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 September 30, 2024 and December 31, 2023 consist of the following:


In thousands	September 30, 2024		December 31, 2023
Raw materials	$	145,352	$	155,128
Work in process		32,088		5,373
Finished goods		120,583		175,730
Total inventory 1	$	298,023	$	336,231

(1) Total inventory consists of both current inventory and long-term inventory. During the three and nine months ended September 30, 2024, nil and approximately $1.5 million, respectively, of inventory was expensed through cost of goods sold for product dating inventory. During the three and nine months ended September 30, 2023, nil and approximately $3.4 million, respectively, of finished goods were expensed through cost of goods sold related to unsellable inventory not related to product dating.

As of September 30, 2024 and December 31, 2023, the Company had $74.0 million and $77.6 million, respectively, of long-term inventory as consumption is expected beyond the Company's operating cycle of 12 months.