INVENTORIES

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories related to our commercial product, Auryxia, consists of the following (in thousands): 

	June 30, 2023		December 31, 2022
Work-in-process	$	8,571	$	7,892
Finished goods	12,334		13,676
Inventories, current	$	20,905	$	21,568
Raw materials included in other long-term assets	229		610
Total inventories	$	21,134	$	22,178

Inventory written down as a result of excess, obsolescence, scrap or other reasons charged to cost of goods in the unaudited condensed consolidated statement of operations and comprehensive income (loss) totaled approximately $0.3 million and $2.1 million during the three months ended June 30, 2023 and 2022, respectively, and $0.6 million and $7.4 million during the six months ended June 30, 2023 and 2022, respectively.

In accordance with GAAP, to date, the Company recorded prepaid amounts related to vadadustat drug substance as prepaid manufacturing costs. As of June 30, 2023 and December 31, 2022, the Company has $15.6 million included in other current assets on the condensed consolidated balance sheet. Released batches are expensed as research and development expense. During the quarter ended June 30, 2023, vadadustat received marketing authorization in the European Commission (EC) under the trade name Vafseo. Future costs associated with converting the drug substance to finished goods will be capitalized as inventory on the condensed consolidated balance sheet of the Company.