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Inventory
6 Months Ended
Jun. 30, 2022
Inventory Disclosure [Abstract]  
Inventory Inventory
As of June 30, 2022 and December 31, 2021, the Company's inventory balance consists of the following (in thousands):
June 30, 2022December 31, 2021
Raw materials$29,320 $29,541 
Work-in-process15,908 18,528 
Finished goods21,789 18,940 
$67,017 $67,009 
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.