Lightwave Logic (LWLG) pushed its projected start of volume production to 2028, from the second half of 2027. The company cited extended foundry schedules and slower process qualification cycles for the delay.
Shares fell sharply after the announcement, with some reports indicating a decline of more than 28% in after-hours trading.
The announcement accompanied the company’s third-quarter financial results. GAAP earnings per share were -$0.05, in line with market expectations. Net loss widened to $7.2 million, compared with $5.1 million in the same period last year.
Lightwave Logic reported $87.8 million in cash and marketable securities and said it had sufficient funds to support operations into 2028.