4 unchanged sentences
We had cash and cash equivalents of $116.7 million as of December 31, 2025, which include bank deposits and money market funds.
−Removed: We had marketable investment securities of $173.4 million as of December 31, 2024, which are U.S.
−Removed: government securities and trading securities.
+Added: We had marketable investment securities of $182.8 million as of December 31, 2025, which includes U.S.
+Added: government securities.
Due to the nature of these instruments, we believe that we have no material exposure to interest rate risk.
−Removed: As of December 31, 2024, we had a term debt of $10.0 million consisting of an outstanding term loan which bears interest at a floating rate that fluctuates with the WSJ Prime Rate, subject to an interest rate floor of 6.00%.
+Added: As of December 31, 2025, we had a term debt of $10.1 million consisting of our outstanding 2024 Term Loan which bears interest at a floating rate that fluctuates with the WSJ Prime Rate, subject to an interest rate floor of 6.00%.
During 2025, the U.S.
Federal Reserve lowered interest rates on three separate occasions:
−Removed: by 50 basis points in September 2024, by 25 basis points in November 2024 and by 25 basis points in December 2024.
+Added: by 25 basis points in September 2025, by 25 basis points in October 2025 and by 25 basis points in December 2025.
The WSJ Prime Rate decreased by the same basis points for each respective adjustment thereafter.
−Removed: A hypothetical 10% change in interest rates during any of the periods presented would not have a material impact on future interest income or expense, fair values of portfolio of investments, fair value of long-term debt and related cash flows.
+Added: In addition, we hold a loan receivable denominated in Swedish Krona, with a principal amount of SEK 20 million, which bears interest at a rate of 2.00% plus the three-month Stockholm Interbank Offered Rate (“STIBOR”).
+Added: A hypothetical 10% change in interest rates during any of the periods presented would not have had a material impact on our financial statements.
Inflation Risk
5 unchanged sentences
As of December 31, 2025, we had equity securities with a total fair value of $5.6 million.
−Removed: A hypothetical 10% decrease in the market price of our trading securities as of December 31, 2024 would decrease the fair value by approximately $0.4 million.
+Added: A hypothetical 10% decrease in the market price of our equity securities as of December 31, 2025 would decrease the fair value by approximately $0.6 million.
These securities are subject to a wide variety and number of market-related risks that could substantially reduce or increase the fair value of our holdings.
+Added: We are also exposed to market risk related to changes in foreign currency exchange rates.
+Added: We do not currently hedge our foreign currency exchange rate risk.
Financial Statements and Supplementary Data.
2 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.