Quarterly report [Sections 13 or 15(d)]

Inventories

v3.25.1
Inventories
3 Months Ended
Mar. 31, 2025
Inventories  
Inventories

Note 15 – Inventories

On August 1, 2024, the Company received FDA approval for TECELRA for the treatment of advanced MAGE-A4+ synovial sarcoma in adults with certain HLA types who have received prior chemotherapy, and commenced capitalization of inventory from this date.

Prior to August 1, 2024, regulatory approval and subsequent commercialization of TECELRA, and thus the possibility of future economic benefits from TECELRA sales, were not considered probable and inventory-related costs were expensed as incurred; as such, the inventory recognized on the balance sheet does not included any pre-launch inventory. At March 31, 2025, the gross value of pre-launch inventory held but not recognized was $5,819,000, which includes inventory that could be used for either clinical or commercial purposes.

The components of inventory are as follows:

March 31, 

December 31, 

    

2025

    

2024

Raw materials

$

11,382

$

7,236

Work-in-progress

133

84

Finished goods

 

244

 

Total inventory, net

$

11,759

$

7,320