What changed in this filing

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Item 1. Business

2023-03-01 compared with 2022-03-01 · 862 added, 671 removed, 585 unchanged (72% of the section changed)

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

Our polymer technology

Our unique polymer technology

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

Electro-optical devices convert data from electric

signals into optical signals for multiple applications.

Our differentiation at the device

level is in higher speed, lower power consumption, simplicity of manufacturing and reliability.

We have demonstrated higher speed and

lower power consumption in packaged devices, and during 2021, we continue to make advances in techniques to translate material properties

to efficient, reliable devices.

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 2021 we discussed the addition of silicon-based

foundry partners to help scale in volume our polymer modulator devices.

Silicon-based foundries are large 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, and also allows us to efficiently utilize our capital.

Our extremely strong patent portfolio

allows us to optimize our business model in three areas:

1) Traditional focus on product development, 2) Patent licensing, 3) Technology

transfer to foundries.

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.

demonstrated higher speed and lower power consumption in packaged devices, and during 2022, we continued to make advances in techniques

to translate 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 2022 we discussed the addition of several silicon-based foundry partners to help scale in volume our polymer

modulator devices.

Silicon-based foundries are large semiconductor fabrication plants developed for the electronics IC business, that

are now engaging with silicon photonics to increase their wafer throughput.

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.

Our extremely strong and broad patent

portfolio allows us to optimize our business model in three areas:

1) Traditional focus on product development, 2) Patent licensing and

3) Technology transfer to foundries.

We are continually looking to strengthen our patent portfolio both by internal inventions and acquisition

of intellectual property.

We are initially targeting applications

in data communications and telecommunications markets and are exploring other applications that include automotive/LIDAR, sensing, displays

etc., for our polymer technology platform.

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.

Unless the context otherwise requires,

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designed at the molecular level for potentially superior performance, stability, and cost-efficiency.

We believe they have the potential

to replace more expensive, higher power consuming, slower-performance materials and devices used in fiber-optic communication networks.

We believe our proprietary and unique

polymers have the potential to replace more expensive, higher power consuming, slower-performance materials such as semiconductor modulator

devices that are used in fiber-optic communication networks today.

Our patented and patent pending

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of optical devices, modules, sub-systems, and systems that we will develop or potentially out-license to electro-optic device manufacturers,

Our Company contemplates future applications that may address the needs of semiconductor companies, optical network companies, Web 2.0

media companies, high performance computing companies, telecommunications companies, aerospace companies, and government agencies.

contract manufacturers, original equipment manufacturers, etc.

Our Company contemplates future applications 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.

Device Design and Development

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Electro-optical modulators are expected

to continue to be an essential element as the appetite and hunger for data increases every year.

Polymer Photonic Integrated Circuits (P 2 IC™)

to continue to be an essential element as the appetite and hunger for data increases every year as well as the drive towards lower power

consumption, and smaller footprint (size).

Polymer Photonic Integrated Circuits

Our Company also designs its own

proprietary polymer 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 the ultra-miniaturization needed to increase the

number of photonic functions residing on a semiconductor chip to create 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 4 channel polymer PIC.

In this case, the number of photonic components would increase by a factor

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

laser with a polymer modulator.

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 the ultra-miniaturization footprint needed to increase

the number of photonic functions residing on a semiconductor chip to create 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.

Another 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.

Current photonic technology today

is struggling to reach faster device speeds.

Our modulator devices, enabled by our electro-optic polymer material systems, work at extremely

high frequencies (wide bandwidths) and possess inherent advantages over current crystalline electro-optic material contained in most modulator

devices such as lithium niobate (LiNbO3), indium phosphide (InP), silicon (Si), and gallium arsenide GaAs).

Our advanced electro-optic

polymer platform is creating a new class of modulators such as the Polymer Stack ™ and associated PIC platforms that can address

higher data rates in a lower cost, lower power consuming manner, with much simpler modulation techniques.

Current semiconductor photonic technology

today is struggling to reach faster device speeds.

Our modulator devices, enabled by our electro-optic polymer material systems, work

at extremely high frequencies (wide bandwidths) and possess inherent advantages over current crystalline electro-optic material contained

in most modulator devices such as bulk lithium niobate (LiNbO3), indium phosphide (InP), silicon (Si), and gallium arsenide GaAs).

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 electro-optic polymers can be

integrated with other materials platforms because they can be applied as a thin film coating in a fabrication clean room such as may be

found in semiconductor foundries.

found in semiconductor foundries using standard clean room tooling.

This approach we call Polymer Plus™.

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 particular 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 include both silicon and indium phosphide.

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

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

design is based on a slot modulator fabricated into semiconductor wafers that include both silicon and indium phosphide.

Our Company has a fabrication facility

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while decreasing costs.

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

Gbaud - The rate of symbol

changes in data transmission in billions of symbol changes per second.

Each symbol can support one or more bits, the number of bits depending

on the modulation format.

NRZ – See PAM2.

PAM2 – 2 level Pulse

Amplitude Modulation, a modulation format in which the optical power in each symbol can assume either of two different levels, low or

high, representing, respectively, a 0 or a 1.

PAM2 supports 1 bit per symbol so the bit rate is equal to the baud rate or symbol rate.

For example, a modulator capable of supporting 100 Gbaud can transmit 100 Gbps with PAM2 modulation.

This modulation format is often called

NRZ (Non Return to Zero).

PAM4 - 4 level Pulse Amplitude

Modulation, a modulation format in which the optical power in each symbol can assume any one of 4 different levels.

PAM4 supports 2 bits

per symbol so the bit rate is equal to two times the baud rate or symbol rate.

For example, a modulator capable of supporting 100 Gbaud

can transmit 200 Gbps with PAM4 modulation.

PAM8 - 8 level Pulse Amplitude

Modulation, a modulation format in which the optical power in each symbol can assume any one of 8 different levels.

PAM4 supports 3 bits

per symbol so the bit rate is equal to three times the baud rate or symbol rate.

For example, a modulator capable of supporting 100 Gbaud

can transmit 300 Gbps with PAM8 modulation.

Photonic Devices - Photonic

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Our Company believes that the combination of less expensive manufacturing cost, ease of application, and better scalability,

together with a lower cost of ownership due to marked less heat dissipation (requiring less cooling), will create enormous demand for

our products.

together with a lower cost of ownership due to lower heat dissipation (requiring less cooling), will create enormous demand for our products.

Many companies’ early attempts

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

withstand extremely high process temperatures of 175 0 C.

Additionally, these materials have demonstrated photochemical stability,

even after being subjected to tensor light for over 4,000 hours and exhibited little electro optic degradation even after 2,500 hours

of continuous exposure to temperatures at 110 0 C – exceeding typical commercial operating temperatures of approximately

85 0 C, as found in data center applications.

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.

After successfully achieving material test results that either met or exceeded

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This breakthrough was significant because a 25Gbps data rate

is important to the optical networking industry because this data rate is a major node to achieve 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 and 100Gbps data center

applications.

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

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 50Gbps

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 50Gbps polymer modulators

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.

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amount of data that can be transmitted.

We are now optimizing our high-performance

modulators against typical specifications that are required by the fiber communications industry.

Furthermore, we are packaging our modulators

with our packaging partner so that potential customers can evaluate our high-performance modulators in their systems.

One of the most

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

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.

We have also shown that with standard

simulation and modeling of our devices, there is a potential to scale the high-speed performance beyond that of 100Gbps, thus providing

a technology platform for even greater data rates in the future.

This means that our technology platform using polymers is both scalable

in high performance as well as scalable in miniaturization and low cost, something that the fiber communications industry has been searching

for a long time.

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.

800Gbps will require combining 4 channels of 200Gbps utilizing PAM4 encoding schemes

which will prove challenging for many existing modulator technologies.

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.

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.

While our initial focus is to address

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of -55 degrees Celsius to 150 degrees Celsius.

While many new applications do not require full military specifications for polymers, many

potential customers prefer to see polymer operate at or near these conditions to convey confidence in the material system.

We understand

from initial conversations with data center architects and designers that the temperature specifications that our materials achieve are

compliant with their equipment design needs.

While many new applications do not require meeting full military or Telcordia GR-468 specifications

for polymers, many potential customers prefer to see polymer operate at or near these conditions to convey confidence in the material

We understand from initial conversations with data center architects and designers that the temperature specifications that our

materials achieve are compliant with their equipment design needs.

We are aware of other academic and

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Our future devices will

utilize silicon photonics (SiP) technology, which can support highly miniaturized slot waveguides structures etched in large format, low

cost, and less expensive silicon wafers coated with our organic electro-optic polymers.

utilize silicon photonics (SiPh) technology, which can support highly miniaturized slot waveguides structures etched in large format,

low cost, and less expensive silicon wafers coated with our organic electro-optic polymers.

The low-cost structure compares well to compound

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allow the economies of scale in high volume fabrication plants.

The degree of miniaturization possible of the slot modulator using SiP

The degree of miniaturization possible of the slot modulator using SiPh

is not technically feasible to accomplish with inorganic crystalline materials.

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indicating that our technology is being recognized as being unique.

Also in 2018, we acquired the Polymer

In 2018, we acquired the polymer

technology intellectual property assets of BrPhotonics Productos Optoelectrónicos S.A., a Brazilian corporation, which significantly

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photonics marketplace with a highly competitive, scalable alternative to installed legacy systems.

2022, we acquired the polymer technology and intellectual property assets of Chromosol Ltd (UK), which 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 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.

In total, our patent portfolio currently

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

Our patent portfolio includes patents not only on nonlinear optic chromophore

designs, but also device designs and inventions, fabrication process inventions, packaging design inventions, as well as novel chemistry

to enable high performance, low power, small footprint polymer PIC technology.

Our strategic plan is to utilize

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Totally Integrated Material Engineering

System This patent covers material integration structures under a design strategy known as Totally Integrated Material Engineering.

This patent covers material integration structures under a design strategy known as Totally Integrated Material Engineering.

integration structures provide for the "wrapping" of the core molecule in sterically hindering groups that maximally protect

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Recent Significant Events and Milestones Achieved

During February and March 2018,

we moved our Newark, Delaware synthetic laboratory and our Longmont, Colorado optical testing laboratory and corporate headquarters to

office, laboratory and research and development space located at 369 Inverness Parkway, Suite 350, Englewood, Colorado.

The 13,420 square

feet Englewood facility includes fully functional 1,000 square feet of class 1,000 cleanroom, 500 square feet of class 10,000 cleanroom,

chemistry laboratories, and analytic laboratories.

The Englewood facility streamlines all of our Company’s research and development

workflow for greater operational efficiencies.

During March 2018, our Company,

together with our packaging partner, successfully demonstrated packaged polymer modulators designed for 50Gbps, 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.

During June 2018, our Company Acquired

the Polymer Technology Intellectual Property Assets of BrPhotonics Productos Optoelectrónicos S.A., a Brazilian corporation, which

significantly advanced our patent portfolio of electro-optic polymer technology with 15 polymer chemistry materials, devices, packaging

and subsystems patent and further strengthened our design capabilities to solidify our market position as we prepare to enter the 400Gbps

integrated photonics marketplace with a highly competitive, scalable alternative to installed legacy systems.

Also, 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.

In August 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.

In February 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.

We continue to conduct

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

In March 2019 we created an Advisory

Board comprised of three world-class leaders in the photonics industry:

February and March 2018, we moved our Newark, Delaware synthetic laboratory and our Longmont, Colorado optical testing laboratory and

corporate headquarters to office, laboratory and research and development space located at 369 Inverness Parkway, Suite 350, Englewood,

The 13,420 square feet Englewood facility includes fully functional 1,000 square feet of class 1,000 cleanroom, 500 square feet

of class 10,000 cleanroom, chemistry laboratories, and analytic laboratories.

The Englewood facility streamlines all of our Company’s

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.,

a Brazilian corporation, which significantly advanced our patent portfolio of electro-optic polymer technology with 15 polymer chemistry

materials, devices, packaging and subsystems patent and further strengthened our design capabilities to solidify our market position as

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

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.

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Andreas Umbach.

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™ platform.

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.

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.

Also, 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.

During the second quarter of 2019,

our Company promoted its polymers at CoInnovate in May and the World Technology Mapping Forum in June.

CoInnovate is a meeting of semiconductor

industry experts.

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.

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.

In September 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™ polymers,

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

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.

In October 2019, we reported that

energy-saving polymer technology is highlighted in the recently published Integrated Photonics Systems Roadmap - International (IPSR-I).

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.

In May 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

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.

In July 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.

In August 2020, we announced the

addition of Dr.

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.

So is the 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.

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.

On 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

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.

On October 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.

On October 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.

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.

On November 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 at 100mW.

On November 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.

On December 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.

On 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

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

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.

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 10,989,871 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 processes.

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.

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

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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.

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

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.

2 unchanged sentences

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.

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

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

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

The Company’s Nasdaq

listing will help to expand our potential shareholder base, improve liquidity, elevate our public profile within the industry and should

ultimately enhance shareholder value.

The Company’s Nasdaq listing

will help to expand our potential shareholder base, improve liquidity, elevate our public profile within the industry and should ultimately

enhance shareholder value.

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

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

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™ 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.

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

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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.

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

When such 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.

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.

(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

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

Craig Ciesla to

our Board of Directors and that retired director Dr.

Craig Ciesla to our Board of Directors and that retired

Miller transitioned to our Company's Advisory Board.

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

technologies.

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.

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.

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.

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

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polymers for high-volume silicon foundry processes.

forward to diligently meet our goals, we continue to work closely with our packaging and foundry partners for the 50Gbaud and 100 Gbaud

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

We partnered with silicon-based

foundries in 2021 so that we can 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.

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

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.

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.

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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seeking from a prototype are delivered to our technical team.

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."

The Global Photonic Device Market

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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 PIC based technologies will grow in the fiber communications segment of the market.

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

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

from the graph which has a strong growth of 47% CAGR (2016-2021) of mobile internet traffic, with the majority mobile traffic being driven

by mobile video with things such as Youtube etc.

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

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 mobile video.

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.

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

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

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

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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 modules that make up the photonics market.

The summary photonics market has been reviewed

in 2020 and is shown below.

The summary photonics market is forecast to grow to $80B by 2030 with a 17% CAGR (2020-30) that includes both

discrete and PIC photonic components.

The summary photonics components market is forecasted to reach $42B in 2022.

Within the summary photonics components

market, three major segments exist:

Telecom core/metro, Telecom access, and Datacom.

The Telecom core/metro segment is forecast to grow

to $33B by 2030 with a 13% CARG (20-30) or 42% of the market, and the Datacom segment is forecast to grow to $35B by 2030 with 22% CAGR

(20-30) or 44% of the market.

As can be seen from the graph below, the growth of the Telecom core/metro and Datacom segments are forecasted

to be very strong over the next decade and provide the engine for growth in the overall global photonics components market.

One of the key metrics that is needed

for any overall market analysis is how photonics components will grow over the next decade from a PIC perspective.

This is important as

the trend to integrate photonics components is beginning to accelerate.

The trend has been driven by customer applications that require

smaller photonic component solutions, lower power, high data rates, larger buildings for longer interconnect lengths, and more economic

in terms of $/Gbps.

PIC technologies, i.e.

those technologies that include integrated photonics are forecasted to grow to ~$41B by 2030

with 29% CAGR (20-30).

These technologies include InP which is the current incumbent, GaAs, and other newer integrated technology solutions

such as SiP (silicon photonics), polymer photonics, and dielectric photonics.

The forecast of ~$41B is approximately 52% of the summary

photonics components market by 2030, which represents commercial acceptance for PIC based technologies over the next decade.

means while PIC based technologies are quickly approaching ~$20B in the next couple of years, PIC based technologies are forecasted to

grow significantly over the next decade.

While the rise of PIC based technologies

is exciting, what also is exciting in the photonics component market is the rise of fiber-optic transceivers.

Transceivers are small boxes

located at the end of each fiber-optic link that house photonics components and PIC components which send and receive data.

global overall photonic components market is expected to reach $80B by 2030, the photonics transceivers sub-segment is forecasted to grow

to $53B by this time.

This represents that transceivers will accelerate to 66% of the global overall photonics market by 2030 and become

a major driver for optical networking over the next decade.

The market for PIC based technologies

is expected to grow significantly in telcom core/metro over the next decade.

Of the three application markets, the telecom core/metro

and datacom markets are expected to be the driver for PIC based technologies.

While PIC based technologies are expected to grow to $41B

by 2030, the datacom PIC forecast is expected to reach $21B by 2030 with 29% CAGR (20-30), and the telecom core/metro is forecast to reach

$16B by 2030 with 28% CAGR (20-30).

Two of the key market segments in

fiber optic transceivers are Ethernet and DWDM.

Within the Ethernet market segment, there are a range of datarates that are utilized.

Over the next decade, the dominance of 1GE (1Gbps) and 10GE (10Gbps) will be replaced by significant growth of 100GE (100Gbps) and 400GE

Ethernet based fiber optic transceivers are expected to grow to $28B by 2030 with 27% CAGR (20-30).

The Ethernet revenues will

be driven by 100GE and 400GE platforms.

Also, during the next decade increasing datarates of 800GE and 1600GE will be implemented into

the optical network with forecasted revenues in the $5B range.

DWDM fiber optic transceivers are

expected to reach $20B by 2030 with 27% CAGR (20-30).

Like the Ethernet transceiver market, the DWDM transceiver market will also be driven

in revenue by the 100G and 400G datarate platforms.

The 100G and 400G DWDM markets are expected to reach $6B and $7B by 2030 respectively.

DWDM will also benefit from increased datarates of 800G and 1600G by 2030, also in the $5B forecasted revenue range.

Fiber optic transceivers are typically

pluggable form-factors such as SFF, SFP, CFP, and QSFP etc.

Over the next decade new smaller pluggable transceiver modules will emerge

such as QSFP-DD and OSFP which cater to datarates of 100G and beyond.

While transceiver modules will trend to smaller footprints, lower

power consumption and higher datarates, a new trend of co-packaging is expected to emerge.

With co-packaging, transceiver modules are

designed to be in the center of printed circuit boards and line cards as opposed to plugged in from the outside of the system.

allow for innovation in optical switch, optical router designs at the system level.

Even though the form factor of optical switches and

optical routers are expected to evolve, the underlying drive for high speed photonic components, and those components that are PIC based

is expected to increase over the next decade.

Our electro-optic polymer technology is the engine for both fiber optic transceivers both

in pluggable form-factors as well as co-packaging form-factors.

The graph below shows the PIC transceiver

forecast to 2030.

PIC transceivers are forecast to reach $27B by 2030 growing from ~$9B in 2019.

What is more interesting is that by about

2023, PIC transceivers are expected to surpass discrete photonic component transceivers from a revenue standpoint.

This means that the

trend to integrate photonics components inside a transceiver is gaining acceptance, driven by the customer interest for smaller, denser,

and higher performance metrics of transceivers.

This trend is ideal for our polymer based integrated photonics platform to have a huge

impact in the market segment over the next decade.

All of these components are packaged and put into transceivers.

The global device and connection

growth market share as forecasted by Yole Developpment 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).

The 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, and tablets.

The datacom optics revenue forecast

ranging from 2020 through 2026, and onto 2032 is shown in the figure 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 Developpment,

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.

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 50Gbps, 100Gbps, and beyond.

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

Lasers with modulators are used in fiber communication systems to transfer

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Cloud computing and data centers

Big 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 and improve speed of access.

Datacenters have grown to enormous

sizes with hundreds of thousands and even millions of servers in a single datacenter.

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”

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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 distances,

but it will be ideally suited at greater than 10km link distances.

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

The 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.

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.

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

The key issues facing the fiber-optic

communications industry are the economic progress and scalability of any PIC based technological platform.

The polymer platform is unique

in that it is truly scalable.

Scalable means being able to scale up for high speed data rates, while simultaneously being able to scale

down in cost.

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 .

Fiber optic datacenter and high-performance

computing customers want to achieve the metric of $1/Gbps @ 400Gbps (this essentially means a single mode fiber optic link that has

a total cost of $400 and operates with a data rate of 400Gbps ➔ which

also means that each transceiver at each end of the fiber optic link must be able to be priced at $200), but as industry tries to match

this target, it is already falling behind as can be seen in the Figure below which plots generic typical PIC based technology:

In the above figures that forecast

$/Gbps to 2025 (where the left-hand graph is a linear vertical scale, and the right-hand graph is a log scale), it can be seen that the

orange curve plots the customer expectation, while the other color curves show $/Gbps improvement over time for various high-speed data

rate transceivers using PIC based technologies.

A gap is appearing between what customer expect and what the technologists can produce.

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.

This is shown below how polymers have the potential to scale to the needs of the customers

over the next 5years.

Some 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.

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.

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.

An article 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.

article 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.

Some 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.

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 .

Business Strategy

Our business strategy anticipates

that our revenue stream will be derived from one or some combination of the following:

(i) technology licensing for specific product application;

business strategy anticipates that our revenue stream will be derived from one or some combination of the following:

(i) technology licensing

for specific product application;

(ii) joint venture relationships with significant industry leaders;

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.

In order to meet this objective, we intend to:

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

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.

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

· Continue to develop proprietary intellectual property

Develop proprietary intellectual property

Grow our commercial device development capabilities

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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

· Continue to add high-level personnel with industrial and manufacturing experience

in key areas of our materials and device development programs.

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.

Create Organic Polymer-Enabled Electro-Optic Modulators

We 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.

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 data rates at least 50 Gbaud (capable of 50 Gbps with standard data encoding of NRZ and 100 Gbps with more complex

PAM-4 encoding).

Our devices are highly linear, enabling the performance required to take advantage of the more advance complex encoding

We are currently developing our polymer technology to operate at the next industry node of 100Gbaud.

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.

Our Research and Development Process

Our research and development process consist of the following

· We develop novel polymer materials utilizing our patented and patent pending

technology to meet certain performance specifications.

We develop novel polymer materials utilizing our patented and patent pending technology to meet certain performance specifications.

We then develop methods to synthesize larger quantities of such material.

· We conduct a full battery of tests at the completion of the synthesis of

each new polymer material to evaluate its characteristics.

We also create development strategies to optimize materials to meet specifications

for specific applications.

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 conduct a full battery of tests at the completion of the synthesis of each new polymer material to evaluate its characteristics.

We also create development strategies to optimize materials to meet specifications for specific applications.

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 analyze device-testing results to refine and improve fabrication processes and methods.

In addition, we investigate

alternative material and design variations to possibly create more efficient fabrication processes.

In addition, we investigate alternative material and design variations to possibly create more efficient fabrication processes.

We create an initial device design using simulation software.

device fabrication, we run a series of optical and electronic tests on the device.

· 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.

Following device fabrication, we run a series of optical and electronic tests on the device.

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

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Our Proprietary Products in Development

As part of a two-pronged marketing

strategy, our Company is developing several optical devices, which are in various stages of development and that utilize our polymer optical

They include:

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 ™

Our 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 markets.

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

50 Gbaud modulation in fiber-optic communications.

This device 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 50 Gbaud (4x 100

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

These ridge waveguide modulators are currently being

packaged with our partner into prototype packages.

These prototype packages will enable

potential customers to evaluate the performance at 50 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.

In parallel, we are developing modulators

for scalability to higher data rates above 50 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 Gbaud 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 50 Gbaud, we believe potential

customers recognize that scalability to higher speeds is an important differentiator of the polymer technology.

We 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 greater than 10km.

In these markets, the system network

companies are looking to implement modulator-based transceivers that can handle aggregated data rates 100 Gbps and above.

The market opportunity

for greater than 10km is worth over $1B over the next decade.

Ridge Waveguide Modulator, Polymer Plus™

Using the ridge 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.

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™

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™.

The 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.

A 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.

Advanced Modulator Structures

As part of supporting further improvement

and scalability of our platform, we continue to explore more advanced device structures.

Our functional polymer photonics slot waveguide

modulator utilizes an existing modulator structure with one of our proprietary electro-optic polymer material systems as the enabling

material layer and is functional as an operating prototype device.

Preliminary testing and initial

data on our polymer photonics slot waveguide modulators demonstrated several promising characteristics.

The tested polymer photonic chip

had a 1-millimeter square footprint, enabling the possibility of sophisticated integrated optical circuits on a single silicon substrate.

In addition, the waveguide structure was approximately 1/20 the length of a typical inorganic-based silicon photonics modulator waveguide.

With the combination of our proprietary

electro-optic polymer material and the extremely high optical field concentration in the slot waveguide modulator which is called Polymer

Slot™, the test modulators demonstrated less than 2.2 volts to operate.

Initial speeds exceeded 30-35 GHz in the telecom, 1550 nanometer

frequency band.

This is equivalent to 4 x 10Gbps, inorganic, lithium niobate modulators that would require approximately 12-16 volts to

move the same amount of information.

We are continuing our collaborative

development of our polymer photonic slot waveguide modulators (Polymer Slot™) with a partner that has advanced device design capabilities.

We are now designing Polymer Slot™ modulators to operate at data rates greater than 50 Gbaud.

Our Long-Term Device Development Goal - Multichannel

Polymer Photonic Integrated Circuit (P 2 IC™)

Our P 2 IC™ platform

is positioned to address markets with aggregated data rates of 100 Gbaud, 400 Gbaud, 800 Gbaud and beyond.

platform will contain a number of photonic devices that may include, over and above polymer-based modulators, photonic devices such as

lasers, multiplexers, demultiplexers, detectors, fiber couplers.

While 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 and beyond transceiver market.

This 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 ridge waveguide modulators to 100 Gbaud based ridge waveguide

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, and a scaling philosophy that will grow to 1.6 Tbps aggregated data-rate markets.

We 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.

2019, we showed environmental stability.

We continue to develop our polymer materials and device designs to optimize additional metrics.

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.

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.

Initial performance results in 2022 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, 1550 nanometer frequency band,

and there were devices that exceeded over 100GHz 3dB bandwidth.

are 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.

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.

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.

This 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

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National Reconnaissance Office (NRO)

· Properties Branch of the Army Research Laboratory on the Aberdeen Proving

Grounds in Aberdeen, Maryland.

Properties Branch of the Army Research Laboratory on the Aberdeen Proving Grounds in Aberdeen, Maryland.

Defense Advance Research Project Agency (DARPA)

Naval Air Warfare Center Weapons Division in China Lake, California

· Air Force Research Laboratory at Wright-Patterson Air Force Base in Dayton,

Air Force Research Laboratory at Wright-Patterson Air Force Base in Dayton, Ohio

Our Competition

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and hence the common-place use of ‘photonics integrated circuits’ for PICs.

In the below figure, it can be seen

in red that the incumbent technology for PICs is InP.

InP is capable of providing 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, or VLSI with digital IC circuitry.

Chips such as ASICs 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 year 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.

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 blue in the Figure).

silicon-based photonics has accelerated quickly (as can be seen in green in the Figure).

Silicon has a huge history in electronics, and

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light is generated.

This has spawned a new segment for silicon photonics (SiP) where engineers and scientists have developed creative

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.

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While the red area of the Figure

represents the incumbent technology InP, the blue areas, Silicon Photonics, the middle areas that are shaded green represent PIC based

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 green areas

The yellow areas

are represented by both polymers and dielectric materials that can be deposited onto either silicon or III-V material wafers.

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circuits and laser emitters.

PIC technologies have a number various

and broad applications as can be seen by the Figure below.

In this Figure applications range from fiber optic communications, automotive/LIDAR

for self-driving vehicles, sensing, internet of things, bio-photonics, healthcare, industrial, military, high performance computing etc.

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

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builds, and sub-systems which are implemented into optical networking applications.

Within these supply chain segments, a number of combinations

Within these supply chain segments, several combinations

of technology can be utilized.

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our electro-optic polymer technology are intensely competitive.

Among the largest fiber-optic component manufactures are II-VI, Lumentum,

Molex, Broadcom, Intel, and Ciena.

Additionally, large inorganic modulator component manufacturers include Sumitomo Osaka Cement, Fujitsu,

and ThorLabs.

These companies are heavily invested in the production of crystalline-based electro-optic modulator technologies, as well

as the development of novel manufacturing techniques and modulator designs.

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.

These companies are heavily invested

in the production of crystalline-based semiconductor electro-optic modulator technologies, as well as the development of novel manufacturing

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).

Our Plan to Compete

We believe that as our organic polymer

technology gains industry acceptance, we will be poised to obtain a significant portion of the component manufacturing market.

Electro-optic

polymers demonstrate several advantages over other technologies, such as inorganic-based technologies, due to their reduced manufacturing

and processing costs, higher performance and lower power requirements.

Our patented organic polymers and future electro-optic photonic

devices have demonstrated significant stability advantages over our known competitor’s materials.

technology gains industry acceptance, we will be poised to obtain a significant portion of the component manufacturing market and have

our technology become ubiquitous.

Electro-optic polymers demonstrate several advantages over other technologies, such as inorganic-based

technologies, due to their reduced manufacturing and processing costs, higher performance, and lower power requirements.

organic polymers and future electro-optic photonic devices have demonstrated significant stability advantages over our known competitor’s

We believe the principal competitive factors in our target

· The ability to develop and commercialize highly stable optical polymer-based materials and optical devices

in commercial quantities.

The ability to develop and commercialize highly stable optical polymer-based materials and optical devices in commercial quantities.

The ability to obtain appropriate patent and proprietary rights protection.

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As a result, these competitors may:

· Succeed in developing products that are equal to or superior to our potential

products or that achieve greater market acceptance than our potential products.

Succeed in developing products that are equal to or superior to our potential products or that achieve greater market acceptance than our potential products.

Devote greater resources to developing, marketing or selling their products.

· Respond quickly to new or emerging technologies or scientific advances and

changes in customer requirements, which could render our technologies or potential products obsolete.

· Introduce products that make the continued development of our potential

products uneconomical.

· Obtain patents that block or otherwise inhibit our ability to develop and

commercialize our potential products.

Respond quickly to new or emerging technologies or scientific advances and changes in customer requirements, which could render our technologies or potential products obsolete.

Introduce products that make the continued development of our potential products uneconomical.

Obtain patents that block or otherwise inhibit our ability to develop and commercialize our potential products.

Withstand price competition more successfully than we can.

· Establish cooperative relationships among themselves or with third parties

that enhance their ability to address the needs of our prospective customers.

· Take advantage of acquisition or other opportunities more readily than we

Establish cooperative relationships among themselves or with third parties that enhance their ability to address the needs of our prospective customers.

Take advantage of acquisition or other opportunities more readily than we can.

Employees and Human Capital

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several independent contractors on an as-needed basis.

Based on our current development plan we expect to add 5 additional full-time

employees in 2022.

Based on our current development plan we expect to add 9 additional full-time employees

As a technology and innovation-driven

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Technical Team

Our team is composed of

world-class technologists, including materials scientists, design engineers, device engineers, synthetic organic chemists, test and

material engineers and technicians.

Our team is composed of world-class

technologists, including materials scientists, design engineers, device engineers, synthetic organic chemists, test and material engineers

and technicians.

Diversity, Inclusion and Equity

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Compensation and benefits

total rewards package includes market-competitive pay, stock option grants and bonuses, healthcare benefits, retirement savings

plans, life insurance, disability insurance, paid time off and family leave, and flexible work schedules.

rewards package includes market-competitive pay, stock option grants and bonuses, healthcare benefits, retirement savings plans, life

insurance, disability insurance, paid time off and family leave, and flexible work schedules.

The principal

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a website at www.lightwavelogic.com.

We make available on our website under “Investors” – “Financial and Filings,”

We make available on our website under “Investors” – “Financial & 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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in this report are provided as a convenience, and the information on our website is not, and shall not be deemed to be a part of this

report or incorporated into any other filings we make with the SEC.

The SEC maintains an Internet site (www.sec.gov) 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, our Audit Committee

Charter, Compensation Committee Charter, Nominating And Corporate Governance Committee Charter, Operations Committee Charter and Code

of Ethics and Business Conduct.

In addition, the foregoing information is available in print, without charge, to any stockholder who requests

these materials from us.

Report on Form 10-K or incorporated into any other filings we make with the SEC.

The SEC maintains an Internet site (www.sec.gov) that

contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

addition, we make available on our website under “Investors” – “Corporate Governance”, free of charge, our

Audit Committee Charter, Compensation Committee Charter, Nominating And Corporate Governance Committee Charter, Operations Committee Charter

and Code of Ethics and Business Conduct.

In addition, the foregoing information is available in print, without charge, to any stockholder

who requests these materials from us.

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