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Inventories

12 Months Ended

Dec. 31, 2012

(4)

Inventories

Inventories consist of:

	December 31, 2012		December 31, 2011
Raw materials	$	197	$	-
Work-in-process		405		-
Finished goods		503		-
Total	$	1,105	$	-

Delcath transitioned from a development stage company to a commercial organization with operational activities in April 2012. A portion of the Company's inventory was purchased prior to obtaining authorization to affix the CE Mark to its Generation Two Delcath Hepatic CHEMOSAT® Delivery System in April 2012, including components used in the kits sold during the twelve months ended December 31, 2012. As a result, some of the costs of sales related to recognized and deferred revenue was expensed in earlier periods.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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