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Intercept Pharmaceuticals Reports Second Quarter 2013 Financial Results
Date:8/13/2013

NEW YORK, Aug. 13, 2013 /PRNewswire/ -- Intercept Pharmaceuticals, Inc.  (NASDAQ: ICPT) (Intercept), a clinical stage biopharmaceutical company focused on the development and commercialization of novel bile acid therapeutics to treat chronic liver diseases, such as primary biliary cirrhosis, today reported financial results for the quarter and six months ended June 30, 2013 and announced presentations at an upcoming medical conference and upcoming investor conferences.

Second Quarter 2013 Financial ResultsResults of OperationsSix Months Ended June 30, 2013

For the six months ended June 30, 2013, Intercept reported a net loss of $23.7 million, or $1.41 per share, compared to a net loss of $9.3 million, or $2.78 per share, for the six months ended June 30, 2012. The $14.4 million increase in net loss was primarily due to the increase in the non-cash charge related to the periodic revaluation of warrant liability of $10.2 million and the increase in non-cash stock compensation of $2.7 million.

Licensing revenue decreased by $707,000 to $811,000 for the six months ended June 30, 2013, compared to $1.5 million for the corresponding period of the prior year, because the up-front payment related to the Servier collaboration was fully amortized as of the third quarter of 2012, and therefore no amortized revenue related to this upfront payment was recognized in 2013.

Research and development expenses increased to $10.0 million for the six months ended June 30, 2013, from $8.1 million for the corresponding period of the prior year, primarily as a result of increased activities in Intercept's development program for its product candidate, obeticholic acid (OCA).  The increase in R&D expense includes an increase of $1.3 million in non-cash stock-based compensation for the six months ended June 30, 2013 compared t
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SOURCE Intercept Pharmaceuticals
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