All of the Company's inventories relate to INCIVEK. The following table sets forth the Company's inventories as of September 30, 2011 and December 31, 2010:

		September 30, 2011		December 31, 2010

		(in thousands)
Raw materials		$	20,102	$	—
Work in process			35,544		—
Finished goods			12,008		—

	Total	$	67,654	$	—

On January 1, 2011, the Company began capitalizing inventory costs for INCIVEK manufactured in preparation for the product launch in the United States based on its evaluation of, among other factors, information regarding INCIVEK's safety and efficacy and the status of the INCIVEK new drug application ("NDA"). The FDA completed its review and approved INCIVEK on May 23, 2011. In periods prior to January 1, 2011, the Company expensed costs associated with INCIVEK raw materials, work in process and finished goods as development expenses. As of September 30, 2011, the Company has not capitalized inventory costs related to its other drug development programs.