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International revenues and expenses are generally transacted by our foreign subsidiaries and are denominated in local currency.
−Removed: Less than 0.1% of our cash used in operations for both the nine months ended September 30, 2022 and the year ended December 31, 2021 was from our foreign subsidiaries.
−Removed: We are also exposed to foreign currency exchange rate fluctuation risk related to our transactions denominated in foreign currencies.
+Added: Approximately 4.1% and 1.7% of our cash used in operations for the three months ended March 31, 2023 and the year ended December 31, 2022, respectively, was from our foreign subsidiaries.
+Added: We are exposed to foreign currency exchange rate fluctuation risk related to our transactions denominated in foreign currencies.
We do not currently employ specific strategies, such as the use of derivative instruments or hedging, to manage these exposures.
−Removed: Our currency exposures vary but are primarily concentrated in the Euro, Swiss Franc and British Pound, in large part due to our subsidiaries, AgenTus Therapeutics SA, a company formerly with operations in Belgium, Agenus Switzerland a company formerly with operations in Switzerland and both Agenus UK Limited and AgenTus Therapeutics Limited, with operations in England.
−Removed: There has been no material change to our interest rate exposure and our approach toward interest rate and foreign currency exchange rate exposures, as described in our Annual Report on Form 10-K for the year ended December 31, 2021.
−Removed: We had cash, cash equivalents and short-term investments at September 30, 2022 of $218.2 million, which are exposed to the impact of interest rate changes, and our interest income fluctuates as interest rates change.
+Added: Our currency exposures vary but are primarily concentrated in the British Pound, Euro, and Swiss Franc, in large part due to our subsidiaries, Agenus UK Limited and AgenTus Therapeutics Limited, both with operations in England, AgenTus Therapeutics SA, a company formerly with operations in Belgium, and Agenus Switzerland a company formerly with operations in Switzerland.
+Added: We had cash, cash equivalents and short-term investments at March 31, 2023 of $189.2 million, which are exposed to the impact of interest rate changes, and our interest income fluctuates as interest rates change.
Additionally, in the normal course of business, we are exposed to fluctuations in interest rates as we seek debt financing and invest excess cash.
Due to the short-term nature of our investments in money market funds and U.S.
−Removed: Treasury Bills, our carrying value approximates the fair value of these investments at September 30, 2022.
+Added: Treasury Bills, our carrying value approximates the fair value of these investments at March 31, 2023.
+Added: There has been no material change to our interest rate exposure and our approach toward interest rate and foreign currency exchange rate exposures, as described in our Annual Report on Form 10-K for the year ended December 31, 2022.
We invest our cash and cash equivalents in accordance with our investment policy.
1 unchanged sentence
We review our investment policy annually and amend it as deemed necessary.
−Removed: Currently, the investment policy prohibits investing in any structured investment
−Removed: vehicles and asset-backed commercial paper.
+Added: Currently, the investment policy prohibits investing in any structured investment vehicles and asset-backed commercial paper.
Although our investments are subject to credit risk, our investment policy specifies credit quality standards for our investments and limits the amount of credit exposure from any single issue, issuer, or type of investment.
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.