4 unchanged sentences
Our investment policy provides for investments in low-risk, investment-grade debt instruments;
+Added: however, after our entry into the RIPA, we can no longer invest our excess funds in corporate or European bonds.
As of December 31, 2025, we had $88.3 million in cash and cash equivalents and $154.5 million in our investment portfolio.
15 unchanged sentences
As of December 31, 2025 , we have a $505.0 million variable-rate loan outstanding, which matures on December 31, 2027 and bears interest at Term SOFR plus 8.0% per annum.
−Removed: As of December 31, 2024 , the weighted-average interest rate on this loan was 12.34%.
+Added: As of December 31, 2025 , the interest rate on this loan was 11.66%.
A hy pothetical 100-basis point increase in the Term SOFR rate as of December 31, 2025 would increase our future interest payments by $10.1 million.
3 unchanged sentences
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.
−Removed: 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.
See Note 13 “Revenue Interest Purchase Agreement” that appears in Part II, Item 8.
8 unchanged sentences
However, fluctuations in currency exchange rates could harm our business in the future.
−Removed: Table of Conten t s
We are also exposed to foreign currency fluctuations related to the operations of our subsidiary in Italy whose financial statements are denominated in the Euro.
5 unchanged sentences
Foreign currency exchange rate fluctuations affect our reported net loss and can make comparisons from period to period more difficult.
−Removed: Our foreign operations are not material to our operations as a whole.
−Removed: As such, we currently do not enter into currency forward exchange or option contracts to hedge foreign currency exposures.
+Added: Our foreign operations are currently not material to our operations as a whole, and we currently do not enter into currency forward exchange or option contracts to hedge foreign currency exposures.
+Added: After receiving incremental approvals for ANKTIVA in international territories, we expect our transactions denominated in foreign currencies will increase, and in the future we may enter into contracts to hedge foreign currency exposures.
As of December 31, 2025, 65,053,571 warrants from our RDOs remained outstanding at a fair value of $84.4 million .
6 unchanged sentences
We do not believe that inflation has had a material effect on our business, financial condition or results of operations for any period presented herein.
−Removed: Table of Conten t s
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.