6. INVENTORIES

Inventories consist of the following as of:


	March 31,		December 31,
(in thousands)	2020(1)		2019
Raw materials	$	35,340	$	34,881
Packaging materials		2,878		2,902
Work-in-progress		646		361
Finished goods		20,835		16,750
		59,699		54,894
Reserve for excess/obsolete inventories		(6,797)		(6,731)
Inventories, net	$	52,902	$	48,163

⁽¹⁾

Includes fair value of inventory acquired in Amerigen Pharmaceuticals, Ltd. asset acquisition and unsold as of March 31, 2020. See Note 12 for more details.

Vendor Concentration

We source the raw materials for our products, including active pharmaceutical ingredients (“API”), from both domestic and international suppliers. Generally, only a single source of API is qualified for use in each product due to the cost and time required to validate a second source of supply. As a result, we are dependent upon our current vendors to reliably supply the API required for on-going product manufacturing. During the three months ended March 31, 2020, we purchased approximately 13% of our inventory from one supplier. As of March 31, 2020, our amount payable to this supplier was $0.7 million. During the three months ended March 31, 2019, we purchased approximately 55% of our inventory from three suppliers.