Inventories

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

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Inventories as of September 30, 2024 and December 31, 2023 include inventories acquired from Forma pursuant to the license and transition services agreement. Inventories as of September 30, 2024 also include inventories acquired from Blueprint pursuant to a Material Transfer Agreement as discussed in “Note 5 – In-licensing and Acquisition”. As of September 30, 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 $3.4 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 ingredients 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. Amortization expense recorded within cost of product sales in the condensed statements of operations for the three months ended September 30, 2024 and 2023 was $0.6 million and $0.3 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $1.6 million and $0.8 million, respectively.

The following table presents the estimated future amortization expense of intangible assets as of September 30, 2024 (in thousands):

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