4 unchanged sentences
We are exposed to foreign exchange risk arising from various currencies, primarily with respect to the U.S.
−Removed: dollar and euro and to a lesser extent to the British pound.
+Added: dollar and euro and to a lesser extent to the British pound and the Swiss Franc.
operating entity primarily conducts its operations in U.S.
dollars, its exposure to changes in foreign currency is insignificant.
+Added: Similarly the exposure to changes in foreign currencies of our Swiss and French entities are insignificant as well.
Our Dutch entities hold significant amounts of U.S.
5 unchanged sentences
Foreign currency denominated account receivables and account payables are short-term in nature (generally 30 to 45 days).
−Removed: Variations in exchange rates will impact earnings and other comprehensive income.
+Added: Variations in exchange rates will impact earnings and other comprehensive income or loss.
On December 31, 2021, 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 $42.2 million higher (December 31, 2020:
−Removed: $24.7 million higher), and other comprehensive income would have been $5.2 million higher (December 31, 2019:
−Removed: $31.9 million lower).
+Added: $13.0 million higher), and other comprehensive income or loss would have been $23.5 million higher (December 31, 2020:
+Added: $5.2 million higher).
Conversely, if the euro had strengthened 10% against the U.S.
dollar with all other variables held constant, pre-tax earnings for the year would have been $42.2 million lower (December 31, 2020:
−Removed: $24.7 million lower), and other comprehensive income would have been $8.3 million lower (December 31, 2019:
−Removed: $31.8 million higher).
+Added: $13.0 million lower), and other comprehensive income or loss would have been $31.6 million lower (December 31, 2020:
+Added: $8.3 million lower).
We strive to mitigate foreign exchange risk through holding sufficient funds in euro and dollars to finance budgeted cash flows for the next year.
15 unchanged sentences
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, outstanding receivables and committed transactions with collaboration partners and security deposits paid to landlords.
−Removed: We currently have no wholesale debtors other than BMS.
+Added: We currently have no wholesale debtors other than BMS and CSL Behring.
We deposited funds as security to our landlords related to our facility in Lexington, Massachusetts, and our facility in Amsterdam.
10 unchanged sentences
Bank of America
−Removed: Citizens Bank
+Added: Credit Suisse
Ratings are by Moody’s.
Liquidity Risk
−Removed: 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.
−Removed: 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 believe our cash and cash equivalents as of December 31, 2021 will fund our operations into the first half of 2025 assuming achievement of $230.0 million related to BLA and MAA submissions as well as first commercial sales milestones under the CSL Behring Agreement.
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.
6 unchanged sentences
Accounts payable, accrued expenses and other current liabilities
−Removed: Derivative financial instruments
+Added: Derivative financial instrument
+Added: Commitments related to Corlieve acquisition (nominal amounts)
At December 31, 2020
2 unchanged sentences
Derivative financial instruments
−Removed: 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.
−Removed: We derecognized the warrants on December 1, 2020 when these were terminated by the amended BMS CLA.
+Added: We previously had BMS warrants under the BMS CLA which we derecognized on December 1, 2020 when these were terminated by the amended BMS CLA.
On December 1, 2020 we recognized a derivative financial liability related to the CoC-payment.
1 unchanged sentence
The derivative financial liability therefore has no contractual maturity date.
+Added: In relation to the Corlieve Transaction, we entered into commitments to make payments to the former shareholders upon the achievement of certain contractual milestones.
+Added: The commitments include payments related to post-acquisition services that we agreed to as part of the SPA.
+Added: The timing of achieving these milestones, as well as whether the milestone will be achieved at all, and consequently the timing of payments is generally uncertain with the exception of a payment we owe upon acquiring the remaining outstanding shares as well as certain payments for post-acquisition services in 2022.
+Added: We expect these obligations will become payable between 2022 and 2031.
+Added: If and when due, up to 25% of the milestone payments can be settled with our ordinary shares .
+Added: Financial Statements and Supplementary Data
+Added: Our consolidated financial statements and the notes thereto, included in Part IV, Item 15, are incorporated by reference into this Item 8.
+Added: Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
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.