1 unchanged sentence
We are exposed to market risks in the ordinary course of our business.
−Removed: These risks primarily include interest rate sensitivities related to our interest-earning investments and inflation.
+Added: These risks primarily include interest rate sensitivities related to our interest-earning investments and inflation risk affecting labor costs and clinical trial costs.
Interest Rate Fluctuation Risk
−Removed: We had $267.4 million and $326.9 million in cash, cash equivalents and marketable securities at September 30, 2022 and December 31, 2021, respectively.
−Removed: Cash and cash equivalents consist of cash, money market funds, commercial paper and government bonds.
+Added: We had $230.8 million and $237.4 million in cash, cash equivalents and marketable securities at March 31, 2023 and December 31, 2022, respectively.
+Added: Our cash and cash equivalents consist of cash, money market funds, commercial paper and government bonds.
Marketable securities consist of corporate bonds, commercial paper and government bonds.
−Removed: A portion of our investments may be subject to interest rate risk and could fall in value if market interest rates continue to increase.
−Removed: Based on our interest rate sensitivity analysis, an immediate 100 basis point increase in interest rates would increase our interest income by approximately $2.3 million, while an immediate 100 basis point decrease in interest rates would decrease our interest income by approximately $2.3 million.
−Removed: Approximately $2.9 million and $1.1 million of our cash balance was located in Australia at September 30, 2022 and December 31, 2021, respectively.
+Added: A portion of our investments are interest-bearing instruments carrying a degree of interest rate risk.
+Added: However, because our investments are of high-quality credit rating and short term in duration, we believe that our exposure to interest rate risk is not significant and that a hypothetical 100 basis point change in interest rates would not have a significant impact on the total value of our portfolio.
+Added: Approximately $1.9 million and $2.5 million of our cash balance was located in Australia at March 31, 2023 and December 31, 2022, respectively.
Our expenses, except those related to our Australian operations, are generally denominated in U.S.
3 unchanged sentences
Inflation Fluctuation Risk
−Removed: Inflation has increased during the period covered by this report and is expected to continue to at elevated levels or even increase for the near future.
+Added: The inflationary environment has fluctuated over the period covered by this report.
Inflation generally affects us by increasing our costs, such as the cost of labor and research and development contract costs.
−Removed: We do not believe inflation has had a material effect on our results of operations during the three and nine months ended September 30, 2022.
+Added: We do not believe inflation has had a material effect on our results of operations during the three months ended March 31, 2023.
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.