4.       Inventory

Inventory of $4.5 million and $4.2 million as of June 30, 2025 and December 31, 2024, respectively, consisted entirely of finished goods. Inventory expected to be sold more than twelve months from the balance sheet date is classified as inventory, non-current on the condensed consolidated balance sheets. As of June 30, 2025 and December 31, 2024, the Company did not have any inventory of continuing operations classified as non-current.

Prepaid manufacturing of $6.7 million as of June 30, 2025 included prepayments to a CMO of $1.1 million for manufacturing services, which the Company expects to be converted into inventory within the next twelve months, and $5.6 million for research and development. Prepaid manufacturing of $6.7 million as of December 31, 2024 included $0.3 million for manufacturing services of the Company’s product and $6.4 million for research and development.