Greetings, and welcome to the Lightwave Logic's Q4 and Full Year 2025 Financial Results and Business Update Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Ryan Coleman with Investor Relations. Please go ahead.

Thank you, operator, and good morning, everyone. Thanks for joining us today for Lightwave Logic's Fourth Quarter and Full Year Financial Results and Business Update Call. I'm joined on today's call by Lightwave Logic's President and Chief Executive Officer, Yves LeMaitre. Please note that this call is in listen-only mode for the duration of the call, and that a replay will be posted to the company's website shortly after the call concludes. Some of the matters we'll discuss on this call, including statements and our business outlook, are forward-looking, and as such, this call speaks only as of today, March 5, 2026. Such statements may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters discussed on this call are subject to known and unknown risks and uncertainties, and these risks and uncertainties could cause actual operating results to differ materially from those expressed in the call. A more detailed description of the risks our company faces is more fully described by the company under the caption Risk Factors included in our most recent Form 10-K and 10-Q. As always, Lightwave Logic assumes no obligation to update the information presented on this conference call. And lastly, you are cautioned that any time-sensitive information may no longer be accurate at the time of replay listening or transcript reading. So with that, I'll turn the call over to Yves.

Thank you, Ryan. Good morning, everyone. Thank you for joining us. Let me start with a note of appreciation to our shareholders. Thank you for your continued confidence and long-term commitment. We are building something transformative that requires patience and conviction. To our employees and partners, 2025 was a year of real execution. The progress we made in material science, reliability engineering, foundry integration and customer advancement reflects extraordinary discipline and focus. We are building the company in the right way. 2025 was not a promotional and marketing year. It was an execution year. We moved aggressively from research validation towards structure commercialization. Our Perkinamine electro-optic polymer platform continued to demonstrate high-speed bandwidth, low drive voltage, compact device footprint and compatibility with the silicon photonics and semiconductor ecosystem. The importance of this last point is often underestimated. Our belief is that tomorrow's winning photonic technologies for AI networking must fully integrate within the semiconductor foundry, packaging and testing infrastructure. So we strengthened our reliability data sets, most notably around the challenges faced by previous generation of polymers, primarily temperature stability and photo-oxidation. We advanced our back-end of line process integration with novel solutions for electro-optic polymer deposition and encapsulation that are fully aligned with the semiconductor fab infrastructure, tools and processes. We deepened our engagement with foundry ecosystem with multiple committed programs by major foundries to add or improve their PDK related to front-end silicon photonics chip design and manufacturing. This was especially important for Lightwave Logic to enable new customer design wins for customers who have already selected their preferred foundry. Our design win cycle matured meaningfully. We have now 3 programs advanced to Stage 3, prototype to final product in 2025, and we recently added a fourth Fortune Global 500 customer to that list in 2026. Approximately 15…

Thanks, Yves. When we announced this call, we invited investors to submit their questions ahead of time. We'd like to thank those investors who took the time to do so, and we appreciate your continued engagement on these calls. Our first question is, company presentations for nearly the past 12 months have indicated that the back end of line process is ready for transfer to a foundry. What specific milestones remain to complete the technology transfer and is transfer dependent on PIC completion with Stage 3 partners and progression to Stage 4? Also, has Lightwave Logic achieved acceptable yields with its wafer scale pulling and encapsulation of modulators?

Yes. Thanks, Ryan. Good question. As I indicated earlier, we intend to proceed with our back end of line process and capacity expansion in Denver to support prototyping and final product qualification. We're also continuing process development in Denver to match the semiconductor industry road map, including migration to, for instance, large or larger wafer sizes. In parallel, we intend in 2026 to bring 1 or 2 external foundry partners to bring high-volume manufacturing scale to our back-end of line process.

And our second question, are you able to provide guidance on production volume requirements for 2026? And can you comfortably meet that requirement?

Yes, we are planning for success. So we have made aggressive assumptions related to our ability to win share in 2027 and 2028 in order to determine the volume production of Perkinamine as well as the floor capacity, the number of technicians and the production equipment that will be required at our facility in Englewood, Colorado, close to Denver. My experience in the AI data center market shows that immediately after closing a design win, the ability to ramp-up production is so critical. So you do not want to be caught flat-footed when the time comes for a significant increase of polymer production. We have a good model of yield capacity and equipment required to achieve our production target in 2027.

And our next question, can shareholders expect to see an EOP modulator-based pluggable transceiver prototype completed this year?

Well, obviously, our customers are working diligently at bringing silicon photonics PICs to the market in the form of photonics engines for transceivers or CPO. We participate to these programs of suppliers of materials and PDK, but we do not control the full transceiver program. So we will continue to update you on our progress towards Stage 4 throughout 2026.

And regarding the products we are working on with Tier 1 partners, when a product is finalized or rolled out, do we expect to see joint press releases? Or how can shareholders expect to be updated regarding their progression?

Well, as we did hopefully today, I mean, we will provide visibility to our shareholders on our progress through quarterly financial and business update calls like the one today. Now when it comes to endorsement of Lightwave Logic by customers, it is in the hand of our customers, and they will decide if and when to issue press release or public announcement.

And our last question, regarding the SilTerra announcement, what specific performance metrics will be validated for the mid-2026 device characterization? Were there any limitations or yield constraints identified during the early 2026 tape-out? And can you talk about the announcement and how it fits into your broader foundry strategy?

Yes. Thanks for that question. I mean this tape-out is a really important milestone that will validate both a number of key design and performance parameters for 200G and 400G modulators, but it will also confirm or help confirm optimal foundry process and equipment capabilities. And most of the test results for this specific tape-out at SilTerra are expected by mid-2026.

Thanks, Yves, and thank you again to everyone who sent questions. I'd like to turn the call back over to our operator to conclude this conference call.

Thank you. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.