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Intercept Pharmaceuticals Reports Third Quarter 2013 Financial Results
Date:11/14/2013

NEW YORK, Nov. 14, 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 three and nine months ended September 30, 2013 and announced presentations at upcoming investor conferences.

Third Quarter 2013 Financial ResultsResults of OperationsNine Months Ended September 30, 2013

For the nine months ended September 30, 2013, Intercept reported a net loss of $55.4 million, or $3.15 per share, compared to a net loss of $15.5 million, or $4.64 per share, for the nine months ended September 30, 2012. The $39.9 million increase in net loss was primarily due to the increase in the non-cash charges related to the periodic revaluation of warrant liability of $29.6 million, which was primarily caused by the increase in the market price of Intercept's common stock, and an increase in non-cash stock-based compensation of $5.2 million.

Licensing revenue decreased by $825,000 to $1.2 million for the nine months ended September 30, 2013, compared to $2.0 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 $18.4 million for the nine months ended September 30, 2013 from $11.4 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 compared to the corresp
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SOURCE Intercept Pharmaceuticals
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