1 unchanged sentence
Interest Rate Fluctuation Risk
−Removed: As of December 31, 2024, we had cash, cash equivalents and short-term investments of $717.6 million, consisting of money market accounts, corporate bonds, and U.S.
+Added: As of December 31, 2025, we had cash, cash equivalents and marketable securities of $874.7 million, consisting of money market funds, corporate paper and bonds, and U.S.
treasury securities.
1 unchanged sentence
Our primary 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 cash equivalents and short-term investments are primarily invested in U.S.
−Removed: Treasury Securities, corporate paper and bonds and money market funds.
+Added: interest rates, particularly
+Added: because our cash equivalents and marketable securities are primarily invested in money market funds, corporate paper and bonds, and U.S.
+Added: treasury securities.
A change in prevailing interest rates, and/or credit risk, may cause the fair value of the investment to fluctuate.
8 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.