3 unchanged sentences
Interest Rate Risk
−Removed: On August 13, 2024, the Company entered into a New Credit Agreement, which is secured by substantially all of the personal property and certain material real property owned by ANI and our wholly-owned domestic subsidiaries, and obligations under the New Credit Agreement are guaranteed by certain of our wholly-owned domestic subsidiaries.
+Added: On August 13, 2024, the Company entered into the 2024 Credit Agreement, which is secured by substantially all of the personal property and certain material real property owned by ANI and our wholly-owned domestic subsidiaries, and obligations under the 2024 Credit Agreement are guaranteed by certain of our wholly-owned domestic subsidiaries.
The Term Loan A proceeds were used to finance the acquisition of Alimera, including fees, costs, and expenses incurred in connection with the acquisition.
Proceeds from the TLA Revolver are expected to be used, subject to certain limitations, for working capital and other general corporate purposes.
−Removed: As of December 31, 2024, the Company had approximately $323.0 million of debt outstanding under our New Credit Agreement, bearing interest at variable rates, tied to the Secured Overnight Financing Rate.
+Added: As of December 31, 2025, the Company had approximately $312.8 million of debt outstanding under the 2024 Credit Agreement, bearing interest at variable rates, tied to the Secured Overnight Financing Rate.
Accordingly, our earnings and cash flows will be affected by changes in interest rates to the extent the principal balance is unhedged.
−Removed: Assuming no change in the amount of debt outstanding, a 100 basis point increase in the average interest rate under these borrowings would have increased the interest expense related to our variable rate debt by approximately $1.8 million based upon our unhedged portion of principal debt outstanding as of December 31, 2024.
+Added: Assuming no change in the amount of de bt outstanding, a 100 basis point increase in the average interest rate under these borrowings would have increased the interest expense related to our variable rate debt by approximately $1.7 million based upon our unhedged portion of principal debt outstanding as of December 31, 2025.
Actual results may vary due to changes in the amount of variable rate debt outstanding.
−Removed: A commitment fee accrues on the unutilized commitments under the TLA Revolver and, from and after the date that is two months after the closing date of the New Credit Agreement, the TLA at a per annum rate equal between 0.25% and 0.40% depending on the Company’s first lien net leverage ratio.
+Added: A commitment fee accrues on the unutilized commitments under the TLA Revolver and, from and after the date that is two months after the closing date of the 2024 Credit Agreement, the TLA at a per annum rate equal between 0.25% and 0.40% depending on the Company’s first lien net leverage ratio.
The returns from certain of our cash and cash equivalents will vary as short-term interest rates change.
8 unchanged sentences
Equity Investment Risk
−Removed: Our equity investment is held in the marketable equity security of one publicly traded company (CG Oncology, Inc.).
−Removed: As of December 31, 2024, the carrying value of our marketable equity security was approximately $6.3 million.
−Removed: This security is subject to a wide variety of market-related risks that could substantially reduce or increase the fair value of our holding.
−Removed: A decline in financial condition or operating results of this investment could result in a loss of all or a substantial part of our carrying value in this company.
−Removed: Ta b l e of Contents
+Added: Our equity investment is held in the marketable equity securities of one publicly traded company, CG Oncology, Inc.
+Added: As of December 31, 2025, the carrying value of our marketable equity securities was approximately $9.1 million.
+Added: This equity investment is subject to a wide variety of market-related risks that could substantially reduce or increase the fair value of our ho lding.
+Added: A decline in financial condition or operating results of this investment could result in a loss of all or a substantial part of our carrying value in this investment.
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.