Five companies met our criteria from the five 10-K annual reports filed with the SEC on 9 September 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.
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
- InMed Pharmaceuticals Inc. (High) — InMed has effectively lost its operating business and now depends on financing or a deal to keep its pipeline alive.
- LESAKA TECHNOLOGIES INC (Medium) — Lesaka is positioning itself as a single branded fintech ecosystem with broader monetization potential, not just a payments company.
- InnovAge Holding Corp. (Medium) — The key change is a clearer warning that InnovAge’s margins and growth are increasingly exposed to government reimbursement pressure and execution risk.
- INTUIT INC. (Low) — This filing comparison does not reveal any material new information for Intuit investors.
- GREENE COUNTY BANCORP INC (Low) — This filing reads as steady incremental expansion, not a major change in strategy or risk profile.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | InMed Pharmaceuticals Inc. | 1728328 | 0.993 | 0.991 | 0.999 | 0.996 | Business | high |
| 2 | LESAKA TECHNOLOGIES INC | 1041514 | 0.996 | 0.899 | 0.994 | 0.994 | Business | medium |
| 3 | InnovAge Holding Corp. | 1834376 | 0.997 | 0.998 | 0.999 | 0.998 | MD&A | medium |
| 4 | INTUIT INC. | 896878 | 0.989 | n/a | n/a | n/a | N/A | low |
| 5 | GREENE COUNTY BANCORP INC | 1070524 | 0.996 | 1 | 1 | 0.999 | MD&A | low |
InMed Pharmaceuticals Inc.
| Rank | 1 |
|---|---|
| Lowest similarity section | Business |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
InMed has shut down BayMedica, the business that generated revenue, and is now left with a preclinical drug pipeline. Management says it does not plan to spend meaningful resources on those programs unless it raises more money, and it is also pointing to a proposed merger with Mentari as a possible strategic solution. The filing therefore reads like a major reset from operating business to a financing- and transaction-dependent development company.
Main Changes
- The company added that, on March 4, 2026, the board approved BayMedica’s decision to "wind down and exit" its commercial operations, which had been InMed’s only revenue-generating segment.
- The filing says BayMedica had "wound down all of its operating activities" by June 30, 2026, with the last two employees leaving on July 31, 2026 and the lease ending in August.
- InMed now says its remaining work is limited to preclinical development of INM-901, INM-089 and INM-755, and that it "does not currently intend to devote significant resources" to advancing them without additional financing.
- The MD&A risk discussion now highlights a proposed merger with Mentari Therapeutics and the need for "additional financing" as key factors, replacing prior emphasis on BayMedica revenues and commercial viability.
Watch Items
- Losing the only revenue-generating business raises the stakes on liquidity and makes outside funding or a strategic transaction more important.
- The shift from commercial operations to a mostly preclinical pipeline signals a much earlier-stage, higher-risk profile for the company.
- The explicit mention of a proposed merger with Mentari suggests management is actively seeking a transformative path rather than funding the current standalone plan.
Important Filing Changes
BUSINESS All dollar amounts stated herein are in U.S. dollars unless specified otherwise. Overview We are a pharmaceutical company developing a pipeline of proprietary small molecule drug candidates that are preferential signaling ligands of the endogenous CB1 and CB2 receptors as well as other receptor targets linked to human disease. CB1 and CB2 receptors are each part of the endocannabinoid system that is found throughout the human body and is responsible for many homeostatic functions.
BUSINESS All dollar amounts stated herein are in U.S. dollars unless specified otherwise. Overview We are a pharmaceutical drug development company with a pipeline of proprietary small molecule drug candidates that are preferential signaling ligands of the endogenous CB1 and CB2 receptors as well as other receptor targets linked to human disease. CB1 and CB2 receptors are each part of the endocannabinoid system that is found throughout the human body and is responsible for many homeostatic functions.
During the financial year ended June 30, 2025, BayMedica achieved sales of approximately $4.9 million. BayMedica will continue to evaluate opportunities for potential structured supply arrangements and collaborations for the commercial business. Sales and marketing efforts will remain focused on Products that contribute highest margins where BayMedica continues to hold a strong competitive position.
Our research efforts target the treatment of diseases with high unmet medical needs. On March 4, 2026, the InMed Board ratified, confirmed and approved the decision of the board members of BayMedica to wind down and exit BayMedica’s commercial operations business segment, which constitutes the only revenue-generating commercial operations of InMed. As of June 30, 2026, BayMedica had wound down all of its operating activities, and had two remaining employees who departed on July 31, 2026, as well as a commercial lease which will terminate at the end of August.
Management’s Discussion and Analysis of Financial Condition and Results of Operations ” of this Annual Report, and the following: ● Our ability to stem operating losses and our ability to obtain additional financing to fund our operations; ● The revenues of BayMedica, LLC (“BayMedica”) and the commercial viability of its product portfolio; ● Our ability to effectively research, develop, manufacture and commercialize pharmaceutical drug candidates that will treat diseases with high unmet medical needs; ● The continued optimization of key, proprietary manufacturing approaches and technologies; ● Our ability to commercialize and, where required, register products in the pharmaceutical R&D programs (“Product Candidates”) and those targeted to the health and wellness sector (“Products”) in the United States and other jurisdictions; ● Our success in initiating discussions with potential partners for licensing various aspects of our Product Candidates; ● Our ability to…
Management’s Discussion and Analysis of Financial Condition and Results of Operations ” of this Annual Report, and the following: ● Our ability to stem operating losses; ● Our ability to successfully identify and consummate strategic and/or transformative corporate opportunities, including the proposed merger transaction with Mentari Therapeutics, Inc., a Delaware corporation (“Mentari”), and transactions to obtain the additional financing that we need to fund our operations; ● Our ability to effectively research, develop, manufacture and commercialize pharmaceutical drug candidates that will treat diseases with high unmet medical needs; ● Our ability to commercialize and, where required, register products in the pharmaceutical R&D programs (“Product Candidates”) in the United States and other jurisdictions; ● Our success in initiating discussions with potential partners for licensing various aspects of our Product Candidates; ● Our ability to successfully scale up our IntegraSyn approach to cannabinoid manufacturing. We have created genetically engineered microbes that produce proprietary enzymes, which are then used to optimize subsequent biotransformation reactions or other cost-effective manufacturing approaches so that it may be a potential manufacturing method in the future which could reduce the need to source active pharmaceutical ingredients (“APIs”) from third-party API manufacturers; ● The success of the key next steps in our manufacturing approaches, including continuing efforts to diversify the number of products produced, scaling-up the processes to larger vessels and identifying external vendors to assist in the commercial scale-up of the process; ● Our ability to successfully make determinations as to which research and development programs to continue based on several strategic factors; ● Our ability to continue to outsource the majority of our research and development activities through scientific collaboration agreements and arrangements with various scientific collaborators, academic institutions and their personnel; ● Our ability to continue to outsource the majority of our research and development activities through scientific collaboration agreements and arrangements with various scientific collaborators, academic institutions and their personnel; ● The success of work to be conducted under the research and development collaboration between us and various contract development and manufacturing organizations (“CDMOs”); ● Our ability to develop our therapies through early human testing; 1 ● Our ability to evaluate the financial returns on various commercialization approaches for our Product Candidates, such as a ‘go-it-alone’ commercialization effort, out-licensing to third parties, or co-promotion agreements with strategic collaborators; ● Our ability to find a partnership early in the development process for our various programs; ● Our ability to explore our manufacturing technologies as processes which may confer certain benefits, including cost, yield, speed, or all the above, when pursuing specific types of molecules, and filing a provisional patent application for same; ● Plans regarding our next steps, options, and targeted benefits of our manufacturing technologies; ● Our Products being bio-identical to the naturally occurring molecules, and offering superior ease, control and quality of manufacturing when compared to alternative methods; ● U.S.
LESAKA TECHNOLOGIES INC
| Rank | 2 |
|---|---|
| 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) |
Lesaka’s business section was rewritten to present the company as a more unified fintech platform with three named divisions and a simpler customer promise. The new wording emphasizes a broader set of services, especially payments, lending, insurance and cash management, and says the company consolidated its brand during the year to support growth. This reads more like a deliberate platform strategy than a simple description of existing operations.
Main Changes
- The business description was rewritten from a broad ecosystem pitch into a clearer three-division structure: Merchant, Consumer and Enterprise.
- Lesaka now says it helps customers "pay, receive, borrow, insure and grow," adding a more explicit product framing for payments, income receipt, credit and insurance.
- The Merchant segment was expanded to spell out two channels, "Community" and "Corporate," and to list specific offerings including payment acceptance, software, cash management, lending and alternative digital products.
- The company added a stronger brand message, saying it consolidated its brand identity across all three segments during fiscal 2026 to support trust, awareness and adoption.
Watch Items
- The clearer segment and product framing suggests management is trying to make the platform easier for investors and customers to understand, which can support cross-sell and growth.
- The emphasis on unified branding and a single ecosystem signals a push to deepen customer engagement across merchant, consumer and enterprise lines rather than operate as separate businesses.
- The added detail on merchant lending, software and alternative digital products highlights a broader monetization strategy beyond basic payments.
Important Filing Changes
BUSINESS Overview Lesaka enables underserviced consumers and businesses in the southern cone of Africa to manage their daily financial activities in a better way, improving people’s lives and increasing financial inclusion in the markets in which we operate. We have developed a unique ecosystem of communities that provides: (1) over 2 million consumers with specialized banking, credit, insurance and payout solutions to help them manage their evolving financial needs; (2) over 125,000 merchants of all sizes with payment acceptance solutions to facilitate their daily commercial activities more efficiently and effectively; and (3) over 750 enterprises with proprietary network capabilities to facilitate payments between consumers and businesses in a fast and secure manner.
BUSINESS Overview Lesaka provides financial technology solutions to underserviced consumers, merchants and enterprises, improving the way they manage their daily financial activities and increasing financial inclusion in the markets in which we operate. In plain terms, we help our customers pay, receive, borrow, insure and grow : we enable them to make and accept payments, receive income such as wages and welfare grants, access credit, protect their families and assets through insurance, and grow their businesses and financial lives.
We believe this increases the lifetime value (“LTV”) of our customer base with very little incremental CAC, increasing our LTV/CAC ratio and compounding value over time. We organize our solutions across our customers’ financial lifecycles including: (1) Receive Money , Manage Money , Borrow Money , and Protect Assets for our consumers, and (2) Accept Payments , Manage Money , Grow Revenue, and Access Capital for our merchants. Differentiated Reach in the Market – Instead of relying on online sales or using expensive bank branches, we reach our customers close to where they live or close to government offices that disburse grant payments by deploying on-the ground sales teams and low-cost retail offices, or hubs.
BUSINESS Overview Lesaka provides financial technology solutions to underserviced consumers, merchants and enterprises, improving the way they manage their daily financial activities and increasing financial inclusion in the markets in which we operate. In plain terms, we help our customers pay, receive, borrow, insure and grow : we enable them to make and accept payments, receive income such as wages and welfare grants, access credit, protect their families and assets through insurance, and grow their businesses and financial lives. We deliver these capabilities through three business divisions: Merchant, which provides payment acceptance, software, cash management, lending and alternative digital product solutions to merchants across our two channels; Community and Corporate.
RISK FACTORS OUR OPERATIONS AND FINANCIAL RESULTS ARE SUBJECT TO VARIOUS RISKS AND UNCERTAINTIES, INCLUDING THOSE DESCRIBED BELOW, THAT COULD ADVERSELY AFFECT OUR BUSINESS, FINANCIAL CONDITION, RESULTS OF OPERATIONS, CASH FLOWS, AND THE TRADING PRICE OF OUR COMMON STOC K Risks Relating to Our Business To achieve our mission, our strategy is to build and operate the leading South African full service fintech platform offering cash management, payment and financial services. Our future success, and our ability to return to profitability and positive cash flow is substantially dependent on our ability to complete the implementation of this strategy successfully. Our board conducted an extensive review of our business strategy and operations in July 2020, and decided to focus on our South African operations and other business opportunities in South Africa and, to a lesser extent, the rest of the African…
RISK FACTORS OUR OPERATIONS AND FINANCIAL RESULTS ARE SUBJECT TO VARIOUS RISKS AND UNCERTAINTIES, INCLUDING THOSE DESCRIBED BELOW, THAT COULD ADVERSELY AFFECT OUR BUSINESS, FINANCIAL CONDITION, RESULTS OF OPERATIONS, CASH FLOWS, AND THE TRADING PRICE OF OUR COMMON STOC K Risks Relating to Our Business To achieve our mission, our strategy is to build and operate the leading South African full-service fintech platform offering cash management, payment and financial services. Our future success, and our ability to sustain profitability and positive cash flow, is substantially dependent on our ability to complete the implementation of this strategy successfully. Our board conducted an extensive review of our business strategy and operations in July 2020, and decided to focus on our South African operations and other business opportunities in South Africa and, to a lesser extent, the rest of the African continent.
InnovAge Holding Corp.
| Rank | 3 |
|---|---|
| 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) |
InnovAge’s new filing makes its operating risks more explicit, especially around dependence on government payors and the possibility of lower PACE reimbursement rates. Management also sharpened its commentary on inflation, supply chain issues, and the risk that its clinical and operational improvement efforts may not deliver expected benefits. Overall, the update reads as a more cautious view of both reimbursement and execution.
Main Changes
- MD&A risk language now says the company depends on "a limited number of government payors," adding exposure to "government funding reductions, legislative changes and federal and state budgetary pressures."
- The filing adds a new risk for "reductions in PACE reimbursement rates," making reimbursement pressure more explicit than before.
- The macro risk disclosure was broadened from "macroeconomic related challenges" to "macroeconomic, geopolitical and industry-related challenges," and now specifically cites "high inflation" and "supply chain disruptions" tied to tariffs and trade disputes.
- The company also added that it may be unable to "execute or realize the benefits of our clinical and operational value initiatives," which is a more direct execution-risk statement than the prior wording.
Watch Items
- More explicit government-payor and reimbursement risk suggests revenue visibility could be more sensitive to policy and rate-setting decisions.
- The added execution language around clinical and operational initiatives implies management sees cost savings or margin improvement as less certain.
- Broader macro and supply-chain references point to continued pressure on labor, costs, and service delivery in the core PACE model.
Important Filing Changes
We directly contract with government payors, such as Medicare and Medicaid, and do not rely on third-party administrative organizations or health plans. We believe our model aligns with how healthcare is evolving, namely (i) the shift toward value-based care, in which coordinated, outcomes-driven, quality care is delivered while reducing unnecessary spend, (ii) eliminating excessive administrative costs by contracting directly with the government, (iii) focusing on the patient experience, and (iv) addressing social determinants of health. InnovAge Holding Corp. (formerly, TCO Group Holdings, Inc.) and certain wholly owned subsidiaries were formed as for-profit corporations effective May 13, 2016, for the purpose of purchasing all the outstanding common stock of Total Community Options, Inc. d/b/a InnovAge, which was formed in May 2007.
We directly contract with government payors, such as Medicare and Medicaid, and do not rely on third-party administrative organizations or health plans. We believe our model aligns with how healthcare is evolving, namely (i) the shift toward value-based care, in which coordinated, outcomes-driven, quality care is delivered while seeking to reduce unnecessary spend, (ii) reducing excessive administrative costs by contracting directly with the government, (iii) focusing on the patient experience, and (iv) addressing social determinants of health. InnovAge Holding Corp. and certain wholly owned subsidiaries were formed as for-profit corporations effective May 13, 2016, for the purpose of purchasing all the outstanding common stock of Total Community Options, Inc. d/b/a InnovAge, which was formed in May 2007.
We believe our model aligns with how healthcare is evolving, namely (i) the shift toward value-based care, in which coordinated, outcomes-driven, quality care is delivered while reducing unnecessary spend, (ii) eliminating excessive administrative costs by contracting directly with the government, (iii) focusing on the patient experience, and (iv) addressing social determinants of health. InnovAge Holding Corp. (formerly, TCO Group Holdings, Inc.) and certain wholly owned subsidiaries were formed as for-profit corporations effective May 13, 2016, for the purpose of purchasing all the outstanding common stock of Total Community Options, Inc. d/b/a InnovAge, which was formed in May 2007. In connection with this purchase, Total Community Options, Inc. and certain of its subsidiaries converted from not-for-profit organizations to for-profit corporations.
We believe our model aligns with how healthcare is evolving, namely (i) the shift toward value-based care, in which coordinated, outcomes-driven, quality care is delivered while seeking to reduce unnecessary spend, (ii) reducing excessive administrative costs by contracting directly with the government, (iii) focusing on the patient experience, and (iv) addressing social determinants of health. InnovAge Holding Corp. and certain wholly owned subsidiaries were formed as for-profit corporations effective May 13, 2016, for the purpose of purchasing all the outstanding common stock of Total Community Options, Inc. d/b/a InnovAge, which was formed in May 2007. In connection with this purchase, Total Community Options, Inc. and certain of its subsidiaries converted from not-for-profit organizations to for-profit corporations.
We directly contract with government payors, such as Medicare and Medicaid, and do not rely on third-party administrative organizations or health plans. We believe our model aligns with how healthcare is evolving, namely (i) the shift toward value-based care, in which coordinated, outcomes-driven, quality care is delivered while reducing unnecessary spend, (ii) eliminating excessive administrative costs by contracting directly with the government, (iii) focusing on the patient experience, and (iv) addressing social determinants of health. InnovAge Holding Corp. (formerly, TCO Group Holdings, Inc.) and certain wholly owned subsidiaries were formed as for-profit corporations effective May 13, 2016, for the purpose of purchasing all the outstanding common stock of Total Community Options, Inc. d/b/a InnovAge, which was formed in May 2007.
We directly contract with government payors, such as Medicare and Medicaid, and do not rely on third-party administrative organizations or health plans. We believe our model aligns with how healthcare is evolving, namely (i) the shift toward value-based care, in which coordinated, outcomes-driven, quality care is delivered while seeking to reduce unnecessary spend, (ii) reducing excessive administrative costs by contracting directly with the government, (iii) focusing on the patient experience, and (iv) addressing social determinants of health. InnovAge Holding Corp. and certain wholly owned subsidiaries were formed as for-profit corporations effective May 13, 2016, for the purpose of purchasing all the outstanding common stock of Total Community Options, Inc. d/b/a InnovAge, which was formed in May 2007.
INTUIT INC.
| Rank | 4 |
|---|---|
| Lowest similarity section | N/A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
The supplied 10-K comparison does not show any material changes in Intuit’s disclosure. There is no evidence here of a new risk, strategy shift, or financial condition update that would alter the investment view. This looks like a largely routine filing update.
No material section-level wording change was large enough to quote from the compared sections.
GREENE COUNTY BANCORP INC
| Rank | 5 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Greene County Bancorp’s filing shows modest growth in staffing and branch count, with the bank adding one full-service office and expanding into Saratoga County. The MD&A also refreshes employee benefits language and slightly broadens the cybersecurity response description, but there is no sign of a major strategic shift or new material risk.
No material section-level wording change was large enough to quote from the compared sections.
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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