2 unchanged sentences
interest rates.
−Removed: As of December 31, 2022 our cash and cash equivalents consisted of cash, money market funds and commercial paper, and our marketable securities consisted of commercial paper and corporate debt securities.
+Added: As of December 31, 2023 our cash and cash equivalents consisted of cash, money market funds and commercial paper, and our marketable securities consisted of commercial paper, corporate debt securities and U.S.
+Added: Treasury and agency securities.
Due to the conservative nature of these instruments, we do not believe that we have a material exposure to interest rate risk.
1 unchanged sentence
Our outstanding debt under the Credit Facility bears interest at an annual rate equal to the sum of (i) the secured overnight financing rate, or SOFR, plus a corresponding spread, plus (ii) 7.00%, subject to a SOFR floor of 2.00% and an interest rate ceiling of 16%.
−Removed: Given the ceiling of the interest rate, an increase in market interest rates would increase annual
−Removed: interest expense and decrease cash flows by a maximum of $2.1 million.
+Added: Given the ceiling of the interest rate, an increase in market interest rates would increase annual interest expense and decrease cash flows by a maximum of $1 million.
On December 7, 2022, we entered into the Third Amendment to the Credit Facility which implemented SOFR as the replacement of LIBOR as the benchmark interest rate for borrowings.
5 unchanged sentences
Inflation generally affects us by increasing our cost of labor and clinical trial costs.
−Removed: Inflation increased during the year ended December 31, 2022, and is expected to continue to increase for the near future.
+Added: Inflation increased during the year ended December 31, 2023.
Inflationary factors, such as increases in the cost of our materials, supplies, and overhead costs may adversely affect our operating results.
−Removed: Although Wwe do not believe that inflation had a material effect on our business, financial condition or results of operations during the periods presented, we may experience adverse effects if inflation rates continue to rise.
+Added: Although we do not believe that inflation had a material effect on our business, financial condition or results of operations during the periods presented, we may experience adverse effects if inflation rates remain elevated.
Significant adverse changes in inflation and prices in the future could result in material losses.
3 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.