Quantitative and Qualitative Disclosures About Market Risk
+Added: Interest Rate Risk
We are exposed to market risk related to changes in interest rates.
−Removed: As of September 30, 2025 and December 31, 2024, we had cash, cash equivalents and marketable securities of $563.3 million and $470.2 million, respectively, primarily invested in U.S.
+Added: As of March 31, 2026 and December 31, 2025, we had cash, cash equivalents and marketable securities of $499.6 million and $530.1 million, respectively, primarily invested in U.S.
Treasury securities, U.S.
5 unchanged sentences
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.