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: In February 2024, we completed a private offering of $402.5 million aggregate principal amount of convertible senior notes (the "Notes"), which mature on February 1, 2030, unless earlier converted, redeemed, or repurchased.
+Added: In February 2024, we completed a private offering of $402.5 million aggregate principal amount of the Notes, which mature on February 1, 2030, unless earlier converted, redeemed, or repurchased.
The Notes accrue interest payable semiannually at a fixed rate of 2.50% per annum, commencing August 1, 2024.
−Removed: Issuance costs and lender fees totaling $13.4 million are being amortized as interest expense at an effective rate of 3.06% over the life of the Notes.
+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.
Given the fixed interest rate, the Company is not subject to interest rate risk with respect to these Notes.
7 unchanged sentences
As of December 31, 2025, 81% of our cash and cash equivalents were held by our U.K.
−Removed: subsidiary, of which 52% were denominated in U.S.
+Added: operating subsidiary, of which 46% were denominated in U.S.
dollars, 41% were denominated in pounds sterling and 13% 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 across our other subsidiaries and denominated in a mix of operating currencies.
Changes in exchange rates had an impact on U.S.
−Removed: dollar balances held by our main operating subsidiary in the U.K., which resulted in foreign exchange gains and losses in the Consolidated Statements of Operations and Comprehensive Loss due to the appreciation and depreciation of the subsidiary’s U.S.
+Added: dollar cash and cash equivalents balances held by our main operating subsidiary in the United Kingdom, which resulted in foreign exchange gains and losses in the Consolidated Statements of Operations and Comprehensive Loss due to the appreciation and depreciation of the subsidiary’s U.S.
dollars in pounds sterling terms.
5 unchanged sentences
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.
2 unchanged sentences
The main factors we consider are the maturities of financial assets as well as expected cash flows from equity measures.
−Removed: Financial Statements and Supplementary Data
−Removed: Our consolidated financial statements required to be filed pursuant to this Item 8 are appended at the end of this Annual Report.
−Removed: An index of those financial statements is found in Item 15 of Part IV of this Annual Report.
−Removed: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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.