5 unchanged sentences
Interest Rate Risk
−Removed: Our exposure to changes in interest rates relates to investments in deposits and to changes in the interest for overnight deposits.
+Added: Our exposure to changes in interest rates relates to investments in deposits and to changes in the interest for overnight deposits and marketable securities.
Changes in the general level of interest rates may lead to an increase or decrease in the fair value of these investments.
−Removed: All of our interest-bearing loans and borrowings have a fixed rate of interest.
+Added: In February 2024, we completed a private offering of $402.5 million aggregate principal amount of Notes, which mature on February 1, 2030, unless earlier converted, redeemed, or repurchased.
+Added: The Notes accrue interest payable semiannually at a fixed rate of 2.50% per annum, commencing August 1, 2024.
+Added: Issuance costs totaling $13.4 million are being amortized as interest expense at an effective rate of 3.06% over the life of the Notes.
+Added: Given the fixed interest rate, the Company is not subject to interest rate risk with respect to these Notes.
+Added: However, changes in market interest rates could affect the fair value of the Notes and the price of our ADSs, influencing the decision of noteholders to convert their Notes.
We are currently not subject to interest rate risks related to any other liabilities shown in the Condensed Consolidated Balance Sheets.
1 unchanged sentence
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
−Removed: Our exposure to the risk of changes in foreign exchange rates relates primarily to fluctuations in value of foreign currency cash and cash equivalent balances held by our main operating subsidiary in the United Kingdom, our operating activities in our foreign subsidiaries, and outsourced supplier agreements denominated in currencies other than functional currency.
+Added: Our exposure to the risk of changes in foreign exchange rates relates primarily to fluctuations in value of foreign currency cash and cash equivalents balances held by our main operating subsidiary in the United Kingdom, our operating activities in foreign subsidiaries, and outsourced supplier agreements denominated in currencies other than functional currency.
We minimize foreign currency risk by maintaining cash and cash equivalents of each currency at levels sufficient to meet foreseeable expenditure to the extent practical.
−Removed: Our cash and cash equivalents were $537.8 million and $442.6 million as of September 30, 2024 and December 31, 2023, respectively.
−Removed: As of September 30, 2024, 91% of our cash and cash equivalents were held by our U.K.
−Removed: subsidiary, of which 58% were denominated in U.S.
+Added: Our cash and cash equivalents were $476.8 million and $455.7 million as of March 31, 2025 and December 31, 2024, respectively.
+Added: As of March 31, 2025, 75% of our cash and cash equivalents were held by our U.K.
+Added: operating subsidiary, of which 45% were denominated in U.S.
dollars, 40% were denominated in pounds sterling and 15% were denominated in euros.
−Removed: All of our marketable securities were held in our U.K.
+Added: All of our marketable securities were held by our U.K.
parent company and were denominated in U.S.
−Removed: The significant remainder of our cash and cash equivalents are held in the United States and denominated in U.S.
+Added: The remainder of our cash and cash equivalents are held in the United States and denominated in U.S.
Changes in exchange rates had an impact on U.S.
−Removed: dollar balances held by our main operating subsidiary in the United Kingdom, which resulted in foreign exchange gains in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) due to the appreciation of the subsidiary’s U.S.
−Removed: dollars in pounds sterling terms in the nine months ended September 30, 2024 and 2023.
+Added: dollar cash and cash equivalents balances held by our main operating subsidiary in the United Kingdom, which resulted in foreign exchange losses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in the three months ended March 31, 2025 and 2024.
+Added: These losses were more than offset by foreign exchange gains primarily on pound sterling denominated intercompany loans.
Further movements in exchange rates or returns to previous exchange rate levels have caused, and may continue to cause, material fluctuations or equivalent losses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
−Removed: A five percentage point increase in exchange rates would reduce the carrying value of net financial assets and liabilities held in foreign currencies as of September 30, 2024 by $9.9 million and as of December 31, 2023 by $6.0 million.
−Removed: A five percentage point decrease in exchange rates would increase the carrying value of net financial assets and liabilities held in foreign currencies as of September 30, 2024 by $9.9 million and as of December 31, 2023 by $6.0 million.
−Removed: We are exposed to credit risk from our operating activities, primarily accounts receivable, and cash, cash equivalents and marketable securities held with banks and financial institutions.
−Removed: Cash, cash equivalents and marketable securities are maintained with high-quality financial institutions in the United Kingdom and United States.
+Added: A five percentage point increase in exchange rates would reduce the carrying value of net financial assets and liabilities held in foreign currencies as of March 31, 2025 by $5.7 million and as of December 31, 2024 by $6.5 million.
+Added: A five percentage point decrease in exchange rates would increase the carrying value of net financial assets and liabilities held in foreign currencies as of March 31, 2025 by $5.7 million and as of December 31, 2024 by $6.5 million.
+Added: We are exposed to credit risk from our operating activities, primarily accounts receivable, and cash and cash equivalents and marketable securities held with banks and financial institutions.
+Added: Cash and cash equivalents and marketable securities are maintained with high-quality financial institutions in the United Kingdom and United States.
We are also potentially subject to concentrations of credit risk in our accounts receivable with respect to amounts owed by a limited number of entities comprising our customer base.
−Removed: Our exposure to credit losses is low, however, owing largely to the credit quality of our distributors, collaboration partners, and other customers, the significant majority of which are considerably larger than us.
+Added: Our exposure to credit losses is low, however, owing largely to the credit quality of our distributors and other customers, the significant majority of which are considerably larger than us.
We continually monitor our positions with, and the credit quality of, the financial institutions and corporations, which are counterparts to our financial instruments and do not anticipate non-performance.
3 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.