2 unchanged sentences
We are subject to market risks, including interest rate fluctuation exposure through our investments, in the ordinary course of our business.
−Removed: However, the goals of our investment policy are the preservation of capital, fulfillment of liquidity needs and fiduciary control of cash.
+Added: The goals of our investment policy are the preservation of capital, fulfillment of liquidity needs and fiduciary control of cash.
To achieve our goal of maximizing income without assuming significant market risk, we maintain our excess cash and cash equivalents in money market funds and short-term debt securities.
−Removed: Because of the short-term maturities of our cash equivalents, we do not believe that a decrease in interest rates would have any material negative impact on the fair value of our cash equivalents and short-term investments.
−Removed: As of December 31, 2023, we had cash, cash equivalents and short-term investments of $184.3 million, which consist of bank deposits and money market funds, as well as high quality fixed income instruments including commercial paper, U.S.
−Removed: government-sponsored agency bonds, corporate bonds and asset-backed securities.
+Added: Because of the short-term maturities of our cash equivalents, we do not believe that a decrease in interest rates would have any material negative impact on the fair value of our cash equivalents.
+Added: As of December 31, 2024, we had cash, cash equivalents and short-term investments of $250.1 million, which consisted of bank deposits and money market funds, as well as high quality fixed income instruments including commercial paper, U.S.
+Added: government-sponsored agency bonds, U.S.
+Added: treasury securities, corporate bonds, Yankee bonds and asset-backed securities.
The credit rating of our short-term investments must be rated A-1/P-1, or better by Standard and Poor’s and Moody’s Investors Service.
4 unchanged sentences
We do not enter into investments for trading or speculative purposes.
−Removed: We are subject to interest rate fluctuation exposure through our borrowings under the Loan Agreement and our investment in money market accounts which bear a variable interest rate.
−Removed: Borrowings under the 2022 Loan as amended bear interest at a floating per annum interest rate with 7.95% plus the greater of (a) one percent (1.00%) per annum and (b)(i) 0.022% plus (ii) 1-month CME Term SOFR reference rate as published by the CME Term SOFR Administrator on the CME Term SOFR Administrator’s Website.
+Added: We are subject to interest rate fluctuation exposure through our borrowings under the 2022 Loan Agreement, which bear interest at SOFR plus a spread based on our public debt rating.
A hypothetical increase in one-month CME Term SOFR of 100 basis points above the current one-month CME Term SOFR rate would have increased our interest expense by approximately $1.0 million for the year ended December 31, 2024.
As of December 31, 2024, we had an aggregate principal amount of $150.0 million outstanding pursuant to our 2022 Loan Agreement.
−Removed: Foreign Currency Exchange Risk
+Added: Foreign Currency Risk
The majority of our transactions are denominated in U.S.
However, we do have certain transactions that are denominated in currencies other than the U.S.
−Removed: dollar, primarily Swiss francs and the euro, and we therefore are subject to foreign exchange risk.
+Added: dollar, primarily Swiss francs, Japanese yen and the Euro, and we therefore are subject to foreign exchange risk.
The fluctuation in the value of the U.S.
−Removed: dollar against other currencies affects the reported amounts of expenses, assets and liabilities associated with a limited number of manufacturing activities.
+Added: dollar against other currencies affects the reported amounts of expenses, non-cash royalty revenue related to the sale of future royalties, assets and liabilities associated with a limited number of manufacturing activities.
+Added: Table of Conten t s
We do not use derivative financial instruments for speculative trading purposes, nor do we hedge foreign currency exchange rate exposure in a manner that entirely offsets the earnings effects of changes in foreign currency exchange rates.
1 unchanged sentence
As of December 31, 2024, we had no open forward foreign currency exchange contracts.
+Added: Table of Conten t s
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.