Inventory

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventory

Inventory

As of March 31, 2021 and December 31, 2020, the Company's inventory balance consists of the following (in thousands):

	March 31, 2021		December 31, 2020
Raw materials	$	23,052	$	21,601
Work-in-process	18,901		18,754
Finished goods	10,107		9,237
	$	52,060	$	49,592

Inventory is stated at the lower of cost and net realizable value and consists of raw materials, work-in-process and finished goods. The Company began capitalizing inventory costs following FDA approval of ARIKAYCE in September 2018. The Company has not recorded any significant inventory write-downs since that time. The Company currently uses a limited number of third-party contract manufacturing organizations (CMOs) to produce its inventory.