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Inventory
12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventory

4. Inventory

 

The Company’s inventory of EMPAVELI and SYFOVRE consisted of the following as of December 31, 2024 and 2023 (in thousands):

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Raw materials

 

$

54,385

 

 

$

32,724

 

Semi-finished goods

 

 

92,872

 

 

 

82,924

 

Finished goods

 

 

9,860

 

 

 

30,714

 

Total inventories

 

$

157,117

 

 

$

146,362

 

 

The Company's long-term inventory balance consists of raw materials and semi-finished goods that are not expected to be sold within the Company's normal operating cycle.

 

Inventory amounts written down as a result of excess, obsolete, unmarketability or other reasons are charged to cost of sales. For the years ended December 31, 2024 and 2023, the Company recognized write-downs of $19.0 million and $6.4 million, respectively.