Inventory

Components of inventory, net of reserves as of December 31, 2019 and 2018 are as follows:



	December 31, 2019		December 31, 2018
Raw Materials	$	2,471,234	$	3,621,548
Work in Process	184,382		256,129
Finished Goods	1,432,290		1,798,101
Total	$	4,087,906	$	5,675,778

As of December 31, 2019 and 2018, we classified $0.4 million and $1.6 million, respectively, of inventory as non-current all of which was related to Triferic or the active pharmaceutical ingredient for Triferic. As of December 31, 2019 and 2018, we had total Triferic inventory aggregating $3.5 million and $8.0 million respectively, against which we had reserved $2.8 million and $5.8 million, respectively.

For the year ended December 31, 2019, the Company’s inventory reserves and write-offs increased by $1.3 million, which related to Triferic. For the year ended December 31, 2018, inventory reserves and write-offs increased by $8.8 million, consisting of $8.1 million related to Triferic and $0.7 million related to Calcitriol.

The $0.7 million net value of Triferic inventory consisted of $0.2 million of Dialysate Triferic finished goods with expiration dates ranging from March 2020 to May 2021, and $0.5 million of Triferic API with estimated useful lives extending through 2023. The Company increased its inventory reserve for Triferic by $1.3 million for the year ended December 31, 2019 due to, among other factors, the impact of the Centers for Medicare & Medicaid Services (“CMS”) Final Rule on October 31, 2019 and its current volume forecasts for Triferic across the globe.