3 unchanged sentences
Although we are headquartered in the U.S.
−Removed: where we conduct the vast majority of our business activities, our results of operations are subject to foreign currency exchange rate fluctuations, including our foreign subsidiaries’ operations.
−Removed: We have two foreign consolidated subsidiaries, Novavax AB, which is located in Sweden, and Novavax CZ, which is located in the Czech Republic.
+Added: our results of operations, including our foreign subsidiaries’ operations, are subject to foreign currency exchange rate fluctuations, primarily the U.S.
+Added: dollar against the Euro, Pound Sterling, Swedish Krona, and Czech Koruna.
+Added: This exchange exposure may have a material effect on our cash and cash equivalents, cash flows, and results of operations, particularly in cases of revenue generated under APAs that include provisions that impact our and our counterparty’s currency exchange exposure.
+Added: To date, we have not entered into any foreign currency hedging contracts, although we may do so in the future.
+Added: We also face foreign currency exchange exposure that arises from translating the results of our global operations to the U.S.
+Added: dollar at exchange rates that have fluctuated from the beginning of the period.
While the financial results of our global activities are reported in U.S.
−Removed: dollars, the functional currency for our foreign subsidiaries is their respective local currency.
+Added: dollars, the functional currency for our foreign subsidiaries is generally their respective local currency.
Fluctuations in the foreign currency exchange rates of the countries in which we do business will affect our operating results, often in ways that are difficult to predict.
−Removed: A 10% decline in the exchange rate between the U.S.
−Removed: dollar and Swedish Krona would result in a decline of stockholders’ equity (deficit) of approximately $4 million as of December 31, 2021.
−Removed: A 10% decline in the exchange rate between the U.S.
−Removed: dollar and Czech Koruna would result in a decline of stockholders’ equity (deficit) of approximately $4 million as of December 31, 2021.
−Removed: Interest Rate Risk
−Removed: Our exposure to interest rate risk is primarily confined to our investment portfolio.
+Added: A 10% decline in the foreign exchange rates (primarily against the U.S.
+Added: dollar) relating to our foreign subsidiaries would result in a decline of stockholders’ equity (deficit) of approximately $18.2 million as of December 31, 2022.
+Added: Market and Interest Rate Risk
+Added: The primary objective of our investment activities is preservation of capital, with the secondary objective of maximizing income.
+Added: Our exposure to interest rate risk is primarily confined to our investment portfolio, which historically has been classified as available-for-sale.
We do not believe that a change in the market rates of interest would have any significant impact on the realizable value of our investment portfolio.
Changes in interest rates may affect the investment income we earn on our marketable securities when they mature and the proceeds are reinvested into new marketable securities and, therefore, could impact our cash flows and results of operations.
−Removed: Our Notes have a fixed interest rate and we have no additional material debt.
+Added: Interest and dividend income is recorded when earned and included in investment income.
+Added: Premiums and discounts, if any, on marketable securities are amortized or accreted to maturity and included in investment income.
+Added: The specific identification method is used in computing realized gains and losses on the sale of our securities.
+Added: Our convertible senior unsecured notes have a fixed interest rate and we have no additional material debt.
As such, we do not believe that we are exposed to any material interest rate risk as a result of our borrowing activities.
3 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.