1 unchanged sentence
Interest Rate Risk
−Removed: We are exposed to market risk related to changes in interest rates of our investment portfolio of cash equivalents and investments.
−Removed: As of March 31, 2026, our cash equivalents and investments consisted of money market funds and U.S.
+Added: We are exposed to market risk related to changes in interest rates of our investment portfolio of cash equivalents and investments and our variable-rate indebtedness under the Loan Agreement.
+Added: As of June 30, 2026, our cash equivalents and investments consisted of money market funds and U.S.
Treasury securities.
−Removed: Our primary exposure to market risk is interest income sensitivity, which is affected by changes in the general level of U.S.
+Added: Our primary exposure to market risk from these assets is interest income sensitivity, which is affected by changes in the general level of U.S.
interest rates.
1 unchanged sentence
Due to the nature of our cash equivalents and investments, we believe an immediate hypothetical 10% change in interest rates would not have had a material effect on our results of operations during the periods presented.
+Added: On June 2, 2026, we entered into the Loan Agreement and borrowed $100.0 million under the Tranche A Loan.
+Added: Borrowings under the Loan Agreement bear interest at a variable rate equal to three-month SOFR (subject to a 3.25% floor) plus 5.50%.
+Added: The effective interest rate on the Tranche A Loan was 9.91% as of June 30, 2026.
+Added: Because the Term Loans bear interest at a variable rate, changes in market interest rates could increase or decrease our interest expense.
+Added: Based on the $100.0 million principal balance outstanding as of June 30, 2026, a hypothetical 1% increase or decrease in the applicable interest rate would result in a corresponding change in annual interest expense of approximately $1.0 million.
Foreign Currency Exchange Risk
9 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.