6. INVENTORIES

6 Months Ended

Jun. 30, 2018

Inventories Abstract

6. INVENTORIES

The following table provides the components of inventories:

	June 30, 2018		December 31, 2017
Raw materials	$	8,529,351	$	10,395,433
Work-in-progress		1,112,184		1,265,339
Finished goods		2,605,433		967,409
Total inventories	$	12,246,968	$	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. Finished goods inventories as of June 30, 2018 is comprised of Nabi-HB, a portion of which is recorded at fair value as part of the purchase price allocation of the Biotest Assets acquired. Raw materials includes materials expected to be used in the production of Nabi-HB, BIVIGAM and RI-002. All other activities and materials associated with the production of inventories used in research and development activities are expensed as incurred.