Two companies met our criteria from the two 10-K annual reports filed with the SEC on 27 July 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
- CHAMPIONS ONCOLOGY, INC. (Low) — This filing is a low-signal update: Champions Oncology mainly refreshed disclosure language without changing its business outlook or risk profile.
- AEHR TEST SYSTEMS (Low) — This 10-K is mostly a clean-up filing, with the main signal being continued emphasis on AI/HPC and E-mobility demand.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | CHAMPIONS ONCOLOGY, INC. | 771856 | 0.988 | 1 | 1 | 0.999 | MD&A | low |
| 2 | AEHR TEST SYSTEMS | 1040470 | 0.997 | 0.998 | 0.998 | 0.998 | MD&A | low |
CHAMPIONS ONCOLOGY, INC.
| Rank | 1 |
|---|---|
| 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) |
Champions Oncology’s filing update is mostly about accounting and disclosure standards, not the underlying business. The company added new segment-reporting and tax-disclosure language and confirmed those changes were not material to results. Its core oncology research platform and PDX model strategy were unchanged.
No material section-level wording change was large enough to quote from the compared sections.
AEHR TEST SYSTEMS
| Rank | 2 |
|---|---|
| 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) |
Aehr Test’s 10-K mostly keeps the same story, but it sharpens the end-market framing around AI, HPC data centers, and E-mobility. The company also made minor wording updates in its product description and reported a slightly larger workforce with small geographic shifts. Overall, this looks like a routine annual refresh rather than a material change in strategy or risk.
Main Changes
- The business overview now says demand is being driven by "artificial intelligence (AI), High Performance Compute (HPC) data centers" and "E-mobility" instead of the prior wording that referenced "AI compute data centers" and "electric vehicles."
- The company changed "package part form" to "package level" when describing the forms of semiconductor devices it tests, a wording shift that does not change the core business description.
- The filing updates the employee count to 138 full-time employees from 136, with modest mix changes across R&D, manufacturing, sales/support, and administration.
- The geographic employee footprint shifted slightly, with U.S. headcount up to 103 from 102 and Germany down to 1 from 2.
Watch Items
- The added emphasis on HPC and E-mobility suggests management is leaning harder into end markets tied to secular semiconductor demand.
- The small headcount increase and mix shift imply steady operating build-out rather than a major restructuring or cost reset.
- No new risk factors or strategic pivots appear in the supplied sections, so the filing reads as an incremental update rather than a thesis change.
Important Filing Changes
Exhibits and Financial Statement Schedules 59 Item 16. All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “plan,” “intend,” “expect,” “could,” “target,” “project,” “should,” “predict,” “potential,” “would,” “seek” and similar expressions and the negative of those expressions are intended to identify forward-looking statements.
Exhibits and Financial Statement Schedules 66 Item 16. Form 10-K Summary 67 Signatures 68 2 Tab le of Contents This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements.
Business OVERVIEW Aehr Test Systems, Inc. (“Aehr Test,” “Aehr,” or “we”) was incorporated in the state of California on May 25, 1977 and is headquartered in Fremont, California. We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package part form, and have installed thousands of systems worldwide. Mission critical applications are driving increased quality, reliability, safety, and security needs of semiconductors.
Business OVERVIEW Aehr Test Systems, Inc. (“Aehr Test,” “Aehr,” or “we”) was incorporated in the state of California on May 25, 1977 and is headquartered in Fremont, California. We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package level, and have installed thousands of systems worldwide. Mission critical applications are driving increased quality, reliability, safety, and security needs of semiconductors.
Business OVERVIEW Aehr Test Systems, Inc. (“Aehr Test,” “Aehr,” or “we”) was incorporated in the state of California on May 25, 1977 and is headquartered in Fremont, California. We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package part form, and have installed thousands of systems worldwide. Mission critical applications are driving increased quality, reliability, safety, and security needs of semiconductors.
Business OVERVIEW Aehr Test Systems, Inc. (“Aehr Test,” “Aehr,” or “we”) was incorporated in the state of California on May 25, 1977 and is headquartered in Fremont, California. We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package level, and have installed thousands of systems worldwide. Mission critical applications are driving increased quality, reliability, safety, and security needs of semiconductors.
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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