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Inventory

12 Months Ended

Dec. 31, 2024

All of the Company's inventory relates to the manufacturing of MARGENZA. In November 2024, the Company sold global rights to MARGENZA to TerSera. As part of this transaction, the Company transferred all its inventory to TerSera, resulting in no inventory balance on the Company’s consolidated balance sheet as of December 31, 2024. The following table sets forth the Company's inventory as of December 31, 2023, net of reserves (in thousands):



Work in process	$	261
Finished goods	960
Total inventory, net	$	1,221

Prior to FDA approval of MARGENZA in December 2020, the cost of materials and expenses associated with the manufacturing of MARGENZA were recorded as research and development expense. Subsequent to FDA approval, the Company began capitalizing inventory costs related to the manufacture of MARGENZA. The inventory balance as of December 31, 2023 is net of a reserve of $3.1 million, for unsaleable inventory. These reserves are reflected in cost of product sales during the period they are recorded.


	Inventory Reserves (in thousands)
	Balance at Beginning of Year		Additions Charged to Expenses		Deductions		Balance at End of Year
Year Ended December 31, 2024	$	3,119	$	—	$	(3,119)	$	—
Year Ended December 31, 2023	4,917		—		(1,798)		3,119
Year Ended December 31, 2022	2,035		2,882		—		4,917