INVENTORIES

6 Months Ended

Jun. 30, 2024

INVENTORIES

NOTE 6—INVENTORIES

Inventories consist of the following (in thousands):


		June 30, 2024			December 31, 2023

Raw Material		$	224		$	—
Work In Progress			17,198			14,021
Finished Goods			4,108			2,992
Total Inventories		$	21,530		$	17,013

Inventories are classified on the Consolidated Balance Sheets in each respective period (in thousands):


		June 30, 2024			December 31, 2023
CURRENT ASSETS
Inventories		$	8,498		$	5,065
Total recorded in Current Assets			8,498			5,065

NONCURRENT ASSETS
Other assets			13,032			11,948
Total recorded in Noncurrent Assets			13,032			11,948
Total Inventories		$	21,530		$	17,013

As of June 30, 2024 and December 31, 2023, the Company has classified $13,032,000 and $11,948,000, respectively, of work in progress inventories as noncurrent assets based on the Company’s current demand schedule and expectation that such inventory will be utilized after one year from the balance sheet date. Changes in noncurrent assets are reflected on the Consolidated Statements of Cash Flows within the caption of other assets.

During the three and six months ended June 30, 2024, the Company did not record any charges to write-off inventory. During the three and six months ended June 30, 2023, the Company recorded charges to write-off inventory of $456,000.