7 unchanged sentences
Our inability to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy.
−Removed: Foreign Currency Risk
−Removed: Foreign currency risk refers to the risk that the value of a financial commitment or recognized asset or liability will fluctuate due to changes in foreign currency rates.
+Added: Foreign Currency Exchange Rate Risk
+Added: Foreign currency exchange rate risk refers to the risk that the value of a financial commitment or recognized asset or liability will fluctuate due to changes in foreign currency rates.
Our net loss and financial position, as expressed in U.S.
−Removed: dollar, are exposed to movements in foreign exchange rates against the pounds sterling and the euro.
−Removed: The main trading currencies are pounds sterling, the U.S.
+Added: dollars, are exposed to movements in foreign exchange rates against the pound sterling and the euro.
+Added: The main trading currencies are the pound sterling, the U.S.
dollar, and the euro.
−Removed: We are exposed to foreign currency risk as a result of operating transactions and the translation of foreign bank accounts.
−Removed: We monitor our exposure to foreign exchange risk.
+Added: We are exposed to foreign currency exchange rate risk as a result of entering into operating transactions denominated in currencies other than the functional currency of our subsidiaries, particularly in relation to our monetary assets and liabilities relating to intercompany transactions, supplier liabilities and the translation of foreign cash balances.
+Added: Operating transaction foreign currency gains and losses are included in the determination of net income in our statements of operations.
+Added: We monitor our exposure to foreign currency exchange rate risk.
Exposures are generally managed through natural hedging via the currency denomination of cash balances and any impact currently is not material to us.
Interest Rate Risk
−Removed: We do not hold any derivative instruments, or other financial instruments, that expose us to material interest rate risk.
+Added: We hold our cash, cash equivalents and short-term investments for working capital purposes.
+Added: Some of the securities we invest in are subject to market risk.
+Added: This means that a change in prevailing interest rates may cause the principal amount of such investments to fluctuate.
+Added: To minimize this risk, we maintain our portfolio of cash, cash equivalents which is invested in a variety of short term securities, including money market funds and investments in highly liquid U.S.
+Added: treasury securities.
+Added: Due to the short-term nature of these instruments, we believe that we do not have any material exposure to changes in the fair value of our investment portfolio as a result of changes in interest rates.
+Added: Declines in interest rates, however, would reduce future interest income.
+Added: The effect of a hypothetical 10% increase or decrease in overall interest rates would not have had a material impact on our operating results or the total fair value of our portfolio.
+Added: We are exposed to market risks related to fluctuations in interest rates related to our promissory notes payable to related parties.
+Added: As of December 31, 2022, the principal balance payable was $520 million, the outstanding principal balance is subject to a variable interest rate from February 15, 2023.
+Added: As of March 7, 2023, the principal balance payable was $100 million.
+Added: For all applicable periods following the February 15, 2023, interest shall accrue on the outstanding principal balance at the United States prime interest rate, as reported in the Wall Street Journal, plus 50 basis points, as adjusted monthly, for three months immediately following February 15, 2023, and thereafter at the United States prime rate plus 300 basis points, as adjusted monthly.
We consider all of our material counterparties to be creditworthy.
We consider the credit risk for each of our counterparties to be low and do not have a significant concentration of credit risk at any of our counterparties.
−Removed: We had $1.5 million of accounts receivable outstanding at December 31, 2021, due primarily from BARDA.
−Removed: This amount was collected subsequent to the period end.
−Removed: We also have a $15.7 million of research and development tax credits outstanding at December 31, 2021.
+Added: We have a $5.8 million of research and development tax credits outstanding at December 31, 2022.
Given that these receivables related to U.K.
1 unchanged sentence
Financial Statements and Supplementary Data
−Removed: The financial statements required to be filed pursuant to this Item 8 are included to this Report.
+Added: The financial statements required to be filed pursuant to this Item 8 are included in this Annual Report on Form 10-K.
An index of those financial statements is found in Item 15.
1 unchanged sentence
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.