Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory

Inventory, net, consists of the following (in thousands):

	As of December 31,
	2023		2022
Raw materials	$	2,329	$	—
Work in progress	17,375		—
Finished goods	3,215		—
Inventory	$	22,919	$	—

Raw materials inventory consists of completed materials purchased directly from third party suppliers. Work in progress inventory consists of materials manufactured at CMOs that are either partially completed, fully manufactured but are pending quality acceptance, or completed meeting quality acceptance standards to be used in the manufacture of drug product and drug products that are either partially completed or fully manufactured but are pending quality acceptance. Finished goods are completed and quality approved drug products that are either awaiting shipment, in-transit or delivered to a qualified treatment center, but have not yet been infused in a patient.

As of December 31, 2022, the Company did not have any manufactured inventory that was in progress or had received final quality acceptance after the FDA approval of ZYNTEGLO, SKYSONA, or LYFGENIA. Prior to FDA approval, the existing inventory was expensed to research and development expense.