INVENTORIES

12 Months Ended

Dec. 31, 2022

INVENTORIES [Abstract]

INVENTORIES

3. INVENTORIES

The following table provides the components of inventories:

	December 31, 2022		December 31, 2021
Raw materials	$	48,644,527	$	36,755,720
Work-in-process		56,170,853		58,968,535
Finished goods		58,464,667		28,999,836
Total inventories	$	163,280,047	$	124,724,091

Raw materials includes plasma and other materials expected to be used in the production of BIVIGAM, ASCENIV and Nabi-HB. These materials will be consumed in the production of goods expected to be available for sale or otherwise have alternative uses that 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 centers which is expected to be sold to third-party customers.