Quarterly report pursuant to Section 13 or 15(d)

3. INVENTORIES

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3. INVENTORIES
9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
3. INVENTORIES

The following table provides the components of inventories:

 

    September 30,
2019
  December 31,
2018
         
Raw materials   $ 23,471,487     $ 14,019,668  
Work-in-process     13,955,875       —    
Finished goods     2,857,977       4,596,501  
Total inventories   $ 40,285,339     $ 18,616,169  

 

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 that 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.

 

Work-in-process inventory at September 30, 2019 primarily consists of bulk drug substance and unlabeled filled vials of the Company’s immunoglobulin products. Finished goods inventory at September 30, 2019 is comprised of immunoglobulin product inventory and related intermediates that are available for commercial sale, as well as $0.5 million of plasma collected at the Company’s plasma collection center and $0.2 million of product manufactured under a contract manufacturing agreement. 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.