Market data
Price snapshot, short-interest series, insider activity, options chain, and dark-pool routing. Daily refresh from Stooq + Nasdaq + EDGAR. As-of dates shown per panel.
Price snapshot
as of 2026-04-24Last close
$12.67
-6.88%
52w range
$0.82 → $15.29
low → high
Market cap
$1908M
150.6M sh out
Volume / Avg 20d
11.01M / 8.47M
β 2.75 · float 148.3M
Short interest
FINRA bi-weekly · % of floatPeak 17.15% on 2025-06-13
Trough 6.56% on 2026-01-15
Latest 9.89% on 2026-04-15
Insider transactions
15 trades · 384k sh · $2.46M filter:
open-market sale tax-related sale option exercise + sale circle area ∝ share count
| Date | Insider | Title | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-04-10 | Snizhana P. Quan | Principal Financial Officer | Sale (options) | 20,000 | $10.36 | $207k |
| 2026-04-07 | Siraj Nour El-Ahmadi | Director | Sale (tax) | 54,536 | $7.76 | $423k |
| 2026-04-06 | Thomas M. Connelly Jr. | Director | Sale (tax) | 9,000 | $8.52 | $77k |
| 2026-04-01 | Laila Partridge | Director | Sale (tax) | 11,000 | $6.84 | $75k |
| 2026-04-01 | Craig Ciesla | Director | Sale (tax) | 11,000 | $6.82 | $75k |
| 2026-03-30 | Snizhana P. Quan | Principal Financial Officer | Sale | 25,000 | $7.27 | $182k |
| 2026-03-24 | Thomas E. Zelibor | President (retired) | Sale | 50,000 | $7.50 | $375k |
| 2026-03-20 | Thomas E. Zelibor | President (retired) | Sale | 85,000 | $7.50 | $638k |
| 2026-01-27 | Siraj Nour El-Ahmadi | Director | Sale | 25,591 | $3.48 | $89k |
| 2026-01-02 | Thomas M. Connelly Jr. | Director | Sale | 7,600 | $3.25 | $25k |
| 2026-01-02 | Laila Partridge | Director | Sale | 10,000 | $4.11 | $41k |
| 2025-12-31 | Laila Partridge | Director | Sale | 10,000 | $3.72 | $37k |
| 2025-12-31 | Siraj Nour El-Ahmadi | Director | Sale | 49,260 | $3.15 | $155k |
| 2025-10-02 | Ronald A. Bucchi | Director | Sale | 10,000 | $3.97 | $40k |
| 2025-10-02 | Thomas M. Connelly Jr. | Director | Sale | 6,000 | $4.25 | $26k |
Institutional ownership
136 holders · 39.6M sh · 27.04% of floatTop holders
- Vanguard Group Index / passive
- Davidson Kempner Hedge fund
- Citadel Advisors HF / market maker
- BlackRock Index / passive
- Alyeska Investment Hedge fund
- Geode Capital Quantitative
- State Street Index / passive
- Marshall Wace Hedge fund
Recent new positions
Rafferty Asset ManagementCorebridge FinancialMIRAE ASSET GLOBAL ETFSCredit AgricoleDaiwa Securities GroupAlgert GlobalAE Wealth ManagementEquitable HoldingsItau UnibancoCornerstone Planning Group
Options chain
Very BullishPut/Call (volume)
0.25
12,322 C / 3,055 P
Put/Call (OI)
0.44
48,581 C / 21,480 P
Total call OI
48.6k
Total put OI
21.5k
Expirations
May 1, 2026 · 8d 1,518 C / 709 P · 2,227 OI
Weekly — pre-earnings short-dated expiry
Near-dated weekly — 8 calendar / ~6 trading days of time value as of Apr 23. With spot $15.17 (Apr 22 ATH close, intraday $15.25), the strike ladder built during the Mar–Apr run-up is now almost entirely deep ITM: $10 calls Δ≈1.00, $12 calls Δ≈0.97, $13 calls Δ≈0.93, $15 near ATM Δ≈0.55, $17.50 ~15% OTM (the viable lottery strike). Pin risk is LOW — dominant OI is below spot, so strikes decay ITM rather than pin. Gamma-unwind risk is MILD: auto-exercised ITM calls on Friday force dealer long-stock hedge unwinds Mon May 4 → mild net selling pressure. This is a PRE-earnings expiry (Q1 call May 8, one week after), so most holders roll to May 15/May 29 to carry earnings IV — expect heavy roll flow, not pure unwind. Apr 15 short-interest print released Apr 24 at 14.67M (+1.78M / +13.8% vs Mar 31) — refutes Apr 1–15 destruction read; new shorts entered at $11–$12.36 (now underwater above $14). Apr 30 print (~May 11) is the load-bearing read, capturing full ATH window. Most rational expressions now: (1) calendar short May 1 / long May 15 to capture pre-earnings IV premium, (2) close or roll deep-ITM Mar–Apr call positions here rather than risk post-expiry hedge-unwind selling, (3) $17.50 May 1 lottery call for squeeze-extension upside post–Marvell-Polariton momentum.
Squeeze Continuation risk: HIGH
legs: Buy $17.50 Call
entry: ~$0.35-0.75 per contract
trigger: Stock takes out $15.25 Apr 22 ATH on renewed short-covering / Marvell-Polariton re-rating
Sell Front-Month Premium risk: MEDIUM
legs: Sell $12 Put (May 1) cash-secured
entry: Collect ~$0.15-0.35 per contract
trigger: Enter while IV elevated post-squeeze
May 15, 2026 · 29d C / P · OI
Monthly — Earnings May 8 + Annual Meeting May 21
The critical expiration. Q1 2026 earnings call is May 8 — 7 days before expiry (Annual Shareholder Meeting May 21 lands just after expiry). This expiry captures the full earnings IV crush. Pre-earnings IV will be elevated (likely 150-200%+ for a stock with this beta of 2.75 and recent 25% single-day move). Post-earnings, IV will collapse 40-60%, destroying time value on both sides. Strategy implications: (1) Long straddles/strangles are expensive but pay off if the earnings move exceeds the implied move (likely ±25-30% priced in). (2) Selling premium (iron condors, credit spreads) profits from IV crush but has unlimited risk in a stock that just moved 25% in a day. (3) Long calls are a directional bet on positive chip-results commentary during the call — the single most important catalyst.
Earnings Bull Call Spread risk: MEDIUM
legs: Buy $10 Call / Sell $15 Call (May 15)
entry: ~$2.50-3.50 debit
trigger: Enter 1-2 weeks before earnings; Q1 revenue acceleration or chip-results preview
Earnings Straddle (Volatility Play) risk: HIGH
legs: Buy $11 Call + Buy $11 Put (May 15)
entry: ~$4.50-6.00 debit (combined)
trigger: Implied move priced at ±25-30%. Bet is that actual move exceeds implied
Cash-Secured Put Income risk: LOW
legs: Sell $5 Put (May 15)
entry: Collect ~$0.15-0.30 premium
trigger: Enter now while IV is elevated (premium is rich)
Protective Put (Stock Hedge) risk: LOW
legs: Buy $10 Put (May 15) — requires owning 100 shares
entry: ~$1.50-2.50 per contract
trigger: If you hold stock and want to protect gains through earnings
Jun 18, 2026 · 66d C / P · OI
Quarterly — Q2 chip results window
This expiry captures the Q2 chip results catalyst — the single most important technical milestone for LWLG. Chips from the Jan 2026 full-wafer tapeout at the unnamed "state-of-the-art" SiPh foundry are expected Q2 2026. If results are positive, this is the inflection point from "development-stage" to "proven technology." Options at this expiry will carry elevated IV from both the May earnings event and the chip-results anticipation. Good expiry for: (1) bull call spreads (cap your upside but reduce IV exposure), (2) calendar spreads (sell May, buy June to capture IV differential), (3) protective puts if holding stock through the chip-results window.
Calendar Spread (sell May IV, own June) risk: MEDIUM
legs: Sell $12.50 Call May 15 / Buy $12.50 Call Jun 18
entry: ~$0.50-1.00 debit
trigger: Enter before May earnings to harvest May IV crush while keeping June optionality
Chip Results Bull Call Spread risk: MEDIUM
legs: Buy $10 Call / Sell $20 Call (Jun 18)
entry: ~$3.00-4.50 debit
trigger: Positive chip results disclosed (Q2 2026)
Chip Results Insurance Put risk: LOW
legs: Buy $7.50 Put (Jun 18)
entry: ~$0.50-1.00 per contract
trigger: If chip results disappoint or are delayed beyond Q2
Sep 18, 2026 · 155d C / P · OI
Quarterly — Tower PH18 sampling window
Covers the full H2 2026 window: Tower PH18 polymer chip sampling to customers (expected end-2026), SilTerra device characterization, further Tower/GF tapeouts, and Q2 2026 earnings. By September, the market should have: (1) Q2 chip results, (2) first customer feedback on polymer-enhanced PH18 test chips, (3) ECOC 2026 conference demos. This is the "bridge" expiry — still enough time value to survive a delayed catalyst, but close enough that positive news drives meaningful delta expansion. Good for covered calls (if holding stock) or LEAPS spreads.
Covered Call (income on existing shares) risk: LOW
legs: Sell $20 Call (Sep 18) — requires owning 100 shares
entry: Collect ~$1.50-2.50 premium (IV elevated)
trigger: Enter if you believe stock stays below $20 through Sep; willing to sell at $20 if it rockets
Risk Reversal (synthetic long) risk: MEDIUM
legs: Sell $7.50 Put / Buy $15 Call (Sep 18)
entry: ~$0 net (or small credit/debit)
trigger: Bullish on H2 2026 sampling; willing to buy at $7.50 if thesis fails
Jan 15, 2027 · 277d C / P · OI
LEAPS — volume production horizon
LEAPS into the volume production window (bull case Q1 2027, base case H1 2027). By Jan 2027, LWLG should either be: (a) generating first meaningful commercial revenue from polymer modulators, or (b) still in sampling/qualification with no revenue. This is the "make or break" expiry. The Jan 2027 $15 call (originally a SOC YieldBoost flag, now essentially ATM at the $15.17 spot vs. 41.5% OTM when first highlighted) implies a $2.23B market cap — roughly 1-2x forward revenue at $150-250M run-rate in the bull/base scenarios. Reasonable if the thesis plays out, expensive if it doesn't. Strikes >$20 and put-side sales at $3-5 are now the higher-conviction LEAPS plays.
LEAPS Bull Call Spread (best R/R) risk: MEDIUM
legs: Buy $10 Call / Sell $20 Call (Jan 2027)
entry: ~$4.00-5.50 debit
trigger: Chip results positive + production revenue announced
Deep ITM LEAPS Call (stock replacement) risk: MEDIUM
legs: Buy $7.50 Call (Jan 2027)
entry: ~$5.50-7.00 per contract
trigger: Any time you want leveraged long exposure with defined risk
Cash-Secured Put Ladder risk: LOW
legs: Sell $5 Put + Sell $3 Put (Jan 2027)
entry: Collect ~$0.40-0.70 combined premium
trigger: Enter while IV is elevated
Jan 21, 2028 · 648d C / P · OI
LEAPS — full commercialization horizon
The longest-dated options available. By Jan 2028, LWLG should be in full commercial production (base case: $25M revenue run-rate, bull case: $80M). This expiry captures the entire volume-production ramp and the datacenter 1.6T/3.2T deployment cycle. Jan 2028 $4 puts (originally flagged at ~62% OTM, now ~74% OTM from $15.17) are the poster child for cash-secured put selling — you collect income while LWLG either succeeds (put expires worthless, you keep premium) or fails catastrophically (you buy at $4, ~$1 above the Dec 2025 offering price of $3). On the call side, Jan 2028 LEAPS give you nearly 2 years of optionality through every catalyst on the forward calendar.
Long-Term Accumulation Put Wheel risk: LOW
legs: Sell $7.50 Put (Jan 2028) — repeat every expiry if not assigned
entry: Collect ~$1.50-2.50 premium
trigger: Enter while IV is elevated; best time is now post-squeeze
2-Year LEAPS Diagonal risk: MEDIUM
legs: Buy $10 Call Jan 2028 / Sell $15 Call Sep 2026
entry: ~$4.00-5.00 net debit
trigger: Bullish long-term, expects range-bound through summer
Max Conviction LEAPS Call risk: HIGH
legs: Buy $15 Call (Jan 2028)
entry: ~$3.50-5.00 per contract
trigger: Thesis: LWLG polymer works, volume production 2027, stock reaches OLED-like valuation
Off-exchange (dark-pool) routing
as of 2026-04-20Off-exchange
55.61%
30d avg 53.35%
Lit exchange
44.39%
Apr 10 (Fri) blowout: $10.60 close (+25.6%) on 13.5M shares — largest volume day since Mar 11. Volume/SI ratio ~1.05x strongly suggests forced short covering. Institutional ownership 27.04%. Apr 13: closed $11.45 (+8.0%). Apr 14: +6.7% to $12.22 (Annual Meeting set May 21). Apr 15: closed $12.11 (-0.90%). Apr 16: closed $12.37 (+2.32%). Apr 17: closed $12.54 (+1.37%, 52w high $13.30). Apr 20: closed $14.18 (+13.08%) on ~$66M notional — new ATH $14.52 intraday, mcap pierces $2.1B. Apr 21: closed $12.91 (−8.96%) on ~8.9M vol after ATM amendment 8-K/424B5 filing. Apr 22: closed $15.17 (+17.47%) on ~13.8M vol — new ATH $15.25 intraday on the Blum PIC Intl keynote disclosures (Vπ·L 0.5–0.7 V·mm, 138/160 GHz K-POD simulated bandwidth, 85/85 × 2,000 h length-swept reliability). Mcap ~$2.26B. AH ticked $15.41 (+1.65%). Apr 23 — MARVELL ACQUIRES POLARITON: Marvell Technology announced Apr 22 evening it has agreed to acquire Polariton Technologies — LWLG's named plasmonics co-development partner. Deal terms not disclosed. LWLG CEO Yves LeMaitre posted on LinkedIn within hours confirming the partnership continues: "we are looking forward to continuing our partnership and bringing plasmonics even faster to the market." AH Apr 22 LWLG ticked $15.41 (+1.65%). Adjacent Apr 22 catalyst: AMD tapped GlobalFoundries for co-packaged optics on the Instinct MI500 AI accelerator — validates GF SiPh roadmap after LWLG modulators entered the GF GDSFactory PDK (Mar 16). GFS +7.2% on news. Nine of eleven sessions above $10 — GF/Tower/SilTerra foundry narrative validated by on-stage device data, an AMD AI-accelerator win, and now a Marvell acquisition of LWLG's plasmonics partner. Quiver flagged Q4 2025 institutional accumulation (Davidson Kempner +2.1M, Citadel +1.8M / +1,834%, Alyeska +1.7M) running into thin float.
Long-form market files
Stock price history
OHLC trajectory · 52-week range · key technical events
Short interest series
FINRA bi-weekly · days-to-cover · squeeze conditions
Institutional holders
13F/13G · Q4 2025 load: Davidson Kempner / Citadel / Alyeska
Insider transactions log
Form 4 archive · narrative around each trade window
Options chain analysis
Detailed strike-by-strike commentary
ATM filings & capital cadence
$51.4M shelf · Apr 21 amendment