Inventory consisted of the following:


	March 31,		December 31,
(in thousands)	2025		2024
Raw materials	$	10,619	$	11,113
Work-in-process		27,425		20,529
Finished goods		3,435		2,083
Total inventory	$	41,479	$	33,725

As of March 31, 2025 and December 31, 2024, total inventory included net fair value adjustments resulting from the acquisition of La Jolla of approximately $8.9 million and $9.2 million, respectively, which will be amortized and recognized as cost of products sold when sales occur in future periods. The fair value adjustments recorded as part of cost of products sold amounted to $0.2 million and $6.8 million for the three months ended March 31, 2025 and 2024, respectively.

Other accrued liabilities consisted of the following:


	March 31,		December 31,
(in thousands)	2025		2024
Accrued contract manufacturing expenses	$	1,294	$	1,071
Accrued clinical and research expenses		326		611
Accrued professional services		4,291		8,682
Current portion of lease liabilities		1,280		1,572
Royalty obligation payable		3,336		2,951
Current portion of deferred royalty obligations		6,860		6,438
Accrued license fees and royalties		1,483		1,727
Other(1)		11,794		6,947
Total other accrued liabilities	$	30,664	$	29,999

(1) Amount as of March 31, 2025 and December 31, 2024 includes $8.6 million and $5.3 million advance payments received from our partner for inventory supply as discussed in Note 4, “License and Collaboration Arrangements”.

Other long-term liabilities consisted of the following:


	March 31,		December 31,
(in thousands)	2025		2024
Long-term portion of deferred royalty obligation	$	60,918	$	63,096
Long-term portion of lease liabilities		1,091		1,179
Total other long-term liabilities	$	62,009	$	64,275