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 abandoned its revenue business, leaving investors with a cash-dependent drug pipeline that cannot advance meaningfully without new financing.
- LESAKA TECHNOLOGIES INC (Medium) — Lesaka is sharpening its identity around three clearer fintech businesses and a broader product stack, which signals a more deliberate push to monetize customers across payments, credit, insurance and digital services.
- InnovAge Holding Corp. (Medium) — InnovAge is signaling that reimbursement pressure and execution on cost initiatives are now the key swing factors for the stock.
- INTUIT INC. (Low) — No material filing change is evident from the provided sections, so the investment thesis appears unchanged.
- GREENE COUNTY BANCORP INC (Low) — This filing is mostly a steady-state update, with small expansion in branches and employees but no meaningful change in strategy or risk.
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’s commercial cannabinoid business, which was its only source of revenue, and is now left with preclinical drug programs. Management also says it does not plan to put significant resources into advancing those candidates unless it raises more money. That makes the company look more like a capital-dependent development story than a mixed commercial and R&D platform.
Main Changes
- The company added that on March 4, 2026, the board approved BayMedica’s wind-down and exit from its commercial operations, which had been InMed’s only revenue-generating business.
- It now says BayMedica had wound down all operating activities by June 30, 2026, with the last two employees leaving on July 31, 2026 and the lease ending in August.
- The business description shifts from running a cannabinoid ingredients business alongside drug R&D to saying InMed’s remaining activities are preclinical development of INM-901, INM-089 and INM-755.
- The filing adds that InMed does not currently intend to devote significant resources to advancing these product candidates and that any further development would require additional financing.
Watch Items
- Losing the only revenue-generating segment raises the stakes for liquidity and makes the company more dependent on outside capital.
- The new statement that management does not plan to commit significant resources to the pipeline signals a much more constrained near-term development posture.
- The wind-down may reduce operating complexity, but it also leaves the company with a narrower set of assets and fewer commercialization options.
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 focused fintech platform rather than a loosely described financial ecosystem. It now clearly lays out three operating divisions and highlights a broader set of products, especially in Merchant, while stressing a unified brand and cross-selling across customers. The change reads as a strategic repositioning toward a simpler, more scalable story for investors.
Main Changes
- The company rewrote its business description from a broad "ecosystem" framing to a clearer fintech offering: it now says it helps customers "pay, receive, borrow, insure and grow."
- Lesaka now explicitly organizes operations into three divisions — Merchant, Consumer and Enterprise — instead of describing communities and services in a more general way.
- The Merchant segment is described in more detail, adding specific products such as payment acceptance, software, cash management, lending and "alternative digital products" for merchants across Community and Corporate channels.
- The new filing says Lesaka "consolidated our brand identity" during fiscal 2026, signaling a more unified go-to-market message across segments.
Watch Items
- A clearer segment structure and product set suggests management is sharpening its commercial strategy, which can help investors judge growth drivers and segment performance.
- The broader pitch into lending, insurance and digital products implies a push to deepen customer monetization beyond payments, but it may also raise execution risk.
- The emphasis on a unified brand and cross-segment ecosystem points to a stronger effort to drive customer acquisition and cross-sell, which could support revenue growth if adoption improves.
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 puts more emphasis on reimbursement and government funding risk. Compared with last year, management is more explicit that the business depends on a small set of government payors, that PACE rates could be cut, and that inflation, supply chain issues, and tariffs remain a drag. The company also highlights execution risk around its clinical and operational improvement plans.
Main Changes
- The risk discussion now says the company depends on a "limited number of government payors," adding explicit exposure to "government funding reductions, legislative changes and federal and state budgetary pressures."
- A new risk was added for "reductions in PACE reimbursement rates," which was not called out in the prior filing.
- The macro risk language was broadened from general inflation and tariffs to "macroeconomic, geopolitical and industry-related challenges," including "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," making the operating-improvement plan a more explicit execution risk.
Watch Items
- More direct dependence on government reimbursement raises the stakes for any policy or budget changes that could pressure margins and cash flow.
- The new PACE reimbursement language suggests pricing risk is becoming more visible, which matters because service costs could outpace reimbursement.
- Management’s added focus on value initiatives implies investors should watch whether cost savings and operating improvements actually show up in results.
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) |
Based on the materials provided, there is no specific year-over-year disclosure change to highlight in Intuit’s 10-K. The supplied comparison does not show any new business, risk, or financial narrative that would alter the investment view.
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 2026 filing shows modest growth in staffing and branch count, while the core business and ownership structure remain the same. The human capital disclosure was refreshed with slightly broader benefits and training language, but there is no sign of a major strategy change or new risk theme. Overall, the update points to steady, incremental expansion rather than a material repositioning.
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.
Leave a Comment