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Inventory

3 Months Ended

Mar. 31, 2023

4. Inventory

Inventory consisted of the following:


	March 31,		December 31,
(in thousands)	2023		2022
Raw materials	$	13,008	$	10,262
Work in process		82,206		86,712
Finished goods		19,273		18,077
Total	$	114,487	$	115,051

Inventory is stated at the lower of cost or estimated net realizable value with cost determined under the first-in first-out method. The determination of excess or obsolete inventory requires judgment including consideration of many factors, such as estimates of future product demand, current and future market conditions, product expiration information, and potential product obsolescence, among others.

The Company began capitalizing YUSIMRY inventory in the second quarter of 2022 and had $25.1 million and $23.7 million of such inventory as of March 31, 2023 and December 31, 2022, respectively. Inventory expected to be sold more than twelve months from the balance sheet date is classified as inventory, non-current on the condensed consolidated balance sheets. As of March 31, 2023 and December 31, 2022, the non-current portion of inventory consisted of raw materials, work in process and a portion of finished goods. The following table presents the inventory balance sheet classifications:


	March 31,		December 31,
(in thousands)	2023		2022
Inventory	$	49,406	$	38,791
Inventory, non-current		65,081		76,260
Total	$	114,487	$	115,051

Prepaid manufacturing of $16.0 million as of March 31, 2023 includes prepayments of $11.6 million to contract manufacturing organizations (“CMOs”) for manufacturing services for our products, which the Company expects to be converted into inventory within the next twelve months; and prepayments of $4.4 million to various CMOs for research and development pipeline programs. Prepaid manufacturing of $17.9 million as of December 31, 2022 included prepayments of $13.0 million to CMOs for manufacturing services of the Company’s products, which the Company expects to be converted into inventory during 2023; and prepayments of $4.9 million to various CMOs for research and development pipeline programs.