Inventories

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

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Inventories as of March 31, 2024 and December 31, 2023 include inventories acquired from Forma pursuant to the license and transition services agreement. Inventories as of March 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 March 31, 2024, advance payments to the manufacturer of our raw materials were included within prepaid and other current assets in the condensed balance sheet amounted to $0.7 million. No such advance payment was included within prepaid and other current assets as of December 31, 2023.

Non-current inventories consist 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.

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Intangible assets

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Intangible assets consist of the following (in thousands):

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See “Note 5 – In-licensing and Acquisition” for related discussions of capitalized intangible assets. For the three months ended March 31, 2024 and 2023, amortization expense recorded within cost of sales in the statements of operations were $0.4 million and $0.3 million, respectively.

The following table presents the estimated future amortization expense of intangible assets as of March 31, 2024 (in thousands):

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