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Inventory

3 Months Ended

Mar. 31, 2013

(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 March 31, 2013 and December 31, 2012 (in thousands):


	March 31, 2013		December 31, 2012
Raw materials	$	6,211	$	5,465
Work in progress		9,735		15,471
Finished goods		10,067		326
Finished goods inventory held by others		1,422		—

	$	27,435	$	21,262

Inventory is valued at lower of cost or market, no reserve for excess or obsolete inventory was recorded at either March 31, 2013 or 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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