Quantitative and Qualitative Disclosures About Market Risk
−Removed: We are exposed to risks associated with changes in interest rates that could adversely affect our results of operations and financial condition.
+Added: The Company is primarily exposed to fluctuations in U.S.
+Added: interest rates and their impact on the Company’s money market accounts and Term Loan Facility.
+Added: Increases in interest rates will negatively affect the fair value of the Company’s money market accounts and increase the interest expense on the Company’s Term Loan Facility.
We do not hedge against interest rate risk.
−Removed: Interest Rate Risk
−Removed: The interest rate on our Term Loan Facility is currently determined quarterly based on the 1-month SOFR.
−Removed: As of December 31, 2024, the interest rate on our Term Loan Facility was 6.7%.
−Removed: A 100-basis point change in SOFR would change interest expense by $0.2 million on an annualized basis.
+Added: As part of our treasury management strategy, we hold non-operating cash in money market accounts to generate interest income.
+Added: The interest on these accounts fluctuates with the general market for interest rates.
+Added: The interest rate on our Term Loan Facility is currently determined quarterly based on the applicable Term SOFR.
+Added: The following table sets forth annualized impacts on the Company’s interest income or expense that a 100 basis point change in the relevant interest rate would have on each of the Company’s material interest-bearing financial instruments as of December 31, 2025 (in thousands):
+Added: Financial Instrument
+Added: Prevailing Rate
+Added: Hypothetical Rate Change
+Added: Impact of Rate Change
+Added: Money market accounts Market interest rates
+Added: 100 basis points decrease $ (1,507)
+Added: Term Loan Facility Term SOFR
+Added: 100 basis points increase (180)
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.