3. INVENTORIES

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

3. INVENTORIES

The following table provides the components of inventories:

	March 31, 2020		December 31, 2019
Raw materials	$	29,717,087	$	33,381,806
Work-in-progress		17,139,411		14,455,665
Finished goods		5,432,305		5,227,263
Total inventories	$	52,288,803	$	53,064,734

Raw materials includes plasma and other materials expected to be used in the production of ASCENIV, BIVIGAM and Nabi-HB, as there are alternative uses for these materials that provide a probable future benefit or will be consumed in the production of goods expected to be available for sale. 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.