1 unchanged sentence
We are exposed to market risk related to changes in interest rates.
−Removed: As of June 30, 2020 and December 31, 2019, we had cash and cash equivalents and available for sale securities of $295.3 million and $147.7 million, respectively, consisting primarily of money market mutual funds consisting of U.S.
+Added: As of September 30, 2020 and December 31, 2019, we had cash and cash equivalents and available for sale securities of $269.3 million and $147.7 million, respectively, consisting primarily of money market mutual funds consisting of U.S.
government debt securities, certificates of deposit and corporate debt securities.
−Removed: Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S.
+Added: Interest rate sensitivity is affected by changes in the general level of U.S.
interest rates, particularly because our investments are in short-term securities.
1 unchanged sentence
Due to the short-term duration of our investment portfolio and the low risk profile of our investments, an immediate 100 basis point change in interest rates would not have a material effect on the fair market value of our portfolio.
+Added: In addition, we are exposed to market risk related to exchange rates.
+Added: A substantial portion of our revenues for the nine months ended September 30, 2020 was received in U.S.
+Added: dollars, including revenues we receive from royalty payments converted to U.S.
+Added: dollars based on the net sales of Riona and VAFSEO in Japanese yen.
+Added: Our exchange rate risk arises from such foreign currency net sales.
+Added: As a result, we are exposed to movements in the exchange rates of the Japanese yen against the U.S.
+Added: Based on the royalty payments we received based on net sales of Riona and VAFSEO in Japan for the nine months ended September 30, 2020 a 5.0% appreciation or depreciation of the Japanese yen against the U.S.
+Added: dollar would have increased or decreased, respectively, our revenues in the nine months ended September 30, 2020 by approximately $0.2 million.
+Added: We have generally accepted the exposure to exchange rate movements without using derivative financial instruments to manage this foreign currency risk.
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.