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Inventory

12 Months Ended

Dec. 31, 2012

(4) Inventory

After approval of Vascepa on July 26, 2012 by the FDA, the Company began capitalizing its purchases of saleable inventory of Vascepa. Inventories consist of the following at December 31, 2012 and 2011:


	2012		2011
	(in thousands)
Raw materials	$	5,465	$	—
Work in progress		15,471		—
Finished goods		326		—

	$	21,262	$	—

Inventory is valued at lower of cost or market, no reserve for excess or obsolete inventory was recorded at December 31, 2012.

- 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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