SWKHL 最新10-K变化
将 SWKHL 最新的定期申报(10-K/10-Q)与上一份同类型申报逐章节对比:每个章节新增/删除的段落数与原文摘录。全部为确定性文本对比——无相似度评分、无方向判断、非投资建议。
对比:10-K · 2026-03-20 与上一份 10-K · 2025-03-20
| 章节 | 结果 | 新增 | 删除 | 微调 | 未变 |
|---|---|---|---|---|---|
| 业务概况 | 文字有新增/删除 | +2 | −2 | ~6 | 15 |
| 风险因素 | 文字有新增/删除 | +54 | −12 | ~32 | 109 |
| 法律诉讼 | 文字有新增/删除 | +22 | 0 | ~2 | 7 |
| 管理层讨论与分析 | 文字有新增/删除 | +10 | −23 | ~16 | 21 |
| 市场风险(第7A项) | 文字有新增/删除 | +22 | 0 | ~2 | 5 |
计数单位为段落;"新增/删除"指相对上一份文件新增/删除的文字,不含方向或好坏判断。
代表性摘录
每个章节最多 5 条、每条约 300 字符的原文摘录,直接来自两份 SEC 文件。
业务概况
相对上期新增的文字 · 来源:10-K · 2026-03-20
In 2019, we commenced our Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). In March 2025 we changed the name of Enteris to MOD3 Pharma ("MOD3"). MOD3 is a clinical development and manufacturing organization providing development services to pharmaceutic…
We have invested and plan to continue investing in cash flow streams produced by life sciences products that are subject to extensive regulation by the U.S. Food and Drug Administration (“FDA”), similar foreign regulatory authorities, and to a lesser extent, other federal and state agencies. If any …
相对上期删除的文字 · 来源:10-K · 2025-03-20
During 2019, we commenced our Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). Enteris is a clinical development and manufacturing organization providing development services to pharmaceutical partners as well as innovative formulation solutions built a…
For additional information concerning the effect of existing or probable government regulation on our business, see Item 1A., Risk Factors.
风险因素
相对上期新增的文字 · 来源:10-K · 2026-03-20
property, and differentiate products from competitors. Failure by our partner companies to successfully commercialize existing or planned products, or acquire other new products, could have a material adverse effect on our business, financial condition and results of operations. In addition, the abi…
We generally do not control our partner companies, and our partner companies may make decisions with which we don’t agree or that don’t serve our business or financial interests.
We may seek growth opportunities through strategic acquisitions as well as evaluate our segments for potential divestitures to optimize our business footprint. The success of these transactions will depend on our ability to integrate or separate, as applicable, assets and personnel in these transact…
Changes in our management may cause uncertainty in, or be disruptive to, our business.
On December 4, 2025, the Company and the Lenders entered into a Sixth Amendment to the Credit Agreement (the “Amendment”), which amended the Credit Agreement, dated as of June 28, 2023, in order to reduce the aggregate commitments thereunder from $60.0 million to $10.0 million.
相对上期删除的文字 · 来源:10-K · 2025-03-20
We may not be able to complete transactions without co-investments from third parties.
We may co-invest with third parties through our registered investment advisory business or otherwise. In certain circumstances, we may not be able to fund transactions without the participation of such third parties. In the event that we are unable to find suitable third parties to co-invest with us…
The phase-out and replacement of LIBOR may adversely affect the value of our portfolio securities
As of June 30, 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. Dollar LIBOR settings have been entirely discontinued. On July 29, 2021, the U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering c…
We may seek growth opportunities through strategic acquisitions as well as evaluate our segments for potential divestitures to optimize our business footprint. The success of these transactions will depend on our ability to integrate or separate, as applicable, assets and personnel in these transact…
法律诉讼
相对上期新增的文字 · 来源:10-K · 2026-03-20
Summary of the Material and Other Risks Associated with our Business
•We may suffer losses on our principal invested in credit and royalty transactions.
•We operate in a highly competitive market for investment opportunities.
•Healthcare and life sciences industries are subject to extensive government regulation, litigation risk, reimbursement risk and certain other risks particular to those industries.
•The pharmaceutical industry is subject to numerous risks, including competition, extensive government regulation, product liability, patent exclusivity and commercial difficulties.
管理层讨论与分析
相对上期新增的文字 · 来源:10-K · 2026-03-20
For the year ended December 31, 2025, the Company operated two reportable segments, Pharmaceutical Development and Finance Receivables. During the third quarter of 2025, the Company sold substantially all of the assets of the Pharmaceutical Development Segment, after which the Company’s operations w…
The tables below provide an overview of our outstanding transactions as of, and for the year ended, December 31, 2025 (in thousands, except rate, share and per share data):
(4)Flowonix Medical assets were sold to a medical device company in a prior period. In exchange for releasing its lien, SWK received cash at close and receives royalties on sales of two products.
Investment was paid off during the year ended December 31, 2025
Revenues decreased to $41.5 million for the year ended December 31, 2025, from $45.0 million for the year ended December 31, 2024. The $3.5 million decrease in revenue for the year ended December 31, 2025, consisted of a $2.1 million decrease in Finance Receivables segment revenue and a $1.4 million…
相对上期删除的文字 · 来源:10-K · 2025-03-20
We have organized our operations into two segments: Finance Receivables and Pharmaceutical Development. These segments reflect the way we evaluate our business performance and manage our operations. Please refer to Part I, Item 1, Business and Part II, Item 8, Financial Statements, Notes 1 and 13 of…
With an effective date of January 1, 2024, we entered into an exclusive Option and Asset Purchase Agreement with a strategic partner on March 14, 2024, which granted the strategic partner an exclusive option to acquire certain of Enteris’ assets related to its business of providing good manufacturin…
The tables below provide an overview of our outstanding transactions as of, and for the year ended, December 31, 2024 (in thousands, except rate, share and per share data):
Coflex®/Kybella®Spinal stenosis/submental fullness4,350 3,053 246
Duo RoyaltyJapanese Women's health/cystic fibrosis15,353 11,231 2,346
市场风险(第7A项)
相对上期新增的文字 · 来源:10-K · 2026-03-20
Summary of the Material and Other Risks Associated with our Business
•We may suffer losses on our principal invested in credit and royalty transactions.
•We operate in a highly competitive market for investment opportunities.
•Healthcare and life sciences industries are subject to extensive government regulation, litigation risk, reimbursement risk and certain other risks particular to those industries.
•The pharmaceutical industry is subject to numerous risks, including competition, extensive government regulation, product liability, patent exclusivity and commercial difficulties.
如何读 10-Q 的风险因素(第 1A 项)
10-Q 的风险因素章节有三种常见形态,本页按其一分类展示:
- 指向(pointer) — 公司仅声明"无重大变化"并指向年度 10-K 的完整风险因素;本季没有自己的风险文本可对比。
- 部分更新(partial) — 公司写明"除下述外无重大变化",只更新部分风险;摘录展示的正是本季新增的内容。
- 全文重述(restated) — 本季重新给出完整风险因素。若上一季只是"指向",则无法逐段对比,本页会将其标为"本季全文重述"。
这只是对文件结构的客观描述,不构成对风险高低的判断。
数据来自 SEC EDGAR 两份申报文件的文本级对比 · 确定性计算(无 AI 生成内容)· 仅供参考 · 非投资建议