Quantitative and Qualitative Disclosures About Market Risk.
−Removed: Interest Rate Risk
We are exposed to market risks in the ordinary course of our business.
These risks primarily include interest rate sensitivities.
−Removed: We held cash and cash equivalents of $136.2 million as of December 31, 2019.
−Removed: We generally hold our cash in interest-bearing money market treasury fund accounts.
+Added: We held cash and cash equivalents and investments of $108.7 million as of December 31, 2020.
+Added: We generally hold our cash in interest-bearing money market treasury fund accounts and our investments are investment grade corporate bonds with high credit quality issuers .
Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S.
1 unchanged sentence
Due to the short-term maturities of our cash equivalents and the low risk profile of our investments, an immediate 100 basis point change in interest rates would not have a material effect on the fair market value of our cash equivalents.
+Added: Declines in interest rates, however, would reduce future investment income.
+Added: We do not have any foreign currency or derivative financial instruments.
+Added: Inflation generally affects us by increasing our cost of labor and program costs.
+Added: We do not believe that inflation had a material effect on our results of operations during the years ended December 31, 2020 and 2019 .
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.