1 unchanged sentence
We are exposed to market risk related to changes in interest rates.
−Removed: As of December 31, 2021, we had cash and cash equivalents of $164.2 million, which consisted of money market funds.
+Added: As of December 31, 2022, we had cash and cash equivalents of $102.3 million, which includes cash in operating bank accounts, investments in money market accounts, and money market funds.
We have policies requiring us to invest in high-quality issuers, limit our exposure to any individual issuer, and ensure adequate liquidity.
−Removed: Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S.
+Added: Our primary exposure to market risk is interest rate sensitivity, which is
+Added: affected by changes in the general level of U.S.
interest rates, particularly because our investments are in short-term securities.
Due to the short-term duration of our investment portfolio and the low risk profile of our investments, an immediate 100 basis point change in interest rates would not have a material effect on the fair market value of our portfolio.
+Added: We do not enter into financial instruments for trading or speculative purposes.
+Added: We account for the conversion option embedded in our 2026 Convertible Notes as a separate financial instrument, measured at fair value, using a binomial lattice model, which we refer to as the Derivative Liability.
+Added: As of December 31, 2022, the Derivative Liability was valued at $6.4 million.
+Added: As of December 31, 2022, a 10% increase or decrease of the
+Added: main inputs to the valuation model would not have a material effect on the fair value of the Derivative Liability.
+Added: Changes of the fair value of the Derivative Liability have no impact on anticipated cash outflows.
+Added: As of December 31, 2022, we had a variable interest rate-based note payable with a principal amount of $25.0
+Added: Expected cash outflows from this financial instrument fluctuate based on changes in the U.S.
+Added: dollar-denominated LIBOR index which is, among other factors, affected by the general level of U.S.
+Added: and international central bank interest rates.
+Added: As of December 31, 2022, an immediate 100 basis point increase or decrease in the U.S.
+Added: dollar-denominated LIBOR index would not have a material effect on the anticipated cash outflows from this instrument.
Financial Statements and Supplementary Data
2 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.