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Interest Rate Risk
−Removed: As of December 31, 2024, we had cash and cash equivalents of $156.3 million , restricted cash of $27.3 million , and marketable securities of $469.3 million , a majority of which was maintained in high credit quality and liquid held-for-trading marketable securities, term deposits, and bank accounts.
+Added: As of December 31, 2025, we had cash and cash equivalents of $128.5 million , restricted cash of $26.7 million , and marketable securities of $405.3 million , a majority of which was held in high-credit-quality, liquid, held-for-trading marketable securities, term deposits, and bank accounts.
Our interest rate risk is affected by changes in the general level of interest rates, particularly because the majority of our investments are short-term in nature.
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We also have the ability to hold the marketable securities until maturity, and therefore, the Company would not expect the Company’s operating results or cash flows to be affected to any significant degree by the effect of a sudden change in market interest rates.
−Removed: We are further exposed to the risk that the fair value of the contingent consideration payable, and operating lease liability will vary as a result of changes in market interest rates.
+Added: We are further exposed to the risk that our operating lease liability will vary as a result of changes in market interest rates.
In order to manage funding needs or capital structure goals, the Company may enter into arrangements that are subject to either fixed market interest rates set at the time of issue or floating rates determined by ongoing market conditions.
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Inflation generally affects us by increasing our cost of labor, raw materials and supplies, and costs associated with the construction and purchases of equipment for our research and development facilities.
−Removed: We include assumptions of anticipated cost growth in the development of our cost of estimates, but if inflationary conditions, including the impact of potential trade tariffs in Canada and the US, continue over the long-term, our cost assumptions may not be sufficient to cover all cost escalation or may impact the availability of resources to execute on our operating goals on budget.
+Added: We include assumptions of anticipated cost growth in the development of our cost of estimates, but if inflationary conditions, including the impact of potential trade tariffs in Canada and the U.S., continue over the long-term, our cost assumptions may not be sufficient to cover all cost escalation or may impact the availability of resources to execute on our operating goals on budget.
If inflationary conditions continue to persist, our inability or failure to manage our costs could harm our business, financial condition, results of operations, and cash flows.
To the extent possible, we mitigate some inflation risk by negotiating longer-term agreements with our suppliers and contractors and utilize multiple sourcing options to diversify our supplier base, when possible.
−Removed: Financial Statements and Supplementary Data.
−Removed: The financial statements required to be filed pursuant to this Item 8 are appended to this report.
−Removed: An index of those financial statements is found in Item 15.
−Removed: Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
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.