2B, welcome to the mystical world of semiconductor development.

First of all, what we have for sure is the intellectual property that once belonged to BBPhotonics, but now resides with PoET as a result of the acquisition.

PoET has been developing the dielectric portion of that IP both at Denselight in Singapore and Brixham in the UK in order to enter the differenriated photonics market. That lab development proved the concept and understanding that waveguide control was an alternate solution to all-in-one integration whereby silicon and light could talk to each other thru this marvelous translator.

All most nothing is lost in the translation of light to electrics using PoET's Translator (interposer). So, knowing that, they decided to develop both alpha and the beta prototypes of the platform at their facility in Singapore. This was done on small yield wafers by a plethora of trial and error until they were satisfied that the chip/platform/module was stable and reproducable at small yield.

This is still Lab to fab translation but allows PoET to go out and get partners to"drink the koolaid" to the point of testing, for verification, that the prototypes actually work, are compatable with production facilities in place or to expand the facility as required and, most important, are they stable, and scalable at high yields (8 inch wafers)

So ya, the platform is "developed" but the time line to market is still lengthy and verification is still a bit of a question mark. But, the sales pitch for the "we really do have a better mouse trap" canpaign begins in earnest now. (yes, we have it, yes, it works, yes, we can make it, how many do you want sort of thing)

I think that the distance still to market (we are still technically, pre revenue) and the remaining uncertainty for consistency  within high yield are why the market is still foot dragging. When you throw in Trump/China/Russia and all the other uncertainty....hey.

When you have been here as long as most of us, and have weathered the management changes, addressable markets, pivots and the kitchen sink, I guess, where we are now almost seems like a sure thing.

IMO of course