Composition of Certain Balance Sheet Items

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Composition of Certain Balance Sheet Items

Composition of Certain Balance Sheet Items

Inventory

	September 30, 2025		December 31, 2024
	(in thousands)
Raw materials	$	1,552	$	—
Work in progress	14,197		7,789
Finished goods	8,602		8,206
Total inventory	24,351		15,995
Less strategic inventory classified as non-current	(12,002)		(3,583)
Total inventory classified as current	$	12,349	$	12,412

We have purchased and hold significant quantities of active pharmaceutical ingredient (“API”), included in raw materials and work in progress inventory. We classify inventory that we do not expect to utilize within 12 months of the balance sheet date as “strategic inventory,” a non-current asset.

Prepaid expenses and other current assets

	September 30, 2025		December 31, 2024
	(in thousands)
Prepaid expenses	$	22,981	$	9,492
Deferred clinical materials	6,010		4,493
Clinical deposits	2,479		1,817
Other current assets	5,999		6,078
Total prepaid expenses and other current assets	$	37,469	$	21,880

As of September 30, 2025 and December 31, 2024, prepaid expenses included $14.2 million and $3.8 million of prepaid taxes, respectively.

Accrued and other liabilities

	September 30, 2025		December 31, 2024
	(in thousands)
Government rebates	$	53,335	$	41,580
Accrued compensation	35,284		41,731
Accrued selling and marketing costs	8,918		3,345
Other	10,910		4,044
Total accrued and other liabilities	$	108,447	$	90,700