Inventories for the periods presented consist of the following (in thousands):

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Inventories as of September 30, 2023 and December 31, 2022 include inventories acquired from Forma (now Novo Nordisk) pursuant to the license and transition agreement. As of September 30, 2023 and December 31, 2022, zero and $0.8 million, respectively, of advance payments to the manufacturer of our raw materials were included within prepaid and other current assets in the condensed balance sheet.

We provide reserves for potential excess, dated or obsolete inventories based upon assumptions about future demand and market conditions, as well as product shelf life. There were no material inventory reserves as of September 30, 2023 and December 31, 2022. Inventories that are not expected to be consumed beyond our normal operating cycle are classified as non-current inventories and included within other assets in the condensed balance sheet. Non-current inventories primarily consist of active pharmaceutical ingredient classified as raw materials, which have multi-year shelf life.