Quantitative and Qualitative Disclosures About Market Risk
−Removed: We were a smaller reporting company as defined by Rule 12b‑2 of the Exchange Act in 2024 and are not required to provide the information under this item in compliance with certain scaled disclosure requirements available to smaller reporting companies.
+Added: Interest Rate Risk
+Added: We are exposed to market risk related to changes in interest rates.
+Added: As of December 31, 2025 and December 31, 2024, we had cash, cash equivalents and marketable securities of $530.1 million and $470.2 million, respectively, primarily invested in U.S.
+Added: Treasury securities, U.S.
+Added: government agency securities, corporate debt securities, asset-backed securities, commercial paper, and money market accounts.
+Added: Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S.
+Added: interest rates, particularly because our investments are in short-term available-for-sale marketable securities.
+Added: Our available-for-sale marketable securities are subject to interest rate risk and will fall in value if market interest rates increase.
+Added: Due to the short-term duration of our investment portfolio and the low risk profile of our investments, an immediate 10% change in interest rates would not have a material effect on the fair market value of our investment portfolio.
+Added: However, there can be no assurance that changes in interest rates will not have a material adverse impact on us in the future.
+Added: Foreign Currency Exchange Risk
+Added: We are exposed to market risk related to changes in foreign currency exchange rates.
+Added: We contract with vendors that are located outside the United States, and certain invoices are denominated in foreign currencies.
+Added: We are subject to fluctuations in foreign currency exchange rates in connection with these arrangements.
+Added: To date, we have not experienced any material effects from foreign currency fluctuations.
+Added: A hypothetical 10% change in foreign currency exchange rates would not have had a material effect on our results of operations during the periods presented.
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.