INVENTORY

Inventory consists of the following (in thousands):



	June 30, 2017			December 31, 2016
Raw materials	$	528		$	863
Work in process	3,919			2,343
Finished goods	1,121			738
Total	5,568			3,944
Less: non-current portion included in Other assets	(143		)	(606		)
Inventory, net	$	5,425		$	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 six months ended June 30, 2017; the amount of such write-downs was nominal for the comparable period in 2016. The non-current portion of inventory is expected to be sold in future periods more than 12 months from the date presented and consists of finished goods as of June 30, 2017 and a portion of the active pharmaceutical ingredient that is included in raw materials and work in process inventories as of December 31, 2016.