3 unchanged sentences
The carrying amounts of cash, cash equivalents, restricted cash and short term investments represent the maximum amount of loss due to credit risk.
−Removed: We had cash and cash equivalents of $618.0 million , $712.9 million and $239.6 million, restricted cash of $2.8 million , $27.8 million and nil, and short-term investments of $364.7 million , $1.1 billion and $597.9 million at December 31, 2019, 2018 and 2017, respectively.
+Added: We had cash and cash equivalents of $1.4 billion, $618.0 million and $712.9 million, restricted cash of $8.1 million, $2.8 million and $27.8 million, and short-term investments of $3.3 billion, $364.7 million and $1.1 billion, at December 31, 2020, 2019 and 2018, respectively.
Our cash and cash equivalents are deposited with various major reputable financial institutions located within or without the PRC.
4 unchanged sentences
treasury securities.
−Removed: We believe that the U.S.
−Removed: treasury securities is of high credit quality and continually monitor the credit worthiness of these institutions.
+Added: We believe that U.S.
+Added: treasury securities are of high credit quality and continually monitor the credit worthiness of these institutions.
The primary objectives of our investment activities are to preserve principal, provide liquidity, and maximize income without significant increasing risk.
2 unchanged sentences
Given the short‑term nature of our cash equivalents, we believe that a sudden change in market interest rates would not be expected to have a material impact on our financial condition and/or results of operation.
−Removed: We estimate that a hypothetical 100‑basis point change in market interest rates would impact the fair value of our investment portfolio as of December 31, 2019 by $1.1 million.
+Added: We estimate that a hypothetical 100‑basis point increase or decrease in market interest rates would result in a decrease of $17.1 million or increase of $4.3 million, respectively, in the fair value of our investment portfolio as of December 31, 2020.
We do not believe that our cash, cash equivalents, and short‑term investments have significant risk of default or illiquidity.
2 unchanged sentences
A significant portion of our expenses, assets, and liabilities are denominated in RMB.
−Removed: On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the "PBOC").
+Added: In 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the "PBOC").
However, the unification of exchange rates does not imply that the RMB may be readily convertible into U.S.
6 unchanged sentences
Our reporting currency is the U.S.
−Removed: dollar, but a portion of our operating transactions and assets and liabilities are in other currencies, such as RMB, Australian dollar and Euro.
−Removed: We do not believe that we currently have any significant direct foreign exchange risk and have not used any derivative financial instruments to hedge exposure to such risk.
+Added: dollar, but a portion of our operating transactions and assets and liabilities are in other currencies, such as RMB, Euro, and Australian dollar.
RMB is not freely convertible into foreign currencies for capital account transactions.
1 unchanged sentence
dollar and other currencies is affected by, among other things, changes in China’s political and economic conditions and China’s foreign exchange prices.
−Removed: From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies.
−Removed: For the RMB against U.S.
−Removed: dollars, there were depreciation of approximately 1.3%, depreciation of approximately 5.7% and appreciation of approximately 6.5% in the year ended December 31, 2019 , 2018 and 2017 .
+Added: Since 2005, the RMB has been permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies.
+Added: The RMB compared to the U.S.
+Added: dollar appreciated approximately 6.3%,
+Added: depreciated approximately 1.3%, and depreciated approximately 5.7% for the years ended December 31, 2020, 2019 and 2018, respectively.
It is difficult to predict how market forces or PRC or U.S.
2 unchanged sentences
To the extent that we need to convert U.S.
−Removed: dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against the U.S.
+Added: dollars into RMB for capital expenditures, working capital and other business purposes, appreciation of RMB against the U.S.
dollar would have an adverse effect on the RMB amount we would receive from the conversion.
5 unchanged sentences
dollar may significantly reduce the U.S.
−Removed: dollar equivalent of our receivables, earnings or losses.
+Added: dollar equivalent of our foreign cash balances and trade receivables.
Further, volatility in exchange rate fluctuations may have a significant impact on the foreign currency translation adjustments recorded in other comprehensive income (loss).
+Added: We have not used derivative financial instruments to hedge exposure to foreign exchange risk.
Effects of Inflation
−Removed: Inflation generally affects us by increasing our cost of labor and clinical trial costs.
+Added: Inflation generally affects us by increasing our cost of labor and clinical development costs.
We do not believe that inflation has had a material effect on our results of operations during the year ended December 31, 2020.
4 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.