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Inventories | 6 Months Ended
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Jun. 30, 2020
Inventory Disclosure [Abstract] |
Inventories | 3. Inventories Inventories consist of the following (in thousands):
|  | June 30, 2020 |  |  | December 31, 2019 |
Raw materials |  | $ | 1,542 |  |  | $ | 1,751 |
Work-in-process |  |  | 1,683 |  |  |  | 1,432 |
Finished goods |  |  | 598 |  |  |  | 972 |
Total inventory |  | $ | 3,823 |  |  | $ | 4,155 |
Work-in-process and finished goods as of June 30, 2020 and December 31, 2019 include conversion costs and exclude the cost of insulin. All insulin inventory on hand was written off and the projected loss on the purchase commitment contract to purchase future insulin was accrued as of the end of 2015. Raw materials inventory included $0.8 million of pre-launch inventory as of June 30, 2020 and December 31, 2019, which consisted of FDKP received in November 2019 that will be used to manufacture Afrezza under an enhanced manufacturing process for FDKP. The Company expects to receive FDA approval of the new source of FDKP in mid-2021, after which the pre-launch raw materials inventory will be reclassified as raw materials inventory for use in the manufacturing of Afrezza. The Company analyzed its inventory levels to identify inventory that may expire or has a cost basis in excess of its estimated realizable value. The Company also performed an assessment of projected sales and evaluated the lower of cost or net realizable value and the potential excess inventory on hand. Inventory that was forecasted to become obsolete due to expiration is recorded in costs of goods sold in the accompanying condensed consolidated statements of operations. For the six months ended June 30, 2020 there w as an inventory write-off of $0.5 million as a result of this assessment. T here w ere no inventory write-off s for the three months ended June 30, 2020 or the three and six months ended June 3 0, 20 19.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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