Intercept Pharmaceuticals, Inc.(ICPT) has released its financial statement s for the first quarter of 2023, reporting a net loss of $32.1 million. The company's revenue for the same period reached $67.9 million. Let's delve deeper into the details of the financial performance during Q1 2023.
Intercept Pharmaceuticals experienced a net loss of $32.1 million for the three months ended March 31, 2023. This loss can be attributed to various factors, including operating expenses and other expenses. The net loss per common and potential common share (basic and diluted) for the quarter was $0.77.
The loss from continuing operations amounted to $31.9 million, while there was an additional loss of $0.3 million from discontinued operations.
Revenue
During the first quarter of 2023, Intercept Pharmaceuticals generated a total revenue of $67.9 million. The major contributor to this revenue was product revenue, netting $67.9 million. The company's ability to generate substantial revenue from its products showcases the demand and market presence of its offerings.
Financial Performance Overview
Assets
As of March 31, 2023, Intercept Pharmaceuticals reported total assets amounting to $504.1 million. The majority of the assets were held in current assets, totaling $490.5 million, which included cash and cash equivalents, restricted cash, investment debt securities, accounts receivable, and prepaid expenses.
Liabilities and Stockholders' Equity
The company's total liabilities stood at $436.9 million as of March 31, 2023. This included current liabilities of $207.1 million and long-term liabilities of $229.8 million. Long-term debt accounted for a significant portion of the liabilities at $223.4 million.
Intercept Pharmaceuticals' stockholders' equity was reported at $67.2 million as of March 31, 2023. This included common stock, additional paid-in capital, accumulated other comprehensive loss, and accumulated deficit.
Operating Expenses
The company's operating expenses for Q1 2023 amounted to $99.6 million. These expenses were comprised of cost of sales, selling, general and administrative expenses, and research and development expenses.
Comprehensive Loss
Intercept Pharmaceuticals recorded a comprehensive loss of $31.5 million for the three months ended March 31, 2023. This comprehensive loss takes into account the net loss as well as other comprehensive income items such as unrealized gains (losses) on investment debt securities and foreign currency translation gains (losses).
Cash Flow
During the first quarter of 2023, the company's operating activities resulted in a net cash outflow of $51.6 million, mainly attributed to the net loss incurred during the period. Investing activities generated a net cash inflow of $59.3 million, primarily driven by the sale and maturities of investment debt securities. Financing activities resulted in a net cash outflow of $0.3 million.
Outlook
Intercept Pharmaceuticals will continue to focus on its growth strategy and product development initiatives to enhance its market position and drive revenue growth in the upcoming quarters.