Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract]  

The following table provides the components of inventories: 


    December 31,
  December 31,
Raw materials   $ 14,019,668     $ 10,143,149  
Work-in-progress     —         1,265,339  
Finished goods     4,596,501       1,219,693  
Total inventories   $ 18,616,169     $ 12,628,181  


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 RI-002 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 December 31, 2018 includes $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. Finished goods inventory as of December 31, 2017 is comprised of Nabi-HB, and was recorded at fair value as part of the purchase price allocation of the Biotest Assets acquired.