Inventory

9 Months Ended

Sep. 30, 2024

6. Inventory

Inventory consisted of the following:


(in thousands)	September 30, 2024		December 31, 2023
Raw materials	$	28,729	$	31,259
Work in process	21,178		13,807
Finished goods	20,928		18,963
Total inventory	$	70,835	$	64,029

Inventory costs associated with products that have not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use of the product and future economic benefit of the asset. If future commercial use of the product is not probable, then inventory costs associated with such product are expensed during the period the costs are incurred. The Company has no inventory pending regulatory approval as of September 30, 2024. The majority of inventory on hand relates to in-house manufacturing of DEFINITY at the Company’s North Billerica campus. With respect to the Company’s products that are radiopharmaceuticals, due to the limited shelf life of such products, they are generally not held as finished goods.