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 $3.4 billion and $3.9 billion, restricted cash of $11.2 million and $5.5 million, and short-term investments of $0.1 billion and $0.7 billion as of June 30, 2023 and December 31, 2022, respectively.
+Added: We had cash and cash equivalents of $3.1 billion and $3.9 billion, restricted cash of $13.6 million and $5.5 million, and short-term investments of $0.1 billion and $0.7 billion as of September 30, 2023 and December 31, 2022, respectively.
Our cash and cash equivalent are deposited with various major reputable financial institutions located within or outside the PRC.
The deposits placed with these financial institutions are not protected by statutory or commercial insurance.
−Removed: In the event of bankruptcy of one of these financial institutions, we may be unlikely to claim our deposits back in full.
+Added: In the event of bankruptcy of one of these financial institutions, we may be unable to claim our deposits back in full.
We believe that these financial institutions are of high credit quality, and we continually monitor the credit worthiness of these financial institutions.
−Removed: On June 30, 2023, our short-term investments consisted of U.S.
+Added: On September 30, 2023, our short-term investments consisted of U.S.
treasury securities.
5 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 increase or decrease in market interest rates would result in a decrease o f $0.4 million or an increase of $0.4 million, respe ctively, as of June 30, 2023.
+Added: We estimate that a hypothetical 100-basis point increase or decrease in market interest rates would result in a decrease o f $0.2 million or an increase of $0.2 million, respe ctively, as of September 30, 2023.
We do not believe that our cash, cash equivalents and short-term investments have significant risk of default or illiquidity.
While we believe our cash, cash equivalents, and short-term investments do not contain excessive risk, we cannot provide absolute assurance that in the future investments will not be subject to adverse changes in market value.
−Removed: We had accounts receivable, net of $299.3 million and $173.2 million as of June 30, 2023 and December 31, 2022, respectively.
−Removed: Accounts receivable, net represent amounts arising from product sales and amounts due from our collaboration
+Added: We had accounts receivable, net of $309.1 million and $173.2 million as of September 30, 2023 and December 31, 2022, respectively.
+Added: Accounts receivable, net represent amounts arising from product sales and amounts due from our collaboration partners.
We monitor economic conditions to identify facts or circumstances that may indicate receivables are at risk of collection.
10 unchanged sentences
The RMB compared to the U.S.
−Removed: dollar depreciated approximately 4.9% in the six months ended June 30, 2023 and depreciated approximately 8.2% in the year ended December 31, 2022, respectively.
+Added: dollar depreciated approximately 5.5% in the nine months ended September 30, 2023 and depreciated approximately 8.2% in the year ended December 31, 2022, respectively.
It is difficult to predict how market forces or PRC or U.S.
13 unchanged sentences
We have not used derivative financial instruments to hedge exposure to foreign exchange risk.
−Removed: Currency Convertibility Risk
−Removed: A significant portion of our expenses, assets, and liabilities are denominated in RMB.
−Removed: 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”).
−Removed: However, the unification of exchange rates does not imply that the RMB may be readily convertible into U.S.
−Removed: dollars or other foreign currencies.
−Removed: All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC.
−Removed: Approvals of foreign currency payments by the PBOC or other institutions require submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.
−Removed: Additionally, the value of RMB is subject to changes in the PRC central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market.
Effects of Inflation
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, 2023.
+Added: We do not believe that inflation has had a material effect on our results of operations during the nine months ended September 30, 2023.
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.