7. INVENTORIES

The following table summarizes inventories, net (in thousands):

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Inventories as of December 31, 2024 and 2023 include inventories acquired from Forma pursuant to the license and transition agreement. Inventories as of December 31, 2024 also include inventories acquired from Blueprint pursuant to a Material Transfer Agreement as discussed in Note 5 – In-Licencing and Acquisition. As of December 31, 2024, advance payments to the manufacturer of our raw materials were included within prepaid and other current assets in the balance sheet amounted to $3.8 million. No such advance payment was included within prepaid and other current assets as of December 31, 2023.

Non-current inventories consists of active pharmaceutical ingredient classified as raw materials which have multi-year shelf life, as well as certain work in process and finished goods inventories that are not expected to be consumed beyond our normal operating cycle.