Lightwave Logic, Inc. (NASDAQ: LWLG) noted its shares moving lower with the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.
As of that date, the company's cash and cash equivalents were approximately $24.3 million, enabling it to finance operations through January 2024.
Lightwave also achieved world-class results for a polymer modulator, as demonstrated in an enhanced stability and high-speed measurement by Polariton Technologies and ETH Zurich.
The company also reported breakthrough photostability results on its electro-optic polymer modulators that are compatible with high-volume silicon foundry processes.
Enhanced its foundry process development kit offering with addition of optical grating couplers, which will be part of the company's Design Tool Kit to simplify foundry processes when integrating the company's polymer technology with silicon photonics.
Fortified intellectual property portfolio through publication of a U.S. patent application that aids to significantly enhance polymer performance and simplify fabrication in foundry applications, as well as the receipt of another U.S. patent that simplifies modulator integration for high-volume manufacturing operations.
Said CEO Michael Lebby, "The first quarter of 2022 was highlighted by several breakthrough achievements for our technology, including third party review and verification of stability and high-temperature operation of our world-class electro-optic polymer materials platform,
"The results were generated using our proprietary, advanced Perkinamine® chromophores in Polariton Technologies' silicon-photonics-based plasmonic racetrack modulator. Through our collaboration with Polariton, we are clearly demonstrating the potential for our polymer materials to become ubiquitous in their use across the internet.
LWLK shares faltered 54 cents, or 7%, to $7.11.
