2 unchanged sentences
Financial instruments that are potentially subject to credit risk consist of cash and cash equivalents, restricted cash, short term investments and accounts receivable.
−Removed: We had cash and cash equivalents of $3.9 billion, $4.4 billion and $1.4 billion, restricted cash of $5.5 million, $7.2 million and $8.1 million, and short-term investments of $0.7 billion, $2.2 billion and $3.3 billion, at December 31, 2022, 2021 and 2020, respectively.
−Removed: Our cash and cash equivalents are deposited with various major reputable financial institutions located within or without the PRC.
+Added: We had cash and cash equivalents of $3.2 billion, $3.9 billion and $4.4 billion, restricted cash of $14.2 million, $5.5 million and $7.2 million, and short-term investments of $2.6 million, $0.7 billion and $2.2 billion, at December 31, 2023, 2022 and 2021, respectively.
+Added: Our cash and cash equivalents are deposited with various major reputable global financial institutions.
The deposits placed with these financial institutions are not protected by statutory or commercial insurance.
1 unchanged sentence
We believe that these financial institutions are of high credit quality, and we continually monitor the credit worthiness of these financial institutions.
−Removed: At December 31, 2022, our short-term investments consisted primarily of U.S.
−Removed: treasury securities.
−Removed: We believe that U.S.
−Removed: treasury securities are of high credit quality and continually monitor the credit worthiness of these institutions.
−Removed: The primary objectives of our investment activities are to preserve principal, provide liquidity, and maximize income without significant increasing risk.
+Added: The primary objectives of our investment activities are to preserve principal, provide liquidity, and maximize income without significantly increasing risk.
Our primary exposure to market risk relates to fluctuations in the interest rates, which are affected by changes in the general level of PRC and U.S.
2 unchanged sentences
We estimate that a hypothetical 100‑basis point increase or decrease in market interest rates would result in a decrease of $0.1 million or increase of $0.1 million, respectively, in the fair value of our investment portfolio as of December 31, 2023.
+Added: We are exposed to risk related to changes in interest rates on our outstanding borrowings.
+Added: We had $574.1 million of outstanding floating rate debt as of December 31, 2023.
+Added: A 100-basis point increase in interest rates as of December 31, 2023 would increase our annual pre-tax interest expense by approximately $5.7 million.
We do not believe that our cash, cash equivalents, and short‑term investments have significant risk of default or illiquidity.
2 unchanged sentences
Accounts receivable at December 31, 2021 included the upfront fee from Novartis of $300.0 million under the ociperlimab agreement.
−Removed: Accounts receivable, net represent amounts arising from product sales and amounts due from the our collaboration partners.
+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.
5 unchanged sentences
dollars or other foreign currencies.
−Removed: All foreign exchange transactions continue to take place either through the PBOC or other banks
−Removed: authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC.
+Added: 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.
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.
9 unchanged sentences
The RMB compared to the U.S.
−Removed: dollar depreciated approximately 8.2%, appreciated approximately 2.3%, and appreciated approximately 6.3% for the years ended December 31, 2022, 2021 and 2020, respectively.
+Added: dollar depreciated approximately 2.8%, depreciated approximately 8.2%, and appreciated approximately 2.3% for the years ended December 31, 2023, 2022 and 2021, respectively.
It is difficult to predict how market forces or PRC or U.S.
16 unchanged sentences
We do not believe that inflation has had a material effect on our results of operations during the year ended December 31, 2023.
−Removed: Financial Statements and Supplementary Data
−Removed: The financial statements required to be filed pursuant to this item are appended to this Annual Report.
−Removed: An index of those financial statements is in “Part IV—Item 15—Exhibits, Financial Statement Schedules.”
−Removed: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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.