Three companies met our criteria from the ten 10-K annual reports filed with the SEC on 14 August 2026. To qualify, a company must have filed an annual 10-K report on the target date and have a prior-year 10-K available for a direct year-over-year comparison. A prior-year filing was not available for AVNET INC, H&R BLOCK INC, WESTERN DIGITAL CORP, COHERENT CORP., Intapp, Inc., Atlassian Corp and Amcor plc, so they are excluded from the ranking.
SEC What Changed Methodology
Each company is scored on how similar its current annual filing text is to the prior year. Scores run from 0 to 1 — a score of 1 means the language is essentially unchanged; a lower score means more has changed. We flag three sections that carry the most disclosure signal: Business, Risk Factors, and MD&A. Recent research suggests that lower scores indicate that a company has made significant changes to their filings, these changes are often buried in the filings. If a company was to report positive news, they would likely do so in the form of a press release or statement on their website. The large changers have often underperformed in the market, while the stable-language filers have earned positive abnormal returns.
Key Takeaways
- Protagenic Therapeutics, Inc.\new (Medium) — Protagenic’s latest filing is mildly encouraging on safety, but the longer FDA-driven timeline keeps execution and financing risk front and center.
- STARGUIDE GROUP, INC. (Medium) — Starguide is trying to reinvent itself around SaaS and acquisitions, but the business is still early, lightly funded, and carries going-concern risk.
- STANDEX INTERNATIONAL CORP/DE/ (Medium) — Standex is continuing to simplify its portfolio while sharpening its exposure to aerospace, defense, and electrical grid growth themes.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Protagenic Therapeutics, Inc.\new | 1022899 | 0.986 | 0.996 | 0.998 | 0.996 | Business | medium |
| 2 | STARGUIDE GROUP, INC. | 1803096 | 0.99 | 1 | 1 | 1 | MD&A | medium |
| 3 | STANDEX INTERNATIONAL CORP/DE/ | 310354 | 0.998 | 0.996 | 0.998 | 0.998 | Business | medium |
Protagenic Therapeutics, Inc.\new
| Rank | 1 |
|---|---|
| Lowest similarity section | Business |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Protagenic added a new safety update for PT00114 and pushed its next clinical milestones further into 2026 and 2027 after recent FDA feedback. The filing also shows a small change in staffing, with the company now describing two full-time employees and fewer paid consultants than before. Overall, the business remains focused on advancing a single early-stage program while working through regulatory questions.
Main Changes
- The company added a new disclosure that it "announced positive topline safety results" from the Phase 1 multiple-dose study of PT00114 on December 9, 2025.
- Clinical timing was pushed out and reframed: the company now says it is "in the process of refiling its IND" and expects the multiple-dose Phase Ib study in Q4 2026, Phase IIa in Q2 2027, and Phase IIa results in Q3 2027.
- The employee base shifted from "two part-time employees and one full-time employee" to "two full-time employees" plus three paid consultants, including the president and a senior research scientist.
- The company also updated its Canadian tax-credit disclosure to say it did not earn any Canadian R&D tax credits for the years ended March 31, 2026 and 2025.
Watch Items
- The positive safety readout is a modest clinical de-risking event, but investors still need to see whether the IND refiling clears the FDA questions that are delaying the program.
- The longer development timeline pushes any potential value inflection further out, which increases financing risk for a company that remains pre-revenue.
- The shift in staffing and consultant mix suggests a lean operating model, but also underscores dependence on a small team to execute the pipeline.
Important Filing Changes
Overview Protagenic Therapeutic, Inc. (together with its subsidiary, “Protagenic,” the “Company,” “we,” “our” or “us”) are a biopharmaceutical company specializing in the discovery and development of therapeutics to treat stress-related neuropsychiatric and mood disorders. Our proprietary, patent-protected, first-in-class lead compound, PT00114, is a synthetic form of Teneurin Carboxy-terminal Associated Peptide (“TCAP”), an endogenous brain signaling peptide that can dampen overactive stress responses.
Overview Protagenic Therapeutics, Inc. (together with its subsidiary, “Protagenic,” the “Company,” “we,” “our” or “us”) is a biopharmaceutical company focused on discovering and developing therapeutics for stress-related neuropsychiatric and mood disorders. Our proprietary, patent-protected, first-in-class lead compound, PT00114, is a synthetic form of Teneurin Carboxy-terminal Associated Peptide-1 (“TCAP-1”).
Overview Protagenic Therapeutic, Inc. (together with its subsidiary, “Protagenic,” the “Company,” “we,” “our” or “us”) are a biopharmaceutical company specializing in the discovery and development of therapeutics to treat stress-related neuropsychiatric and mood disorders. Our proprietary, patent-protected, first-in-class lead compound, PT00114, is a synthetic form of Teneurin Carboxy-terminal Associated Peptide (“TCAP”), an endogenous brain signaling peptide that can dampen overactive stress responses. Our preclinical models have demonstrated efficacy of PT00114 in animal models of depression, anxiety, substance abuse & addiction, and PTSD.
Overview Protagenic Therapeutics, Inc. (together with its subsidiary, “Protagenic,” the “Company,” “we,” “our” or “us”) is a biopharmaceutical company focused on discovering and developing therapeutics for stress-related neuropsychiatric and mood disorders. Our proprietary, patent-protected, first-in-class lead compound, PT00114, is a synthetic form of Teneurin Carboxy-terminal Associated Peptide-1 (“TCAP-1”). TCAP-1 is an endogenous brain signaling peptide that can dampen overactive stress responses.
We expect to continue to incur significant expenses and minimal positive net cash flows from operations or negative net cash flows from operations for the foreseeable future, and those expenses and losses may fluctuate significantly from quarter-to-quarter and year-to-year. We anticipate that our expenses will fluctuate substantially as we: ● continue our ongoing preclinical studies, clinical trials and our product development activities for our pipeline of product candidates; ● seek regulatory approvals for any product candidates that successfully complete clinical trials; ● continue research and preclinical development and initiate clinical trials of our other product candidates; ● seek to discover and develop additional product candidates either internally or in partnership with other pharmaceutical companies; ● adapt our regulatory compliance efforts to incorporate requirements applicable to marketed products; ● maintain, expand and protect our intellectual property portfolio; and ● incur additional…
We expect to continue to incur significant expenses and minimal positive net cash flows from operations or negative net cash flows from operations for the foreseeable future, and those expenses and losses may fluctuate significantly from quarter-to-quarter and year-to-year. We anticipate that our expenses will fluctuate substantially as we: ● continue our ongoing preclinical studies, clinical trials and our product development activities for PT00114; ● seek regulatory approvals for any product candidates that successfully complete clinical trials; ● continue research and preclinical development and initiate clinical trials of our other potential indications for PT00114; ● seek to discover and develop additional product candidates either internally or in partnership with other pharmaceutical companies; ● adapt our regulatory compliance efforts to incorporate requirements applicable to marketed products; ● maintain, expand and protect our intellectual property portfolio; and ● incur additional legal, accounting and other expenses in operating as a public company. 45 Recent Events Acquisition of five preclinical drug candidate assets As a result of the Exchange Agreement with Alterola Biotech Inc., the Company acquired five preclinical drug candidate assets and five new employees, all of whom were working for, or affiliated with, the Alterola subsidiary known as Phytanix Bio, Inc.
STARGUIDE GROUP, INC.
| Rank | 2 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Starguide’s MD&A now emphasizes a SaaS-led strategy centered on LiveLead and potential acquisitions of other software companies. The company also says Live Lead Tech has generated its first revenues, which is a meaningful step up from the prior no-revenue profile. Even so, management still says it will need outside funding and the auditors continue to flag going-concern risk.
Main Changes
- MD&A now says the company is focused on a SaaS product called LiveLead, described as a "reliable and trustworthy SaaS tool for social opt-in," rather than only the earlier art-and-crafts distribution plan.
- The filing adds that Starguide is "actively in negotiations to acquire Software as a Service (SaaS) companies" and wants to be an "active incubator" for these startups, signaling a broader acquisition-led strategy.
- New language says Live Lead Tech Ltd "has also generated its first revenues" and management expects further growth, replacing the prior no-revenue, development-stage framing.
- The going-concern disclosure remains, but the report now references the January 31, 2026 and January 31, 2025 financial statements, keeping the same liquidity warning in place.
Watch Items
- The shift from a pure start-up description to a SaaS acquisition platform suggests management is trying to reposition the company around a more scalable digital business.
- First revenue at Live Lead Tech is a positive signal, but the company still depends on outside financing and remains exposed to dilution.
- The unchanged going-concern language means investors should still treat liquidity and execution risk as the main overhang.
Important Filing Changes
No material section-level wording change was large enough to quote from the compared sections.
STANDEX INTERNATIONAL CORP/DE/
| Rank | 3 |
|---|---|
| Lowest similarity section | Business |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Standex made a meaningful portfolio and reporting update. It sold Federal Industries, combined Hydraulics with Engraving, and renamed Engineering Technologies to Aerospace & Defense, which makes the company’s operating mix look more focused on growth markets. The filing also reflects completion of the remaining Narayan Powertech stake purchase, further strengthening its position in India and the electrical grid market.
Main Changes
- Added that on March 9, 2026, Standex completed the divestiture of Federal Industries for $68.3 million, saying the sale supports "continued portfolio simplification" and a focus on "larger businesses and fast growth end market opportunities."
- Reorganized reporting by combining Hydraulics with Engraving into a new "Engraving & Hydraulics" segment and renaming Engineering Technologies as "Aerospace & Defense (A&D)."
- Updated the segment structure disclosure to say the company now reports under four operating segments: Electronics, A&D, Scientific, and Engraving & Hydraulics.
- Refined the Narayan Powertech acquisition description to reflect the remaining 9.9% interest purchase and updated the ownership mix to 90.1% cash and 9.9% stock.
Watch Items
- The divestiture and segment reshuffle signal management is still pruning the portfolio and concentrating on higher-growth, higher-value end markets.
- The A&D rename and Hydraulics combination suggest the company wants investors to view the business mix through a more focused end-market lens, which can affect how growth and margin trends are interpreted.
- The Narayan buyout completes control of a key India instrument-transformer asset, reinforcing exposure to electrical grid demand and international expansion.
Important Filing Changes
Its results will be reported in the Electronics segment. o In the third quarter of fiscal year 2023, we divested our Procon business for $75.0 million. This transaction reflected the continued simplification of our portfolio and enabled greater focus on managing our larger platforms and pursuing growth opportunities. Proceeds were deployed towards organic and inorganic initiatives and returning capital to shareholders.
Business, above, for additional information regarding our segment structure and management strategy. The divestiture supports continued portfolio simplification and enables us to focus on larger businesses and fast growth end market opportunities. Post the divestiture, the Hydraulics business was combined with the Engraving business under the Engraving & Hydraulics segment, and the Engineering Technologies segment was re-named as the Aerospace & Defense (A&D) segment.
The Company’s annual test for impairment is performed using a May 31st measurement date. The Company has identified six reporting units for impairment testing: Electronics, Engineering Technologies, Scientific, Engraving, Federal, and Hydraulics. The Specialty Solutions segment includes Federal and Hydraulics.
The divestiture supports continued portfolio simplification and enables us to focus on larger businesses and fast growth end market opportunities. Post the divestiture, the Hydraulics business was combined with the Engraving business under the Engraving & Hydraulics segment, and the Engineering Technologies segment was re-named as the Aerospace & Defense (A&D) segment. We believe that this name change will improve understanding of the business and its end markets.
To the extent any of these events occur, our operations and financial results could be adversely affected. An expansion of the war in Ukraine could adversely affect our results of operations and financial condition. To date, we have experienced minimal adverse impacts on our businesses related to the ongoing war in Ukraine, beyond the general impact on global energy prices and other economic conditions.
Any of these risks could have a material adverse effect on our financial condition, results of operations and/or value of an investment in the Company. Ongoing hostilities in the Middle East could disrupt international shipping and adversely affect global energy prices, which could harm our business . Continued or escalating military conflict in the Middle East could disrupt shipping lanes and chokepoints critical to global trade, including the Strait of Hormuz and Suez Canal, resulting in vessel rerouting, longer transit times, port congestion, and higher freight and insurance costs for the raw materials, components, and finished goods we ship to and from our facilities and customers.
Why SEC Filing Changes Matter
Research by Cohen et al. (Lazy Prices, 2020) — using the complete history of SEC filings from 1995 to 2014 — shows that when firms make active changes to their annual disclosures, those changes convey an important signal about future operations and returns. A portfolio that shorted "changers" and bought "non-changers" earned over 22% per year in annual alpha historically. Changes to the Risk Factors section, Business description, and language referring to the executive team were especially informative. Critically, these returns accrued gradually as information was later revealed through news and earnings — not at the time of filing — suggesting many investors remain inattentive to these simple, public signals. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
For more like this, see the full SEC What Changed archive, browse more equity research reports, or subscribe to Quantitative Research Notes for new filing-change alerts as soon as they publish.
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