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Inventory, net | 9 Months Ended
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Sep. 30, 2024
Inventory, net |
Inventory, net | 7. Inventory, net ​ Inventory, net of reserves, consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31,
​ | ​ | 2024 |  | 2023
Finished goods |  | $ | 798 |  | $ | 2,160
Work-in-process | ​ |  | 2,157 | ​ |  | 5,332
Raw materials | ​ |  | 252 | ​ |  | 1,284
Total | ​ | $ | 3,207 | ​ | $ | 8,776
​ The Company charged $4.2 million in cost of sales for the three and nine months ended September 30, 2024 and less than $0.1 million in cost of sales for the three and nine months ended September 30, 2023 to reduce the value of inventory for items that are potentially obsolete due to expiry, in excess of product demand, or to adjust costs to their net realizable value. These costs were primarily write offs of our existing Eversense E3 systems following obtaining FDA 510(k) clearance to sell Eversense 365. In addition, we incurred $0.6 million in cost of sales due to impairment losses on prepayments to suppliers as the result of the transition from Eversense E3 to Eversense 365 system. ​ The Company capitalizes inventory costs associated with products when future commercialization is considered probable and the future economic benefit is expected to be realized, which is typically when regulatory approval is obtained. As such, the Company began capitalizing costs related to the 365-day product inventory in September 2024 upon successfully obtaining FDA 510(k) clearance. Prior to regulatory approval, the Company expensed all inventory-related costs, including that used for clinical development, to research and development expenses. We expect this to impact the cost of sales as the pre-clearance inventory is sold to customers. The Company incurred $1.9 million during the nine months ended September 30, 2024 and $0.3 million for the year ended December 31, 2023 in product costs prior to the clearance, which primarily consisted of work in process inventory.

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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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