1 unchanged sentence
Interest Rate Risk
−Removed: Our cash and cash equivalents primarily consists of deposits and money market deposits managed by commercial banks as of December 31, 2020.
+Added: Our cash, cash equivalents and short-term investments consist of cash held in readily available checking and money market accounts, as well as debt securities.
The goals of our investment policy are preservation of capital, fulfillment of liquidity needs and fiduciary control of cash and investments.
−Removed: Our primary exposure to market risk is interest income sensitivity, which is affected by changes in the general level of interest rates, particularly because our investments were in short-term money marketable funds during the years ended December 31, 2020 and 2019.
+Added: Our primary exposure to market risk is interest income sensitivity, which is affected by changes in the general level of interest rates.
Due to the short-term duration of our investment portfolio and the relatively low risk profile of our investments, a sudden change in interest rates would not have a material effect on the fair market value of our portfolio, nor our operating results or cash flows.
−Removed: We do not believe our cash and cash equivalents have significant risk of default issues;
−Removed: however, we maintain significant amounts of cash and cash equivalents at one or more financial institutions that are in excess of federally insured limits.
−Removed: Given the current stability of financial institutions, we believe that we will not experience losses on these deposits.
Foreign Currency Risk
8 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.