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Lightwave Logic (LWLG) Financials

Lightwave Logic logo
$10.86 -0.60 (-5.24%)
Closing price 04:00 PM Eastern
Extended Trading
$10.77 -0.09 (-0.79%)
As of 05:49 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Lightwave Logic

Annual Income Statements for Lightwave Logic

This table shows Lightwave Logic's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -4.85 -4.41 -5.75 -5.77 -6.73 -6.72 -19 -17 -21 -23 -20
Consolidated Net Income / (Loss)		 -4.85 -4.41 -5.75 -5.77 -6.73 -6.72 -19 -17 -21 -23 -20
Net Income / (Loss) Continuing Operations		 -4.85 -4.41 -5.75 -5.77 -6.73 -6.72 -19 -17 -20 -22 -20
Total Pre-Tax Income 		-4.85 -4.41 -5.75 -5.77 -6.73 -6.72 -19 -17 -20 -22 -20
Total Operating Income		 -4.85 -4.14 -5.52 -5.60 -6.32 -6.60 -17 -17 -21 -23 -21
Total Gross Profit		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.09 0.23
Total Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.10 0.24
Operating Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.10 0.24
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01
Operating Cost of Revenue		 - - - - - - 0.00 0.00 0.00 0.01 0.01
Total Operating Expenses		 4.85 4.14 5.52 5.60 6.32 6.60 17 17 21 23 21
Selling, General & Admin Expense		 2.02 1.66 2.00 1.81 2.00 2.01 4.52 4.33 5.36 6.37 9.50
Research & Development Expense		 2.83 2.47 3.52 3.79 4.32 4.59 12 13 16 17 11
Other Special Charges / (Income)		 - - - - - - 0.00 - -0.22 0.21 0.03
Total Other Income / (Expense), net		 0.00 -0.27 -0.23 -0.17 -0.41 -0.12 -1.63 -0.09 0.65 0.93 0.84
Interest & Investment Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.09 0.66 0.93 0.84
Other Adjustments to Consolidated Net Income / (Loss)		 - - - - - - - - -0.67 -0.15 -0.37
Weighted Average Basic Shares Outstanding		 60.33M 66.20M 70.88M 76.40M 83.30M 91.86M 105.22M 111.81M 115.47M 124.80M 148.83M
Diluted Earnings per Share		 ($0.08) ($0.07) ($0.08) ($0.08) ($0.08) ($0.07) ($0.18) ($0.15) ($0.18) ($0.19) ($0.16)
Weighted Average Diluted Shares Outstanding		 60.33M 66.20M 70.88M 76.40M 83.30M 91.86M 105.22M 111.81M 115.47M 120.60M 128.63M
Weighted Average Basic & Diluted Shares Outstanding		 60.33M 66.20M 70.88M 76.40M 83.30M 91.86M 105.22M 113.22M 119.18M 124.80M 148.83M

Quarterly Income Statements for Lightwave Logic

This table shows Lightwave Logic's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -5.16 -4.94 -5.68 -6.02 -5.30 -5.53 -4.70 -4.97 -5.10 -5.55 -6.30
Consolidated Net Income / (Loss)		 -5.16 -4.94 -5.68 -6.02 -5.30 -5.53 -4.70 -4.97 -5.10 -5.55 -6.30
Net Income / (Loss) Continuing Operations		 -5.14 -4.87 -5.60 -5.99 -5.28 -5.29 -4.72 -4.73 -4.99 -5.48 -6.26
Total Pre-Tax Income 		-5.14 -4.87 -5.60 -5.99 -5.28 -5.29 -4.72 -4.73 -4.99 -5.48 -6.26
Total Operating Income		 -5.39 -5.34 -5.85 -6.24 -5.30 -5.70 -4.91 -4.90 -5.18 -5.78 -6.73
Total Gross Profit		 0.00 0.04 0.03 0.02 0.02 0.02 0.02 0.02 0.03 0.16 0.03
Total Revenue		 0.00 0.04 0.03 0.02 0.02 0.02 0.02 0.03 0.03 0.16 0.03
Operating Revenue		 0.00 0.04 0.03 0.02 0.02 0.02 0.02 0.03 0.03 0.16 0.03
Total Cost of Revenue		 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cost of Revenue		 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 5.39 5.16 5.88 6.26 5.53 5.73 4.90 4.92 5.24 5.95 6.79
Selling, General & Admin Expense		 1.35 1.48 1.26 1.90 1.49 1.73 1.84 2.30 2.29 3.07 3.26
Research & Development Expense		 4.04 3.90 4.62 4.36 3.83 4.00 3.09 2.62 2.92 2.86 3.49
Other Special Charges / (Income)		 0.00 - 0.00 0.00 0.21 - -0.03 0.00 0.03 0.02 0.04
Total Other Income / (Expense), net		 0.25 0.25 0.25 0.25 0.22 0.20 0.19 0.17 0.19 0.29 0.46
Interest & Investment Income		 0.25 0.25 0.25 0.25 0.22 0.20 0.19 0.17 0.19 0.29 0.46
Other Adjustments to Consolidated Net Income / (Loss)		 -0.03 -0.07 -0.08 -0.03 -0.02 -0.03 -0.01 -0.24 -0.08 -0.05 0.00
Basic Earnings per Share		 ($0.04) ($0.04) ($0.05) ($0.05) ($0.04) ($0.05) ($0.04) ($0.04) ($0.04) - ($0.04)
Weighted Average Basic Shares Outstanding		 116.49M 115.47M 118.95M 120.18M 120.90M 120.60M 123.93M 125.27M 129.64M 148.83M 148.09M
Diluted Earnings per Share		 ($0.04) ($0.04) ($0.05) ($0.05) ($0.04) ($0.05) ($0.04) ($0.04) ($0.04) ($0.04) ($0.04)
Weighted Average Diluted Shares Outstanding		 116.49M 115.47M 118.95M 120.18M 120.90M 120.60M 123.93M 125.27M 129.64M 128.63M 148.09M
Weighted Average Basic & Diluted Shares Outstanding		 116.89M 119.18M 120.09M 120.72M 122.37M 124.80M 125.04M 129.44M 133.63M 148.83M 154.08M

Annual Cash Flow Statements for Lightwave Logic

This table details how cash moves in and out of Lightwave Logic's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 0.56 -1.77 1.53 -1.31 0.06 1.07 20 0.67 7.33 -3.76 41
Net Cash From Operating Activities		 -3.44 -3.15 -4.36 -4.40 -4.77 -4.87 -10 -11 -12 -16 -14
Net Cash From Continuing Operating Activities		 -3.44 -3.15 -4.36 -4.40 -4.77 -4.87 -10 -11 -12 -16 -14
Net Income / (Loss) Continuing Operations		 -4.85 -4.41 -5.75 -5.77 -6.73 -6.72 -19 -17 -21 -23 -20
Consolidated Net Income / (Loss)		 -4.85 -4.41 -5.75 -5.77 -6.73 -6.72 -19 -17 -21 -23 -20
Depreciation Expense		 0.18 0.20 0.33 0.47 0.70 0.78 0.88 1.05 1.12 1.68 1.90
Amortization Expense		 - - - - - 0.00 0.17 0.27 0.45 0.64 0.76
Non-Cash Adjustments To Reconcile Net Income		 1.48 0.91 1.48 0.65 1.09 1.16 6.14 6.65 6.92 4.81 4.53
Changes in Operating Assets and Liabilities, net		 -0.26 0.15 -0.42 0.26 0.17 -0.10 1.15 -1.27 0.32 -0.15 -0.62
Net Cash From Investing Activities		 -0.31 -0.17 -0.27 -1.43 -0.31 -0.22 -1.12 -2.21 -2.96 -2.70 -1.82
Net Cash From Continuing Investing Activities		 -0.31 -0.17 -0.27 -1.43 -0.31 -0.22 -1.12 -2.21 -2.96 -2.70 -1.82
Purchase of Property, Plant & Equipment		 -0.28 -0.13 -0.18 -1.04 -0.22 -0.16 -1.10 -1.31 -3.29 -2.27 -1.33
Acquisitions		 -0.03 -0.06 -0.08 -0.40 -0.08 -0.06 -0.02 -0.26 -0.31 -0.43 -0.49
Net Cash From Financing Activities		 4.32 1.55 6.15 4.53 5.13 6.16 32 13 23 14 57
Net Cash From Continuing Financing Activities		 4.32 1.55 6.15 4.53 5.13 6.16 32 13 23 14 57
Issuance of Common Equity		 4.32 0.00 - 4.86 - 5.17 30 13 20 12 5.13
Other Financing Activities, net		 0.00 1.55 6.15 -0.34 5.13 0.99 1.20 0.64 2.53 2.12 52

Quarterly Cash Flow Statements for Lightwave Logic

This table details how cash moves in and out of Lightwave Logic's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -1.76 0.56 0.08 -2.31 -2.31 0.79 -2.62 -2.94 13 34 6.09
Net Cash From Operating Activities		 -2.91 -2.32 -4.77 -4.05 -3.59 -3.14 -3.49 -3.77 -3.18 -3.31 -4.06
Net Cash From Continuing Operating Activities		 -2.91 -2.32 -4.77 -4.05 -3.59 -3.14 -3.49 -3.77 -3.18 -3.31 -4.06
Net Income / (Loss) Continuing Operations		 -5.16 -4.94 -5.68 -6.02 -5.30 -5.53 -4.70 -4.97 -5.10 -4.84 -6.30
Consolidated Net Income / (Loss)		 -5.16 -4.94 -5.68 -6.02 -5.30 -5.53 -4.70 -4.97 -5.10 -4.84 -6.30
Depreciation Expense		 0.27 0.32 0.39 0.42 0.44 0.44 0.45 0.49 0.49 0.47 0.50
Amortization Expense		 0.11 0.11 0.11 0.19 0.15 0.19 0.28 0.22 0.13 0.12 0.10
Non-Cash Adjustments To Reconcile Net Income		 1.73 1.59 0.71 1.74 1.36 2.00 0.75 1.14 1.18 0.75 1.71
Changes in Operating Assets and Liabilities, net		 0.15 0.60 -0.30 -0.38 -0.23 -0.24 -0.28 -0.66 0.13 0.19 -0.06
Net Cash From Investing Activities		 -0.87 -1.57 -0.83 -0.82 -0.63 -0.42 -0.90 -0.10 -0.22 -0.59 -0.62
Net Cash From Continuing Investing Activities		 -0.87 -1.57 -0.83 -0.82 -0.63 -0.42 -0.90 -0.10 -0.22 -0.59 -0.62
Purchase of Property, Plant & Equipment		 -0.84 -1.48 -0.78 -0.81 -0.35 -0.33 -0.85 -0.04 -0.06 -0.38 -0.45
Acquisitions		 -0.04 -0.09 -0.05 -0.01 -0.28 -0.09 -0.05 -0.06 -0.16 -0.21 -0.17
Net Cash From Financing Activities		 2.02 4.45 5.68 2.56 1.90 4.34 1.77 0.93 16 38 11
Net Cash From Continuing Financing Activities		 2.02 4.45 5.68 2.56 1.90 4.34 1.77 0.93 16 38 11
Issuance of Common Equity		 1.11 3.93 5.15 2.34 1.68 3.19 1.49 0.69 2.32 0.64 0.00
Other Financing Activities, net		 0.91 0.52 0.53 0.22 0.22 1.15 0.28 0.25 14 37 11

Annual Balance Sheets for Lightwave Logic

This table presents Lightwave Logic's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 5.11 3.19 5.85 5.45 6.82 7.37 27 29 42 38 79
Total Current Assets		 4.00 2.09 4.07 2.71 2.61 3.87 24 25 33 28 70
Cash & Equivalents		 3.73 1.96 3.48 2.17 2.24 3.31 23 24 31 28 69
Accounts Receivable		 - - - - - - 0.00 0.64 0.03 0.05 0.19
Prepaid Expenses		 0.26 0.14 0.58 0.54 0.37 0.57 0.23 0.61 1.24 0.40 0.60
Plant, Property, & Equipment, net		 0.50 0.43 1.18 1.80 2.42 1.87 2.18 2.52 4.99 5.69 5.22
Total Noncurrent Assets		 0.62 0.67 0.61 0.94 1.80 1.62 1.38 1.39 4.09 4.00 4.15
Intangible Assets		 0.62 0.67 0.61 0.94 0.94 0.92 0.85 1.03 1.25 1.36 1.71
Other Noncurrent Operating Assets		 - - - 0.00 0.86 0.70 0.54 0.36 2.84 2.65 2.44
Total Liabilities & Shareholders' Equity		 5.11 3.19 5.85 5.45 6.82 7.37 27 29 42 38 79
Total Liabilities		 0.10 0.13 0.83 0.54 1.92 1.59 2.02 1.71 5.35 4.38 4.54
Total Current Liabilities		 0.10 0.13 0.65 0.40 1.00 0.93 1.59 1.50 2.58 1.79 2.14
Accounts Payable		 0.04 0.07 0.06 0.16 0.10 0.22 0.25 0.79 1.45 0.52 0.48
Accrued Expenses		 0.07 0.06 0.09 0.00 0.07 0.08 1.12 0.48 0.91 1.08 1.46
Current Deferred Revenue		 - - - 0.05 0.04 0.04 0.04 0.00 0.08 0.02 0.01
Other Current Liabilities		 - - 0.49 0.18 0.79 0.59 0.18 0.23 0.14 0.17 0.19
Total Noncurrent Liabilities		 0.00 0.00 0.18 0.15 0.92 0.66 0.44 0.21 2.77 2.60 2.40
Other Noncurrent Operating Liabilities		 - 0.00 0.18 0.00 0.76 0.66 0.44 0.21 2.77 2.60 2.40
Total Equity & Noncontrolling Interests		 5.01 3.06 5.02 4.91 4.91 5.78 25 28 36 33 75
Total Preferred & Common Equity		 5.01 3.06 5.02 4.91 4.91 5.78 25 28 36 33 75
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 5.01 3.06 5.02 4.91 4.91 5.78 25 28 36 33 75
Common Stock		 47 49 57 62 69 77 115 135 165 181 242
Retained Earnings		 -42 -46 -52 -58 -64 -71 -90 -107 -128 -147 -167
Other Equity Adjustments		 - - - - - - 0.00 -0.13 -0.43 -0.66 -0.20

Quarterly Balance Sheets for Lightwave Logic

This table presents Lightwave Logic's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 41 39 42 40 37 36 32 45 86
Total Current Assets		 33 31 32 30 27 26 23 35 77
Cash & Equivalents		 33 31 32 29 27 25 22 35 75
Accounts Receivable		 0.00 0.00 0.06 0.01 0.03 0.02 0.01 0.04 0.22
Prepaid Expenses		 0.81 0.56 0.70 0.76 0.56 0.49 0.64 0.48 1.18
Plant, Property, & Equipment, net		 3.00 3.60 5.40 5.81 5.77 6.12 5.72 5.32 5.19
Total Noncurrent Assets		 4.10 4.07 4.08 4.02 3.99 3.97 3.96 4.01 4.22
Intangible Assets		 1.17 1.18 1.29 1.28 1.30 1.37 1.41 1.51 1.83
Other Noncurrent Operating Assets		 2.93 2.88 2.79 2.74 2.69 2.60 2.54 2.49 2.39
Total Liabilities & Shareholders' Equity		 41 39 42 40 37 36 32 45 86
Total Liabilities		 3.78 3.68 4.54 4.18 3.76 4.09 3.60 3.60 4.60
Total Current Liabilities		 0.92 0.87 1.81 1.49 1.12 1.54 1.10 1.14 2.25
Accounts Payable		 0.42 0.43 1.00 0.92 0.45 0.53 0.32 0.39 0.78
Accrued Expenses		 0.27 0.21 0.60 0.37 0.48 0.82 0.58 0.55 1.27
Current Deferred Revenue		 0.05 0.05 0.04 0.03 0.03 0.02 0.01 0.01 0.00
Other Current Liabilities		 0.17 0.18 0.18 0.17 0.17 0.17 0.18 0.19 0.20
Total Noncurrent Liabilities		 2.86 2.81 2.73 2.69 2.64 2.55 2.50 2.45 2.35
Other Noncurrent Operating Liabilities		 2.86 2.81 2.73 2.69 2.64 2.55 2.50 2.45 2.35
Total Equity & Noncontrolling Interests		 37 35 37 36 33 32 29 41 81
Total Preferred & Common Equity		 37 35 37 36 33 32 29 41 81
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 37 35 37 36 33 32 29 41 81
Common Stock		 155 159 171 176 179 187 186 207 255
Retained Earnings		 -118 -123 -134 -140 -145 -155 -157 -166 -174
Other Equity Adjustments		 -0.52 -0.50 -0.37 -0.54 -0.51 -0.46 -0.35 -0.27 -0.16

Annual Metrics And Ratios for Lightwave Logic

This table displays calculated financial ratios and metrics derived from Lightwave Logic's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 61,253,780.00 67,561,240.00 73,028,519.00 78,459,838.00 86,133,258.00 95,192,065.00 108,830,757.00 112,577,460.00 116,886,949.00 - 133,633,927.00
DEI Adjusted Shares Outstanding		 61,253,780.00 67,561,240.00 73,028,519.00 78,459,838.00 86,133,258.00 95,192,065.00 108,830,757.00 112,577,460.00 116,886,949.00 - 133,633,927.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.08 -0.07 -0.08 -0.07 -0.08 -0.07 -0.17 -0.15 -0.18 - -0.15
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 -3.39 -2.89 -3.87 -3.92 -4.42 -4.62 -12 -12 -15 -16 -15
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -40.78% -48.36% -19.47%
Earnings before Interest and Taxes (EBIT)		 -4.85 -4.14 -5.52 -5.60 -6.32 -6.60 -17 -17 -21 -23 -21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -4.67 -3.94 -5.20 -5.14 -5.62 -5.82 -16 -16 -20 -21 -18
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3.78 -2.72 -4.30 -5.27 -4.38 -4.25 -11 -14 -16 -17 -14
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1.28 1.10 1.53 2.88 2.84 2.47 1.77 3.45 5.00 5.76 5.63
Increase / (Decrease) in Invested Capital		 0.38 -0.17 0.43 1.35 -0.05 -0.37 -0.70 1.68 1.55 0.75 -0.13
Book Value per Share		 $0.08 $0.05 $0.07 $0.06 $0.06 $0.06 $0.23 $0.24 $0.31 $0.27 $0.56
Tangible Book Value per Share		 $0.07 $0.04 $0.06 $0.05 $0.05 $0.05 $0.22 $0.24 $0.30 $0.26 $0.55
Total Capital		 5.01 3.06 5.02 5.06 5.07 5.78 25 28 36 33 75
Total Debt		 0.00 0.00 0.00 0.15 0.16 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.15 0.16 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -3.73 -1.96 -3.48 -2.03 -2.07 -3.31 -23 -24 -31 -28 -69
Capital Expenditures (CapEx)		 0.28 0.11 0.18 1.03 0.22 0.16 1.10 1.31 3.29 2.27 1.33
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.16 0.01 -0.06 0.14 -0.63 -0.37 -1.35 -0.25 -1.31 -1.34 -1.34
Debt-free Net Working Capital (DFNWC)		 3.89 1.97 3.42 2.32 1.61 2.94 22 24 30 26 68
Net Working Capital (NWC)		 3.89 1.97 3.42 2.32 1.61 2.94 22 24 30 26 68
Net Nonoperating Expense (NNE)		 1.45 1.51 1.88 1.85 2.30 2.10 6.73 5.23 6.18 6.37 5.78
Net Nonoperating Obligations (NNO)		 -3.73 -1.96 -3.48 -2.03 -2.07 -3.31 -23 -24 -31 -28 -69
Total Depreciation and Amortization (D&A)		 0.18 0.20 0.33 0.47 0.70 0.78 1.05 1.32 1.57 2.32 2.66
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.08) ($0.07) ($0.08) ($0.08) ($0.08) ($0.07) ($0.18) ($0.15) ($0.18) ($0.19) $0.00
Adjusted Weighted Average Basic Shares Outstanding		 65.59M 69.72M 75.00M 80.76M 89.07M 101.76M 110.98M 111.81M 115.47M 120.60M 148.83M
Adjusted Diluted Earnings per Share		 ($0.08) ($0.07) ($0.08) ($0.08) ($0.08) ($0.07) ($0.18) ($0.15) ($0.18) ($0.19) ($0.16)
Adjusted Weighted Average Diluted Shares Outstanding		 65.59M 69.72M 75.00M 80.76M 89.07M 101.76M 110.98M 111.81M 115.47M 120.60M 128.63M
Adjusted Basic & Diluted Earnings per Share		 ($0.08) ($0.07) ($0.08) ($0.08) ($0.08) ($0.07) ($0.18) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 60.33M 66.20M 70.88M 76.40M 83.30M 91.86M 105.22M 113.22M 119.18M 124.80M 148.83M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.39 -2.89 -3.87 -3.92 -4.42 -4.62 -12 -12 -15 -16 -15
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Lightwave Logic

This table displays calculated financial ratios and metrics derived from Lightwave Logic's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 116,461,639.00 116,886,949.00 119,184,778.00 120,094,245.00 120,716,365.00 - 124,799,620.00 125,041,157.00 258,879,972.00 133,633,927.00 148,831,122.00
DEI Adjusted Shares Outstanding		 116,461,639.00 116,886,949.00 119,184,778.00 120,094,245.00 120,716,365.00 - 124,799,620.00 125,041,157.00 258,879,972.00 133,633,927.00 148,831,122.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.04 -0.04 -0.05 -0.05 -0.04 - -0.04 -0.04 -0.02 -0.04 -0.04
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -43.42% -24.66% 32.29% 27.27% - 27.27%
EBITDA Growth		 -13.82% -2.91% -12.21% -13.18% 5.96% -3.15% 22.13% 25.64% 3.32% - -47.05%
EBIT Growth		 -13.82% -4.18% -13.27% -16.83% 1.66% -6.65% 16.19% 21.47% 2.23% - -37.10%
NOPAT Growth		 -13.82% -4.09% -13.39% -16.83% 1.66% -6.80% 16.16% 21.47% 2.23% - -37.10%
Net Income Growth		 -7.52% 2.55% -3.72% -10.30% -2.64% -12.04% 17.30% 17.49% 3.78% - -34.14%
EPS Growth		 0.00% 20.00% 0.00% 0.00% 0.00% -25.00% 20.00% 20.00% 0.00% - 0.00%
Operating Cash Flow Growth		 -17.97% 16.05% -27.30% -24.46% -23.39% -35.06% 26.87% 6.95% 11.54% - -16.36%
Free Cash Flow Firm Growth		 -5.58% -0.35% -27.65% -40.09% -26.69% 10.26% 30.60% 43.92% 42.91% - -3.88%
Invested Capital Growth		 20.44% 44.94% 55.26% 55.21% 45.02% 15.08% 14.31% 4.69% -5.17% - -4.54%
Revenue Q/Q Growth		 0.00% 0.00% -24.90% -36.37% 18.40% 0.00% 0.00% 11.73% 13.91% - -81.68%
EBITDA Q/Q Growth		 -0.63% 1.98% -9.06% -5.21% 16.38% -7.51% 17.67% -0.45% 6.94% - -18.23%
EBIT Q/Q Growth		 -0.85% 0.80% -9.55% -6.60% 15.10% -7.57% 13.91% 0.11% 7.61% - -16.42%
NOPAT Q/Q Growth		 -0.85% 0.89% -9.60% -6.64% 15.10% -7.64% 13.96% 0.11% 7.61% - -16.42%
Net Income Q/Q Growth		 5.37% 4.35% -14.99% -5.98% 11.94% -4.41% 15.13% -5.74% 10.08% - -13.53%
EPS Q/Q Growth		 20.00% 0.00% -25.00% 0.00% 20.00% -25.00% 20.00% 0.00% 20.00% - 0.00%
Operating Cash Flow Q/Q Growth		 10.62% 20.19% -105.50% 15.10% 11.38% 12.65% -11.28% -8.02% 15.75% - -22.59%
Free Cash Flow Firm Q/Q Growth		 4.38% -16.43% -15.76% -8.70% 13.53% 17.52% 10.48% 12.16% 22.26% - -12.68%
Invested Capital Q/Q Growth		 9.74% 10.08% 13.76% 12.93% 2.54% -12.64% 13.00% 3.43% -7.12% - 10.32%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 93.80% 82.99% 100.00% 94.61% 95.71% 91.15% 86.48% 100.00% - 95.42%
EBITDA Margin		 0.00% -12,124.10% -17,606.59% -29,110.16% -20,558.99% -22,102.87% -18,198.24% -16,361.83% -15,617.88% - -21,024.20%
Operating Margin		 0.00% -13,180.61% -19,235.53% -32,237.54% -23,115.30% -24,879.33% -21,404.99% -19,137.60% -17,757.48% - -23,058.01%
EBIT Margin		 0.00% -13,191.75% -19,242.87% -32,237.54% -23,115.30% -24,865.27% -21,406.13% -19,137.60% -17,757.48% - -23,058.01%
Profit (Net Income) Margin		 0.00% -12,196.13% -18,673.48% -31,101.44% -23,131.93% -24,150.34% -20,495.81% -19,397.12% -17,488.03% - -21,601.60%
Tax Burden Percent		 100.49% 101.35% 101.43% 100.53% 100.30% 104.65% 99.56% 104.96% 102.30% - 100.58%
Interest Burden Percent		 95.41% 91.22% 95.67% 95.97% 99.77% 92.81% 96.17% 96.57% 96.27% - 93.14%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% -88.42% -204.15% -385.59% -329.03% -309.55% -216.51% -192.20% -194.83% - -617.28%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -84.09% -198.65% -380.25% -323.51% -304.33% -212.04% -186.21% -190.05% - -614.10%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 72.98% 170.93% 324.75% 271.24% 257.46% 174.43% 148.21% 157.38% - 544.92%
Return on Equity (ROE)		 -65.93% -15.44% -33.22% -60.84% -57.79% -52.09% -42.08% -43.99% -37.45% - -72.36%
Cash Return on Invested Capital (CROIC)		 -372.33% -388.25% -371.27% -345.56% -322.54% -314.50% -267.57% -226.01% -227.98% - -244.02%
Operating Return on Assets (OROA)		 0.00% -15.04% -37.62% -72.44% -68.55% -59.74% -48.75% -50.00% -43.56% - -92.23%
Return on Assets (ROA)		 0.00% -13.91% -36.51% -69.88% -68.60% -58.02% -46.67% -50.67% -42.90% - -86.41%
Return on Common Equity (ROCE)		 -65.93% -15.44% -33.22% -60.84% -57.79% -52.09% -42.08% -43.99% -37.45% - -72.36%
Return on Equity Simple (ROE_SIMPLE)		 -59.76% 0.00% -57.10% 0.00% 0.00% 0.00% -68.31% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -3.77 -3.74 -4.10 -4.37 -3.71 -3.99 -3.43 -3.43 -3.63 -4.04 -4.71
NOPAT Margin		 0.00% -9,226.43% -13,464.87% -22,566.27% -16,180.71% -17,415.53% -14,983.49% -13,396.32% -12,430.23% - -16,140.61%
Net Nonoperating Expense Percent (NNEP)		 -4.99% -4.33% -5.49% -5.34% -5.52% -5.22% -4.47% -5.99% -4.77% - -3.18%
Return On Investment Capital (ROIC_SIMPLE)		 - -10.26% -11.01% -12.26% -11.08% -11.94% -10.88% -11.90% -8.80% -5.42% -5.79%
Cost of Revenue to Revenue		 0.00% 6.20% 17.01% 0.00% 5.39% 4.29% 8.85% 13.52% 0.00% - 4.58%
SG&A Expenses to Revenue		 0.00% 3,652.83% 4,127.46% 9,799.39% 6,504.11% 7,541.14% 8,016.11% 8,986.07% 7,854.48% - 11,186.84%
R&D to Revenue		 0.00% 9,621.58% 15,191.05% 22,538.15% 16,705.80% 17,433.90% 13,480.03% 10,238.00% 10,002.99% - 11,966.59%
Operating Expenses to Revenue		 0.00% 12,742.31% 19,328.92% 32,337.54% 24,127.49% 24,988.85% 21,370.47% 19,224.08% 17,975.51% - 23,278.26%
Earnings before Interest and Taxes (EBIT)		 -5.39 -5.34 -5.85 -6.24 -5.30 -5.70 -4.91 -4.90 -5.18 -5.78 -6.73
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -5.01 -4.91 -5.36 -5.63 -4.71 -5.07 -4.17 -4.19 -4.56 -5.19 -6.13
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 14.70 15.98 14.99 10.08 9.95 7.69 4.05 5.38 11.66 - 12.87
Price to Tangible Book Value (P/TBV)		 15.21 16.55 15.53 10.46 10.35 8.01 4.24 5.65 12.10 - 13.16
Price to Revenue (P/Rev)		 0.00 14,372.06 7,865.10 3,977.69 2,943.52 2,687.97 1,451.90 1,643.27 4,773.34 - 4,303.83
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 107.78 110.10 92.49 51.34 46.49 39.84 15.82 19.76 71.26 - 156.41
Enterprise Value to Revenue (EV/Rev)		 0.00 13,595.99 7,420.80 3,654.27 2,706.02 2,398.57 1,167.63 1,408.98 4,426.03 - 3,994.90
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 -0.87 -0.87 -0.86 -0.85 -0.84 -0.85 -0.82 -0.80 -0.83 - -0.89
Leverage Ratio		 1.08 1.11 1.08 1.11 1.11 1.14 1.13 1.12 1.10 - 1.08
Compound Leverage Factor		 1.03 1.01 1.04 1.07 1.11 1.06 1.08 1.08 1.06 - 1.00
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Altman Z-Score		 80.87 61.44 69.67 47.01 48.04 29.94 13.03 19.37 75.48 - 134.39
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 36.03 12.66 17.81 20.08 24.48 15.75 16.62 20.72 31.06 - 33.99
Quick Ratio		 35.39 12.18 17.42 19.57 23.98 15.52 16.30 20.14 30.63 - 33.46
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -4.54 -5.29 -6.12 -6.65 -5.75 -4.75 -4.25 -3.73 -3.28 -3.92 -4.41
Operating Cash Flow to CapEx		 -348.37% -157.08% -615.47% -499.95% -1,026.88% -944.72% -408.90% -9,343.47% -5,357.07% - -901.55%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Accounts Receivable Turnover		 0.00 0.12 0.00 0.00 0.00 2.52 2.33 10.03 3.22 - 2.07
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.00 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 - 0.04
Accounts Payable Turnover		 0.00 0.00 0.01 0.01 0.02 0.01 0.01 0.01 0.02 - 0.01
Days Sales Outstanding (DSO)		 0.00 3,030.23 0.00 0.00 0.00 144.96 156.41 36.40 113.50 - 176.04
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 0.00 162,620.86 34,748.94 31,808.20 17,981.49 48,458.16 65,694.84 29,312.49 23,625.39 - 38,946.29
Cash Conversion Cycle (CCC)		 0.00 -159,590.63 -34,748.94 -31,808.20 -17,981.49 -48,313.19 -65,538.43 -29,276.09 -23,511.89 - -38,770.25
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4.54 5.00 5.69 6.43 6.59 5.76 6.50 6.73 6.25 5.63 6.21
Invested Capital Turnover		 0.00 0.01 0.02 0.02 0.02 0.02 0.01 0.01 0.02 - 0.04
Increase / (Decrease) in Invested Capital		 0.77 1.55 2.03 2.29 2.05 0.75 0.81 0.30 -0.34 -0.13 -0.30
Enterprise Value (EV)		 490 551 526 330 306 229 103 133 445 - 971
Market Capitalization		 521 582 558 359 333 257 128 155 480 - 1,046
Book Value per Share		 $0.30 $0.31 $0.31 $0.30 $0.28 $0.27 $0.25 $0.23 $0.32 $0.56 $0.55
Tangible Book Value per Share		 $0.29 $0.30 $0.30 $0.29 $0.27 $0.26 $0.24 $0.22 $0.31 $0.55 $0.53
Total Capital		 35 36 37 36 33 33 32 29 41 75 81
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -31 -31 -32 -29 -27 -28 -25 -22 -35 -69 -75
Capital Expenditures (CapEx)		 0.84 1.48 0.78 0.81 0.35 0.33 0.85 0.04 0.06 0.38 0.45
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.31 -1.31 -1.06 -0.72 -0.53 -1.34 -1.03 -0.45 -0.62 -1.34 -0.85
Debt-free Net Working Capital (DFNWC)		 31 30 30 28 26 26 24 22 34 68 74
Net Working Capital (NWC)		 31 30 30 28 26 26 24 22 34 68 74
Net Nonoperating Expense (NNE)		 1.39 1.20 1.58 1.65 1.59 1.54 1.26 1.54 1.48 1.51 1.59
Net Nonoperating Obligations (NNO)		 -31 -31 -32 -29 -27 -28 -25 -22 -35 -69 -75
Total Depreciation and Amortization (D&A)		 0.38 0.43 0.50 0.61 0.59 0.63 0.74 0.71 0.62 0.59 0.59
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -3,246.27% -1,492.14% -800.84% -471.27% -1,399.60% -1,169.81% -475.54% -619.60% - -350.29%
Debt-free Net Working Capital to Revenue		 0.00% 74,359.99% 42,937.50% 31,540.50% 23,278.59% 27,540.27% 27,256.87% 22,954.00% 34,112.34% - 30,542.85%
Net Working Capital to Revenue		 0.00% 74,359.99% 42,937.50% 31,540.50% 23,278.59% 27,540.27% 27,256.87% 22,954.00% 34,112.34% - 30,542.85%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.04) ($0.04) ($0.05) ($0.05) ($0.04) ($0.05) ($0.04) ($0.04) ($0.04) $0.00 ($0.04)
Adjusted Weighted Average Basic Shares Outstanding		 116.49M 115.47M 118.95M 120.18M 120.90M 120.60M 123.93M 125.27M 129.64M 148.83M 148.09M
Adjusted Diluted Earnings per Share		 ($0.04) ($0.04) ($0.05) ($0.05) ($0.04) ($0.05) ($0.04) ($0.04) ($0.04) ($0.04) ($0.04)
Adjusted Weighted Average Diluted Shares Outstanding		 116.49M 115.47M 118.95M 120.18M 120.90M 120.60M 123.93M 125.27M 129.64M 128.63M 148.09M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 116.89M 119.18M 120.09M 120.72M 122.37M 124.80M 125.04M 129.44M 133.63M 148.83M 154.08M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.77 -3.74 -4.09 -4.37 -3.56 -3.99 -3.45 -3.43 -3.60 -4.03 -4.68
Normalized NOPAT Margin		 0.00% -9,226.43% -13,457.58% -22,566.27% -15,538.40% -17,415.53% -15,071.46% -13,396.32% -12,347.61% - -16,053.23%
Pre Tax Income Margin		 0.00% -12,033.54% -18,409.99% -30,936.94% -23,062.37% -23,077.70% -20,586.44% -18,480.49% -17,094.58% - -21,476.51%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Lightwave Logic (NASDAQ: LWLG) continues to exhibit a growth-stage, high-burn profile, with meaningful operating losses across the latest four quarters. The company shows a path toward topline traction in 2025, supported by substantial financing activity that has helped shore up liquidity. The key takeaway for retail investors is that liquidity has been boosted by equity-related financing, while the core business remains unprofitable in the near term and requires ongoing capital raising to fund R&D and SG&A expenses.

  • Q4 2025 revenue uptick with strong gross margin: Operating revenue was 159,167 and gross profit 157,835, yielding a near-100% gross margin driven by very low cost of revenue relative to sales.
  • Large financing inflow in Q4 2025 supports liquidity: Issuance of common equity contributed 640,150 and Other Financing Activities net added 37,338,720, for a total net cash from continuing financing activities of 37,978,870.
  • Net cash from financing offset sizable operating cash burn in Q4 2025: Net Change in Cash & Equivalents was 34,075,284, indicating financing inflows more than offset operating outflows for the period.
  • Revenue trend within 2025 shows improvement over the year: Revenue progressed from 22,917 (Q4 2024 baseline tail) up to 159,167 (Q4 2025), suggesting growing demand or pilot orders, albeit at a very early stage.
  • High operating expense base remains a drag on profitability: Total Operating Expenses in Q4 2025 were 5,954,076 (SG&A 3,072,994; RD 2,861,555; Other charges 19,527), contributing to a net loss despite gross profit.
  • Liquidity cushion on the balance sheet in 2025: Cash & Equivalents around the mid-30s millions in 2025 (e.g., 34,942,070 in Q3 2025), providing a buffer for continued investment while losses persist.
  • Dilution risk implied by share count: Weighted Average Basic & Diluted Shares Outstanding rose to about 148.8 million (Q4 2025), signaling dilution pressure tied to financing activities.
  • Persistent losses from operations: Net income from continuing operations in Q4 2025 was -4,844,082, with Consolidated Net Income / (Loss) at -5,549,581 for the period.
  • Ongoing cash burn from operating activities: Net cash from continuing operating activities in Q4 2025 was -3,312,760, and similar negative cash burn appears in other 2025 quarters (e.g., Q3 2025: -3,176,204; Q2 2025: -3,770,092).
  • Accumulated deficit on retained earnings: Retained Earnings remained deeply negative (e.g., -165,876,149 in Q3 2025), highlighting the company’s ongoing cumulative losses.

Bottom line for investors: LWLG is generating early topline growth signals but continues to incur material operating losses. The company has relied on sizeable equity financing in recent quarters to bolster liquidity, and this financing has visibly increased the share count. If the company can sustain revenue growth while containing operating expenses and extending its cash runway through additional financing or transformative commercial progress, liquidity could remain manageable. However, the ongoing reliance on external funding and the persistent net losses are key risk factors to monitor in upcoming quarters.

05/29/26 04:27 PM ETAI Generated. May Contain Errors.

Lightwave Logic Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Lightwave Logic's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Lightwave Logic's net income appears to be on an upward trend, with a most recent value of -$20.31 million in 2025, rising from -$4.85 million in 2015. The previous period was -$22.54 million in 2024. Find out what analysts predict for Lightwave Logic in the coming months.

Lightwave Logic's total operating income in 2025 was -$20.76 million, based on the following breakdown:
  • Total Gross Profit: $230.03 thousand
  • Total Operating Expenses: $21.02 million

Over the last 10 years, Lightwave Logic's total revenue changed from $0.00 in 2015 to $236.86 thousand in 2025, a change of 23,685,500.0%.

Lightwave Logic's total liabilities were at $4.54 million at the end of 2025, a 3.5% increase from 2024, and a 4,309.0% increase since 2015.

In the past 10 years, Lightwave Logic's cash and equivalents has ranged from $1.96 million in 2016 to $69.02 million in 2025, and is currently $69.02 million as of their latest financial filing in 2025.

Over the last 10 years, Lightwave Logic's book value per share changed from 0.08 in 2015 to 0.56 in 2025, a change of 583.7%.


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Financial statements for NASDAQ:LWLG last updated on 5/19/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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