Other Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Inventories

Inventories for the periods presented consist of the following (in thousands):


	As of
	March 31, 2026		December 31, 2025
Raw materials	$	3,427	$	4,514
Work in process	6,229		3,910
Finished goods	4,097		4,712
Total	$	13,753	$	13,136
Reported as:
Inventories	$	11,652	$	11,506
Other assets	2,101		1,630
Total	$	13,753	$	13,136

Non-current inventories included within other assets in the condensed balance sheet consist primarily of active pharmaceutical ingredient (API) 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.

Advance payments to our contract manufacturers to manufacture APIs as well as APIs pending final release for commercial usage are classified as prepaid inventory and included within prepaid and other current assets in the condensed balance sheet. See prepaid and other current assets below for related details.

Prepaid and other current assets

Prepaid and other current assets for the periods presented consist of the following (in thousands):


	As of
	March 31, 2026		December 31, 2025
Prepaid inventory	$	13,407	$	11,849
Prepaid research and development costs	5,204		4,886
Others	7,135		5,207
Total prepaid and other current assets	$	25,746	$	21,942

Intangible assets

Intangible assets consist of the following (in thousands):


	As of
	March 31, 2026		December 31, 2025
Intangible assets cost	$	30,360	$	30,360
Accumulated amortization	(6,200)		(5,612)
Intangible assets, net	$	24,160	$	24,748

Amortization expense included in cost of product sales in the condensed statements of operations was $0.6 million for each of the three months ended March 31, 2026 and 2025.

The following table presents the estimated future amortization expense of intangible assets as of March 31, 2026 (in thousands):


Remainder of 2026	$	1,763
2027	2,351
2028	2,351
2029	2,351
2030	2,351
Thereafter	12,993
	$	24,160

RIGEL PHARMACEUTICALS INC 10-Q