Accounts receivable, net and contract assets consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Product sales to partners	$	51,469	$	37,599
Revenues under collaborative agreements	18,926		29,452
Royalty payments	183,583		164,348
Other product sales	57,029		65,542

Contract assets	596		20,251
Total accounts receivable and contract assets	311,603		317,192
Allowance for distribution fees and discounts	(6,982)		(8,737)
Total accounts receivable, net and contract assets	$	304,621	$	308,455


	March 31, 2025		December 31, 2024
Raw materials	$	18,420	$	24,015
Work-in-process	36,652		30,169
Finished goods	143,237		142,944
Total inventories	198,309		197,128
Less long-term portion (1)	(33,441)		(55,268)
Total inventories, current	$	164,868	$	141,860

(1) Long-term portion of inventories represents inventory expected to remain on hand beyond one year and therefore is included in prepaid expenses and other assets in the condensed consolidated balance sheets.


	March 31, 2025		December 31, 2024
Prepaid manufacturing expenses	$	41,989	$	36,317

Other prepaid expenses	10,067		10,562
Long-term inventories	33,441		55,268
Other assets	14,729		17,400
Total prepaid expenses and other assets	100,226		119,547
Less long-term portion	(55,609)		(80,596)
Total prepaid expenses and other assets, current	$	44,617	$	38,951

Prepaid manufacturing expenses include raw materials, slot reservation fees and other amounts paid to contract manufacturing organizations. Such amounts are reclassified to work-in-process inventory as materials are used or the contract manufacturing organization services are complete.


	March 31, 2025		December 31, 2024
Research equipment	$	9,936	$	9,811
Manufacturing equipment	40,495		39,760
Computer and office equipment	9,817		9,710
Leasehold improvements	7,203		7,012
Subtotal	67,451		66,293
Accumulated depreciation and amortization	(27,229)		(25,429)
Subtotal	40,222		40,864
Right of use of assets	32,594		34,171
Total property and equipment, net	$	72,816	$	75,035

Depreciation and amortization expense was approximately $2.7 million and $2.4 million, inclusive of ROU asset amortization of $1.5 million and $1.4 million for the three months ended March 31, 2025 and 2024, respectively.


	March 31, 2025		December 31, 2024

Accrued compensation and payroll taxes	$	10,342	$	24,400
Accrued outsourced manufacturing expenses	7,465		16,682
Taxes payable	57,964		30,995
Product returns and sales allowance	52,944		54,588
Other accrued expenses	28,637		26,239
Lease liability	29,389		30,705
Total accrued expenses	186,741		183,609
Less long-term portion	(56,436)		(54,758)
Total accrued expenses, current	$	130,305	$	128,851

Expense associated with the accretion of the lease liabilities was approximately $0.5 million and $0.6 million for the three months ended March 31, 2025 and 2024, respectively. Total lease expense for the three months ended March 31, 2025 and 2024 was $2.0 million and $2.0 million, respectively.

Cash paid for amounts related to leases for the three months ended March 31, 2025 and 2024 was $1.8 million and $1.8 million, respectively.