In addition to the other information set forth in this quarterly report on Form 10-Q, an investor should carefully consider the factors discussed in Part I, “Item 1A.
−Removed: Risk Factors” in the Company’s 2021 Annual Report on Form 10-K and Part II, "Item 1A.
−Removed: Risk Factors" in the Company's quarterly reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022.
−Removed: There have been no material changes to the risk factors previously disclosed under the caption "Item 1A.
−Removed: Risk Factors" in Part I of our 2021 Annual Report on Form 10-K and in Part II of our quarterly reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022.
−Removed: The risks, as described in our 2021 Annual Report on Form 10-K and our quarterly reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, are not the only risks facing the Company.
+Added: Risk Factors” of the Company’s 2022 Annual Report on Form 10-K.
+Added: Except as set forth below, there were no material changes to the risk factors previously disclosed under the caption "Item 1A.
+Added: Risk Factors" in Part I of our 2022 Annual Report on Form 10-K.
+Added: Our cash, cash equivalents and investments could be adversely affected if the financial institutions in which we hold our cash, cash equivalents and investments fail.
+Added: We regularly maintain cash balances at third-party financial institutions in excess of the Federal Deposit Insurance Corporation (the “FDIC”) insurance limit.
+Added: The FDIC took control and was appointed receiver of Silicon Valley Bank and New York Signature Bank on March 10, 2023 and March 12, 2023, respectively.
+Added: The Company does not have any direct exposure to Silicon Valley Bank or New York Signature Bank.
+Added: However, if other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our existing cash, cash equivalents and investments may be threatened and could have a material adverse effect on our business and financial condition.
+Added: The risks described in our 2022 Annual Report on Form 10-K, as supplemented above, are not the only risks facing the Company.
Additional risks and uncertainties not currently known to us or that we currently deem immaterial also may materially adversely affect our business, financial condition, operating results, or cash flows.
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.