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Inventory | 3 Months Ended
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Mar. 31, 2024
Inventory Disclosure [Abstract] |
Inventory | Inventory Inventory consisted of the following as of March 31, 2024 and December 31, 2023:
(in thousands) | March 31, 2024 |  | December 31, 2023
Current assets |  |  |
Work-in-process | $ | — |  |  | $ | 27 |
Finished goods | 1,505 |  |  | 1,330 |
Total inventory, current | $ | 1,505 |  |  | $ | 1,357 |
Non-Current assets |  |  |
Raw materials | $ | 934 |  |  | $ | 934 |
Work-in-process | 7,066 |  |  | 7,177 |
Finished goods | 411 |  |  | 737 |
Total inventory, non-current | 8,411 |  |  | 8,848 |
Total inventory | $ | 9,916 |  |  | $ | 10,205 |
Inventory, which is recorded at the lower of cost or net realizable value, includes the cost of third-party manufacturing and other direct and indirect costs and is valued using the first-in, first-out method. The Company evaluates the risk of excess inventory and product expiry by evaluating current and future product demand relative to product shelf life. The Company builds demand forecasts by considering factors such as, but not limited to, overall market potential, market share, market acceptance, patient usage, and generic competition. The Company’s inventory balance consisted of $2.7 million and $3.0 million of Fanapt® product and $7.3 million and $7.2 million of HETLIOZ® product as of March 31, 2024 and December 31, 2023, respectively.

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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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