INVENTORY

6 Months Ended

Jun. 30, 2026

7. INVENTORY

The following table summarizes the components of the Company’s inventory for each of the periods indicated:


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Raw materials	$	127,780	$	141,278
Work in progress		946,651		892,689
Finished goods		56,175		65,320
Total inventory	$	1,130,606	$	1,099,287

For the three and six months ended June 30, 2026, inventory losses for write-downs totaled $11.6 million related to obsolete ELEVIDYS inventory on hand as of June 30, 2026. There were no inventory losses for write-downs of excess and obsolete inventory for the three and six months ended June 30, 2025.

The Company classifies inventory associated with its PMO Products and ELEVIDYS as non-current inventory when consumption of the inventory is expected beyond the Company's normal inventory operating cycle of two years for the PMO Products and approximately 3.5 years for ELEVIDYS. Non-current inventory consists of raw materials and work in progress associated with the PMO Products and raw materials associated with ELEVIDYS.

The following table summarizes the balance sheet classification of the Company's inventory for each of the periods indicated:


	As of June 30, 2026		As of December 31, 2025
	(in thousands)
Balance sheet classification:
Inventory	$	904,273	$	914,744
Non-current inventory		226,333		184,543
Total inventory	$	1,130,606	$	1,099,287