3 unchanged sentences
Interest Rate Fluctuation Risk
−Removed: We had $697.9 million and $559.2 million in cash, cash equivalents and marketable securities at March 31, 2025 and December 31, 2024, respectively.
+Added: We had $673.0 million and $559.2 million in cash, cash equivalents and marketable securities at June 30, 2025 and December 31, 2024, respectively.
Our cash and cash equivalents consist of cash, money market funds, commercial paper and government bonds.
2 unchanged sentences
Based on our interest rate sensitivity analysis, an immediate 100 basis point increase in interest rates would increase our annual interest income by approximately $3.7 million, while an immediate 100 basis point decrease in interest rates would decrease our annual interest income by approximately $3.7 million.
−Removed: Approximately $1.3 million and $0.6 million of our cash balance was located in Australia at March 31, 2025 and December 31, 2024, respectively.
+Added: Approximately $1.9 million and $0.6 million of our cash balance was located in Australia at June 30, 2025 and December 31, 2024, respectively.
Our expenses, except those related to our Australian operations, are generally denominated in U.S.
4 unchanged sentences
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 adverse effect on the results of our operations during the three months ended March 31, 2025.
+Added: We do not believe inflation has had a material adverse effect on the results of our operations during the six months ended June 30, 2025.
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.