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Inventory
6 Months Ended
Jun. 30, 2021
Inventory Disclosure [Abstract]  
Inventory Inventory
As of June 30, 2021 and December 31, 2020, the Company's inventory balance consists of the following (in thousands):
June 30, 2021December 31, 2020
Raw materials$27,071 $21,601 
Work-in-process17,468 18,754 
Finished goods15,846 9,237 
$60,385 $49,592 
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 significant inventory write-downs since that time. The Company currently uses a limited number of third-party contract manufacturing organizations (CMOs) to produce its inventory.