v3.26.1
Inventories
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Inventories

4. Inventories

Inventories consisted of the following (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

Raw materials

 

$

28,213

 

 

$

26,815

 

Work in process

 

 

627

 

 

 

288

 

Finished goods

 

 

3,198

 

 

 

4,319

 

Total inventories

 

$

32,038

 

 

$

31,422

 

Reported as:

 

 

 

 

 

 

Inventories

 

$

8,817

 

 

$

8,369

 

Inventories, noncurrent

 

 

23,221

 

 

 

23,053

 

Total inventories

 

$

32,038

 

 

$

31,422

 

Prior to FDA approval in August 2024, costs incurred for the manufacturing of neffy were recorded as research and development expenses, which upon approval resulted in zero-cost inventory. The Company held $5.3 million and $6.7 million in zero-cost inventory as of March 31, 2026 and December 31, 2025, respectively, none of which was determined to be obsolete as of each period end. The Company expects to fully utilize its zero-cost inventory in future periods.