# Lightwave Logic, Inc. (LWLG)

> Source: Nexqual · https://nexqual.com/LWLG · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Lightwave Logic, Inc. (LWLG), nexqual.com/LWLG" · informational, not investment advice.

**Price:** USD 4.58 (-2.76% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 4.71 · day 4.53–4.76 · 52w 2.84–18.71 · market cap $706M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $250K, net income -$22.9M (-9134.4% margin), free cash flow -$18.3M (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (1 analysts), mean target USD 10 (range 10–10).
- Total return with dividends: 1Y +2.8% vs S&P 500 +14.8%; 5Y -57.1% vs S&P 500 +79.1%.
- Next earnings: 2026-11-10, EPS estimate USD -0.05, revenue estimate $61K. All companies reporting that day: https://nexqual.com/earnings/2026-11-10
- Dividend: LWLG paid no cash dividend in the last five years.
- Short interest: 18.28% of float (as of 2026-10-15), 8.1 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | — | $41K | $96K | $237K | $250K |
| Gross profit | — | — | $38K | $88K | $230K | — |
| Operating income | -$17.0M | -$17.1M | -$21.2M | -$23.1M | -$20.8M | -$24.2M |
| Net income | -$18.6M | -$17.2M | -$21.0M | -$22.5M | -$20.3M | -$22.9M |
| EPS (diluted) | -$0.18 | -$0.15 | -$0.18 | -$0.19 | -$0.16 | — |
| Free cash flow | -$11.4M | -$11.8M | -$15.5M | -$17.8M | -$15.1M | -$18.3M |
| Gross margin | — | — | 93.8% | 92.3% | 97.1% | — |
| Operating margin | — | — | -52405.5% | -24150.6% | -8765.5% | -9688.2% |
| Net margin | — | — | -51943.2% | -23571.0% | -8576.5% | -9134.4% |
| Revenue growth | — | — | — | +136.1% | +147.7% | — |
| Cash + short-term investments | $23.4M | $24.1M | $31.4M | $27.7M | $69.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2821.5x · P/B 6.8x · FCF yield -2.60% · Earnings yield -3.24%

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 1 analysts; mean target USD 10 (low 10, high 10).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-17 | Freedom Broker | Initiated | Buy | $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +2.8% | -57.1% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +2.9% | -15.5% |
| Volatility (annualized) | 118.6% | 99.6% |
| Max drawdown | -78.3% (May 2026→Oct 2026) | -95.5% (Dec 2021→Apr 2025) |

## Dividends
LWLG paid no cash dividend in the last five years.

## Short interest
28,076,658 shares sold short, 18.28% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 25,972,703 shares (+8.1%). Days to cover: 8.1 (short shares ÷ average daily volume).

## Peers (Specialty Chemicals)
BCPC (Balchem Corporation) USD 170.4 +2.47% · SXT (Sensient Technologies Corporati) USD 131.53 -0.05% · AXTA (Axalta Coating Systems Ltd.) USD 33.61 -2.97% · EMN (Eastman Chemical Company) USD 67.93 +1.89% · NEU (NewMarket Corp) USD 803.07 -8.04% · WLK (Westlake Corporation) USD 66.01 +0.27%

## More
Full page: https://nexqual.com/LWLG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.05 | $0.00 | −$0.05 | $60,660 | 1 |
| Next quarter (ends 2026-12-31) | $-0.05 | $0.00 | −$0.05 | $106,470 | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.18 | $0.00 | −$0.18 | $229,050 | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.20 | $0.00 | −$0.20 | $2.5M | 1 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.04 | — | — | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).