1 unchanged sentence
We are exposed to market risk related to changes in interest rates.
−Removed: As of September 30, 2024 and December 31, 2023, we had cash, cash equivalents and marketable securities of $1.7 billion and $806.4 million, respectively, consisting primarily of investments in U.S.
+Added: As of March 31, 2025 and December 31, 2024, we had cash, cash equivalents and marketable securities of $1.4 billion and $1.5 billion, respectively, consisting primarily of investments in U.S.
Treasuries, government securities, corporate debt securities and certificates of deposit.
2 unchanged sentences
Our marketable securities are subject to interest rate risk and could fall in value if market interest rates increase.
−Removed: Due to the short-term duration of our investment portfolio and the low risk profile of our investments, we do not believe an immediate and uniform 100 basis point change in interest rates would have a material effect on the fair market value of our investment portfolio.
+Added: Due to the short-term duration of our investment portfolio and the low risk
+Added: profile of our investments, we do not believe an immediate and uniform 100 basis point change in interest rates would have a material effect on the fair market value of our investment portfolio.
We are also exposed to market risk related to changes in foreign currency exchange rates.
2 unchanged sentences
We do not currently hedge our foreign currency exchange rate risk.
−Removed: As of September 30, 2024 and December 31, 2023, we had minimal or no liabilities denominated in foreign currencies.
+Added: As of March 31, 2025 and December 31, 2024, we had minimal or no liabilities denominated in foreign currencies.
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.