3 unchanged sentences
We are exposed to market risk related to changes in interest rates.
−Removed: We had cash, cash equivalents and marketable securities of $1.3 billion as of December 31, 2021, which consisted primarily of money market funds and marketable securities, largely composed of investment grade, short to intermediate term fixed income securities.
+Added: We had cash, cash equivalents and marketable securities of $1.3 billion as of December 31, 2022, which consisted primarily of money market funds and marketable securities, largely composed of investment grade, short-term fixed income securities.
The primary objective of our investment activities is to preserve capital to fund our operations.
9 unchanged sentences
dollar against other currencies affects the reported amounts of expenses, assets and liabilities primarily associated with a limited number of preclinical, clinical and manufacturing activities.
−Removed: We seek to mitigate the impact of changes in currency exchange rates on cash flows from certain foreign currency denominated operating expenses by entering into forward foreign currency exchange contracts.
−Removed: Generally, the market risks of these contracts are offset by the corresponding gains and losses on the transactions being hedged.
−Removed: We do not use derivative financial instruments for speculative trading purposes, nor do we hedge foreign currency exchange rate exposure in a manner that entirely offsets the effects of changes in foreign currency exchange rates.
−Removed: The counterparties to these forward foreign currency exchange contracts are creditworthy multinational commercial banks, which minimizes the risk of counterparty nonperformance.
−Removed: We regularly review our hedging program and may, as part of this review, make changes to the program.
−Removed: As of December 31, 2021, we had open forward foreign currency exchange contracts with notional amounts of $2.2 million.
−Removed: A hypothetical 10% strengthening in foreign currency compared with the U.S.
−Removed: dollar at December 31, 2021 would have resulted in an increase in the value received over the remaining life of these contracts of approximately $0.2 million and, if realized, would positively affect earnings during the remaining life of the contracts.
−Removed: This analysis does not consider the impact of the hypothetical changes in foreign currency rates would have on the forecasted transactions that these foreign currency sensitive instruments were designated to offset.
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.