Quantitative and Qualitative Disclosures about Market Risk
−Removed: Interest Rate Risk .
−Removed: As of December 31, 2021, we had $232,968 cash and cash equivalents.
−Removed: Our cash equivalents are primarily held in U.S.
+Added: Foreign Exchange Risk
+Added: As of December 31, 2022, we had $193,725 of cash and cash equivalents.
+Added: Our cash and cash equivalents are primarily held in U.S.
Government money market funds.
−Removed: We do not participate in any foreign currency hedging activities and we do not have any other derivative financial instruments.
+Added: We do not participate in any foreign currency hedging activities and have limited exposure to other derivative financial instruments, primarily resulting from the terms and conditions of the OFA Facilities.
We did not recognize any significant exchange rate losses during the years ended December 31, 2022 and 2021, respectively.
We do not believe that our cash and cash equivalents have significant risk of default or illiquidity.
−Removed: While we believe our cash and cash equivalents does not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value.
−Removed: In addition, we maintain significant amounts of cash at one or more financial institutions that are in excess of federally insured limits.
+Added: While we believe our cash and cash equivalents do not contain material market risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value.
+Added: In addition, we maintain significant amounts of cash at one or more financial institutions that exceed federally insured limits.
+Added: In the event of a failure of any of the financial institutions where we maintain our cash and cash equivalents, there can be no assurance that we will be able to access uninsured funds in a timely manner or at all.
+Added: Interest Rate Risk
+Added: The loans under the Credit Agreement bear interest at a fixed annual rate of 10.25%, payable quarterly, and the RIFA is repaid based on a multiple of invested capital.
+Added: Consequently, we do not have material interest rate exposure due to our indebtedness.
Capital Market Risk
−Removed: We currently have no product revenues and depend on funds raised through other sources.
−Removed: Our sources of funding include future debt or equity offerings.
+Added: We currently do not have substantial product revenues and depend on funds raised through other sources.
+Added: One source of funding includes future debt or equity offerings.
Our ability to raise funds in this manner depends upon, among other things, capital market forces affecting our stock price, and on the state of the capital markets generally .
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.