Quantitative and Qualitative Disclosures About Market Risk
−Removed: Our financial instruments as of December 31, 2022 consisted primarily of cash equivalents which consisted of money market accounts that have contractual maturities of less than 90 days from the date of acquisition .
+Added: Our financial instruments as of December 31, 2023 consisted primarily of cash equivalents which consisted of money market accounts and U.S.
+Added: treasury securities that have contractual maturities of less than 90 days from the date of acquisition .
Due to the short-term maturities of our cash equivalents, and the fixed income nature of these investments, an immediate 10% change in interest rates would not have a material effect on the fair market value of our cash equivalents.
−Removed: As of December 31, 2022 and 2021, the aggregate principal amount outstanding under the Loan Agreement was $43.3 million and $80.0 million, respectively, which bears interest at a floating rate equal to the greater of 30-day LIBOR and 0.11%, plus 7.89% per annum.
−Removed: An immediate 10% change in the 30-day LIBOR rate would not have a material impact on our operating results or cash flows.
−Removed: In January 2023, we paid down $9.3 million of principal under the Loan Agreement, and following such payment, the aggregate principal amount outstanding under the Loan Agreement was $34.0 million.
+Added: As of December 31, 2023 and 2022, the aggregate principal amount outstanding under the Loan Agreement was $34.0 million and $43.3 million, respectively.
+Added: The aggregate principal amount outstanding under the Loan Agreement bore interest through June 30, 2023 at a floating rate equal to the greater of (i) 30-day LIBOR and (ii) 0.11%, plus 7.89%.
+Added: Effective July 1, 2023, the aggregate principal amount outstanding under the Loan Agreement bears interest at a floating rate equal to the greater of (i) 8.00% and (ii) the sum of (a) the 1-Month CME Term SOFR, (b) 0.10% and (c) 7.89% per annum.
+Added: An immediate 10% change in the 1-Month CME Term SOFR rate would not have a material impact on our operating results or cash flows.
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.