WisePol Econ, Technologies emerge from thousands of failures, occasionally followed by that one big success. My first rule is don't fall in love with a developmental company, "date" it, until they are about to go commercial, ride the highs and lows of expectation that drive the share price.
If you consider an idea in 4 stages, concept, theoretical proof of concept, prototypical proof of concept and commercial proof of concept, LWLG is probably in stages 2-3, in that it continues to develop and evolve toward that ideal prototypical demo. Where that places it in terms of valuation remains highly subjective. Expect more ups and down until that leap to stages 3-4 create recognition that drives a valuation in line with technological application versus expectation.
And in answer to your last question, "yes".