What changed in this filing

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Item 1. Business

2025-03-18 compared with 2024-02-29 · 341 added, 1219 removed, 401 unchanged (80% of the section changed)

is a technology company focused on the development of next generation electro-optic photonic devices made on its P 2 IC™

technology platform which we have detailed as:

1) Polymer Stack™, 2) Polymer Plus™, and 3) Polymer Slot™.

polymer technology platform uses in-house proprietary high-activity and high-stability organic polymers.

Electro-optical devices called

modulators convert data from electric signals into optical signals for multiple applications.

Our differentiation

at the modulator device level is in higher speed, lower power consumption, simplicity of manufacturing, small footprint (size), and reliability.

We have demonstrated higher speed and lower power consumption in packaged devices, and during 2023, we continued to make advances in techniques

to translate our world class material properties to efficient, reliable modulator devices with commercial foundries.

We are currently

focused on testing and demonstrating the simplicity of manufacturability and reliability of our devices, including in conjunction with

the silicon photonics manufacturing ecosystem.

In 2023 we worked with silicon-based foundry partners to help scale in volume our polymer

modulator devices and we received working modulator chips from these foundries.

We have advanced and matured our interactions with our

foundry partners and we continue to receive working modulator chips for prototyping.

Silicon-based foundries are large semiconductor fabrication

is a technology platform company leveraging its proprietary engineered electro-optic (EO) polymers, named Perkinamine®

to transmit data at higher speeds with less power in a small form factor.

The Company’s high activity and high stability organic

polymers allow it to create next-generation photonic EO devices that convert data from electrical signals into light/optical signals

for applications in telecommunications, and for data transmission potentially used to support generative AI.

differentiation at the modulator device level is in higher speed, lower power consumption, simplicity of manufacturing, small

footprint (size), and reliability.

We have demonstrated the electro-optic polymers potential for higher speed and lower power

consumption in packaged devices, and during 2024, we continued to make advances in techniques to translate our world class material

properties to efficient, reliable modulator devices with commercial foundries.

We are currently focused on:

a) working with potential

and existing customers to integrate our proprietary materials into our customers’ specific PIC and device architecture;

testing and demonstrating the superior performance, simplicity of manufacturability and reliability of our devices, including in

conjunction with the silicon photonics manufacturing ecosystem;

and c) providing our potential and existing customers with the

proper Process Development Kits (PDKs) to enable the efficient and fast integration of our materials into their own design and

manufacturing plans.

Silicon-based foundries are semiconductor fabrication

plants developed for the electronics IC business, that are now engaging with silicon photonics to increase their wafer throughput.

with silicon-based foundries not only demonstrates that our polymer technology can be transferred into standard production lines using

standard equipment, it also allows us to efficiently utilize our capital.

The foundry partnerships will allow us to scale our high-performance

polymer optical engines quickly and efficiently.

We have now received silicon wafers that range up to 200mm in diameter, which aligns

well with foundry manufacturing.

Partnering with silicon-based foundries not only demonstrates that our polymer technology can be transferred into standard

production lines using standard equipment, it also allows us to efficiently utilize our capital.

The foundry partnerships will allow

us to scale our high-performance polymer optical engines quickly and efficiently.

We have now received silicon wafers that range up

to 200mm in diameter, which aligns well with foundry manufacturing.

Our extremely

strong and broad patent portfolio allows us to optimize our business model in three areas:

1) Traditional focus on product development,

1) Traditional focus on polymer materials development,

2) Patent licensing and 3) Technology transfer to foundries.

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inventions and acquisition of intellectual property.

initially targeting applications in fiber optic data communications and telecommunications markets and are exploring other applications

that include automotive/LIDAR, sensing, displays etc., for our polymer technology platform.

Our goal is to have our unique polymer technology

platform become ubiquitous across many market verticals over and above the optical fiber optic communications markets.

Artificial Intelligence (G-AI) has been integrating deeper within our daily activities with applications to make us more efficient and

possibly smarter.

The impact on the internet is huge, and the internet is based on an optical network that utilizes data centers to route

and switch traffic or information to and from destinations.

Data centers are being upgraded today in a fashion that the industry has not

seen before with significant investments of capital.

The expected demands of increased traffic, information, and data driven by G-AI is

changing the way the internet is being operated.

G-AI is now creating new and interesting market opportunities to upgrade the internet.

Three of these opportunities are important today:

density, speed, and low power and these are very well aligned with our high performance

electro-optic polymers modulator platform.

We are designing high performance polymer modulator optical engines to support the rise and

growth of G-AI as it generates more information that will travel through the internet and optical network.

While we are not directly a

G-AI company designing electronic processors, we do see immediate benefits of enabling higher levels of information to cross the internet

using our optical polymer modulator platform.

initially targeting applications in fiber optic data communications and telecommunications markets, in particular ultra-high bandwidth

optical connections deployed inside and between datacenters and/or AI clusters.

In addition, we are exploring other applications that

include automotive/LIDAR, sensing, displays, storage, aerospace and defense, satellites, quantum computing etc., for our polymer technology

Our goal is to have our unique polymer technology platform become ubiquitous across multiple market verticals over and above

the optical fiber optic communications markets.

Intelligence (AI) has been integrating deeper within our daily activities with applications to make us more efficient and possibly smarter.

The impact on the internet is huge, and the internet is based on an optical network that utilizes data centers to route and switch traffic

or information to and from destinations.

Data centers are being upgraded today in a fashion that the industry has not seen before with

significant investments of capital.

The expected demands of increased traffic, information, and data driven by AI is changing the way

the internet is being operated.

AI is now creating new and interesting market opportunities to upgrade the internet.

Three of these opportunities

are important today:

density, speed, and low power and these are very well aligned with our high performance electro-optic polymers modulator

We are designing high performance polymer modulator optical engines to support the rise and growth of AI as it generates more

information that will travel through the internet and optical network.

While we are not directly an AI company designing electronic processors,

we do see immediate benefits of enabling higher levels of information to cross the internet using our optical polymer modulator platform.

Unless the context otherwise requires,

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The license agreement represents tangible commercial progress for electro-optic polymers as part of our Company's business plan.

Our Company is also in various stages of photonic device and materials development and evaluation with potential customers

and strategic partners.

We expect to continue to obtain a revenue stream from technology licensing agreements, and to obtain additional

revenue streams from technology transfer agreements and direct sale of our electro-optic device components.

We have seen increased interest

in our materials during 2023 and we are in discussions on future license agreements.

Our Company is also in various stages of new materials development and evaluation with potential customers and strategic partners.

We expect to continue to obtain a revenue stream from technology licensing agreements, and to obtain additional revenue streams from technology

transfer agreements and direct sale of our electro-optic materials.

We have seen increased interest in our materials during 2024, driven

by the need for higher speed connections to scale the AI-enabled network infrastructure and we are in discussions on future license agreements.

In December 2024, we made the decision to focus our commercial and R&D efforts on the EO Polymer materials development and manufacturing.

Although we continue to develop full Photonic Integrated Circuits and packaged device designs as part of our internal technology and process

development roadmap, we are not actively promoting the sale of such PICs and/or packaged devices to external customers, but rather EO

Polymer materials supply and license agreements.

Materials Development

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Examples of our partners include:

electro-optic device manufacturers, contract manufacturers, original equipment manufacturers,

foundries, packaging and assembly manufacturers etc.

Our Company contemplates future applications in market verticals that may address

the needs of semiconductor companies, optical network companies, Web 2.0/3.0 media companies, high performance computing companies, telecommunications

companies, aerospace companies, automotive companies, as well as for example, government agencies and defense entities.

electro-optic PIC and device design and manufacturing companies, contract manufacturers,

original equipment manufacturers, foundries, packaging and assembly manufacturers etc.

Our Company contemplates future applications in

market verticals that may address the needs of semiconductor companies, optical network companies, Web 2.0/3.0 media companies, high performance

computing companies, telecommunications companies, aerospace companies, automotive companies, as well as for example, government agencies

and defense entities.

Device Design and Development

Electro-optic Modulators

designs its own proprietary electro-optical modulation devices.

Electro-optical modulators convert data from electric signals into optical

signals that can then be transmitted over high-speed fiber-optic cables.

Our modulators are electro-optic, meaning they work because the

optical properties of the polymers are affected by electric fields applied by means of electrodes.

Modulators are key components that

are used in fiber optic telecommunications, data communications, and data centers networks etc., to convey the high data flows that have

been driven by applications such as pictures, video streaming, movies etc., that are being transmitted through the Internet.

designs its own proprietary materials for electro-optical modulation devices.

Electro-optical modulators convert data from electric signals

into optical signals that can then be transmitted over high-speed fiber-optic cables.

Our modulators are electro-optic, meaning they work

because the optical properties of the polymers are affected by electric fields applied by means of electrodes.

Modulators are key components

that are used in fiber optic telecommunications, data communications, and data centers networks etc., to convey the high data flows that

have been driven by applications such as pictures, video streaming, movies etc., that are being transmitted through the Internet.

Electro-optical

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drive towards lower power consumption, and smaller footprint (size).

Polymer Photonic Integrated

Circuits (P 2 IC™)

also designs its own proprietary Photonic Integrated Circuits (otherwise termed a polymer PIC).

A polymer PIC is a photonic device that

integrates several photonic functions on a single chip.

We believe that our technology can enable an ultra-miniaturization footprint that

is needed to increase the number of photonic functions residing on a semiconductor chip.

We see this creating a progression like what

was seen in the computer integrated circuits, commonly referred to as Moore’s Law.

One type of integration is to combine several

instances of the same photonic functions such as a plurality of modulators to create a multi-channel polymer PIC.

The number of channels

can be varied depending on application.

For example, the number of photonic components could increase by a factor of 4, 8, or 16.

type of integration is to combine different types of devices including from different technology bases such as the combination of a semiconductor

laser with a polymer modulator.

Our P 2 IC™ platform encompasses both these types of architecture.

semiconductor photonic technology today is struggling to reach faster device speeds.

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and gallium arsenide (GaAs).

Our advanced electro-optic polymer platform is creating a new class of modulators such as the Polymer Stack™,

Polymer Plus™, Polymer Slot™, and associated PIC platforms that can address higher data rates in a lower cost, lower power

consuming manner, smaller footprint (size) with much simpler data encoding techniques.

Our electro-optic polymer material will boost the

performance of standard PIC platforms such as silicon photonics and indium phosphide.

Our advanced electro-optic polymer platform is creating a new class of modulators that can be easily integrated

into various PIC platforms and can address higher data rates in a lower cost, lower power consuming manner, smaller footprint (size) with

much simpler data encoding techniques.

Our electro-optic polymer material will boost the performance of standard PIC platforms such as

silicon photonics and indium phosphide.

Our electro-optic

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such as may be found in semiconductor foundries using standard clean room tooling.

These approaches enable our Polymer Plus™ and

Polymer Slot™ device platforms to not only be competitive but fully integrated with foundries.

Our polymers are unique in that they

are stable enough to seamlessly integrate into existing CMOS, Indium Phosphide (InP), Gallium Arsenide (GaAs), and other semiconductor

manufacturing lines.

Of relevance are the integrated silicon photonics platforms that combine optical and electronic functions.

include a miniaturized modulator for ultra-small footprint applications in which we term the Polymer Slot™.

This design is based

on a slot modulator fabricated into semiconductor wafers that can include either silicon or indium phosphide.

Company has a fabrication facility in Colorado to apply standard fabrication processes to our electro-optic polymers which create modulator

These approaches enable our device platforms to not

only be competitive but fully integrated with foundries.

Our polymers are unique in that they are stable enough to seamlessly integrate

into existing CMOS, Indium Phosphide (InP), Gallium Arsenide (GaAs), and other semiconductor manufacturing lines.

Of relevance are the

integrated silicon photonics platforms that combine optical and electronic functions.

These include a miniaturized modulator for ultra-small

footprint applications in which we term the Polymer Slot™.

This design is based on a slot modulator fabricated into semiconductor

wafers that can include either silicon or indium phosphide.

has a fabrication facility in Colorado to apply standard fabrication processes to our electro-optic polymers which create modulator devices.

While our internal fabrication facility is capable of manufacturing modulator devices, we have partnered with commercial silicon-based

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to receive working modulator chips.

Our work with the foundries is being focused with the Polymer Plus™ and the Polymer Slot™

polymer modulators.

Glossary of select technology

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for high-speed data transfer.

Electro-optic material

- Electro-optic material is the core active ingredient in high-speed fiber-optic telecommunication systems.

Electro-optic materials

are materials that are engineered at the molecular level.

Electro-optic material - Electro-optic

material is the core active ingredient in high-speed fiber-optic telecommunication systems.

Electro-optic materials are materials

that are engineered at the molecular level.

Molecular level engineering is commonly referred to as “nanotechnology.”

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while decreasing costs.

Polymer E/O modulators can be designed and fabricated with multiple structures such as Ridge waveguide (Polymer™

Stack) and slot waveguide (Polymer Slot™).

The waveguides allow the light to be efficiently coupled into and out of the modulators,

and provide a basis for integrating modulators together.

Polymer E/O modulators can be designed and fabricated with multiple structures.

The waveguides allow the light

to be efficiently coupled into and out of the modulators, and provide a basis for integrating modulators together.

Gbaud - The rate of symbol

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is developing

next generation proprietary photonic devices that are based on our advanced electro-optical polymer material systems.

Current legacy technology

is based on inorganic crystalline materials, which has allowed for the proliferation of data over fiber optic cables.

However, there are

inherent molecular deficiencies that have prevented this technology from scaling down in price and up in functionality, especially in

terms of $/Gbps.

This is primarily due to a closed valence structure that does not allow for the molecular improvements.

The valence or

valency of an element is a measure of its combining power with other atoms when it forms chemical compounds or molecules.

Also, the physical

properties of a crystal do not allow for its implementation into highly miniaturize slot structures that are in simple terms the pathways

that light travels through in the device.

our advanced electro-optical polymer material systems.

Current legacy technology is based on inorganic crystalline materials, which has

allowed for the proliferation of data over fiber optic cables.

However, there are inherent molecular deficiencies that have prevented

this technology from scaling down in price and up in functionality, especially in terms of $/Gbps.

This is primarily due to a closed valence

structure that does not allow for the molecular improvements.

The valence or valency of an element is a measure of its combining power

with other atoms when it forms chemical compounds or molecules.

Also, the physical properties of a crystal do not allow for its implementation

into highly miniaturize slot structures that are in simple terms the pathways that light travels through in the device.

Organic polymer materials have

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of sensitivity to specific frequencies) and material degradation due to high operating temperatures.

Over the last several years, our

Company has made various scientific breakthroughs that have allowed for the synthesis of proprietary organic polymer materials that can

withstand extremely high process temperatures that exceed 175 0 C.

Additionally, these materials have demonstrated photochemical

stability, even after being subjected to high intensity light for over 5,000 hours and exhibited little electro optic degradation even

after being continuously exposed at 110 0 C.

This operating temperature exceeds the maximum commercial operating temperatures

of approximately 85 0 C, found in large data centers.

These devices were prototyped using ridge waveguide design.

Polymer based

ridge waveguide modulators prototypes called a Polymer Stack™ have performed with 3dB bandwidths that exceed 70GHz.

The Ridge Waveguide Modulator (Polymet Stack™ )

A ridge waveguide modulator is

a type of modulator where the waveguide is fabricated within a layer of our electro-optic polymer system.

Various cladding materials and

electrodes are layered over the core polymer.

The polymer materials are then part of an integrated photonics platform that can house other

photonic devices, such as lasers, waveguides etc.

In April 2017 we achieved bandwidth

suitable for 25Gbps data rates in an all-organic polymer ridge waveguide intensity modulator prototype, a significant improvement over

our initial 10Gbps device modulator prototype that was announced the previous year.

This breakthrough was significant because a 25Gbps

data rate is important to the optical networking industry because this data rate is a key requirement for achieving 100 Gbps (using 4

channels of 25 Gbps).

In July 2017 we advanced our high-speed modulation performance to satisfy 28Gbps data rates for QSFP28 standards

which are also utilized for 100Gbps data center applications.

In September 2017 we achieved

outstanding performance of our ridge waveguide Mach-Zehnder modulators ahead of schedule, with bandwidth performance levels that will

enable 50Gbaud modulation in fiber-optic communications.

This important achievement will allow users to utilize arrays of 4 x 50Gbaud

polymer modulators using PAM-4 encoding to access 400Gbps data rate systems.

Pulse-Amplitude Modulation (PAM-4) is an encoding scheme

that can double the amount of data that can be transmitted.

Over the last several years,

our Company has made various scientific breakthroughs that have allowed for the synthesis of proprietary organic polymer materials that

can withstand extremely high process temperatures that exceed 175°C.

Additionally, these materials have demonstrated photochemical stability

in devices, even after being subjected to high intensity light for over 5,000 hours.

These materials also exhibited stable electro-optic

performance after being continuously aged at 85°C for over 12,000 hours.

This exposure duration far exceeds industry standard stress

These devices have performed with 3dB bandwidths that exceed 70GHz.

We are now further optimizing

our high-performance modulators for additional specifications that are beginning to be required by the fiber communications industry for

applications such as networks running at data rates of 800Gbps and 1600Gbps.

800Gbps will require combining 4 channels of 200Gbps utilizing

PAM4 encoding schemes which will prove challenging for many existing modulator technologies.

Our technology platform has the capability

and potential to address 4 channels of 400Gbps utilizing PAM4 encoding schemes in the near future, thus creating a roadmap of increased

performance for the industry.

Furthermore, we are collaborating with industry partners to optimize the packaging our modulators so that

potential customers can evaluate our high-performance modulators in their systems.

This effort will also aid in addressing one of the

most under-evaluated processes of developing high speed devices onto a new and novel technology platform which is robustness and reliability.

our electro-optic (EO) polymer materials platform to meet additional specifications that are beginning to be required by the fiber communications

industry for applications such as networks running at data rates of 800Gbps and 1600Gbps and 3200Gbps in the future.

Our technology platform

has the capability and potential to address 4 or more channels of 400Gbps utilizing PAM4 encoding schemes, thus creating a roadmap of

increased performance for the industry.

Furthermore, we are collaborating with industry partners to optimize device designs and packaging.

We have already made extensive progress with our polymer materials on this front, and now we are integrating our robust polymer materials

onto an integrated photonics platform to provide customers with a more miniaturized, higher performance solution for their data rich systems.

onto an integrated photonics platform.

While our initial focus is to

address data communications and telecommunications network applications along with cloud computing/data center needs, we believe that

in the future we will have additional opportunities over and above G-AI to address other applications such as:

backplane optical interconnects,

photovoltaic cells, medical applications, satellite reconnaissance, navigation systems, radar applications, optical filters, spatial light

in the future we will have additional opportunities over and above AI to address other applications such as:

chip-to-chip and backplane

optical interconnects, photovoltaic cells, medical applications, satellite reconnaissance, navigation systems, radar applications, optical

filters, spatial light modulators;

and all-optical switches.

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Our Electro-Optic Photonic P 2 IC™ Device Approach

Our electro-optic devices are

built around our proprietary organic polymer material systems that we believe will enable better performance than the current embedded

Our electro-optic device designs

are built around our proprietary organic polymer material systems that we believe will enable better performance than the current embedded

legacy technology built around inorganic materials.

We also believe that the inherent flexibility of being able to apply our organic polymer

materials in liquid thin-film form will accelerate the move toward ultra-miniaturization of Polymer Photonic Integrated Circuits (P 2 IC TM )

materials in liquid thin-film form will accelerate the move toward ultra-miniaturization of Polymer Photonic Integrated Circuits (P 2 IC™)

by increasing the number of photonic circuits on a single chip.

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are needed to source the light).

Our initial device, though highly

miniaturized, utilizes conventional design and fabrication techniques in the industry.

Our future devices will utilize silicon photonics

(SiPh) technology, which can support highly miniaturized slot waveguides structures etched in large format (200mm), low cost, and less

expensive silicon wafers coated with our organic electro-optic polymers.

The low-cost structure compares well to compound semiconductor

technologies such as GaAs (Gallium arsenide) and InP (Indium Phosphide), which suffer from small format wafers that do not allow the economies

of scale in high volume fabrication plants.

The degree of miniaturization possible of the slot modulator using SiPh is not technically

feasible to accomplish with inorganic crystalline materials.

Although this may not always remain the case, presently there are nearly

insurmountable technical difficulties that are inherent to a crystalline molecule.

We now have the capability to model, simulate and design

photonic integrated circuits (PICs) in-house and we are currently developing 4 channel electro-optic polymer modulators.

We continue to invest in R&D and process development to help accelerate the adoption of our polymer

materials by potential customers into their own PIC platforms, typically based on silicon photonics.

Our initial device, though highly miniaturized, utilizes conventional

design and fabrication techniques in the industry.

Our future device designs will utilize silicon photonics (SiPh) technology, which can

support highly miniaturized slot waveguides structures etched in large format (200mm), low cost, and less expensive silicon wafers coated

with our organic electro-optic polymers.

The low-cost structure compares well to compound semiconductor technologies such as GaAs (Gallium

arsenide) and InP (Indium Phosphide), which suffer from small format wafers that do not allow the economies of scale in high volume fabrication

The degree of miniaturization possible of the slot modulator using SiPh is not technically feasible to accomplish with inorganic

crystalline materials.

Although this may not always remain the case, presently there are nearly insurmountable technical difficulties

that are inherent to a crystalline molecule.

We now have the capability to model, simulate and design photonic integrated circuits (PICs)

Our Intellectual Property

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Our intellectual property portfolio has expanded significantly over

the few years as we are developing our P 2 IC™ into prototypes.

We have actively filed technical utility patents and are

currently in the process of readying a number of other inventions for formal filings in 2024 and 2025.

We expect to continue innovating

with our P 2 IC platform over the next decade.

We had additional patents issued or published over the past year indicating that

our technology is being recognized as being unique.

the few years.

We have actively filed technical utility patents and are currently in the process of readying a number of other inventions

for formal filings in 2025 and 2026.

We expect to continue innovating our technology platform over the next decade.

We had additional

patents issued or published over the past year indicating that our technology is being recognized as being unique.

In 2018, we acquired the polymer

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In total, our patent portfolio

currently consists of 67 granted patents that include 54 from the US, 1 from World International

Property Organization (WIPO), 1 from Canada, 6 from the EU, 2 from Japan and 3 from China.

currently consists of 77 granted patents that include 46 from the US, 2 from Canada, 3 from the United Kingdom, 18 from the EU, 1 from

Japan, 6 from China (including Hong Kong), and 1 from Australia.

Our materials patent portfolio

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Multi-fiber/port hermetic capsule sealed by metallization and method

• Device Design Fabrication

• Modulators and

• Hermetic Capsulation

Our patent portfolio includes

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research and development workflow for greater operational efficiencies.

March 2018, our Company, together with our packaging partner, successfully demonstrated packaged polymer modulators designed for 50Gbaud,

which we believe will allow us to scale our P 2 IC™ platform with our Mach-Zehnder ridge waveguide modulator design as

well as other photonics devices competitively in the 100Gbps and 400Gbps datacom and telecommunications applications market.

We are currently

fine-tuning the performance parameters of these prototypes in preparation for customer evaluations.

June 2018, our Company Acquired the Polymer Technology Intellectual Property Assets of BrPhotonics Productos Optoelectrónicos S.A.,

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we prepare to enter the 400Gbps integrated photonics marketplace with a highly competitive, scalable alternative to installed legacy systems.

during June 2018, our Company promoted polymer PICs and Solidified Polymer PICs as Part of the Photonics Roadmap at the World Technology

Mapping Forum in Enschede, Netherlands, which includes our Company’s technology of polymers and polymer PICs that have the potential

to drive not only 400Gbps aggregate data rate solutions, but also 800Gbps and beyond.

2018 we announced the completion (ahead of schedule) of our fully equipped on-site fabrication facility, where we are expanding our high-speed

test and design capabilities.

We also announced the continuation of the building of our internal expertise with the hiring of world-class

technical personnel with 100Gbps experience.

2019 we announced a major breakthrough in our development of clean technology polymer materials that target the insatiable demand for

fast and efficient data communications in the multi-billion-dollar telecom and data markets supporting Internet, 5G and IoT (Internet

of Things) webscale services.

The improved thermally stable polymer has more than double the electro-optic response of our previous materials,

enabling optical device performance of well over 100 GHz with extremely low power requirements.

This addition to the family of Perkinamine TM

polymers will hold back run-away consumption of resources and energy needed to support ever-growing data consumption demands.

to conduct testing of the material and assessment of associated manufacturing processes and device structures prior to release to full

March 2019 we created an Advisory Board comprised of three world-class leaders in the photonics industry:

Craig Ciesla, Dr.

Harder, and Mr.

Andreas Umbach.

In January 2022 Dr.

Ciesla was named to our Board of Directors, and our Advisory Board is currently

comprised of Dr.

Franky So, Dr.

Andreas Umbach and Dr.

Miller, who is a former member of our Board of Directors.

The Advisory Board is working closely

with our Company leadership to enhance our Company’s product positioning and promote our polymer modulator made on our proprietary

Faster by Design ™ polymer P 2 IC™

The mission of the Advisory Board is initially to increase our Company’s outreach into the datacenter interconnect market

and later to support expansion into other billion-dollar markets.

The Advisory Board members have each been chosen for their combination

of deep technical expertise, breadth of experience and industry relationships in the fields of fiber optics communications, polymer and

semiconductor materials.

Each of the Advisory Board members has experience at both innovators like Lightwave Logic and large industry

leaders of the type most likely to adopt game-changing polymer-based products.

In addition, they possess operational experience with semiconductor

and polymer businesses.

in March 2019, our Company received the “Best Achievement in PIC Platform” award for our 100 GHz polymer platform from the

PIC International Conference.

The award recognizes innovative advances in the development and application of key materials systems driving

today’s photonic integrated circuits (PICs) and providing a steppingstone to future devices.

the second quarter of 2019, our Company promoted its polymers at CoInnovate in May and the World Technology Mapping Forum in June.

is a meeting of semiconductor industry experts.

The World Technology Mapping Forum is a group authoring a photonics roadmap out to 2030.

2019 at the prestigious European Conference on Communications (ECOC) in Dublin, Ireland, we showed measured material response over frequency

and the resulting optical data bits stream on our clean technology polymer materials, the newest addition to our family of Perkinamine TM

polymers, that meet and exceed of our near-term target speed of 80 GHz.

We also released data demonstrating stability under elevated temperatures

in the activated (poled to create data carrying capability) state.

2019, we reported that energy-saving polymer technology is highlighted in the recently published Integrated Photonics Systems Roadmap

- International (IPSR-I).

The roadmap validates the need for low-voltage, high-speed technologies such as ours.

2020, we announced that our latest electro-optic polymer material has exceeded target performance metrics at 1310 nanometers (nm), a wavelength

commonly used in high-volume datacenter fiber optics.

This material demonstrates an attractive combination at 1310 nm of high electro-optic

coefficient, low optical loss and good thermal stability at 85 0 Celsius.

The material is expected to enable modulators with

80 GHz bandwidth and low drive power, and has an electro-optic coefficient of 200 pm/V, an industry measure of how responsive a material

is to an applied electrical signal.

This metric, otherwise known as r33, is very important in lowering power consumption when the material

is used in modulator devices.

This technology is applicable to shorter reach datacenter operators, for whom decreasing power consumption

is imperative to the bottom line of a facility.

We considered this a truly historic moment—not only in our Company’s history,

but in our industry–as we have demonstrated a polymer material that provides the basis for a world-class solution at the 1310 nm

wavelength, something which other companies have spent decades attempting to achieve.

2020, we announced the official launch of our new corporate website www.lightwavelogic.com, reflecting ongoing efforts to provide up-to-date

information for investors and potential strategic partners.

The revamped website offers a clean, modern design integrated with helpful

tools and investor relations resources, including a new corporate explainer video, to illustrate the target markets and advantages of

Lightwave Logic’s proprietary electro-optic polymers.

August 2020, we announced the addition of Dr.

Franky So, a leading authority in the OLED industry, to our Advisory Board.

Walter and Ida Freeman Distinguished Professor in the Department of Materials Science and Engineering at North Carolina State University.

Previously, he was the Head of Materials and Device research for OLEDs at OSRAM Opto Semiconductors, as well as Motorola’s corporate

research lab in the 1990s.

So was an early researcher in electro-optic (EO) polymer modulators at Hoechst Celanese.

As a member of

the Company’s advisory board, Dr.

So will work closely with management to enhance Lightwave’s product positioning for, as

well as the promotion of, its polymer modulators made on its proprietary platform.

In addition, he will provide technical support and

advisory services to the Lightwave materials and device teams.

October 7, 2020 we announced the receipt of U.S.

Patent number 10,754,093 that improves both the performance and reliability of our high-speed,

low-power electro-optic polymer modulators intended for datacenter and telecommunications applications.

The patent allows multi-layered

electro-optic polymer modulators to perform more efficiently through the design of custom interfaces.

These interfaces are designed into

the cladding layers that allow optical transmission, electrical conductivity, material integrity, as well as a prevention of solvents

affecting adjacent polymer materials.

The net impact of all of this allows for our Company’s modulators to improve performance across

the board, enabling higher reliability in the fiber optic communications environment .

15, 2020, we announced that our proprietary polymer technologies are compatible with currently available integrated photonics platforms.

Our proprietary electro-optic materials are currently in the prototyping phase and are fabricated onto standard silicon wafers, and this

Polymer Plus™ advancement, driven by the feedback our Company received from potential customers to-date, has allowed our materials

to be suitable for additive integration to integrated photonics platforms such as silicon photonics, as well as indium phosphide and other

standard platforms – therefore enabling simpler integration by customers.

We believe this breakthrough allows a polymer modulator

to enhance the performance of existing integrated photonics solutions in the marketplace, enabling higher speed and lower power consumption

on foundry-fabricated photonics designs.

Since our technology is additive to existing platforms such as silicon photonics, our electro-optic

polymers are not actually competing with integrated photonic platforms, but rather enabling them to be more competitive in the marketplace,

and it further validates our EO polymer platform as ideally suited to enable optical networking more efficiently than ever.

21, 2020, we announced that we have optimized a robust, photo-stable organic polymer material for use in our next-generation modulators

intended to be trialed with potential customers under NDA.

Our materials show high tolerance to high-intensity infrared light, common

in a fiber optic communications environment and increasingly important as higher density of devices access the network, directly resulting

in higher intensity infrared light levels.

Our preliminary results suggest that our recently developed electro-optic polymer material,

designed based on potential customer input, displays unrivaled light tolerance (also known as photostability) compared to any organic

commercial solution in use today.

Our results meet both our current internal criteria and address potential customer feedback.

2, 2020, we disclosed results on our polymer material stability testing including further results for electro-optic efficiency for our

Company’s materials that operate both at 1550nm as well as 1310nm.

We demonstrated test materials results for electro-optic efficiency

to 4000hrs, improvement in sensitivity to oxygen as part of a broadband exposure test, and stability for polymers exposed to 1310nm light

20, 2020 we announced the receipt of U.S.

Patent number 10,591,755 that details an important invention that allows users of electro-optic

polymer modulators to not only operate the devices with high speed and low power directly from CMOS IC chips, but gives them the opportunity

to avoid the expense, physical footprint and power consumption of high-speed modulator driver ICs.

Furthermore, this patent strengthens

our freedom of manufacturing, and directly enables our modulators to become more competitive in the marketplace.

16, 2020 we announced the development of a new sealant for our future Chip-on-Board (COB) packaged polymer platform.

The sealant, which

blocks oxygen and other atmospheric gases, is a key step in our Company’s development towards a polymer modulator without a package,

an important enabling technology for the industry.

We plan to develop the sealant for commercial implementation in our future modulators.

Recent results suggest that our electro-optic polymer sealant material displays encouraging barrier properties and is expected to translate

to significant improvement in bare chip robustness against atmospheric gases, as compared to existing EO polymer commercial solutions

in use today.

While the initial measurements are highly promising, our Company plans to continue development work to further optimize

the sealant material and barrier performance towards the chip-on-board goal.

January 13, 2021, we announced the receipt of U.S.

Patent number 10,886,694 that details an invention that allows electro-optic polymer

modulators to be packaged in a hermetic environment using well-known, high-volume and low-cost fabrication processes that are available

in a typical semiconductor fabrication foundry – improving suitability for mass production.

Further, the design of this capsule

package can improve both the reliability and the coupling interface between fiber optic cables and their laser sources for arrayed photonic

integrated circuit solutions.

The package can also interpose signals from an underlying circuit board to the polymer modulators, lasers,

and other components for data transfer.

The hermetic capsule is built from a semiconductor base that contains electrical and optical circuits

and components.

A hermetic capsule chamber is created by the design of a semiconductor lid that is sealed to the semiconductor base platform

by a metallization process.

Using standardized fabrication techniques we can now create a package that achieves the performance, reliability,

cost, and volume requirements that has been a challenge for the photonics industry for years.

May 11, 2021, we announced the receipt of U.S.

Patent number 10,989,871 that details an invention that allows for improved protective

polymer layers in modulators when designed into advanced integrated photonic platforms, better positioning them for high-volume manufacturing

The protective layers will enhance electro-optic polymer devices' performance through higher reliability, better optical performance

and enable the use of standardized manufacturing processes best suited for mass-production.

7, 2021, we announced that our company’s common stock was added to the Solactive EPIC Core

Photonics EUR Index NTR as part of the index's semi-annual additions.

The index includes global public companies with a common theme of

optoelectronics, photonics, and optical technologies in general that range from components, modules, manufacturers, and optical network

system companies.

This inclusion broadens our exposure to the capital markets community, as well as credibility with potential partners

and customers.

June 16, 2021, we announced test results from new modulators fabricated in 2021, which exceeded bandwidth

design targets and achieved triple the data rate as compared to competing devices in use today.

The breakthrough new devices demonstrated

3dB electro-optical with electrical bandwidths that exceed 100GHz – with measurements coming close to our Company’s state-of-the-art

110GHz test equipment capability.

We expect this advancement to have a profound impact on the traffic flow on the internet.

June 24, 2021, we announced the receipt of U.S.

patent number 11,042,051 that details a breakthrough

new device design that enables mass-volume manufacturing when designed into advanced integrated photonic platforms.

design enhances reliability, improves optical mode control and most important, lowers by consumption through the use of direct-drive,

low-voltage operation.

The patent is entitled, "Direct drive region-less polymer modulator methods of fabricating and materials therefor"

and is expected to open the opportunity for low power consumption electro-optic polymers to be developed into large foundry PDKs (process

development kits) and be ready for mass volume commercialization.

The patent emphasizes our technology

platform using fabrication techniques that would naturally fit into foundry PDKs.

August 4, 2021, we announced that we developed improved thermal design properties for electro-optic polymers used in our Polymer Plus™

and Polymer Slot™ modulators, enabling the speed, flexibility and stability needed for high-volume silicon foundry processes.

successfully created a 2x improvement in r33, while allowing higher stability during poling and post-poling.

This provides better thermal

performance and enables greater design flexibility in high-volume silicon foundry PDK (process development kit) processes.

August 9, 2021, we announced the receipt of U.S.

patent number 11,067,748 entitled "Guide Transition Device and Method" that

covers a new invention that enables enhanced optical routing architectures for polymer-based integrated photonics that can be scaled with

partner foundries.

This new invention will enable innovative, highly scalable optical routing architectures for integrated photonic platforms.

The patent provides novel optical waveguide transition designs using two planes of optical waveguides that are expected to be critical

for optical signal routing and optical switching, opening the opportunity for high speed, energy efficient electro-optic polymers to be

implemented into foundry PDKs (process development kits) to improve the performance of integrated photonic circuits.

This breakthrough

technology opens the door for advanced integrated photonics architectural design.

We believe t he

simplicity of the design is ideal for production in foundries and will best position our Company to enable increased data traffic on the

internet while using less power.

1, 2021, our Company's common shares began trading on the Nasdaq Capital Market (“Nasdaq”).

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enhance shareholder value.

15, 2021, we announced the receipt of the 2021 Industry Award for Optical Integration from the European Conference on Optical Communications

(ECOC), a premier industry exhibition that was held in Bordeaux from September 13-15, 2021.

ECOC created the fiber communication industry

awards in six categories to put the spotlight on innovation happening within the industry.

The awards recognize and highlight key industry

achievements in advancing optical components, photonic integration, optical transport and data center innovation.

The awards are selected

from top industry players, representing significant innovation in photonics integration at our prestigious exhibition.

September 16, 2021, we announced the achievement of world-record performance for a polymer modulator, as demonstrated in an optical transmission

experiment by ETH Zurich, using our Company's proprietary, advanced Perkinamine TM chromophores and Polariton Technologies Ltd.'s

newest plasmonic EO modulator, a silicon-photonics-based plasmonic racetrack modulator offering energy-efficient, low-loss, and high-speed

modulation in a compact footprint.

The groundbreaking results were presented as a post-deadline paper at the prestigious European Conference

on Optical Communications (ECOC) industry exhibition and conference in Bordeaux on September 16, 2021.

Polariton's plasmonic modulator

transmitted 220 Gbit/s OOK and 408 Gbit/s 8PAM.

Transmission of an optical signal was conducted over 100 m using a low-voltage electrical

drive of 0.6Vp, an on-chip loss of 1 dB, and an optical 3 dB bandwidth of beyond 110 GHz.

January 3, 2022, we announced the publication of our patent application 20210405504A1 by the United States Patent and Trademark Office

(USPTO) – entitled 'Nonlinear Optical Chromophores Having a Diamondoid Group Attached Thereto, Methods of Preparing the Same,

and Uses Thereof' – which significantly improves the overall stability and performance of our electro-optic polymers.

Company's electro-optic chromophores are designed to have one or more diamondiod molecular groups attached to the chromophore.

chromophores are dispersed in a host polymer matrix, the electro-optic materials result in improved macroscopic electro-optic properties,

increased poling efficiency, increased loading as well as increased stability of these materials after poling.

The impact of this technology

is that it will accelerate the path for very high-speed, low-power electro-optic polymers to be implemented into large foundry process

development kits (“ PDKs ”) to boost performance of integrated photonic circuits.

January 3, 2022, we announced that we e nhanced our Company’s Foundry Process Development Kit Offering with the addition of

Optical Grating Couplers.

This expanded design tool kit will enable silicon foundries to implement

PDKs and fabricate modulators and optical gratings in a single fab run, further enhancing modulator efficacy.

We are continuing to work

on additional design tool kit components to enable an expedited commercialization process through a more simplified manufacturing process

for our foundry partners.

January 3, 2022, we announced that we appointed respected industry leader Dr.

Craig Ciesla to our Board of Directors and that retired

Miller transitioned to our Company's Advisory Board.

Ciesla is currently

the Vice President, Head of the Advanced Platforms and Devices Group at Illumina, a leading provider of DNA sequencing and array technologies.

There he leads a team driving innovation in sequencing platforms, microfluidics, electronics, and nanofabrication.

Prior to Illumina,

he was Vice President of Engineering at Kaiam, where he was responsible for the development and production of 100G transceivers for the

data-center market.

He was also the founding CEO of Tactus Technology, an innovator in the user interface industry, where he was the co-inventor

of Tactus' polymer morphing screen technology.

Before Tactus he had a variety of roles at Intel, JDSU (now Lumentum), Bookham (now Oclaro)

and Ignis Optics developing a wide range of products in the fiber-optics market.

He started his career at Toshiba Research Europe, where

he performed early terahertz images of skin cancer.

Ciesla holds a BSc (Hons.) in Applied Physics and Ph.D.

in Physics from Heriot-Watt

University in Edinburgh.

February 10, 2022, we announced breakthrough photostability results on our electro-optic polymer modulators that are compatible with high-volume

silicon foundry processes.

The improved photostability of our polymers are expected to minimize any optical losses and provide

a more robust platform for silicon foundries.

This breakthrough photostability performance is incredibly important as we optimize our

polymers for high-volume silicon foundry processes.

7, 2022, we announced the receipt of U.S.

patent number 11,262,605 entitled, "Active region-less

polymer modulator integrated on a common PIC platform and method." This invention will simplify modulator integration for high-volume

foundry manufacturing operations while enhancing polymer reliability to enable a more effective photonic engine.

The essence of the invention

is a complete optical engine that fits into fiber optic transceivers (either pluggable or co-packaged) that are used in routers, servers

and elsewhere in optical networks.

The engine is designed for high-volume manufacturing operations using silicon foundry infrastructure.

The patent illustrates the use of our polymer modulators as a high speed, low power engine not only for data communication and telecommunication

applications, but other new market opportunities as well.

March 22, 2022 we announced the achievement of world-class results for a polymer modulator, as demonstrated in an enhanced stability and

high-speed measurement by Polariton Technologies and ETH Zurich.

The results were generated using the Company's proprietary, advanced

Perkinamine™ chromophores in Polariton's silicon-photonics-based plasmonic racetrack modulator that offers energy-efficient, low-loss,

and high-speed modulation in a compact footprint that is ideal for pluggable and/or co-packaging transceiver modules.

The plasmonic modulator

performance was compared to that of silicon photonic microring modulators.

The plasmonic device, using Lightwave Logic's electro-optic

polymer material, was shown to be 250-3000x more stable than the silicon devices relative to operating condition changes.

the plasmonic modulator was tested for 70+ minutes at 100 Gbps NRZ at 80C with no decrease in performance.

The world-class results were

presented as a contributed peer-reviewed paper at the prestigious 2022 Optical Fiber Conference (OFC2022), the optical communication industry's

leading international technical conference and trade show, in San Diego on March 10, 2022.

April 19, 2022, we announced the publication of our patent application 2022/0113566 A1 entitled "TFP

(thin film polymer) optical transition device and method" that illustrates the design of a simpler to fabricate, lower cost hybrid

integrated photonics chip using electro-optic polymers which are more advantageous for high-volume production.

The invention will simplify

polymer modulator fabrication when integrated with silicon photonics for high-volume foundry manufacturing applications.

The simplified

fabrication approach enables us to simplify the production of very high speed, low power proprietary polymer modulators that will enable

significantly faster data rates in the internet environment.

The essence of the invention is a hybrid polymer-silicon photonics engine

that fits into fiber optic transceivers (either pluggable or co-packaged) that are used in the routers, servers and network equipment

that are proliferating with the growth of data centers, cloud computing and optical communications capacity.

The hybrid polymer-silicon

photonics engine is designed to use high-volume silicon foundry infrastructure.

May 25, 2022, we announced enhanced photostability results on our Company's proprietary electro-optic polymer modulators – demonstrating

the reliability necessary for commercial deployments – all based on a technology which can be ported into high-volume silicon foundries

and integrated onto a silicon photonics platform with other optical devices.

Photostability is a critical performance metric required

both in high volume manufacturing processes (such as photolithography) and in offering the high reliability and network availability required

for commercial deployments.

In the tests conducted, subjecting the Company's latest polymers to high intensity optical power for over

3000 hours produced no change in device performance.

The ability of our proprietary polymers to pass this accelerated photostability aging

test provides assurance that they will both tolerate the optical exposures which occur in high-volume manufacturing and support the reliability

over the required operating life of optical transceivers and network elements.

June 21, 2022, we announced the publication of our patent application 2022/0187637A1 entitled "Hybrid electro-optic polymer modulator

with silicon photonics" that details a novel fabrication process that allows our Company’s proprietary polymers to be fabricated

by silicon foundries in a high-volume manufacturing environment.

The published patent application also details a more efficient process

that allows for high yielding, high stability poling of polymers in a high-volume foundry manufacturing environment.

The development of

the PDK for this new optical hybrid optical modulator design is now in progress with our Company’s foundry partners.

23, 2022, we announced the publication of our patent application 2022/0187638A1 entitled " Hybrid electro-optic polymer modulator

with atomic layer deposition (ALD) sealant layer" that allows our Company’s proprietary polymers to be sealed to moisture

and other atmospheric gases in a very low temperature and quasi-hermetic environment through the use of a chip-scale packaging approach

that can be applied in parallel at wafer level (i.e.

in volume) and that eliminates the need for a separate hermetic enclosure or "gold

box." Chip-scale packaging is a technique that has been gathering momentum in the silicon electronics industry for the past decade

to reduce device chip packaging costs and increase device performance – enabling high-volume front and back-end manufacturing as

well as extremely small sizes in miniaturization.

Specifically, our electro-optic polymer modulators are sealed with a low-temperature

conformal atomic layer deposition dielectic layers that are supported on a silicon substrate with passive silicon photonics waveguides.

June 27, 2022 our Company's common stock was added to the Russell 3000 ® Index.

that the awareness of being included in one of the most widely followed benchmarks will not only benefit our existing shareholders but

will lead to a broader base of institutional investors.

The annual Russell index reconstitution captures the 4,000 largest US stocks as

of May 6, ranking them by total market capitalization.

Our membership in the US all-cap Russell 3000® Index, which remains

in place for one year, means automatic inclusion in the small-cap Russell 2000® Index as well as the appropriate growth and value

style indexes.

30, 2022, we announced that our CEO, Dr.

Michael Lebby, was again invited to co-chair the Photonic Integrated Circuits (PIC) International

Conference that took place June 28-29, 2022 in Brussels, Belgium.

At the conference, Dr.

Lebby led an invited talk entitled, "Enabling

lower power consumption optical networking using high speed, low power polymer modulators", focusing on the issue of reducing power

consumption in datacenters and optical networks.

He also contributed to a panel session, "Hybrid PICs technology challenges and solutions,"

on the need for hybrid integration addressing the volume production of 3D and 2.5 integrated electronic and photonic integrated circuits

(PICs) based on the utilization of large silicon foundries.

This included a discussion on the use of silicon photonics with hybrid technologies

such as electro-optic polymers, polymer based plasmonics, silicon nitride and III-V laser sources.

22, 2022, we announced the achievement of world record performance for low-power consumption ultra-high-speed 'green' slot modulators

in collaboration with Karlsruhe Institute of Technology (KIT) and its spin-off SilOriX as part of a peer-reviewed post-deadline paper

presented at the prestigious 2022 European Conference on Optical Communications (ECOC) in Basel, Switzerland on September 22, 2022.

team presented the first sub-1mm Mach Zehnder-type modulators with sub-1V drive voltage that rely on Lightwave’s proprietary advanced

Perkinamine™ chromophores.

The devices rely on the slot-waveguide device concept developed at KIT and commercialized through SilOriX.

Further, the material has experimentally proven thermal stability at 85°C and offers extreme energy-efficiency along with high-speed

modulation in a compact footprint.

Additionally, this shows that our material can perform in a variety of device structures and designs

and is positioned to significantly reduce power consumption of optical networking and to become a true 'green photonics' enabler for the

22, 2022, we announced the achievement of a world-record demonstration of a 250GHz super high bandwidth electro-optical-electrical (EOE)

link through a collaboration with ETH Zurich.

The link was demonstrated by ETH Zurich and uses Polariton's high-speed plasmonic modulators

containing Lightwave's proprietary Perkinamine™ chromophores and ETH Zurich's high-speed graphene photodetectors.

The link contained

a plasmonic modulator using electro-optic polymer material as well as a novel metamaterial enhanced graphene photodetector featuring a

200 nm spectral window and a setup-limited 1 bandwidth of 500 GHz.

The EOE link achieved a world record and unprecedented 250

GHz 3dB bandwidth 2 .

This is an optical link that utilizes devices with extremely high bandwidths, and the plasmonic demonstration

shows that hybrid technologies such as our electro-optic polymers and graphene together form an important technology platform for volume

scalability using large silicon foundries for mass commercialization.

T he groundbreaking results

were presented by Stephan Koepfli as part of a peer-reviewed post-deadline paper presented at the prestigious 2022 European Conference

on Optical Communications (ECOC) in Basel, Switzerland on September 22, 2022.

November 15, 2022, we announced the receipt of U.S.

patent number 11,435,603 B2 entitled "TFP (thin

film polymer) optical transition device and method," which illustrates the design of a simpler to fabricate, lower cost hybrid integrated

photonics chip using electro-optic polymers which are more advantageous for high-volume production.

The simplified fabrication approach

enables streamlined production of very high speed, low power proprietary polymer modulators that will enable significantly faster data

rates in the internet environment.

The essence of the invention is a hybrid polymer-silicon photonics engine that fits into fiber optic

transceivers (either pluggable or co-packaged) that are used in the routers, servers and network equipment that are proliferating with

the growth of data centers, cloud computing and optical communications capacity.

November 17, 2022, we announced the receipt of U.S.

patent number 11,435,604 B2 entitled "Hybrid electro-optic

polymer modulator with silicon photonics," which allows Lightwave Logic's proprietary polymers to be fabricated by silicon foundries

in a high-volume manufacturing environment.

The patent also details a more efficient process that allows for high yielding, high stability

poling of polymers in a high-volume foundry manufacturing environment.

From a commercial standpoint, this patent enables our polymers

to be mass-produced using existing silicon foundry equipment, simplifying production for the foundry's we are working with.

November 29 , 2022, we announced our acquisition of the polymer technology and intellectual property assets

of Chromosol Ltd (UK).

The acquisition significantly strengthened our Company's design capabilities with foundry PDKs with extremely low

temperature atomic layer deposition (ALD) processes that effectively hermetically seal polymer devices that have been prepared for high

volume manufacturing.

The advanced fabrication processes of ALD with temperatures below 100C will solidify our Company's market position

with both the Company's manufacturing foundry partners as well as end-users as we prepare to enter the 800Gbps integrated photonics marketplace.

The acquisition also advanced our Company’s patent portfolio of electro-optic polymer technology with an innovative polymer chemistry

device patent that has potential to increase the performance of integrated modulators through optical amplification in a photonic integrated

circuit (PIC) and enhance the functionality of the PIC by integrating laser light sources made using the polymer-based gain and a laser

optical cavity defined on the Silicon photonic platform, with our Company’s high speed, high efficiency modulators.

Having access

to extremely low temperature ALD allows our Company's polymer modulators to be protected from the environment without the need for expensive

and large footprint gold box packaging, propelling our Company forward with chip-scale packaging as required by major hyper-scaler end-users.

The patent opens a new class of PICs which expands our variety of devices.

The Patent is US patent number 9837794, EU patent number 3017489,

China registration number 201480048236 & 201910230856, and is entitled, “Optoelectronic devices, methods of fabrication thereof

and materials therefor.”

Set-up limited' indicates that the measurement was limited by the testing equipment.

University of Kiel, Germany supported the digital signal processor (DSP),

and ETHZ supported the photodetector.

December 12, 2022, we announced the receipt of U.S.

patent number 11,506,918 B2 entitled “Hybrid electro-optic

polymer modulator with atomic layer deposition (ALD) sealant layer,” which allows our proprietary polymers to be sealed to moisture

and atmospheric gases in a very low temperature and quasi-hermetic environment through the use of a chip-scale packaging approach that

can be applied in parallel at wafer level (i.e.

in volume) and that eliminates the need for a separate hermetic enclosure or "gold

box." Specifically, our electro-optic polymer modulators will be sealed with low-temperature conformal atomic layer deposition dielectric

layers that are supported on a silicon substrate with passive silicon photonics waveguides.

The sealant process will enable lower cost

system implementation in a high-volume foundry environment.

December 13, 2022, we provided a world-class figure-of merit performance for modulators using electro-optical polymers and a plasmonic

device design in conjunction with Polariton Technologies.

Building from the world record performance and demonstration of a 250 GHz super

high bandwidth electro-optical-electrical (EOE) link that was presented at the 2022 European Conference on Optical Communications ( ECOC) 3

through a collaboration with ETH Zurich, these latest figure of merit results show the potential for extreme power savings for optical

network equipment and demonstrated clearly that polymer-based technology platforms are positioned well for general implementation.

results were achieved using Polariton's electro-optic polymer-based plasmonic devices with Lightwave's electro-optic materials, with a

bandwidth greater than 250 GHz.

While these high-speed results have been reported previously, here Lightwave Logic reported for the first

time that the voltage-length product Figure of Merit (FoM) for this modulator is just 60 Vum, which is approximately 10X better than the

performance of the optical semiconductor modulators that are incumbent in the optical network and internet today.

This figure of merit

will allow ultra-low voltage operation and, enabled by Polariton's plasmonic modulator, the ability to carry significantly more data per

modulator while consuming much less power.

The net positive effect on system level equipment is expected not only to be significant, but

perhaps more importantly, also a strong driver of a ''green photonics" platform.

These results position our Company extremely well

for next generation ultra-high-capacity interconnects for the hyper-scale market.

The combination of electro-optic polymers and plasmonics

is becoming an ideal sunrise technology platform to address the 'Achilles heel' of the data industry:

high power consumption.

As the industry

contemplates the implementation of PAM4 200G lanes for 2023 and 2024, these optical devices already have shown capability for at least

2X these lane speeds.

January 12, 2023, our Chief Executive Officer, Dr.

Michael Lebby, hosted a presentation and participated

in an industry panel discussion at the 2023 Photonics Spectra Conference ,

a prominent virtual conference within the photonics industry.

In the panel discussion, Dr.

Lebby and a panel of industry experts from

the entire photonics integrated chip (PIC) value chain, discussed lessons learned when scaling PIC production for volume applications.

In his presentation, Dr.

Lebby reviewed the potential solutions that electro-optical polymer modulators offer to integrated and hybrid

photonics integrated chips (PICs), discussing their relevance to PIC packaging operations as well as how electro-optic polymers boost

PIC speed and power efficiency.

January 30, 2023, our Chief Executive Officer, Dr.

Michael Lebby, participated in an industry panel discussion

at the 2023 Laser Focus World Executive Forum .

The Laser Focus World Executive Forum is one of the

industry's premier events for senior-level executives, technology directors, and business managers from technology companies around the

world, delivering an in-depth analysis of the global laser and photonics market.

In this discussion, Dr.

Lebby joined a panel of industry

experts to discuss how the success of Silicon Photonics is based on the premise that it is a semiconductor technology, and hence it can

be manufactured in volume by semiconductor fabs.

The panel addressed the manufacturing plans of photonic integrated circuits (PICs) by

semiconductor fabs and how the photonic industry can transfer their processes to the semiconductor industry.

The acquisition significantly strengthened our Company's design capabilities with foundry PDKs with extremely

low temperature atomic layer deposition (ALD) processes that effectively hermetically seal polymer devices that have been prepared for

high volume manufacturing.

Having access to extremely low temperature ALD allows our Company's polymer modulators to be protected from

the environment without the need for expensive and large footprint gold box packaging, propelling our Company forward with chip-scale

packaging as required by major hyper-scaler end-users.

the acquisition, our Company has made substantially progress in the utilization of ALD to hermetically seal polymers for modulator applications.

On December 12, 2022, we announced the receipt of U.S.

patent number 11,506,918

B2 entitled “Hybrid electro-optic polymer modulator with atomic layer deposition (ALD) sealant layer,” which allows our proprietary

polymers to be sealed to moisture and atmospheric gases in a very low temperature and quasi-hermetic environment through the use of a

chip-scale packaging approach that can be applied in parallel at wafer level (i.e.

in volume) and that eliminates the need for a separate

hermetic enclosure or "gold box." Specifically, our electro-optic polymer modulators will be sealed with low-temperature conformal

atomic layer deposition dielectric layers that are supported on a silicon substrate with passive silicon photonics waveguides.

process will enable lower cost system implementation in a high-volume foundry environment.

22, 2023, we announced that our latest commercial-class electro-optic polymer material achieved

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us for potential near-term licensing opportunities in datacenter applications.

The groundbreaking results were presented by Stefan

Koepfli (ETH Zurich) as part of a peer-reviewed post-deadline paper presented at the prestigious

2022 European Conference on Optical Communications (ECOC) in Basel, Switzerland on September 22, 2022.

The post-deadline

paper is titled ">500 GHz Bandwidth Graphene Photodetector Enabling Highest-Capacity Plasmonic-to-Plasmonic Links."

April 2023, our Chief Executive Officer, Dr.

Michael Lebby, co-chaired the Photonic Integrated Circuits (PIC) International Conference

in Brussels, Belgium.

Industry-leading insiders delivered more than 30 presentations spanning six sectors at the conference.

The conference

provided attendees with an up-to-date overview of the status of the global photonics industry as well as the opportunity to meet many

other key players within the community.

In addition to serving as co-chair of the event, Dr.

Lebby hosted a presentation for in-person

attendees within the "Scaling PICs in Volume Using Foundries" track, focusing on the industry's consideration of electro-optic

polymer modulators due to their increased modulation speed, lower power consumption, and potential for future multi-Tbps aggregated data-rates

in the next decade.

Additionally, Dr.

Lebby discussed the latest results on foundry fabricated EO polymers, as well as the latest work

in photonics roadmaps on both the integrated photonics (PIC) level as well as PIC packaging level.

May 4, 2023, we announced, that in conjunction with our research partners at the Karlsruhe Institute of Technology and Solarix, the achievement

of record optical modulator performance using our Company's latest Perkinamine ® Series 5 material at extremely low

cryogenic temperatures, delivering the potential to revolutionize applications in supercomputers, quantum circuits and advanced computing

Building from the world record performance and demonstration of super high bandwidth, and super low voltage electro-optic

modulators with Karlsruhe Institute of Technology and Silorix over the past year, the results have the potential to enable supercomputing

and quantum systems to be more competitive than standard computational systems given its faster speeds at low temperatures.

This achievement

opens huge opportunities to our Company in the areas of supercomputing and quantum systems by giving access to very high data rate, low

power optical modulators.

May 18, 2023, we announced the receipt of U.S.

patent number 11,614,670 B2 entitled "Electro-optic polymer devices having high performance

claddings and methods of preparing the same," which is a cutting-edge design technique, enhancing the performance of polymer modulators

through the use of innovative polymer cladding design that is amenable for high-volume foundry fabrication when integrated with silicon

The patent details a novel fabrication process that allows our proprietary polymers to perform more effectively and to be fabricated

by silicon foundries in a high-volume manufacturing environment.

It also introduces a more efficient process for improving the performance

of the polymer claddings, leading to increased poling efficiency and lower losses in both optical and RF aspects.

This patent is helping

us move forward with our commercial discussions through the enabling of enhanced performance and simplified manufacturing of our polymer

modulators with silicon photonics.

May 25, 2023, we announced our Company's first commercial material supply license agreement for our Perkinamine® chromophore

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this patent will help us progress our commercial discussions with potential customers.

June 2023, we announced the publication of World International Property Organization (WIPO) PCT Patent Publication - PCT Patent No.

2023/102066 entitled “Nonlinear Optical Materials Containing High Boiling Point Solvents, and Methods of Efficiently Poling The

Same,” which illustrates novel organic chemical structural designs that offer increased poling efficiency, as well as thermal stability

for electro-optic materials.

These designs provide non-linear optical chromophores with significantly improved material properties and

stability for processing and fabrication by commercial foundries.

Specifically, the patent teaches material processing and poling methods

that directly leads to significantly enhanced electro-optic efficiency (r33) as compared to previous poling techniques.

We consider this

WIPO PCT Patent Publication to be a strong step forward in the scaling and volume commercialization of our polymer technology platform.

August 1, 2023, we appointed respected industry executive Laila Partridge to our Board of Directors.

Partridge brings over

30 years of executive experience in technology, corporate innovation and finance to our Board – having worked with a wide range

of technologies, including telecommunications, internet infrastructure, AI, internet of things and more.

She was named by Boston Business

Journal as one of the ten "2017 Women to Watch in Science and Technology".

She currently serves as Founder and Chief Executive

Officer of The HardTech Project, a new venture with a novel approach to early-stage hardware investing.

Previously, she was Managing Director

of the STANLEY + Techstars Accelerator where she directed a global effort for Stanley Black & Decker's Chief Technology

Officer to identify and invest in innovative technologies for industrial applications with an emphasis on electrification, sustainability

and advanced manufacturing.

Prior to that, she began her technology career at Intel Capital, serving as a Director of Strategic Investments.

Partridge began her career at Wells Fargo, where she ultimately achieved the role of VP of Corporate Banking, having led complex corporate

finance transactions for the company's senior secured debt agencies in the Midwest.

Partridge brings significant board experience

to the Board of Directors, including at Intel Capital serving privately-held technology companies, and in her current role as an independent

Director at Cambridge Trust (NASDAQ:

She holds a Bachelor's degree with Honors from Wellesley College.

August 21, 2023, we announced the completion of new laboratory production facilities, expanding our corporate headquarters by over 65%,

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chemical synthesis production line.

October 3, 2023, we announced our receipt of the 2023 Industry Award for Most Innovative Hybrid PIC/Optical Integration Platform from

the European Conference on Optical Communications (ECOC) – a premier industry exhibition – held in Glasgow,

Scotland from October 2-4, 2023.

ECOC is one of the leading conferences on optical communication and attracts top industry minds

from across the world.

The ECOC awards emphasize technology and product commercialization, highlighting significant achievements in advancing

the business of optical communications, transport, networking, fiber-based products, photonic integration circuits and related developments.

The Innovative Product category with 5 subcategories looks across the industry at new products driving change in their respective market

segment, and what is timely and helping to increase the use of optics.

Metrics include design features that are photonics, electronics,

thermal, mechanical, chemical, environmental and carbon footprint based.

move forward to diligently meet our goals, we continue to work closely with our packaging and foundry partners for 112Gbaud prototypes,

and we are advancing our reliability and characterization efforts to support our prototyping.

Depending on electrical encoding schemes

such as PAM4, or PAM8, or wavelength optical multiplexing, these Gigabaud rates roughly translate to 200Gbps and 300Gbps per lane, and

are the key speed rates for emerging 800Gbps to future possible 1200Gbps applications.

Our partnership with silicon-based foundries will

allow us to scale commercial volumes of electro-optic polymer modulator devices using large silicon wafers, and we are currently working

to have our fabrication processes accepted into foundry PDKs (process development kits).

These are the recipes that foundries use to manufacture

devices in their fabrication plants.

March 24, 2024, at the 2024 Optical Fiber Conference in San Diego, California (OFC 2024), we presented world-class results for our Company’s

200Gbps heterogeneous polymer/silicon photonic modulator at a record low drive voltage, which are based on a novel packaged heterogeneous

polymer EO modulator design leveraging silicon photonics devices from a 200mm production foundry process and Lightwave Logic’s proprietary

high temperature, high performance EO Polymer material.

Each modulator was operated at 100GBaud PAM4 and achieved all drive voltages below

2V, and as low as 1V which is excellent for low power operation.

We discussed the test set-up for the high-speed results, and how electro-optic

polymer-based modulators based on 200mm silicon foundry wafers are ideal for 4 lane 200Gbps per lane 800Gbps pluggable optical transceivers

for datacenter applications.

We also shared updated lifetime and reliability data for both the electro-optic polymer materials and electro-optic

polymer devices.

Our results demonstrate that a hybrid approach, leveraging the cost and integration benefits of silicon photonics along

with the unparalleled bandwidth and low power advantages of Lightwave Logic’s proprietary EO polymers, lays a clear path for competitive

performance and integration for today’s and future optical pluggable transceivers, and we expect these results will position our

Company to support the burgeoning demand of generative AI as datacenters around the world begin to upgrade their hardware faster than

expected to meet the demands of the future.

March 28, 2024, we announced world-class performance of the Company’s Perkinamine® EO polymer material operating in an optical

interconnect link, at 437.1Gbps employing a PAM8 178GBaud signal encoded by a plasmonic Mach Zehnder modulator (MZM).

In this work, intensity

modulated, direct detection (IM/DD) techniques were utilized to drive higher performance.

The paper, authored by our teammates ETH Zurich

and Polariton Technologies, demonstrated data rates beyond 400Gbps for a IM/Dd optical interconnect link for the first time.

This world-class

result, achieving data rates of 400Gbps per lane, demonstrates that our Company’s EO polymers are capable of exceeding double the

current industry expectation.

This has the potential to enable 4 lane 1.6Tbps (1600Gbps) pluggable transceiver modules, which is on the

roadmap of datacenter operators today.

May 21, 2024, we announced our collaboration with Advanced Micro Foundry (AMF), a leading Silicon Photonics volume foundry, to develop

state-of art polymer slot modulators utilizing AMF's silicon photonics platform.

These modulators have been shown to achieve a record

low drive voltage below 1V and data rates of 200Gbps PAM4.

This performance will enable a new generation of 800 Gb/s and 1.6T Gb/s pluggable

transceivers to address fast growing requirements for optical connectivity for large generative AI computing clusters.

Lightwave Logic

and AMF have collaborated over the past year to develop the electro optic polymer slot modulators utilizing AMF's standard manufacturing

process flow on 200-mm wafers.

This successful demonstration marked a significant milestone in integrated photonics, blending Silicon

photonics with polymer materials.

Building on this demonstration, both parties are aiming to enhance the modulators to ensure these advanced

components are readily accessible to product companies on a manufacturing scale.

This accomplishment puts our Company in a very strong

position to ramp volume both for our polymers as well as 200-mm silicon wafer volume with AMF.

It also opens exciting opportunities to

develop novel solutions for commercial-grade-compatible EO polymer modulators seamlessly integrated with AMF's standard processes.

September 24, 2024, we announced a collaboration with Polariton Technologies to demonstrate a packaged device with over

110 GHz super high bandwidth packaged electro-optic polymer modulators using Polariton's plasmonic modulator device design that

contains Lightwave's proprietary Perkinamine® chromophores at the European Conference on Optical Communications (ECOC) held

in Frankfurt, Germany from September 22-26, 2024.

The packaged device contains a plasmonic modulator using

electro-optic polymer material and platform chips have demonstrated 400 Gbps, which is the current specification that datacenters

are looking for in optical transceiver modules.

This collaboration forms an important technology platform for scalability using

large silicon foundries for mass commercialization with 200mm silicon wafers.

The combination of electro-optic polymers and

plasmonics can support datacenters around the world which are responding to high power consumption and the burgeoning demand for

higher speed data transmission from artificial intelligence, machine learning, and other cloud-based services.

This device enables

ultra-high bandwidths, which are extremely well suited for next generation internet and optical networking transceivers that require

200Gbps per lane today, and 400Gbps per lane soon.

December 11, 2024, we strengthened our Company's management team to reinforce our competitive position and accelerate product and commercial

strategic initiatives, including capitalizing on high-growth opportunities across the AI and datacenter networking sector, expediting

commercialization for our proprietary electro-optic materials, and opening new markets and applications for our advanced polymer-based

We named optical communications industry veteran Yves LeMaitre as our Chief Executive Officer and former CEO and

Chairman Thomas E.

Zelibor as our President.

Ronald Bucchi, lead independent director, was appointed as our new non-executive

independent Chairman, and James S.

Marcelli, principal financial officer, was named as our Chief Financial Officer and continues to serve

as Chief Operating Officer.

Michael Lebby retired as Chairman and Chief Executive Officer of Lightwave Logic, effective December

On March 10, 2025, we announced the advancement of our technical collaboration

with Polariton Technologies, a technology leader of high-speed EO components for the communication market, and our transition from being

a material supplier to collaborating on market development through end-user engagement and technical cooperation.

Lightwave Logic and

Polariton will work together to jointly develop technical solutions to enable the faster adoption and integration of combined plasmonics

and polymer-based products, with semiconductor fabrication plants, outsourced assembly, and test operations.

In addition to manufacturing

transmitter PICs with inherent superior electro-optic performance, both teams will be working together on an extensive qualification and

reliability program, high-speed RF and optical testing and back-end manufacturing process integration.

move forward to diligently meet our goals, we continue to work closely with our packaging and foundry partners for 200Gbps and 400Gbps/lane

device designs and prototypes, and we are advancing our reliability and characterization efforts to support our prototyping.

Our partnership

with silicon-based foundries will allow us to scale commercial volumes of electro-optic polymer modulator devices using large silicon

wafers, and we are currently working to have our fabrication processes accepted into foundry PDKs (process development kits).

the recipes that foundries use to manufacture devices in their fabrication plants.

actively engaged with test equipment manufacturers of the most advanced test equipment to test our state-of-the-art polymer devices.

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transfer to entities such as foundries.

Discussions with prospective customers are validating that our modulators are ideally suited for

the datacenter and telecommunications markets that are over 10km in length.

Details and feedback of what these prospective customers are

seeking from a prototype are delivered to our technical team.

The Global Photonic Device Market

General Overview

Lightwave Logic has been reviewing

the latest market data as well as its own internal data for its business strategy, and below we detail the global market dynamics both

in terms of data traffic as well as how co-packaged optical solutions which will require optimized modulators will grow in the fiber communications

segment of the market.

As we have already seen with

products such as smart phones, lap top computers, and personal digital assistants (PDAs), Internet traffic, and especially mobile internet

traffic is one of the important metrics that is being used to show activity in fiber communications, and particularly telecommunications

as well as data communications (which includes datacenters and high-performance computing).

Internet Protocol (IP) traffic has typically

been used to gauge the amount of data that is being used on the internet as shown in the graph below (sourced from Cisco VNI in 2022).

The metric is Exabytes per month.

An Exabyte is 1E18 which is 1000 Petabytes, or 1000,000 Terabytes or a billion Gigabytes of data.

seen from the graph which has a strong growth of 26% CAGR (2017-2022) of global IP traffic, with the majority traffic being driven by

internet video.

The traffic rates are fast approaching the metric of Zetta which is 1E21 bytes of data.

Some estimates are discussing

the further metric of Yotta which is 1E24 bytes of data over the next decade, which is also expected to be driven for the most part by

internet video.

Within the overall market trends

of IP traffic growth and in particular mobile video, the internet will need to be able to support high volumes of data traffic.

this, the fiber-optic infrastructure that allows data to be communicated between network nodes such as datacenters, within datacenters,

and optical network switches etc., needs to be upgraded.

Today, fiber-optic networks are a combination of long, medium and short optical

interconnects that range from 3 meters (or 1yard) to over 1000km depending on application in the optical network.

Optical components,

typically known as photonics components are used to build the fiber-optic infrastructure and consist of things such as:

laser diodes,

photodetectors, multipliers, modulators, transceivers etc.

These are known as discrete components, while a mix of these components that

are integrated or connected on a single substrate (such as silicon, InP, GaAs etc.) are called PICs (Photonic Integrated Components).

All of these components are packaged and put into transceivers.

Computing power is increasing significantly in part due to Generative Artificial

Intelligenc (G-AI).

In the graph above, large language models are requiring large GPU clusters, which is driving more information on the

This coupled with the heavy power consumption becomes a driving factor to reduce power in data centers and other nodes that

utilize computational processing.

The leverage of low power, high speed polymer modulators will alleviate these issues in the near future.

The above graphic shows that for large Graphical Processing Units (GPUs),

power consumption is a key metric to be addressed.

The graphic also shows that the role of optics is now becoming significant, and lower

power optical components and PICs such as polymer modulators have the potential to address and mitigate the growing trend of increased

power consumption in G-AI datacenter applications.

Within the datacenter environment, the power contribution of incumbent

modulators is very high and needs to be reduced, especially at the new network nodes of 800Gbps, and more so at 1600Gbps.

polymer PIC based electro-optic modulators will be to reduce power consumption at these higher data rates, and provide power competitive

fiber optic transceivers at 800Gbps, 1600Gbps and even 3200Gbps in the near future.

In the graphic above, there are huge polymer modulator

opportunities that include fiber optic transceivers, silicon photonics, and other platforms such as high-performance computing, RF, quantum

computing etc.

Electro-optic polymers enable higher performance data communcations in a number of fiber optic market verticals.

The global device and connection

growth market share as forecasted by Yole Developpment (see below) in their optical transceivers for datacom and telecom report (2021)

is expected to grow from $18B in 2018 to approximately $30B in 2023 as can be seen by the figure below (Source:

Yole Developpment).

compound annual growth is expected to reach a healthy 10% for the period 2018 to 2023.

This market has machine to machine market vertical

at nearly 50% of the market share by 2023, followed by smartphones, TVs and game consoles, non-smartphones, Personal computers, other,

The datacom optics revenue forecast

ranging from 2020 through 2026, and onto 2032 is shown in the graphic below.

This data is also sourced from Yole Developpment and is reported

in their co-packaged optics for data centers report in 2022.

The data shows that the datacom optics revenues have grown from nearly $6B

in 2020 to a forecast that exceeds $15B in 2026, and over $28B by 2032.

The respective compound annual growth rates are a very healthy

19% for 2020-2026, and a healthy 11% for the period 2026-2032.

The market is segmented into three major categories that include:

optical cable and embed optical modules, ethernet, and co-packaged optics/on-board optics.

In all of these categories the growth of PIC

based engines for optical transceivers being utilized in datacom optics is expected to grow quickly.

In all of these segments today, many

of the optical engines are either indium phosphide or silicon photonics based.

These optical engines are expected to be upgraded with

hybrid PIC solutions that improve the overall performance of the PIC.

The optical transceiver revenue

forecast ranging from 2020 through 2026 by market segment is shown in the figure below.

This data is also sourced from Yole Development,

and is reported in their optical transceivers for datacom and telecom market report published in 2021.

The data shows that the optical

transceiver revenues have grown from nearly $10B in 2020 to forecast that approaches $21B in 2026.

The respective compound annual growth

rates are a healthy 14% for the period 2020-2026.

The market is segmented into two major categories that include:

Datacom and telecom.

In these categories the growth of PIC based engines for optical transceivers being utilized in both datacom and telecom is expected to

grow quickly using hybrid solutions that are expected to incorporate electro-optic polymer technologies.

A large driver of the growth of

the optical transceiver market is the corresponding growth of - and the “need for speed” by - the large data center operators

lead by Amazon.

Data sourced from Lightcounting shows the rapid adoption and growth of each generation of speed.

As noted earlier, our

unique polymer technology platform has inherent advantages for the requirements of 800Gbps.

While this graphic does not show market revenue for 1600Gbps and 3200Gbps,

these higher performing datarates are being planned on roadmaps today.

As the Company is developing polymer

based photonic devices such as fiber-optic modulators, these devices translate electric signals into optical signals and allow laser-based

technology to operate effectively at, 100G, 200G, and beyond.

Lasers with modulators are used in fiber communication systems to transfer

data over fiber-optic networks today and are expected to be a key driver in photonics components for PIC based technological solutions

over the next decade.

Optical data transfer using lasers and modulators is significantly faster and more efficient than transfer technologies

using only electric signals, permitting more cost-effective use of bandwidth for broadband Internet and voice services.

Our Target Markets

Cloud computing and data

data is a general term used to describe the voluminous amount of unstructured and semi-structured data a Company creates –

data that would take too much time and cost too much money to load into a relational database for analysis.

Companies are looking to cloud

computing in their data centers to access all the data.

Inherent speed and bandwidth limits of traditional solutions and the potential

of organic polymer devices offer an opportunity to increase the bandwidth, reduce costs, improve speed of access, and to reduce power

consumption both at the device as well as the system level.

have grown to enormous sizes with hundreds of thousands and even millions of servers in a single datacenter.

The number of so-called “hyperscale”

datacenters are expected to continue to increase in number.

Due to their size, a single “datacenter” may consist of multiple

large warehouse-size buildings on a campus or even several locations distributed around a metropolitan area.

Data centers are confronted

with the problem of moving vast amounts of data not only around a single data center building, but also between buildings in distributed

data center architecture.

Links within a single datacenter building may be shorter than 500 meters, though some will require optics capable

Between datacenter buildings, there is an increasing need for high performance interconnects over 10km in reach.

Our modulators

are suitable for single-mode fiber optic links.

We believe that our single mode modulator solutions will be competitive at 500m to 10km

link distance lengths, with inherent advantages for 800Gbps applications.

Telecommunications/Data Communications

telecommunications industry has evolved from transporting traditional analogue voice data over copper wire into the movement of digital

voice and data.

Telecommunication companies are faced with the enormous increasing challenges to keep up with the resulting tremendous

explosion in demand for bandwidth.

The metropolitan network is especially under stress now and into the near future.

Telecommunications

companies provide services to some data center customers for the inter-data center connections discussed above.

5G mobile upgrade, autonomous

driving and IoT are expected to increase the need for data stored and processed close to the end user in edge data centers.

This application

similarly requires optics capable of very high speeds and greater than 10 km reach.

Industry issues of scaling

key issues facing the fiber-optic communications industry are the economic progress and scalability of any PIC based technological platform.

Our polymer platform is unique in that it is truly scalable and is expected to become a high-performance engine for transceiver modules.

Scalable means being able to scale up for high-speed data rates, while simultaneously being able to scale down in cost, and lower power

This allows a competitive cost per data rate or cost per Gbps metric to be achieved .

optic datacenter and high-performance computing customers want to achieve the metric of $1/Gbps @ 800Gbps (this essentially means a single

mode fiber optic link that has a total cost of $800 and operates with a data rate of 800Gbps).

Equally importantly, the datacenter industry

would like to reduce the power consumption of optical ports for 400Gbps, 800Gbps, etc., significantly.

As industry tries to match this

target, it needs scalable PIC platforms to achieve this goal, of which our polymer platform is uniquely suited.

by Dr, Michael Lebby that was recently published in broadband communities (BBC) magazine in early February 2023 discusses the virtues

of polymer-based technologies as part of an industry technology roadmap.

The article is entitled “The internet is the brick wall

Nostradamus did not see coming.” In this article cost/performance metrics are discussed that show the trend to higher and higher

data rates using PIC platforms that include very high speed, low power modulator devices.

also shows that electro-optic polymers play an important role in PICs over the next decade as they can reduce or close the gap between

customer expectations and technical performance through effective scaling increase of high performance with low cost for short distance

transceiver optical links.

of the things needed to achieve the scaling performance of polymers in integrated photonics platforms is within sight today:

Increased r33 (which leads to very low Vpi in modulator devices) and we are currently optimizing our polymers for this.

With Vpi levels of 1V or less will enable direct from associated electronics and potentially save network architects the cost of individual driver ICs.

Increase temperature stability so that the polymers can operate at broader temperature ranges effective, where we have made significant progress over the past few years .

Low optical loss in waveguides and active/passive devices for improved optical budget metrics which is currently an ongoing development program at our Company.

Higher levels of hermeticity for lower cost packaging of optical sub-assemblies within a transceiver module, where our advanced designs are being implemented into polymer-based packages that utilize atomic layer deposition (ALD) that is being developed in-house.

Scalability in terms of cost reduction

and high-volume manufacturing can be enhanced by:

Leverage of commercial

silicon photonics manufacturing capacity through the use of silicon-based foundries.

Our Polymer Plus™ platform seeks to be additive

to standard silicon photonics circuits .

Reduction of optical packaging costs by integration at the chip level of multiple modulators and also with other optical devices.

Our P2IC™ platform seeks to address device integration

The above graphic shows the Company

electro-optic material design philosophy of increased glass transition temperature.

When the materials are designed with Tg above 170C,

this equates to approximately 100C above the normal operating temperatures in a data center environment.

This feature increases the material

reliability significantly.

Further, as the spider chart on the right of the above graphic indicates that key performance metrics of the

Company’s electro-optic chromophores perform well against competition in parameters such as photostability, decomposition temperature,

voltage, absorbance, glass transition temperature, and r33 (electro-optic efficiency).

This positions the Company’s materials very

well in the marketplace and eliminates the need to cross-link the polymers which jeopardizes stability and reliability.

The above graphic shows the

increasing trend of improved electro-optic chromophores that have been developed by the Company.

The graphic details improvements in r33,

a measure of electro-optic efficiency of Perkinamine® electro-optic material.

The r33 has improved using a box plot, approximately

over 5X during the past 7 years, and is now very stable in testing.

The above graphic shows the increasing trend of improved electro-optic

chromophores that have been developed by the Company in respect to decomposition temperature.

The graphic details improvements in Td showing

through the box plot extremely tight and improved material thermal stability over the past 3 years, and excellent results over the past

The above graphic shows the increasing trend of improved electro-optic

chromophores that have been developed by the Company in respect to glass transition temperature.

The graphic details improvements in Tg

showing through the box plot extremely tight and improved material with Tg’s above 170C with tight control of the materials performance

as measured in thin films.

Discussions with prospective customers are validating that our materials are ideally suited for

the datacenter, AI connectivity and telecommunications markets.

Details and feedback of what these prospective customers are seeking from

a prototype are delivered to our technical team.

The Global Photonic Device Market and Our Target Markets

target market is the AI focused datacenter eco-system that is exponentially expanding to address the need for accurate Large Language

Models – LLMs - for a variety of applications.

To address these requirements, datacenters have grown in number and scope to include

hundreds of thousands of servers, switches and associated equipment per datacenter to address the computing needs required for LLMs –

a process often known as “scaling up and scaling out”.

The number of “hyperscale” datacenters are expected to

continue to increase in number both in the US, but also in the rest of the world.

Number of Data

Center Sites (by Size)

Data Centers Are There and Where Are They being Built”, Yih-Khai Wong, ABI Research, July 16, 2024

hyperscale datacenter may consist of multiple large warehouse-size buildings on a campus or even several locations distributed around

a metropolitan area.

Regardless of the design, these datacenters will require transmitting and receiving vast amounts of data - not only

around a single data center building – but often also between buildings in distributed data center architecture.

The connectivity

required between servers, switches and related electronics within a single datacenter building is often shorter than 500 meters, with

a growing requirement for opto-electronics for connecting equipment that may be in facilities that are up to 10km apart.

The ideal method

for addressing these links has been – and will continue to be - single mode fiber cabling.

Correspondingly, the minimum “speeds”

or bandwidth required for transmitting data on these connections is expected to be 800Gigabits/second – a speed that eventually

be supplanted with 1.6Terabit/second and 3.2 Terabit/second connections, (2 times and 4 times faster than 800Gibaits/second), as shown

Each connection speed will require either 4 or 8 modulators which results in a multimillion unit opportunity on a yearly

Number of Opto-Electronic

Connectivity Requirements (by “speed”)

Communications market Forecast”, Lightcounting, October, 2024

growth in number of datacenters and speed requirements has generated considerable discussion of the need for reduction in the growth of

energy demands needed for operations.

Our polymers will enable low power modulators that will be required for the opto-electronics utilized

for interconnecting the switches and servers deployed at these required speeds on this cabling infrastructure.

Power Consumption Forecast

in the Rising Data Center Economy”, McKinsey, January 17, 2023

Business Strategy

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Our Company is also in various stages

of photonic device and materials development and evaluation with potential customers and strategic partners.

We expect to continue to

obtain a revenue stream from technology licensing agreements, and to obtain additional revenue streams from technology transfer agreements

and direct sale of our electro-optic device components.

of materials development and evaluation with potential customers and strategic partners.

We expect to continue to obtain a revenue stream

from technology licensing agreements, and to obtain additional revenue streams from technology transfer agreements and direct sale of

our electro-optic Perkinamine® chromophore material.

Specifically,

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and (iii) the production and direct

sale of our own electro-optic device components.

Our objective is to be a leading provider of proprietary technology and know-how in the

electro-optic device market.

sale of our own electro-optic materials.

Our objective is to be a leading provider of proprietary technology and know-how in the electro-optic

device market.

In order to meet this objective, we intend to continue to:

Further the development of proprietary organic electro-optic polymer material systems

Develop photonic devices based on our P 2 IC TM technology

the development of proprietary organic electro-optic polymer material systems.

Partner with PIC or packaged device design and manufacturing companies to further the development of PDKs for our polymer material.

Develop proprietary intellectual property.

Grow our commercial device development capabilities

Partner with silicon-based foundries who can scale volume quickly

our commercial device design and development capabilities.

Partner with silicon-based foundries who can scale volume quickly and integrate our materials into their infrastructure.

Grow our product reliability and quality assurance capabilities.

Grow our optoelectronic packaging and testing capabilities

Grow our commercial material manufacturing capabilities

Maintain/develop strategic relationships with major telecommunications and data communications companies to further the awareness and commercialization of our technology platform

Add high-level personnel with industrial and manufacturing experience in key areas of our materials and device development programs.

Grow our optoelectronic and RF testing capabilities.

our commercial material manufacturing capabilities.

Maintain/develop

strategic relationships with major telecommunications and data communications companies to further the awareness and commercialization

of our technology platform.

high-level personnel with industrial and manufacturing experience in key areas of our materials and process development programs .

Create Organic Polymer-Enabled Electro-Optic Modulators

intend to utilize our proprietary optical polymer technology to create an initial portfolio of commercial electro-optic polymer product

devices with applications for various markets, including telecommunications, data communications and data centers.

These product devices

will be part of our proprietary photonics integrated circuit (PIC) technology platform .

We expect our initial modulator

products will operate at symbol rates at least 112 Gigabaud which is roughly 200Gbps when utilized with PAM4 encoding schemes.

are highly linear, and can also enable the performance required to take advantage of more advance complex encoding schemes if required.

intend to utilize our proprietary optical polymer technology to enable the creation by our customers of a portfolio of commercial electro-optic

polymer product devices with applications for various markets, including telecommunications, data communications and data centers.

We expect our -polymer material

to be used initially in modulator products that will operate at symbol rates at least 112 Gigabaud which is roughly 200Gbps when utilized

with PAM4 encoding schemes.

Our devices are highly linear and can also enable the performance required to take advantage of more advanced

complex encoding schemes if required.

Our Research and Development Process

Our research and development process consist of the

Our research and development process consists of the

following steps:

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We model and simulate each new polymer material so that we can further understand how to optimize the material for device operation.

We integrate data from the material characterization and test results to fabricate devices.

We integrate data from the material characterization and test results to fabricate sample devices for internal use.

We analyze device-testing results to refine and improve fabrication processes and methods.

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We are developing PDKs with commercial silicon-based foundries so that our technology can transfer seamlessly to larger silicon wafer fabrication plants, and scale in volume quickly.

We have and expect to continue

to make significant operating and capital expenditures for research and development.

Our research and development expenses were $15,903,689,

$12,805,374, and $12,476,040 for the years ended December 31, 2023, 2022 and 2021, respectively.

Our Proprietary Products in Development

part of a tactical marketing strategy, our Company is developing several optical devices using our proprietary electro-optical polymer

material, which are in various stages of development.

These include:

Ridge Waveguide Modulator,

Polymer Stack ™

ridge electro-optic waveguide modulator was designed and fabricated in our in-house laboratory.

The fabrication of our first in-house

device is significant to our entire device program and is an important starting point for modulators that are being developed for target

We have multiple generations of new materials that we will soon be optimizing for this specific design.

In September 2017 we

announced that our initial alpha prototype ridge waveguide modulator, enabled by our P 2 IC™

polymer system, demonstrated bandwidth performance levels that will enable 112 Gbaud modulation in fiber-optic communications.

demonstrated true amplitude (intensity) modulation in a Mach-Zehnder modulator structure incorporating our polymer waveguides.

This important

achievement will allow users to utilize arrays of 4 x 112 Gbaud symbol rate (4x 200 Gbps data rate) polymer modulators using PAM-4 encoding

to enable 800 Gbps data rate systems.

These ridge waveguide modulators are currently being packaged with our partner into prototype packages .

prototype packages will enable potential customers to evaluate the performance at 112 Gbaud.

Once a potential customer generates technical

feedback on our prototype, we expect to be asked to optimize the performance to their specifications.

Assuming this is successful, we

expect to enter a qualification phase where our prototypes will be evaluated more fully .

parallel, we are developing modulators for scalability to higher symbol rates above 112 Gbaud.

In September 2018, we showed in conference

presentations the potential of our polymer modulator platform to operate at over 100 GHz bandwidth.

This preliminary result corresponds

to 100 Gbps data rates using a simple NRZ data encoding scheme or 200 Gbps with PAM-4 encoding.

With 4 channel arrays in our P 2 IC™

platform, the Company thus has the potential to address both 400 Gbps and 800 Gbps markets.

While customers may start the engagement at

112 Gbaud, we believe potential customers recognize that scalability to higher speeds is an important differentiator of the polymer technology .

believe the ridge waveguide modulator Polymer Stack™ represents our first commercially viable device and targets the fiber optics

communications market.

We have completed internal market analysis and are initially targeting interconnect reach distances of less than

In these markets, the system network companies are looking to implement modulator-based transceivers that can handle aggregated data

rates 800 Gbps and above.

The market opportunity for less than 10km is worth over $2B over the next decade.

Polymer Plus™

our novel waveguide design, we are developing a more compact modulator to be implemented directly with existing integrated photonics platforms

such as silicon photonics and Indium Phosphide.

As our electro-optic polymers are applied in liquid form, they can be deposited as a thin

film coating in a fabrication clean room such as may be found in semiconductor foundries.

This approach we call Polymer Plus™.

advantage of this approach is that it allows existing semiconductor integrated photonics platforms such as silicon photonics and indium

phosphide to be upgraded with higher speed modulation functionality with the use of polymers in a straight-forward and simple approach.

Further, our polymers are unique in that they are stable enough to seamlessly integrate into existing CMOS, Indium Phosphide (InP), Gallium

Arsenide (GaAs), and other semiconductor manufacturing lines.

large majority of commercial silicon photonics platforms utilize large silicon photonics foundries such as those that manufacture IC products

for a number of applications such as communications, computing, consumer, etc.

In order to seamlessly integrate our polymer materials

to upgrade for example, silicon photonics designs, partnering with a silicon foundry is necessary .

Polymer Slot™

part of supporting further improvement and scalability of our platform, we continue to develop more advanced device structures that include

the Polymer Slot™.

Our high performance, low power, extremely small footprint polymer photonics slot waveguide modulator utilizes

a slot design that is part of PIC platform such as silicon photonics with one of our proprietary electro-optic polymer material systems

as the enabling material layer.

Performance results in 2023 from commercial foundries achieved key design specifications for the

slot modulator.

testing and initial data on our polymer photonics slot waveguide modulators fabricated at commercial foundries demonstrated extremely

high performance suitable for the hyperscaler and fiber optics markets.

The tested polymer photonic slot chip had less than 1-millimeter

square footprint, enabling the possibility of sophisticated PIC architecture designs on a single silicon substrate.

In addition, the waveguide

structure was a fraction of the length of a typical inorganic-based silicon photonics modulator waveguide and is suitable to be used as

an engine for state-of-the-art pluggable transceiver modules such as the OSFP and the QSFP-DD.

the combination of our proprietary electro-optic polymer material and the extremely high optical field concentration in the slot waveguide,

the test modulators demonstrated very low operating voltage.

Initial speeds exceeded 70GHz in the telecom, 1310nm, and 1550 nanometer

frequency bands, and there were devices that exceeded over 100GHz 3dB bandwidth.

also continuing our collaborative development of our polymer photonic slot waveguide modulators (Polymer Slot™) with a partner that

has advanced device design capabilities using Plasmonic technologies.

Some of these devices demonstrated performance levels that exceeded

250GHz in 2022 with our partners.

Long-Term Device Development Goal - Multichannel Polymer Photonic Integrated Circuit (P 2 IC™)

platform is positioned to address markets with aggregated data rates of 100 Gbps, 400 Gbps, 800 Gbps and beyond.

platform will contain several photonic devices that may include, over and above polymer-based modulators, photonic devices such as lasers,

multiplexers, demultiplexers, detectors, fiber couplers.

our polymer-based ridge waveguide and slot modulators are currently under development to be commercially viable products, our long-term

device development goal is to produce a platform for the 400 Gbps, 800 Gbps, 1600Gbps and beyond fiber optic transceiver market.

has been stated in our photonics product roadmap that is publicly available on our website.

The roadmap shows a progression in speed from

50 Gbaud based modulators to 100 Gbaud based modulators.

The roadmap shows a progression in integration in which the modulators are arrayed

to create a flexible, multichannel P 2 IC™ platform that spans 100 Gbps, 400 Gbps, 800 Gbps, 1.6Tbps (or 1600Gbps), and

a scaling philosophy that will grow to 3.2Tbps line rates.

showed bandwidths of polymer-based modulator devices at a major international conference (ECOC – European Conference on Optical

Communications 2018) with bandwidths that exceeded 100GHz.

We noted that to achieve 100Gbaud, the polymer-based modulator only needs to

achieve 80GHz bandwidth.

During ECOC 2019, we showed environmental stability.

We continue to develop our polymer materials and device

designs to optimize additional metrics.

We are now optimizing the device parameters for very low voltage operation .

2022 conference we demonstrated two different world record performances using polymer slot-based modulators.

Other Potential Applications for Our Products

We believe that there are myriad

potential applications for our organic polymer materials and devices outside of our initial focus of data communications, telecommunications

and data centers.

These potential applications encompass areas as diverse as military, space, optical computing, and life sciences.

believe that as viable organic polymer materials gain acceptance, their increased flexibility, functionality and low cost will create

new applications that may not yet be technically feasible.

Two such future applications with revolutionary potential are:

All-Optical Switches

An all-optical switch is one that

enables signals in optical fibers or networks to be selectively switched from one fiber or circuit to another.

Many device designs have

been developed and commercialized in today’s telecom networks to effect optical switching by using mechanical or electrical control

elements to accomplish the switching event.

Future networks will require all-optical switches that can be more rapidly activated with

a low energy and short duration optical (light) control pulse.

Multi-Channel Optical Modem

The availability of low-cost electro-optic

modulators will enable low-cost multichannel optical modems that will use many wavelengths in parallel and employ high efficiency modulation

techniques such as QAM (quadrature amplitude modulation).

Such modems would enable an order of magnitude increase in the Internet capacity

of legacy fiber.

Our Company is in the early feasibility stage of such a multichannel optical modem.

We have and expect to continue to make significant operating and capital

expenditures for research and development.

Our research and development expenses were $16,806,548 and $15,903,689, for the years ended

December 31, 2024, and 2023, respectively.

Our Past Government Program Participation

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Air Force Research Laboratory at Wright-Patterson Air Force Base in Dayton, Ohio

We are aware of a multitude of government programs that include for example

the Chips and Science Act amongst others.

As noted above, we are not currently partnered with or financially supported by any governmental

agency at this time, however, we are exploring future opportunities as our Company grows and gains the additional resources and personnel

necessary to support these efforts.

We are aware of a multitude of

government programs that include for example the Chips and Science Act amongst others.

As noted above, we are not currently partnered

with or financially supported by any governmental agency at this time, however, we are exploring future opportunities as our Company grows

and gains the additional resources and personnel necessary to support these efforts.

Our Competition

Competitive Technologies - PIC Based Technologies

PIC technologies have historically

been driven using III-V compound semiconductors, namely InP, although GaAs remains a strong PIC platform, and is expected to strengthen

via the VCSEL based 3D sensing applications.

Indium Phosphide has been used since the 1980s as the first PIC platform with laser modulator

chips where both the laser and modulator were fabricated monolithically.

Since the 1980s, there have been InP based transmitters, receivers,

and other functional elements that all support the fiber-communications industry.

In fact, over the past 3 decades, the fiber communications

industry has driven the increased performance, miniaturization and simplicity in packaging for PIC based technologies.

Also, back in the

1980s, ‘optoelectronics’ was the key word to describe having both electronic and photonic functions or devices on a single

This was known in early publications as an optoelectronics integrated circuit (OEIC).

Today optoelectronics is synonymous with ‘photonics’,

and hence the common-place use of ‘photonics integrated circuits’ for PICs.

In the below figure that discusses

hybrid PICs, it can be seen in red that the incumbent technology for PICs is InP.

InP can provide a number of devices and opportunities

in both electronics as well as photonics.

InP main weakness from a function standpoint is that although it can provide HFETs, JFETs, bipolar

electronic devices, it has not been able to successfully penetrate LSI, VLSI, or ULSI etc., with digital IC circuitry.

Chips such as ASICs

and DSPs are not practically available with the InP platform – mostly due to advancement in electronic transistor design, and also

through limited maturity in large format wafer manufacturing.

Today the majority of InP fabrication is based on 4” or 100mm wafers,

and only in the past two years have folks been seriously looking at 6” or 150mm InP wafer infrastructure.

From the photonics standpoint,

there are very good reasons why InP is the incumbent technology – it provides world class performance in lasers, modulators, simple

electronics such as drivers and TIAs (transimpedance amplifiers), as well as highly performing active and passive devices such as SOAs,

waveguides, spot-size converters, and mux/demux blocks such as AWG and Eschelle gratings.

Over the past decade, the rise

of silicon-based photonics has accelerated quickly (as can be seen in green in the Figure).

Silicon has a huge history in electronics,

and it’s been said by many that if the existing infrastructure could be utilized effectively, then the cost of producing photonics

with similar fabrication, design, testing, and simulation tools, would become competitive with the current incumbent technology:

As can be seen by the figure, silicon is capable of handling many photonics devices in addition to all electronic functionality with CMOS

and BiCMOS based technologies.

The only photonic device that remains impossible (at least for the time being) is the emitter or laser

where light is generated.

This has spawned a new segment for silicon photonics (SiPh) where engineers and scientists have developed creative

ways to implement InP into device, wafer, and epi-designs that are silicon based.

These solutions are typically referred to as heterogeneous

solutions or Hybrid PICs where both InP and silicon are utilized to create PIC platforms with emitter or laser-based functionality.

While the red area of the Figure

represents the incumbent technology InP, the green areas, Silicon Photonics, the middle areas that are shaded yellow represent PIC based

technologies that can utilize either III-V compound semiconductor platforms such as InP, GaAs, even GaN, as well as silicon platforms

such as silicon wafers, and various combinations of silicon-based materials such as SOI (silicon on insulator), SiGe etc.

The yellow areas

are represented by both polymers and dielectric materials that can be deposited onto either silicon or III-V material wafers.

These combinations

of technology allow flexibility in PIC designs where both polymers and dielectrics can provide a multitude of active and passive photonic

devices such as:

waveguides (W/G), spot size converters (SSC), modulators (such as Mach Zehnder and slot types), multipliers and demultipliers

(Mux/Demux variants such as AWGs, MMI, and Echelle gratings).

The interesting part of the polymer and dielectric technology is that combinations

of active and passive devices can be mixed and matched with either III-V compound devices as well as silicon based, heterogeneous based

devices to design more effective and efficient PICs.

For polymers, very low voltage can be utilized for low cost, low power consumption,

very high-speed modulators that can be deposited onto a semiconductor platform.

For dielectric photonics, very low temperature sensitivity

mux/demux devices (such as athermal designs) can be deposited onto a semiconductor platform.

As can be seen from the Figure, polymer and

dielectric technology suffers from that the fact that high density ICs and laser-based emitters are not available but could be integrated

with the appropriate designs for the PIC with III-V compound semiconductors and/or silicon-based technology that have both DSP/ASIC type

circuits and laser emitters.

PIC technologies have a number

various and broad applications as can be seen by the Figure below and highlighted in green.

In this Figure applications range from fiber

optic communications (green lines), to other market verticals such as:

display/ projection display, automotive/LIDAR for self-driving

vehicles, optical sensing/3D, bio-photonic sensing, medical, instrumentation etc.

.Market TAMs are forecasted over the next decade with

estimations for the opportunities for PICs.

PIC technologies are based upon

semiconductor wafers (such as III-V compound semiconductors – InP, GaAs etc.) as well as silicon wafers (which can be tailored to

become SiGe heterogeneous, SOI, etc.).

As these platforms are semiconductor based, the wafers are processed in fabs or fabrication facilities

to produce devices.

As a general rule, silicon has the largest wafers with 8” (200mm) and 12” (300mm) format discs.

GaAs typically

is running 3” (75mm), 4” (100mm) and 6” (150mm) wafers in production fabs or fabrication plants around the world.

is an expectation that GaAs will eventually move to 8” (200mm) wafers in the next 5 years.

InP is in production today on 2”

(50mm), 3” (75mm) and 4” (100mm) wafers with an expectation to move to 6” (150mm) in the next 5 years.

Heterogeneous

solutions with silicon photonics that utilize materials such as SiGe and InP are typically 8” (200mm) and 12” (300mm) format

Polymer photonics can be deposited on either III-V compound semiconductor wafers as well as silicon wafers which makes it suitable

for the next generation of PIC based technological platforms for the fiber communications industry.

The supply chain for the PIC industry

starts with the wafer development and continues through epitaxial growth, device fabrication, optical sub-assembly, module or transceiver

builds, and sub-systems which are implemented into optical networking applications.

Within these supply chain segments, several combinations

of technology can be utilized.

For example, CMOS IC circuits can be fabricated onto silicon wafers together with silicon photonics, heterogeneous

solutions, that could have the advantage of polymer active devices, and dielectric passive devices on board.

InP may be combined with

polymer photonics to house on-board or on-wafer emitters to source light for the optical signaling with modulators.

Included in the wafers

can be combinations of electrical and optical circuitry.

Electrical circuitry is usually set up as both as single as well as multilevel

interconnects.

Optical circuitry is usually set up as a waveguide or optical layer as part of the device fabrication design.

interconnect electrical devices with photonic devices, and also increase chip functionality through the use of electrical and optical

active and passive device solutions.

Polymer technologies can provide active device function through for example Mach Zehnder modulators,

as well as providing passive device function with waveguides, multipliers, and demultipliers.

The markets we are targeting for

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While there are no major multi-national companies that compete directly

with us on electro-polymers, there are other companies that do manufacture optical modulators.

These companies that have incumbent optical

modulators using semiconductors include:

Lumentum, Broadcom, Intel, Ciena, Fujitsu, and Coherent.

with us on electro-polymers, there are other companies that do manufacture optical modulators based on alternative material platforms

such as Indium Phosphide, Silicon or Silicon Nitride and Lithium Niobate.

These companies that have incumbent optical modulators using

semiconductors include:

Lumentum, Broadcom, Marvell, Cisco, Intel, Ciena, Fujitsu, and Coherent.

These companies are heavily invested

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techniques and modulator designs.

Smaller companies that

compete with us on optical modulators using new and novel technologies include:

Hyperlite (who are developing thin film lithium niobate

(TFLN) and Lumiphase (who are developing Barium Titanate or BTO).

Smaller companies that compete

with us on optical modulators using new and novel technologies include:

Hyperlite (who are developing thin film lithium niobate (TFLN),

NLM Photonics (organic hybrid polymer) and Lumiphase (who are developing Barium Titanate or BTO).

Our Plan to Compete

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Employees and Human Capital

We currently have 33 full-time employees, and we retain

several independent contractors on an as-needed basis.

Based on our current development plan we expect to add 2 additional full-time employees

We currently have 31 full-time

employees, and we retain several independent contractors on an as-needed basis.

Based on our current development plan we expect to add

4 additional full-time employees in 2025.

As a technology and innovation-driven

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and technicians.

Diversity, Inclusion and Equity

We recognize and view equity as

key to our success.

Diversity and Inclusion

We work to create a culture of diversity and inclusion so that all of our employees feel they are respected and treated

equally, regardless of gender, race, ethnicity, age, disability, sexual orientation, gender identity, cultural background or religious

We strive to provide our employees a diverse, equitable, and inclusive work environment.

Compensation and benefits

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a website at www.lightwavelogic.com.

We make available on our website under “Investors” – “Financial & Filings,”

We make available on our website under “Investors” – “SEC Filings,”

free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those

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that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

In addition, we make available on our website under “Investors” – “Corporate Governance”, free of charge,

In addition, we make available on our website under “Leadership” – “Governance Documents”, free of charge,

our Audit Committee Charter, Compensation Committee Charter, Nominating And Corporate Governance Committee Charter, Operations Committee

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business