2 unchanged sentences
We are exposed to interest rate risk in the ordinary course of our business.
−Removed: As of September 30, 2024, we had cash, cash equivalents and investments in marketable securities of $386.8 million, and we had no outstanding debt obligations.
−Removed: December 31, 2023, we had no cash equivalents or investments in marketable securities, and our outstanding debt obligation of $20.0 million for the BMS Note was at a fixed interest rate.
+Added: As of March 31, 2025, we had cash, cash equivalents and investments in marketable securities of $314.2 million.
Foreign Currency Exchange Risk
3 unchanged sentences
Limited, our wholly-owned subsidiary in China, is the Chinese Yuan.
+Added: Our functional currency for Zenas BioPharma GmbH, our wholly-owned subsidiary in Switzerland, is the Swiss Franc.
The functional currency of our wholly-owned U.S.
−Removed: subsidiaries, Zenas BioPharma (USA) LLC and Zenas BioPharma Securities Corporation, is the USD.
+Added: subsidiaries, Zenas BioPharma (USA) LLC and Zenas BioPharma Securities Corp., is the USD.
Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the functional currency are included in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss as incurred.
−Removed: Realized foreign currency transaction gains (losses) were immaterial for the three and nine months ended September 30, 2024.
+Added: Realized foreign currency transaction gains (losses) were immaterial for the three months ended March 31, 2025.
We do not currently engage in currency hedging activities in order to reduce our currency exposure, but we may begin to do so in the future.
6 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.