Three companies met our criteria from the three 10-K annual reports filed with the SEC on 18 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
- Marygold Companies, Inc. (High) — Marygold is exiting non-core businesses and becoming a more focused financial services story, but that also makes results more dependent on ETF and advisory execution.
- Neuphoria Therapeutics Inc. (High) — The key change is that Neuphoria is flagging a merger-driven shift in control and strategy that could materially alter shareholder influence and the stock’s risk profile.
- Nutanix, Inc. (Medium) — Nutanix is leaning harder into AI as a growth engine while simultaneously signaling tighter spending discipline and more execution risk around that strategy.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Marygold Companies, Inc. | 1005101 | 0.949 | 0.418 | 0.99 | 0.989 | Business | high |
| 2 | Neuphoria Therapeutics Inc. | 1191070 | 0.996 | 0.996 | 0.996 | 0.996 | Risk Factors | high |
| 3 | Nutanix, Inc. | 1618732 | 0.986 | 0.995 | 0.997 | 0.988 | MD&A | medium |
Marygold Companies, 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) |
Marygold’s business section now makes clear that the company is narrowing its focus toward financial services, especially ETF management. It has already sold the Security Systems unit and plans to dispose of Food Products, which is now treated as discontinued operations. That leaves the company more concentrated and more dependent on the performance of its fund management and advisory businesses.
Main Changes
- The business description was rewritten to say the company is now focused on "financial services, exchange traded funds management and certain other business activities," rather than broadly describing itself as a holding company with multiple operating companies.
- A new segment list was added that emphasizes U.S. fund management, beauty products, U.S. and U.K. financial services, and food products, but the filing now says the Food Products segment "is being presented as discontinued operations" after a formal plan to dispose of it.
- The filing states the Security Systems business "was sold to a related party in July 2025" and that the company "no longer conducts operations through the Security Systems" segment.
- Management added that its "primary business focus is the financial services industry, including ETF management," and that it intends to continue developing those businesses prospectively.
Watch Items
- The shift away from Food Products and Security Systems makes the company more concentrated in financial services, which could improve strategic clarity but also increases dependence on ETF and advisory performance.
- Discontinued operations treatment signals management expects the divestiture to be meaningful to future revenue and earnings mix, so investors should watch for the impact on reported growth and margins.
- The tighter focus on ETF management suggests capital and management attention may be redirected toward the highest-value segment, but execution risk remains if fund assets under management do not grow.
Important Filing Changes
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) 2025 2024 Year Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ ( 5,820 ) $ ( 4,069 ) Adjustments to reconcile net loss to net cash used in operating activities: Impairment loss – 1,389 Depreciation and amortization 590 585 Stock-based compensation 825 428 Loss (gain) on investments 906 ( 30 ) Non-cash interest expense 642 Non-cash lease expense 682 693 Deferred income taxes ( 1,610 ) ( 1,196 ) Changes in operating assets and liabilities: Accounts receivable 317 344 Prepaid income taxes and tax receivable 555 ( 346 ) Inventories 190 56 Other assets 247 ( 329 ) Accounts payable and accrued expenses ( 190 ) 1,260 Lease liabilities ( 653 ) ( 696 ) Net cash used in operating activities ( 3,319 ) ( 1,911 ) CASH…
BUSINESS The Marygold Companies, Inc., a Nevada corporation (together with its subsidiaries, “we,” “us,” “our,” “Company,” or “The Marygold Companies”) is a holding company which operates through its wholly owned subsidiaries on a multinational scale that is focused upon financial services, exchange traded funds management and certain other business activities listed below: ● U.S. Fund Management – USCF Investments, Inc., a Delaware corporation (“USCF Investments”), with corporate headquarters in Walnut Creek, California and its wholly owned subsidiaries, which provide fund management services to exchange traded fund and exchange traded products (“ETFs”): ○ United States Commodity Funds, LLC, a Delaware limited liability company (“USCF LLC”), and ○ USCF Advisers, LLC, a Delaware limited liability company (“USCF Advisers”).
Brigadier was sold to a related party on July 1, 2025 (see Note 16. Subsequent Events). ● Beauty Products – Kahnalytics, Inc., a California corporation, doing business as “Original Sprout,” located in San Clemente, California. ● U.S. and U.K. Financial Services: ○ Marygold & Co., a Delaware corporation, and its wholly owned subsidiary, Marygold & Co.
Fund Management – USCF Investments, Inc., a Delaware corporation (“USCF Investments”), with corporate headquarters in Walnut Creek, California and its wholly owned subsidiaries, which provide fund management services to exchange traded fund and exchange traded products (“ETFs”): ○ United States Commodity Funds, LLC, a Delaware limited liability company (“USCF LLC”), and ○ USCF Advisers, LLC, a Delaware limited liability company (“USCF Advisers”). The principal place of business for each of USCF LLC and USCF Advisers is in Walnut Creek, California. ● Beauty Products – Kahnalytics, Inc., a California corporation, doing business as “Original Sprout,” located in San Clemente, California. ● U.S. and U.K. Financial Services: ○ Marygold & Co., a Delaware corporation, whose principal business office is located in Walnut Creek, California; ■ Marygold & Co.
This business was sold in July 2025 as further described below in the Certain Recent Developments – Sale of Brigadier, and in Note 16. Subsequent Events to the audited consolidated financial statements included in this Form 10-K. ● Beauty Products – Kahnalytics, Inc., a California corporation, doing business as “Original Sprout,” located in San Clemente, California. ● U.S. and U.K. Financial Services: ○ Marygold & Co., a Delaware corporation and its wholly owned subsidiary, Marygold & Co.
Fund Management – USCF Investments, Inc., a Delaware corporation (“USCF Investments”), with corporate headquarters in Walnut Creek, California and its wholly owned subsidiaries, which provide fund management services to exchange traded fund and exchange traded products (“ETFs”): ○ United States Commodity Funds, LLC, a Delaware limited liability company (“USCF LLC”), and ○ USCF Advisers, LLC, a Delaware limited liability company (“USCF Advisers”). The principal place of business for each of USCF LLC and USCF Advisers is in Walnut Creek, California. ● Beauty Products – Kahnalytics, Inc., a California corporation, doing business as “Original Sprout,” located in San Clemente, California. ● U.S. and U.K. Financial Services: ○ Marygold & Co., a Delaware corporation whose principal business office is located in Walnut Creek, California; ■ Marygold & Co.
Neuphoria Therapeutics Inc.
| Rank | 2 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Neuphoria’s risk factors now focus on a proposed merger and the governance consequences if it closes. The company says Scancell insiders and existing holders would have meaningful control over the combined business, which could limit other shareholders’ influence and make a change of control harder. The filing also warns that the post-merger company may operate differently and be valued on different business drivers.
Main Changes
- The risk section now adds proposed-merger language, warning that "Scancell’s directors, executive officers and principal stockholders will have substantial control" after closing and could limit other stockholders’ influence.
- It also adds that the company’s executive officers, directors and existing shareholders will own a "significant minority" of the combined company, creating a concentrated ownership structure that may affect voting and governance.
- New disclosure says this concentration could "delay, prevent or deter" a change of control and could reduce the chance shareholders receive a takeover premium.
- The filing adds that the combined company’s business and results of operations may be affected by factors different from Neuphoria’s standalone business after the merger.
Watch Items
- This is a clear signal that the company is preparing investors for a major strategic transaction, not just routine operations.
- The control concentration language raises governance risk and could limit minority shareholders’ ability to influence future deals or board composition.
- If the merger closes, the investment case may shift materially because the combined company’s business mix and market drivers will differ from Neuphoria’s current profile.
Important Filing Changes
Biopharmaceutical product development is a highly speculative undertaking and involves a substantial degree of risk. We are a clinical-stage biopharmaceutical company and commenced operations in 1996. To date, we have focused primarily on performing research and development activities, establishing our intellectual property portfolio (including acquisitions, in-licensing and out-licensing), discovering potential product candidates, conducting preclinical studies and clinical trials and raising capital.
Overview Neuphoria Therapeutics Inc. is a Delaware corporation and a clinical-stage biotechnology company. Following the results of our Phase 3 AFFIRM-1 trial and the restructuring actions taken during fiscal 2026, our activities are focused on completing the proposed merger with Scancell Holdings plc ("Scancell"), preserving cash, maintaining our public-company and contractual obligations, and managing our intellectual property and economic interests in partnered programs.
Secondary efficacy endpoints include the CGI and PGI scales and the STAI. Topline results from the AFFIRM-1 trial are expected early in the fourth quarter of calendar 2025. • Advancing our lead product candidate, BNC210 through clinical development and to commercialization, if approved, in patients with PTSD. BNC210 is an oral, proprietary, selective NAM of the α7 receptor designed to normalize the neurotransmitter imbalance and address anxiety and stressor-related disorders.
Overview Neuphoria Therapeutics Inc. is a Delaware corporation and a clinical-stage biotechnology company. Following the results of our Phase 3 AFFIRM-1 trial and the restructuring actions taken during fiscal 2026, our activities are focused on completing the proposed merger with Scancell Holdings plc ("Scancell"), preserving cash, maintaining our public-company and contractual obligations, and managing our intellectual property and economic interests in partnered programs. We are currently conducting limited active internal research and development activities focused on our alpha7 nicotinic acetylcholine receptor negative allosteric modulator portfolio.
As a result, (i) holders of ordinary shares of Bionomics received one share of our common stock for every 2,160 ordinary shares of Bionomics held on the Scheme record date; (ii) holders of Bionomics’ American Depositary Shares (“ADS”) with each ADS representing 180 ordinary shares of Bionomics, received one share of Neuphoria’s common stock for every 12 ADSs held on the Scheme record date; and (iii) we became the successor issuer to Bionomics. Prior to our redomiciliation, since July 1, 2024, we had been reporting as a domestic U.S. issuer on SEC Forms 10-K, 10-Q, and 8-K. The terms “we,” “our,” “us” and the “Company” in this Annual Report on Form 10-K refer to Neuphoria Therapeutics Inc. and its consolidated subsidiaries after December 23, 2024 and Bionomics and its consolidated subsidiaries on and prior to December 23, 2024, unless otherwise…
As a result, (i) holders of ordinary shares of Bionomics received one share of our common stock for every 2,160 ordinary shares of Bionomics held on the Scheme record date; (ii) holders of Bionomics’ American Depositary Shares (“ADS”) with each ADS representing 180 ordinary shares of Bionomics, received one share of Neuphoria’s common stock for every 12 ADSs held on the Scheme record date; and (iii) we became the successor issuer to Bionomics. Prior to our redomiciliation, since July 1, 2024, we reported as a domestic U.S. issuer on SEC Forms 10-K, 10-Q, and 8-K. The terms “we,” “our,” “us” and the “Company” in this Annual Report on Form 10-K refer to Neuphoria Therapeutics Inc. and its consolidated subsidiaries after December 23, 2024 and Bionomics and its consolidated subsidiaries on and prior to December 23, 2024, unless otherwise specified.
Nutanix, Inc.
| 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) |
Nutanix is recasting itself more clearly as an AI infrastructure platform company, with repeated references to agentic AI, cloud-native workloads, and a broader full-stack offering. At the same time, management is signaling tighter control over sales and marketing spend and a more cautious view of how much near-term payoff R&D will deliver. The overall message is that Nutanix wants investors to see both a bigger AI opportunity and a more disciplined operating model.
Main Changes
- The company now describes itself as a "hybrid cloud and AI platform company" instead of a "hybrid multicloud computing leader," and says its platform runs "applications, data, and AI anywhere" rather than just applications and AI.
- Nutanix added explicit emphasis on "agentic AI" throughout the overview, saying the platform supports "agentic AI workloads" and that R&D is aimed at an "optimized full stack platform to run, control, and govern AI workloads."
- The go-to-market language was tightened: management now says it will focus on "driving operational efficiencies and prioritizing resources" and make "targeted investments" in sales and marketing to support broader platform adoption.
- R&D language was expanded to say investments may "not produce the anticipated benefits" and may limit profitability, operating margins, or cash flow, which is a more cautious framing than prior-year wording.
Watch Items
- The AI repositioning suggests Nutanix is trying to widen its addressable market beyond infrastructure software into AI infrastructure, which could support growth if customers adopt the broader platform.
- The more disciplined spending language points to a stronger focus on efficiency and margin protection, but it also signals management is being more selective with growth investments.
- The added caution around R&D returns and cash flow matters because it raises the bar for execution on AI-related product development and ecosystem expansion.
Important Filing Changes
See also "Special Note Regarding Forward-Looking Statements" above. Overview Nutanix, Inc. ("we," "us," "our," or "Nutanix") is a hybrid multicloud computing leader, offering organizations a unified software platform for running applications and AI and managing data anywhere. Our vision is to simplify the deployment and operation of the increasingly distributed landscape of apps and data while freeing organizations to focus on business goals.
See also "Special Note Regarding Forward-Looking Statements" above. Overview Nutanix, Inc. ("we," "us," "our," or "Nutanix") is a hybrid cloud and AI platform company, offering organizations a unified infrastructure software platform to run applications, data, and AI anywhere. Our vision is to simplify the deployment and operation of hybrid computing infrastructure and AI factories to support the increasingly distributed landscape of apps and data, including agentic AI, while freeing organizations to modernize their infrastructure and focus on business goals.
Overview Nutanix, Inc. ("we," "us," "our," or "Nutanix") is a hybrid multicloud computing leader, offering organizations a unified software platform for running applications and AI and managing data anywhere. Our vision is to simplify the deployment and operation of the increasingly distributed landscape of apps and data while freeing organizations to focus on business goals. Our mission is to delight customers with an open, secure platform with rich data services that increases their ability to take advantage of new technologies such as cloud native and AI, optimizes how they run their organizations today, and accelerates innovation, efficiency, and growth.
Overview Nutanix, Inc. ("we," "us," "our," or "Nutanix") is a hybrid cloud and AI platform company, offering organizations a unified infrastructure software platform to run applications, data, and AI anywhere. Our vision is to simplify the deployment and operation of hybrid computing infrastructure and AI factories to support the increasingly distributed landscape of apps and data, including agentic AI, while freeing organizations to modernize their infrastructure and focus on business goals. Our mission is to delight customers with an open, secure platform with rich data services that increases their ability to take advantage of technologies such as cloud native and AI, optimizes how they run their organizations today, and accelerates innovation, efficiency, and growth.
Business Overview Nutanix, Inc. ("we," "us," "our," or "Nutanix") is a hybrid multicloud computing leader, offering organizations a unified software platform for running applications and AI and managing data anywhere. Our vision is to simplify the deployment and operation of the increasingly distributed landscape of apps and data while freeing organizations to focus on business goals.
Business Overview Nutanix, Inc. ("we," "us," "our," or "Nutanix") is a hybrid cloud and AI platform company, offering organizations a unified infrastructure software platform to run applications, data, and AI anywhere. Our vision is to simplify the deployment and operation of hybrid computing infrastructure and AI factories to support the increasingly distributed landscape of apps and data, including agentic AI, while freeing organizations to modernize their infrastructure and focus on business goals.
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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