Financials summary — Lightwave Logic (LWLG)
As of: 2026-04-26 (data through Q4 FY2025 10-K filed Mar 20 2026 + Form 4s through Apr 21 2026 + Apr 21 2026 ATM amendment)
Reference: Detailed primary-source filings log in
kb/_agent_outputs/sec_capital_insiders.md. This file is the analyst summary view.
Financial snapshot
as of 2026-04-26 · sources: 10-K FY25, DEF 14A, 8-Ks Dec 2025 + Apr 2026Snapshot
| Metric | Value | As of |
|---|---|---|
| Stock price | $12.67 (close) | 2026-04-24 |
| Market cap | ~$1.91B | 2026-04-24 close |
| Shares outstanding (basic) | 150,610,710 | 2026-04-06 (DEF 14A record date) |
| 52-week range | $0.82 – $15.29 | 2025-04 to 2026-04 |
| Cash position | ~$69M | 2025-12-31 (post Dec offering, pre Apr ATM tranches) |
| Net loss FY2025 | $20.3M (-$0.16/sh) | 12/31/2025 |
| FY2025 revenue | $237K | 12/31/2025 |
| Accumulated deficit | $167.3M | 12/31/2025 |
| FTEs | 34 (23 R&D / 11 SG&A) | 12/31/2025 |
| Short interest | 14.67M shares | 2026-04-25 (per IH cross-check; ~10% of float) |
P&L summary (FY)
| Year | Revenue | Op exp | Net loss | EPS |
|---|---|---|---|---|
| FY2024 | $96K | ~$22M | -$22.5M | -$0.19 |
| FY2025 | $237K (+147%) | ~$20M | -$20.3M | -$0.16 |
| FY2025 vs FY2024 | +$141K | (~$2M) | +$2.2M improvement | +$0.03 |
Revenue composition (FY2025): licensing + NRE engineering services. No commercial-product revenue. The +147% YoY growth is from a small base — roughly 2 incremental customer-paid engineering programs.
Cash + capital structure
Cash position trajectory
| Date | Cash | Notes |
|---|---|---|
| 9/30/2025 | $35M | Pre-offering |
| 12/15/2025 | +$32.8M (net) | Titan Partners $35M gross / $32.8M net |
| 12/31/2025 | ~$69M | YE post-offering |
| 2026-Q1 | (TBD) | Q1 burn ~$5M est.; Apr ATM amendments add capacity |
| 2026-04-21 | Shelf $51.4M open; $49.3M still available | Roth ATM amendment expands capacity |
Burn rate: ~$5M/quarter operating; runway “to 2028” assumes (a) continued ATM use for ~$15-25M, (b) no major acquisition, (c) no commercial revenue ramp.
Cap table
| Class | Count | % |
|---|---|---|
| Common shares O/S | 150,610,710 | — |
| Options + warrants outstanding | 8,186,290 | 5.4% |
| Fully diluted total | ~158.8M | — |
Concentration: management + board roughly 5-7% (per proxy disclosures); institutional ~30-40%; retail ~50-60% (typical of a microcap/smallcap with high IH/Reddit following).
Capital raise history (recent)
| Date | Vehicle | Net Proceeds | Dilution |
|---|---|---|---|
| 2021-10 | Lincoln Park Capital ($33M ceiling) | ~$30M cumulative | ~10M shares |
| 2022-12 | Roth ATM original ($35M shelf) | $35M cumulative through 2025 | ~8M shares |
| 2025-12-15 | Titan Partners public offering @ $3.00 | $32.8M | 11,666,667 + ≤1.75M greenshoe |
| 2026-04-21 | Roth ATM amendment ($51.4M shelf, $49.3M available) | $0 raised yet under amendment | n/a (capacity only) |
Latest community-disclosed (IH #233,915 Apr 26 2026): “Increasing the total available to sell from their shelf registration to about $51.4 million. Since starting the agreement, they’ve already sold over 8 million shares, bringing in roughly $35 million in gross proceeds.”
Implication: if LWLG draws the remaining $49.3M of ATM capacity at average $10/sh, that’s ~5M additional shares (~3.3% additional dilution) before next major raise. Reasonably manageable.
Insider activity (recent Form 4s, 2026)
| Date | Insider | Transaction | Shares | Price | Net effect |
|---|---|---|---|---|---|
| 2026-04-10 | Quan (CFO) | NQSO exercise → sale | 20,000 ex / 20,000 sold | $4.87 → $10.36 | $109K cash to insider |
| 2026-04-08 | Ciesla | RSU tax cover sale | 11,000 sold | $6.81 | (tax withholding) |
| 2026-04-07 | El-Ahmadi | RSU settlement → sale | 20,161 settled / 54,536 sold | $7.76 | $423K cash to insider |
| 2026-04-06 | Connelly | RSU tax cover sale | 9,000 sold | $8.52 | (tax withholding) |
| 2026-04-06 | Bucchi | RSU tax cover sale | 11,000 sold | $6.92 | (tax withholding) |
| 2026-04-06 | Partridge | RSU settlement + sale | 20,161 settled / 11,000 sold | $6.84 | $75K cash to insider |
| 2026-03-12 | LeMaitre (CEO) | Code F tax withholding | 294,968 sh @ $7.08 | $7.08 | $2.09M tax withholding (no insider cash) |
Net insider sentiment read:
- All recent sales are RSU tax-cover or option-exercise + sale pairs — not opportunistic open-market disposals
- No open-market insider buying in 2026 — flagged as bear-case input (“leadership not signaling personal conviction at current price”)
- LeMaitre’s holdings are now 2,210,953 direct (~1.5% of O/S) — meaningful skin in the game
Q1 2026 institutional holders (top, per Fintel aggregation of 13F)
| Holder | Shares | Change |
|---|---|---|
| Vanguard | 9.79M | (existing) |
| Davidson Kempner | 2.13M | NEW position |
| Citadel Advisors | 1.95M | +1834% |
| Alyeska Investment | 1.7M | NEW position |
| Various passive index funds | Aggregated | — |
Read: Davidson Kempner + Alyeska as new institutional holders, with Citadel making a large step-up, signals professional-investor accumulation in Q1 2026 — consistent with the price action and bull-case institutional validation.
Comparable analysis (selected)
| Comp | Mkt cap | Revenue | EV/Revenue | Notes |
|---|---|---|---|---|
| LWLG | ~$1.91B | $0.24M (TTM) | ~8000× | Pre-revenue, materials/IP-licensing model |
| Universal Display (UDC) | $9-10B | $620M (~2024) | ~16× | OLED materials-licensing analogue, ~2009 was at LWLG’s stage |
| HyperLight (private) | ~$1B est. | n/a | n/a | TFLN platform, comparable narrative-stage |
| POET Technologies | <$300M | <$5M | varies | InP/SiPh; community-cited as more hype-driven |
| ALMU | smallcap | n/a | n/a | InP smallcap, newer |
The LWLG bull case anchors UDC as the analogue: UDC had similar pre-revenue years before OLED-volume inflection; its market cap multi-bagged through that transition. The bear case anchors POET as the warning (“hype companies stay small”).
Key open financial questions
- What’s Q1 2026 burn rate confirmation? (10-Q ~May 8 2026)
- Will the Apr 2026 ATM be drawn at premium to $3.00 average? (likely, given $12+ price)
- What is the implied per-modulator royalty rate management expects? (no public guidance)
- When does operating cash flow turn? (LeMaitre says 2027+ for material revenue)
- Will LWLG need another raise in 2027? At what price?
Sources
- LWLG 10-K FY2025 (filed 2026-03-20)
- LWLG 10-Q Q3 2025 (filed 2025-11-12)
- DEF 14A 2026 (filed 2026-04-10)
- 8-K filings: 2025-12-08, 2025-12-15, 2026-01-06, 2026-01-16, 2026-04-21
- Form 4 filings via SEC EDGAR + stocktitan
- Fintel aggregation of 13F (Q1 2026)
- IH post #233,915 (Apr 26 2026)
- Cross-check vs
kb/_agent_outputs/sec_capital_insiders.md