v3.25.4
Inventories
9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Inventories
4. Inventories
The following table represents the components of inventories as of September 30, 2025 and December 31, 2024 (in thousands
):
 
    
September 30,
2025
    
December 31,
2024
 
Raw materials
   $ 7      $ 45  
Work in progress
     10,148        9,547  
Finished goods
     5,971        5,416  
  
 
 
    
 
 
 
Total inventories
   $ 16,126      $ 15,008  
  
 
 
    
 
 
 
4. Inventories
The following table represents the components of inventories as of December 31, 2024 and 2023 (in thousands
):
 
    
2024
    
2023
 
Raw materials
   $ 45      $ 1,928  
Work in progress
     9,547        8,641  
Finished goods
     5,416        10,908  
  
 
 
    
 
 
 
Total inventories
   $ 15,008      $ 21,477  
  
 
 
    
 
 
 
The Company recorded inventory valuation adjustments of $0.4 million and $0.8 million during the twelve months ended December 31, 2024 and 2023, respectively. The charges and reversals were included in cost of sales in the consolidated statements of operations and comprehensive loss. The inventory valuation allowance was primarily due to the sell-through or scrap of inventory that was reserved for in a prior period
.
 
 
Changes in the Company’s inventory allowance were as follows (in thousands):
 
Balance at December 31, 2022
   $ 23,365  
Valuation allowances
     839  
  
 
 
 
Balance at December 31, 2023
   $ 24,204  
  
 
 
 
Valuation allowances
     428  
Sell-through or scrap of inventory
     (7,213 ) 
  
 
 
 
Balance at December 31, 2024
   $ 17,419