Inventory, Net

12 Months Ended

Dec. 31, 2023

Note 7. Inventory, Net

Inventory, net, consists of the following as of December 31, 2023 and 2022 (in thousands):

	2023		2022
Raw materials	$	1,608	$	-
Work in progress		779		-
Finished goods		1,558		-
Total inventory, net	$	3,945	$	-

During the fourth quarter of 2023 the Company secured critical parts required to transition its Platinum^®contract manufacturing process to a new manufacturing partner. As part of this process, the Company was required to buy a minimum amount of parts from the former contracted manufacturer, resulting in excess inventory. During the year ended December 31, 2023, the Company recorded a $3.4 million reserve against inventory in Research and development expenses in the Consolidated Statements of Operations and Comprehensive Loss related to product that was considered to not have an alternative future use. Additionally, immaterial inventory reserves were included in Cost of revenue in the Consolidated Statements of Operations and Comprehensive Loss. There were no such reserves recorded against inventory for the years ended December 31, 2022 or 2021.