Lightwave Logic, Inc.
LWLG · Miscellaneous Plastics Products · 154.1M shares · +9%/yr ↑ shares · EDGAR filings ↗
Reference price $11.41 · est. market cap ~$1.8B — last insider sale, 2026-06-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Pre-commercial electro-optic polymer developer with deep losses but a well-funded multi-year cash runway.
Strengths
- Strong liquidity: current ratio ~33 (98.7th pct) and ~18 quarters of cash runway (82.7th pct) funding operations into 2027
- Differentiated CMOS-compatible EO-polymer IP targeting AI/datacenter photonics with early licensing/NRE traction
Risks
- Deeply negative margins (operating -88%, net -86%, bottom ~3rd pct) and $167M accumulated deficit
- Commercial revenue not expected at scale until 2027+; dependent on customer qualification and further dilutive financing
Notable findings
- RestatementRecent 8-K item 4.02 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -8576.5%)
- Cash burnNegative free cash flow (-15.1M)
- Revenue declineRevenue -81.7% YoY
- Insider sellingInsider selling — 12 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$1M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
97.1%
Operating margin
-8765.5%
Net margin
-8576.5%
Return on equity
-27.2%
Return on assets
-25.7%
Revenue growth (QoQ)
-81.7%
Current ratio
32.7×
Free cash flow
-$15M
EBITDA
-$19M
Tangible book value
$73M
Cash & investments
$69M
Cash runway
18q
Stock comp / revenue
1977.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Ciesla Craig | Grant | 14K | — |
| 2026-06-01 | CONNELLY THOMAS M JR | Grant | 14K | — |
| 2026-06-01 | Partridge Laila | Grant | 14K | — |
| 2026-06-01 | Bucchi Ronald A | Grant | 14K | — |
| 2026-06-01 | Quan Snizhana P. | Sell | 345 | $11.41 |
| 2026-06-01 | Quan Snizhana P. | Grant | 2.5K | — |
| 2026-06-01 | El-Ahmadi Siraj Nour | Grant | 14K | — |
| 2026-04-28 | Bucchi Ronald A | Gift | 100K | — |
| 2026-04-10 | Quan Snizhana P. | Sell | 20K | $10.36 |
| 2026-04-10 | Quan Snizhana P. | Option exercise | 20K | $4.87 |
| 2026-04-07 | El-Ahmadi Siraj Nour | Sell | 55K | $7.76 |
| 2026-04-06 | CONNELLY THOMAS M JR | Sell | 9.0K | $8.52 |
| 2026-04-01 | Bucchi Ronald A | Sell | 11K | $6.92 |
| 2026-04-01 | Ciesla Craig | Sell | 11K | $6.81 |
| 2026-04-01 | Partridge Laila | Sell | 11K | $6.84 |
| 2026-03-31 | Ciesla Craig | Option exercise | 20K | — |
| 2026-03-31 | CONNELLY THOMAS M JR | Option exercise | 20K | — |
| 2026-03-31 | El-Ahmadi Siraj Nour | Option exercise | 20K | — |
| 2026-03-31 | Bucchi Ronald A | Option exercise | 20K | — |
| 2026-03-31 | Partridge Laila | Option exercise | 20K | — |
| 2026-03-30 | Quan Snizhana P. | Sell | 25K | $7.27 |
| 2026-03-30 | Quan Snizhana P. | Option exercise | 25K | $4.87 |
| 2026-03-12 | Le Maitre Yves | Tax withheld | 295K | $7.08 |
| 2026-02-02 | Partridge Laila | Grant | 7.6K | — |
| 2026-02-02 | CONNELLY THOMAS M JR | Grant | 7.6K | — |
| 2026-02-02 | El-Ahmadi Siraj Nour | Grant | 7.6K | — |
| 2026-02-02 | Ciesla Craig | Grant | 7.6K | — |
| 2026-02-02 | Bucchi Ronald A | Grant | 7.6K | — |
| 2026-01-27 | El-Ahmadi Siraj Nour | Option exercise | 50K | $0.68 |
| 2026-01-27 | El-Ahmadi Siraj Nour | Sell | 26K | $3.48 |
| 2026-01-23 | Bucchi Ronald A | Option exercise | 50K | $0.68 |
| 2026-01-02 | CONNELLY THOMAS M JR | Sell | 7.6K | $3.25 |
| 2025-12-31 | Marcelli James S. | Tax withheld | 78K | $3.24 |
| 2025-12-31 | El-Ahmadi Siraj Nour | Option exercise | 20K | — |
| 2025-12-31 | El-Ahmadi Siraj Nour | Sell | 49K | $3.15 |
| 2025-12-31 | CONNELLY THOMAS M JR | Option exercise | 20K | — |
| 2025-12-31 | Bucchi Ronald A | Option exercise | 20K | — |
| 2025-12-31 | Partridge Laila | Option exercise | 20K | — |
| 2025-12-31 | Partridge Laila | Sell | 10K | $3.72 |
| 2025-12-31 | Ciesla Craig | Option exercise | 20K | — |
| 2025-12-31 | Marcelli James S. | Grant | 307K | — |
| 2025-12-31 | Zelibor Thomas Edward | Grant | 235K | — |
| 2025-12-31 | Zelibor Thomas Edward | Tax withheld | 71K | $3.24 |
| 2025-10-02 | CONNELLY THOMAS M JR | Sell | 6.0K | $4.25 |
| 2025-10-02 | Bucchi Ronald A | Sell | 10K | $3.97 |
| 2025-10-02 | Partridge Laila | Sell | 10K | $4.11 |
| 2025-09-30 | Bucchi Ronald A | Option exercise | 20K | — |
| 2025-09-30 | Ciesla Craig | Option exercise | 20K | — |
| 2025-09-30 | Partridge Laila | Option exercise | 20K | — |
| 2025-09-30 | CONNELLY THOMAS M JR | Option exercise | 20K | — |
| 2025-09-30 | El-Ahmadi Siraj Nour | Option exercise | 20K | — |
| 2025-09-12 | Le Maitre Yves | Grant | 2.4M | — |
| 2025-07-15 | El-Ahmadi Siraj Nour | Option exercise | 20K | — |
| 2025-07-15 | Partridge Laila | Option exercise | 20K | — |
| 2025-07-15 | Ciesla Craig | Option exercise | 20K | — |
| 2025-07-15 | Bucchi Ronald A | Option exercise | 20K | — |
| 2025-07-15 | CONNELLY THOMAS M JR | Option exercise | 20K | — |
| 2025-06-17 | Marcelli James S. | Option exercise | 1.1M | $0.70 |
| 2025-06-17 | Marcelli James S. | Tax withheld | 801K | $1.27 |
| 2025-06-10 | Zelibor Thomas Edward | Tax withheld | 9.9K | — |
| 2025-02-28 | El-Ahmadi Siraj Nour | Option exercise | 50K | $0.80 |
| 2025-02-28 | El-Ahmadi Siraj Nour | Tax withheld | 33K | $1.21 |
| 2025-02-20 | Bucchi Ronald A | Option exercise | 50K | $0.80 |
| 2025-01-17 | Zelibor Thomas Edward | Option exercise | 25K | $0.80 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-27 | Shareholder vote | filing ↗ |
| 2026-04-21 | Material agreementExhibits | filing ↗ |
| 2026-01-20 | Non-reliance/restatement | filing ↗ |
| 2026-01-08 | Exec/director change | filing ↗ |
| 2025-12-17 | Material agreement3.02Reg FDExhibits | filing ↗ |
| 2025-12-15 | 1.02 | filing ↗ |
| 2025-12-08 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-12-04 | 1.02Exhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-27 | 2026-05-21 | 0001079973-26-000741 ↗ |
| 10-Q | 2026-05-15 | 2026-03-31 | 0001553350-26-000087 ↗ |
| 8-K | 2026-04-21 | 2026-04-20 | 0001079973-26-000513 ↗ |
| 10-K | 2026-03-20 | 2025-12-31 | 0001079973-26-000348 ↗ |
| 10-Q/A | 2026-01-20 | 2025-06-30 | 0001079973-26-000097 ↗ |
| 8-K | 2026-01-20 | 2026-01-16 | 0001079973-26-000096 ↗ |
| 8-K | 2026-01-08 | 2026-01-06 | 0001079973-26-000061 ↗ |
| 8-K | 2025-12-17 | 2025-12-15 | 0001079973-25-001867 ↗ |
| 8-K | 2025-12-15 | 2025-12-12 | 0001079973-25-001855 ↗ |
| 8-K | 2025-12-08 | 2025-12-08 | 0001079973-25-001824 ↗ |
| 8-K | 2025-12-04 | 2025-12-01 | 0001553350-25-000191 ↗ |
| 10-Q | 2025-11-14 | 2025-09-30 | 0001079973-25-001745 ↗ |