The components of inventory, inclusive of step-up as a result of bringing Keryx’s inventory onto Akebia’s books at fair value in connection with the Merger, are summarized as follows:

	March 31, 2020		December 31, 2019
	(in thousands)
Raw materials	$	1,841	$	2,278
Work in process		135,474		137,858
Finished goods		36,925		42,096
Total inventory	$	174,240	$	182,232

Long-term inventory, which primarily consists of raw materials and work in process, is included in other assets in the Company’s unaudited condensed consolidated balance sheets.

	March 31, 2020		December 31, 2019
	(in thousands)
Balance Sheet Classification:
Inventory	$	111,854	$	116,349
Other assets		62,386		65,883
Total inventory	$	174,240	$	182,232