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Inventories
 9 Months Ended
Sep. 30, 2016
Inventories

2. Inventories

Inventories consist of the following (in thousands):

 

     September 30,
2016		      December 31,
2015		  

Raw materials

    $ 2,666       $ —     

Work-in-process

      1,774         —     

Finished goods

      684         —     
  

 

 

     

 

 

  

Total Inventory

    $ 5,124       $ —     
  

 

 

     

 

 

  

As of December 31, 2015, the Company recorded a write-off of all of its inventory. As of September 30, 2016, raw materials consists only of insulin which the Company intends to sell to Sanofi under the Insulin Put Option as described in Note 11. Work-in-process and finished goods as of September 30, 2016 includes conversion costs but not materials cost because the materials used in its production were previously written-off.