Lightwave Logic, Inc.

Previous wording

During the three months ended March 31, 2026, we recognized $29,167 of licensing and royalty revenue. During the three months ended March 31, 2025, we recognized $22,917 of licensing and royalty revenue.

Current wording

During the three months ended June 30, 2026, we recognized $32,751 of licensing and royalty revenue. During the three months ended June 30, 2025, we recognized $25,605 of licensing and royalty revenue.

Previous wording

During the three months ended March 31, 2026, we recognized $1,336 in cost of sales. During the three months ended March 31, 2025, we recognized $2,028 in Cost of Sales.

Current wording

During the three months ended June 30, 2026, we recognized $0 in cost of sales. During the three months ended June 30, 2025, we recognized $3,463 in cost of sales.

Previous wording

Research and development expenses increased for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, primarily due to increases in salary and employee benefits expenses and prototype device development and wafer fabrication expenses.

Current wording

Research and development expenses increased for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily due to increases in salary and employee benefits expenses and non-cash stock compensation expenses.

Previous wording

General and administrative expenses increased for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, primarily due to increases in non-cash stock-based compensation expenses, salary and employee benefits expenses and payroll taxes, director fees, recruiting fees, and travel expenses.

Current wording

General and administrative expenses increased for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily due to increases in non-cash stock-based compensation expenses, salary and employee benefits expenses and payroll taxes, professional services fees, recruiting fees, legal fees, and director fees.

Previous wording

Other income increased for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, primarily due to an increase in interest income earned on higher cash balances, offset by a loss due to disposal of certain expired patents.

Current wording

Other income increased for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily due to an increase in interest income earned on higher cash balances and investments in marketable securities, offset by a loss due to disposal of certain expired patents and patent applications.

Previous wording

Net loss was $6,300,540 and $4,697,024 for the three months ended March 31, 2026 and 2025, respectively, for an increase of $1,603,516 due primarily to increases in general and administrative non-cash stock compensation expenses, entity-wide salary and employee benefits expenses and payroll taxes, prototype device development and wafer fabrication expenses, director fees, recruiting fees, travel expenses, and loss due to disposal of certain expired patents, offset by an increase in interest income.

Current wording

Net loss was $12,914,337 and $9,663,657 for the six months ended June 30, 2026 and 2025, respectively, for an increase of $3,250,680 due primarily to increases in entity-wide salary and employee benefits expenses and payroll taxes, non-cash stock compensation expenses, recruiting fees, professional services fees, directors fees, legal fees, laboratory materials and supplies expenses, prototype device development and wafer fabrication expenses, travel expenses, and loss due to disposal of certain expired patents and patent applications, offset by an increase in interest income.

Previous wording

On December 15, 2025, we entered into an underwriting agreement (the “Underwriting Agreement”) with Titan Partners Group LLC, a division of American Capital Partners, LLC, as the underwriter (the “Underwriter”), relating to an underwritten public offering of 11,666,667 shares of the Company’s common stock, par value $0.001 per share, at a price to the public of $3.00 per share (the “Offering”). Pursuant to the Underwriting Agreement, we granted to the Underwriter an option, exercisable not later than thirty (30) days after the date of the closing of the Offering, to purchase from us up to 1,750,000 additional shares of common stock for the purpose of covering over-allotments, if any. The Offering closed on December 17, 2025. The net proceeds to us from the Offering were approximately $32,800,000 during the year ended December 31, 2025, and approximately $4,900,000 in January 2026, after deducting underwriting discounts and commissions and other estimated offering expenses payable by us. We intend to use the net proceeds from the Offering for working capital and other general corporate purposes and may use a portion of the net proceeds to accelerate our commercialization timeline, accelerate and expand our U.S. production capacity to support customer partnerships and design-ins, to pursue strategic mergers and acquisitions or to invest in complementary technologies or businesses. Pursuant to the Underwriting Agreement, we agreed to issue to the Underwriter warrants to purchase up to 350,000 shares of Common Stock, or three percent (3%) of the total number of shares of Common Stock sold in the Offering, as well as additional underwriter warrants to purchase up to an aggregate of 52,500 shares of common stock, which were issued upon the exercise by the Underwriter of its over-allotment option. The underwriter warrants were immediately exercisable at an exercise price of $3.45 per share during the five-year period following the date of the Underwriting Agreement. On April 16, 2026, all 402,500 underwriter warrants were exercised for proceeds of $1,388,625.

Current wording

On December 15, 2025, we entered into an underwriting agreement (the “Underwriting Agreement”) with Titan Partners Group LLC, a division of American Capital Partners, LLC, as the underwriter (the “Underwriter”), relating to an underwritten public offering of 11,666,667 shares of the Company’s common stock, par value $0.001 per share, at a price to the public of $3.00 per share (the “Titan Offering”). Pursuant to the Underwriting Agreement, we granted to the Underwriter an option, exercisable not later than thirty (30) days after the date of the closing of the Offering, to purchase from us up to 1,750,000 additional shares of common stock for the purpose of covering over-allotments, if any. The Offering closed on December 17, 2025. On January 8, 2026, the Company closed on the Underwriter’s exercise of the option, and issued an additional 1,750,000 shares of its common stock. The net proceeds to us from the Offering were approximately $32.8 million during the year ended December 31, 2025, and approximately $4.9 million in January 2026, after deducting underwriting discounts and commissions and other estimated offering expenses payable by us. We intend to use the net proceeds from the Offering for working capital and other general corporate purposes and may use a portion of the net proceeds to accelerate our commercialization timeline, accelerate and expand our U.S. production capacity to support customer partnerships and design-ins, to pursue strategic mergers and acquisitions or to invest in complementary technologies or businesses. Pursuant to the Underwriting Agreement, we agreed to issue to the Underwriter warrants to purchase up to 350,000 shares of Common Stock, or three percent (3%) of the total number of shares of Common Stock sold in the Offering, as well as additional underwriter warrants to purchase up to an aggregate of 52,500 shares of common stock, which were issued upon the exercise by the Underwriter of its over-allotment option. The underwriter warrants were immediately exercisable at an exercise price of $3.45 per share during the five-year period following the date of the Underwriting Agreement. On April 14, 2026, all 402,500 underwriter warrants were exercised for proceeds of $1,388,625.

Previous wording

On December 9, 2022, we entered into the at-the-market sales agreement with Roth Capital, as sales agent, (the “Roth Sales Agreement”) pursuant to which we could offer and sell up to $35,000,000 in shares of our registered common stock, from time to time through Roth Capital. On April 20, 2026, the Company entered into an amendment to its sales agreement with Roth Capital to increase the amount of shares of common stock that may be sold under the Sales Agreement to $51,404,500.** **As of the date of this filing, $3,385 remains available pursuant to the Roth Sales Agreement.

Current wording

On December 9, 2022, we entered into the at-the-market sales agreement with Roth Capital, as sales agent, (the “Roth Sales Agreement”) pursuant to which we could offer and sell up to $35,000,000 in shares of our registered common stock, from time to time through Roth Capital. On April 20, 2026, the Company entered into an amendment to its sales agreement with Roth Capital to increase the amount of shares of common stock that may be sold under the Roth Sales Agreement to $51,404,500.** **As of the date of this filing, $3,385 remains available pursuant to the Roth Sales Agreement.

Previous wording

During the three months ended March 31, 2026, the Company received $6,544,407 in proceeds pursuant to the Roth Sales Agreement, $4,930,928 in proceeds from the exercise of over-allotment option from the Titan Offering, and $1,862,119 in proceeds from the exercise of options.

Current wording

During the six months ended June 30, 2026, the Company received $27,883,978 in net proceeds pursuant to the Roth Sales Agreement, $4,930,928 in net proceeds from the exercise of over-allotment option from the Titan Offering, $1,362,932 in net proceeds from the exercise of underwriter warrants, and $6,946,686 in proceeds from the exercise of options.

Previous wording

During the three months ended March 31, 2026, our primary sources of cash outflows from operations included payroll, rent, utilities, payments to vendors including laboratory and wafer fabrication materials and supplies expenses, and third-party consultants and professional services providers.

Current wording

During the six months ended June 30, 2026, our primary sources of cash outflows from operations included payroll, rent, utilities, payments to vendors including laboratory and wafer fabrication materials and supplies expenses, and third-party consultants and professional services providers.

Previous wording

Our future expenditures and capital requirements will depend on numerous factors, including: the progress of our research and development efforts; the rate at which we can, directly or through arrangements with original equipment manufacturers, introduce and sell our products; the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; market acceptance of our products and competing technological developments; and our ability to establish cooperative development, joint venture and licensing arrangements. On March 31, 2026, our cash and cash equivalents totaled $75,102,750.

Current wording

Our future expenditures and capital requirements will depend on numerous factors, including: the progress of our research and development efforts; the rate at which we can, directly or through arrangements with original equipment manufacturers, introduce and sell our products; the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; market acceptance of our products and competing technological developments; and our ability to establish cooperative development, joint venture and licensing arrangements. On June 30, 2026, our cash and cash equivalents totaled $47,209,148 and our liquid investments in marketable securities totaled $48,701,814.

Previous wording

We expect the proceeds received pursuant to the Titan Offering and the Roth Sales Agreement, the exercise of options and warrants, and commercial operations to provide us with sufficient funds to maintain our operations over the next 12 months. Our current cash position enables us to finance our operations at least through December 2027 before we will be required to replenish our cash reserves. Our cash requirements are expected to increase at a rate consistent with our Company’s revenue growth as we expand our activities and operations with the objective of increasing our revenue stream from the commercialization of our electro-optic polymer technology. We currently have no debt to service. We expect that our cash used in operations will continue to increase during 2026 and beyond because of the following planned activities:

Current wording

We expect the proceeds received pursuant to the Titan Offering and the Roth Sales Agreement, the exercise of options and warrants, and commercial operations to provide us with sufficient funds to finance our operations at least through December 2027. Our cash requirements are expected to increase at a rate consistent with our Company’s revenue growth as we expand our activities and operations with the objective of increasing our revenue stream from the commercialization of our electro-optic polymer technology. We currently have no debt to service. We expect that our cash used in operations will continue to increase during 2026 and beyond because of the following planned activities:

Previous wording

Net cash used in operating activities was $4,061,179 for the three months ended March 31, 2026, primarily attributable to the net loss of $6,300,540 adjusted by $331,530 in options issued for services, $43,266 amortization of deferred compensation, $1,342,733 amortization of restricted stock units, $496,358 in depreciation expenses and patent amortization expenses, $53,577 amortization of right of use asset, $36,409 loss due to disposal of certain expired patents, ($25,000) in accounts receivable, ($582,353) in prepaid expenses and other current assets, and $542,841 in accounts payable, accrued bonuses, accrued expenses, contract liability and other liabilities. Net cash used in operating activities consisted of payments for research and development, legal, professional and consulting expenses, salaries, rent and other expenditures necessary to develop our business infrastructure.

Current wording

Net cash used in operating activities was $9,882,537 for the six months ended June 30, 2026, primarily attributable to the net loss of $12,914,337 adjusted by $950,449 in stock options issued for services, $182,219 amortization of deferred compensation, $2,371,949 amortization of restricted stock units, $987,257 in depreciation expenses and patent amortization expenses, $108,140 amortization of right of use asset, ($33,726) in interest accretion on marketable securities, $41,679 loss due to disposal of certain expired patents and patent applications, $174,624 in accounts receivable, ($1,547,998) in prepaid expenses and other current assets, and ($202,793) in accounts payable, accrued bonuses, accrued expenses, contract liability and other liabilities. Net cash used in operating activities consisted of payments for research and development, legal, professional and consulting expenses, salaries, rent and other expenditures necessary to develop our business infrastructure.

Previous wording

Net cash used by investing activities was $899,422 for the three months ended March 31, 2025, consisting of $45,878 in cost for intangibles and $853,544 in asset additions for the Colorado headquarter facility and labs.

Current wording

Net cash used by investing activities was $50,478,319 for the six months ended June 30, 2026, consisting of $245,398 in cost for intangibles, $1,518,336 in asset additions for the Colorado headquarters’ facility and labs, and $48,714,585 in investments in marketable securities.

Previous wording

Net cash provided by financing activities was $10,767,985 for the three months ended March 31, 2026, and consisted of $1,862,119 in proceeds from exercise of options, ($2,088,366) tax payment on net issuance of vested restricted stock units, ($481,103) tax payment on net issuance of performance stock units in the prior period, $4,930,928 in proceeds from the exercise of the overallotment option from the Titan Offering and $6,544,407 in proceeds from the sale of common stock pursuant to the Roth Sales Agreement.

Current wording

Net cash provided by financing activities was $38,555,054 for the six months ended June 30, 2026, and consisted of $6,946,686 in proceeds from exercise of options, $1,362,932 in proceeds from the exercise of underwriter warrants under the Titan agreement, ($2,088,366) tax payment on net issuance of vested restricted stock units, ($481,103) tax payment on net issuance of performance stock units in the prior period, $4,930,928 in proceeds from the exercise of the overallotment option from the Titan Offering, and $27,883,978 in proceeds from the sale of common stock pursuant to the Roth Sales Agreement.

Previous wording

On March 31, 2026, our cash and cash equivalents totaled $75,102,750, our assets totaled $85,913,064, our liabilities totaled $4,601,157 and we had stockholders’ equity of $81,311,907.

Current wording

On June 30, 2026, our cash and cash equivalents totaled $47,209,148, our assets totaled $108,078,889, our liabilities totaled 3,855,523 and we had stockholders’ equity of $104,223,366.

Previous wording

Net cash used in operating activities was $3,490,131 for the three months ended March 31, 2025, primarily attributable to the net loss of $4,697,024 adjusted by $749,042 in options issued for services, $230,150 amortization of deferred compensation, $20,500 cashless options exercise, $8,029 in common stock issued as commitment shares, $454,960 in depreciation expenses and patent amortization expenses, $50,043 amortization of right of use asset, $28,800 gain on disposal of property and equipment, $26,815 in accounts receivable, ($86,608) in prepaid expenses and other current assets, and ($217,238) in accounts payable, accrued bonuses, accrued expenses, contract liability and other liabilities. Net cash used in operating activities consisted of payments for research and development, legal, professional and consulting expenses, salaries, rent and other expenditures necessary to develop our business infrastructure.

Current wording

Net cash used in operating activities was $7,260,222 for the six months ended June 30, 2025, primarily attributable to the net loss of $9,663,657 adjusted by $1,282,692 in options issued for services, $401,863 amortization of deferred compensation, $384,925 amortization of performance stock units, $11,113 amortization of restricted stock units, $243,830 in common stock issued as commitment shares under the 2023 and 2025 Purchase Agreements, $943,089 in depreciation expenses and patent amortization expenses, $100,938 amortization of right of use asset, $28,800 gain on disposal of property and equipment, $34,812 in accounts receivable, ($237,115) in prepaid expenses and other current assets, and ($733,913) in accounts payable, accrued bonuses, accrued expenses, contract liability and other liabilities. Net cash used in operating activities consisted of payments for research and development, legal, professional and consulting expenses, salaries, rent and other expenditures necessary to develop our business infrastructure.

Previous wording

Net cash used by investing activities was $621,410 for the three months ended March 31, 2026, consisting of $170,944 in cost for intangibles and $450,466 in asset additions for the Colorado headquarter facility and labs.

Current wording

Net cash used by investing activities was $1,002,226 for the six months ended June 30, 2025, consisting of $108,332 in cost for intangibles and $893,894 in asset additions for the Colorado headquarters’ facility and labs.

Previous wording

Net cash provided by financing activities was $1,766,918 for the three months ended March 31, 2025, and consisted of $163,500 in proceeds from exercise of options, $1,486,983 in proceeds from the sale of common stock pursuant to the 2023 Purchase Agreement and $116,435 in proceeds from the sale of common stock pursuant to the Roth Sales Agreement.

Current wording

Net cash provided by financing activities was $2,701,430 for the six months ended June 30, 2025, and consisted of $204,000 in proceeds from exercise of options, ($171,926) cashless option exercise tax payments, ($12,875) cashless tax payment on vested restricted stock awards, $2,174,983 in proceeds from the sale of common stock pursuant to the 2023 and 2025 Purchase Agreements and $507,248 in proceeds from the sale of common stock pursuant to the Roth Sales Agreement.

Previous wording

On March 31, 2025, our cash and cash equivalents totaled $25,045,329, our assets totaled $35,639,560, our liabilities totaled $4,089,972 and we had stockholders’ equity of $31,549,588.

Current wording

On June 30, 2025, our cash and cash equivalents totaled $22,106,946, our assets totaled $32,436,267, our liabilities totaled $3,602,097 and we had stockholders’ equity of $28,834,170.