Six companies met our criteria from the seven 10-K annual reports filed with the SEC on 29 October 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 Siltrium Tech Corp, so it is excluded from the ranking.
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
- Rafael Holdings, Inc. (High) — Rafael has moved Trappsol® Cyclo™ into the FDA decision phase, but the missed Phase 3 endpoint materially raises the odds of delay, restriction, or rejection.
- ENERPAC TOOL GROUP CORP (Medium) — Enerpac is signaling a meaningful post-acquisition shift, and the main question now is whether SFE Group expands growth faster than it adds integration risk.
- Rise Gold Corp. (Medium) — Rise Gold is shifting from a legal-defense story to a mine-restart story, but the investment still hinges on permits, capital, and execution.
- INSTEEL INDUSTRIES INC (Medium) — Insteel is now clearly prioritizing cost-cutting through plant consolidation, but execution risk and supply chain pressure remain the key variables for margins.
- HAMMER TECHNOLOGY HOLDINGS CORP. (Medium) — Despite better year-over-year losses, Hammer Technology still has no revenue and remains a going-concern story that depends on outside financing.
- PURE BIOSCIENCE, INC. (Low) — Pure Bioscience’s filing is essentially unchanged in substance, and the main investment issue remains liquidity and going-concern risk.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Rafael Holdings, Inc. | 1713863 | 0.99 | 0.996 | 0.999 | 0.975 | MD&A | high |
| 2 | ENERPAC TOOL GROUP CORP | 6955 | 0.953 | 0.986 | 0.998 | 0.998 | Business | medium |
| 3 | Rise Gold Corp. | 1424864 | 0.998 | 0.958 | 0.996 | 0.98 | Business | medium |
| 4 | INSTEEL INDUSTRIES INC | 764401 | 0.998 | 0.992 | 0.998 | 0.997 | Business | medium |
| 5 | HAMMER TECHNOLOGY HOLDINGS CORP. | 1539680 | 0.995 | 1 | 1 | 1 | MD&A | medium |
| 6 | PURE BIOSCIENCE, INC. | 1006028 | 0.997 | 1 | 1 | 1 | MD&A | low |
Rafael Holdings, Inc.
| Rank | 1 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Rafael’s filing now centers on a more advanced but riskier Trappsol® Cyclo™ story: the company has submitted an NDA, but it also discloses that the pivotal Phase 3 trial missed its primary endpoint in the overall population. Management is explicitly warning that FDA could reject the filing, demand more data, or limit approval to a narrower patient group. The company also increased its stake in Rafael Medical Devices and continued to rationalize the Day Three asset base.
Main Changes
- The forward-looking statement section now says FDA is reviewing the New Drug Application for Trappsol® Cyclo™ and flags outcomes including whether it will be accepted for filing, granted priority review, approved, or receive a rare pediatric disease voucher.
- A new risk was added that Rafael submitted an NDA for Trappsol® Cyclo™ on October 28, 2026 based on a Phase 3 trial that did not meet its primary endpoint in the overall population.
- The filing now says FDA may refuse to file the NDA, issue a complete response letter, require more clinical or nonclinical trials, or approve it only for a limited population with restrictive labeling.
- The business section updates ownership and operations: Rafael now says it owns 83% of Rafael Medical Devices after converting a $2.1 million intercompany note into Class A Units, and Day Three Labs Manufacturing sold assets and licensed Unlokt™ applications in exchange for equity and debt interests.
Watch Items
- The NDA language makes regulatory execution the key near-term catalyst, but the failed primary endpoint raises approval risk and could delay commercialization.
- The added FDA downside scenarios suggest management sees a meaningful chance of a narrower label or additional studies, which would pressure timelines and economics.
- The higher ownership in Rafael Medical Devices and the Day Three monetization step show the company is still reshaping its portfolio around assets it believes have the best strategic value.
Important Filing Changes
Added: Cyclo entered an exclusive worldwide royalty-bearing MIT license for Alzheimer’s disease patent rights and hydroxypropyl-β-cyclodextrin products.
See Note 3 to our Consolidated Financial Statements for more information on the Merger with Cyclo. [No corresponding passage in the 2025 filing.] LipoMedix is a clinical stage company based in Israel that is focused on the development of a product candidate that holds the potential to be an innovative, safe, and effective cancer therapy based on liposome delivery.
The United States Adopted Names (“USAN”) Council has assigned the nonproprietary name “remibetadex” to Trappsol® Cyclo™. In addition, on April 16, 2026, Cyclo entered into an exclusive, worldwide, royalty-bearing Patent License Agreement with the Massachusetts Institute of Technology (“MIT”) for certain patent rights relating to small molecules to improve myelination in Alzheimer’s disease and APOE4 carriers, under which Cyclo may develop and commercialize products containing hydroxypropyl-β-cyclodextrin for Alzheimer’s disease. LipoMedix is a clinical stage Israeli company based in Israel that is focused on the development of a product candidate, Promitil, that holds the potential to be a therapy for cancer based on liposome delivery.
Added: MIT may terminate the license if Cyclo misses a diligence requirement and fails to cure, causing loss of development and commercialization rights.
If we are is unable to develop, obtain regulatory approval for, or, if approved, successfully commercialize its product candidates, we may not be able to generate sufficient revenue to continue our business. [No corresponding passage in the 2025 filing.] Even if we were to obtain FDA approval for Trappsol ® Cyclo™ for treatment of the designated Rare Pediatric Disease NPC1, the Rare Pediatric Disease Priority Review Voucher Program may no longer be in effect or may have been revised at the time of any such approval, or we or they might not be able to capture the value of the Rare Pediatric Disease Priority Review Voucher Program even if the program is still in effect.
Although the agreement permits Cyclo to propose an extended or amended diligence plan, MIT is not obligated to agree to it. If Cyclo fails to meet a diligence requirement and does not obtain an amendment or cure the failure within the applicable cure period, MIT may terminate the license, and we would lose our rights under the licensed patent rights to develop and commercialize hydroxypropyl-β-cyclodextrin for Alzheimer’s disease. Even if we were to obtain FDA approval for Trappsol ® Cyclo™ for treatment of the designated Rare Pediatric Disease NPC, the Rare Pediatric Disease Priority Review Voucher Program may no longer be in effect or may have been revised at the time of any such approval, or we might not be able to capture the value of the Rare Pediatric Disease Priority Review Voucher Program even if the program is still in effect.
Added: Cyclo must meet diligence requirements under the MIT license, including dosing the first patient in a U.S. study.
[No corresponding passage in the 2025 filing’s Risk Factors section.]
Phase II clinical trial in Alzheimer’s disease by March 31, 2027, MIT may terminate our license to develop hydroxypropyl-β-cyclodextrin for Alzheimer’s disease. Under its Patent License Agreement with MIT, effective April 16, 2026, Cyclo must use diligent efforts to develop licensed products and must meet specified diligence requirements, including dosing the first patient in a U.S. Phase II clinical trial in Alzheimer’s disease by March 31, 2027.
ENERPAC TOOL GROUP CORP
| 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) |
Enerpac’s biggest business update is the addition of a completed acquisition of Specialized Fabrication Equipment Group, with management saying it will separately describe that business in the filing. The company also adjusted its business narrative to distinguish the legacy IT&S operation from the post-acquisition structure and added a new employee-retention risk tied to the deal. Overall, the filing points to a broader business footprint and a greater focus on integration execution.
Main Changes
- The company inserted a new statement that it "completed the acquisition of Specialized Fabrication Equipment Group LLC ("SFE Group")" on October 28, 2026 and said it will provide a separate description of SFE Group in Item 1.
- Enerpac clarified that the rest of the Business discussion, including IT&S, now refers to the business operated at the end of fiscal 2026 and before the SFE Group acquisition, signaling a post-deal reporting split.
- The IT&S market description was slightly broadened and reordered, with "refining and petrochemical" moved ahead of "industrial maintenance, repair and operations (MRO)" and the segment described as serving "a broad array of end markets."
- In the employee risk factor, Enerpac added that losing key employees "we expected to retain from acquisitions, such as the SFE Group acquisition" could hurt operations, explicitly tying retention risk to the new deal.
Watch Items
- The SFE Group acquisition is the key strategic signal: investors should watch whether it expands Enerpac beyond its core tools franchise or adds integration complexity.
- The new reference to retaining acquired employees suggests management sees human capital as a real execution risk after the deal.
- The restated business description implies future segment and growth commentary may be harder to compare with prior years because the company is now separating pre- and post-acquisition operations.
Important Filing Changes
Added: The company acquired SFE Group for about $452 million in cash plus about $20 million in restricted stock units.
C ertain information related to the Other operating segment is disclosed within Note 16, "Business Segment, Geographic, and Customer Information" in the notes to the consolidated financial statements in order to comply with requirements under generally accepted accounting principles in the United States ("US GAAP") to reconcile certain required disclosures to the Consolidated Financial Statements. [No corresponding passage in the 2025 filing.] Acquisitions and Divestitures For a summary of recent acquisition and divestiture transactions impacting continuing operations, see N ote 5 , " Acquisitions " and Note 6, "Discontinued Operations and Other Divestiture Activities" , respectively, in the notes to the consolidated financial statements.
C ertain information related to the Other operating segment is disclosed within Note 16, “Business Segment, Geographic and Customer Information” in the notes to the consolidated financial statements in order to comply with requirements under generally accepted accounting principles in the United States (“US GAAP”) to reconcile certain required disclosures to the Consolidated Financial Statements. Acquisition of SFE Group On October 28, 2026 , we acquired SFE Group in a merger transaction in which the aggregate amount paid by the Company with respect to the equity interests in SFE Group was approximately $ 452 million in cash, plus the issuance by the Company of approximately $ 20 million in restricted stock unit awards to key personnel of SFE Group, in lieu of cash payment of transaction bonuses owed by SFE Group to such personnel upon completion of the merger transaction. The cash portion of the acquisition consideration is subject to customary adjustments for the level of cash, net working capital, transaction related expenses (including with respect to the transaction bonuses), indebtedness and other similar items existing at SFE Group and its subsidiaries as of the closing date of the transaction.
Added: The company says acquisition competition may raise prices and reduce acquisition rate or benefits.
As a result of those limitations, we may face unexpected liabilities that adversely affect our profitability and financial position. [No corresponding passage in the 2025 filing.] 10 Divestitures and discontinued operations could negatively impact our business, and retained liabilities from businesses that we have sold could adversely affect our financial results.
Additionally, decreases in our stock price and an inability to raise additional funds may adversely affect our ability to execute these acquisitions. Competition for acquisitions in our business areas may be significant and result in higher prices for businesses, including businesses that we may target, which may also affect our acquisition rate or benefits achieved from our acquisitions. 11 Divestitures and discontinued operations could negatively impact our business, and retained liabilities from businesses that we have sold could adversely affect our financial results.
Reworded: The new passage adds that the company had incremental capacity to incur substantial additional debt and references SFE Group.
We have incurred, and may in the future incur, significant indebtedness in connection with acquisitions or other strategic growth initiatives. While at current debt levels we have significant flexibility on our financial debt covenants, should we incur additional indebtedness to fund acquisitions or other strategic growth initiatives, our level of debt and the limitations imposed on us by our debt agreements could adversely affect our operating flexibility and put us at a competitive disadvantage. Our ability to make scheduled principal and interest payments, refinance our indebtedness and satisfy our other debt and lease obligations will depend upon our future operating performance and credit market conditions, which could be adversely affected by factors beyond our control.
We have incurred, and may in the future incur, significant indebtedness in connection with acquisitions or other strategic growth initiatives. While at current debt levels we have significant flexibility on our financial debt covenants, we have incremental capacity to incur substantial additional indebtedness to fund acquisitions (as we did to partially fund the acquisition of SFE Group) or other strategic growth initiatives. Our level of debt and the limitations imposed on us by our debt agreements could adversely affect our operating flexibility and put us at a competitive disadvantage.
Rise Gold Corp.
| Rank | 3 |
|---|---|
| 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) |
Rise Gold’s filing now puts the Idaho-Maryland Mine reopening plan front and center, with much more detail on how the project would be built and operated. Compared with last year, the company is less focused on the vested-rights dispute and more focused on presenting a workable mine redevelopment case. It also reports a much stronger cash position and a new CEO, which improves flexibility but does not remove the permitting and execution risk.
Main Changes
- The Business section now centers on a "Proposed Reopening of the I-M Mine," replacing the prior emphasis on the vested-rights legal fight and framing the company around a formal plan to redevelop the historic underground mine at an average throughput of 1,000 tons per day.
- The filing adds more operational detail on the mine plan, including use of the existing Brunswick Shaft to move rock, construction of a second service shaft, and gold processing by gravity and flotation to produce concentrates.
- The company now says processing would be enclosed in modern buildings, with mature perimeter trees retained for visual shielding, and that the project could create about 58 acres of industrial-zoned land and require roughly 300 employees at full production.
- Cash disclosure was updated to show $6.98 million at July 31, 2026 versus $2.78 million a year earlier, while the employee section now identifies the new CEO, David Watkinson, as an employee and notes the prior CEO resigned.
Watch Items
- The shift from legal positioning to a concrete redevelopment plan suggests management is trying to reframe the story around execution and permitting rather than litigation alone.
- The larger cash balance improves near-term flexibility, but the mine still depends on approvals and capital-intensive development before any production can begin.
- The new CEO appointment and expanded project description may signal a more operationally focused phase, which investors should watch for follow-through on permitting and financing.
Important Filing Changes
Reworded: Mineral exploration, share-based payments, professional fees, and consulting fees all increased, and consulting fees included a CEO termination payment.
These activities include consulting, filing and regulatory, general and administrative, professional fees, driven by the need for expenses related to Vested Rights and Use Permit application and hearings while lowering consulting costs relating to planning and researching our mineral properties, along with activities relating to raising funds in the recent private placements. As a result of the ongoing activities, significant expenses during the year ended July 31, 2025 include: Decrease in mineral exploration costs to $96,520 (2024 – $808,832) related to activities surrounding the Vested Rights and Use Permit application and hearings; Increase in share-based payments to $697,122 (2024 – $345,507) for the grant of options pursuant to our stock option plan to incentivize management and certain consultants; Decrease in consulting and professional fees to $221,925 and $549,923 respectively (2024 – $310,718 and $1,000,394, respectively) as the Company incurred fewer advisory fees in 2025 compared to 2024 when the Company reviewed its litigation options relating to its Vested Rights; Significant non-operating items include write down of the value of the drilling equipment (loss of $411,530; 2024 – $Nil); note receivable sold at a discount to generate cash (loss of $155,727; 2024 – $Nil); accounting loss recognized with the repayment of the loans in May 2025 on the value of the warrants recorded as loan issuance costs (loss of $312,939; 2024 – $Nil). Liquidity and Capital Resources As of July 31, 2025, the Company had $2,783,348 in cash, $2,980,679 in current assets, $4,442,507 in total assets, $1,050,421 in current liabilities and $1,179,422 in total liabilities, working capital surplus of $1,930,258 and an accumulated deficit of $33,494,975.
These activities include mineral exploration, consulting, filing and regulatory, general and administrative, and professional fees driven by the need for expenses related to Vested Rights and Use Permit applications and hearings. As a result of the ongoing activities, significant expenses during the year ended July 31, 2026 include: Increase in mineral exploration costs to $1,007,029 (2025 – $96,520) of which $601,102 related to the preparation and commencement of the 2026 drilling program; Increase in share-based payments to $1,083,726 (2025 – $697,122) for the grant of options, restricted share units, and deferred share units pursuant to our long term incentive plan to incentivize management and certain consultants; Increase of professional fees incurred to $1,636,655 (2025 – $549,923) related to the Vested Rights litigation and CEA dispute; Increase in consulting fees to $304,244 (2025 – $221,925); Consulting fees include a termination payment of $161,700 made to the previous CEO. Increase in salaries paid to $128,709 (2025 – $NIL), as of our current CEO is an employee of the Company (the previous CEO was providing services through a consulting agreement); Other corporate costs including general and administrative expenses, director fees, regulatory, and shareholder relations costs have been generally consistent year over year.
Added: The company added a cybersecurity disclosure stating no known risks or incidents are currently expected to materially affect operations or financial condition.
[No corresponding passage in the 2025 filing’s MD&A section.]
Our Board is responsible for monitoring and assessing strategic risk exposure, and management is responsible for the day-to-day management of any material risks that may arise. We do not believe that there are currently any known risks from cybersecurity threats that are reasonably likely to materially affect us or our business strategy, results of operations, or financial condition. – 22 – Cybersecurity Threats As of July 31, 2026, we have not identified an indication of a cybersecurity incident that would have a material impact on our business and consolidated financial statements. For further discussion of cybersecurity risks, please refer to Item 1A.
INSTEEL INDUSTRIES INC
| Rank | 4 |
|---|---|
| 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) |
Insteel’s filing shifts from describing recent acquisitions to highlighting a planned plant closure and consolidation of welded wire operations. Management says the move is meant to improve efficiency and lower costs, while the outlook points to infrastructure and data center demand as key supports. The company also added more explicit supply chain and geopolitical risk language, reflecting pressure from constrained domestic wire rod availability and higher freight costs.
Main Changes
- The Business section now says Insteel "announced plans to close our Upper Sandusky, Ohio manufacturing facility" and consolidate operations into remaining welded wire reinforcement facilities, with manufacturing expected to cease in the first quarter of fiscal 2027.
- The risk discussion adds a new geopolitical risk: "geopolitical tensions and military conflicts could increase energy and transportation costs, disrupt our supply chain and limit the availability of raw materials."
- The outlook now emphasizes that "publicly funded infrastructure activity" and "data center investment" are supporting demand, while the company is also "supplement[ing] domestic purchases with offshore purchases" because domestic wire rod availability is constrained.
- The prior year’s acquisition-heavy description is replaced by a more explicit focus on the consolidation of welded wire operations and the expected cost reductions from that transition.
Watch Items
- The Upper Sandusky closure signals management is actively reshaping the WWR footprint to improve cost competitiveness, which could lift margins if execution goes smoothly.
- The added supply chain and geopolitical risk language suggests more sensitivity to raw material sourcing, freight, and energy costs than before.
- Heavy reliance on infrastructure and data center demand means the company is leaning on a few strong end markets to offset broader construction softness.
Important Filing Changes
Reworded: Net earnings fell to $29.5 million in 2026 from $41.0 million in 2025, driven by lower gross profit and interest income.
Income Taxes Our effective income tax rate for 2025 increased to 23.8% from 23.7% in 2024 due to changes in book versus tax differences. Net Earnings Net earnings increased to $41.0 million ($2.10 per diluted share) in 2025 from $19.3 million ($0.99 per share) in 2024 primarily due to the increase in gross profit partially offset by higher SG&A expense, lower interest income, restructuring charges and acquisitions costs. Liquidity and Capital Resources Overview Our sources of liquidity include cash and cash equivalents, cash generated by operating activities and borrowing availability provided under our $100.0 million revolving credit facility (the “Credit Facility”).
Income Taxes Our effective income tax rate for 2026 decreased to 22.8% from 23.8% in 2025 due to changes in book versus tax differences. Net Earnings Net earnings decreased to $29.5 million ($1.51 per diluted share) in 2026 from $41.0 million ($2.10 per diluted share) in 2025 primarily due to the decrease in gross profit and lower interest income partially offset by lower SG&A expense, restructuring charges and acquisition costs. 17 Liquidity and Capital Resources Overview Our sources of liquidity include cash and cash equivalents, cash generated by operating activities and borrowing availability provided under our $100.0 million revolving credit facility (the “Credit Facility”).
Removed: The Warren facility impairment loss of $0.5 million was recorded in 2025 and is absent from the new passage.
Production at the Warren facility ceased in November 2024, and its orders were distributed to our remaining WWR facilities. During 2025, we determined the carrying value of the Warren facility, which was classified as assets held for sale until it was sold in 2025, exceeded its fair value, less estimated costs to sell, and recorded an impairment loss of $0.5 million within restructuring charges on our consolidated statements of operations. Following is a summary of the restructuring activity during 2025: (In thousands) Employee Equipment Facility Asset Separation Costs Relocation Costs Closure Costs Impairments Total 2025 Restructuring charges, net $ 251 $ 340 $ 492 $ 895 $ 1,978 Cash payments (251 ) (340 ) (468 ) – (1,059 ) Non-cash charges – – – (895 ) (895 ) Liability as of September 27, 2025 $ – $ – $ 24 $ – $ 24 As of September 27, 2025, we recorded a liability of $24,000 for restructuring liabilities in accrued expenses on our consolidated balance sheet.
Production at the Warren facility ceased in November 2024, and its orders were distributed to our remaining WWR facilities. [No corresponding passage in the 2026 filing.] Following is a summary of the restructuring activity for the years ended October 3, 2026 and September 27, 2025: (In thousands) Employee Equipment Facility Asset Separation Costs Relocation Costs Closure Costs Impairments Total 2026 Liability as of September 27, 2025 $ – $ – $ 24 $ – $ 24 Restructuring charges, net – 48 3 – 51 Cash payments – (48 ) (27 ) – (75 ) Non-cash charges – – – – – Liability as of October 3, 2026 $ – $ – $ – $ – $ – 2025 Restructuring charges, net $ 251 $ 340 $ 492 $ 895 $ 1,978 Cash payments (251 ) (340 ) (468 ) – (1,059 ) Non-cash charges – – – (895 ) (895 ) Liability as of September 27, 2025 $ – $ – $ 24 $ – $ 24 We have incurred cumulative restructuring charges of $2.0 million since the start of this initiative and do not currently expect to incur any additional charges.
Removed: The 2025 restructuring charges of $2.3 million related to the Warren facility closure and WWR consolidation are absent from the new passage.
The increase in employee benefit expense was primarily related to higher employee health insurance expense in the current year. 17 Restructuring Charges, Net Restructuring charges of $2.3 million were incurred in 2025 related to the closure of the Warren, Ohio facility, which had been acquired through the EWP Acquisition, and expenses related to the consolidation of our WWR operations. Restructuring charges included $1.0 million for asset impairment charges, $681,000 for facility closure costs, $371,000 for equipment relocation costs and $251,000 for employee separation costs.
Restructuring charges totaled $2.3 million in 2025, consisting of $2.0 million related to the Warren closure and $326,000 for other costs associated with the initial consolidation initiative. [No corresponding passage in the 2026 filing.] These charges included $1.0 million for asset impairment charges, $681,000 for facility closure costs, $371,000 for equipment relocation costs and $251,000 for employee separation costs.
HAMMER TECHNOLOGY HOLDINGS CORP.
| Rank | 5 |
|---|---|
| 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) |
Hammer Technology Holdings reported a much smaller annual loss and reduced cash burn, and its working capital deficit also improved year over year. Even so, the company still generated no revenue, continued to burn cash, and explicitly said there is substantial doubt about its ability to continue as a going concern. Financing remains dependent on related-party convertible notes, which keeps dilution and liquidity risk elevated.
Main Changes
- MD&A now says the company had a net loss from continuing operations of $525,009 in 2026 versus $4,429,910 in 2025, a much smaller loss year over year.
- Cash used in operating activities improved to $553,425 from $855,780, while revenue from continuing operations remained $0 in both periods.
- Working capital deficiency improved to $638,811 from $858,359, but management still says there is "substantial doubt" about the company’s ability to continue as a going concern.
- Financing shifted to $558,475 of proceeds from related party convertible notes in 2026, compared with $840,752 of financing inflows in 2025 that included both new related-party notes and note repayments.
Watch Items
- The smaller loss and lower cash burn suggest some operating improvement, but the business still has no revenue, so the turnaround is not yet self-funding.
- The continued going-concern warning means the company remains dependent on outside capital, which raises dilution and refinancing risk for shareholders.
- Reliance on related-party convertible notes shows funding is still coming from insiders or close counterparties rather than durable operating cash flow.
Important Filing Changes
No material section-level wording change was large enough to quote from the compared sections.
PURE BIOSCIENCE, INC.
| Rank | 6 |
|---|---|
| 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) |
This filing comparison shows mostly housekeeping edits, with page references moving around but no meaningful change in the company’s core disclosures. The company continues to flag the same central issues: limited cash, the need for outside funding, going-concern doubt, and asset impairment risk tied to its technology portfolio. For investors, the message is that the business outlook and risk profile appear unchanged.
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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