1 unchanged sentence
Interest Rate Risk
−Removed: Our exposure to market risk is confined to our cash, cash equivalents and marketable securities.
+Added: Financing Agreement
+Added: As of December 31, 2025, our primary exposure to interest rate risk was associated with our variable rate borrowings under the Financing Agreement.
+Added: Any outstanding principal on the Term Loans will bear interest at a rate per annum on the basis of a 360-day year equal to the sum of (i) the three-month forward-looking term secured overnight financing rate administered by the Federal Reserve Bank of New York (subject to a 1.0% per annum floor) plus (ii) 4.75%.
+Added: See Note 8 “Long Term Debt” to the consolidated financial statements included in this Annual Report.
+Added: Interest rates are sensitive to a variety of factors, including changes in fiscal and monetary policies, geopolitical events, changes in global economic conditions and other factors beyond our control.
+Added: As of December 31, 2025, the interest rate associated with the $350.0 million of borrowings outstanding under the Financing Agreement was 8.75%.
+Added: For the year ended December 31, 2025, the effect of a hypothetical 100 basis point increase or decrease in the interest rate would have changed our interest expense under the Financing Agreement by approximately $1.6 million.
+Added: Investment Portfolio
+Added: We are exposed to market risk with respect to our cash, cash equivalents and marketable securities.
We regularly review our investments and monitor the financial markets.
4 unchanged sentences
We do not believe that we have any material exposure to interest rate risk or changes in credit ratings arising from our investments.
−Removed: In May 2022, we entered into a Loan Facility that has an interest rate that is linked to the prime rate.
−Removed: We do not believe that we have any material exposure to interest rate risk given the current principal amount of the loan.
+Added: Foreign Exchange Exposure
+Added: As we expand our operations into Europe, we are exposed to risks related to changes in foreign currency exchange rates, primarily between the U.S.
+Added: dollar, euro and Swiss franc.
+Added: The majority of our expenses are generally denominated in the currencies in which they are incurred, which is primarily the U.S.
+Added: As we endeavor to expand our presence in international markets, to the extent we are required to enter into agreements denominated in a currency other than the U.S.
+Added: dollar, results of operations and cash flows may increasingly be subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign currency exchange rates.
+Added: To date, we have not entered into any hedging arrangements with respect to foreign currency risk.
+Added: As our international operations grow, we will continue to reassess our approach to manage our risk relating to fluctuations in currency rates.
Capital Market Risk
4 unchanged sentences
Inflation generally may affect us by increasing our cost of labor, clinical trial costs and manufacturing costs.
−Removed: We do not believe inflation has had a material effect on our business, financial condition or results of operations during the years ended December 31, 2024, 2023 or 2022.
+Added: We do not believe inflation, including as a result of recent changes in tariff policy, has had a material effect on our business, financial condition or results of operations during the years ended December 31, 2025, 2024 or 2023.
Should global inflation increase in the future, we expect increases in clinical trial, selling, labor and other operating costs.
5 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.