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Inventories | 9 Months Ended
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Sep. 30, 2023
Inventory Disclosure [Abstract] |
Inventories | 5. Inventories Inventories consist of the following (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |
Raw materials |  | $ | 6,020 |  |  | $ | 5,739 |
Work-in-process |  |  | 12,300 |  |  |  | 13,815 |
Finished goods |  |  | 8,797 |  |  |  | 2,218 |
Total inventory |  | $ | 27,117 |  |  | $ | 21,772 |
Work-in-process and finished goods as of September 30, 2023 and December 31, 2022 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 as of the end of 2016. Raw materials inventory included $0.8 million of pre-launch inventory as of September 30, 2023 and December 31, 2022, which consisted of FDKP received in November 2019. The Company expects to request approval from the FDA for the new source of FDKP in 2024. 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 September 30, 2023 and December 31, 2022. Inventory that was forecasted to become obsolete due to expiration as well as inventory that does not meet acceptable standards is recorded in costs of goods sold in the condensed consolidated statements of operations. As a result of this assessment, there was an inventory write-off of $0.3 million and $3.7 million for the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2022, there was an inventory write-off of $0.9 million and $1.4 million as a result of this assessment.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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