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Our primary exposure to market risk is related to changes in interest rates.
−Removed: As of December 31, 2020, we had cash equivalents and marketable securities of approximately $361.6 million, consisting of money market funds, U.S.
+Added: As of December 31, 2021, we had cash equivalents and marketable debt securities of approximately $552.9 million, consisting of money market funds, U.S.
government agency debt, corporate debt and commercial paper.
This exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S.
−Removed: interest rates, particularly because our investments are in short-term marketable securities.
−Removed: Our marketable securities are subject to interest rate risk and will fall in value if market interest rates increase.
+Added: interest rates, particularly because our investments are in short-term debt securities.
+Added: Our debt securities are subject to interest rate risk and will fall in value if market interest rates increase.
Due to the short-term duration of our investment portfolio and the low risk profile of our investments, a change in interest rates of 100 basis points would have approximately a $1.7 million impact on our investments.
−Removed: We carry our investments based on publicly available information.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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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.