4 unchanged sentences
We manage such risks by investing in short-term, liquid, highly rated instruments.
−Removed: As of December 31, 2024, our cash equivalents only included cash deposits at our bank.
−Removed: From time to time, we do have cash investments in short-term money market or U.S.
−Removed: treasury bills.
+Added: As of December 31, 2025, our cash equivalents included cash deposits at our bank and cash investments in short-term money market funds.
We do not believe we have any material exposure to interest rate risk in the current interest rate environment and the short duration of the invested funds we hold.
1 unchanged sentence
We do not currently have exposure to foreign currency risk.
+Added: We are subject to interest rate risk in connection with our variable rate credit agreement.
+Added: Our principal interest rate exposure relates to our credit agreement, which bears interest rates that are indexed against Secured Overnight Financing Rate (“SOFR”) plus 6.75%.
+Added: As of December 31, 2025, we had outstanding borrowings under our credit agreement totaling $30.0 million, excluding unamortized debt issuance costs and accrued exit fees.
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.