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LWLG

Disagreement log

Where primary sources, aggregators, or prior framings disagree. Each entry shows the competing claims, the resolution, and what it implies for the thesis. Keeps the KB honest about what we actually know vs. what was assumed.

  1. Apr 15 2026 short-interest print

    Benzinga / MarketBeat
    12.89M shares short
    as of 2026-04-24 (stale)
    Was still showing the Mar 31 2026 figure when we cross-checked
    ChartExchange (FINRA direct)
    14.67M shares short (+1.78M / +13.8% vs Mar 31)
    as of 2026-04-24
    Apr 15 settlement disseminated Apr 24, one day early vs the Apr 25/27 expected window
    Resolution
    ChartExchange is correct (FINRA direct). Aggregators lag the direct print by 24-48h. The +1.78M increase refutes the Apr 1-15 squeeze-destruction read.
    Implication
    The Apr 30 settlement (disseminated ~May 11) is the load-bearing print — captures the full Apr 22 ATH window.

  2. Patent expiration timeline

    Earlier seed-corpus / common bear framing
    2029 patent cliff (US 8,269,004 foundational expires)
    as of pre-2026
    Implied LWLG goes off-patent in 2029
    USPTO/EPO/Google Patents primary-source validation (2026-04-27)
    22 distinct inventions · 35 US grants · continuation chains run to 2042
    as of 2026-04-27
    Aggregator counts (Minesoft 47 families / GreyB 78 patents) include jurisdictional counterparts; primary-source unique-invention count is materially smaller. Specific claims expire on schedule; the broader stack extends decades further.
    Resolution
    Both true at different scopes. The 2029 expiry is real for ONE foundational claim; the broader patent estate runs much longer.
    Implication
    Restate the bear case: not 'LWLG goes off patent in 2029' but 'competitive moat depends on trade-secret materials chemistry + PDK lock-in, not single-patent enforceability'.

  3. Marvell's Fortune 500 / Fortune Global 500 status

    Earlier seed-corpus / community speculation
    Marvell tagged as 'Fortune Global 500'
    as of pre-2026-04
    Used to justify Marvell as one of the 4 Stage-3 customers
    Public revenue figures
    ~$5.5B FY24 revenue — below Fortune 500 (~$7B cutoff) and far below F-G500 (~$30B)
    as of 2026-04
    Marvell IS in the S&P 500 by market cap, but not Fortune 500 by revenue
    Resolution
    Marvell is NOT Fortune 500 or Fortune Global 500 by revenue. The 4 unnamed Stage-3 slots LWLG discloses as 'Fortune 500' therefore CANNOT include Marvell, Coherent, or Innolight (all below the threshold).
    Implication
    Marvell's involvement is via the separate Polariton plasmonics acquisition, not as one of the 4 named customer slots. Stage-3 candidate set narrows to: Broadcom, Cisco, Intel, Microsoft, Google, Meta, etc.

  4. Lebby (former CEO) Jun 2024 transaction

    Earlier KB framing
    Lebby exit characterized as a sale / departure
    as of pre-2026-04
    Initial framing emphasized the leadership transition
    EDGAR Form 4 (primary)
    Lebby executed an open-market BUY of $500K in Jun 2024
    as of 2024-06
    Pre-departure, not a sale
    Resolution
    Form 4 is authoritative. Lebby BOUGHT shares (not sold) shortly before transitioning out — meaningful pre-exit conviction signal.
    Implication
    Reframes the leadership-transition narrative: outgoing CEO put $500K of his own money in before leaving. Bullish data point that was previously missed.

  5. Lance Thompson (VP Engineering) — key-person risk vs live exec roster

    FY2025 10-K Item 1A (Mar 2026)
    Lance Thompson named as a key-person risk alongside CEO LeMaitre, CTO Chowdhury, SVP Sales Blum
    as of 2026-03-20
    Sep 2025 hire; surfaced explicitly in the risk-factor diff vs FY24
    lightwavelogic.com /executive-team page (live)
    Page lists only 4 people: LeMaitre, Blum, Quan, Chowdhury — Thompson absent
    as of 2026-04-27
    Site exec roster appears to be C-suite/SVP-only; VP Engineering not surfaced publicly
    Resolution
    Both true. The 10-K key-person disclosure is binding (legal); the website exec page is curated for IR purposes. The discrepancy is a presentation choice, not a contradiction.
    Implication
    Don't read site-roster absence as an exit signal. Form 4 + LinkedIn + 10-K are authoritative for actual employment status; the live exec page is a marketing surface.

  6. Foundry partnership count — Mar 5 2026 deck disclosure

    Q4 2025 / Mar 5 2026 LWLG investor deck (lightwavelogic.com)
    "Agreements in place with four major foundries — SilTerra, Global Foundries, and two unnamed partners."
    as of 2026-03-05
    Most granular foundry-partnership disclosure in the public record
    Subsequent 8-K
    Tower PH18 announced Mar 11, 2026 (6 days after the deck)
    as of 2026-03-11
    One of the 'two unnamed' resolved to Tower
    Resolution
    Mar 5 deck count of 4 = SilTerra + GF (now incl. AMF post-acquisition) + Tower + 1 unnamed. The 4th foundry name is still hidden as of Apr 27 2026.
    Implication
    Track the 'last unnamed foundry' as an active open question. If a 5th distinct foundry partnership is announced, the deck statement was already stale at Mar 5 — additional cohort beyond the disclosed 4.

New disagreements added as primary sources land. If you spot one missing, add it in src/data/disagreements.json.