Inventory

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventory

Inventory

The Company's inventory balance consists of the following (in thousands):

	As of December 31,
	2022		2021
Raw materials	$	27,245	$	29,541
Work-in-process	22,460		18,528
Finished goods	20,217		18,940
	$	69,922	$	67,009

Inventory is stated at the lower of cost and net realizable value and consists of raw materials, work-in-process and finished goods. The Company began capitalizing inventory costs following FDA approval of ARIKAYCE in September 2018. The Company has not recorded any significant inventory write-downs since that time. The Company currently uses a limited number of third-party CMOs to produce its inventory.