5 unchanged sentences
Interest Rate Risk.
−Removed: As of December 31, 2024, we had cash and cash equivalents and short-term investments of $114.9 million.
+Added: Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and long-term debt as described below.
+Added: As of December 31, 2025, we had cash and cash equivalents of $42.2 million.
Cash and cash equivalents consisted of cash and highly liquid money market instruments.
−Removed: Short-term investments consisted of U.S.
−Removed: Government securities.
We would not expect our operating results or cash flows to be affected to any significant degree by the effect of a sudden change in market interest on our portfolio.
−Removed: A hypothetical increase in market interest rates of 100 basis points from the market rates in effect at December 31, 2024, would cause the fair value of short-term investments to decrease by an immaterial amount which would not have significantly impacted our financial position or results of operations.
+Added: A hypothetical increase in market interest rates of 100 basis points from the market rates in effect as of December 31, 2025, would cause the fair value of our investments to decrease by an immaterial amount which would not have significantly impacted our financial position or results of operations.
As of December 31, 2025, and periodically throughout the year, we have maintained cash balances in various operating accounts in excess of federally insured limits.
We limit the amount of credit exposure to any financial institution by evaluating the creditworthiness of the financial institutions with which we invest and investing through more than one financial institution.
+Added: We are exposed to interest rate risk through our variable rate debt.
+Added: As of December 31, 2025, we had $68.1 million of debt that is subject to variable interest rates that are based on the daily simple secured overnight financing rate (“SOFR”) or an alternate base rate.
+Added: Refer to Note 7, “Debt” of the Notes to Consolidated Financial Statements (Item 8 of Part II of this Annual Report on Form 10‑K) for details relating to the debt.
+Added: If the rates were to increase by 100 basis points from the rates in effect as of December 31, 2025, our interest expense on the variable rate debt would increase by an average of $0.4 million annually.
+Added: There are inherent limitations in the sensitivity analysis presented, primarily due to the assumptions that interest rate changes would be instantaneous, while SOFR changes regularly.
+Added: We do not currently hedge our interest rate risks but may determine to do so in the future.
+Added: We will continue to monitor our exposure to interest rate risk.
Foreign Currency and Exchange Risk.
3 unchanged sentences
Due to potential volatility of currency exchange rates, we cannot predict the effect of exchange fluctuations on our business.
−Removed: During the years ended December 31, 2024, 2023 and 2022, we did not enter into any foreign currency derivative financial instruments.
+Added: During the years ended December 31, 2025, 2024 and 2023, we have not entered into any foreign currency exchange contracts and currently do not expect to enter into foreign currency exchange contracts for trading or speculative purposes.
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.