secwatch.observer — SEC 8-K summary
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Issuer:     INTERCEPT PHARMACEUTICALS, INC. (—)
CIK:        0001270073
Form:       8-K
Filed at:   2023-06-23T23:59:59+00:00
Accession:  0001104659-23-073996
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.05, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1270073/000110465923073996/0001104659-23-073996-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1270073/000110465923073996/tm2319519d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-073996

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer