Inventories, Net

12 Months Ended

Dec. 31, 2023

The Company's net inventories consisted of the following as of December 31:


	2023		2022
Raw materials	$	12,619,092	$	12,899,659
Consigned inventory	149,701		168,923
Finished goods, net of reserve	4,645,098		4,322,167
Total inventories	17,413,891		17,390,748
less non-current inventories	(12,804,529)		(7,527,167)
Total inventories classified as current	$	4,609,362	$	9,863,581

The Company's non-current inventories consisted of the following as of December 31:


	2023		2022
Vibativ - raw materials	$	6,611,426	$	7,138,936
Vibativ - finished goods	810,454		—
Kristalose - raw materials	3,263,515		—
Vaprisol - raw materials	1,170,641		—
Caldolor - finished goods	67,307		—
Sancuso - raw materials	574,502		—
Study drug - raw materials	203,383		256,474
Study drug - finished goods	—		131,757
Other products	103,300		—
Total non-current inventory	$	12,804,529	$	7,527,167

The Company purchases the active pharmaceutical ingredient (“API”) for Kristalose and maintains the inventory of that raw material. API for the Company's Vaprisol and Vibativ brands were included in the assets associated with the acquisition of those brands and are also included in the raw materials inventory. As part of the Vibativ acquisition, the Company acquired API and work in process inventories of $15.6 million that were all initially classified as non-current inventories at the date of acquisition. Consigned inventory represents Authorized Generic inventory stored with Padagis until shipment.

At December 31, 2023, there were no cumulative obsolescence or discontinuance losses necessary to recognize. At December 31, 2022, the Company had recognized and maintained cumulative net realizable value charges for potential obsolescence and discontinuance losses of approximately $0.5 million.