NOTE 5. INVENTORY

As of September 30, 2026, and December 31, 2025, inventory consists of the following (in thousands):


		September 30,			December 31,
		2026			2025
Raw materials	$		33,116	$		31,682
Work in process			6,017			5,044
Finished goods			20,371			22,827
Total inventory	$		59,504	$		59,553

Inventory includes $15.2 million for excess and obsolescence reserves recorded as of September 30, 2026, such reserve being primarily related to excess Proleukin® inventory resulting from a manufacturer contract inherited in the Acquisition for which the Company cannot yet fully utilize the required purchase quantities while the Company scales the Amtagvi® commercial launch.

Inventory expected to be used or sold more than twelve months from the balance sheet date is classified as long-term assets on the condensed consolidated balance sheet. The Company recorded $4.3 million and $7.9 million of inventory as long-term other assets as of September 30, 2026, and December 31, 2025, respectively.