1 unchanged sentence
We are exposed to market risk related to changes in interest rates.
−Removed: We had cash, cash equivalents, and investments of $88.8 million and $137.1 million as of December 31, 2024 and 2023, respectively, consisting of cash, U.S.
−Removed: Government money market funds, government bonds, corporate bonds and commercial paper of publicly traded companies.
+Added: We had cash and cash equivalents investments of $205.0 million as of December 31, 2025, consisting of cash and U.S.
+Added: Government money market funds.
Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S.
2 unchanged sentences
Due to the short-term duration of most of our investment portfolio and the low risk profile of our investments, an immediate 100 basis point change in interest rates would not have a material effect on the fair market value of our portfolio.
−Removed: We contract with CROs and contract manufacturers globally, which may be denominated in foreign currencies.
+Added: We enter into contracts with CROs and contract manufacturers globally that may be denominated in foreign currencies.
We may be subject to fluctuations in foreign currency rates in connection with these agreements.
1 unchanged sentence
As of December 31, 2025, an immaterial amount of our total liabilities was denominated in currencies other than the functional currency.
−Removed: As of December 31, 2024, we had borrowed $40.0 million under the Loan Agreement.
−Removed: The Loan Agreement bears interest at a floating rate equal to (a) the greater of (i) the one-month CME Secured Overnight Financing Rate and (ii) 0.13% plus (b) 7.37%, which is subject to an overall floor and cap.
−Removed: Changes in interest rates can cause interest charges to fluctuate under the Loan Agreement.
+Added: As of December 31, 2025, we have borrowed $75.0 million under the Note Purchase Agreement.
+Added: The Notes under the Note Purchase Agreement bear interest at a floating rate equal to the sum of (i) the greater of the Term SOFR (as defined in the Note Purchase Agreement) and 4.29%, and (ii) 3.71%, which is subject to an overall floor and cap .
+Added: Changes in interest rates can cause interest charges to fluctuate under the Note Purchase Agreement.
A 10% increase in current interest rates would have resulted in an immaterial increase in the amount of cash interest expense for the year ended December 31, 2025 due to the overall interest rate floor and cap.
4 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.