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Inventory

12 Months Ended

Dec. 31, 2024

4.Inventory

Inventory consisted of the following:


	December 31,
(in thousands)	2024		2023
Raw materials	$	18,014	$	12,975
Work in process		83,170		82,588
Finished goods		12,686		34,537
Total	$	113,870	$	130,100

During 2024, the Company recorded $14.1 million in charges for the write-down of UDENYCA inventory that did not meet acceptance criteria. Inventory as of December 31, 2023 included $16.4 million related to the CIMERLI ophthalmology franchise and $17.0 million related to the YUSIMRY immunology franchise (see Note 6. Acquisition and Dispositions). During the year ended December 31, 2023, the Company recorded a $47.0 million charge for the write-down of slow moving YUSIMRY inventory, which included the recognition of $20.5 million in certain firm purchase commitments in cost of goods sold in the consolidated statements of operations. Of this charge, $11.5 million was reflected in accrued and other current liabilities and $9.0 million in other liabilities, non-current in the consolidated balance sheets as of December 31, 2023. Liabilities for firm inventory purchase commitments related to YUSIMRY were derecognized upon the YUSIMRY sale.

Inventory expected to be sold more than twelve months from the balance sheet date is classified as inventory, non-current in the consolidated balance sheets. As of December 31, 2024 and 2023, 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:


	December 31,
(in thousands)	2024		2023
Inventory	$	70,094	$	62,605
Inventory, non-current		43,776		67,495
Total	$	113,870	$	130,100

Prepaid manufacturing of $11.6 million as of December 31, 2024 included prepayments of $5.3 million to CMOs for manufacturing services of the Company’s products and prepayments of $6.4 million to various CMOs for research and development pipeline programs. Prepaid manufacturing of $23.7 million as of December 31, 2023 includes prepayments of $12.6 million to CMOs for manufacturing services, of which $6.4 million related to the CIMERLI ophthalmology franchise and $0.5 million related to the YUSIMRY immunology franchise (see Note 6. Acquisition and Dispositions), and prepayments of $11.1 million to various CMOs for research and development pipeline programs.