5. Inventory

Inventory is stated at the lower of cost and net realizable value and consists of raw materials, work-in-progress and finished goods. The Company began capitalizing inventory costs following FDA approval of ORLYNVAH™ in October 2024, and inventory production commenced in February 2025. The Company has not recorded any inventory write-downs for the nine months ended September 30, 2025. No allowance for excess, damaged, and obsolete inventory was recorded at September 30, 2025. The Company currently uses a limited number of third-party contract manufacturing organizations to produce its inventory.