Lightwave Logic, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant developments in revenue, expenses, and overall financial position compared to the previous fiscal period.

For the three months ended September 30, 2024, the company generated net sales of $22,916, a notable increase from $0 in the same period of 2023. For the nine months ended September 30, 2024, total net sales reached $72,688, again up from $0 in the prior year. This revenue primarily stemmed from technology material supply and licensing agreements for patented electro-optic polymer materials.

Despite the revenue growth, Lightwave Logic reported a net loss of $5,300,913 for the three months ended September 30, 2024, compared to a loss of $5,164,591 in the same period of 2023. For the nine-month period, the net loss increased to $17,000,508 from $16,098,356 in the previous year, reflecting a 6% rise in losses. The increase in net loss was attributed to higher salary expenses, legal fees, and depreciation costs, which were partially offset by decreases in non-cash stock option amortization and other expenses.

Total current assets decreased to $27,471,365 as of September 30, 2024, from $32,700,084 at the end of 2023. Total assets also fell to $37,236,197 from $41,783,585, while total liabilities decreased significantly to $3,764,627 from $5,349,771. The company's total stockholders' equity was reported at $33,471,570, down from $36,433,814 at the end of 2023.

Cash and cash equivalents as of September 30, 2024, were $26,882,467, a decline from $30,876,646 a year earlier. The company utilized $12,414,222 in operating activities during the nine months ended September 30, 2024, compared to $9,913,798 in the same period of 2023. Financing activities provided $10,143,251 in cash, down from $18,074,457 in the previous year.

Strategically, Lightwave Logic has focused on developing its P2IC™ technology platform, which includes Polymer Stack™, Polymer Plus™, and Polymer Slot™. The company has established partnerships with silicon-based foundries to enhance production capabilities and is actively pursuing additional licensing agreements. The company’s operational expenditures are expected to increase as it accelerates commercialization efforts and expands its workforce.

Overall, while Lightwave Logic has made strides in revenue generation, it continues to face challenges in managing operational costs and achieving profitability.