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Inventory
6 Months Ended
Jun. 30, 2020
Inventory Disclosure [Abstract]  
Inventory Inventory
As of June 30, 2020 and December 31, 2019, the Company's inventory balance consists of the following (in thousands):
June 30, 2020December 31, 2019
Raw materials$17,270  $16,048  
Work-in-process9,089  6,420  
Finished goods9,114  5,845  
$35,473  $28,313  
Inventory is stated at the lower of cost and net realizable value and consists of raw materials, work-in-process and finished goods. The Company began capitalizing inventory costs following FDA approval of ARIKAYCE in September 2018. The Company has not recorded any inventory write downs since that time. The Company currently uses a limited number of third-party contract manufacturing organizations (CMOs) to produce its inventory.