1 unchanged sentence
We are exposed to market risks in the ordinary course of our business, which primarily relate to fluctuations in the value of our investments, interest rates, foreign exchange, and inflation.
−Removed: As of September 30, 2021, we had investments valued at $148.1 million in marketable securities.
−Removed: We may continue to make additional investments or sell the existing investments.
+Added: As of March 31, 2022, we had outstanding investments in marketable securities valued at $252.6 million.
+Added: We have sold, and may continue to sell, some or all of our existing Investments.
These Investments are often in early- or growth-stage companies that have minimal public trading history;
−Removed: as such the fair value of these investments may fluctuate depending on the financial outcome and prospects of the investees, as well as global market conditions including recent and ongoing volatility related to the impacts of COVID-19.
−Removed: We record gains or losses as the fair value of these investments changes and as we sell them.
+Added: as such the fair value of these Investments may fluctuate depending on the financial outcome and prospects of the Investees, as well as global market conditions including recent and ongoing volatility related to the impacts of COVID-19 and the Russian invasion of Ukraine.
+Added: Additionally, investing in early- or growth- stage companies carries inherent risks because, among other things, the technologies or products that are being developed by these companies are typically in the early phases and may never materialize or they may not achieve their growth or other business objectives, and they may experience a decline in financial condition, which could result in a loss of all or a substantial part of our investment in these companies.
+Added: We record gains or losses as the fair value of these Investments change and as we sell them.
We anticipate additional volatility to our condensed consolidated statements of operations due to changes in market prices, and as such gains and losses are realized.
−Removed: During the three and nine months ended September 30, 2021, net unrealized losses of $7.2 million related to marketable securities were recorded in other income (expense), net on the condensed consolidated statements of operations.
+Added: During the three months ended March 31, 2022, net unrealized losses of $51.9 million related to marketable securities were recorded in other income (expense), net on our condensed consolidated statements of operations.
+Added: We do not currently anticipate entering into new Investment Agreements to purchase, or commit to purchase, securities of special purpose acquisition companies.
Interest Rate Risk
1 unchanged sentence
Our primary investment policy and strategies are focused on the preservation of capital and supporting our liquidity requirements;
−Removed: Other than the investments disclosed in Note 4.
−Removed: Investments and Fair Value Measurements
−Removed: and investment commitments disclosed in Note
−Removed: Commitments and Contingencies
−Removed: Subsequent Events
−Removed: in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q,
−Removed: we have not entered into investments for trading or speculative purposes.
+Added: however, to a lesser extent we have made and may continue to make investments in early- and growth-stage companies, as disclosed in Note 4.
+Added: Investments and Fair Value Measurements and Note 7.
+Added: Commitments and Contingencies — Investment Commitments in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Due to the short-term nature of the financial instruments, we have not been exposed to, nor do we anticipate being exposed to, material risks due to changes in interest rates.
−Removed: A hypothetical 10% change in interest rates during any of the periods presented would not have had a material impact on our condensed consolidated financial statements.
−Removed: As of September 30, 2021, we had no debt outstanding.
Foreign Currency Exchange Risk
8 unchanged sentences
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.