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Lightwave Logic

LWLG on Nasdaq. Lightwave Logic sells polymer materials and licenses to makers of optical chips. Market value $856m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-2.1%low

For every $100 of what the whole company costs, it produced $-2.12 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$5.62 a share, 98% above its 1-year low

Over the past year the price has ranged from $2.84 to $18.71.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.0
-0.0
-0.0
-0.0
2021202220232024202512 monthsto Jun '26
Revenue
n/an/a$40,502$95,605$236,855
Operating margin
n/an/a-52405.5%-24150.6%-8765.5%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.11bn0.12bn0.12bn0.13bn0.15bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 37% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $32,751 last quarter, up 28% on a year ago.
  • A loss of $7 million, compared with a loss of $5 million a year ago.
  • It loses 9970 cents on each $1 of sales, compared with 22049 cents a year earlier.
  • Over the past 12 months it spent $18 million more cash than it brought in, compared with $16 million a year earlier.
  • 23% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$22,916
December 2024$22,917
March 2025$22,917
June 2025$25,605
September 2025$29,166
December 2025$159,167
March 2026$29,167
June 2026$32,751
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$5m
December 2024-$6m
March 2025-$5m
June 2025-$5m
September 2025-$5m
December 2025-$5m
March 2026-$6m
June 2026-$7m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
20 March 2026
Next quarterly (estimated, 10-Q)
13 November 2026

Who owns it

None of the long-term investors we follow own it. 171 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 6 sold $1m.

  • Quan Snizhana P.
    Principal Financial Officer
    Sold
    Date
    1 June 2026
    Shares
    345
    Price
    $11.41
    Value
    $3,936
  • Quan Snizhana P.
    Principal Financial Officer
    Sold
    Date
    10 April 2026
    Shares
    20,000
    Price
    $10.36
    Value
    $207,200
  • El-Ahmadi Siraj Nour
    Director
    Sold
    Date
    7 April 2026
    Shares
    54,536
    Price
    $7.76
    Value
    $423,199
  • CONNELLY THOMAS M JR
    Director
    Sold
    Date
    6 April 2026
    Shares
    9,000
    Price
    $8.52
    Value
    $76,680
  • Ciesla Craig
    Director
    Sold
    Date
    1 April 2026
    Shares
    11,000
    Price
    $6.81
    Value
    $74,910
  • Bucchi Ronald A
    Director
    Sold
    Date
    1 April 2026
    Shares
    11,000
    Price
    $6.92
    Value
    $76,120
  • Partridge Laila
    Director
    Sold
    Date
    1 April 2026
    Shares
    11,000
    Price
    $6.84
    Value
    $75,240
  • Quan Snizhana P.
    Principal Financial Officer
    Sold
    Date
    30 March 2026
    Shares
    25,000
    Price
    $7.27
    Value
    $181,750
  • El-Ahmadi Siraj Nour
    Director
    Sold
    Date
    27 January 2026
    Shares
    25,591
    Price
    $3.48
    Value
    $89,057
  • CONNELLY THOMAS M JR
    Director
    Sold
    Date
    2 January 2026
    Shares
    7,600
    Price
    $3.25
    Value
    $24,700

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Lightwave Logic’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 4 later 8-Ks.

  • Its past accounts can't be relied on

    Serious

    It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

    8-K Item 4.02 filed 20 Jan 2026: the company said its earlier financial statements should no longer be relied on.

    From an 8-K filed 20 January 2026: Previously issued accounts should no longer be relied on. Open the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 55% last year. Losing that customer would hurt.

    “For the year ended December 31, 2025, Customer A and Customer B accounted for approximately 55% and 45% of total net sales, respectively.”

    From the 10-K filed 20 March 2026, Item 8. Financial Statements and Notes. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.