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Inventories, net
3 Months Ended
Mar. 31, 2024
Inventories, net  
Inventories, net

5

Inventories, net

The following table summarizes the inventories, net balances as of March 31, 2024 and December 31, 2023:

March 31, 

December 31, 

    

2024

    

2023

(in thousands)

Raw materials

$

6,331

$

7,157

Work in progress

1,341

4,109

Finished goods

758

Inventories

$

7,672

$

12,024

The Company recorded write downs to net realizable value of $1.8 million for the three months ended March 31, 2024 and nil for the same period in 2023. The costs are recognized as Cost of Contract Manufacturing Revenues. As at March 31, 2024, and December 31, 2023, the Company recorded an allowance for inventory of $2.7 million and $1.6 million, respectively.