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OTHER BALANCE SHEET COMPONENTS | 6 Months Ended
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Jun. 30, 2024
OTHER BALANCE SHEET COMPONENTS |
OTHER BALANCE SHEET COMPONENTS |
7. | Other Balance Sheet Components
Inventories Inventories for the periods presented consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ | ​ | June 30, 2024 |  | December 31, 2023
Raw materials | ​ | $ | 2,145 | ​ | $ | 4,609
Work in process | ​ | ​ | 6,006 | ​ | ​ | 1,876
Finished goods | ​ | ​ | 4,368 | ​ | ​ | 1,508
Total | ​ | $ | 12,519 | ​ | $ | 7,993
Reported as: | ​ | ​ | ​ | ​ | ​ | ​
Inventories | ​ | $ | 8,059 | ​ | $ | 5,522
Other assets | ​ | ​ | 4,460 | ​ | ​ | 2,471
Total | ​ | $ | 12,519 | ​ | $ | 7,993
​ Inventories as of June 30, 2024 and December 31, 2023 include inventories acquired from Forma pursuant to the license and transition services agreement. Inventories as of June 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 June 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 $2.2 million. No such advance payment was included within prepaid and other current assets as of December 31, 2023. Non-current inventories consist primarily 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. ​ Intangible assets ​ Intangible assets consist of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | June 30, 2024 |  | December 31, 2023
Intangible asset cost | ​ | $ | 30,360 | ​ | $ | 15,000
Accumulated amortization | ​ |  | (2,085) | ​ |  | (1,122)
Intangible asset, net | ​ | $ | 28,275 | ​ | $ | 13,878
​ See “Note 5 – In-licensing and Acquisition” for related discussions of capitalized intangible assets. Amortization expense recorded within cost of sales in the statements of operations for the three months ended June 30, 2024 and 2023 was $0.6 million and $0.3 million, respectively, and for the six months ended June 30, 2024 and 2023 was $1.0 million and $0.5 million, respectively. The following table presents the estimated future amortization expense of intangible assets as of June 30, 2024 (in thousands):
​ | ​ | ​ | ​
Remainder of 2024 | ​ | $ | 1,176
2025 | ​ | ​ | 2,351
2026 | ​ | ​ | 2,351
2027 | ​ | ​ | 2,351
2028 | ​ | ​ | 2,351
Thereafter | ​ | ​ | 17,695
​ | ​ | $ | 28,275
​

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