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 March 31, 2024 and December 31, 2023 consist of the following:


In thousands	March 31, 2024		December 31, 2023
Raw materials	$	154,780	$	155,128
Work in process		20,522		5,373
Finished goods		154,203		175,730
Total inventory (1)	$	329,505	$	336,231

(1) Total inventory consists of both current inventory and long-term inventory. During the three months ended March 31, 2024, approximately $1.5 million of inventory was expensed through cost of goods sold for product dating inventory. During the three months ended March 31, 2023, approximately $2.3 million of finished goods was expensed through cost of goods sold for both product dating and non-product dating unsellable inventory.

As of March 31, 2024 and December 31, 2023, the Company had $74.2 million and $77.6 million of long-term inventory, respectively, as consumption is expected beyond the Company's operating cycle of 12 months.