2 unchanged sentences
We are exposed to risk related to changes in interest rates on our outstanding borrowings.
−Removed: We had $615.4 million of outstanding floating rate debt as of June 30, 2025.
−Removed: A 100-basis point increase in interest rates as of June 30, 2025 would increase our annual pre-tax interest expense by approximately $6.2 million.
+Added: We had $612.6 million of outstanding floating rate debt as of September 30, 2025.
+Added: A 100-basis point increase in interest rates as of September 30, 2025 would increase our annual pre-tax interest expense by approximately $6.1 million.
Foreign Currency Exchange Rate Risk
6 unchanged sentences
The RMB compared to the U.S.
−Removed: dollar appreciated approximately 1.9% in the six months ended June 30, 2025 and depreciated approximately 2.8% in the year ended December 31, 2024, respectively.
+Added: dollar appreciated approximately 2.5% in the nine months ended September 30, 2025 and depreciated approximately 2.8% in the year ended December 31, 2024, respectively.
It is difficult to predict how market forces or PRC or U.S.
9 unchanged sentences
dollar against the RMB, Euro, and Australian dollar.
−Removed: During the six months ended June 30, 2025 and 2024, we recognized $6.5 million of foreign exchange gains and $13.5 million of foreign exchange losses, respectively, resulting from changes in the value of the U.S.
+Added: During the nine months ended September 30, 2025 and 2024, we recognized $4.0 million and $2.2 million of foreign exchange gains, respectively, resulting from changes in the value of the U.S.
Dollar compared to the RMB and the revaluation impact of RMB-denominated deposits held in U.S.
dollar functional currency entities, including the Parent Company.
−Removed: As of June 30, 2025, the Parent Company held RMB-denominated deposits of $128.9 million.
−Removed: A hypothetical 10% appreciation in the U.S.
−Removed: dollar exchange rate compared with the RMB as of June 30, 2025 would have resulted in an increase in foreign exchange loss of approximately $11.7 million.
Translational Risk
8 unchanged sentences
Inflation generally affects us by increasing our cost of labor and clinical trial costs.
−Removed: We do not believe that inflation has had a material effect on our results of operations during the six months ended June 30, 2025.
+Added: We do not believe that inflation has had a material effect on our results of operations during the nine months ended September 30, 2025.
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.