Looks like that may have been some of the reason for the recent run-up and was already priced in. IMO seems like Fred is more certain than Tom about the modulator prospects.
Tom: "...I am very optimistic about achieving the ultimate goal, which is an organic electro-optic modulator with performance parameters and data rates significantly advanced over legacy modulators -- for example with dramatically reduced drive voltage."
Fred: " I am extremely impressed with the EM Photonics team and I am very confident that we will be able to execute this first task very well."
I guess that also depends on what exactly the 'first task' is. I assume it is completion of the modulator but I guess it could just be completion of the design for the modulator?