Inventories

The following table sets forth the Company’s inventories by type:



	As of September 30, 2014		As of December 31, 2013
	(in thousands)
Raw materials	$	—	$	489
Work-in-process	14,302		9,981
Finished goods	2,451		3,677
Total	$	16,753	$	14,147

As of September 30, 2014, the Company has capitalized $1.8 million of inventory costs for lumacaftor manufactured in preparation for its planned product launch in mid-2015 based on its evaluation of, among other factors, information regarding lumacaftor's safety and efficacy. In periods prior to July 1, 2014, the Company expensed costs associated with lumacaftor’s raw materials and work-in-process as a development expense. In November 2014, the Company submitted a New Drug Application to the United States Food and Drug Administration and a Marketing Authorization Application to the European Medicines Agency for lumacaftor in combination with ivacaftor. The Company plans to continue to monitor the status of the lumacaftor regulatory process and the other factors used to determine whether or not to capitalize the lumacaftor inventory and, if there are significant negative developments regarding lumacaftor, the Company could be required to impair previously capitalized costs.