What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-11-12 compared with 2024-08-05 · 165 added, 148 removed, 206 unchanged (60% of the section changed)

17 unchanged sentences

history of recurring losses and negative cash flows from operating activities, significant future commitments and the uncertainty

regarding the adequacy of our liquidity to pursue our complete business objectives;

regarding the adequacy of our liquidity to pursue our complete business objectives, and substantial doubt regarding our ability to

continue as a going concern;

need to raise additional capital to meet our business requirements in the future and such capital raising may be costly or difficult

23 unchanged sentences

and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction;

political and economic instability in the Middle East that could harm our business, including due to the current war between Israel

political and economic instability in the Middle East that could harm our business;

or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated

94 unchanged sentences

of the private placement financing that the Company consummated on May 15, 2023.

Situation in Israel

October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian

8 unchanged sentences

of these events, there have been continued hostilities along Israel’s northern border with Lebanon (with the Hezbollah terror organization)

and southern border (with the Houthi movement in Yemen).

It is possible that hostilities with Hezbollah in Lebanon will escalate, and

that other terrorist organizations, including Palestinian military organizations in the West Bank as well as other hostile countries

will join the hostilities.

In addition, Iran recently launched a direct attack on Israel involving hundreds of drones and missiles and

has threatened to continue to attack Israel and is widely believed to be developing nuclear weapons.

Iran is also believed to have a

strong influence among extremist groups in the region, such as Hamas in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen and

various rebel militia groups in Syria and Iraq.

Such clashes may escalate in the future into a greater regional conflict.

We cannot currently

predict the intensity or duration of Israel’s war against Hamas, nor can we predict how this war will ultimately affect our business

and operations or Israel’s economy in general.

and on other fronts from various extremist groups in region, such as the Houthis in Yemen and various rebel militia groups in Syria and

It is possible that hostilities with Hezbollah in Lebanon will escalate, and that other terrorist organizations, including Palestinian

military organizations in the West Bank as well as other hostile countries will join the hostilities.

In addition, Iran recently launched

direct attacks on Israel involving hundreds of drones and missiles and has threatened to continue to attack Israel and is widely believed

to be developing nuclear weapons.

Iran is also believed to have a strong influence among extremist groups in the region, such as Hamas

in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen and various rebel militia groups in Syria and Iraq.

Such clashes may escalate

in the future into a greater regional conflict.

We cannot currently predict the intensity or duration of Israel’s war against Hamas,

nor can we predict how this war will ultimately affect our business and operations or Israel’s economy in general.

of Premarket Approval Application

September 2024, the Company submitted a PMA application to the FDA seeking marketing approval for the CGuard Prime carotid stent system

of Investigational Device Exemption

October 2024, the FDA approved the Company’s IDE to initiate the CGUARDIANS II pivotal study of its CGuard Prime 80cm Carotid Stent

System during transcarotid revascularization (TCAR) procedures.

Establishment

October 2024, we established our global headquarters in Miami, Florida to support the anticipated U.S, launch and commercialization of

the CGuard Prime carotid stent system.

Accounting Policies

10 unchanged sentences

of Operations

months ended June 30, 2024, compared to the three months ended June 30, 2023

For the three months ended June 30, 2024, revenue increased by $90,000, or 5.4%, to $1,739,000, from $1,649,000 during the three months

ended June 30, 2023.

This increase was predominantly driven by growth in existing and new markets, partially offset by a reduction in

clinical trial revenue driven by the conclusion of C-GUARDIANS enrollment in June 2023.

respect to geographical regions, the increase in revenue was primarily attributable to a $303,000 increase in Europe for reasons mentioned

in the paragraph above.

This increase was offset by a $87,000 decrease in Latin America a $80,000 decrease in Asia due to timing of shipment

of orders, and a $45,000 decrease in the United States as we completed in June 2023 the enrollment of all patients in our C-Guardians

IDE clinical trial.

For the three months ended June 30, 2024, gross profit (revenue less cost of revenues) decreased by $160,000, or 32.6%, to

$331,000, from $491,000 during the three months ended June 30, 2023.

months ended September 30, 2024, compared to the three months ended September 30, 2023

For the three months ended September 30, 2024, revenue increased by $254,000, or 16.3%, to $1,810,000, from $1,556,000 during the three

months ended September 30, 2023.

This increase was predominantly driven by growth in existing and new markets.

respect to geographical regions, the increase in revenue was primarily attributable to a $142,000 increase in Europe, a $109,000 increase

in Asia and a $13,000 increase in the Middle East, all for reasons mentioned in the paragraph above.

This increase was offset by a $7,000

decrease in Latin America.

For the three months ended September 30, 2024, gross profit (revenue less cost of revenues) decreased by $24,000, or 5.6%,

to $414,000, from $438,000 during the three months ended September 30, 2023.

This decrease in gross profit resulted from a $24,000 increase

in material and labor costs mainly due to higher sales volume as well as compensation expense for new and current employees, additional

space to build capacity for anticipated increased volume requirements and additional training expenses offset by an increase of the revenues

of $90,000 (see above), and an increase $13,000 in miscellaneous expense.

Gross margin (gross profits as a percentage of revenue) decreased

to 19.0% during the three months ended June 30, 2024, from 29.8% during the three months ended June 30, 2023, driven by the factors mentioned

in miscellaneous expense.

Gross margin (gross profits as a percentage of revenue) decreased to 22.9% during the three months ended September

30, 2024, from 28.1% during the three months ended September 30, 2023, driven by the factors mentioned above.

and Development Expenses .

For the three months ended June 30, 2024, research and development expenses increased by $1,408,000, or

70.6%, to $3,401,000, from $1,993,000 during the three months ended June 30, 2023.

This increase resulted primarily from an increase

in compensation expenses of $741,000, mainly due to an increase of share-based compensation-related expenses due to the expense recognition

of grants made to employees and consultants since the second quarter of 2023 and due to the hiring of the Executive Vice President and

General Manager of North America in connection with our expansion plans in the United States, an increase of $427,000 of SwitchGuard

NPS development and regulatory approval process, an increase of $82,000 related to the establishment of operations in the United States,

an increase of $77,000 related to an early feasibility study of CGuard Prime for the treatment of acute stroke patients with tandem lesions

and an increase of $81,000 in miscellaneous expenses.

For the three months ended September 30, 2024, research and development expenses increased by $1,805,000,

or 85.5%, to $3,915,000, from $2,110,000 during the three months ended September 30, 2023.

This increase resulted primarily due to an

increase of $1,016,000 of SwitchGuard NPS development and regulatory approval process including expenses related to the IDE application

for the CGUARDIANS II pivotal study of the CGuard Prime 80cm Carotid Stent System, an increase in compensation expenses of $670,000,

mainly due to an increase of share-based compensation-related expenses and due to the hiring of the Executive Vice President and General

Manager of North America in connection with our expansion plans in the United States, an increase of $140,000 related to an early feasibility

study of CGuard Prime for the treatment of acute stroke patients with tandem lesions and an increase of $224,000 in miscellaneous expenses.

These increases were offset by a decrease of $245,000 in expenses associated with the C-Guardians FDA Study as the one-year follow-up

finalized in the second quarter of 2024 and the submission this quarter of the PMA application to the FDA.

and Marketing Expenses .

For the three months ended June 30, 2024, selling and marketing expenses increased by $553,000, or 62.0%,

to $1,445,000, from $892,000 during the three months ended June 30, 2023.

For the three months ended September 30, 2024, selling and marketing expenses increased by $596,000, or 68.0%,

to $1,472,000, from $876,000 during the three months ended September 30, 2023.

This increase resulted primarily from an increase in compensation

expenses of $469,000 and an increase of $84,000 in miscellaneous expenses.

expenses of $524,000 as the Company build its U.S.

commercial infrastructure to enter the U.S.

market and an increase of $72,000 in miscellaneous

and Administrative Expenses .

For the three months ended June 30, 2024, general and administrative expenses increased by $824,000,

or 28.2%, to $3,745,000, from $2,921,000 during the three months ended June 30, 2023.

For the three months ended September 30, 2024, general and administrative expenses increased by $398,000,

or 12.9%, to $3,489,000, from $3,091,000 during the three months ended September 30, 2023.

This increase resulted primarily from an increase

in compensation expenses of $993,000, mainly due to an increase of share-based compensation-related expenses due to the expense recognition

of grants made during the second quarter of 2023 and the first quarter of 2024, offset by a decrease of $92,000 in legal expenses and

a $77,000 in miscellaneous expenses.

For the three months ended June 30, 2024, financial income increased by $113,000 or 47.5%, to $351,000, from $238,000 during

the three months ended June 30, 2023.

The increase in financial income primarily resulted from a $123,000 increase in interest income

from investment in marketable securities, money market funds and short-term bank deposits.

For the three months ended June 30, 2024, there was no material change in our tax expenses as compared to the three months

ended June 30, 2023.

Our net loss increased by $2,832,000, or 55.8%, to $7,909,000, for the three months ended June 30, 2024, from $5,077,000 during

the three months ended June 30, 2023.

The increase in net loss resulted primarily from an increase of $2,785,000 in operating expenses.

months ended June 30, 2024, compared to the six months ended June 30, 2023

For the six months ended June 30, 2024, revenue increased by $362,000, or 12.5%, to $3,250,000, from $2,888,000 during the six months

ended June 30, 2023.

This sales increase was mainly due to growth in existing and new markets, partially offset by a reduction in clinical

trial revenue driven by the conclusion of C-GUARDIANS enrollment in June 2023.

in compensation expenses of $354,000, mainly due to an increase of share-based compensation-related expenses and an increase of $44,000

in miscellaneous expenses.

For the three months ended September 30, 2024, financial income increased by $111,000 or 24.1%, to $572,000, from $461,000

during the three months ended September 30, 2023.

The increase in financial income primarily resulted from a $91,000 increase in interest

income from investment in marketable securities, money market funds and short-term bank deposits.

For the three months ended September 30, 2024, there was no material change in our tax expenses as compared to the three

months ended September 30, 2023.

Our net loss increased by $2,712,000, or 52.4%, to $7,890,000, for the three months ended September 30, 2024, from $5,178,000

during the three months ended September 30, 2023.

The increase in net loss resulted primarily from an increase of $2,799,000 in operating

months ended September 30, 2024, compared to the Nine months ended September 30, 2023

For the nine months ended September 30, 2024, revenue increased by $616,000, or 13.9%, to $5,060,000 from $4,444,000 during the nine

months ended September 30, 2023.

This increase was mainly due to growth in existing and new markets, partially offset by a reduction

in clinical trial revenue driven by the conclusion of C-GUARDIANS enrollment in June 2023.

respect to geographical regions, the increase in revenue was primarily attributable to a $614,000 increase in Europe, a $79,000 increase

in Latin America and a $8,000 increase in other territories for reasons mentioned above.

This increase was offset by a $104,000 decrease

in the United States as we completed in June 2023 the enrollment of all patients in our C-Guardians IDE clinical trial, a $30,000 decrease

in Asia and a $12,000 decrease in other territories.

For the six months ended June 30, 2024, gross profit (revenue less cost of revenues) decreased by 27.9%, or $241,000, to

$623,000, compared to a $864,000 for the same period in 2023.

This decrease in gross profit resulted from a $585,000 increase in material

and labor costs mainly due to higher sales volume as well as compensation expense for new and current employees, additional space to

build capacity for anticipated increased volume requirements and additional training expenses offset by an increase of the revenues of

$362,000 (see above), and an increase $18,000 in miscellaneous expense.

Gross margin (gross profits as a percentage of revenue) decreased

to 19.2% during the three months ended June 30, 2024, from 29.9% during the three months ended June 30, 2023, driven by the factors mentioned

in Asia, a $22,000 increase in Latin America and $6,000 in other territories for reasons mentioned above.

This increase was offset by

a $104,000 decrease in the United States as we completed in June 2023 the enrollment of all patients in our C-Guardians IDE clinical

For the nine months ended September 30, 2024, gross profit (revenue less cost of revenues) decreased by 20.4%, or $265,000,

to $1,037,000, compared to a $1,302,000 for the same period in 2023.

This decrease in gross profit resulted from a $744,000 increase

in material and labor costs.

This increase in cost was mainly due to higher sales volume, increased compensation expense for new and

current employees, additional space to build capacity for anticipated increased volume requirements and additional training expenses.

In addition, the increase resulted from $78,000 related to production facility downtime for maintenance, write-offs of $58,000 and $3,000

in miscellaneous expense.

This decrease was offset by an increase of the revenues of $616,000 as described above.

margin (gross profits as a percentage of revenue) decreased to 20.5% during the nine months ended September 30, 2024, from 29.3% during

the nine months ended September 30, 2023, driven by the factors mentioned above.

and Development Expenses .

Research and Development Expenses .

For the six months ended June 30, 2024, research and development

expenses increased by 57.1%, or $2,190,000 to $6,026,000, from $3,836,000 during the six months ended June 30, 2023.

This increase resulted

primarily from an increase in compensation expenses of $1,364,000, mainly due to an increase of share-based compensation-related expenses

due to the expense recognition of grants made to employees and consultants since the second quarter of 2023 and due to the hiring of

the Executive Vice President and General Manager of North America in connection with our expansion plans in the United States, an increase

of $501,000 of SwitchGuard NPS development and regulatory approval process, an increase of $235,000 related to an early feasibility study

of CGuard Prime for the treatment of acute stroke patients with tandem lesions, an increase of $99,000 related to the establishment of

operations in the United States, offset by a decrease of $9,000 in miscellaneous expenses.

For the nine months ended September 30, 2024, research and development

expenses increased by 67.2%, or $3,995,000 to $9,941,000, from $5,946,000 during the nine months ended September 30, 2023.

This increase

resulted primarily from an increase in compensation expenses of $2,032,000, mainly due to an increase of share-based compensation-related

expenses and due to the hiring of the Executive Vice President and General Manager of North America in connection with our expansion

plans in the United States, an increase of $1,518,000 of SwitchGuard NPS development and regulatory approval process including expenses

related to the IDE application for the CGUARDIANS II pivotal study of the CGuard Prime 80cm Carotid Stent System, an increase of $376,000

related to an early feasibility study of CGuard Prime for the treatment of acute stroke patients with tandem lesions, an increase of

$161,000 related to the establishment of operations in the United States and an increase of $394,000 in miscellaneous expenses.

increases were offset by a decrease of $486,000 in expenses associated with the C-Guardians FDA Study as the one-year follow-up finalized

in the second quarter of 2024 and the submission this quarter of the PMA application to the U.S.

and Marketing Expenses .

For the six months ended June 30, 2024, selling and marketing expenses increased by 59.6%, or $1,002,000,

to $2,682,000, from $1,680,000 during the six months ended June 30, 2023.

This increase resulted primarily from an increase in compensation

expenses of $850,000 and an increase of $152,000 in miscellaneous expenses.

For the nine months ended September 30, 2024, selling and marketing expenses increased by 62.5%, or $1,598,000,

to $4,154,000, from $2,556,000 during the nine months ended September 30, 2023.

This increase resulted primarily from an increase in

compensation expenses of $1,374,000 and an increase of $224,000 in miscellaneous expenses.

and Administrative Expenses .

For the six months ended June 30, 2024, general and administrative expenses increased by 50.5%, or $2,545,000,

to $7,589,000, from $5,044,000 during the six months ended June 30, 2023.

This increase resulted primarily from an increase in compensation

expenses of $2,674,000, mainly due to an increase of share-based compensation-related expenses due to the expense recognition of grants

made during the second quarter of 2023 and the first quarter of 2024, offset by a decrease of $129,000 in miscellaneous expenses.

For the six months ended June 30, 2024, financial income increased by $370,000, to $733,000 of financial income, from $363,000

of financial income during the six months ended June 30, 2023.

The increase in financial income primarily resulted from a $387,000 increase

in interest income from investment in marketable securities, money market funds and short-term bank deposits.

For the six months ended June 30, 2024, there was no material change in our tax expenses as compared to the six months

ended June 30, 2023.

Our net loss increased by $5,608,000, or 60.1%, to $14,941,000, for the six months ended June 30, 2024, from $9,333,000 during

the six months ended June 30, 2023.

The increase in net loss resulted primarily from an increase of $5,737,000 in operating expenses

and decrease of $241,000 in gross profit, offset by an increase of $370,000 in financial income.

For the nine months ended September 30, 2024, general and administrative expenses increased by 36.2%,

or $2,944,000, to $11,079,000, from $8,135,000 during the nine months ended September 30, 2023.

This increase resulted primarily from

an increase in share-based compensation expenses of $2,868,000 and an increase of $76,000 in miscellaneous expenses.

For the nine months ended September 30, 2024, financial income increased by $481,000, to $1,305,000 of financial income,

from $824,000 of financial income during the nine months ended September 30, 2023.

The increase in financial income primarily resulted

from a $478,000 increase in interest income from investment in marketable securities, money market funds and short-term bank deposits.

For the nine months ended September 30, 2024, there was no material change in our tax expenses as compared to the nine

months ended September 30, 2023.

Our net loss increased by $8,320,000, or 57.3%, to $22,831,000, for the nine months ended September 30, 2024, from $14,511,000

during the nine months ended September 30, 2023.

The increase in net loss resulted primarily from an increase of $8,536,000 in operating

expenses and decrease of $265,000 in gross profit, offset by an increase of $481,000 in financial income.

and Capital Resources

of June 30, 2024, we have the ability to fund our planned operations for at least the next 12 months from issuance date of the financial

However, we expect to continue incurring losses and negative cash flows from operations until our products (primarily CGuard™

EPS) reach commercial profitability.

Therefore, in order to fund our operations until such time that we can generate substantial revenues,

we may need to raise additional funds.

had an accumulated deficit as of September 30, 2024, of $244 million, as well as a net loss of $22,831,000 and negative operating cash

We expect to continue incurring losses and negative cash flows from operations until our product, CGuard EPS, reaches commercial

profitability.

As a result of these expected losses and negative cash flows from operations, along with our current cash position, we

believe we do not have sufficient resources to fund operations for at least the next 12 months.

Therefore, there is substantial doubt

about our ability to continue as a going concern.

plans include continued commercialization of our products and raising capital through sale of additional equity securities, debt or capital

inflows from strategic partnerships.

There are no assurances, however, that we will be successful in obtaining the level of financing

needed for our operations.

If we are unsuccessful in commercializing our products or raising capital, we may need to reduce activities,

curtail or cease operations.

inflows from strategic partnerships and exercise of warrants.

There are no assurances, however, that we will be successful in obtaining

the level of financing needed for our operations.

If we are unsuccessful in commercializing our products or raising capital, we may need

to reduce activities, curtail or cease operations.

May 2023, we closed a private placement offering of 10,266,270 shares (the “Private Placement Shares”) of our common stock,

9 unchanged sentences

of gross proceeds.

May 2024, we entered into an Equity Distribution Agreement with Piper Sandler & Co., as sales

agent (“Piper Sandler) to which we may offer and sell, from time to time, at our option, through or to Piper Sandler up to $17,000,000

shares of our common stock (the “ATM Program”).

As of the issuance date of this report, we have sold 134,316 shares

of our common stock for total gross proceeds of approximately $341 thousands under the ATM program.

June 2024, Series H warrants to purchase 12,914,086 shares of common stock were exercised in full into 292,996 of shares of common stock

2 unchanged sentences

H Warrants were $16.9 million after deducting placement agent fees.

months ended June 30, 2024 compared to the Six months ended June 30, 2023

At June 30, 2024, we had cash and cash equivalents of $28,385,000 and marketable securities of $18,778,000 as compared to cash and cash

equivalents of $9,640,000 and marketable securities of $29,383,000 as of December 31, 2023.

We have historically met our cash needs through

a combination of issuing new shares, borrowing activities and product sales.

Our cash requirements are generally for research and development,

marketing and sales activities, finance and administrative costs, capital expenditures and general working capital.

the six months ended June 30, 2024, net cash used in our operating activities increased by $1,262,000, or 15.5%, to $9,418,000, from

$8,156,000 during the same period in 2023.

The primary reason for the increase in cash used in our operating activities was an increase

of $1,757,000 in payments for third party related expenses and for professional services, an increase of $874,000 in compensation costs

paid during the six months ended June 30, 2024, from $5,312,000 in the six months ended June 30, 2023 to $6,186,000, offset in part by

an increase of $1,254,000 in payments received from customers, and an increase of $115,000 in interest income received from money market

funds and marketable securities.

provided in our investing activities was $10,323,000 during the Six months ended June 30, 2024, compared to cash used of $22,442,000

during the Six months ended June 30, 2023.

The primary reason for the increase in cash provided by our investing activities is proceeds

from matured marketable securities of $11,040,000, net of investment in marketable securities in the Six months ended June 30, 2024,

compared to an investment in marketable securities of $28,838,000, offset by a withdrawal from short-term bank deposits, net of investment

in short-term deposits, of $6,500,000 in the Six months ended June 30, 2023 and by an increase of $600,000 in payments made for purchase

of property, plant and equipment during the Six months ended June 30, 2024.

provided by financing activities for the six months June 30, 2024, was $17,854,000.

The source of the cash provided by financing activities

during the six months ended June 30, 2024, were the proceeds from exercise of Series H warrants.

Cash provided by financing activities

for the six months June 30, 2023, was $37,534,000.

The source of the cash provided by financing activities during the six months ended

June 30, 2023, were the proceeds from the Private Placement Offering in May 2023 that resulted in approximately $37,534,000 of aggregate

net proceeds.

of June 30, 2024, our current assets exceeded our current liabilities by a multiple of 7.4.

Current assets increased by $7,684,000 during

the period and current liabilities increased by $945,000 during the period.

months ended September 30, 2024 compared to the Nine months ended September 30, 2023

At September 30, 2024, we had cash and cash equivalents of $15,818,000 and marketable securities of $24,584,000, as compared to cash

and cash equivalents of $9,640,000 and marketable securities of $29,383,000 as of December 31, 2023.

We have historically met our cash

needs through a combination of issuing new shares, borrowing activities and product sales.

Our cash requirements are generally for research

and development, marketing and sales activities, finance and administrative costs, capital expenditures and general working capital.

the nine months ended September 30, 2024, net cash used in our operating activities increased by $2,919,000, or 23.9%, to $15,118,000,

from $12,199,000 during the same period in 2023.

The primary reason for the increase in cash used in our operating activities was an

increase of $2,276,000 in payments for third party related expenses and for professional services, an increase of $1,506,000 in compensation

costs paid during the nine months ended September 30, 2024, from $7,332,000 in the nine months ended September 30, 2023 to $8,838,000,

a decrease of $99,000 in interest income received from money market funds, marketable securities and bank deposits, offset in part by

an increase of $933,000 in payments received from customers.

provided in our investing activities was $4,399,000 during the nine months ended September 30, 2024, compared to cash used of $16,056,000

during the nine months ended September 30, 2023.

The primary reason for the increase in cash provided by our investing activities is

proceeds from matured marketable securities of $5,556,000, net of investment in marketable securities in the nine months ended September

30, 2024, compared to an investment in marketable securities of $28,838,000, offset by a withdrawal from short-term bank deposits, net

of investment in short-term deposits, of $18,500,000 in the nine months ended September 30, 2023 and by an increase of $925,000 in payments

made for purchase of property, plant and equipment during the nine months ended September 30, 2024.

provided by financing activities for the nine months September 30, 2024, was $16,889,000.

The source of the cash provided by financing

activities during the nine months ended September 30, 2024, were the proceeds from exercise of Series H warrants.

Cash provided by financing

activities for the nine months September 30, 2023, was $37,534,000.

The source of the cash provided by financing activities during the

nine months ended September 30, 2023, were the proceeds from the Private Placement Offering in May 2023 that resulted in approximately

$37,534,000 of aggregate net proceeds.

of September 30, 2024, our current assets exceeded our current liabilities by a multiple of 6.4.

Current assets increased by $2,235,000

during the period and current liabilities increased by $1,245,000 during the period.

As a result, our working capital increased by $990,000

to $44,878,000 as of June 30, 2024.

to $39,129,000 as of September 30, 2024.

Balance Sheet Arrangements

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Obligations and Commitments

the six months ended June 30, 2024, there were no material changes to our contractual obligations and commitments since the year ended

December 31, 2023.

the nine months ended September 30, 2024, there were no material changes to our contractual obligations and commitments since the year

ended December 31, 2023.

Adopted and Issued Accounting Pronouncements

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis