Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

5. Inventories

Capitalized inventories consist of the following (in thousands):

	March 31, 2024		December 31, 2023
Raw materials	$	4,224	$	4,426
Work in process		37,265		25,221
Finished goods		484		—
Total	$	41,973	$	29,647

Prior to the FDA’s approval for VOWST on April 26, 2023, all costs for the manufacture of product supplies to support clinical development and commercial launch, including pre-launch inventory, were expensed as incurred or otherwise accounted for pursuant to the 2021 License Agreement. Pre-launch inventory manufactured prior to the FDA approval of VOWST, which was not capitalized into inventory but instead was expensed as research and development in previous periods, will be used in commercial production until

it is depleted. Pre-launch inventory expensed as research and development totaled $0 and $15,613 for the three months ended March 31, 2024 and 2023, respectively.

Inventory amounts written down as a result of excess, obsolescence, or unmarketability and determined not to be recoverable pursuant to the 2021 License Agreement are expensed in the period in which they are identified. There were no such write-downs during the three months ended March 31, 2024.