MSPRZ — what changed in the latest 10-Q
A section-by-section comparison of MSPRZ's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2025-11-19 vs the prior 10-Q · 2025-08-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +70 | −58 | ~29 | 65 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 3 |
| Legal proceedings | Text added/removed | +4 | −2 | ~2 | 5 |
| Risk factors | Text added/removed | +5 | −1 | 0 | 4 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2025-11-19
The Yorkville SEPA. On June 26, 2025, the Company and Yorkville entered into a supplemental agreement to the Yorkville SEPA (the “Supplemental Agreement”), whereby Yorkville agreed to advance to the Company, in the form of Convertible
Promissory Notes, funding of up to $3.0 million, from time to time in such amounts as the Company and Yorkville may mutually agree, and subject to the satisfaction of conditions precedent set forth therein. On June 26, 2025, July 16, 2025, and August 8, 2025, Yorkville agreed to fund principal amoun…
On October 10, 2025, the Company and Yorkville entered into a second supplemental agreement to the Yorkville SEPA (the “Second Supplemental Agreement”), whereby Yorkville agreed to advance to the Company, in the form of Convertible Promissory Notes, additional funding of up to $3.0 million, from tim…
There is no guarantee that Yorkville will provide additional liquidity to the Company. As we have sold substantially all of the 2.0 million shares currently registered for resale to Yorkville, we need to file with the SEC one or more additional registration statements to register under the Securitie…
The Working Capital Credit Facility. As of the date of this filing, no funding capacity remains under the Working Capital Credit Facility or Operational Collection Floor. On March 29, 2023, the Company’s subsidiary, Subrogation Holdings, LLC and its parent, MSP Recovery, and HPH entered into the Wor…
Text removed vs the prior filing · source: 10-Q · 2025-08-14
The Yorkville SEPA. On June 26, 2025, the Company and Yorkville entered into a Supplemental Agreement to the Yorkville SEPA, increasing the amount of advances by up to $3.0 million, to be advanced in multiple tranches. On June 27, 2025, July 16, 2025, and August 8, 2025, Yorkville agreed to fund pri…
$0.36 million remains unfunded as of the date hereof. On April 10, 2025, Yorkville agreed to: (i) extend the due date for the first Monthly Payment to November 30, 2026, (ii) extend the maturity date of the Convertible Notes to November 30, 2026, and (iii) to waive Volume Threshold and Maximum Advan…
The Working Capital Credit Facility. As of the date of this filing, no funding capacity remains under the Working Capital Credit Facility or Operational Collection Floor. On March 29, 2023, the Company’s subsidiary, Subrogation Holdings, LLC and its parent, MSP Recovery, and HPH entered into the Wor…
Although we own the assigned Claims, for a significant portion of assigned Claims, our ability to pursue recoveries depends on our ongoing access to data associated with those Claims through data access rights granted to us. The termination of said data access rights would substantially impair our a…
We are entitled to a portion of any recovery rights associated with approximately $1,592 billion in Billed Amount (and approximately $381 billion in Paid Amount), which contains approximately $87.8 billion in Paid Value of Potentially Recoverable Claims, as of June 30, 2025. We believe it would take…
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2025-11-19
wrongdoing, or concession by any Party. In connection with and as part of the Settlement Agreement, each Party expressly retracted and withdrew any prior statements, allegations, or characterizations made about any other Party in the Cano Litigation or otherwise in connection with therewith. The Com…
In the matter of Menendez v. Ruiz, Case No. 2023-001738-CA-01, pending in the Eleventh Judicial Circuit in and for Miami-Dade County, Florida (the “Menendez Litigation”), plaintiffs Norberto Menendez, iNewton, LLC, Synnova Health, Inc., and Health Beats, LLC (collectively, the “Plaintiffs”) sought d…
On October 17, 2025, the court entered a final judgment in favor of the Plaintiffs for the sum of $15.7 million, which accrues interest at 8.65% annually. The court reserved jurisdiction to entertain post-trial motions and issues, including, but not limited to MSP Recovery, LLC’s motion for a direct…
On November 4, 2025, the court issued a writ of execution in favor of Plaintiffs against MSP Recovery, LLC in the amount of approximately $15.7 million. On November 5, 2025, Plaintiffs filed a motion seeking an injunction directing MSP Recovery, LLC to turn over its membership certificate(s) in MSP …
Text removed vs the prior filing · source: 10-Q · 2025-08-14
On January 4, 2024, Cano sued Simply Healthcare Plans, Inc. (“Simply”) and the Company and affiliated entities seeking a declaratory judgment to determine whether the Cano Purchase Agreement should be rescinded, and whether Cano or the Company have standing to recover on claims assigned to the Compa…
The Company intends to vigorously assert its position in all Cano related litigation.
Risk factors
Text added vs the prior filing · source: 10-Q · 2025-11-19
We are subject to various risks and uncertainties that could materially adversely affect our business, financial condition, results of operations, and the trading price of our common stock. You should carefully read and consider the risks and uncertainties included herein and in the risk factors pre…
The Company had 45 calendar days from April 24, 2025, or through Monday, June 9, 2025, to submit a plan to regain compliance with Listing Rule 5550(b)(1). The Company submitted its plan on June 5, 2025, and was granted an extension of up to 180 days, or through Tuesday, October 21, 2025, to regain c…
On October 22, 2025, the Company received a Staff Delisting Determination (the “Delisting Notification”), notifying the Company that trading of its common stock will be suspended from the Nasdaq Capital Market at the opening of business on October 31, 2025, and a Form 25-NSE will be filed with the S…
The Company timely submitted a written request for a review of the Delisting Notification by a Hearings Panel (the “Panel”). A hearing request stays the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Panel’s decision. The hearing is scheduled for December 11, 20…
There can be no assurance that the Panel will grant the Company’s request for continued listing on the Nasdaq Capital Market. If the Company’s Common Stock ceases to be listed for trading on the Nasdaq Capital Market, the Company expects that its Common Stock would continue to trade on the OTCQB Ven…
Text removed vs the prior filing · source: 10-Q · 2025-08-14
The Company had 45 calendar days from April 24, 2025, or through Monday, June 9, 2025, to submit a plan to regain compliance with Listing Rule 5550(b)(1). The Company submitted its plan on June 5, 2025, and is awaiting a response from the Nasdaq. If Nasdaq accepts the Company’s plan, Nasdaq may gran…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice