Lightwave Logic, Inc. reported a net loss of $22.5 million for the fiscal year ending December 31, 2024, an increase of 7% from the previous year's loss of $21 million. The company generated $81,855 in licensing and royalty revenue, alongside $13,750 from device processing work, marking a significant increase from $40,502 in licensing revenue in 2023. Operating expenses rose to $23.2 million, up 9% from $21.3 million in 2023, primarily driven by increased research and development costs, which accounted for $16.8 million, and general and administrative expenses of $6.4 million.
In terms of strategic developments, Lightwave Logic commenced commercial operations in May 2023, focusing on a material supply license agreement for its proprietary Perkinamine® chromophore materials. The company is also engaged in various stages of photonic device designs and materials development with potential customers. Notably, the company has expanded its patent portfolio to 77 granted patents, enhancing its competitive position in the electro-optic polymer market.
Operationally, Lightwave Logic has made strides in its partnerships with silicon-based foundries, which are crucial for scaling production of its polymer modulator devices. The company has received silicon wafers up to 200mm in diameter, aligning with foundry manufacturing capabilities. As of December 31, 2024, Lightwave Logic employed 31 full-time staff and plans to add four more employees in 2025 to support its growth initiatives.
Looking ahead, Lightwave Logic anticipates continued investment in research and development, with expected monthly expenditures of approximately $1.7 million over the next year. The company aims to leverage its proprietary technology to capture a significant share of the growing demand for high-speed data transmission, particularly in the context of AI-driven data center upgrades. However, the company acknowledges the need for additional capital to sustain operations beyond April 2026, as it continues to navigate the challenges of commercialization and market acceptance of its products.
About Lightwave Logic, Inc.
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