4 unchanged sentences
Treasury and agency securities.
−Removed: Due to the conservative nature of these instruments, we do not believe that we have a material exposure to interest rate risk.
+Added: We do not believe that we have a material exposure to interest rate risk.
A 100 basis points change in interest rates would not have a significant impact on the total value of our portfolio.
−Removed: 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 interest expense and decrease cash flows by a maximum of $1 million.
−Removed: 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.
We are exposed to market risk related to changes in foreign currency exchange rates associated with our foreign operations where we conduct business in local currencies.
2 unchanged sentences
We do not currently hedge our foreign currency exchange rate risk.
−Removed: As of December 31, 2023 and 2022, we had minimal assets and liabilities denominated in foreign currencies and an immediate change of 10% in the exchange rate of the foreign currencies would result in a net impact of approximately $0.2 million in our consolidated balance sheets and consolidated statement of operations and comprehensive loss.
+Added: As of December 31, 2024 and 2023, we had minimal assets and liabilities denominated in foreign currencies and an immediate
+Added: change of 10% in the exchange rate of the foreign currencies would result in a net impact of approximately $0.1 million in our consolidated balance sheets and consolidated statement of operations and comprehensive loss.
Inflation generally affects us by increasing our cost of labor and clinical trial costs.
−Removed: 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 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.
+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 increase.
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.