Inventories

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventories

4. Inventories

Inventories consist of the following (in thousands):

	March 31, 2025		December 31, 2024
Raw materials	$	6,141	$	6,184
Work-in-process		13,637		10,661
Finished goods		9,114		11,041
Total inventory	$	28,892	$	27,886

Work-in-process and finished goods as of March 31, 2025 and December 31, 2024 include conversion costs and exclude the cost of insulin. All insulin inventory on hand was written off in prior years and the projected loss on the purchase commitment contract to purchase future insulin was accrued. See Note 14 – Commitments and Contingencies under Contingencies — Commitments. Raw materials inventory included $0.8 million of pre-launch inventory as of March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024. Inventory that did not meet acceptable standards or was forecasted to become obsolete due to expiration is reserved for inventory obsolescence in the condensed consolidated balance sheets and recognized as costs of goods sold in the condensed consolidated statements of operations. As a result of these assessments, there were inventory write-offs of $0.5 million and $1.0 million for the three months ended March 31, 2025 and 2024, respectively.