8 unchanged sentences
Increases in these variable interest rates will increase our future interest expense and decrease our results of operations and cash flows.
−Removed: No amounts were drawn down under the credit facility as of March 31, 2020.
+Added: No amounts were drawn down under the credit facility as of June 30, 2020.
Our exposure to interest rates risk relates to our 2017 Credit Facility with variable interest rates, where an increase in interest rates may result in higher borrowing costs.
−Removed: Since we have no outstanding borrowings under our 2017 Credit Facility as of March 31, 2020, the effect of a hypothetical 10% change in interest rates would not have any impact on our interest expense.
+Added: Since we have no outstanding borrowings under our 2017 Credit Facility as of June 30, 2020, the effect of a hypothetical 10% change in interest rates would not have any impact on our interest expense.
Foreign Currency Risk
4 unchanged sentences
These non-functional currency denominated monetary assets are subject to re-measurement which may create fluctuations in other expense, net, a component in our consolidated statement of operations and in the fair value of the assets in the consolidated balance sheet.
−Removed: As of March 31, 2020, the effect of a hypothetical 10% unfavorable change in exchange rates on currencies denominated in other than their functional currency would result in a potential loss in future earnings in our consolidated statement of operations and a reduction in the fair value of the assets of approximately $0.1 million.
+Added: As of June 30, 2020, the effect of a hypothetical 10% unfavorable change in exchange rates on currencies denominated in other than their functional currency would result in a potential loss in future earnings in our consolidated statement of operations and a reduction in the fair value of the assets of approximately $0.1 million.
We did not engage in hedging transactions in 2020 or 2019.
+Added: Investment in Equity Securities
+Added: We own an equity investment in Molecular Assemblies, Inc.
+Added: (“MAI”) which is a privately held company.
+Added: Concurrently with our initial equity investment, John Nicols, our chief executive officer, joined MAI’s board of directors, and we entered into the MAI Agreement pursuant to which we will provide technical services and expertise in exchange for compensation in the form of additional shares of voting preferred stock.
+Added: We and MAI envision entering into an arrangement to commercialize products developed under the MAI Agreement.
+Added: To analyze the fair value measurement of our equity investment in MAI, we perform a qualitative analysis using significant unobservable inputs.
+Added: Significant changes to the unobservable inputs may result in a significantly higher or lower fair value estimate.
+Added: We may value our equity investment based on significant recent arms-length equity transactions with sophisticated non-strategic unrelated new investors, providing the terms of these equity transactions are substantially similar to the equity transactions terms between the company and us.
+Added: The impact of the difference in transaction terms on the market value of the portfolio company may be difficult or impossible to quantify.
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.