市場。顧問委員會的成員都是基於他們在光纖通信、聚合物和半導體材料領域的深厚技術專長、豐富經驗和行業關係而被選擇的。每位顧問委員會成員在像光波邏輯這樣的創新者和大型行業領導者那裏都有經驗，而這些領導者最有可能採用顛覆性的聚合物產品。此外，他們還具備半導體和聚合物業務的運營經驗。
此外， 在2019年3月，我們公司在PIC國際會議上因我們的100 GHz聚合物平台獲得了「PIC平台最佳成就」獎。該獎項表彰在推動當今光子集成電路（PICs）的關鍵材料系統的發展和應用方面的創新突破，併爲未來設備提供了一個跳板。
在2019年第二季度，我們公司在五月的CoInnovate和六月的世界科技映射論壇上推廣了其聚合物。CoInnovate是一個半導體行業專家的會議。世界科技映射論壇是一個撰寫到2040年的光子學路線圖的團體。
在2019年9月，我們在愛爾蘭都柏林舉辦的著名歐洲通信大會(ECOC)上，展示了不同頻率下的材料響應測量結果，以及我們清潔科技聚合物材料的光學數據位流，這是我們Perkinamine家族中最新的成員。TM這些聚合物滿足並超越了我們短期目標速度80 GHz。我們還發布了在高溫狀態下的穩定性數據（激活狀態下以創建數據承載能力）。
在2019年10月 我們報告了節能聚合物科技在最近發佈的綜合光子系統路線圖中受到關注 - 國際（IPSR-I）。該路線圖驗證了低電壓、高速科技，如我們的科技的需求。
在2020年5月，我們宣佈我們的最新電光聚合物材料在1310納米(nm)的目標性能指標上超出了預期，這個波長在高成交量數據中心光纖中被廣泛使用。該材料在1310 nm下展示了高電光係數、低光損耗和在85攝氏度下良好的熱穩定性的良好組合。0該材料預計能夠啓用具有80 GHz帶寬和低驅動功耗的調製器，並且其電光係數爲200 pm/V，這是衡量材料對施加電信號的響應能力的行業標準。這個指標，通常稱爲r33，在材料用於調製器設備時對降低能耗非常重要。這項科技適用於短距離數據中心運營商，對他們來說，降低能耗對設施的盈利能力至關重要。我們認爲這是一個真正的歷史時刻——不僅是我們公司的歷史，也是我們行業的歷史——因爲我們展示了一種聚合物材料，爲在1310 nm波長下提供世界級解決方案奠定了基礎，而其他公司已經花費數十年試圖實現這一目標。
在2020年7月，我們宣佈正式推出新公司網站 www.lightwavelogic.com，反映出我們持續提供投資者和潛在戰略合作伙伴最新信息的努力。經過改版的網站提供了清晰、現代的設計，並整合了有用的工具和投資者關係資源，包括一個新的公司介紹視頻，旨在闡述Lightwave Logic專有電光聚合物的目標市場和優勢。
在2020年8月，我們宣佈將OLED行業的權威專家Franky So博士加入我們的顧問委員會。So博士是北卡羅來納州立大學材料科學與工程系的沃爾特·和艾達·弗里曼傑出教授。之前，他曾擔任OSRAm光電半導體公司OLED材料和器件研究的負責人，以及1990年代摩托羅拉的企業研究實驗室負責人。So博士是霍赫斯特·塞拉內斯公司電光聚合物調製器的早期研究者。作爲公司顧問委員會的成員，So博士將與管理層密切合作，提高Lightwave在其專有平台上製造的聚合物調製器的產品定位和推廣。此外，他還將爲Lightwave的材料和器件團隊提供技術支持和顧問服務。
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在 2020年10月7日，我們宣佈獲得美國專利號10,754,093，旨在提高我們高速度、低功耗電光聚合物調制解調器在數據中心和通信-半導體應用中的性能和可靠性。該專利允許多層電光聚合物調制解調器通過定製接口設計實現更高效的性能。這些接口設計在包覆層中，允許光傳輸、電導率、材料完整性及防止溶劑影響鄰近的聚合物材料。所有這些的淨影響使我公司的調制解調器在各方面都能提高性能，從而在光纖通信環境中實現更高的可靠性。
在2020年10月15日，我們宣佈我們的專有聚合物科技與目前可用的集成光子平台兼容。 我們的專有電光材料目前處於原型開發階段，並在標準硅晶圓上製造，而這個 Polymer Plus™ 的進展，受到了我們公司至今從潛在客戶獲得的反饋驅動，使我們的材料 適合於與硅光子學、銦磷和其他標準平台等集成光子平台進行附加集成——因此使客戶的集成更簡單。我們相信這一突破使聚合物調製器能夠提升現有集成光子解決方案的市場表現，從而在鑄造製造的光子設計中實現更高的速度和更低的功耗。由於我們的科技是對現有平台如硅光子學的附加整合，我們的電光聚合物實際上並不是與集成光子平台競爭，而是使它們在市場上更具競爭力，進一步驗證了我們的電光聚合物平台非常適合於更高效地實現光網絡。
在2020年10月21日，我們宣佈已經優化了一種穩健的、光穩定的有機聚合物材料，以用於我們下一代調制解調器，計劃在保密協議下與潛在客戶進行試用。我們的材料對高強度紅外光具有高度耐受性，這在光纖通信環境中很常見，並隨着接入網絡的設備密度提高而變得愈加重要，這直接導致高強度紅外光水平的上升。我們的初步結果表明，我們最近開發的電光聚合物材料，基於潛在客戶的反饋設計，顯示出與目前使用的任何有機商業解決方案相比無與倫比的光耐受性（也稱爲光穩定性）。我們的結果不僅滿足了我們當前的內部標準，還回應了潛在客戶的反饋。
在2020年11月2日，我們公佈了關於聚合物材料穩定性測試的結果，包括我們公司的材料在1550nm和1310nm下的電光效率的進一步結果。我們展示了電光效率的測試材料結果達到4000小時，在寬帶暴露測試中對氧氣的敏感性有所提高，以及聚合物在100mW光照下暴露於1310nm光的穩定性。
在2020年11月20日，我們宣佈獲得美國專利號10,591,755，該專利詳細描述了一項重要發明，該發明使電光聚合物調製器的用戶不僅可以直接從CMOS集成電路芯片以高速和低功耗操作這些設備，還使他們能夠避免高速調製器驅動集成電路的費用、物理佔用空間和功耗。此外，該專利增強了我們的製造自由度，並直接使我們的調製器在市場上變得更具競爭力。
2020年12月16日，我們宣佈開發一種新型密封膠，以用於我們未來的芯片封裝聚合物平台。此密封膠能阻擋氧氣和其他大氣氣體，是我們公司在朝着無包裝聚合物調製器發展過程中的關鍵一步， 這是行業中的一項重要的推動科技。我們計劃開發此密封膠，以在未來的調製器中進行商業化實施。 近期結果表明，我們的電光聚合物密封膠材料表現出令人鼓舞的隔離特性，預計將顯著改善裸芯片對大氣氣體的抗性，相比現有的電光聚合物商業解決方案。 雖然初步測量結果非常有希望，但我們公司計劃繼續開展開發工作，以進一步優化密封膠材料和隔離性能，以實現芯片封裝的目標。
2021年1月13日，我們宣佈收到了美國專利號10,886,694，該專利詳細介紹了一種允許電光聚合物調製器被封裝在密封環境中的發明，並利用典型半導體制造廠中可用的知名、高產量和低成本的製造工藝，從而改善了大規模生產的適用性。此外，這種膠囊封裝的設計可以提高光纖電纜與其激光源之間的可靠性和耦合接口，適用於陣列光子集成電路解決方案。該封裝還可以將來自底層電路板的信號傳遞給聚合物調製器、激光器和其他元件，以便進行數據傳輸。密封膠囊由包含電氣和光學電路及元件的半導體基礎構建。通過設計一種半導體蓋，採用金屬化工藝將其密封到半導體基座平台上，從而創建一個密封膠囊腔。利用標準化的製造技術，我們現在可以創建一個滿足光子行業多年來所面臨的性能、可靠性、成本和體積要求的封裝。
在2021年5月11日，我們宣佈收到了美國專利號10,989,871，該專利詳細介紹了一種可以改善調制解調器中保護聚合物層的發明，當這種發明設計到愛文思控股的集成光子平台時，可以更好地適應高成交量製造業-半導體工藝。這些保護層將通過提高可靠性、改善光學性能來提升電光聚合物設備的性能，並使適合批量生產的標準化製造工藝得以使用。
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2021年6月 7日，我們宣佈我們的公司的普通股被納入Solactive EPIC核心光子學EUR指數NTR，作爲該指數半年一度的新增成分之一。該指數包括全球的上市公司，主題集中在光電、光子學以及光學技術的各個方面，涵蓋元件、模塊、製造商和光網絡系統公司。此項納入拓寬了我們在資本市場社區的影響力，並增強了我們與潛在合作伙伴和客戶的可信度。
On June 16, 2021, we announced test results from new modulators fabricated in 2021, which exceeded bandwidth design targets and achieved triple the data rate as compared to competing devices in use today. The breakthrough new devices demonstrated 3dB electro-optical with electrical bandwidths that exceed 100GHz – with measurements coming close to our Company’s state-of-the-art 110GHz test equipment capability. We expect this advancement to have a profound impact on the traffic flow on the internet.
On June 24, 2021, we announced the receipt of U.S. patent number 11,042,051 that details a breakthrough new device design that enables mass-volume manufacturing when designed into advanced integrated photonic platforms. The device design enhances reliability, improves optical mode control and most important, lowers by consumption through the use of direct-drive, low-voltage operation. The patent is entitled, “Direct drive region-less polymer modulator methods of fabricating and materials therefor” and is expected to open the opportunity for low power consumption electro-optic polymers to be developed into large foundry PDKs (process development kits) and be ready for mass volume commercialization. The patent emphasizes our technology platform using fabrication techniques that would naturally fit into foundry PDKs.
On August 4, 2021, we announced that we developed improved thermal design properties for electro-optic polymers used in our Polymer Plus™ and Polymer Slot™ modulators, enabling the speed, flexibility and stability needed for high-volume silicon foundry processes. We successfully created a 2x improvement in r33, while allowing higher stability during poling and post-poling. This provides better thermal performance and enables greater design flexibility in high-volume silicon foundry PDK (process development kit) processes.
On August 9, 2021, we announced the receipt of U.S. patent number 11,067,748 entitled “Guide Transition Device and Method” that covers a new invention that enables enhanced optical routing architectures for polymer-based integrated photonics that can be scaled with partner foundries. This new invention will enable innovative, highly scalable optical routing architectures for integrated photonic platforms. The patent provides novel optical waveguide transition designs using two planes of optical waveguides that are expected to be critical for optical signal routing and optical switching, opening the opportunity for high speed, energy efficient electro-optic polymers to be implemented into foundry PDKs (process development kits) to improve the performance of integrated photonic circuits. This breakthrough technology opens the door for advanced integrated photonics architectural design. We believe the simplicity of the design is ideal for production in foundries and will best position our Company to enable increased data traffic on the internet while using less power.
On September 1, 2021, our Company's common shares began trading on the Nasdaq Capital Market (“Nasdaq”). The Company’s Nasdaq listing will help to expand our potential shareholder base, improve liquidity, elevate our public profile within the industry and should ultimately enhance shareholder value.
On September 15, 2021, we announced the receipt of the 2021 Industry Award for Optical Integration from the European Conference on Optical Communications (ECOC), a premier industry exhibition that was held in Bordeaux from September 13-15, 2021. ECOC created the fiber communication industry awards in six categories to put the spotlight on innovation happening within the industry. The awards recognize and highlight key industry achievements in advancing optical components, photonic integration, optical transport and data center innovation. The awards are selected from top industry players, representing significant innovation in photonics integration at our prestigious exhibition.
On September 16, 2021, we announced the achievement of world-record performance for a polymer modulator, as demonstrated in an optical transmission experiment by ETH Zurich, using our Company's proprietary, advanced PerkinamineTM chromophores and Polariton Technologies Ltd.'s newest plasmonic EO modulator, a silicon-photonics-based plasmonic racetrack modulator offering energy-efficient, low-loss, and high-speed modulation in a compact footprint. The groundbreaking results were presented as a post-deadline paper at the prestigious European Conference on Optical Communications (ECOC) industry exhibition and conference in Bordeaux on September 16, 2021. Polariton's plasmonic modulator transmitted 220 Gbit/s OOK and 408 Gbit/s 8PAM. Transmission of an optical signal was conducted over 100 m using a low-voltage electrical drive of 0.6Vp, an on-chip loss of 1 dB, and an optical 3 dB bandwidth of beyond 110 GHz.
在2022年1月3日，我們宣佈由美國專利商標局（USPTO）公佈我們的專利申請20210405504A1 - 標題爲《具有附加金剛石分子團的非線性光學染料、其製備方法及其用途》這項技術顯著提高了我們電光聚合物的整體穩定性和性能。公司的電光染料設計爲具有一個或多個附加到染料上的金剛石分子團。當這些染料分散在宿主聚合物基體中時，電光材料的宏觀電光屬性得以改善，極化效率提高，負載量增加，以及這些材料在極化後的穩定性增強。這項科技的影響在於，它將加速超高速、低功耗電光聚合物在大型鑄造工藝開發工具（“PDK）中的應用，以提升集成光子電路的性能。
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在2022年1月3日，我們宣佈加強了公司的鑄造工藝開發工具包，增加了光柵耦合器。這一擴展的設計工具包將使硅鑄造廠能夠在一次工廠運行中實施PDK，並製造調制解調器和光柵，從而進一步提高調制解調器的效率。我們正在繼續研發其他設計工具包元件，以通過更簡化的製造工藝爲我們的鑄造合作伙伴加速商業化進程。
在2022年1月3日，我們宣佈任命受尊敬的行業領袖克雷格·切斯拉博士爲我們的董事會成員，而退休的董事約瑟夫·米勒博士則過渡到我們公司的顧問委員會。切斯拉博士目前是Illumina高級平台和設備組的副總裁，Illumina是一家領先的DNA測序和陣列技術提供商。在那裏，他領導着一個團隊推動測序平台、微流控、電子學和納米制造的創新。在加入Illumina之前，他曾是Kaiam的工程副總裁，負責開發和生產100G數據中心市場的收發器。他還是Tactus Technology的創始首席執行官，Tactus是一家用戶界面行業的創新者，他是Tactus聚合物變形屏幕技術的共同發明者。在加入Tactus之前，他在英特爾、JDSU（現在的Lumentum）、Bookham（現爲Oclaro）和Ignis Optics等公司擔任多種職務，開發光纖市場的廣泛產品。他的職業生涯始於東芝研究歐洲，在那裏他進行早期的太赫茲皮膚癌成像。切斯拉博士獲得了赫瑞瓦特大學的應用物理學學士學位（榮譽）和物理學博士學位。
在2022年2月10日，我們宣佈了關於我們的電光聚合物調製器的突破性光穩定性結果，這些調製器與高成交量硅鑄造工藝兼容。改進的聚合物光穩定性預計將最小化光損失，併爲硅鑄造廠提供一個更強大的平台。這一突破性的光穩定性能在我們優化聚合物以適應高成交量硅鑄造工藝時尤爲重要。
在2022年3月7日，我們宣佈獲得美國專利號11,262,605，標題爲「無活性區域聚合物調製器集成在通用PIC平台上的方法」。這一發明將簡化用於高成交量製造操作的調製器集成，同時增強聚合物的可靠性，以實現更有效的光子引擎。該發明的本質是一個完整的光學引擎，適用於在路由器、服務器及其他光網絡中使用的光纖收發器（無論是可插拔的還是共包裝的）。該引擎設計用於使用硅製造業的製造操作。該專利說明了我們聚合物調製器作爲高速、低功耗的引擎，不僅用於數據通信和電信應用，也可用於其他新市場機會。
2022年3月22日，我們宣佈了 聚合物調制解調器的世界級成果，Polariton Technologies和蘇黎世聯邦理工學院展示了其在增強穩定性和高速測量方面的表現。該成果是基於公司專有的愛文思控股Perkinamine™染料 在Polariton的基於硅光子學的等離子體跑道調制解調器中生成的，該調制解調器提供了能效高、損耗低和高速調製， 並具有緊湊的外形，非常適合可插拔和/或集成封裝的收發器模塊。等離子體調制解調器的性能與硅光子微環調制解調器進行了比較。使用Lightwave Logic的電光聚合物材料的等離子體器件被證明在操作條件變化下比硅器件穩定性高250-3000倍。此外，等離子體調製器在80°C下以100 Gbps NRZ的速度測試超過70分鐘，性能沒有下降。世界級成果作爲一篇經同行評審的論文在享有盛譽的2022光纖會議（OFC2022）上發表，後者是光通信行業領先的國際技術會議和交易會，會議於2022年3月10日在聖迭戈舉行。
2022年4月19日，我們宣佈了申請公開的專利文件2022/0113566 A1，標題爲「TFP（薄膜聚合物）光學轉換設備及其方法」，該專利展示了一種更易於製造、成本更低的混合集成光子芯片的設計，使用的電光聚合物更適合高成交量生產。這項發明將在與硅光子技術集成時簡化聚合物調製器的製造，以應對高成交量代工製造應用。這種簡化的製造方法使我們能夠簡化非常高速、低功耗專有聚合物調製器的生產，從而在互聯網環境中實現顯著更快的數據傳輸速率。這項發明的本質是一個混合聚合物-硅光子引擎，能夠適配用於路由器、服務器和網絡設備的光纖光收發器（可插拔或共封裝），這些設備伴隨數據中心、雲計算和光通信能力的增長而不斷增加。該混合聚合物-硅光子引擎的設計旨在利用高成交量的硅代工基礎設施。
在2022年5月25日，我們宣佈了公司自主開發的電光聚合物調制解調器在光穩定性方面的增強結果——展示了商業部署所需的可靠性——這一切都基於一種可以遷移到高成交量硅晶圓廠並與其他光學設備集成到硅光子平台上的技術。光穩定性是高成交量製造過程中（如光刻）所需的一個關鍵性能指標，同時也是提供商業部署所需的高可靠性和網絡可用性的基礎。在進行的測試中，將公司最新的聚合物在高強度光功率下測試超過3000小時，設備性能沒有發生變化。我們自主開發的聚合物通過這一加速光穩定性老化測試的能力，提供了保證，表明它們將能夠承受高成交量製造中出現的光照，並在光收發器和網絡元素所需的工作壽命內保持可靠性。
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2022年6月21日，我們宣佈了專利申請2022/0187637A1的發佈，標題爲「具有硅光子學的混合電光聚合物調製器」，該申請詳細說明了一種新穎的製造工藝，使我們公司的專有聚合物能夠在高成交量的製造環境中由硅代工廠進行製造。已發佈的專利申請還詳細說明了一種更高效的工藝，使得聚合物在高成交量的代工製造環境中能夠實現高產率和高穩定性的極化。我們公司與代工合作伙伴正在推進這一新光學混合調製器設計的PDk開發。
2022年6月23日，我們宣佈了專利申請2022/0187638A1的發佈，標題爲「具有原子層沉積（ALD）密封膠層的混合電光聚合物調製器」，它允許我們公司的專有聚合物在非常低的溫度和準氦氣環境中通過芯片級封裝方法密封對潮氣和其他大氣氣體的侵入，該方法可以並行應用於晶圓級（即在成交量中），並消除了對單獨的密封蘋果-外殼或「黃金盒子」的需求。芯片級封裝是一種在硅電子行業中已逐漸受歡迎的技術，旨在降低設備芯片封裝成本並提高設備性能——促進高成交量前端和後端製造，以及在微型化方面實現極小的尺寸。具體來說，我們的電光聚合物調製器採用低溫符合原子層沉積的介電層密封，這些介電層支撐在帶有無源硅光子波導的硅基板上。
在2022年6月27日，我們公司的 普通股票被納入了Russell 3000指數。®我們預計，作爲被納入最受關注的基準之一，不僅將惠及現有股東，還將吸引更多的機構投資者。 每年進行的Russell指數重組評估截至5月6日的4,000只最大的美國股票，並根據總市值進行排名。 我們在美國全覆蓋Russell 3000®指數中的成員資格將維持一年，這意味着會自動納入小盤 Russell 2000®指數以及適當的成長和價值風格指數。
在2022年6月30日，我們宣佈我們的首席執行官邁克爾·萊比博士再次受邀共同主持於2022年6月28日至29日在比利時布魯塞爾舉行的光子集成電路（PIC）國際會議。在會議上，萊比博士做了題爲「利用高速、低功耗聚合物調制解調器來實現更低功耗的光網絡」的受邀演講，重點關注減少數據中心和光網絡功耗的問題。他還參與了一個小組會議「混合PIC技術的挑戰與解決方案」，討論了混合集成在大硅代工廠基礎上對3D和2.5集成電子與光子集成電路（PICs）進行大規模生產的需要。這包括討論利用硅光子技術和電光聚合物、基於聚合物的等離子體技術、氮化硅和III-V激光源等混合技術。
在2022年9月22日，我們宣佈與卡爾斯魯厄理工學院（KIT）及其衍生公司SilOriX合作，成功實現了低功耗超高速「綠色」插槽調制解調器的世界紀錄性能。這是在2022年9月22日於瑞士巴塞爾舉行的享有盛譽的2022歐洲光通信會議（ECOC）上發表的一篇經過同行評議的截止日期後論文中提到的。團隊展示了第一款驅動電壓低於1V的子1mm Mach Zehnder型調制解調器，這些調制解調器依賴於Lightwave公司專有的愛文思控股Perkinamine™染料。該設備依賴於在KIT開發並通過SilOriX商業化的插槽波導設備概念。此外，材料在85°C下實驗性地證明了熱穩定性，並提供極高的能效以及在緊湊的佔地面積內實現高速調製。此外，這表明我們的材料可以在多種設備結構和設計中表現，並且被定位爲顯著降低光網絡的功耗，成爲行業真正的「綠色光子學」推動者。
九月 2022 年 22 日，我們宣佈實現了 250GHz 超高帶寬電光電 (EOE) 演示的世界紀錄 通過與蘇黎世聯邦理工學院的合作建立聯繫。該鏈接由蘇黎世聯邦理工學院演示，並使用了Polariton的高速等離子體調製器 包含 Lightwave 專有的 Perkinamine™ 髮色團和蘇黎世聯邦理工學院的高速石墨烯光電探測器。該鏈接包含 一種使用電光聚合物材料的等離子體調製器，以及一種新型超材料增強型石墨烯光電探測器，其特點是 200 nm 光譜窗口和設置限制1; 帶寬爲 500 GHz。EOE 鏈接創下了世界紀錄和前所未有的 250 GHz 3db 帶寬2。這是一種利用極高帶寬設備和等離子體演示的光學鏈路 表明我們的電光聚合物和石墨烯等混合技術共同構成了重要的批量技術平台 使用大型硅鑄造廠進行大規模商業化，實現可擴展性。Stephan Koepfli將開創性的結果介紹爲 這是在久負盛名的2022年歐洲光通信會議（ECOC）上發表的經過同行評審的截止日期後論文的一部分 2022年9月22日，瑞士巴塞爾。
在2022年11月15日，我們宣佈收到了美國專利號11,435,603 B2，標題爲「TFP（薄膜聚合物）光學轉換設備及方法」，該專利說明了一種更易於製造、成本更低的混合集成光子芯片的設計，利用電光聚合物，這對於大規模生產更具優勢。這種簡化的製造方法使得能夠高效生產非常高速、低功耗的專有聚合物調製器，從而在互聯網環境中實現顯著更快的數據傳輸速率。這項發明的核心是一種混合聚合物-硅光子引擎，能夠適配於光纖收發器（無論是可插拔的還是共同封裝的），這些設備廣泛應用於數據中心、雲計算服務商和光通信容量增長所帶來的路由器、服務器和網絡設備中。
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1 『設定限制』表示測量受到測試設備的限制。
2 德國基爾大學支持數字信號處理器(DSP)，而蘇黎世聯邦理工大學支持光探測器。
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我們在2022年11月17日宣佈， 收到美國專利號11,435,604 B2，標題爲「與硅光子學的混合電光聚合物調製器」， 這使得Lightwave Logic的專有聚合物可以在高成交量的製造環境中由硅鑄造廠生產。 該專利還詳細描述了一種更高效的工藝，允許在高成交量鑄造廠的製造環境中進行高產量、高穩定性的聚合物極化。 從商業角度來看，該專利使我們的聚合物能夠利用現有的硅鑄造設備進行大規模生產，從而簡化我們合作鑄造廠的生產。
2022年11月29日，我們宣佈 收購Chromosol Ltd（英國）的聚合物技術和知識產權資產。這次收購顯著增強了我們公司在具有極低溫度原子沉積（ALD）工藝的鑄造PDK方面的設計能力，這有效地 密封了已爲大規模生產準備的聚合物器件。ALD的先進製造工藝在低於100C的溫度下將鞏固我們公司在製造鑄造合作伙伴和 終端用戶市場的地位，因爲我們準備進入800Gbps集成光子市場。這次收購還推進了我們公司的電光聚合物技術專利 組合，帶有一種創新的聚合物化學器件專利，有潛力通過光學放大提高集成調製器在光子集成電路（PIC）中的性能，並通過集成採用聚合物增益和在硅光子平台上定義的激光光學腔的激光光源，增強PIC的功能， 結合我們公司的高速、高效調製器。能夠使用極低溫度的ALD，使我們的聚合物調製器能夠不受環境影響，而無需昂貴的大型黃金盒包裝，這使我們公司朝着芯片級包裝的方向發展，符合主要超大規模終端用戶的需求。這項專利開闢了一類新的PIC，擴展了我們的器件種類。該專利是美國專利號9837794，歐洲專利號3017489，中國註冊號201480048236和201910230856，標題爲「光電設備、製造方法及其材料。」
2022年12月12日，我們宣佈收到美國專利號11,506,918 B2，題目爲「具有原子層沉積（ALD）密封層的混合電光聚合物調製器」，它使我們的專有聚合物能夠通過採用在晶圓級（即成交流量）平行應用的芯片封裝方法，在非常低的溫度和準密封環境中密封水分和大氣氣體，從而消除了對單獨密封外殼或"黃金盒子"的需求。具體而言，我們的電光聚合物調製器將採用低溫等效原子層沉積介電層進行密封，該介電層支撐在帶有無源硅光子波導的硅基板上。密封過程將使在高成交量鑄造環境中實現更低成本的系統實施成爲可能。
在2022年12月13日，我們提供了與Polariton Technologies合作，使用電光聚合物和等離子體設備設計的調製器的世界級性能指標。基於在2022年歐洲光通信會議（ECOC）上展示的250 GHz超高帶寬電光電（EOE）鏈接的世界紀錄性能和演示， 3 通過與蘇黎世聯邦理工學院的合作，這些最新的性能指標結果顯示了光網絡設備的極大節能潛力，並明確表明基於聚合物的科技平台在一般實施方面具有良好的定位。這些結果是使用Polariton的電光聚合物基等離子體設備和Lightwave的電光材料實現的，帶寬超過250 GHz。雖然這些高速結果之前已經報道，但在這裏，Lightwave Logic首次報告該調製器的電壓-長度乘積性能指標（FoM）僅爲60 Vum，這大約比現今光網絡和互聯網中現有的光半導體調製器的性能好10倍。這個性能指標將允許超低電壓操作，並由Polariton的等離子體調製器使能，在每個調製器上攜帶顯著更多的數據，同時消耗更少的功率。對系統級設備的淨正面影響預計不僅會顯著，或許更重要的是，也會成爲'綠色光子學'平台的強大推動力。這些結果使我們的公司在超大規模市場的下一代超高容量互連方面極具競爭力。電光聚合物和等離子體的結合正成爲解決數據行業'阿基里斯之踵'——高功耗的理想新興科技平台。隨着行業考慮在2023年和2024年實施PAM4 200G通道，這些光學設備已經顯示出至少是這些通道速度的2倍的能力。
On January 12, 2023, our Chief Executive Officer, Dr. Michael Lebby, hosted a presentation and participated in an industry panel discussion at the 2023 Photonics Spectra Conference, a prominent virtual conference within the photonics industry. In the panel discussion, Dr. Lebby and a panel of industry experts from the entire photonics integrated chip (PIC) value chain, discussed lessons learned when scaling PIC production for volume applications. In his presentation, Dr. Lebby reviewed the potential solutions that electro-optical polymer modulators offer to integrated and hybrid photonics integrated chips (PICs), discussing their relevance to PIC packaging operations as well as how electro-optic polymers boost PIC speed and power efficiency.
On January 30, 2023, our Chief Executive Officer, Dr. Michael Lebby, participated in an industry panel discussion at the 2023 Laser Focus World Executive Forum. The Laser Focus World Executive Forum is one of the industry's premier events for senior-level executives, technology directors, and business managers from technology companies around the world, delivering an in-depth analysis of the global laser and photonics market. In this discussion, Dr. Lebby joined a panel of industry experts to discuss how the success of Silicon Photonics is based on the premise that it is a semiconductor technology, and hence it can be manufactured in volume by semiconductor fabs. The panel addressed the manufacturing plans of photonic integrated circuits (PICs) by semiconductor fabs and how the photonic industry can transfer their processes to the semiconductor industry.
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3 The groundbreaking results were presented by Stefan Koepfli (ETH Zurich) as part of a peer-reviewed post-deadline paper presented at the prestigious 2022 European Conference on Optical Communications (ECOC) in Basel, Switzerland on September 22, 2022. The post-deadline paper is titled “>500 GHz Bandwidth Graphene Photodetector Enabling Highest-Capacity Plasmonic-to-Plasmonic Links.”
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On March 22, 2023, we announced that our latest commercial-class electro-optic polymer material achieved breakthrough performance metrics at 1310 nanometers (nm), a wavelength popular in hyperscale datacenter applications. These commercial-class improvements include a significantly higher electro-optic coefficient exceeding 200 pm/V, which allows for very low drive power of 1 volt or less. Other characteristics include optimized chromophore loading, superior low optical loss, excellent temporal stability at 850 Celsius, and extremely high thermal and photo stability. The breakthrough commercial-class electro-optic material is expected to enable ultra-small footprint modulators with at least 100 GHz bandwidth as well as meeting all critical requirements for pluggable transceivers, on-board optics and co-packaging solutions. Additionally, the achievement of these results at the 1310nm bandwidth positions us for potential near-term licensing opportunities in datacenter applications.
In April 2023, our Chief Executive Officer, Dr. Michael Lebby, co-chaired the Photonic Integrated Circuits (PIC) International Conference in Brussels, Belgium. Industry-leading insiders delivered more than 30 presentations spanning six sectors at the conference. The conference provided attendees with an up-to-date overview of the status of the global photonics industry as well as the opportunity to meet many other key players within the community. In addition to serving as co-chair of the event, Dr. Lebby hosted a presentation for in-person attendees within the “Scaling PICs in Volume Using Foundries” track, focusing on the industry's consideration of electro-optic polymer modulators due to their increased modulation speed, lower power consumption, and potential for future multi-Tbps aggregated data-rates in the next decade. Additionally, Dr. Lebby discussed the latest results on foundry fabricated EO polymers, as well as the latest work in photonics roadmaps on both the integrated photonics (PIC) level as well as PIC packaging level.
On May 4, 2023, we announced, that in conjunction with our research partners at the Karlsruhe Institute of Technology and Solarix, the achievement of record optical modulator performance using our Company's latest Perkinamine® Series 5 material at extremely low cryogenic temperatures, delivering the potential to revolutionize applications in supercomputers, quantum circuits and advanced computing systems. Building from the world record performance and demonstration of super high bandwidth, and super low voltage electro-optic modulators with Karlsruhe Institute of Technology and Silorix over the past year, the results have the potential to enable supercomputing and quantum systems to be more competitive than standard computational systems given its faster speeds at low temperatures. This achievement opens huge opportunities to our Company in the areas of supercomputing and quantum systems by giving access to very high data rate, low power optical modulators.
On May 18, 2023, we announced the receipt of U.S. patent number 11,614,670 B2 entitled “Electro-optic polymer devices having high performance claddings and methods of preparing the same,” which is a cutting-edge design technique, enhancing the performance of polymer modulators through the use of innovative polymer cladding design that is amenable for high-volume foundry fabrication when integrated with silicon photonics. The patent details a novel fabrication process that allows our proprietary polymers to perform more effectively and to be fabricated by silicon foundries in a high-volume manufacturing environment. It also introduces a more efficient process for improving the performance of the polymer claddings, leading to increased poling efficiency and lower losses in both optical and RF aspects. This patent is helping us move forward with our commercial discussions through the enabling of enhanced performance and simplified manufacturing of our polymer modulators with silicon photonics.
On May 25, 2023, we announced our Company's first commercial material supply license agreement for our Perkinamine® chromophore materials. This agreement is to provide Perkinamine® chromophore materials for polymer based photonic devices and photonic integrated circuits (PICs). Supplying licensed materials is one prong of our Company's three-prong revenue model and business strategy that includes polymer modulator products as well as technology transfer. This agreement recognizes market acceptance and competitive advantage of our technology and validates the first prong of our business model. Further, it represents tangible commercial progress for electro-optic polymers as part of our business plan.
On May 31, 2023, we announced the receipt of U.S. patent number 11,661,428 entitled “Nonlinear Optical Chromophores, Nonlinear Optical Materials Containing the Same, and Uses Thereof in Optical Devices,” which details an innovative organic chromophore design using a novel 'thiophene bridge' to significantly improve material performance in a production environment. This is accomplished by designing thiophene-containing bridging groups that are positioned between the electron-donating and electron-accepting ends of the chromophore. These designs provide nonlinear optical chromophores with significantly improved optical properties and improved stability. We expect this patent will help us progress our commercial discussions with potential customers.
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In June 2023, we announced the publication of World International Property Organization (WIPO) PCT Patent Publication - PCT Patent No. WO 2023/102066 entitled “Nonlinear Optical Materials Containing High Boiling Point Solvents, and Methods of Efficiently Poling The Same,” which illustrates novel organic chemical structural designs that offer increased poling efficiency, as well as thermal stability for electro-optic materials. These designs provide non-linear optical chromophores with significantly improved material properties and stability for processing and fabrication by commercial foundries. Specifically, the patent teaches material processing and poling methods that directly leads to significantly enhanced electro-optic efficiency (r33) as compared to previous poling techniques. We consider this WIPO PCT Patent Publication to be a strong step forward in the scaling and volume commercialization of our polymer technology platform.
On August 1, 2023, we appointed respected industry executive Laila Partridge to our Board of Directors. Ms. Partridge brings over 30 years of executive experience in technology, corporate innovation and finance to our Board – having worked with a wide range of technologies, including telecommunications, internet infrastructure, AI, internet of things and more. She was named by Boston Business Journal as one of the ten “2017 Women to Watch in Science and Technology”. She currently serves as Founder and Chief Executive Officer of The HardTech Project, a new venture with a novel approach to early-stage hardware investing. Previously, she was Managing Director of the STANLEY + Techstars Accelerator where she directed a global effort for Stanley Black & Decker's Chief Technology Officer to identify and invest in innovative technologies for industrial applications with an emphasis on electrification, sustainability and advanced manufacturing. Prior to that, she began her technology career at Intel Capital, serving as a Director of Strategic Investments. Ms. Partridge began her career at Wells Fargo, where she ultimately achieved the role of VP of Corporate Banking, having led complex corporate finance transactions for the company's senior secured debt agencies in the Midwest. Ms. Partridge brings significant board experience to the Board of Directors, including at Intel Capital serving privately-held technology companies, and in her current role as an independent Director at Cambridge Trust (NASDAQ: CATC). She holds a Bachelor's degree with Honors from Wellesley College.
On August 21, 2023, we announced the completion of new laboratory production facilities, expanding our corporate headquarters by over 65%, nearly 10,000 square feet, for a total of approximately 23,500 square feet to support new commercial activity, including enabling commercial device testing and evaluation, production reliability testing, laser characterization, SEM analysis and the expansion of our Company's chemical synthesis production line.
On October 3, 2023, we announced our receipt of the 2023 Industry Award for Most Innovative Hybrid PIC/Optical Integration Platform from the European Conference on Optical Communications (ECOC) – a premier industry exhibition – held in Glasgow, Scotland from October 2-4, 2023. ECOC is one of the leading conferences on optical communication and attracts top industry minds from across the world. The ECOC awards emphasize technology and product commercialization, highlighting significant achievements in advancing the business of optical communications, transport, networking, fiber-based products, photonic integration circuits and related developments. The Innovative Product category with 5 subcategories looks across the industry at new products driving change in their respective market segment, and what is timely and helping to increase the use of optics. Metrics include design features that are photonics, electronics, thermal, mechanical, chemical, environmental and carbon footprint based.
On March 24, 2024, at the 2024 Optical Fiber Conference in San Diego, California (OFC 2024), we presented world-class results for our Company’s 200Gbps heterogeneous polymer/silicon photonic modulator at a record low drive voltage, which are based on a novel packaged heterogeneous polymer EO modulator design leveraging silicon photonics devices from a 200mm production foundry process and Lightwave Logic’s proprietary high temperature, high performance EO Polymer material. Each modulator was operated at 100GBaud PAM4 and achieved all drive voltages below 2V, and as low as 1V which is excellent for low power operation. We discussed the test set-up for the high-speed results, and how electro-optic polymer-based modulators based on 200mm silicon foundry wafers are ideal for 4 lane 200Gbps per lane 800Gbps pluggable optical transceivers for datacenter applications. We also shared updated lifetime and reliability data for both the electro-optic polymer materials and electro-optic polymer devices. Our results demonstrate that a hybrid approach, leveraging the cost and integration benefits of silicon photonics along with the unparalleled bandwidth and low power advantages of Lightwave Logic’s proprietary EO polymers, lays a clear path for competitive performance and integration for today’s and future optical pluggable transceivers, and we expect these results will position our Company to support the burgeoning demand of generative AI as datacenters around the world begin to upgrade their hardware faster than expected to meet the demands of the future.
On March 28, 2024, we announced world-class performance of the Company’s Perkinamine® EO polymer material operating in an optical interconnect link, at 437.1Gbps employing a PAM8 178GBaud signal encoded by a plasmonic Mach Zehnder modulator (MZM). In this work, intensity modulated, direct detection (IM/DD) techniques were utilized to drive higher performance. The paper, authored by our teammates ETH Zurich and Polariton Technologies, demonstrated data rates beyond 400Gbps for a IM/Dd optical interconnect link for the first time. This world-class result, achieving data rates of 400Gbps per lane, demonstrates that our Company’s EO polymers are capable of exceeding double the current industry expectation. This has the potential to enable 4 lane 1.6Tbps (1600Gbps) pluggable transceiver modules, which is on the roadmap of datacenter operators today.
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On April 1, 2024, we announced the issuance of patent 11,921,401 by the United States Patent and Trademark Office (USPTO) – entitled ‘Nonlinear Optical Chromophores Having a Diamondoid Group Attached Thereto, Methods of Preparing the Same, and Uses Thereof’ issued on March 5, 2024, which has been shown to significantly improve the overall stability and performance of our Company’s EO chromophores. This materials-based chemical-engineered invention advances the overall performance of our Company’s EO chromophores and their use in high-speed, low power and commercial-grade EO polymer modulators that operate at 200Gbps with drive voltage levels of 1V. The proprietary chromophores are designed with Diamondoid molecular groups that are attached to the chromophore. Results show that when these chromophores are dispersed in a host polymer matrix, the EO materials result in improved macroscopic EO properties, increased poling efficiency, increased loading as well as increased stability of these materials after poling. The impact of the technology disclosed is significant in that it will increase the overall robustness of polymer materials that are utilized in optical modulator devices. Further, the materials can be easily utilized in silicon foundries for high-volume manufacturing processes. We believe this invention will help us bring in more commercial license deals for our EO polymers, especially as we work with high-volume manufacturing silicon foundries and 200mm silicon wafers. Additionally, we consider this material as a key component for next generation 800Gbps and 1600Gbps pluggable optical transceiver modules that support the rise of generative AI and upgrading of datacenter hardware equipment.
On April 16, 2024, we announced our substantial contributions to the recently published “Integrated Photonics System Roadmap - International” (IPSR-I) to accelerate the high-volume commercial manufacturing of high-value integrated photonics over the next decade and beyond. More than 400 technology, academic and industrial organizations from around the world contributed to IPSR-I. The IPSR-I describes a route toward building a global, aligned integrated photonics industry with the ability to help solve major societal challenges. It includes a comprehensive overview of major technology gaps for volume manufacturing of photonic integrated circuits (PIC) and a detailed analysis of the challenges that the integrated photonics industry needs to overcome to achieve its potential. Lightwave Logic was instrumental in two chapters of the IPSR-I, serving as co-chair of the “Transceivers” chapter and chair of the “Polymers” chapter. Our Company also contributed to the “Interconnects” chapter. ‘Transceivers’ are a critical commercial pluggable optical engine, for example in hyperscaler datacenters, telelcom networks, and high-performance computing. 'Interconnects' focuses on optical fiber links that connect pluggable optical transceivers together for routers, switches, computational systems etc. ‘Polymers’ focuses on active electro-optic polymers for optical modulators as well as passive polymers that guide and manipulate light in fiber optic communications markets. The integrated photonics roadmaps both plan and anticipate commercial opportunities as well as potential roadblocks and/or critical needs on the way to scaling the manufacturing of integrated photonics through 2040. The silicon semiconductor industry has relied on these types of roadmaps for the past 50 years and with IPSR-I, the photonics industry is becoming organized and more influential as well.
On May 21, 2024, we announced our collaboration with Advanced Micro Foundry (AMF), a leading Silicon Photonics volume foundry, to develop state-of art polymer slot modulators utilizing AMF's silicon photonics platform. These modulators have been shown to achieve a record low drive voltage below 1V and data rates of 200Gbps PAM4. This performance will enable a new generation of 800 Gb/s and 1.6T Gb/s pluggable transceivers to address fast growing requirements for optical connectivity for large generative AI computing clusters. Lightwave Logic and AMF have collaborated over the past year to develop the electro optic polymer slot modulators utilizing AMF's standard manufacturing process flow on 200-mm wafers. This successful demonstration marked a significant milestone in integrated photonics, blending Silicon photonics with polymer materials. Building on this demonstration, both parties are aiming to enhance the modulators to ensure these advanced components are readily accessible to product companies on a manufacturing scale. This accomplishment puts our Company in a very strong position to ramp volume both for our polymers as well as 200-mm silicon wafer volume with AMF. It also opens exciting opportunities to develop novel solutions for commercial-grade-compatible EO polymer modulators seamlessly integrated with AMF's standard processes.
On August 1, 2024, we appointed Yves LeMaitre to our Board of Directors. Mr. LeMaitre brings over 30 years of executive experience in technology, corporate strategy and marketing to the Board of Directors. He currently serves as a Strategic Board Advisor to Trumpf Photonic Components, a global technology company specializing in the development of lasers for optics, and as a strategic advisor to the Optical, RF & Micro-Electronics division of Sanmina AMT. Mr. LeMaitre most recently served as CEO of Astrobeam.Space, where he launched the startup's development of next-generation of laser beam steering for satellite to satellite communication. Previously, Mr. LeMaitre was the Head of the Optical Coherent Division of IPG Photonics, where he advised and oversaw the division's divestiture to Lumentum. Prior to that, he was the SVP of Luna Innovations' North America Business Operation (following the company's acquisition of RIO Lasers where he served as President). 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 connectivity business, driving the growth of Indium Phosphide lasers in the datacenter (now Generative AI front-end networks) segments. He holds a degree from Télécom Paris and a "Maitrise" Degree in Computer Science and Mathematics from Nantes Université in France.
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On September 4, 2024, we appointed Thomas M. Connelly, Jr. to our Board of Directors. Mr. Connelly’s exceptional industry knowledge and deep experience in the polymers business will be an outstanding resource to the Lightwave Logic management team and he is uniquely qualified to help our Company as we expand our business focus for our EO polymer platform. Mr. Connelly has served as CEO of the American Chemical Society, one of the largest scientific societies with 170,000 members worldwide, and as Chief Innovation Officer of DuPont, where he was a member of its Office of the Chief Executive. Among his responsibilities in chemicals and materials over 35+ years at DuPont were its Performance Polymers and Packaging & Industrial Polymers businesses. He also served as its Chief Science and Technology Officer, with responsibility across business units in the U.S., Europe and Asia. He joined DuPont in 1977, and played key roles in Delrin®, Kevlar®, Sorona® and Teflon®. Dr. Connelly holds degrees in chemical engineering (highest honors) and economics from Princeton University, and as a Winston Churchill Scholar he received a PhD in chemical engineering from the University of Cambridge. As a member of the National Academy of Engineering and its committees, he has been chair of the National Academies of Sciences, Engineering, and Medicine's committee for the Division on Earth and Life Studies. In addition, he has held advisory roles to the U.S. government and Republic of Singapore.
On September 24, 2024, we announced our receipt of the 2024 Industry Award for Most Innovative Hybrid PIC/Optical Integration Platform from the European Conference on Optical Communications (ECOC), a premier industry exhibition held in Frankfurt, Germany from September 22-26, 2024. The ECOC Exhibition Awards highlight exceptional achievements in advancing the business of optical communications, transport, networking, fiber-based products, photonic integration circuits and related developments. The awards, granted by a technical committee of industry peers and industrial corporations, indicate market recognition and cover 2 broad value-chain categories: Optical materials, components, packages, modules etc.; and Optical Systems, networks, standards, architecture etc. This award serves as a highlight amidst our ongoing engagement with a wide spectrum of companies discussing device designs to materials supply and licensing agreements for our EO polymer materials with OEMs and tier-1 multinational corporations. ECOC is one of the leading global industry conferences on optical communications, adding to the recognition for this particular innovation award, which provides further market validation of our technology and provides industry peer confirmation of the inherent benefits of our platform. This is the second time we received this award.
On September 24, 2024, we announced a collaboration with Polariton Technologies to demonstrate a packaged device with over 110 GHz super high bandwidth packaged electro-optic polymer modulators using Polariton's plasmonic modulator device design that contains Lightwave's proprietary Perkanamine™ chromophores at the European Conference on Optical Communications (ECOC) held in Frankfurt, Germany from September 22-26, 2024. The packaged device contains a plasmonic modulator using electro-optic polymer material and platform chips have demonstrated 400 Gbps, which is the current specification that datacenters are looking for in optical transceiver modules. This collaboration forms an important technology platform for scalability using large silicon foundries for mass commercialization with 200mm silicon wafers. The combination of electro-optic polymers and plasmonics can support datacenters around the world which are responding to high power consumption and the burgeoning demand for higher speed data transmission from artificial intelligence, machine learning, and other cloud-based services. This device enables ultra-high bandwidths, which are extremely well suited for next generation internet and optical networking transceivers that require 200Gbps per lane today, and 400Gbps per lane soon.
As we move forward to diligently meet our commercial goals, we continue to work closely with our packaging and foundry partners for 112Gbaud prototypes, and we are advancing our reliability and characterization efforts to support our prototyping. Depending on electrical encoding schemes such as PAM4, or PAM8, or wavelength optical multiplexing, these Gigabaud rates roughly translate to 200Gbps and 300Gbps per lane and are the key speed rates for emerging 800Gbps to future possible 1200Gbps applications. Our partnership with silicon-based foundries will allow us to scale commercial volumes of electro-optic polymer modulator devices using large silicon wafers, and we are currently working to have our fabrication processes accepted into foundry PDKs (process development kits). These are the recipes that foundries use to manufacture devices in their fabrication plants.
We are currently engaging with Tier 1 transceiver component manufacturers who since the demonstration of 200Gbps at less than 1V, and more recently less than 0.5V, have shown increased interest in our polymer platform. These manufacturers are datacenter based and are planning to upgrade their product portfolio with faster and lower power modulators and are based in USA, Europe as well as the Far East. Our polymer modulators represent a route that these transceiver manufacturers can upgrade their silicon photonics platform to datacenter performance levels that are being driven in part by G-AI.
We are actively engaged with test equipment manufacturers of the most advanced test equipment to test our state-of-the-art polymer devices. We continue to engage with multiple industry bodies to promote our roadmap. We continue to fine tune our business model with target markets, customers, and technical specifications. Our business model includes the licensing of our strong IP and Patent portfolio, as well as technology transfer to entities such as foundries. Discussions with prospective customers are validating that our modulators are ideally suited for the datacenter and telecommunications markets that are over 10km in length. Details and feedback of what these prospective customers are seeking from a prototype are delivered to our technical team.
Capital Requirements
We commenced commercial operations in May 2023, and we do not generate sufficient revenues to pay for our operating expenses. We have incurred substantial net losses since inception. We have satisfied our capital requirements since inception primarily through the issuance and sale of our common stock.
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Results of Operations
Comparison of three months ended September 30, 2024 to three months ended September 30, 2023
Revenues
During the three months ended September 30, 2024, we recognized $22,916 of licensing and royalty revenue. As a development stage company, during the three months ended September 30, 2023, we had no revenues. The Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners, and commercialization. The Company expects to continue obtaining a revenue stream from technology licensing agreements, to obtain additional revenue streams from technology transfer agreements and direct sale of its own electro-optic device components.
Cost of Sales
During the three months ended September 30, 2024 and September 30, 2023 we recognized $1,236 and $0 in Cost of Sales, respectively.
Operating Expenses
| For the Three Months Ended September 30, 2024 | For the Three Months Ended September 30, 2023 | Change from Prior Three Month Period | Percent Change from Prior Three Month Period | |||||||||||||
| Research and development | $ | 3,828,301 | $ | 4,040,941 | $ | (212,640 | ) | -5 | % | |||||||
| General and administrative | 1,490,481 | 1,345,335 | 145,146 | 11 | % | |||||||||||
| $ | 5,318,782 | $ | 5,386,276 | $ | (67,494 | ) | -1 | % | ||||||||
Research and development expenses decreased for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023, primarily due to decreases in research and development non-cash stock option amortization expenses, prototype device development and wafer fabrication expenses, and laboratory and wafer fabrication materials and supplies expenses, offset by increases in research and development salary expenses, research and development equipment depreciation expense, research and development travel expense, and software expense.
| · | Research and development non-cash stock option amortization expense decreased by $382,832 in the three months ended September 30, 2024, compared to the same period in 2023. |
| · | Prototype device development and wafer fabrication expenses decreased by $226,262 in the three months ended September 30, 2024, compared to the same period in 2023. |
| · | Laboratory and wafer fabrication materials and supplies expenses decreased by $68,090 in the three months ended September 30, 2024, compared to the same period in 2023. |
| · | These decreases were offset by a $243,124 increase in research and development salary expense, $134,612 increase in research and development equipment depreciation expense, $69,939 increase in research and development travel expenses, and a $34,109 increase in research and development software expenses in the three months ended September 30, 2024, compared to the same period in 2023. |
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We expect to continue to incur substantial research and development expense developing and commercializing our photonic devices, and electro-optic materials platform. These expenses will increase because of accelerated development effort to support commercialization of our non-linear optical polymer materials technology; to build photonic device prototypes; working with semiconductor foundries; hiring additional technical and support personnel; engaging senior technical advisors; pursuing other potential business opportunities and collaborations; customer testing and evaluation; and incurring related operating expenses.
General and administrative expenses increased for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023, primarily due to increases in general and administrative salary expenses and legal fees, offset by decreases in general and administrative non-cash stock option amortization expenses, accounting fees and office expenses.
| · | General and administrative salary expenses increased by $196,796 in the three months ended September 30, 2024, compared to the same period in 2023. |
| · | Legal fees increased by $147,576 in the three months ended September 30, 2024, compared to the same period in 2023. |
| · | These increases were offset by a $144,675 decrease in general and administrative non-cash stock option amortization expenses, a $29,900 decrease in accounting fees, and a $26,726 decrease in office expenses. |
Other Income (Expense)
| For the Three Months Ended September 30, 2024 | For the Three Months Ended September 30, 2023 | Prior Three Month Period | Change from Prior Three Month Period | |||||||||||||
| Other Income (Expense) | $ | (3,811 | ) | $ | 221,685 | $ | (225,496 | ) | -102 | % | ||||||
Other income decreased for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023, primarily due to the recognition of a $210,274 loss on retirement of certain expired patent applications and patents, and a $24,582 decrease in interest income on money market account, offset by a $9,428 decrease in commitment fee associated with the purchase of shares by an institutional investor for sale under a stock purchase agreement.
Net Loss
| For the Three Months Ended September 30, 2024 | For the Three Months Ended September 30, 2023 | Change from Prior Three Month Period | Percent Change from Prior Three Month Period | |||||||||||||
| Net Loss | $ | 5,300,913 | $ | 5,164,591 | $ | 136,322 | 3 | % | ||||||||
Net loss was $5,300,913 and $5,164,591 for the three months ended September 30, 2024 and 2023, respectively, for an increase of $136,322 due primarily to increases in salary expenses, recognition of loss on retirement of certain expired patent applications and patents, increases in legal fees, depreciation of research and development equipment, and travel expenses, and a decrease in interest income on money market account, offset by decreases in non-cash stock option amortization expenses, prototype device development and wafer fabrication expenses, laboratory and wafer fabrication materials and supplies expenses, accounting fees, office expenses, and commitment fee associated with the purchase of shares by an institutional investor for sale under a stock purchase agreement.
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Results of Operations
Comparison of nine months ended September 30, 2024 to nine months ended September 30, 2023
Revenues
During the nine months ended September 30, 2024, we recognized $58,938 of licensing and royalty revenue and $13,750 revenue for the device processing work on the device supplied by a customer. As a development stage company, during the nine months ended September 30, 2023, we had no revenues.
Cost of Sales
During the nine months ended September 30, 2024, we recognized $6,411 in Cost of Sales, and $0 in Cost of Sales during the nine months ended September 30, 2023.
Operating Expenses
| For the Nine Months Ended September 30, 2024 |
For the Nine Months Ended September 30, 2023 |
Change from Prior Nine Month Period |
Percent Change from Prior Nine Month Period |
|||||||||||||
| Research and development | $ | 12,811,221 | $ | 12,006,758 | $ | 804,463 | 7 | % | ||||||||
| General and administrative | 4,642,603 | 3,879,515 | 763,088 | 20 | % | |||||||||||
| $ | 17,453,824 | $ | 15,886,273 | $ | 1,567,551 | 10 | % | |||||||||
Research and development expenses increased for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023, primarily due to increases in research and development salary expenses, prototype device development and wafer fabrication expenses, research and development equipment depreciation expense, laboratory and wafer fabrication materials and supplies expenses, research and development travel expenses, rent expenses, property tax expenses, software expenses, research and development repair expenses, and research and development consulting expenses, offset by decreases in research and development non-cash stock option amortization expenses, research and development employee relocation expenses, and research and development recruiting fees in the nine months ended September 30, 2024, compared to the same period in 2023.
| · | Research and development salary expenses increased by $1,133,765 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Prototype device development and wafer fabrication expenses increased by $327,210 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Depreciation expense increased by $304,509 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Laboratory and wafer fabrication materials and supplies expenses increased by $140,123 in the nine months ended September 30, 2024, compared to the same period in 2023. |
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| · | Research and development travel expenses increased by $138,924 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Research and development rent expenses increased by $90,483 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Property tax expenses increased by $80,937 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Research and development software expenses increased by $46,768 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Research and development repair expenses increased by $38,643 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Research and development consulting expenses increased by $32,281 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | These increases were offset by a $1,265,933 decrease in research and development non-cash stock option amortization expenses, a $178,626 decrease in research and development employee relocation expenses, and a $172,803 decrease in research and development recruiting fees in the nine months ended September 30, 2024, compared to the same period in 2023. |
We expect to continue to incur substantial research and development expense developing and commercializing our photonic devices, and electro-optic materials platform. These expenses will increase because of accelerated development effort to support commercialization of our non-linear optical polymer materials technology; to build photonic device prototypes; working with semiconductor foundries; hiring additional technical and support personnel; engaging senior technical advisors; pursuing other potential business opportunities and collaborations; customer testing and evaluation; and incurring related operating expenses.
General and administrative expenses increased for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023, primarily due to increases in general and administrative salary expenses, consulting fees, depreciation expense, sales and marketing expenses, general and administrative recruiting fees, travel expenses, rent expenses, directors’ fees, and software expenses, offset by decreases general and administrative non-cash stock option amortization expenses, and accounting expenses
| · | General and administrative salary expenses increased by $509,356 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | General and administrative consulting fees increased by $166,286 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Depreciation expense increased by $109,164 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Sales and marketing expenses increased by $51,360 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | General and administrative recruiting fees increased by $48,817 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Travel expenses increased by $35,822 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Rent expenses increased by $24,012 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Directors’ fees increased by $22,500 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | Software expenses increased by $21,847 in the nine months ended September 30, 2024, compared to the same period in 2023. |
| · | These increases were offset by a $244,254 decrease in general and administrative non-cash stock option amortization expense and a $45,294 decrease in accounting fees in the nine months ended September 30, 2024, compared to the same period in 2023. |
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Other Income (Expense)
| For the Nine Months Ended September 30, 2024 |
For the Nine Months Ended September 30, 2023 |
Change from Prior Nine Month Period |
Percent Change from Prior Nine Month Period |
|||||||||||||
| Other Income (Expense) | $ | 387,039 | $ | (212,083 | ) | $ | 599,122 | 282 | % | |||||||
Other income increased for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023, primarily due to a $485,894 decrease in commitment fee associated with the purchase of shares by an institutional investor for sale under a stock purchase agreement, a $334,636 increase in interest income on money market account, and a recognition of a $210,274 loss on retirement of certain expired patent applications and patents.
Net Loss
| For the Nine Months Ended September 30, 2024 |
For the Nine Months Ended September 30, 2023 |
Change from Prior Nine Month Period |
Percent Change from Prior Nine Month Period |
|||||||||||||
| Net Loss | $ | 17,000,508 | $ | 16,098,356 | $ | 902,152 | 6 | % | ||||||||
Net loss was $17,000,508 and $16,098,356 for the nine months ended September 30, 2024 and 2023, respectively, for an increase of $902,152 due primarily to increases in salary expenses, depreciation expense, prototype device development and wafer fabrication expenses, recognition of loss on retirement of certain expired patent applications and patents, increases in consulting fees, travel expenses, laboratory and wafer fabrication materials and supplies expenses, rent expense, property tax expenses, software expenses, sales and marketing expenses, repair expenses, and directors’ fees. These increases were offset by decreases in non-cash stock option amortization expense, commitment fee associated with the purchase of shares by an institutional investor for sale under a stock purchase agreement, employee relocation expenses, recruiting fees, and accounting fees, and an increase in interest income on money market account.
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Liquidity and Capital Resources
Our primary source of operating cash inflows was (i) proceeds from the sale of common stock to Lincoln Park, an institutional investor, pursuant to purchase agreements with Lincoln Park (the institutional investor) and proceeds from sale of common stock by Roth Capital pursuant to the at the market sale agreement with the investment banking company as described in Note 10 to the Financial Statements and (ii) proceeds received pursuant to the exercise of options and warrants.
On July 2, 2021, our Company filed a $100 million universal shelf registration statement which became effective on July 9, 2021 and expired on July 8, 2024. On July 26, 2024, the Company filed a new $100 million universal shelf registration statement which became effective on August 5, 2024. On October 4, 2021, our Company entered into the 2021 purchase agreement with Lincoln Park to sell up to $33 million of registered common stock over a 36-month period. All of the registered shares under the October 4, 2021 purchase agreement with Lincoln Park have been issued as of December 31, 2023. On February 28, 2023, our Company entered into the 2023 purchase agreement with Lincoln Park to sell up to $30 million of registered common stock over a 36-month period. As of the date of this filing, $2.8 million remain on the 2023 Purchase Agreement. On December 9, 2022, our Company entered into the at the market sale agreement with Roth Capital, as sales agent, whereby pursuant to the at the market sale agreement, our Company may offer and sell up to $35,000,000 in shares of our registered common stock, from time to time through Roth Capital. As of the date of this filing, $31.9 million remains available to our Company pursuant to the at the market sale agreement.
During the nine months ended September 30, 2024, the Company received $9,175,900 in proceeds pursuant to the 2023 purchase agreement with Lincoln Park, $714,901 in proceeds pursuant to the at the market sale agreement with Roth Capital, $252,450 in proceeds pursuant to the exercise of options and warrants and $63,884 in cash collections from customer contracts, of which $50,000 related to the proceeds received under a material supply and license agreement and $13,884 – to the proceeds received for a contact for processing work on the devices supplied by a customer. During the year ended December 31, 2023, the Company received $19,993,359 in proceeds pursuant to the 2021 purchase agreement and 2023 purchase agreement with Lincoln Park, $1,515,878 in proceeds pursuant to the at the market sale agreement with Roth Capital, $1,013,924 in proceeds pursuant to the exercise of options and warrants and $50,000 in a proceed received under a material supply and license agreement of which $39,875 is recorded as deferred revenue as of December 31, 2023.
During the nine months ended September 30, 2024, our primary sources of cash outflows from operations included payroll, rent, utilities, payments to vendors including prototypes development and foundries expenses, laboratory and wafer fabrication materials and supplies expenses, and third-party service providers. During the year ended December 31, 2023, our primary sources of cash outflows from operations included payroll, rent, utilities, payments to vendors including prototypes development and foundries expenses and third-party service providers.
Our future expenditures and capital requirements will depend on numerous factors, including: the progress of our research and development efforts; the rate at which we can, directly or through arrangements with original equipment manufacturers, introduce and sell products incorporating our polymer materials technology; the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; market acceptance of our products and competing technological developments; and our ability to establish cooperative development, joint venture and licensing arrangements. We expect that we will incur approximately $1,687,000 of expenditures per month over the next 12 months.
We expect the proceeds received pursuant to the 2023 purchase agreement and any future purchase agreements with Lincoln Park, the at the market sale agreement with Roth Capital, the exercise of options and warrants and commercial operations to provide us with sufficient funds to maintain our operations over the next 12 months. Our current cash position enables us to finance our operations through February 2026 before we will be required to replenish our cash reserves. Our cash requirements are expected to increase at a rate consistent with our Company’s revenue growth as we expand our activities and operations with the objective of increasing our revenue stream from the commercialization of our electro-optic polymer technology. We currently have no debt to service.
We expect that our cash used in operations will continue to increase during 2024 and beyond because of the following planned activities:
| • | The addition of management, sales, marketing, technical and other staff to our workforce; | |
| • | Increased spending for the expansion of our research and development efforts, including purchases of additional laboratory and production equipment; | |
| • | Increased spending in marketing as our products are introduced into the marketplace; | |
| • | Partnering with commercial foundries to implement our electro-optic polymers into accepted PDKs by the foundries; | |
| • | Developing and maintaining collaborative relationships with strategic partners; | |
| • | Developing and improving our manufacturing processes and quality controls; and | |
| • | Increases in our general and administrative activities related to our operations as a reporting public company and related corporate compliance requirements. |
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2023 Purchase Agreement with Lincoln Park
On February 28, 2023, our Company entered into the 2023 purchase agreement with Lincoln Park, pursuant to which Lincoln Park agreed to purchase from us up to $30 million of our common stock (subject to certain limitations) from time to time over a 36-month period. Pursuant to the 2023 purchase agreement, Lincoln Park is obligated to make purchases as the Company directs in accordance with the purchase agreement, which may be terminated by the Company at any time, without cost or penalty. Sales of shares will be made in specified amounts and at prices that are based upon the market prices of our common stock immediately preceding the sales to Lincoln Park. We expect this and any future purchase agreements with Lincoln Park to provide us with sufficient funds to maintain our operations for the foreseeable future. With the additional capital, we expect to achieve a level of revenues attractive enough to fulfill our development activities and adequate enough to support our business model for the foreseeable future.
There are no trading volume requirements or restrictions under the 2023 purchase agreement, and we will control the timing and amount of any sales of our common stock to Lincoln Park. Lincoln Park has no right to require any sales by us but is obligated to make purchases from us as we direct in accordance with the 2023 purchase agreement. We can also accelerate the amount of common stock to be purchased under certain circumstances. There are no limitations on the use of proceeds, financial or business covenants, restrictions on future financings (other than restrictions on the Company’s ability to enter into a similar type of agreement or equity line of credit during the term, excluding an at-the-market transaction with a registered broker-dealer), rights of first refusal, participation rights, penalties or liquidated damages under the 2023 purchase agreement.
At the Market Sale Agreement – Roth Capital
On December 9, 2022, we entered into the at the market sale agreement with Roth Capital, as sales agent. Pursuant to the at the market sale agreement, our Company may offer and sell up to $35,000,000 in shares of our common stock, from time to time through Roth Capital. Upon delivery of a placement notice based on our Company’s instructions and subject to the terms and conditions of the at the market sale agreement, Roth Capital may sell the shares by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act, including sales made directly on or through The Nasdaq Capital Market, on any other existing trading market for the Company’s common stock, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, or by any other method permitted by law, including negotiated transactions, subject to the prior written consent of our Company. We are not obligated to make any sales of shares under this agreement. The Company or Roth Capital may suspend or terminate the offering of shares upon notice to the other party, subject to certain conditions. Roth Capital will act as sales agent on a commercially reasonable efforts basis consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of Nasdaq. We have agreed to pay Roth Capital commissions for its services of acting as agent of 3.0% of the gross proceeds from the sale of the shares pursuant to the at the market sale agreement.
The amount of proceeds we receive from the at the market sale agreement, if any, will depend upon the number of shares of our common stock sold and the market price at which they are sold. There can be no assurance that we will be able to sell any shares under or fully utilize this agreement. Roth Capital is not required to sell any specific number of shares of our common stock under the agreement. We intend to use net proceeds from the at the market sale agreement for general corporate purposes, including, without limitation, sales and marketing activities, product development, making acquisitions of assets, businesses, companies or securities, capital expenditures, and for working capital needs.
We cannot assure you that we will meet the conditions of the 2023 purchase agreements with Lincoln Park in order to obligate Lincoln Park to purchase our shares of common stock, and we cannot assure you that we will be able to sell any shares under or fully utilize the at the market sale agreement with Roth Capital. In the event we fail to do so, and other adequate funds are not available to satisfy long-term capital requirements, or if planned revenues are not generated, we may be required to substantially limit our operations. This limitation of operations may include reductions in capital expenditures and reductions in staff and discretionary costs.
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Analysis of Cash Flows
For the nine months ended September 30, 2024
Net cash used in operating activities was $12,414,222 for the nine months ended September 30, 2024, primarily attributable to the net loss of $17,000,508 adjusted by $3,468,243 in stock options issued for services, $304,937 amortization of deferred compensation, $121,833 in common stock issued for commitment shares, $1,240,639 in depreciation expenses and patent amortization expenses, $143,239 amortization of right of use asset, $213,440 loss on disposal of property and equipment and retirement of certain expired patent applications and patents, $3,562 in accounts receivable, $675,537 in prepaid expenses and other current assets and ($1,585,144) in accounts payable, accrued bonuses, accrued expenses, deferred revenue and other liabilities. Net cash used in operating activities consisted of payments for research and development, legal, professional and consulting expenses, rent and other expenditures necessary to develop our business infrastructure.
Net cash used in investing activities was $2,278,649 for the nine months ended September 30, 2024, consisting of $343,233 in cost for intangibles and $1,935,416 in net asset additions for the Colorado headquarter facility and labs.
Net cash provided by financing activities was $10,143,251 for the nine months ended September 30, 2024, and consisted of $252,450 in proceeds from exercise of options and warrants, $9,175,900 in proceeds from resale of common stock to an institutional investor and $714,901 in proceeds from at the market sale of common stock by an investment banking company.
On September 30, 2024, our cash and cash equivalents totaled $26,882,467, our assets totaled $37,236,197, our liabilities totaled $3,764,627 and we had stockholders’ equity of $33,471,570.
For the nine months ended September 30, 2023
Net cash used in operating activities was $9,913,798 for the nine months ended September 30, 2023, primarily attributable to the net loss of $16,098,356 adjusted by $5,085,114 in options issued for services, $198,253 amortization of deferred compensation, $607,728 in common stock issued for services, $797,500 in depreciation expenses and patent amortization expenses, $138,502 amortization of right of use asset, $581 loss on disposal of property and equipment, $87,058 in prepaid expenses and ($730,178) in accounts payable, accrued expenses, deferred revenue and other liabilities. Net cash used in operating activities consisted of payments for research and development, legal, professional and consulting expenses, rent and other expenditures necessary to develop our business infrastructure.
Net cash used by investing activities was $1,386,164 for the nine months ended September 30, 2023, consisting of $215,061 in cost for intangibles, $1,813,813 in asset additions for the Colorado headquarter facility and labs offset by $642,120 in a loan repayment and $590 in proceeds on sale of property and equipment.
Net cash provided by financing activities was $18,074,457 for the nine months ended September 30, 2023 and consisted of $632,074 in proceeds from exercise of options and warrants, $16,063,909 in proceeds from resale of common stock to an institutional investor and $1,378,474 in proceeds from at the market sale of common stock by an investment banking company.
On September 30, 2023, our cash and cash equivalents totaled $30,876,646, our assets totaled $39,104,017, our liabilities totaled $3,683,798 and we had stockholders’ equity of $35,420,219.
Contractual Obligations
There have been no material changes outside the ordinary course of business in our contractual commitments during the nine months ended September 30, 2024. See Note 8 to the financial statements herein for a discussion of our contractual commitments.
Significant Accounting Policies
We believe our significant accounting policies affect our more significant estimates and judgments used in the preparation of our financial statements. Our Annual Report on Form 10-K for the year ended December 31, 2023, contains a discussion of these significant accounting policies. The Company’s significant accounting policies have not materially changed since that report was filed.
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| Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
At September 30, 2024, we had $26.8 million in cash and cash equivalents. For the purposes of this Item 3 we consider all highly liquid instruments with maturities of three months or less at the time of purchase to be cash equivalents. The fair value of all of our cash equivalents is determined based on “Level 1” inputs, which are based upon quoted prices for identical or similar instruments in markets that are active. We do not use any market risk sensitive instruments to hedge any risks, and we hold no market risk sensitive instruments for trading or speculative purposes. We place our cash investments in instruments that meet credit quality standards. At September 30, 2024, we had deposits with a financial institution that exceeded the Federal Depository Insurance coverage.
Market Interest Rate Risk
We are exposed to market risk related to changes in interest rates. Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S. interest rates. If a 10% change in interest rates had occurred on September 30, 2024, this change would not have had a material effect on the fair value of our investment portfolio as of that date.
Due to the short holding period of our investments and the nature of our investments, we have concluded that we do not have a material financial market risk exposure.
| Item 4. | Controls and Procedures |
Evaluation of Disclosure Controls and Procedures. The Company’s management, with the participation of the Company’s Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of September 30, 2024. Based on this evaluation, the Company’s Principal Executive Officer and Principal Financial Officer concluded that, as of September 30, 2024 the Company’s disclosure controls and procedures were effective, in that they provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and is accumulated and communicated to the Company’s management, including the Company’s Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting during the quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION
| Item 1. | Legal Proceedings |
No material legal proceedings.
| Item 1A. | Risk Factors |
In addition to the information set forth in this Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A. Risk Factors in our 2023 Form 10-K, which could materially affect our business, financial condition or future results. The risks described in this Form 10-Q and in our 2023 Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition or future results.
We have incurred substantial operating losses since our inception and will continue to incur substantial operating losses for the foreseeable future.
Since our inception, we have been engaged primarily in the research and development of our electro-optic polymer materials technologies and potential products. As a result of these activities, we incurred significant losses and experienced negative cash flow since our inception. We incurred a net loss of $17.0 million for the nine months ended September 30, 2024, and a net loss of $21.0 million for the year ended December 31, 2023 and $17.2 million for the year ended December 31, 2022. As of September 30, 2024, we had an accumulated deficit of $144.8 million. We anticipate that we will continue to incur operating losses through at least 2024.
We may not be able to generate significant revenue either through customer contracts for our potential products or technologies or through development contracts from the U.S. government or government subcontractors. We expect to continue to make significant operating and capital expenditures for research and development and to improve and expand production, sales, marketing and administrative systems and processes. As a result, we will need to generate significant revenue to achieve profitability. We cannot assure you that we will ever achieve profitability.
We will require additional capital to continue to fund our operations and if we do not obtain additional capital, we may be required to substantially limit our operations.
Our business does not presently generate the cash needed to finance our current and anticipated operations. Based on our current operating plan and budgeted cash requirements, we believe that we have sufficient funds to finance our operations through February 2026; however, we will need to obtain additional future financing after that time to finance our operations until such time that we can conduct profitable revenue-generating activities. We expect that we will need to seek additional funding through public or private financings, including equity financings, and through other arrangements, including collaborative arrangements. Poor financial results, unanticipated expenses or unanticipated opportunities could require additional financing sooner than we expect. Other than with respect to the 2023 purchase agreement with Lincoln Park and the at the market sale agreement with Roth Capital we have no plans or arrangements with respect to the possible acquisition of additional financing, and such financing may be unavailable when we need it or may not be available on acceptable terms. We currently have a remaining amount of $2.8 million that is available to our Company pursuant to the 2023 purchase agreement with Lincoln Park, and $31.9 million that is available to our Company pursuant to the at the market sale agreement with Roth Capital.
Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement and involves risks and uncertainties, and actual results could vary as a result of a number of factors, including the factors discussed in our 2023 Form 10-K. We have based this estimate on assumptions that may prove to be wrong, and we could use our available capital resources sooner than we currently expect.
Additional financing may not be available to us, due to, among other things, our Company not having a sufficient credit history, income stream, profit level, asset base eligible to be collateralized, or market for its securities. If we raise additional funds by issuing equity or convertible debt securities, the percentage ownership of our existing shareholders may be reduced, and these securities may have rights superior to those of our common stock. If adequate funds are not available to satisfy our long-term capital requirements, or if planned revenues are not generated, we may be required to substantially limit our operations.
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
None.
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| 項目3。 | 高級證券的默認情況 |
無。
| 項目4. | 礦山安全披露 |
不適用。
| Item 5. | 其他資訊 |
截至2024年9月30日的三個月期間，
| Item 6. | 附件 |
以下展品已包含在此：
| 展覽編號。 | 展品描述 | 位置 | ||
| 31.1 | 根據1934年《證券交易法》第13條a-14(a)規定，由公司的首席執行官簽署的認證。 | 隨文提交 | ||
| 31.2 | 根據1934年《證券交易法》第13條a-14(a)規定，由公司的信安金融官簽署的認證。 | 隨文提交 | ||
| 32.1 | 根據《2002年薩班斯-奧克斯利法》第906條通過的18 U.S.C. 第1350節，由公司的首席執行官簽署的認證。 | 特此提供 | ||
| 32.2 | 根據2002年薩班斯-豪利法案第906節通過的18 U.S.C. 第1350節，公司的首席財務官簽署的認證。 | 特此提供 | ||
| 101.INS | 內嵌XBRL實例文檔（實例文檔未出現在互動數據文件中，因爲其XBRL標籤嵌入在內嵌XBRL文檔內） | 隨文提交 | ||
| 101.SCH | 內聯XBRL分類擴展模式文檔 | 隨文提交 | ||
| 101.CAL | Inline XBRL 稅收分類擴展計算鏈接基礎文檔 | 隨文提交 | ||
| 101.DEF | Inline XBRL 稅收分類擴展定義鏈接基礎文檔 | 隨文提交 | ||
| 101.LAB | Inline XBRL 稅收分類擴展標籤鏈接基礎文檔 | 隨文提交 | ||
| 101.PRE | Inline XBRL 稅收分類擴展演示鏈接基礎文檔 | 隨文提交 | ||
| 104 | 封面頁交互式數據文件（格式爲Inline XBRL，幷包含在附件101中） | 隨文提交 |
| 49 |
簽名
根據《1934年證券交易法》的要求， 登記人已正式授權由下方簽字的人員代表其簽署本報告。
LIGHTWAVE LOGIC, INC.
註冊人
| 作者： | /s/ 邁克爾·S·勒比 | |
| 邁克爾·S·勒比， | ||
| 首席執行官 | ||
| (首席執行官) |
日期：2024年11月12日
| 作者： | /s/ 詹姆斯·S·馬切利 | |
| 詹姆斯·S·馬切利， | ||
| 總裁，首席運營官 | ||
| （信安金融主要財務負責人） |
日期：2024年11月12日
| 50 |