3 unchanged sentences
Interest Rate Risk
−Removed: As of December 31, 2024, we had cash and cash equivalents of $31.9 million and marketable securities of $12.3 million, consisting primarily of money market funds, commercial paper, U.S.
+Added: As of December 31, 2025, we had cash and cash equivalents of $38.6 million and marketable securities of $9.5 million, consisting primarily of money market funds, commercial paper, corporate debt securities, U.S.
treasury securities, and U.S.
6 unchanged sentences
Inflation Risk
−Removed: In recent months, inflation has increased significantly in the U.S.
−Removed: and overseas where we conduct our business, resulting in rising interest rates and fuel, labor and processing, freight and other costs that have affected our gross margin and operating expenses.
−Removed: We believe these increases have negatively impacted our business and although difficult to quantify, inflation is potentially having an adverse effect on our customers’ ability to purchase in our marketplaces, resulting in slowing revenue and Order growth.
+Added: As of December 31, 2025, inflation remains elevated relative to historical norms in the U.S.
+Added: where we conduct our business, resulting in higher costs in areas such as fuel, labor and processing, freight and other costs that have affected our gross margin and operating expenses.
+Added: We believe these increases have negatively impacted our business, and although difficult to quantify, inflation is potentially having an adverse effect on our customers’ ability to purchase in our marketplaces, which could slow revenue and Order growth.
If we are unable to increase our prices to sufficiently offset the rising costs of doing business, our profitability and financial position could be adversely impacted.
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.