Note 15 – Inventories

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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.

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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 June 30, 2025, the gross value of pre-launch inventory held but not recognized was $3,724,000, which includes inventory that could be used for either clinical or commercial purposes.

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The components of inventory are as follows:

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