Inventories, Net

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories, net

5.Inventories, net

The following table presents inventories, net (in thousands):

	December 31
	2021		2020
Raw materials	$	26,637	$	25,121
Work-in-process		14,748		30,293
Finished goods		19,950		8,275
Total	$	61,335	$	63,689

As of December 31, 2021 and 2020, included in finished goods inventory was $18.6 million and $8.3 million of HEPLISAV-B inventory, respectively. The remaining balance in finished goods inventory was CpG 1018 adjuvant. There was no CpG 1018 adjuvant within raw materials and work-in-process inventory balance as of December 31, 2021 and 2020. Additionally, for the year ended December 31, 2021, due to the COVID-19 pandemic and its prolonged impact on vaccine utilization and corresponding revisions to our sales forecast, we recorded an approximately $2.6 million write-off to cost of sales – product associated with HEPLISAV-B slow moving short-dated inventory that had been manufactured prior to the beginning of the COVID-19 pandemic. For the year ended December 31, 2020 and 2019, there were no inventory write-offs recognized.

We recorded prepaid manufacturing costs related to prepayments made to third-party manufacturers of CpG 1018 adjuvant, of $159.7 million and $29.4 million as of December 31, 2021 and 2020, respectively. We expect these costs to be converted into inventory within the next twelve months.