11 unchanged sentences
With the cash discussed above, 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, we do not believe a sudden change in the interest rates would have a material impact on our financial condition or results of operations due to the short-term maturities on our cash equivalents.
+Added: However, we do not believe a sudden change in the interest rates would have a material impact on our financial condition or results of operations due to the short-term maturities of our cash equivalents.
A hypothetical 100 basis point change in interest rates during any of the periods presented would not have had a material impact on our consolidated financial statements.
6 unchanged sentences
Our use of variable-rate debt exposes us to interest rate risk as changes in interest rates would affect interest expense.
−Removed: As of December 31, 2022 , we have $475.0 million of variable-rate loans outstanding that mature on December 31, 2023.
−Removed: These loans bear interest at Term SOFR + 8.0%.
−Removed: As of December 31, 2022 , the interest rate on these loans was 12.59%.
−Removed: A hypothetical 100-basis point increase in the Term SOFR rate as of December 31, 2022 would increase our future interest payment by $4.8 million .
+Added: As of December 31, 2023 , we have variable-rate loans outstanding totaling $735.0 million, of which:
+Added: • $380.0 million matures on December 31, 2025 and bears interest at 3-month Term SOFR plus 7.5% per annum;
+Added: • $155.0 million matures on December 31, 2025 and bears interest at 3-month Term SOFR plus 8.0% per annum;
+Added: • $200.0 million matures on September 11, 2026 and bears interest at 1-month Term SOFR plus 8.0% per annum.
+Added: As of December 31, 2023 , the weighted-average interest rate on these loans was 13.09%.
+Added: A hypothetical 100-basis point increase in the Term SOFR rate as of December 31, 2023 would increase our future interest payments by $16.1 million.
Similarly, a hypothetical 100-basis point decrease in the Term SOFR rate as of December 31, 2023 would decrease our future interest payment by $16.1 million.
+Added: Interest Rate Risk – RIPA
+Added: We have entered into a revenue interest purchase agreement.
+Added: Our primary exposure to market risk is that the interest rate on the revenue interest liability may vary during the term of the agreement depending on a number of factors, including the level of forecasted net sales.
+Added: A significant increase or decrease in actual or forecasted net sales will materially impact the revenue interest liability, interest expense, and the time period for repayment.
+Added: See Note 9 , “ Revenue Interest Purchase Agreement ,” that appears in Part II, Item 8.
+Added: “Financial Statements and Supplementary Data” of this Annual Report for more information regarding the terms of the RIPA.
Foreign Currency Exchange Risk
11 unchanged sentences
Gains and losses resulting from translating the financial statements from our subsidiary’s functional currency to U.S.
−Removed: dollars are recognized as a component of other comprehensive income (loss) , on the consolidated statement of comprehensive loss.
+Added: dollars are recognized as a component of other comprehensive (loss) income , on the consolidated statement of comprehensive loss.
Foreign currency exchange rate fluctuations affect our reported net loss and can make comparisons from period to period more difficult.
1 unchanged sentence
As such, we currently do not enter into currency forward exchange or option contracts to hedge foreign currency exposures.
−Removed: As of December 31, 2022, 9,090,909 warrants from the direct registered offering remained outstanding at a fair value of $21.6 million.
−Removed: The fair value of this warrant liability is determined using the Black-Scholes option pricing model and is therefore sensitive to changes in the market price and volatility of our common stock among other factors.
−Removed: In the event of a hypothetical 10% increase in the market price of our common stock ($5.58 based on the $5.07 market price of our stock at December 31, 2022) on which the December 31, 2022 valuation was based, the fair value of the warrant liability would have increased by $3.3 million.
−Removed: Similarly, based on the fair value of the warrants outstanding as of December 31, 2022, a hypo thetical decrease of 10% in the market price of our common stock would have the fair value of the warrant liability decreased by $3.3 million .
−Removed: S uch increase or decrease would have been reflected as change in fair value of warrant liability in other income (expense), net , in our consolidated statement of operations.
+Added: As of December 31, 2023, 37,732,820 warrants from our direct registered offerings remained outstanding at a fair value of $118.8 million.
+Added: The fair value of the warrant liabilities is determined using the Black-Scholes option pricing model and is therefore sensitive to changes in the market price and volatility of our common stock among other factors.
+Added: In the event of a hypothetical 10% increase in the market price of our common stock ($5.52 based on the $5.02 market price of our stock at December 31, 2023) on which the December 31, 2023 valuation was based, the fair value of the warrant liabilities would have increased by $15.6 million.
+Added: Similarly, based on the fair value of the warrants outstanding as of December 31, 2023, a hypo thetical decrease of 10% in the market price of our common stock would have the fair value of the warrant liabilities decreased by $15.5 million .
+Added: S uch increase or decrease would have been reflected as a change in fair value of warrant liabilities in other expense, net , on the consolidated statement of operations.
Inflation Risk
2 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.