---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-073996"
form_type: "8-K"
ticker: null
cik: "0001270073"
company_name: "INTERCEPT PHARMACEUTICALS, INC."
filed_at: "2023-06-23T23:59:59+00:00"
generated_at: "2026-06-13T17:40:09.121405+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Intercept cuts ~1/3 workforce, ends NASH investment, targets 2024 profitability

## Summary
- Workforce reduction of approximately one third; restructuring costs of ~$16M (mostly cash severance).
- Discontinues all NASH-related investment; closes REGENERATE study by end of 2023.
- Lowers 2023 non-GAAP adjusted opex guidance to $350-370M; targets ~$140M annual opex savings.
- Reiterates 2023 Ocaliva net sales guidance of $310-340M; aims for profitability in 2024.
- Prioritizes R&D on fixed-dose OCA-bezafibrate combination for PBC; Phase 2 interim analyses expected in 2023.

## SEC filing metadata
- accession: 0001104659-23-073996
- form_type: 8-K
- cik: 0001270073
- company_name: INTERCEPT PHARMACEUTICALS, INC.
- filed_at: 2023-06-23T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.05, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1270073/000110465923073996/0001104659-23-073996-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1270073/000110465923073996/tm2319519d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-073996
- JSON: https://secwatch.observer/filing/0001104659-23-073996.json
- Plain text: https://secwatch.observer/filing/0001104659-23-073996.txt

## Key facts
- Restructurings & Charges
  INTERCEPT PHARMACEUTICALS, INC. announced a restructuring with charges of approximately $16 million in restructuring costs, including approximately $15 million in cash severance pay and related personnel termination costs and less tha affecting the Company (workforce reduction of approximately one third).
  - Type: restructuring
  - Charge: approximately $16 million in restructuring costs, including approximately $15 million in cash severance pay and related personnel termination costs and less tha
  - Affected area: the Company
  - Headcount: workforce reduction of approximately one third
  source text: continue to develop innovative new medicines. The Restructuring Plan will result in a workforce reduction of approximately one third. The Company expects to incur approximately $16 million in restructuring costs, including approximately $15 million in cash severance pay and related personnel termination costs and less than $1 million in non-cash stock-based
  evidence_url: https://www.sec.gov/Archives/edgar/data/1270073/000110465923073996/0001104659-23-073996-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.