2 unchanged sentences
These risks primarily include interest rate sensitivities.
−Removed: As of December 31, 2020, we had cash and cash equivalents of $65.1 million, restricted cash of $1.5 million and marketable securities of $219.4 million, which consist of bank deposits, money market funds, commercial paper and government securities.
+Added: As of December 31, 2021, we had cash and cash equivalents of $96.4 million, restricted cash of $1.5 million and marketable securities of $290.6 million, which consist of bank deposits, money market funds, commercial paper, government securities, and corporate debt securities.
The primary objective of our investment activities is to preserve capital to fund our operations.
We also seek to maximize income from our investments without assuming significant risk.
−Removed: Because our investments are primarily short-term in duration, we believe that our exposure to interest rate risk is not significant, and a 1% movement in market interest rates would not have a significant impact on the total value of our portfolio.
−Removed: We had no debt outstanding as of December 31, 2020.
+Added: Because our investments are primarily short-term in duration, we believe that this exposure to interest rate risk is not significant, and a 1% movement in market interest rates would not have a significant impact on the total value of our portfolio.
+Added: Index to Financial Statements
+Added: In addition, amounts outstanding under our Loan Agreement bear interest at a floating rate equal a per annum interest rate equal to 7.45% plus the greater of (a) 0.10% and (b) the per annum rate published by the Intercontinental Exchange Benchmark Administration Ltd.
+Added: (or on any successor or substitute published rate) for a term of one month, subject to a replacement with an alternate benchmark rate and spread in certain circumstances.
+Added: As a result, we are exposed to risks related to our indebtedness from changes in interest rates.
+Added: We do not believe that a hypothetical 100 basis point increase or decrease in the applicable interest rate would have had a significant impact on our interest expense for the year ended December 31, 2021.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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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.