Quarterly report pursuant to Section 13 or 15(d)

3. INVENTORIES

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3. INVENTORIES
3 Months Ended
Mar. 31, 2019
Inventory Disclosure [Abstract]  
3. INVENTORIES

The following table provides the components of inventories: 

 

    March 31,
2019
  December 31,
2018
         
Raw materials   $ 13,799,170     $ 14,019,668  
Work-in-progress     870,264       —    
Finished goods     3,770,478       4,596,501  
Total inventories   $ 18,439,912     $ 18,616,169  

 

Inventories are stated at the lower of cost or net realizable value with cost being determined on the first-in, first-out method. Raw materials includes plasma and other materials expected to be used in the production of ASCENIV and BIVIGAM, as there are alternative uses for these materials which provide a probable future benefit or will be consumed in the production of goods expected to be available for sale. All other activities and materials associated with the production of inventories used in research and development activities are expensed as incurred.

 

Finished goods inventory at March 31, 2019 is comprised of $2.1 million of Nabi-HB, $1.5 million of product manufactured under a contract manufacturing agreement and $0.2 million of plasma collected at the Company’s plasma collection center. Finished goods inventory at December 31, 2018 is comprised of $2.3 million of Nabi-HB, $1.2 million of product manufactured under a contract manufacturing agreement and $1.1 million of plasma collected at the Company’s plasma collection centers.