The formal group law associated with a generating function $f(x) = x + \sum_{n=1}^\infty a_n \frac{x^n}{n!}$ is $$f(f^{-1}(x) + f^{-1}(y)).$$ In my thesis, I found a large number of examples of formal group laws that have combinatorial interpretations and thus have nonnegative coefficients. In Sec 9.1 I conjectured the following characterization for positivity of a formal group law:

Conjecture. $f(f^{-1}(x) + f^{-1}(y))$ have nonnegative coefficients if and only if $$\phi(x) = \frac{1}{\frac{d}{dx} f^{-1}(x)}$$ has nonnegative coefficients.

At least one direction is easy: The positivity of the FGL implies positivity of $\phi(x)$.

I have not been able to prove the converse, but there is some evidence. Start with $$\phi(x) = 1 + t_1x + t_2\frac{x^2}{2!} + t_3\frac{x^3}{3!} + \cdots$$ for indeterminates $t_i$ and define $f(x)$ by $f(0) = 0$, $1/(f^{-1})'(x) = \phi(x)$, or equivalently, $f'(x) = f(\phi(x))$. Then we can compute the coefficients of $f(f^{-1}(x) + f^{-1}(y))$ and they seem to all be polynomials with nonnegative coefficients in the variables $t_i$.

Often it is more illuminating to consider the slightly more general symmetric function $$F = f(f^{-1}(x_1) + f^{-1}(x_2) + \cdots).$$ The expansion of $F$ in the monomial basis of the ring of symmetric functions is

\begin{align*} F = m_1 &+ (2t_1)\frac{m_{11}}{2!} + (3t_2)\frac{m_{21}}{3!} + (6t_1^2 + 6t_2)\frac{m_{111}}{3!}\\ &+ (4t_3)\frac{m_{31}}{4!} + (12t_1t_2 + 6t_3)\frac{m_{22}}{4!} + (36t_1t_2 + 12t_3)\frac{m_{211}}{4!} \\ &+ (24t_1^3 + 96t_1t_2 + 24t_3)\frac{m_{1111}}{4!} + (5t_4)\frac{m_{41}}{5!} + (30t_2^2 + 30t_1t_3 + 10t_4)\frac{m_{32}}{5!}\\ &+ (60t_2^2 + 80t_1t_3 + 20t_4)\frac{m_{311}}{5!} + (120t_1^2t_2 + 120t_2^2 + 150t_1t_3 + 30t_4)\frac{m_{221}}{5!}\\ &+ (420t_1^2t_2 + 240t_2^2 + 360t_1t_3 + 60t_4)\frac{m_{2111}}{5!} \\ &+ (120t_1^4 + 1320t_1^2t_2 + 480t_2^2 + 840t_1t_3 + 120t_4)\frac{m_{11111}}{5!}\\ &+ \cdots \end{align*}

Note that $f(x)$ here has a combinatorial interpretation due to Bergeron-Flajolet-Salvy: $f(x)$ is the exponential generating function for increasing trees weighted by their degree sequence in the variables $t_i$. So there is reason to think that there is a combinatorial interpretation of $F$ in terms of increasing trees.

An interesting special case if $\phi(x) = 1 + x^2$, so that $f(x) = \tan(x)$. Then the associated formal group law is a sum of Schur functions of staircase-ribbon shape: $$f(f^{-1}(x_1) + f^{-1}(x_2) + \cdots ) = \sum_{n=1}^\infty s_{\delta_{n} / \delta_{n-2}}$$ where $\delta_n$ is the partition $(n,n-1, n-2, \ldots, 1)$. (See Ardila-Serrano, Prop 3.4.) This can also be interpreted in terms of binary increasing trees.

In many examples given in my thesis I found that there was a combinatorial interpretation of the FGL in terms of chromatic symmetric functions, but I was not able to apply those methods to this more general case.