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, 2024 and 2023 consist of the following:


In thousands	December 31, 2024		December 31, 2023
Raw materials	$	91,421	$	155,128
Work in process		30,482		5,373
Finished goods		108,885		175,730
Inventory (1)	$	230,788	$	336,231

(1) Total inventory consists of both current inventory and long-term inventory. During the year ended December 31, 2024, approximately $8.0 million of inventory was expensed through cost of goods sold for both product dating and non-product dating unsellable inventory and as part of our ongoing supply agreement settlements, $36.5 million was expensed through cost of goods sold - inventory restructuring and reserved for the future return of API. During the year ended December 31, 2023, $5.1 million of inventory was expensed through cost of goods sold for both product dating and non-product dating unsellable inventory.

As of December 31, 2024 and 2023, the Company had $64.7 million and $77.6 million of long-term inventory, respectively, as consumption is expected beyond the Company's operating cycle of 12 months.