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Inventory

9 Months Ended

Sep. 30, 2013

Inventory

(4) Inventory

After approval of Vascepa on July 26, 2012 by the FDA, the Company began capitalizing its purchases of saleable inventory of Vascepa from suppliers that have been qualified by the FDA. Inventories consist of the following at September 30, 2013 and December 31, 2012 (in thousands):

		September 30, 2013				December 31, 2012
Raw materials		$	4,993			$	5,465
Work in process			12,166				15,471
Finished goods			9,283				326
Finished goods inventory held by others			641				—
		$	27,083			$	21,262

Inventory is valued at lower of cost or market value. During the three months ended September 30, 2013, the Company recorded an inventory reserve of $1.8 million related to certain inventories that are not recoverable in their current form. The materials are currently under investigation by the supplier and the Company. The reserve was recorded within research and development expense in the statement of operations as this supplier has yet to produce material qualified for commercial sale.

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- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.6)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 6

-Subparagraph a, b, c

-Article 5

+ Details

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