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Inventory
12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventory
5. Inventory
The Company's inventory balance consists of the following (in thousands):
As of December 31,
20232022
Raw materials$24,562 $27,245 
Work-in-process33,480 22,460 
Finished goods25,206 20,217 
$83,248 $69,922 
Inventory is stated at the lower of cost and net realizable value and consists of raw materials, work-in-process and finished goods. The Company has not recorded any significant inventory write-downs. The Company currently uses a limited number of third-party CMOs to produce its inventory.