2 unchanged sentences
We are subject to the risk of fluctuations in foreign currency exchange rates, specifically with respect to the euro, pound sterling and Australian dollar.
−Removed: Our reporting currency is the U.S.
−Removed: dollar, our functional currency is the pound sterling and the functional currency of our wholly owned foreign subsidiary, Vaccitech Australia Pty, is the Australian dollar.
−Removed: Our cash and cash equivalents as of December 31, 2021 consisted primarily of cash balances held by Vaccitech (UK) Limited in U.S.
−Removed: Assets and liabilities are translated into U.S.
−Removed: dollars at the exchange rate in effect on the balance sheet date.
+Added: Our reporting currency is the United States dollar, and functional currency of Vaccitech plc and its consolidated subsidiaries, Vaccitech (UK) Limited and Vaccitech Oncology Limited, is the pound sterling.
+Added: The functional currency of our wholly owned foreign subsidiary, Vaccitech North America, Inc.
+Added: is the United States dollar.
+Added: The functional currency of our wholly owned foreign subsidiary, Vaccitech Australia Pty, is the Australian dollar.
+Added: The functional currency of our wholly owned foreign subsidiary, Vaccitech Italia S.R.L, is the euro.
+Added: Our cash and cash equivalents as of December 31, 2022 consisted primarily of cash balances held by Vaccitech (UK) Limited in United States dollars.
+Added: Assets and liabilities are translated into United States dollars at the exchange rate in effect on the balance sheet date.
Revenue and expenses are translated at the average exchange rate in effect during the period.
−Removed: Translation adjustments are included in the consolidated Balance Sheet as a component of accumulated other comprehensive loss.
+Added: Translation adjustments are included in the consolidated Balance Sheets as a component of accumulated other comprehensive loss.
Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in operating expenses, net in the consolidated Statements of Operations and Comprehensive Loss as incurred.
+Added: We incur significant operating costs in the UK and face exposure to changes in the exchange ratio of the United States dollar and the pound sterling arising from expenses and payables at our UK operations that are settled in pound sterling.
+Added: For the year ended December 31, 2022, an average 10% weakening in the United States dollar relative to the pound sterling would have resulted in an increase to our expenses denominated in pound sterling of approximately $4.5 million, as compared to an increase in our expenses of approximately $4.9 million in the year ended December 31, 2021.
Interest Rate Sensitivity
7 unchanged sentences
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.