The Company capitalizes its purchases of saleable inventory of VASCEPA from suppliers that have been qualified by the U.S. FDA and other global regulatory agencies. Inventories as of December 31, 2023 and 2022 consist of the following:


In thousands	December 31, 2023		December 31, 2022
Raw materials	$	155,128	$	126,391
Work in process		5,373		52,297
Finished goods		175,730		213,664
Inventory (1)	$	336,231	$	392,352

(1) Total inventory consists of both current inventory and long-term inventory. During the year ended December 31, 2023, approximately $5.1 million of inventory was expensed through cost of goods sold for both product dating and non-product dating unsellable inventory. During the year ended December 31, 2022 approximately $9.6 million of finished goods were expensed through cost of goods sold related to unsellable inventory not related to product dating.

As of December 31, 2023 and 2022, the Company had $77.6 million and $163.6 million of long-term inventory, respectively, as consumption is expected beyond the Company's operating cycle of 12 months.