Quantitative and Qualitative Disclosures About Market Risk
−Removed: There have been no material changes in our market risks during the quarter ended June 30, 2025.
−Removed: As of June 30, 2025, our cash equivalents and marketable securities consisted of investments in money market funds, U.S.
−Removed: Treasury securities, corporate debt securities, commercial paper and agency bonds.
+Added: There have been no material changes in our market risks during the quarter ended September 30, 2025.
+Added: As of September 30, 2025, our cash equivalents and marketable securities consisted of investments in money market funds, U.S.
+Added: Treasury securities and corporate debt securities.
These investments were made in accordance with our investment policy which specifies the categories, allocations, and ratings of securities we may consider for investment.
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For example, if we purchase a security that was issued with a fixed interest rate and the prevailing interest rate later rises, the value of that security may decline.
−Removed: Based on our current investment portfolio as of June 30, 2025, we do not believe that our results of operations would be materially impacted by an immediate change of 10% in interest rates.
+Added: Based on our current investment portfolio as of September 30, 2025, we do not believe that our results of operations would be materially impacted by an immediate change of 10% in interest rates.
We hedge a portion of foreign currency exchange risk associated with forecasted royalties revenue denominated in Swiss francs to reduce the risk of our earnings and cash flows being adversely affected by fluctuations in exchange rates.
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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.