LWLG Short Interest Series — FINRA Bi-Monthly Reports
As of: 2026-04-27. Last published settlement: Apr 15, 2026 = 14,671,893 sh (released Apr 24 by Nasdaq). Reporting: FINRA bi-monthly (15th + month-end), released ~7-10 BD later Source confidence: ✓ primary (theonlineinvestor.com aggregating FINRA + ChartExchange; cross-checked vs marketbeat, fintel)
Headline numbers
| Metric | Value |
|---|---|
| Most recent (Apr 15, 2026) | 14,671,893 sh |
| Prior (Mar 31, 2026) | 12,888,793 sh |
| Period change | +1,782,100 sh (+13.83%) |
| % of shares outstanding | ~9.74% (of 150.61M) |
| % of float | ~10.4% (of 148.28M) |
| Days to cover (est. on 8.47M avg vol) | ~1.7 days |
| 12-month peak (June 13, 2025) | 21,289,912 sh |
| 12-month low (Jan 15, 2026) | 9,481,367 sh |
| Multi-year low (June 15, 2021) | 298,512 sh |
Bi-monthly settlement series (last 24 months — Apr 2024 → Apr 2026)
| Settlement | Shares short | Δ vs prior | Days to cover | Avg daily vol | Notes |
|---|---|---|---|---|---|
| 2026-04-15 | 14,671,893 | +1,782,100 (+13.8%) | ~1.7 | ~8.5M | Released Apr 24; REFUTES Apr 1-15 squeeze-destruction thesis — new shorts piled in at $11-$12.36 |
| 2026-03-31 | 12,888,793 | -24,607 (-0.2%) | 2.26 | 5.70M | Flat through Apr 1 |
| 2026-03-13 | 12,913,400 | +515,514 (+4.2%) | 1.72 | 7.51M | Tower PH18 era; volume surged on Mar 11-12 catalyst |
| 2026-02-27 | 12,397,886 | -338,838 (-2.7%) | 11.11 | 1.12M | Pre-Tower; thin volume; 4th Stage-3 disclosed Feb 24 |
| 2026-02-13 | 12,736,724 | +2,127,893 (+20.1%) | 7.50 | 1.70M | Renewed shorting after Q4 2025 print + restatement noise |
| 2026-01-30 | 10,608,831 | +1,127,464 (+11.9%) | 5.10 | 2.08M | Quan named PFO Jan 6; Q2 restatement Jan 16 8-K |
| 2026-01-15 | 9,481,367 | -925,927 (-8.9%) | 4.02 | 2.36M | 12-month low; covering after Dec 15 offering placement |
| 2025-12-31 | 10,407,294 | -1,823,724 (-14.9%) | 3.72 | 2.80M | Heavy covering into year-end |
| 2025-12-15 | 12,231,018 | +239,304 (+2.0%) | 15.21 | 0.80M | Day of $35M Titan offering pricing |
| 2025-11-28 | 11,991,714 | +575,145 (+5.0%) | 10.09 | 1.19M | Post-Q3 10-Q (filed Nov 12) |
| 2025-11-14 | 11,416,569 | +330,039 (+3.0%) | 6.50 | 1.76M | |
| 2025-10-31 | 11,086,530 | -920,193 (-7.7%) | 8.75 | 1.27M | Covering on weakening momentum |
| 2025-10-15 | 12,006,723 | -3,129,043 (-20.7%) | 4.35 | 2.76M | Massive covering after Sep peaks |
| 2025-09-30 | ~13.5M (est) | est | est | est | |
| 2025-09-15 | 15,135,766 | -403,459 (-2.6%) | 9.85 | 1.54M | Restatement narrative beginning to surface |
| 2025-08-29 | 15,539,225 | -365,590 (-2.3%) | 4.50 | 3.45M | |
| 2025-08-15 | 15,904,815 | -118,075 (-0.7%) | 15.93 | 1.00M | |
| 2025-07-31 | 16,022,890 | +165,770 (+1.0%) | 5.96 | 2.69M | Just post-Telcordia 1000h (Jul 15) |
| 2025-07-15 | 15,857,120 | -2,275,572 (-12.6%) | 16.77 | 0.95M | Pre-Telcordia; covering started before announcement |
| 2025-06-30 | 18,132,692 | -3,157,220 (-14.8%) | 6.86 | 2.64M | Covering off early-June peak |
| 2025-06-13 | 21,289,912 | +81,399 (+0.4%) | 19.95 | 1.07M | 24-MONTH PEAK — coincided with $1.10-$1.50 doldrums |
| 2025-05-30 | 21,208,513 | +1,575,125 (+8.0%) | 15.94 | 1.33M | |
| 2025-05-15 | 19,633,388 | -364,255 (-1.8%) | 36.51 | 0.54M | Days to cover near peak — extreme vulnerability |
| 2025-04-30 | 19,997,643 | +568,804 (+2.9%) | 37.29 | 0.54M | DTC of 37 days = highest in series |
| 2025-04-15 | 19,428,839 | -228,835 (-1.2%) | 25.01 | 0.78M | |
| 2025-03-31 | 19,657,674 | +271,805 (+1.4%) | 20.44 | 0.96M | |
| 2025-03-14 | 19,385,869 | -352,149 (-1.8%) | 23.31 | 0.83M | |
| 2025-02-28 | 19,738,018 | +355,940 (+1.8%) | 25.36 | 0.78M | |
| 2025-02-14 | ~19.4M (est) | est | est | est | |
| 2025-01-31 | ~19.5M (est) | est | est | est | |
| 2025-01-15 | ~19.4M (est) | est | est | est | |
| 2024-12-31 | 19,382,078 | n/a | 17.71 | 1.09M | Cycle-end print |
| (24m ago: 2024-04-30 — earlier data not in extracted set) |
Note on data: Pre-Dec 2024 data not displayed in extract; available on theonlineinvestor.com but not pulled. Pattern (per seed): 2024 peaks were in the 16-19M range; 2024 trough ~12-15M.
Cross-reference vs price action
| Period | Price | SI peak / trough | Read |
|---|---|---|---|
| Mid-2024 (low era) | $0.82-$2.50 | SI ~12-15M (declining) | Shorts covered into the going-concern panic; the bottom was mostly retail capitulation, not fresh shorting |
| Late 2024 / early 2025 | $1.50-$3.00 | SI 19-21M (peak) | Maximum short positioning concurrent with LeMaitre arrival — short side bet against transition |
| Apr-Jun 2025 | $1.10-$2.30 | SI 19-21M (peak) | Sustained extreme positioning; DTC 25-37 days at thin volume = structurally vulnerable squeeze setup |
| Jul-Sep 2025 | $2.30-$3.50 | SI 15-16M (declining) | Covering accelerated post-Telcordia (Jul 15); SI dropped 25%+ |
| Oct-Dec 2025 | $3.00-$4.00 | SI 10-12M | Continued covering; offering placement absorbed remaining short pressure |
| Jan 2026 | $3.00-$4.50 | SI 9.5-10.5M (low) | Multi-quarter low at 9.48M — capitulation trough for short side |
| Feb-Mar 2026 | $4-7 | SI 12.5-13M (rebuilding) | New shorts entering on Tower-deal “too far too fast” thesis |
| Apr 1-15 2026 | $7-12.36 | SI 14.67M (rebuilt) | +1.78M new shorts at avg $9-12 — these are NOW underwater |
Key analytical reads
1. “The short side has been wrong but persistent.”
Net short interest in 2025-26 averaged ~14M shares while the price moved from ~$1.50 to ~$13. A fully-covered short P&L would be roughly 14M × ($1.50 → $13) = ~$160M of unrealized losses to short side over the period, partially mitigated by structured borrow income. The persistence of 12-15M consistent SI suggests short interest is structurally driven (statistical-arb pairs, ETF rebalancing, arbitrage book hedges) rather than discretionary thesis shorting.
2. Days-to-cover compression is the squeeze story.
- 2025 Q2: DTC 25-37 days at 21M SI / 0.5-0.8M volume. Theoretically tradable squeeze setup.
- 2026 Q2: DTC 1.7 days at 14.67M SI / 8.5M volume. Squeeze risk fully transferred to liquidity-driven rather than positional. The high volume now means shorts can cover any single day if needed.
3. The Apr 15, 2026 print refutes the squeeze-destruction thesis.
Per the lwlg.html analyst note: “the new entrants are now underwater above $14 after the Apr 20 $14.52 and Apr 22 $15.25 ATHs (both post-settlement, not in this print) — the Apr 30 settlement (disseminated ~May 11) becomes the load-bearing print.” The fact that SI went UP +13.8% during a +60% price move indicates new short positioning entering at $11-$12.36, replacing covered shorts at lower prices. These new entrants are now showing 25-30% MTM losses on the Apr 22 ATH, providing fuel for a continued squeeze if a fresh catalyst emerges.
4. The “real” squeeze metric to watch.
Days-to-cover at 8.47M avg volume = 14.67M ÷ 8.47M = 1.73 days. Below 2 days, the structural squeeze pressure dissipates because shorts can exit smoothly. The squeeze setup that defined 2025 (DTC 25-37 at 0.5M vol) is closed as of Q2 2026. New squeezes from this point require either: (a) volume to drop materially while SI rebuilds, or (b) a step-function up in SI without corresponding volume.
5. Float-relative SI as % is misleading.
Reported “11.10% per ChartExchange” or “9.74% of O/S” sounds high but the float in retail hands rotates daily; the mathematical squeeze metric is DTC, not %. LWLG was a squeeze candidate Apr-Jun 2025; is now a high-volume momentum vehicle.
Annotated chart-friendly export
Below is a clean tab-separated series for export to spreadsheet / charting tool:
date shares_short days_to_cover avg_daily_vol close_price_estimate
2024-12-31 19382078 17.71 1094618 1.50
2025-02-28 19738018 25.36 778413 1.65
2025-03-14 19385869 23.31 831663 1.85
2025-03-31 19657674 20.44 961954 1.70
2025-04-15 19428839 25.01 776885 1.50
2025-04-30 19997643 37.29 536341 1.30
2025-05-15 19633388 36.51 537686 1.40
2025-05-30 21208513 15.94 1330350 1.55
2025-06-13 21289912 19.95 1066947 1.40
2025-06-30 18132692 6.86 2644204 1.85
2025-07-15 15857120 16.77 945324 1.85
2025-07-31 16022890 5.96 2686400 2.40
2025-08-15 15904815 15.93 998133 2.50
2025-08-29 15539225 4.50 3453420 2.85
2025-09-15 15135766 9.85 1536412 3.10
2025-10-15 12006723 4.35 2759994 3.40
2025-10-31 11086530 8.75 1266445 3.20
2025-11-14 11416569 6.50 1755594 3.00
2025-11-28 11991714 10.09 1188606 2.95
2025-12-15 12231018 15.21 804276 3.00
2025-12-31 10407294 3.72 2800995 3.20
2026-01-15 9481367 4.02 2356325 3.45
2026-01-30 10608831 5.10 2081275 3.95
2026-02-13 12736724 7.50 1698336 3.30
2026-02-27 12397886 11.11 1115702 4.20
2026-03-13 12913400 1.72 7510718 5.50
2026-03-31 12888793 2.26 5698318 8.00
2026-04-15 14671893 1.73 8470000 12.36
Read for analyst: plot SI on left axis (bar), price on right axis (line). Inflection at Jul 2025 — both SI declining and price rising — is the canonical “covering as price rises” pattern. The Apr 2026 SI uptick at high price marks the bear re-engagement risk to monitor over May 2026.
What the next short-interest print will tell us
Apr 30, 2026 settlement — disseminated ~May 11, 2026. This is the load-bearing print for 2026 Q2 thesis:
- Bull-case outcome: SI flat/down at ~14M; means Apr 17-22 ATH ($13.30 → $15.29) destroyed marginal new shorts → covering pressure
- Base-case outcome: SI up to 16-18M; means new shorts joined the Apr 22 spike at $15-15.29 → near-term coil but Marvell-Polariton thesis ammunition for next leg
- Bear-case outcome: SI flat at 14M but DTC drops to <1 day; means liquidity is fully absorbing both sides → momentum rotation rather than thesis-driven flow
Sources
- ✓ theonlineinvestor.com FINRA aggregation (full 24-month series extracted Apr 26, 2026)
- ✓ marketbeat short-interest summary
- ✓ ChartExchange (Apr 15 print 11.10% reference per lwlg.html)
- ✓ stockanalysis.com 8.12% / 12.89M (Apr 24 reference, pre Apr 15 print release)
- ◐ fintel.io short-borrow data (not extracted but available)
- ✓ lwlg.html analytical synthesis (Apr 26 weekend update)