SEC What Changed: 10-K Filing Snapshot for 10 June 2026
Two companies met our criteria from the three 10-K annual reports filed with the SEC on 10 June 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 Arax Holdings Corp (1566243), so it is excluded from the ranking.
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.
Key Takeaways
- Bark, Inc. (Medium) — Bark, Inc. is elevating its cybersecurity oversight, which may reduce risk exposure but also suggests increased focus on potential cyber threats.
- AETHLON MEDICAL INC (Low) — Aethlon Medical is signaling greater caution on hiring and remains exposed to supplier concentration risks.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Bark, Inc. | 1819574 | 0.995 | 0.983 | 0.998 | 0.968 | MD&A | medium |
| 2 | AETHLON MEDICAL INC | 882291 | 0.978 | 0.989 | 0.995 | 0.992 | Business | low |
Bark, Inc. (1819574)
| Rank | 1 |
|---|---|
| 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) |
Bark, Inc. has significantly expanded its disclosure around cybersecurity governance, introducing a management steering committee and formalizing regular reporting to the Audit Committee. The company now details the experience of its Director of Information Security and describes new escalation procedures for security incidents. This signals a more proactive and structured approach to managing cyber risks at both the management and board levels.
Main Changes
- Added detailed disclosure of a management steering committee overseeing information security, including quarterly briefings by the Director of Information Security.
- Described the Director of Information Security’s qualifications, highlighting over 20 years of experience and leadership in security initiatives.
- Outlined a new process for regular reporting to the Audit Committee, including in-depth presentations on specific risk areas and enterprise risk management updates.
- Specified that significant security incidents, even if immaterial, are reviewed by a cross-functional team for potential escalation to the Audit Committee and Board.
Watch Items
- The new cybersecurity oversight structure signals increased board and management focus on information security risks.
- Regular reporting and escalation procedures may reflect heightened regulatory or investor scrutiny of cyber risk.
- Enhanced disclosure of incident response and prevention processes could indicate recent or anticipated cyber threats.
Important Filing Changes
As of March 31, 2025 and March 31, 2024, there were no outstanding borrowings under the Credit Facility. As of March 31, 2025 and March 31, 2024, the Company was compliant with its financial covenants. The following table summarizes our cash flows for the fiscal years ended March 31, 2025, 2024 and 2023: Fiscal Year Ended March 31 2025 2024 2023 (in thousands) Net cash provided by (used in) operating activities $ (7,079) $ 6,060 $ 4,694 Net cash used in investing activities (6,157) (8,831) (21,145) Net cash provided by (used in) financing activities (19,870) (49,615) (2,099) Effect of exchange rate changes on cash (69) 24 (62) Net increase (decrease) in cash and restricted cash $ (33,174) $ (52,362) $ (18,612) Cash flows provided by (used in) Operating Activities Net cash flows in operating activities represent the cash receipts and…
Exhibits and Financial Statement Schedules 40 Item 16. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” “could” or “should,” or, in each case, their negative or other variations or comparable terminology.
Some of the limitations of the Non-GAAP Measures include that (1) the measures do not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect these capital expenditures, (3) Adjusted EBITDA and Adjusted EBITDA Margin do not consider the impact of stock-based compensation expense, which is an ongoing expense for our company, (4) Adjusted EBITDA and Adjusted EBITDA Margin do not reflect other non-operating expenses, including interest expense, and (5) Free cash flow does not represent the total residual cash flow available for discretionary purposes and does not reflect our future contractual commitments. In addition, our use of the Non-GAAP Measures may not be comparable to similarly titled measures of other companies because they…
Exhibits and Financial Statement Schedules 40 Item 16. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” “could” or “should,” or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations.
BUSINESS Unless otherwise expressly stated or the context otherwise requires, when we refer to “we,” “our,” “us,” or “BARK” in this annual report on Form 10-K, we mean BARK, Inc. and its consolidated subsidiaries. Overview Our mission is to make all dogs happy We believe that dogs and humans are better together and we aspire to be the world’s favorite dog brand.
BUSINESS Unless otherwise expressly stated or the context otherwise requires, when we refer to “we,” “our,” “us,” “BARK,” or “the Company” in this annual report on Form 10-K, we mean BARK, Inc. and its consolidated subsidiaries. Overview Our mission is to make all dogs happy.
AETHLON MEDICAL INC (882291)
| Rank | 2 |
|---|---|
| Lowest similarity section | Business |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Aethlon Medical made minor updates to its business section, most notably softening its language around future hiring plans and clarifying ongoing supplier dependencies for its Hemopurifier product. The company continues to highlight the challenges of qualifying new suppliers and the regulatory hurdles involved. These changes suggest a more cautious approach to resource allocation and reinforce the importance of supply chain stability.
Main Changes
- Updated employee section to state ‘we may hire additional employees as business needs and available resources warrant’ instead of a firm intention to hire.
- Removed explicit mention of the process and timeline for qualifying new suppliers for key Hemopurifier components, but retained the disclosure of supplier concentration risk.
- No longer specifies the exact date for employee count, now referencing June 8, 2026, instead of June 26, 2025.
Watch Items
- The shift from a stated intention to hire to a conditional statement may signal increased caution regarding headcount expansion.
- Continued reliance on single-source suppliers for critical components remains a key operational risk.
Important Filing Changes
BUSINESS Unless otherwise indicated or the context otherwise requires, references to the “Company”, “Aethlon”, “we”, “us” and “our” refer to Aethlon Medical, Inc. Overview and Corporate History Overview We are a medical therapeutic company focused on developing the Hemopurifier® (HP), a clinical-stage immunotherapeutic device intended for applications in cancer, life-threatening viral infections, and organ transplantation and other areas of significant unmet needs. In human studies (164 sessions with 38 patients), the Hemopurifier was used safely and demonstrated the potential to remove enveloped viruses.
BUSINESS Unless otherwise indicated or the context otherwise requires, references to the “Company”, “Aethlon”, “we”, “us” and “our” refer to Aethlon Medical, Inc. Overview and Corporate History Overview We are a medical therapeutic company focused on developing the Hemopurifier® (HP), a clinical-stage investigational immunotherapeutic device designed to address unmet needs in oncology, life-threatening infectious diseases, organ transplantation and other disease states in which extracellular vesicles (EVs) contribute to disease progression. The Hemopurifier utilizes a proprietary lectin-based technology to bind and remove enveloped viruses and EVs from biological fluids.
In human studies (164 sessions with 38 patients), the Hemopurifier was used safely and demonstrated the potential to remove enveloped viruses. In pre-clinical studies, the Hemopurifier has exhibited the capacity to remove harmful extracellular vesicles (EVs) and enveloped viruses from biological fluids, utilizing its proprietary lectin-based mechanism. These extracellular vesicles have been implicated in disease processes such as immune suppression and metastasis in cancer as well as in the progression of severe life-threatening infectious diseases.
Overview and Corporate History Overview We are a medical therapeutic company focused on developing the Hemopurifier® (HP), a clinical-stage investigational immunotherapeutic device designed to address unmet needs in oncology, life-threatening infectious diseases, organ transplantation and other disease states in which extracellular vesicles (EVs) contribute to disease progression. The Hemopurifier utilizes a proprietary lectin-based technology to bind and remove enveloped viruses and EVs from biological fluids. EVs have been associated with immune suppression, metastasis, and resistance to therapy in cancer, as well as progression of severe infectious diseases.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview The following discussion and analysis should be read in conjunction with the consolidated Financial Statements and Notes thereto appearing elsewhere in this Annual Report. We are a medical therapeutic company focused on developing the Hemopurifier® (HP), a clinical-stage immunotherapeutic device intended for applications in cancer, life-threatening viral infections, and organ transplantation and other areas of significant unmet needs. In human studies (164 sessions with 38 patients), the Hemopurifier was used safely and demonstrated the potential to remove enveloped viruses.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview The following discussion and analysis should be read in conjunction with the consolidated Financial Statements and Notes thereto appearing elsewhere in this Annual Report. We are a medical therapeutic company focused on developing the Hemopurifier® (HP), a clinical-stage immunotherapeutic device designed to address unmet needs in oncology, life-threatening infectious diseases, organ transplantation and other disease states in which extracellular vesicles (EVs) contribute to disease progression. The Hemopurifier utilizes a proprietary lectin-based technology to bind and remove enveloped viruses and EVs from biological fluids.
Why Filing Changes Matter
Research shows companies that substantially rewrite their annual disclosures tend to underperform in the periods that follow. Quiet shifts in Risk Factors, Business, and MD&A often carry information that doesn’t surface in headline numbers — management is, in effect, signalling that something has changed. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
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