QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
−Removed: The primary objectives of our investment activities are to ensure liquidity and to preserve principal, while at the same time maximizing the income we receive from our cash and marketable
−Removed: securities without significantly increasing risk.
−Removed: As of March 31, 2021, we had cash equivalents of $25.0 million that were held in a non-interest-bearing money operating account and an institutional U.S.
+Added: The primary objectives of our investment activities are to ensure liquidity and to preserve principal, while at the same time maximizing the income we receive from our cash and
+Added: marketable securities without significantly increasing risk.
+Added: As of June 30, 2021, we had cash equivalents of $74.7 million that were held in a non-interest-bearing money operating account and an institutional U.S.
Treasury money market fund.
−Removed: exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S.
+Added: primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S.
interest rates.
−Removed: Due to the short-term maturities of our cash equivalents and the low risk profile of our investments, we do not believe
−Removed: that an immediate 100 basis point change in interest rates would have a material effect on the fair market value of our cash equivalents.
−Removed: To minimize the risk in the future, we intend to maintain our portfolio of cash equivalents and short-term
−Removed: investments in institutional market funds that are comprised of U.S.
+Added: Due to the short-term maturities of our cash equivalents and the low risk profile of our investments, we do not
+Added: believe that an immediate 100 basis point change in interest rates would have a material effect on the fair market value of our cash equivalents.
+Added: To minimize the risk in the future, we intend to maintain our portfolio of cash equivalents and
+Added: short-term investments in institutional market funds that are comprised of U.S.
Treasury and Treasury backed repurchase agreements.
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.