Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2019
Inventory Disclosure [Abstract]  

The following table provides the components of inventories:

    December 31, 2019   December 31, 2018
Raw materials   $ 33,381,806     $ 14,019,668  
Work-in-process     14,455,665       —    
Finished goods     5,227,263       4,596,501  
Total inventories   $ 53,064,734     $ 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 used in the production of goods expected to be available for sale or which otherwise have alternative uses which provide a probable future benefit. 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 primarily consists of bulk drug substance and unlabeled filled vials of the Company’s immunoglobulin products. Finished goods inventory is comprised of immunoglobulin product inventory and related intermediates that are available for commercial sale, as well as plasma collected at the Company’s plasma collection center which is expected to be sold to third-party customers.