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Some of the securities in which we invest have market risk in that a change in prevailing interest rates may cause the principal amount of the marketable securities to fluctuate.
−Removed: Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities.
−Removed: As of September 30, 2022, we had $95.9 million of cash and cash equivalents and marketable securities.
−Removed: We invest our cash primarily in money market accounts, but also invest in commercial paper and debt instruments of financial institutions, corporations, U.S.
+Added: Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities.
+Added: As of March 31, 2023, we had $75.2 million in cash, cash equivalents and marketable securities.
+Added: We invest our cash primarily in money market accounts, but from time to time may invest in commercial paper and debt instruments of financial institutions, corporations, U.S.
government-sponsored agencies and the U.S.
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We have established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.
−Removed: If a 10% change in interest rates were to have occurred on September 30, 2022, this change would not have had a material effect on the fair value of our cash and cash equivalents and marketable securities as of that date.
+Added: If a 10% change in interest rates were to have occurred on March 31, 2023, this change would not have had a material effect on the fair value of our cash, cash equivalents and marketable securities as of that date.
Inflation Risk
Inflation generally may affect us by increasing our cost of labor and clinical trial costs.
−Removed: Inflation has not had a material effect on our business, financial condition or results of operations during the three and nine months ended September 30, 2022.
+Added: Inflation has not had a material effect on our business, financial condition or results of operations during the three months ended March 31, 2023 or 2022.
Foreign Currency Exchange Risk
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However, a significant portion of our operating expenses are incurred in the New Israeli Shekel ("NIS").
−Removed: As a result, we are exposed to the risk that NIS may appreciate relative to the dollar, or, if the NIS instead devalues relative to the dollar, that the inflation rate in Israel may exceed such rate of devaluation of the NIS, or that the timing of such devaluation may lag behind inflation in Israel.
+Added: As a result, we are exposed to the risk that the NIS may appreciate relative to the dollar, or, if the NIS instead devalues relative to the dollar, that the inflation rate in Israel may exceed such rate of devaluation of the NIS, or that the timing of such devaluation may lag behind inflation in Israel.
In any such event, the dollar cost of our operations in Israel would increase and our dollar-denominated results of operations would be adversely affected.
We cannot predict any future trends in the rate of inflation in Israel or the rate of devaluation, if any, of the NIS against the dollar.
−Removed: For example, the dollar depreciated against the NIS during 2021 by a total of 3.2%.
+Added: For example, the dollar appreciated against the NIS during 2022 by a total of 11.9%.
If the dollar cost of our operations in Israel increases, our dollar-measured results of operations will be adversely affected.
Our operations also could be adversely affected if we are unable to effectively hedge against currency fluctuations in the future.
−Removed: If a 10% change in NIS-to-Dollar exchange rates were to have occurred during the three months ended September 30, 2022, this change would not have had a material effect on our operating expenses.
+Added: If a 10% change in NIS-to-Dollar exchange rates were to have occurred during the three months ended March 31, 2023, this change would not have had a material effect on our operating expenses.
We do not currently engage in currency hedging activities in order to reduce this currency exposure, but we may begin to do so in the future.
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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.