1 unchanged sentence
Interest Rate Risk
−Removed: We are exposed to market risk related to changes in interest rates.
−Removed: Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S.
−Removed: interest rates, particularly because our cash equivalents have historically been invested in short-term U.S.
−Removed: Treasury obligations.
−Removed: However, because of the short-term nature of the instruments in our portfolio as of December 31, 2024, an immediate change in market interest rates of 100 basis points would not have a material impact on the fair market value of our cash and cash equivalents or on our financial position or results of operations.
−Removed: In February 2025, we expanded our investment of excess cash and cash equivalents to include U.S.
−Removed: Treasuries, corporate papers and bonds, bank obligations and certificates, and other interest bearing securities, whereby no underlying security may have a term greater than two years and in which the entire portfolio would have weighted average maturity of six-months or less.
−Removed: An immediate change in market interest rates of 100 basis points on the new investments would not have a material impact on the fair market value of our cash and cash equivalents or on our financial position or results of operations.
+Added: We are exposed to interest rate risk on our cash equivalents and marketable debt securities.
+Added: As of December 31, 2025, we had cash equivalents and marketable debt securities of $382.9 million, consisting of highly liquid investments in money market funds, U.S.
+Added: Treasury securities, corporate bonds, and commercial paper.
+Added: We do not enter into investments for trading or speculative purposes.
+Added: Our investments are exposed to market risk due to fluctuations in interest rates, which may affect our interest income and the fair market value of our investments.
+Added: However, due to the short-term nature and quality of investments in our portfolio, an immediate change in market interest rates of 100 basis points would not have a material impact on our consolidated financial statements.
Foreign Currency Exchange Rate Risk
2 unchanged sentences
Foreign currency translation (loss) gain was $3.5 million and $(4.8) million for the years ended December 31, 2025 and 2024, respectively.
−Removed: Foreign currency translation adjustments are accounted for as a component of accumulated other comprehensive (loss) income within stockholders’ equity.
+Added: Foreign currency translation adjustments are accounted for as a component of accumulated other comprehensive income (loss) within stockholders’ equity.
Additionally, we have contracted with and may continue to contract with foreign customers, suppliers, and contractors.
5 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.