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Inventory

12 Months Ended

Dec. 31, 2012

Inventories, which were included in prepaid expenses and other current assets in the Company's balance sheets, consist of the following:



	As of December 31,
	2012		2011
Raw materials	$	4,862	$	4,666
Work in process	14,656		8,846
Finished goods	2,570		1,142
Deferred costs	6,550		1,960
	$	28,638	$	16,614

Deferred costs represent the costs of product manufactured and shipped to our collaborators for which recognition of revenue has been deferred.

As of December 31, 2012, the inventory balance included reserves of $3.6 million; there were no inventory reserves at December 31, 2011. In 2012 and 2011, cost of goods sold included inventory write-downs and reserves totaling $17.0 million and $0.5 million, respectively. In 2010, there were no inventory write-downs or reserves included in cost of goods sold.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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