Press release
Lightwave Logic Provides Second Quarter 2023 Corporate Update
ENGLEWOOD, Colo., Aug. 10, 2023 /PRNewswire/ -- Lightwave Logic, Inc. (NASDAQ: LWLG), a technology platform company leveraging its proprietary electro-optic
About this update from Lightwave Logic, Inc.
[{"type":"text","content":"ENGLEWOOD, Colo., Aug. 10, 2023 /PRNewswire/ -- Lightwave Logic, Inc. (NASDAQ: LWLG), a technology platform company leveraging its proprietary electro-optic (EO) polymers to transmit data at higher speeds with less power in a small form factor, today provided a corporate update in conjunction with the filing of its Quarterly Report on Form 10-Q for the second quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2023 and Subsequent Company Highlights:\nBegan commercialization of electro-optic polymer materials with first commercial material supply license agreement for Perkinamine® chromophore materials.As of June 30, 2023, the company's cash and cash equivalents were $32.6 million, enabling it to finance operations through February 2025.Revenue Recognition:The company's first commercial agreement occurred in May 2023, in the form of a four (4) year material supply and license agreement (the \"License Agreement\") that incorporates the company's patented electro-optic polymer materials for use in manufacturing photonic devices (the \"Licensed Product\"). The licensee shall pay the company a running royalty with a minimum royalty paid on an annual basis over the term of the License Agreement. Additional future revenue will be generated from royalties from the licensee's sale of Licensed Product that exceed the minimum royalty payments. The License Agreement is a non-exclusive material supply and license agreement.All revenues are recognized over time commencing with the License Agreement in May 2023. No revenues were recognized for the three and six month period ending June 30, 2023 since the licensee did not requisition material as of June 30, 2023. An up-front licensing fee in the amount of $50,000 was paid during the three and six month period ending June 30, 2023 and is recorded in short term liability deferred revenue in the company's balance sheet as of June 30, 2023.Further strengthened intellectual property (IP) portfolio with 3 U.S. patents and publications: Patent issuance for innovative chromophore design using novel Thiopene bridge, increasing overall EO polymer performance.Patent Issuance for innovative polymer cladding design to enhance polymer modulator performance in a manner amenable to high-volume foundry production.Patent publication to more efficiently pole advanced structural material designs ...