2 unchanged sentences
We are exposed to risk related to changes in interest rates on our outstanding borrowings.
−Removed: We had $1.1 billion of outstanding floating rate debt as of March 31, 2026.
−Removed: A 100-basis point increase in interest rates as of March 31, 2026 would increase our annual pre-tax interest expense by approximately $11.0 million.
+Added: We had $1.1 billion of outstanding floating rate debt as of June 30, 2026.
+Added: A 100-basis point increase in interest rates as of June 30, 2026 would increase our annual pre-tax interest expense by approximately $10.9 million.
Foreign Currency Exchange Rate Risk
6 unchanged sentences
The RMB compared to the U.S.
−Removed: dollar appreciated approximately 1.4% in the three months ended March 31, 2026 and depreciated approximately 4.4% in the year ended December 31, 2025, respectively.
+Added: dollar appreciated approximately 3.1% in the six months ended June 30, 2026 and depreciated approximately 4.4% in the year ended December 31, 2025, 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 three months ended March 31, 2026 and 2025, we recognized $3.4 million of foreign exchange losses and $3.2 million of foreign exchange gains, respectively, resulting from changes in the value of the U.S.
+Added: During the six months ended June 30, 2026 and 2025, we recognized $6.8 million of foreign exchange losses and $6.5 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.
1 unchanged sentence
Translational Risk
−Removed: We also face foreign currency exposure that arises from translating the results of our global operations to the U.S.
+Added: We also face foreign currency exposure that arises from translating the financial position and results of our global operations to the U.S.
dollar at exchange rates that have fluctuated from the beginning of the period, primarily the RMB against the U.S.
6 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 three months ended March 31, 2026.
+Added: We do not believe that inflation has had a material effect on our results of operations during the six months ended June 30, 2026.
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.