Inventories

9 Months Ended

Sep. 30, 2026

4. Inventories

Inventories consisted of the following (in thousands):


	September 30, 2026		December 31, 2025
Raw materials	$	26,997	$	26,815
Work in process		918		288
Finished goods		5,516		4,319
Total inventories	$	33,431	$	31,422
Reported as:
Inventories	$	11,711	$	8,369
Inventories, noncurrent		21,720		23,053
Total inventories	$	33,431	$	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 no zero-cost inventory as of September 30, 2026. The Company held $6.7 million in zero-cost inventory as of December 31, 2025, none of which was determined to be obsolete.