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For example, if we hold a security that was issued with a fixed interest rate at the then-prevailing rate and the interest rate later rises, we expect that the fair value of our investment will decline.
−Removed: A hypothetical 100 basis point increase in interest rates would have reduced the fair value of our available-for-sale securities at December 31, 2024 by approximately $0.8 million.
−Removed: The fair value of our 2025 Notes is impacted by both the fair value of our common stock and interest rate fluctuations.
−Removed: As of December 31, 2024, the estimated fair value of the 2025 Notes was $971 per $1,000 principal amount.
−Removed: See Note 10, Debt , to our consolidated financial statements included herein for further discussion of our 2025 Notes, which bears interest at a fixed rate.
−Removed: At December 31, 2024, $202.5 million of principal remains outstanding on the 2025 Notes.
+Added: A hypothetical 100 basis point increase in interest rates would have increased the fair value of our available-for-sale securities at December 31, 2025 by approximately $0.4 million.
The fair value of our 2029 Notes is impacted by both the fair value of our common stock and interest rate fluctuations.
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At December 31, 2025, all $287.5 million of principal remains outstanding on the 2029 Notes.
−Removed: The TLA Term Loan provides for a single-advance term loan in the principal amount of $150.0 million and is scheduled to mature on March 31, 2028.
−Removed: Each term loan borrowing that is a term benchmark borrowing or daily simple SOFR borrowing bears interest at a rate per annum equal to (i) the Adjusted Term SOFR Rate or Adjusted Daily Simple SOFR (as each is defined in the TLA Credit Agreement), plus (ii) a spread based on our Senior Secured Net Leverage Ratio ranging from 3.00% to 3.75%.
−Removed: At December 31, 2024, the outstanding principal on the TLA Term Loan was $105.3 million.
−Removed: As of December 31, 2024, borrowings under the TLA Term Loan consisted entirely of term benchmark borrowings at a rate of 7.43%.
−Removed: A hypothetical 100 basis point increase in interest rates would increase interest expense over the next 12 months by approximately $1.1 million, based on the balances outstanding for these borrowings as of December 31, 2024.
+Added: The Revolving Credit Facility provides for a senior secured revolving credit facility in an aggregate commitment amount of $300.0 million, with a letter of credit sublimit of $10.0 million and swingline loan sublimit of $15.0 million.
+Added: Each revolving loan borrowing which is an alternate base rate borrowing will bear interest at a rate per annum equal to (i) a base rate, plus (ii) a spread based on our Senior Secured Net Leverage Ratio (as defined in the Credit Agreement) ranging from 1.50% to 2.25%.
+Added: Each revolving loan borrowing which is a term benchmark borrowing or daily simple SOFR (as defined in the Credit Agreement) borrowing will bear interest at a rate per annum equal to (i) a forward-looking term rate based on SOFR or a rate determined by reference to the daily simple SOFR, plus (ii) a spread based on our Senior Secured Net Leverage Ratio ranging from 2.50% to 3.25%.
+Added: Upon entering into the Credit Agreement, we borrowed $101.0 million under the Revolving Credit Facility, of which $91.0 million is outstanding as of December 31, 2025.
+Added: As of December 31, 2025, borrowings under the Revolving Credit Facility consisted entirely of term SOFR borrowings at an approximate all-in rate of 6.47%.
+Added: A hypothetical 100 basis point increase in interest rates would increase interest expense over the next 12 months by approximately $0.9 million based on the balance outstanding for these borrowings as of December 31, 2025.
We have agreements with certain vendors and partners that operate in foreign jurisdictions.
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Dollar, subject to an annual adjustment based on changes in currency exchange rates.
+Added: While we conduct operations in Europe, we are subject to foreign currency risk which is not expected to be material.
Additionally, our accounts receivable are primarily concentrated with three large wholesalers of pharmaceutical products.
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Pacira BioSciences, Inc.
−Removed: | 2024 Annual Report on Form 10-K | Page 86
+Added: | 2025 Annual Report on Form 10-K | 92
Financial Statements and Supplementary Data
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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.