1 unchanged sentence
Our market risk consists principally of interest rate risk on our cash and cash equivalents.
−Removed: Our exposure to market risk is limited primarily to interest income sensitivity, which is affected by changes in interest rates, particularly because our current liquid assets at March 31, 2023 were held in cash and cash equivalents.
+Added: Our exposure to market risk is limited primarily to interest income sensitivity, which is affected by changes in interest rates, particularly because our current liquid assets at June 30, 2023 were held in cash and cash equivalents.
Our investment policy restricts our investments to high-quality investments and limits the amounts invested with any one issuer, industry, or geographic area.
7 unchanged sentences
Due to the short-term nature of our investment portfolio, we believe we have minimal interest rate risk arising from our investments.
−Removed: As of March 31, 2023 and December 31, 2022, a 10% change in interest rates would have had an immaterial effect on the value of our investment portfolio.
+Added: As of June 30, 2023 and December 31, 2022, a 10% change in interest rates would have had an immaterial effect on the value of our investment portfolio.
We do not use derivative financial instruments in our investment portfolio.
3 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.