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The market risk inherent in our financial instruments and in our financial position represents the potential loss arising from adverse changes in interest rates.
−Removed: As of December 31, 2024, we had cash equivalents, restricted cash equivalents and marketable securities of $739.4 million consisting of interest-bearing money market accounts, corporate and financial institution debt securities, U.S.
−Removed: Treasury and other government securities and asset-backed securities.
+Added: As of December 31, 2025, we had cash equivalents, restricted cash equivalents and marketable securities of $541.9 million consisting of interest-bearing money market accounts, corporate and financial institution debt securities and U.S.
+Added: Treasury and other government securities.
Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S.
interest rates, particularly because our investments are primarily in marketable securities.
−Removed: Due to the short-term duration of our investment portfolios and the low risk profile of our investments, we do not believe an immediate change of 100 basis points, or one percentage point, would have a material effect on the fair market value of our investment portfolio.
+Added: Due to the short-term duration of our investment portfolios and the low risk profile of our investments, we
+Added: do not believe an immediate change of 100 basis points, or one percentage point, would have a material effect on the fair market value of our investment portfolio.
Declines in interest rates, however, would reduce future interest income.
We do not have any foreign currency or derivative financial instruments.
−Removed: Inflation generally affects us by increasing our cost of labor, preclinical and clinical trial costs.
+Added: Inflation generally affects us by increasing our cost of labor and program costs.
We do not believe that inflation had a material effect on our results of operations during the year ended December 31, 2025.
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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.