3 unchanged sentences
Interest Rate Risk
−Removed: We had cash, cash equivalents and restricted cash and cash equivalents of $261.3 million as of December 31, 2023, which primarily consisted of money market funds.
−Removed: We also had short-term and long-term investments of $1.38 billion as of December 31, 2023.
+Added: We had cash, cash equivalents and restricted cash and cash equivalents of $318.7 million as of December 31, 2024, which primarily consisted of deposits in checking and sweep accounts at financial institutions and money market funds.
+Added: We also had short-term and long-term investments of $868.1 million as of December 31, 2024.
The primary objective of our investment activities is to preserve capital to fund our operations.
We also seek to maximize income from our investments without assuming significant risk.
−Removed: Because our investments are primarily short-term in duration and our holdings in U.S.
−Removed: government treasury bonds mature prior to our expected need for liquidity, we believe that our exposure to interest rate risk is not material, and one percent movement in market interest rates would not have a material impact on the total value of our portfolio.
+Added: Because our investments are primarily short-term in duration and consist of U.S.
+Added: government treasuries, U.S.
+Added: government agency bonds and discount notes, and securities issued by institutions with investment-grade credit ratings mature prior to our expected need for liquidity, we believe that our exposure to interest rate risk is not significant, and one percent movement in market interest rates would not have a significant impact on the total value of our portfolio.
We had no debt outstanding as of December 31, 2024.
6 unchanged sentences
As of the date of this Annual Report on Form 10-K, we are exposed to foreign currency risk primarily related to the operations of our Swiss and Australian subsidiaries and our collaboration with GSK and consequently the Swiss Franc, Australian dollar and British pound.
−Removed: Transaction gains and losses are included in other (expense) income, net on the consolidated statements of operations and were not material for the years ended December 31, 2023, 2022 and 2021.
+Added: Transaction gains and losses are included in other (expense) income, net on the consolidated statements of operations and are not material for the years ended December 31, 2024, 2023 and 2022.
Equity Investment Risk
5 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.