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We do not believe that we have any material exposure to changes in the fair value of these investments as a result of changes in interest rates due to their short-term nature.
−Removed: However, $23.6 million of these funds are held in German bank accounts that were earning negative interest of 0.5% as of December 31, 2020 and 2021.
−Removed: There was also $26.9 million held in German banks that are U.S.
−Removed: dollar denominated bank accounts and $36.4 million in U.S.
−Removed: bank accounts that are earning nominal interest.
−Removed: Declines or increases in interest rates, however, will reduce or increase future investment income, respectively, to the extent we have funds available for investment.
+Added: However, $28.9 million of these funds are held in German bank accounts that were earning between 1%-2.5% interest as of December 31, 2022.
+Added: Decreases or increases in interest rates, however, will reduce or increase future investment income, respectively, to the extent we have funds available for investment.
Foreign Currency Exchange Risk
Our primary research and development operations are conducted in our facilities in Germany.
−Removed: We have entered and may continue to enter into international agreements, primarily related to our clinical studies.
+Added: We have entered into and may continue to enter into international agreements, primarily related to our clinical studies.
Accordingly, we have exposure to foreign currency exchange rates and fluctuations between the U.S.
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Accordingly, the effects of exchange rate fluctuations on the net assets of these operations are accounted for as translation gains or losses in accumulated other comprehensive income (loss) within stockholders’ equity.
−Removed: Our German subsidiaries are currently a significant portion of our business and, accordingly, a change of 10% in the currency exchange rates, primarily the euro, could have a material impact on their financial position or results of operations.
−Removed: Although operating in local currencies may limit the impact of currency rate fluctuations on the results of operations of our German subsidiaries, rate fluctuations may impact the consolidated financial position as the assets and liabilities of our foreign operations are translated into U.S.
+Added: Foreign currency transaction gains and losses related to long-term intercompany loans that are payable in the foreseeable future are recorded in Other Income (Expense).
+Added: Our German subsidiary is currently a significant portion of our business and, accordingly, a change of 10% in the currency exchange rates, primarily the euro, could have a material impact on their financial position or results of operations.
+Added: Although operating in local currencies may limit the impact of currency rate fluctuations on the results of operations of our German and Australian subsidiaries, rate fluctuations may impact the consolidated financial position as the assets and liabilities of our foreign operations are translated into U.S.
dollars in preparing our consolidated balance sheets.
−Removed: As of December 31, 2021, our German subsidiaries had net current assets (defined as current assets less current liabilities), subject to foreign currency translation risk, of $63.2 million.
−Removed: The potential decrease in net current assets as of December 31, 2021, from a hypothetical 10% adverse change in quoted foreign currency exchange rates, due primarily to the euro, would be approximately $6.3 million.
−Removed: In addition, a 10% change in the foreign currency exchange rates for the year ended December 31, 2021, would have impacted our net loss by approximately $8.2 million due primarily to the euro.
+Added: As of December 31, 2022, our German and Australian subsidiaries had net current assets (defined as current assets less current liabilities), subject to foreign currency translation risk, of $27.7 million.
+Added: A decrease of approximately $2.8 million in net current assets would result as of December 31 2022, from a hypothetical 10% adverse change in quoted foreign currency exchange rates, primarily due to the euro.
+Added: In addition, a 10% change in the foreign currency exchange rates for the year ended December 31, 2022, would have impacted our net loss by approximately $7.3 million, primarily due to the euro.
Effects of Inflation
−Removed: We do not believe that inflation and changing prices had a significant impact on our results of operations for any periods presented herein.
+Added: We have experienced a general increase in costs as a result of global inflation, however, we do not believe that inflation and changing prices had a material impact on our results of operations for any periods presented herein.
Financial Statements and Supplementary Data.
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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.