Keep the lucrative manufacturing and use the licensing income to fund that. A hybrid license agreement could be that POET makes the wafers, and the rest is done by the larger, cash-rich company that wants to play. 

POET seems best at developing useful products, but it could do more of that without the distractions of raising money and eking out the budgets necessary to keep ahead of the other companies chasing these markets. 

If the licensee is a well-known player, it will straighten out the stock price nicely.