Report Summary
Total Disclosures
1,247
Across 3 annual filings
New Risk Factors
18
+6 from prior period
Reworded
142
11.4% of total
FLS Accuracy
68%
Forward-looking verified
Redthreads
7
Cross-section inconsistencies
Key Findings
Revenue recognition policy changed without disclosure
MD&A describes revenue under ASC 606 milestone method, but Note 2 references percentage-of-completion for the same contract period. Prior filing used consistent terminology.
HighAccountingPolicy drift
Clinical trial timeline projections missed in 2 of 3 periods
Forward-looking statements about Phase 2 trial completion were not met in FY2022 or FY2023. The company reworded timelines without acknowledging prior projections.
MediumBusinessFLS miss
Three new risk factors added in latest filing
New disclosures around manufacturing dependency, regulatory pathway uncertainty, and intellectual property challenges introduced in FY2024 10-K.
RegulatoryNew disclosure
FLS Accuracy Scorecard
| Domain | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Business | 62% | 45% | 71% |
| Corporate Finance | 88% | 82% | 85% |
| Regulatory | 33% | 50% | 67% |
| Compensation | 100% | 92% | -- |
| Clinical Trials | 25% | 40% | 50% |