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LWLG on Nasdaq

Lightwave Logic, Inc.

Lightwave Logic, Inc. is an American miscellaneous plastics products company, incorporated in Nevada.1 It is headquartered in Englewood, Colorado.1 Its shares trade on Nasdaq under the symbol LWLG.1

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Last updated Oct 21, 2026.

Overview

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  • TickerLWLG on Nasdaq1
  • IndustryMiscellaneous Plastics Products1
  • HeadquartersEnglewood, Colorado1
  • Incorporated inNV2
  • Business address369 Inverness Parkway, Suite 350, Englewood, Co 801122
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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(“EO”) polymer materials designed to enable high-speed optical modulators for data communications and other photonic applications.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-8765.5%Operating margin4
-8576.5%Net margin4
147.7%Revenue growth, 20254
-27.2%Return on equity4
-$15.1MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue0¢$6.8K
  • Research and development100¢$11.5M

Out of $236.9K in revenue.4 The company lost money this year.

Financial statements

Revenue54$236.9K in 2025+485% since 2023
0$100.0K$200.0K$300.0K2023: $40.5K$40.5K20232024: $95.6K$95.6K2024+136%2025: $236.9K$236.9K2025+148%
Gross profit5$88.2K in 2024+132% since 2023
0$25.0K$50.0K$75.0K$100.0K2023: $38.0K$38.0K20232024: $88.2K$88.2K2024+132%
Operating income67854-$20.8M in 2025+229% since 2019
-$30.0M-$20.0M-$10.0M02019: -$6.3M-$6.3M20192020: -$6.6M-$6.6M2020+4%2021: -$17.0M-$17.0M2021+158%2022: -$17.1M-$17.1M2022+1%2023: -$21.2M-$21.2M2023+24%2024: -$23.1M-$23.1M2024+9%2025: -$20.8M-$20.8M2025−10%
Net income67854-$20.3M in 2025+202% since 2019
-$30.0M-$20.0M-$10.0M02019: -$6.7M-$6.7M20192020: -$6.7M-$6.7M2020−0%2021: -$18.6M-$18.6M2021+177%2022: -$17.2M-$17.2M2022−8%2023: -$21.0M-$21.0M2023+22%2024: -$22.5M-$22.5M2024+7%2025: -$20.3M-$20.3M2025−10%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
NET SALES$236.9K$95.6K
Cost of sales$6.8K$7.4K
Research and development$11.5M$16.8M
General and administrative$9.5M$6.4M
TOTAL COST AND EXPENSE$21.0M$23.2M
LOSS FROM OPERATIONS-$20.8M-$23.1M
Interest income$842.4K$926.9K
Commitment fee-$370.3K-$154.2K
Loss on disposal of property and equipment and intangible assets-$25.2K-$213.4K
Other income (expense)$645-$5.1K
NET LOSS-$20.3M-$22.5M
Earnings Per Share, Diluted-$0.16-$0.19
Weighted Average Number of Shares Outstanding, Diluted128.6M shares120.6M shares

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Corporate structure

Lightwave Logic, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Lightwave Logic, Inc.

  • BlackRock Filed SCHEDULE 13G on Lightwave Logic, Inc., latest Jul 29, 2026 (4 filings since Feb 3, 2023)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Lightwave Logic, Inc., latest Mar 27, 2026 (3 filings since Feb 9, 2023)
  • Lightwave Logic, Inc. Englewood, Colorado

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Lightwave Logic, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$13.0M4 Dec 31, 2025$11.7M4 Dec 31, 2024+11.0%
Accumulated depreciation$7.8M4 Dec 31, 2025$6.0M4 Dec 31, 2024+29.2%
Property and equipment, net$5.2M4 Dec 31, 2025$5.7M4 Dec 31, 2024−8.2%
Operating-lease assets (leased space)$2.4M4 Dec 31, 2025$2.6M4 Dec 31, 2024−7.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$69.0M4 Dec 31, 2025$27.7M4 Dec 31, 2024+149.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Accumulated amortization$473.8K4 Dec 31, 2025$771.6K4 Dec 31, 2024−38.6%
Finite-lived intangibles, net$1.7M4 Dec 31, 2025$1.4M4 Dec 31, 2024+26.4%
Patents, net$2.2M4 Dec 31, 2025$2.1M4 Dec 31, 2024+2.8%

Properties, in its own words

Our principal executive office and research and development facility is located at 369 Inverness Parkway, Suite 350, Englewood, Colorado. The 23,104 square feet facility includes fully functional 1,000 square feet of class 1,000 cleanroom, 500 square feet of class 10,000 cleanroom, chemistry laboratories, and analytic laboratories, and serves as our office, laboratory and research and development space. Our total annual base rent during 2026 is expected to be approximately $399,199.

Item 2 of the 10-K filed Mar 20, 2026.3

Leadership

Who has led Lightwave Logic, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Harold R. Bennett2007–2008
  2. James S. Marcelli2008–2009
  3. Thomas Edward Zelibor2012–2016
  4. Michael Stephen Lebby2017–2024
  5. Maitre Yves Le2024–now

Chair

  1. Phillips W. Smith2010
  2. Thomas Edward Zelibor2018–2022

President

  1. Frederick J. Goetz Jr.2007–2009
  2. James S. Marcelli2013–2024
  3. Thomas Edward Zelibor2024–now

Chief financial officer

  1. James S. Marcelli2025–2026
  2. Fred Graffam2026–now

Chief operating officer

  1. James S. Marcelli2013–now
2010201520202025
Board members and other officers (23)

Former names

  • THIRD-ORDER NANOTECHNOLOGIES INCApr 13, 2007 to Feb 19, 20082
  • THIRD-ORDER NANOTECHNOLOIES INCFeb 12, 2007 to Feb 12, 20072
  • PSI TEC HOLDINGS INCApr 27, 2005 to Sep 8, 20062

Timeline

  1. Sep 29, 20268-K Executive or director change; Regulation FD disclosure43
  2. Jul 20, 20268-K Executive or director change; Regulation FD disclosure44
  3. May 27, 20268-K Shareholder vote45
  4. Apr 21, 20268-K Entered a material agreement46
  5. Jan 20, 20268-K Earlier financial statements no longer reliable47
  6. Jan 8, 20268-K Executive or director change48
  7. Dec 17, 20258-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure49
  8. Dec 15, 20258-K Ended a material agreement50
  9. Dec 8, 20258-K Executive or director change; Regulation FD disclosure51
  10. Dec 4, 20258-K Ended a material agreement52
  11. Sep 16, 20258-K Executive or director change; Regulation FD disclosure53
  12. Jul 31, 20258-K Regulation FD disclosure54
  13. Dec 12, 2024New chief executive Maitre Yves Le becomes CEO12
  14. May 8, 2017New chief executive Michael Stephen Lebby becomes CEO13
  15. May 3, 2012New chief executive Thomas Edward Zelibor becomes CEO14
  16. Aug 8, 2008New chief executive James S. Marcelli becomes CEO15
  17. Jun 11, 2007New chief executive Harold R. Bennett becomes CEO16

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.04) a share, on Nov 14, 2025.55

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

231 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 41 major events, 104 insider forms, 7 large holders, 57 other. The latest 20:

  1. Oct 1, 20263 EDGAR
  2. Sep 29, 20268-K EDGAR
  3. Sep 14, 20264 EDGAR
  4. Sep 1, 2026144 EDGAR
  5. Aug 14, 202610-Q QUARTERLY REPORT EDGAR
  6. Jul 29, 2026SCHEDULE 13G EDGAR
  7. Jul 28, 20264 EDGAR
  8. Jul 24, 20263 EDGAR
  9. Jul 20, 20268-K EDGAR
  10. Jun 11, 2026S-3ASR FORM S-3 EDGAR
  11. Jun 5, 20264 EDGAR
  12. Jun 3, 20264 EDGAR
  13. Jun 3, 20264 EDGAR
  14. Jun 3, 20264 EDGAR
  15. Jun 2, 20264 EDGAR
  16. Jun 2, 20264 EDGAR
  17. Jun 1, 2026144 EDGAR
  18. Jun 1, 20264 EDGAR
  19. May 27, 20268-K EDGAR
  20. May 15, 202610-Q QUARTERLY REPORT EDGAR

The 231 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

36 open-market trades by officers, directors and large owners since October 2021: 1 buys and 35 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 1, 2026Quan Snizhana P.Principal Financial OfficerSale345$11.41$3.9KForm 4
Apr 10, 2026Quan Snizhana P.Principal Financial OfficerSale20,000$10.36$207.2KForm 4
Apr 7, 2026El-Ahmadi Siraj NourDirectorSale54,536$7.76$423.2KForm 4
Apr 6, 2026CONNELLY THOMAS M JRDirectorSale9,000$8.52$76.7KForm 4
Apr 1, 2026Bucchi Ronald ADirectorSale11,000$6.92$76.1KForm 4
Apr 1, 2026Partridge LailaDirectorSale11,000$6.84$75.2KForm 4
Apr 1, 2026Ciesla CraigDirectorSale11,000$6.81$74.9KForm 4
Mar 30, 2026Quan Snizhana P.Principal Financial OfficerSale25,000$7.27$181.8KForm 4
Jan 27, 2026El-Ahmadi Siraj NourDirectorSale25,591$3.48$89.1KForm 4
Jan 2, 2026CONNELLY THOMAS M JRDirectorSale7,600$3.25$24.7KForm 4
Dec 31, 2025El-Ahmadi Siraj NourDirectorSale49,260$3.15$155.2KForm 4
Dec 31, 2025Partridge LailaDirectorSale10,000$3.72$37.2KForm 4
Oct 2, 2025CONNELLY THOMAS M JRDirectorSale6,000$4.26$25.6KForm 4
Oct 2, 2025Bucchi Ronald ADirectorSale10,000$3.97$39.7KForm 4
Oct 2, 2025Partridge LailaDirectorSale10,000$4.11$41.1KForm 4
Dec 13, 2023LEONBERGER FREDERICK JDirectorSale75,000$4.67$350.2KForm 4
Dec 6, 2023Bucchi Ronald ADirectorSale27,000$4.75$128.4KForm 4
Jul 19, 2023LEONBERGER FREDERICK JDirectorSale49,000$7.75$379.8KForm 4
Jun 12, 2023El-Ahmadi Siraj NourDirectorSale100,000$7.77$777.0KForm 4
Jun 6, 2023Bucchi Ronald ADirectorSale27,625$8.21$226.8KForm 4

All 36 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Yves LeMaitre61$443.9K$8.6M58
2025James S. Marcelli$385.9K$722.4K58
2025Thomas E. Zelibor$360.0K$656.8K58
2024CFOCOO$385.9K$814.5K58
2024CEO$35.2K$626.9K58
2024President$19.5K$286.9K58

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.12,305,846$116.4M0.0%+9,835,780
Vanguard Capital Management LLC6,551,494$62.0M0.0%+440,563
State Street Corp4,443,532$42.0M0.0%+2,740,586
Vanguard Portfolio Management LLC4,424,600$41.9M0.0%+1,349,070
Geode Capital Management, LLC4,064,111$38.5M0.0%+2,206,472
Marshall Wace, Llp3,057,193$28.9M0.0%−2,846,651
UBS Group AG2,919,015$27.6M0.0%+2,467,665
Northern Trust Corp1,385,193$13.1M0.0%+1,052,451
Charles Schwab Investment Management Inc1,269,563$12.0M0.0%+398,219
Jane Street Group, LLC1,164,611$11.0M0.0%−13,294
Vanguard Fiduciary Trust Co1,078,845$10.2M0.0%+196,520
LPL Financial LLC935,687$8.9M0.0%+113,806
Jupiter Asset Management Ltd932,787$8.8M0.0%New
Raymond James Financial Inc813,418$7.7M0.0%+289,103
Susquehanna International Group, Llp724,938$6.9M0.0%−801,613
Two Sigma Investments, LP721,828$6.8M0.0%+567,520
Group One Trading LLC510,510$4.8M0.1%−263,190
Bank of New York Mellon Corp461,945$4.4M0.0%+421,199
UMB Bank, n.a.403,092$3.8M0.0%No change
Qube Research & Technologies Ltd401,443$3.8M0.0%−837,842
Goldman Sachs Group Inc389,601$3.7M0.0%−189,611
Nuveen, LLC371,394$3.5M0.0%New
Swiss National Bank302,200$2.9M0.0%New
Millennium Management LLC293,376$2.8M0.0%−2,690,208
Algert Global LLC291,050$2.8M0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Lightwave Logic, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLightwave Logic, Inc.1
  • CIK0001325964
  • Employer ID (EIN)82-04973683
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inNevada3
  • Fiscal year endsDecember 311
  • Industry code (SIC)3080 Miscellaneous Plastics Products1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address369 Inverness Parkway, Suite 350, Englewood, CO 801121
  • Phone(720) 340-49491
  • Shares outstanding154,167,255 as of Aug 14, 202610
  • Public float$155.3M as of Jun 30, 20253
  • AuditorStephano Slack LLC, Wayne, Pennsylvania PCAOB ID 3523; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceApr 27, 20051
  • Filings707 in all: 4 (229), 8-K (156), 10-Q (56), 144 (30), 3 (27), EFFECT (22), 10-K (18), DEF 14A (17)1
    All 52 form types

    424B3 (16), CORRESP (15), UPLOAD (14), POS AM (10), 424B5 (9), S-1 (8), D (6), S-8 (6), 3/A (4), 4/A (4), 8-K/A (4), NT 10-K (4), S-3 (4), 5 (3), REGDEX (3), S-1/A (3), 10-Q/A (2), 10QSB (2), 10SB12G/A (2), D/A (2), DEFA14A (2), PRE 14A (2), S-3ASR (2), S-8 POS (2), SC 13G (2), SC 13G/A (2), SCHEDULE 13G/A (2), 10-K/A (1), 10KSB (1), 10QSB/A (1), 10SB12G (1), 144/A (1), 5/A (1), 8-A12B (1), ARS (1), CERT (1), DEF 14C (1), DEFR14A (1), NT 10-Q (1), POS EX (1), PRE 14C (1), REGDEX/A (1), S-3/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 20, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Apr 10, 2026
    Latest 8-K (8-K) Sep 29, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par value per shareLWLGNASDAQ

From the cover page of the 10-K filed Mar 20, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Lightwave Logic, Inc. names in Item 1A of its 10-K filed Mar 20, 2026: 40 risks under these headings, as written.3

  • Risks Related to our Business
  • We have incurred substantial operating losses since our inception and will continue to incur substantial operating losses for the foreseeable future.
  • We are subject to the risks frequently experienced by early-stage companies.
  • Our failure to effectively manage our growth and effectively transition from our focus on research and development activities to commercial operations could harm our business.
  • We will require additional capital to continue to fund our operations and if we do not obtain additional capital, we may be required to substantially limit our operations.
  • We are entering new markets, and if we fail to accurately predict growth in these new markets, we may suffer substantial losses.
  • Our plan to develop relationships with strategic partners may not be successful.
  • The failure to establish and maintain collaborative relationships may have a materially adverse effect on our business.
  • We may participate in joint ventures that expose us to operational and financial risk.
  • If we fail to develop and introduce new or enhanced products on a timely basis, our ability to attract and retain customers could be impaired and our competitive position could be harmed.
  • Our future growth will suffer if we do not achieve sufficient market acceptance of our organic nonlinear optical materials.
  • Our potential customers require our products to undergo a lengthy and expensive qualification process, which does not assure product sales.
The other 29 risks
  • Obtaining a sales contract with a potential customer does not guarantee that a potential customer will not decide to cancel or change its product plans, which could cause us to generate no revenue from a product and adversely affect our results of operations.
  • Many of our products will have long sales cycles, which may cause us to expend resources without an acceptable financial return and which makes it difficult to plan our expenses and forecast our revenue.
  • Successful commercialization of our current and future products will require us to maintain a high level of technical expertise.
  • One of our significant target markets is the telecommunications market, which historically has not accepted polymer modulators.
  • Another of our significant target markets is the data communications (datacenter and/or high performance computing) market, which may be subject to heavy competition from other PIC based technologies such as silicon photonics and Indium Phosphide.
  • Our inability to successfully acquire and integrate other businesses, assets, products or technologies could harm our business and cause us to fail at achieving our anticipated growth.
  • Our failure to compete successfully could harm our business.
  • The loss of certain of our key personnel, or any inability to attract and retain additional personnel, could impair our ability to attain our business objectives.
  • If we fail to develop and maintain the quality of our manufacturing integration and design processes, our operating results would be harmed.
  • The complexity of our organic nonlinear optical materials may lead to errors, defects and bugs, which could result in the necessity to redesign materials and could negatively impact our reputation with customers.
  • If we decide to make commercial quantities of products at our facilities, we will be required to make significant capital expenditures to increase capacity.
  • We may not be able to manufacture products at competitive prices.
  • We may be unable to export our products or technology to other countries, convey information about our technology to citizens of other countries or sell certain products commercially, if the products or technology are subject to United States export or other regulations.
  • We are subject to regulatory compliance related to our operations.
  • We may incur liability arising from the use of hazardous materials.
  • Our data and information systems and network infrastructure may be subject to hacking or other cybersecurity threats. If our security measures are breached and an unauthorized party obtains access to our proprietary business information, our information systems may be perceived as being unsecure, which could harm our business and reputation, and our proprietary business information could be misappropriated which could have an adverse effect on our business and results of operations.
  • We conduct significantly all of our research and development activities at our Englewood, CO facility, and circumstances beyond our control may result in considerable business interruptions.
  • Risks Related to our Intellectual Property
  • We may be unable to obtain effective intellectual property protection for our products and technology.
  • We may be subject to patent infringement claims, which could result in substantial costs and liability and prevent us from selling our products.
  • Our technology may be subject to government rights.
  • Risks Related to our Common Stock
  • We could be negatively affected as a result of a proxy contest and the actions of activist stockholders.
  • If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
  • The exercise of options and warrants and other issuances of shares of common stock or securities convertible into common stock will dilute your interest.
  • The trading price of our common stock has been, and may continue to be, volatile, and the value of our common stock may decline. This volatility, as well as general market conditions, may cause our stock price to fluctuate greatly and even potentially expose us to litigation.
  • A sale of a substantial number of shares of our common stock may cause the price of our common stock to decline and may impair our ability to raise capital in the future.
  • Our common stock will be subject to potential delisting if we do not maintain the listing requirements of the Nasdaq Capital Market.
  • If securities or industry analysts do not publish research or reports about our business, or if they change their recommendations regarding our stock adversely, our stock price and trading volume could decline.
  • Our Board of Directors has the authority, without stockholder approval, to issue preferred stock with terms that may not be beneficial to existing common stockholders and with the ability to affect adversely stockholder voting power and perpetuate their control over us.
  • Our articles of incorporation and amended and restated bylaws, and certain provisions of Nevada corporate law, as well as certain of our contracts, contain provisions that could delay or prevent a change in control even if the change in control would be beneficial to our stockholders.

Legal proceedings

We are not a party to any litigation of a material nature, nor are we aware of any threatened litigation of a material nature.

The opening of Item 3, Legal Proceedings.3

Sources

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