15 unchanged sentences
Variations in exchange rates will impact earnings and other comprehensive income.
−Removed: At December 31, 2019, if the euro had weakened 10% against the U.S.
+Added: On December 31, 2020, if the euro had weakened 10% against the U.S.
dollar with all other variables held constant, pre-tax earnings for the year would have been $13.0 million higher (December 31, 2019:
−Removed: $12.9 million higher), and other comprehensive income would have been $31.9 million lower (December 31, 2018:
+Added: $24.7 million higher), and other comprehensive income would have been $5.2 million higher (December 31, 2019:
$31.9 million lower).
1 unchanged sentence
dollar with all other variables held constant, pre-tax earnings for the year would have been $13.0 million lower (December 31, 2019:
−Removed: $12.9 million lower), and other comprehensive income would have been $31.8 million higher (December 31, 2018:
+Added: $24.7 million lower), and other comprehensive income would have been $8.3 million lower (December 31, 2019:
$31.8 million higher).
We strive to mitigate foreign exchange risk through holding sufficient funds in euro and dollars to finance budgeted cash flows for the next year.
−Removed: The sensitivity in other comprehensive income to fluctuations in exchange rates is related to the funding by our Dutch entities of the investing and operating activities of our U.S.
−Removed: based entity as well as from translating the net assets of our Dutch entities from their functional currency euro into our reporting currency U.S.
+Added: The sensitivity in other comprehensive income to fluctuations in exchange rates primarily relates to the translation of the net assets of our Dutch entities from their functional currency euro into our reporting currency U.S.
The market prices for the provision of preclinical and clinical materials and services, as well as external contracted research, may vary over time.
8 unchanged sentences
As of December 31, 2020, the loan bore an interest rate of 8.85%.
−Removed: As of December 31, 2019, if interest rates on borrowings had been 1.0% higher/lower with all other variables held constant, pre-tax earnings for the year would have been $0.3 million (2018:
+Added: As of December 31, 2020, if interest rates on borrowings had been 1.0% higher with all other variables held constant, pre-tax earnings for the year would have been $0.3 million (2019:
$0.3 million;
−Removed: $0.2 million) lower/ higher.
+Added: $0.2 million) lower.
Credit risk is managed on a consolidated basis.
11 unchanged sentences
Credit rating
+Added: (in thousands)
Bank of America
2 unchanged sentences
Liquidity Risk
−Removed: We believe that our existing cash and cash equivalents will enable us to fund our operating expenses and capital expenditure requirements into mid-2022.
−Removed: We manage liquidity through a rolling forecast of our liquidity reserve on the basis of expected cash flow and raise cash if and when needed, either through the issuance of shares or credit facilities.
+Added: We believe our cash and cash equivalents as of December 31, 2020, combined with the $100.0 million 2021 Amended Facility will enable us to fund our operating expenses, including our debt repayment obligations, as they become due and capital expenditure requirements into the second half of 2022.
+Added: In the event that we receive the $450.0 million payment due on the closing of the CSL Behring Agreement, we expect that our cash and cash equivalents will be sufficient to fund operations into the second half of 2024 (assuming a full repayment of funds borrowed from Hercules under our term loan facility by 2023).
+Added: We manage liquidity through a rolling forecast of our liquidity reserve based on expected cash flows and raise cash if needed, either through the issuance of shares or credit facilities.
The table below analyzes our financial liabilities in relevant maturity groupings based on the length of time until the contractual maturity date, as of the balance sheet date.
1 unchanged sentence
Balances due within 12 months equal their carrying value as the impact of discounting is not significant.
+Added: (in thousands)
At December 31, 2019
6 unchanged sentences
Derivative financial instruments
−Removed: Due to uncertainty of timing of exercise of warrants by BMS, the amount owed to derivative financial instruments is classified as undefined in time.
−Removed: As of December 31, 2019, we expect the BMS warrants to be exercised within two and four years after the balance sheet date.
+Added: Due to uncertainty of timing of exercise of warrants by BMS, the amount owed to derivative financial instruments was classified as undefined in time as of December 31, 2019.
+Added: We derecognized the warrants on December 1, 2020 when these were terminated by the amended BMS CLA.
+Added: On December 1, 2020 we recognized a derivative financial liability related to the CoC-payment.
+Added: Generally, the CoC-payment would be due to BMS upon the consummation of a change in control transaction prior to November 30, 2026 or BMS’s delivery of cessation notices for all four active Collaboration Targets.
+Added: The derivative financial liability therefore has no contractual maturity date.
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.