2 unchanged sentences
Cash, Cash Equivalents, and Short-Term Investments
+Added: Our exposure to market risk is primarily confined to our investment securities.
The primary objective of our investment activities is to preserve our capital to fund operations, and we do not enter into financial instruments for trading or speculative purposes.
We also seek to maximize income from our investments without assuming significant risk.
−Removed: As of September 30, 2025, we had cash, cash equivalents, and short-term investments of $36.1 million.
−Removed: In accordance with our investment policy, we invest funds in high credit quality securities such as money market funds, certificates of deposit and U.S.
−Removed: treasury bills to limit credit risk.
+Added: To achieve our objectives, we maintain a portfolio of investments in high-credit-quality securities.
+Added: As of March 31, 2026, we had cash, cash equivalents and short-term investments of $135.3 million.
+Added: In accordance with our investment policy, we invest funds in highly liquid, investment-grade securities.
The money market funds in our investment portfolio are not leveraged and are classified as available-for-sale.
We currently do not hedge interest rate exposure.
−Removed: Because of the short-term maturities of our investments, we do not believe that an increase in market rates would have a materially negative impact on the realized value of our investment portfolio.
−Removed: We actively monitor changes in interest rates and, with our current portfolio of short-term investments, we are not exposed to potential loss due to changes in interest rates.
+Added: Because of the short-term maturities of our investments, we do not believe that an increase in market rates would have a material negative effect on the realized value of our investment portfolio.
+Added: We actively monitor changes in interest rates and, with our current portfolio of short-term investments, we are not exposed to significant potential loss due to changes in interest rates.
Convertible Notes, Term Debt, and Embedded Derivatives
−Removed: As of September 30, 2025 and December 31, 2024, we had fixed-rate borrowings from our 2026 Notes and 2029 Notes.
−Removed: We record all of our fixed-rate borrowings at amortized cost and, therefore, do not experience any risk for changes in interest rates.
−Removed: However, we include embedded derivatives along with our debt in our reporting of our 2029 Notes in our condensed consolidated balance sheet.
−Removed: The derivatives on our 2029 Notes are marked to fair value every reporting period.
−Removed: The fair value inputs to the derivative valuation include stock price, unsecuritized discount rate, risk-free rate, volatility, and term.
−Removed: Consequently, we may incur gains and losses on the derivative as changes occur in any of these inputs at each reporting period.
−Removed: For further details see “Note 4 — Fair Value Measurements” and “Note 6 — Debt” in the Notes to the Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
−Removed: As of each of September 30, 2025 and December 31, 2024, our Term Loan borrowings were recorded at amortized cost.
−Removed: However, interest is calculated based on adjusted SOFR, subject to a 3.00% floor, plus 8.75% per annum.
−Removed: Therefore, we experience exposure to any adjustments in the adjusted SOFR.
−Removed: Our Term Loan includes embedded derivatives that may be affected by provisions under the Credit Agreement requiring prepayment.
−Removed: The Closing of the Transaction with Novo Nordisk would require mandatory prepayment of the full loan balance along with a 5.00% prepayment premium, payment of accrued and unpaid interest and certain expenses.
+Added: As of March 31, 2026, we had fixed-rate borrowings from our 2029 Notes, and as of December 31, 2025, we had fixed-rate borrowings from our 2026 Notes and 2029 Notes.
+Added: We record all our fixed-rate borrowings at carrying value and, therefore, do not experience any risk for changes in interest rates.
+Added: However, we include an embedded derivative along with our debt in our reporting of our 2029 Notes.
+Added: The derivative on our 2029 Notes is marked to fair value every reporting period.
+Added: The fair value inputs to the 2029 Notes’ derivative valuation include stock price, unsecuritized discount rate, risk-free rate, volatility, and term.
+Added: Swings in our stock price could significantly affect the valuation of the 2029 Note conversion derivative.
+Added: In addition, a decrease in interest rates could increase the valuation of the derivative.
+Added: As of March 31, 2026, a 20% decrease or increase in our stock price would result in an approximate $23.8 million change in the fair value of the 2029 Notes embedded derivative within the range of $60.2 million to $107.0 million.
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.