Carl, I am not concerned about an early buy out because it will often get done if the emerging tech company has a need for considerable financing to really get started and run or other impediments to being successful alone like heavy competition or time to profitability is years out. I think Michael Lebby is not in this for a quick buck and his legacy means a lot to him. He can have both money and notoriety, adding to his legacy, if he shepherds the company through commercialization and into multiple lines of business.
I think LWLG can be successful as an independent as financing is not an immediate issue, they are a capital light business, it is easier for companies to share their technology and future goals with an independent, they have a good chance of easier financing a year from now as commercialization will have likely begun and the share price will be considerably higher for a secondary offering. They are working with a number of companies so the revenue stream is fed from many sources. It gets more complicated as the company works with many companies, some of which will be competitors to a possible acquirer unless it is a company that works with many other companies without conflicts such as a large chemical company already supplying semiconductor manufacturers or a company like AMAT.
But, when all is said and done, I would not cry if Google, Nvidia or Microsoft wanted to duke it out for an acquisition.