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Inventory
3 Months Ended
Mar. 31, 2016
Inventory Disclosure [Abstract]  
Inventory

Note 3 — Inventory

Inventory consists of the following (in thousands):

 

 

 

March 31, 2016

 

 

December 31, 2015

 

Raw materials

 

$

3,050

 

 

$

3,236

 

Work-in-process

 

 

7,443

 

 

 

6,087

 

Finished goods

 

 

757

 

 

 

2,023

 

Total inventory

 

$

11,250

 

 

$

11,346

 

 

Inventory is generally manufactured upon receipt of firm purchase orders from our collaboration partners. Inventory includes direct materials, direct labor, and manufacturing overhead and cost is determined on a first-in, first-out basis. Inventory is valued at the lower of cost or market and defective or excess inventory is written down to net realizable value based on historical experience or projected usage.