2 unchanged sentences
We are exposed to market risks in the ordinary course of our business.
−Removed: These risks primarily relate to interest rates fluctuations.
−Removed: We had cash and cash equivalents of $85.6 million as of September 30, 2025, which include bank deposits and money market funds.
−Removed: We had marketable investment securities of $202.0 million as of September 30, 2025, which include U.S.
+Added: These risks primarily relate to interest rate fluctuations.
+Added: As of March 31, 2026, we had cash and cash equivalents of $63.8 million, consisting of bank deposits and money market funds.
+Added: We had marketable investment securities of $197.9 million, primarily invested in U.S.
government securities.
−Removed: Due to the nature of these instruments, we believe that we have no material exposure to interest rate risk.
−Removed: We had a term debt of $10.0 million as of September 30, 2025, 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%.
−Removed: In September 2025, the U.S.
−Removed: Federal Reserve lowered interest rates by 25 basis points, lowering the target for key lending rates by quarter a percent and the WSJ Prime Rate decreased by 25 basis points thereafter.
+Added: Due to the nature of these instruments, we believe our exposure to interest rate risk is not material.
+Added: As of March 31, 2026, we had outstanding term debt of $10.1 million under a term loan that bears interest at a floating rate based on the WSJ Prime Rate, subject to an interest rate floor of 6.00%, which exposes us to interest rate risk.
A hypothetical 10% change in interest rates during any of the periods presented would not have had a material impact on our financial statements.
+Added: Foreign Currency Risk
+Added: We are exposed to foreign currency exchange rate risk primarily related to a loan receivable and certain equity securities denominated in Swedish Krona (“SEK”).
+Added: As of March 31, 2026, this loan had a principal balance of SEK 20 million and bears interest at a rate of 2.00% plus the three-month Stockholm Interbank Offered Rate.
+Added: We do not currently hedge our foreign currency exposure.
+Added: A hypothetical 10% change in foreign currency exchange rates
+Added: would increase or decrease the value of our foreign currency-denominated assets by approximately $1.0 million, which we do not consider material to our financial statements.
Inflation Risk
Our exposure to inflationary pressures is primarily in personnel and related costs.
−Removed: The extent of any future impacts from inflation on our business and our results of operations will be dependent upon how long the elevated inflation levels persist and if the rate of inflation were to further increase, neither of which we are able to predict.
−Removed: If elevated levels of inflation were to persist or if the rate of inflation were to accelerate, the purchasing power of our cash and cash equivalents may be eroded, our expenses could increase faster than anticipated and we may utilize our capital resources sooner than expected.
−Removed: Further, given the complexities of the reimbursement landscape in which we operate, our payors may be unwilling or unable to increase reimbursement rates to compensate for inflationary impacts.
+Added: The extent of any future impacts from inflation on our business and our results of operations will depend on the duration and severity of inflationary trends, which we are unable to predict.
+Added: If inflationary pressures persist or increase, our operating expenses may rise and we may utilize our capital resources sooner than expected.
+Added: Additionally, due to the reimbursement environment in which we operate, our payors may be unwilling or unable to adjust reimbursement rates to offset inflationary cost increases.
Equity Price Risk
−Removed: As of September 30, 2025, we had equity securities with a total fair value of $8.9 million.
−Removed: A hypothetical 10% decrease in the market price of our equity securities as of September 30, 2025 would decrease the fair value by approximately $0.9 million.
−Removed: 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.
−Removed: We are also exposed to market risk related to changes in foreign currency exchange rates.
−Removed: We do not currently hedge our foreign currency exchange rate risk.
+Added: As of March 31, 2026, we held equity securities with a total fair value of $8.1 million.
+Added: A hypothetical 10% decrease in the market price of these securities would result in an approximate $0.8 million decrease in fair value.
+Added: These securities are subject to market-related risks that could materially impact their value.
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.