3 unchanged sentences
Interest rate risk
−Removed: We had cash, cash equivalents and short-term and long-term investments of $123.6 million and $97.9 million as of September 30, 2025 and December 31, 2024, respectively.
−Removed: Our cash and cash equivalents and short-term investments consist of cash, money market funds, U.S.
+Added: We had cash, cash equivalents and short-term and long-term investments of $56.7 million and $100.4 million as of March 31, 2026 and December 31, 2025, respectively.
+Added: Our cash and cash equivalents and short-term and long-term investments consist of cash, money market funds, U.S.
government debt securities, certificates of deposit, and corporate bonds.
2 unchanged sentences
We believe that a hypothetical 100 basis point increase in interest rates would not materially affect the fair value of our interest-sensitive financial instruments and any such losses would only be realized if we sold the investments prior to maturity.
−Removed: In addition to our investment portfolio, as of September 30, 2025, our long-term debt totaled $92.9 million and is subject to interest rate risk.
+Added: In addition to our investment portfolio, as of March 31, 2026, our long-term debt totaled $93.5 million and is subject to interest rate risk.
Our long-term debt bears interest at a floating rate based upon the secured overnight financing rate ("SOFR"), plus a margin of 6.5% per annum.
1 unchanged sentence
As a result, we are exposed to risks related to our indebtedness from changes in interest rates.
−Removed: Based on the outstanding principal balance as of September 30, 2025, a hypothetical 100 basis point increase in SOFR would result in an approximate $1.0 million increase in annual interest expense.
+Added: Based on the outstanding principal balance as of March 31, 2026, a hypothetical 100 basis point increase in the SOFR would result in an approximate $1.0 million increase in annual interest expense.
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.