OTHER BALANCE SHEET COMPONENTS

6 Months Ended

Jun. 30, 2025

7.	Other Balance Sheet Components

Inventories

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



	As of
	June 30, 2025		December 31, 2024
Raw materials	$	9,626	$	1,077
Work in process		2,029		1,226
Finished goods		2,705		5,014
Total	$	14,360	$	7,317
Reported as:
Inventories	$	10,423	$	6,002
Other assets		3,937		1,315
Total	$	14,360	$	7,317

Non-current inventories included within other assets in the condensed balance sheet consist 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
	June 30, 2025		December 31, 2024
Prepaid inventory	$	5,404	$	3,757
Prepaid research and development costs		5,841		1,885
Others		5,439		4,523
Total prepaid and other current assets	$	16,684	$	10,165

Intangible assets

Intangible assets consist of the following (in thousands):


	As of
	June 30, 2025		December 31, 2024
Intangible assets cost	$	30,360	$	30,360
Accumulated amortization		(4,436)		(3,260)
Intangible assets, net	$	25,924	$	27,100

Amortization expense recorded within cost of product sales in the condensed statements of operations for the three months ended June 30, 2025 and 2024 was $0.6 million and $0.6 million, respectively, and for the six months ended June 30, 2025 and 2024 was $1.2 million and $1.0 million, respectively.

The following table presents the estimated future amortization expense of intangible assets as of June 30, 2025 (in thousands):


Remainder of 2025	$	1,175
2026		2,351
2027		2,351
2028		2,351
2029		2,351
Thereafter		15,345
	$	25,924

RIGEL PHARMACEUTICALS INC 10-Q