1 unchanged sentence
We are exposed to market risk related to changes in interest rates.
−Removed: As of June 30, 2023 and December 31, 2022, we had cash and cash equivalents of $53.6 million and $90.5 million, respectively, consisting primarily of money market mutual funds.
−Removed: Akebia Therapeutics, Inc.
−Removed: | Form 10-Q | Page 37
+Added: As of September 30, 2023 and December 31, 2022, we had cash and cash equivalents of $46.5 million and $90.5 million, respectively, consisting primarily of money market mutual funds.
Interest rate sensitivity is affected by changes in the general level of U.S.
2 unchanged sentences
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, the Term Loans under our Loan Agreement with Pharmakon are subject to interest rate risk, and the amount due will increase if market interest rates increase.
In addition, we are exposed to market risk related to exchange rates.
−Removed: A portion of our revenues for the six months ended June 30, 2023 was received in royalty payments converted to U.S.
+Added: A portion of our revenues for the nine months ended September 30, 2023 was received in royalty payments converted to U.S.
dollars based on the net sales of Riona and Vafseo in Japanese yen.
1 unchanged sentence
As a result, we are exposed to movements in the exchange rates of the Japanese yen against the U.S.
−Removed: For the royalty payments we received based on net sales of Riona and Vafseo in Japan for the six months ended June 30, 2023, a 5.0% appreciation or depreciation of the Japanese yen against the U.S.
−Removed: dollar would have increased or decreased, respectively, our revenues in the six months ended June 30, 2023 by approximately $0.2 million.
+Added: For the royalty payments we received based on net sales of Riona and Vafseo in Japan for the nine months ended September 30, 2023, 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, 2023 by approximately $0.3 million.
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.