INVENTORY

Inventory consists of the following (in thousands):



	March 31, 2017			December 31, 2016
Raw materials	$	692		$	863
Work in process	2,462			2,343
Finished goods	774			738
Total	3,928			3,944
Less: non-current portion included in Other assets	(624		)	(606		)
Inventory	$	3,304		$	3,338

We generally relieve inventory on a first-expiry, first-out basis. A portion of the manufacturing costs for inventory was incurred prior to regulatory approval of CABOMETYX and COMETRIQ and, therefore, was expensed as research and development costs when those costs were incurred, rather than capitalized as inventory. Write-downs related to excess and expiring inventory are charged to either Cost of goods sold or the cost of supplied product included in Collaboration revenues. Such write-downs were $0.5 million for the three months ended March 31, 2017; these amounts were nominal for the comparable period in 2016. The non-current portion of inventory consists of raw materials and a portion of active pharmaceutical ingredient which is included in work in process.