7 unchanged sentences
Our investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of our investments to preserve principal and maintain liquidity.
−Removed: All investment securities have a credit rating of at least A-2/P-2/F2 from at least two National
−Removed: Recognized Statistical Rating Organizations.
+Added: All investment securities have a credit rating of at least A-2/P-2/F2 from at least two National Recognized Statistical Rating Organizations.
We do not have any direct investments in asset-backed securities, collateralized debt or loan obligations, or structured investment vehicles.
−Removed: Our primary exposure to market risk is interest income sensitivity, which is affected by changes in the general level of U.S.
+Added: Our primary exposure to market risk
+Added: is interest income sensitivity, which is affected by changes in the general level of U.S.
interest rates.
Based on our $472.4 million of investments in money market funds, U.S.
−Removed: treasury notes, corporate bonds and municipal obligations as of September 30, 2025, an immediate 10% change in market interest rates would not have a material impact on the fair market value of our investment portfolio or on our financial position or results of operations.
−Removed: As of September 30, 2025, we had $170.0 million in borrowings outstanding.
+Added: treasury notes, corporate bonds and municipal obligations as of March 31, 2026, an immediate 10% change in market interest rates would not have a material impact on the fair market value of our investment portfolio or on our financial position or results of operations.
+Added: As of March 31, 2026, we had $160.0 million in borrowings outstanding.
The Term Loan bears interest at a per annum rate equal to, at our option, (i) a base rate plus a specified margin ranging from 2.50% to 3.00%, based on our senior secured net leverage ratio (as defined in the TLA Credit Agreement) or (ii) Term SOFR plus a credit spread adjustment of 0.10% plus a specified margin ranging from 3.50% to 4.00%, based on our senior secured net leverage ratio.
−Removed: Based on the $170.0 million of principal outstanding as of September 30, 2025, an immediate 10% change in the Term SOFR would not have a material impact on our debt-related obligations, financial position or results of operations.
+Added: Based on the $160.0 million of principal outstanding as of March 31, 2026, an immediate 10% change in the Term SOFR would not have a material impact on our debt-related obligations, financial position or results of operations.
Foreign Currency Fluctuation Risk
4 unchanged sentences
Inflation may affect us by potentially increasing costs such as labor and our clinical trial costs.
−Removed: We do not believe that inflation had a material effect on our business, financial condition or results of operations for each of the three months ended September 30, 2025, and 2024.
+Added: We do not believe that inflation had a material effect on our business, financial condition or results of operations for each of the three months ended March 31, 2026, and 2025.
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.