Intercept Pharmaceuticals Reports Second Quarter 2013 Financial Results
Second Quarter 2013 Financial Results
Results of Operations
Six Months Ended
For the six months ended
Licensing revenue decreased by
Research and development expenses increased to
General and administrative expenses increased to
Non-operating expenses increased by
Quarter Ended
Net loss attributable to common stockholders for the second quarter ended June 30, 2013 was $13.5 million, or $0.79 per share, compared to a net loss of $5.8 million, or $1.75 per share, for the same period in 2012. The
Cash Position
As of June 30, 2013, Intercept's cash, cash equivalents and investment securities available for sale totaled approximately
Symposium at
On the afternoon of
Upcoming Investor Conferences
Intercept's Chief Executive Officer,
- Morgan Stanley 2013 Global Healthcare Conference on
September 9, 2013 at2:25 p.m. Eastern Time at theGrand Hyatt hotel inNew York City . Stifel Healthcare Conference 2013 onSeptember 12, 2013 at10:20 a.m. Eastern Time at theFour Seasons Hotel inBoston .
About Intercept
Intercept is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat orphan and more prevalent liver diseases utilizing its expertise in bile acid chemistry. The company's lead product candidate, obeticholic acid (OCA), is a bile acid analog and first-in-class agonist of the farnesoid X receptor (FXR). OCA is initially being developed for the second line treatment of primary biliary cirrhosis (PBC) in patients with an inadequate response to, or who are unable to tolerate, ursodiol, the only approved therapy for this indication. OCA has received orphan drug designation in both
Safe Harbor Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the clinical, preclinical and regulatory developments for our product candidates, the anticipated results of our clinical and preclinical trials and other development activities, potential timeframes for our and our collaborators' clinical and preclinical trials and other development activities, the clinical utility of our selected endpoint and any potential consensus relating thereto, anticipated trends relating to our financial position, and our strategic directives under the caption "About Intercept." These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ
materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the initiation, cost, timing, progress and results of Intercept's development activities, preclinical studies and clinical trials; the timing of and Intercept's ability to obtain and maintain regulatory approval of OCA and any other product candidates it may develop, and any related restrictions, limitations, and/or warnings in the label of any approved product candidates; Intercept's plans to research, develop and commercialize future product candidates; the election by Intercept's collaborators to pursue research, development and commercialization activities; Intercept's ability to attract collaborators with development, regulatory and commercialization expertise; Intercept's ability to obtain and maintain intellectual property
protection for its product candidates; Intercept's ability to successfully commercialize its product candidates; the size and growth of the markets for Intercept's product candidates and its ability to serve those markets; the rate and degree of market acceptance of any future products; the success of competing drugs that are or become available; regulatory developments in
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Condensed Consolidated Statements of Operations | |||||||||
(Unaudited and in thousands, except per share data) | |||||||||
Three Months Ended |
Six Months Ended | ||||||||
|
| ||||||||
2012 |
2013 |
2012 |
2013 | ||||||
Licensing revenue |
$ 759 |
$ 405 |
$ 1,518 |
$ 811 | |||||
Costs and expenses: |
|||||||||
Research and development |
5,018 |
5,133 |
8,078 |
9,966 | |||||
General and administrative |
944 |
2,891 |
2,003 |
5,287 | |||||
Total operating expenses |
5,962 |
8,024 |
10,081 |
15,253 | |||||
Other income (expense) |
|||||||||
Revaluation of warrants |
302 |
(5,572) |
979 |
(9,255) | |||||
Other income (expense), net |
(184) |
(287) |
(182) |
10 | |||||
Net loss |
$ (5,085) |
$ (13,478) |
$ (7,766) |
$ (23,687) | |||||
Dividends on preferred stock, not declared |
(750) |
- |
(1,500) |
- | |||||
Net loss attributable to common stockholders |
$ (5,836) |
$ (13,477) |
$ (9,266) |
$ (23,687) | |||||
Net loss per common share, basic and diluted: |
$ (1.75) |
$ (0.79) |
$ (2.78) |
$ (1.41) | |||||
Weighted average number of shares of common stock outstanding, basic and diluted: |
3,329,266 |
16,970,519 |
3,329,266 |
16,765,464 | |||||
Condensed Consolidated Balance Sheet Information | |||||||||
(In thousands) |
|||||||||
December 31, |
| ||||||||
2012 |
2013 | ||||||||
(audited) |
(unaudited) | ||||||||
Cash, cash equivalents and investment securities |
$ 110,194 |
$ 161,799 | |||||||
Total assets |
112,179 |
163,869 | |||||||
Working capital |
98,814 |
156,299 | |||||||
Deferred revenue, total |
12,162 |
11,351 | |||||||
Warrant liability, total |
30,359 |
32,574 | |||||||
Total liabilities |
46,267 |
47,597 | |||||||
Stockholders' equity |
65,912 |
116,272 |
SOURCE
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