NOTE 6. INVENTORIES

Inventories consist of finished goods, raw materials and work in process and are stated at the lower of cost or market and consist of the following (in thousands):

	June 30,			December 31,
	2015			2014

Raw materials	$	1,369		$	2,141
Work-in-process	1,124			1,348
Finished goods	8,414			4,984
Less: allowance for obsolescence	(531		)	(17		)

Total	$	10,376		$	8,456

As of June 30, 2015, the unamortized portion of the step-up in fair value related to Nucynta® inventories acquired as part of the NUCYNTA Acquisition on April 2, 2015, was $0.8 million. The amount of the step-up in the fair value of NUCYNTA® inventories amortized to cost of sales during the three months ended June 30, 2015 was $5.0 million.

As of June 30, 2015 and December 31, 2014, the unamortized portion of the step-up in fair value related to Lazanda® inventories acquired as part of the Lazanda® Acquisition on July 29, 2013 was $0 and $0.2 million, respectively. The amount of the step-up in the fair value of Lazanda® inventories amortized to cost of sales during the three and six months ended June 30, 2015 was $0 and $0.2 million, respectively.