2 unchanged sentences
We are exposed to market risk related to changes in interest rates.
−Removed: As of December 31, 2021, our cash and cash equivalents consisted of cash and money market accounts.
+Added: We invest a portion of our cash in investment-grade, interest-bearing securities.
+Added: The primary objectives of our investment activities are to preserve principal, maintain liquidity and maximize total return.
+Added: In order to achieve these objectives, we invest in money market funds, U.S.
+Added: government and agency securities, corporate bonds and commercial paper in accordance with our investment policy.
+Added: 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.
+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.
+Added: We do not have any direct investments in asset-backed securities, collateralized debt or loan obligations, or structured investment vehicles.
Our primary exposure to market risk is interest income sensitivity, which is affected by changes in the general level of U.S.
interest rates.
−Removed: However, because of the short-term nature of the instruments in our portfolio, 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: Based on our $286.9 million of investments in money market funds, U.S.
+Added: treasury notes, corporate bonds and municipal obligations as of December 31, 2022, 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.
As of December 31, 2022, we had $197.5 million in borrowings outstanding.
−Removed: The Initial Loan bears interest at a per annum rate equal to LIBOR, subject to a 1.00% floor, plus 6.50%.
+Added: The Initial Term Loan bears interest at an interest rate equal to LIBOR (subject to a 1.00% floor) plus 6.50%.
Based on the $197.5 million of principal outstanding as of December 31, 2022, an immediate 10% change in the LIBOR would not have a material impact on our debt-related obligations, financial position or results of operations.
Foreign Currency Fluctuation Risk
−Removed: We are not currently exposed to significant risk related to changes in foreign currency exchange rates;
+Added: We are not currently exposed to significant market risk related to changes in foreign currency exchange rates;
however, we have contracted with and may continue to contract with foreign vendors that are located in Europe.
2 unchanged sentences
Inflation generally affects us by increasing our cost of labor and clinical trial costs.
−Removed: We do not believe that inflation had a material effect on our business, financial condition or results of operations for the years ended December 31, 2021 or 2020.
+Added: We do not believe that inflation had a material effect on our business, financial condition or results of operations for the years ended December 31, 2022 and 2021.
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.