Lightwave Logic, Inc.

Lightwave Logic, Inc. reported a net loss of $20.3 million for FY 2025, an improvement from $22.5 million in FY 2024, driven by reduced R&D expenses to $11.5 million from higher prior levels and lower prototype costs, partially offset by increased SG&A to $9.5 million. Net sales were $237K, primarily from licensing/royalty ($107K) and non-recurring engineering ($130K), with cost of revenue at $7K. Operating loss was $20.8M, mitigated by $842K interest income and $370K commitment fee. Balance sheet strengthened with cash and equivalents at $69.0M (up from $27.7M prior year), total assets $79.2M, and stockholders' equity $74.6M, fueled by $56.9M net financing cash inflows from stock issuances including $32.8M Titan offering and $18.8M ATM sales. Operating cash use was $13.7M, investing $1.8M. The company, with 34 employees and 67 patents, advances EO polymers for AI/data center photonics via material sales/IP licensing. Management anticipates 2026 revenues from materials/NRE, production ramp possibly 2027, with cash sufficient through 2027.

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