Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

6. Inventories

Inventories consist of the following (in thousands):

	December 31, 2024		December 31, 2023
Raw materials	$	6,184	$	6,262
Work-in-process		10,661		13,646
Finished goods		11,041		8,637
Total inventory	$	27,886	$	28,545

Work-in-process and finished goods as of December 31, 2024 and 2023 include conversion costs and exclude the cost of insulin. All insulin inventory on hand was written off and the projected loss on the purchase commitment contract to purchase future insulin was accrued in prior years. Raw materials inventory included $0.8 million of pre-launch inventory as of December 31, 2024 and 2023, which consisted of FDKP received in November 2019.

The Company analyzed its inventory levels to identify inventory that may expire or has a cost basis in excess of its estimated realizable value. The Company also performed an assessment of projected sales and evaluated the lower of cost or net realizable value and the potential excess inventory on hand as of December 31, 2024 and 2023. Inventory that did not meet acceptable standards or was forecasted to become obsolete due to expiration is reserved for inventory obsolescence in the consolidated balance sheets and recorded in costs of goods sold in the consolidated statements of operations. As a result of these assessments there were inventory write-offs of $3.9 million and $4.6 million for the years ended December 31, 2024 and 2023, respectively.