Intercept Pharmaceuticals (ICPT) 10-Q 11 Aug 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'INTERCEPT PHARMACEUTICALS INC	'
Entity Central Index Key	'0001270073	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Trading Symbol	'icpt	'
Entity Common Stock, Shares Outstanding	'	21,217,959
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$44,961,233	$13,363,185
Investment securities, available-for-sale	254,069,441	131,468,797
Prepaid expenses and other current assets	7,617,610	2,732,556
Total current assets	306,648,284	147,564,538
Fixed assets, net	2,163,449	1,672,295
Security deposits	1,957,034	1,081,747
Total assets	310,768,767	150,318,580
Current liabilities:	'	'
Accounts payable, accrued expenses and other liabilities	10,138,885	7,259,805
Short-term portion of deferred revenue	1,781,620	1,621,622
Total current liabilities	11,920,505	8,881,427
Long-term liabilities:	'	'
Long-term portion of deferred revenue	8,908,111	8,918,916
Long-term portion of warrant liability	'	50,112,137
Total liabilities	20,828,616	67,912,480
Stockholders' equity (deficit):	'	'
Common stock. 25,000,000 shares authorized; 19,389,610, and 21,178,742 shares issued and outstanding as of December 31, 2013 and June 30, 2014, respectively; par value $0.001 per share	21,179	19,390
Additional paid-in capital	688,486,472	268,302,617
Accumulated other comprehensive income (loss), net	-33,137	59,853
Accumulated deficit	-398,534,363	-185,975,760
Total stockholders' equity	289,940,151	82,406,100
Total liabilities and stockholders' equity	$310,768,767	$150,318,580

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]	'	'
Common stock, authorized	25,000,000	25,000,000
Common stock, shares, issued	21,178,730	19,389,610
Common stock, shares, outstanding	21,178,742	19,389,610
Common stock, par value (in dollars per share)	$0.00	$0.00

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Operations [Abstract]	'	'	'	'
Licensing revenue	$445,405	$405,407	$850,808	$810,812
Costs and expenses:	'	'	'	'
Research and development	14,919,190	5,132,971	29,211,883	9,965,527
General and administrative	7,954,903	2,890,505	13,606,030	5,287,359
Total costs and expenses	22,874,093	8,023,476	42,817,913	15,252,886
Other income (expense):	'	'	'	'
Revaluation of warrants	55,794,796	-5,572,081	-170,831,872	-9,254,586
Other income (loss), net	104,117	-286,767	240,374	9,595
Total other income (expense)	55,898,913	-5,858,848	-170,591,498	-9,244,991
Net income (loss)	$33,470,225	($13,476,917)	($212,558,603)	($23,687,065)
Basic	$1.60	($0.79)	($10.50)	($1.41)
Diluted	$1.51	($0.79)	($10.50)	($1.41)
Weighted average shares outstanding:	'	'	'	'
Basic	20,965,094	16,970,519	20,238,955	16,765,464
Diluted	22,204,934	16,970,519	20,238,955	16,765,464

Condensed_Consolidated_Statmen

Condensed Consolidated Statments of Comprehensive Income (Loss) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income (Loss) [Abstract]	'	'	'	'
Net loss	$33,470,225	($13,476,917)	($212,558,603)	($23,687,065)
Other comprehensive income (loss):	'	'	'	'
Unrealized holding gain/(loss) arising during the period	-79,131	136,190	-97,098	-87,840
Reclassification for recognized gains on marketable investment	2,509	'	4,108	'
Net unrealized gains (loss) on marketable investment securities	-76,622	136,190	-92,990	-87,840
Total comprehensive loss	$33,393,603	($13,340,727)	($212,651,593)	($23,774,905)

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net loss	($212,558,603)	($23,687,065)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Revaluation of warrants	170,831,872	9,254,586
Share-based compensation	11,230,262	3,497,452
Depreciation	130,413	52,484
Amortization of investment premium	1,370,468	528,463
Changes in:	'	'
Prepaid expenses, other current assets and security deposits	-5,760,341	95,115
Accounts payable, accrued expenses, and other current liabilities	2,879,080	-74,078
Deferred revenue	149,193	-810,812
Net cash used in operating activities	-31,727,656	-11,143,855
Cash flows from investing activities:	'	'
Purchases of investment securities	-161,351,747	-59,782,263
Sales of investment securities	37,287,646	13,997,188
Purchases of equipment, improvements, and furniture and fixtures	-621,567	-39,857
Net cash used in investing activities	-124,685,668	-45,824,932
Cash flows from financing activities:	'	'
Proceeds from issuance of stock offerings, net of issuance costs	183,545,563	61,379,263
Proceeds from exercise of options	4,465,809	2,210,752
Proceeds from exercise of warrants	'	8,101
Net cash provided by financing activities	188,011,372	63,598,116
Net increase in cash and cash equivalents	31,598,048	6,629,329
Cash and cash equivalents - beginning of period	13,363,185	45,511,641
Cash and cash equivalents - end of period	44,961,233	52,140,970
Supplemental disclosure of cash flow information:	'	'
Cash paid during the year for interest	$220,944,009	$6,935,368

Overview_of_Business

Overview of Business	6 Months Ended
	Jun. 30, 2014
Overview of Business [Abstract]	'
Overview of Business	'
		1	Overview of Business
	Intercept Pharmaceuticals, Inc. (“Intercept” or the “Company”), is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat chronic liver and intestinal diseases utilizing its proprietary bile acid chemistry. The Company’s product candidates have the potential to treat orphan and more prevalent liver diseases for which there currently are limited therapeutic solutions.
	The Company has its administrative headquarters in New York, New York and an office in San Diego, California. The Company has a wholly owned subsidiary in Italy which acts as the Company’s legal representative for its clinical trials in the European Union to satisfy European Union regulatory requirements. Intercept was incorporated in Delaware in September 2002.
	Basis of Presentation
	The accompanying condensed consolidated financial statements are unaudited. The condensed unaudited consolidated financial statements have been prepared in accordance with GAAP on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes set forth in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2014. The results for the three and six months ended June 30, 2013 and June 30, 2014 (unaudited) are not necessarily indicative of results to be expected for the year ending December 31, 2014, any other interim periods or any future year or period. The June 30, 2014 condensed consolidated financial statements reflect the adoption of Accounting Standard Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) – Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which no longer requires inception to date information.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Revision of Prior Period Financial Statements
	During the second quarter of 2014, management identified a misstatement representing an overstatement of non-cash share-based compensation expense in the first quarter of 2014 of approximately $11.6 million related to the valuation of non-employee options. Management determined that the effect of the share-based compensation expense overstatement was not material to the financial statements for the prior interim period. In order to correct the error, in accordance with the SEC’s Staff Accounting Bulletin No. 108 (“SAB 108”), the Company recorded the following immaterial corrections to the financial statements for the three months ended March 31, 2014, which are reflected in our results for the six months ended June 30, 2014: (a) a decrease in additional paid-in-capital of $11.6 million and a decrease in accumulated deficit of $11.6 million, which in total has no impact on shareholders’ deficit; and (b) a decrease of $11.6 million in research and development expenses and a corresponding decrease in net loss.

Significant_Agreements

Significant Agreements	6 Months Ended
	Jun. 30, 2014
Significant Agreements [Abstract]	'
Significant Agreements	'
		2	Significant Agreements
	Sumitomo Dainippon Pharma Co, Ltd. (Sumitomo Dainippon)
	In March 2011, the Company entered into an exclusive license agreement with Sumitomo Dainippon to research, develop and commercialize obeticholic acid (OCA) as a therapeutic for the treatment of primary biliary cirrhosis (PBC) and nonalcoholic steatohepatitis (NASH) in Japan and China (excluding Taiwan) and agreed not to commercialize other farnesoid X receptor, or FXR, agonist compounds or products for PBC, NASH or specified additional indications in countries in which Sumitomo Dainippon retains an exclusive license to OCA under the agreement. Under the terms of the license agreement, the Company received an up-front payment from Sumitomo Dainippon of $15.0 million and may be eligible to receive additional milestone payments up to an aggregate of approximately $30.0 million in development milestones based on the initiation or completion of clinical trials, $70.0 million in regulatory approval milestones and $200.0 million in sales milestones. The regulatory approval milestones include $15.0 million for receiving marketing approval for OCA for NASH in Japan, $10.0 million for receiving marketing approval for OCA for NASH in China, and up to $5.0 million for receiving marketing approval for OCA for PBC in the United States. The sales milestones are based on aggregate sales amounts of OCA and include $5.0 million for achieving net sales of $50.0 million, $10.0 million for achieving net sales of $100.0 million, $20.0 million for achieving net sales of $200.0 million, $40.0 million for achieving net sales of $400.0 million and $120.0 million for achieving net sales of $1.2 billion. Sumitomo Dainippon is also required to make royalty payments ranging from the tens to the twenties in percent based on net sales of OCA products in the Sumitomo Dainippon territory. In May 2014, Sumitomo Dainippon exercised its option under the license agreement to add Korea as part of its licensed territories and paid the Company a $1.0 million up-front fee. Sumitomo Dainippon has the exclusive option to add several other Asian countries to its territory to pursue OCA for additional indications. Sumitomo Dainippon will be responsible for the costs of developing and commercializing OCA in its territories.
	The Company evaluated the license agreement with Sumitomo Dainippon and determined that it is a revenue arrangement with multiple deliverables, or performance obligations. The Company’s substantive performance obligations under this license include an exclusive license to its technology, technical and scientific support to the development plan and participation on a joint steering committee. The Company determined that these performance obligations represent a single unit of accounting, since, initially, the license does not have stand-alone value to Sumitomo Dainippon without the Company’s technical expertise and steering committee participation during the development of OCA. This development period is currently estimated as continuing through June 2020 and, as such, the up-front payment and the Korea option are being recognized ratably over this period. During the three months ended June 30, 2013 and 2014, the Company recorded revenue of approximately $406,000 and $445,000, respectively, and during the six months ended June 30, 2013 and 2014, the Company recorded revenue of approximately $811,000 and $851,000, respectively, in “Licensing Revenue” in its Consolidated Statement of Operations for the Company’s efforts under the agreement. The Company has not achieved any of the milestones relating to the agreement as of June 30, 2014 and has not recognized any revenue related to such milestones. The Company has determined that each potential future development, regulatory and sales milestone is substantive.

Investments

Investments	6 Months Ended
	Jun. 30, 2014
Investments [Abstract]	'
Investments	'
		3	Investments
	The following table summarizes the Company’s cash, cash equivalents and investments as of December 31, 2013 and June 30, 2014:
			As of December 31, 2013
						Gross				Gross
			Amortized Cost			Unrealized				Unrealized			Fair Value
						Gains				Losses
			(In thousands)
	Cash and cash equivalents:
	Cash and money market funds		$	13,363		$	-			$	-		$	13,363
	Investment securities:
	Commercial paper			7,993			1				-			7,994
	Corporate debt securities			115,704			115				-59			115,760
	Municipal securities			1,051			1				-			1,052
	U.S. government and agency securities			6,657			6				-			6,663
	Total investments			131,405			123				-59			131,469
	Total cash, cash equivalents and investments		$	144,768		$	123			$	-59		$	144,832
			As of June 30, 2014
						Gross				Gross
			Amortized Cost			Unrealized				Unrealized			Fair Value
						Gains				Losses
			(In thousands)
	Cash and cash equivalents:
	Cash and money market funds		$	44,961		$	-			$	-		$	44,961
	Investment securities:
	Commercial paper			18,986			-				-6			18,980
	Corporate debt securities			221,019			135				-156			220,998
	U.S. government and agency securities			14,095			3				-7			14,091
	Total investments			254,100			138				-169			254,069
	Total cash, cash equivalents and investments		$	299,061		$	138			$	-169		$	299,030
	The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale investments aggregated by investment category and length of time that individual securities have been in the position:
			As of December 31, 2013
			Less than 12 months						12 Months or greater				Total
									(In thousands)
			Fair Value		Gross Unrealized Losses			Fair Value			Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Corporate debt securities		$	9,515	$	-2		$	31,312		$	-57	$	40,827	$	-59
	Total		$	9,515	$	-2		$	31,312		$	-57	$	40,827	$	-59
			As of June 30, 2014
			Less than 12 months						12 Months or greater				Total
									(In thousands)
			Fair Value		Gross Unrealized Losses			Fair Value			Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Corporate debt securities		$	32,059	$	-18		$	97,084		$	-138	$	129,143	$	-156
	Commercial paper			15,981		-6								15,981		-6
	U.S. government and agency securities			-		-			8,992			-7		8,992		-7
	Total		$	48,040	$	-24		$	106,076		$	-145	$	154,116	$	-169

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Taxes [Abstract]	'
Income Taxes	'
		4	Income Taxes
	The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized.
	Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be resolved. The effect of a change in tax rates or laws on deferred tax assets and deferred tax liabilities is recognized in operations in the period that includes the enactment date of the rate change.
	The deferred tax asset or liability represents future tax return consequences of those differences, which will be taxable when the assets and liabilities are recovered or settled. The provision for income taxes may differ from the actual expense that would result from applying the federal statutory rate to income before taxes because certain income for financial reporting purposes is not taxable and certain expenses for financial reporting purposes are not deductible for tax purposes. At December 31, 2013 and June 30, 2014, the Company had available net operating loss carryforwards to reduce future taxable income of approximately $108.2 million and $144.3  million, respectively, for tax reporting purposes. These carryforwards expire between 2024 and 2032. The ability of the Company to utilize its net operating losses in future years is subject to limitation in accordance with provisions of Section 382 of the Internal Revenue Code due to previous ownership changes; however, these changes have not resulted in material limitations to the Company’s ability to utilize the net operating losses. The Company’s combined federal, state and city deferred tax asset of approximately $60.2 million and $75.8 million at December 31, 2013 and June 30, 2014, respectively, resulted from the tax effects of net operating losses and differences between the book and tax bases for the share-based compensation and depreciation. The Company does not have any deferred tax liabilities. Since the Company has not yet achieved sustained profitable operations, management believes its deferred tax assets do not satisfy the more-likely-than-not realization criteria and has provided an allowance for the full amount of the tax asset. As a result, the Company has not recorded any income tax benefit since its inception.

Warrants_to_Purchase_Common_St

Warrants to Purchase Common Stock	6 Months Ended
	Jun. 30, 2014
Warrants to Purchase Common Stock [Abstract]	'
Warrants to Purchase Common Stock	'
	5	Warrants to Purchase Common Stock
	In conjunction with various financing transactions, the Company issued warrants to purchase the Company’s common stock. Certain of the warrants included a so-called “down round” provision that provided for a reduction in the warrant exercise price if there were subsequent issuances of additional shares of common stock for consideration per share less than the per share warrant exercise prices and the remaining warrants contained a provision that required the underlying shares to be registered upon an IPO. These warrants were deemed to be derivative instruments and as such, recorded as a liability and are marked-to-market at each reporting period. The Company estimated the fair values of the warrants at each reporting period using a Black-Scholes option-pricing model. Management concluded, under the Company’s facts and circumstances, that the estimated fair values of the warrants using the Black-Scholes option-pricing model approximates, in all material respects, estimated the values determined using a binomial valuation model. The estimates in the Black-Scholes option-pricing model and the binomial valuation model are based, in part, on subjective assumptions, including but not limited to stock price volatility, the expected life of the warrants, the risk free interest rate and the fair value of the common stock underlying the warrants, and could differ materially in the future. Changes in the fair value of the common stock warrant liability from the prior period are recorded as a component of other income and expense.
	On April 10, 2014, all the Company’s remaining warrants to purchase a total of 865,381 shares of its common stock were exercised on a cashless basis into 834,758 shares of the Company’s common stock. The Company recorded a final non-cash warrant revaluation adjustment to other income of approximately $55.8 million for the three month period ended June 30, 2014.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
Fair Value Measurements [Abstract]	'
Fair Value Measurements	'
		6	Fair Value Measurements
	The carrying amounts of the Company’s receivables and payables approximate their fair value due to their short maturities.
	Accounting principles provide guidance for using fair value to measure assets and liabilities. The guidance includes a three level hierarchy of valuation techniques used to measure fair value, defined as follows:
		•	Unadjusted Quoted Prices — The fair value of an asset or liability is based on unadjusted quoted prices in active markets for identical assets or liabilities (Level 1).
		•	Pricing Models with Significant Observable Inputs — The fair value of an asset or liability is based on information derived from either an active market quoted price, which may require further adjustment based on the attributes of the financial asset or liability being measured, or an inactive market transaction (Level 2).
		•	Pricing Models with Significant Unobservable Inputs — The fair value of an asset or liability is primarily based on internally derived assumptions surrounding the timing and amount of expected cash flows for the financial instrument. Therefore, these assumptions are unobservable in either an active or inactive market (Level 3).
	The Company considers an active market as one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.  Conversely, the Company views an inactive market as one in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers.  When appropriate, non-performance risk, or that of a counterparty, is considered in determining the fair values of liabilities and assets, respectively.
	The Company’s cash deposits and money market funds are classified within Level 1 of the fair value hierarchy because they are valued using bank balances or quoted market prices.  Investments are classified as Level 2 instruments based on market pricing or other observable inputs.  None of the Company’s investments are classified within Level 3 of the fair value hierarchy.  The Company’s warrant liability has been valued pursuant to the discussion in note 5 above and thus is included in Level 3.
	Financial assets and liabilities, carried at fair value are classified in the tables below in one of the three categories described above:
					Fair Value Measurements Using
			Total				Quoted Prices in Active Markets for Identical Assets or Liabilities      (Level 1)		Significant Other Observable Inputs       (Level 2)		Significant Unobservable Inputs        (Level 3)
			(In thousands)
	31-Dec-13
	Assets:
	Money market funds		$	8,216			$	8,216	$	-	$	-
	Available for sale securities:											-
	Commercial paper			7,994				-		7,994	$	-
	Corporate debt securities			115,760				-		115,760		-
	U.S. government and agency securities			6,663				-		6,663		-
	Municipal securities			1,052				-		1,052		-
	Total financial assets:		$	139,685			$	8,216	$	131,469	$	-
	Liabilities:
	Warrants to purchase common stock		$	-50,112			$	-	$	-	$	-50,112
	Total financial liabilities		$	-50,112			$	-	$	-	$	-50,112
	30-Jun-14
	Assets:
	Money market funds		$	32,666			$	32,666	$	-	$	-
	Available for sale securities:
	Commercial paper			18,980				-		18,980		-
	Corporate debt securities			220,998				-		220,998		-
	U.S. government and agency securities			14,091				-		14,091		-
	Total financial assets:		$	286,735			$	32,666	$	254,069	$	-
	Level 3 Valuation
	Financial assets or liabilities are considered Level 3 when their fair values are determined using models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The following table provides a summary of the changes in fair value of the Company’s financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six-month period ended June 30, 2014.
				Warrant Liability
				(In thousands)
	Level 3
	Balance at December 31, 2013		$	50,112
	Net losses recognized in earnings			170,832
	Exercises			-220,944
	Balance at June 30, 2014		$	-
	The Company determined the fair value of its warrant liability based on the Black-Scholes pricing model based on the Company’s stock price at the measurement date, exercise price of the warrant, risk free interest rate and historical volatility. The estimated fair value of marketable debt securities (commercial paper, corporate debt securities, U.S. government and agency securities and municipal securities), by contractual maturity, are as follows:
			Fair Value as of
			31-Dec-13			30-Jun-14
			(In thousands)
	Due in one year or less		$	56,044		$	123,805
	Due after one year through 2 years			75,425			130,264
	Total investments in debt securities		$	131,469		$	254,069
	Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.

Stockholders_Equity_and_Prefer

Stockholders' Equity and Preferred Stock	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity and Preferred Stock [Abstract]	'
Stockholders' Equity and Preferred Stock	'
		7	Stockholders’ Equity
	Common Stock
	In October 2012, the Company completed the initial public offering (IPO) of its common stock pursuant to a registration statement on Form S-1. In the IPO, the Company sold an aggregate of 5,750,000 shares of common stock under the registration statement at a public offering price of $15.00 per share. Net proceeds were approximately $78.7 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. Upon the closing of the IPO, all outstanding shares of the Company’s preferred stock (described below) were converted into 7,403,817 shares of common stock.
	In June 2013, the Company completed a public offering of 1,989,500 shares of its common stock at a public offering price of $33.01 per share. The shares were registered pursuant to a registration statement on Form S-1. Net proceeds were approximately $61.2 million, after deducting underwriting discounts and commission and offering expenses payable by the Company.
	In April 2014, the Company completed a public offering of 1,000,000 shares of its common stock, of which 600,000 shares were sold by the Company and 400,000 shares were sold by certain selling stockholders, at a public offering price of $320.00 per share. The shares were registered pursuant to a registration statement on Form S-3. After underwriting discounts and commissions and estimated offering expenses, the Company received net proceeds from the offering of approximately $183.5 million. The Company did not receive any proceeds from the sale of shares of common stock by the selling stockholders.
	Dividends
	The holders of common stock are entitled to receive dividends from time to time as declared by the Board of Directors.
	Authorized Shares
	As of June 30, 2014, the Company was authorized to issue 25,000,000 shares of common stock, $0.001 par value per share, and 5,000,000 shares of preferred stock, $0.001 par value per share. At the 2014 annual meeting of stockholders held on July 17, 2014, the Company’s stockholders approved an amendment to the Company’s restated certificate of incorporation to increase the number of authorized shares of common stock from 25,000,000 shares to 35,000,000 shares.

ShareBased_Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2014
Share-Based Compensation [Abstract]	'
Share-Based Compensation	'
		8	Share-Based Compensation
	The compensation expense related to the Company’s share-based compensation arrangements has been included in the condensed consolidated statement of operations as follows:
			Three Months Ended        June 30,					Six Months Ended             June 30,
			2013		2014			2013		2014
			(In thousands)
	General and administrative		$	981	$	2,322		$	1,926	$	3,821
	Research and development			909		1,473			1,571		7,409
	Total share-based compensation		$	1,890	$	3,795		$	3,497	$	11,230
	The following table summarizes stock option activity during the six months ended June 30, 2014:
						Weighted
				Number of		Average
				Shares		Exercise Price
	Outstanding, December 31, 2013			1,524,837		$	21.32
	Granted			217,836		$	256.36
	Exercised			-284,997		$	15.23
	Forfeited			-3,029		$	21.50
	Outstanding, June 30, 2014			1,454,647		$	57.71
	Exercisable, June 30, 2014			722,183		$	14.32
	In April 2014, the Company issued 57,063 performance-based options to certain executives to purchase common stock that will vest upon the achievement of certain regulatory milestones related to OCA at future dates. As of June 30, 2014, the achievement of the milestones was not deemed to be probable and no share-based compensation expense was recognized for these options.
	During the three months ended June 30, 2014, the Company granted 31,892 restricted stock awards (RSA) that vest over a four year period. The fair value of the RSAs is established based on the closing price of the Company’s common stock on the date of the RSA grant. For the six months ended June 30, 2013 and 2014, share-based compensation expense related to previously granted restricted stock units (RSU) and the newly granted RSA awards was approximately $1.1 million and $1.7 million, respectively. For the three months ended June 30, 2013 and 2014, the share-based compensation expense related to RSU and RSA awards was approximately $300,000 and $1.0 million, respectively. The following table summarizes the aggregate restricted stock (RSU and RSA) activity:
						Weighted
						Average
				Number of Shares		Grant Date Fair Value
	Outstanding, December 31, 2013			121,069		$	25.3
	Granted			31,892		$	257.23
	Exercised			-37,473		$	34.29
	Outstanding, June 30, 2014			115,488		$	97.2
	In

Net_Income_Loss_Per_Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2014
Net Income (Loss) Per Share [Abstract]	'
Net Income (Loss) Per Share	'
		9	Net Income (Loss) Per Share
	The following table presents the historical computation of basic and diluted net income (loss) per share:
				Three Months						Six Months
				Ended June 30,						Ended June 30,
				2013			2014			2013		2014
			(In thousands, except share and per share amounts)
	Historical net income (loss) per share
	Numerator:
	Net income (loss) attributable to common stockholders		$	-13,477		$	33,470		$	-23,687	$	-212,559
	Denominator:
	Weighted average shares used in calculating net income (loss) per share - basic			16,970,519			20,965,094			16,765,464		20,238,955
	Dilutive effect of equity incentive plans' shares			-			1,239,840			-		-
	Weighted average shares used in calculating net income (loss) per share - dilutive			16,970,519			22,204,934			16,765,464		20,238,955
	Net income (loss) per share:
	Basic		$	-0.79		$	1.60		$	-1.41	$	-10.5
	Diluted		$	-0.79		$	1.51		$	-1.41	$	-10.5
	The following potentially dilutive securities have been excluded from the computations of the diluted weighted average shares outstanding:
			Three Months Ended			Six Months Ended
			June 30,			June 30,
			2013		2014	2013		2014
			(In thousands)
	Options		1,717		182	1,717		1,455
	Warrants to purchase common stock		911		-	911		-
	Restricted stock units		144		-	144		84
	Total		2,772		182	2,772		1,539

Litigation

Litigation	6 Months Ended
	Jun. 30, 2014
Litigation [Abstract]	'
Litigation	'
	10. Litigation
	On February 21, 2014 and February 28, 2014, purported shareholder class actions, styled Scot H. Atwood v. Intercept Pharmaceuticals, Inc. et al. and George Burton v. Intercept Pharmaceuticals, Inc. et al., respectively, were filed in the United States District Court for the Southern District of New York, naming the Company and certain of its officers as defendants. These lawsuits were filed by stockholders who claim to be suing on behalf of anyone who purchased or otherwise acquired the Company’s securities between January 9, 2014 and January 10, 2014.
	The lawsuits allege that the Company made material misrepresentations and/or omissions of material fact in its public disclosures during the period from January 9, 2014 to January 10, 2014, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The alleged improper disclosures relate to the Company’s January 9, 2014 announcement that the FLINT trial had been stopped early based on a pre-defined interim efficacy analysis. Specifically, the lawsuits claim that the January 9, 2014 announcement was misleading because it did not contain information regarding certain lipid abnormalities seen in the FLINT trial in OCA-treated patients compared to placebo. On April 22, 2014, two individuals each moved to consolidate the cases and a lead plaintiff was subsequently appointed by the Court. On June 27, 2014, the lead plaintiff filed an amended complaint on behalf of the putative class as contemplated by the order of the Court. The lead plaintiff seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including attorneys’ fees.
	Additional complaints may be filed against the Company and its directors and officers related to its disclosures.
	The Company believes that this lawsuit is without merit. At this time, no assessment can be made as to the likely outcome of this action or whether the outcome will be material to the Company. Therefore, the Company has not accrued for any loss contingencies related to this lawsuit.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2014
Recent Accounting Pronouncements [Abstract]	'
Recent Accounting Pronouncements	'
	11. Recent Accounting Pronouncements
	In June, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) – Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation which eliminates the concept of a development stage entity (DSE)  in its entirety from current accounting guidance. Previous reporting requirements for a DSE, including inception-to-date information, will no longer apply. For public business entities, the amendments to ASU 2014-10 are effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). The June 30, 2014 financial statements reflect the early adoption of the accounting standard.
	In June, 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period. This amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. This amendment is effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. The Company is currently evaluating the impact of this amendment.

Overview_of_Business_Policy

Overview of Business (Policy)	6 Months Ended
	Jun. 30, 2014
Overview of Business [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying condensed consolidated financial statements are unaudited. The condensed unaudited consolidated financial statements have been prepared in accordance with GAAP on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes set forth in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2014. The results for the three and six months ended June 30, 2013 and June 30, 2014 (unaudited) are not necessarily indicative of results to be expected for the year ending December 31, 2014, any other interim periods or any future year or period. The June 30, 2014 condensed consolidated financial statements reflect the adoption of Accounting Standard Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) – Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which no longer requires inception to date information.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates
Revision of Prior Period Financial Statements	'
	Revision of Prior Period Financial Statements
	During the second quarter of 2014, management identified a misstatement representing an overstatement of non-cash share-based compensation expense in the first quarter of 2014 of approximately $11.6 million related to the valuation of non-employee options. Management determined that the effect of the share-based compensation expense overstatement was not material to the financial statements for the prior interim period. In order to correct the error, in accordance with the SEC’s Staff Accounting Bulletin No. 108 (“SAB 108”), the Company recorded the following immaterial corrections to the financial statements for the three months ended March 31, 2014, which are reflected in our results for the six months ended June 30, 2014: (a) a decrease in additional paid-in-capital of $11.6 million and a decrease in accumulated deficit of $11.6 million, which in total has no impact on shareholders’ deficit; and (b) a decrease of $11.6 million in research and development expenses and a corresponding decrease in net loss.

Investments_Tables

Investments (Tables)	6 Months Ended
	Jun. 30, 2014
Investments [Abstract]	'
Schedule of Available-for-sale Securities Reconciliation	'
	The following table summarizes the Company’s cash, cash equivalents and investments as of December 31, 2013 and June 30, 2014:
		As of December 31, 2013
				Gross		Gross
		Amortized Cost		Unrealized		Unrealized		Fair Value
				Gains		Losses
		(In thousands)
	Cash and cash equivalents:
	Cash and money market funds	$	13,363	$	-	$	-	$	13,363
	Investment securities:
	Commercial paper		7,993		1		-		7,994
	Corporate debt securities		115,704		115		-59		115,760
	Municipal securities		1,051		1		-		1,052
	U.S. government and agency securities		6,657		6		-		6,663
	Total investments		131,405		123		-59		131,469
	Total cash, cash equivalents and investments	$	144,768	$	123	$	-59	$	144,832
		As of June 30, 2014
				Gross		Gross
		Amortized Cost		Unrealized		Unrealized		Fair Value
				Gains		Losses
		(In thousands)
	Cash and cash equivalents:
	Cash and money market funds	$	44,961	$	-	$	-	$	44,961
	Investment securities:
	Commercial paper		18,986		-		-6		18,980
	Corporate debt securities		221,019		135		-156		220,998
	U.S. government and agency securities		14,095		3		-7		14,091
	Total investments		254,100		138		-169		254,069
	Total cash, cash equivalents and investments	$	299,061	$	138	$	-169	$	299,030
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	'
	The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale investments aggregated by investment category and length of time that individual securities have been in the position:

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Measurements [Abstract]	'
Fair Value, Asset or Liabilities Measured on Recurring and Nonrecurring Basis	'
	Financial assets and liabilities, carried at fair value are classified in the tables below in one of the three categories described above:
				Fair Value Measurements Using
		Total				Quoted Prices in Active Markets for Identical Assets or Liabilities      (Level 1)		Significant Other Observable Inputs       (Level 2)		Significant Unobservable Inputs        (Level 3)
		(In thousands)
	31-Dec-13
	Assets:
	Money market funds	$	8,216			$	8,216	$	-	$	-
	Available for sale securities:										-
	Commercial paper		7,994				-		7,994	$	-
	Corporate debt securities		115,760				-		115,760		-
	U.S. government and agency securities		6,663				-		6,663		-
	Municipal securities		1,052				-		1,052		-
	Total financial assets:	$	139,685			$	8,216	$	131,469	$	-
	Liabilities:
	Warrants to purchase common stock	$	-50,112			$	-	$	-	$	-50,112
	Total financial liabilities	$	-50,112			$	-	$	-	$	-50,112
	30-Jun-14
	Assets:
	Money market funds	$	32,666			$	32,666	$	-	$	-
	Available for sale securities:
	Commercial paper		18,980				-		18,980		-
	Corporate debt securities		220,998				-		220,998		-
	U.S. government and agency securities		14,091				-		14,091		-
	Total financial assets:	$	286,735			$	32,666	$	254,069	$	-
Fair Value, Liabilities Measured on Recurring Basis	'
	The following table provides a summary of the changes in fair value of the Company’s financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six-month period ended June 30, 2014.
			Warrant Liability
			(In thousands)
	Level 3
	Balance at December 31, 2013	$	50,112
	Net losses recognized in earnings		170,832
	Exercises		-220,944
	Balance at June 30, 2014	$	-
Schedule of Available for Sale Securities Debt Maturities	'
	The estimated fair value of marketable debt securities (commercial paper, corporate debt securities, U.S. government and agency securities and municipal securities), by contractual maturity, are as follows:
		Fair Value as of
		31-Dec-13			30-Jun-14
		(In thousands)
	Due in one year or less	$	56,044		$	123,805
	Due after one year through 2 years		75,425			130,264
	Total investments in debt securities	$	131,469		$	254,069

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Share-Based Compensation [Abstract]	'
Schedule of Share-Based Compensation Expense	'
	The compensation expense related to the Company’s share-based compensation arrangements has been included in the condensed consolidated statement of operations as follows:
		Three Months Ended        June 30,					Six Months Ended             June 30,
		2013		2014			2013		2014
		(In thousands)
	General and administrative	$	981	$	2,322		$	1,926	$	3,821
	Research and development		909		1,473			1,571		7,409
	Total share-based compensation	$	1,890	$	3,795		$	3,497	$	11,230
Schedule of Share-Based Compensation, Stock Options, Activity	'
	The following table summarizes stock option activity during the six months ended June 30, 2014:
					Weighted
			Number of		Average
			Shares		Exercise Price
	Outstanding, December 31, 2013		1,524,837		$	21.32
	Granted		217,836		$	256.36
	Exercised		-284,997		$	15.23
	Forfeited		-3,029		$	21.50
	Outstanding, June 30, 2014		1,454,647		$	57.71
	Exercisable, June 30, 2014		722,183		$	14.32
Schedule of Share-Based Compensation, Restricted Stock Units and Restricted Stock Awards Activity	'
	The following table summarizes the aggregate restricted stock (RSU and RSA) activity:
					Weighted
					Average
			Number of Shares		Grant Date Fair Value
	Outstanding, December 31, 2013		121,069		$	25.3
	Granted		31,892		$	257.23
	Exercised		-37,473		$	34.29
	Outstanding, June 30, 2014		115,488		$	97.2

Net_Income_Loss_Per_Share_Tabl

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Net Income (Loss) Per Share [Abstract]	'
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	'
	The following table presents the historical computation of basic and diluted net income (loss) per share:
			Three Months						Six Months
			Ended June 30,						Ended June 30,
			2013			2014			2013		2014
		(In thousands, except share and per share amounts)
	Historical net income (loss) per share
	Numerator:
	Net income (loss) attributable to common stockholders	$	-13,477		$	33,470		$	-23,687	$	-212,559
	Denominator:
	Weighted average shares used in calculating net income (loss) per share - basic		16,970,519			20,965,094			16,765,464		20,238,955
	Dilutive effect of equity incentive plans' shares		-			1,239,840			-		-
	Weighted average shares used in calculating net income (loss) per share - dilutive		16,970,519			22,204,934			16,765,464		20,238,955
	Net income (loss) per share:
	Basic	$	-0.79		$	1.60		$	-1.41	$	-10.5
	Diluted	$	-0.79		$	1.51		$	-1.41	$	-10.5
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	'
	The following potentially dilutive securities have been excluded from the computations of the diluted weighted average shares outstanding:
		Three Months Ended			Six Months Ended
		June 30,			June 30,
		2013		2014	2013		2014
		(In thousands)
	Options	1,717		182	1,717		1,455
	Warrants to purchase common stock	911		-	911		-
	Restricted stock units	144		-	144		84
	Total	2,772		182	2,772		1,539

Overview_of_Business_Narrative

Overview of Business (Narrative) (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
Overview of Business [Abstract]	'
Misstatement error, overstated non cash share based compensation expense	$11.60
Restatement decrease to additional paid in capital	11.6
Restatement decrease of accumulated deficit	11.6
Restatement decrease in research and development expenses	$11.60

Significant_Agreements_Narrati

Significant Agreements (Narrative) (Details) (USD $)

3 Months Ended

6 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

1 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Apr. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Korea [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Dainippon Sumitomo Pharma Co Ltd [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Japan [Member]

China [Member]

United States [Member]

Criteria One [Member]

Criteria Two [Member]

Criteria Three [Member]

Criteria Four [Member]

Criteria Five [Member]

Up-front Payment [Member]

Up-front Payment [Member]

Additional Development Receivable [Member]

Additional Regulatory Approval Receivable [Member]

Additional Sales Receivable [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Nonsoftware License Arrangement [Member]

Additional Regulatory Approval Receivable [Member]

Additional Regulatory Approval Receivable [Member]

Additional Regulatory Approval Receivable [Member]

Additional Sales Receivable [Member]

Additional Sales Receivable [Member]

Additional Sales Receivable [Member]

Additional Sales Receivable [Member]

Additional Sales Receivable [Member]

Significant Agreements [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

License agreement payment

'

'

'

'

'

$1,000,000

'

'

$15,000,000

'

'

'

'

'

'

'

'

'

'

'

Contingent arrangement receivable amount

'

'

'

'

'

'

'

'

'

30,000,000

70,000,000

200,000,000

15,000,000

10,000,000

5

5,000,000

10,000,000

20,000,000

40,000,000

120,000,000

License arrangement, milestone benchmark

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,000,000

100,000,000

200,000,000

400,000,000

1,200,000,000

License arrangement, deferred revenue, recognized

'

'

851,000

811,000

'

'

445,000

406,000

'

'

'

'

'

'

'

'

'

'

'

'

Prepaid expenses and other current assets

7,617,610

'

7,617,610

'

2,732,556

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Research and development

$14,919,190

$5,132,971

$29,211,883

$9,965,527

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments_Schedule_of_Availa

Investments (Schedule of Available-for-sale Securities Reconciliation) (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Cash and cash equivalents:	'	'
Cash and Cash Equivalents, Amortized Cost	$44,961	'
Cash and cash equivalents, Fair Value	44,961	'
Investments:	'	'
Total investments, Amortized Cost	254,100	131,405
Total cash and cash equivalents and investments, Amortized Cost	299,061	144,768
Total investments, Gross Unrealized Gains	138	123
Total cash and cash equivalents and investments, Gross Unrealized Gains	138	123
Total investments, Gross Unrealized Losses	-169	-59
Total cash and cash equivalents and investments, Gross Unrealized Losses	-169	-59
Total investments, Fair Value	254,069	131,469
Total cash and cash equivalents and investments, Fair Value	299,030	144,832
Commercial Paper [Member]	'	'
Investments:	'	'
Total investments, Amortized Cost	18,986	7,993
Total investments, Gross Unrealized Gains	'	1
Total investments, Gross Unrealized Losses	-6	'
Total investments, Fair Value	18,980	7,994
Corporate Debt Securities [Member]	'	'
Investments:	'	'
Total investments, Amortized Cost	221,019	115,704
Total investments, Gross Unrealized Gains	135	115
Total investments, Gross Unrealized Losses	-156	-59
Total investments, Fair Value	220,998	115,760
U.S. Government Agencies Debt Securities [Member]	'	'
Investments:	'	'
Total investments, Amortized Cost	14,095	6,657
Total investments, Gross Unrealized Gains	3	6
Total investments, Gross Unrealized Losses	-7	'
Total investments, Fair Value	14,091	6,663
Municipal Securities [Member]	'	'
Investments:	'	'
Total investments, Amortized Cost	'	1,051
Total investments, Gross Unrealized Gains	'	1
Total investments, Fair Value	'	1,052
Cash and Money Market Funds [Member]	'	'
Cash and cash equivalents:	'	'
Cash and Cash Equivalents, Amortized Cost	'	13,363
Cash and cash equivalents, Fair Value	'	$13,363

Investments_Availableforsale_S

Investments (Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value) (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Total available for sale securities, Less than 12 months, Fair Value	$48,040	$9,515
Total available for sale securities Less than 12 months, Gross Unrealized Holding Losses	-24	-2
Total available for sale securities, More than 12 months, Fair Value	106,076	31,312
Total available for sale securities more than 12 months, Gross Unrealized Holding Losses	-145	-57
Available-for-sale securities, Total Fair Value	154,116	40,827
Available-for-sale securities, Total Gross Unrealized Losses	-169	-59
Corporate Debt Securities [Member]	'	'
Total available for sale securities, Less than 12 months, Fair Value	32,059	9,515
Total available for sale securities Less than 12 months, Gross Unrealized Holding Losses	-18	-2
Total available for sale securities, More than 12 months, Fair Value	97,084	31,312
Total available for sale securities more than 12 months, Gross Unrealized Holding Losses	-138	-57
Available-for-sale securities, Total Fair Value	129,143	40,827
Available-for-sale securities, Total Gross Unrealized Losses	-156	-59
Commercial Paper [Member]	'	'
Total available for sale securities, Less than 12 months, Fair Value	15,981	'
Total available for sale securities Less than 12 months, Gross Unrealized Holding Losses	-6	'
Available-for-sale securities, Total Fair Value	15,981	'
Available-for-sale securities, Total Gross Unrealized Losses	-6	'
U.S. Government Agencies Debt Securities [Member]	'	'
Total available for sale securities, More than 12 months, Fair Value	8,992	'
Total available for sale securities more than 12 months, Gross Unrealized Holding Losses	-7	'
Available-for-sale securities, Total Fair Value	8,992	'
Available-for-sale securities, Total Gross Unrealized Losses	($7)	'

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014
In Millions, unless otherwise specified			Minimum [Member]	Maximum [Member]
Operating loss carryforwards	$144.30	$108.20	'	'
Operating loss carryforwards, expiration dates	'	'	31-Dec-24	31-Dec-32
Deferred tax assets, net	'	$60.20	'	'

Warrants_to_Purchase_Common_St1

Warrants to Purchase Common Stock (Narrative) (Details) (USD $)	0 Months Ended	3 Months Ended
In Millions, except Share data, unless otherwise specified	Apr. 10, 2014	Jun. 30, 2014
Warrants to Purchase Common Stock [Abstract]	'	'
Warrants to purchase common stock	865,381	'
Conversion of warrants into common stock	834,758	'
Non cash warrant revaluation charge	'	$55.80

Fair_Value_Measurements_Fair_V

Fair Value Measurements (Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Money market funds	$32,666	$8,216
Available for sale securities:	'	'
Commercial paper	18,980	7,994
Corporate debt securities	220,998	115,760
U.S. government and agency securities	14,091	6,663
Municipal securities	'	1,052
Total financial assets:	286,735	139,685
Liabilities:	'	'
Warrants to purchase common stock	'	-50,112
Total financial liabilities	'	-50,112
Fair Value, Inputs, Level 1 [Member]	'	'
Assets:	'	'
Money market funds	32,666	8,216
Available for sale securities:	'	'
Total financial assets:	32,666	8,216
Fair Value, Inputs, Level 2 [Member]	'	'
Available for sale securities:	'	'
Commercial paper	18,980	7,994
Corporate debt securities	220,998	115,760
U.S. government and agency securities	14,091	6,663
Municipal securities	'	1,052
Total financial assets:	254,069	131,469
Fair Value, Inputs, Level 3 [Member]	'	'
Liabilities:	'	'
Warrants to purchase common stock	'	-50,112
Total financial liabilities	'	($50,112)

Fair_Value_Measurements_Fair_V1

Fair Value Measurements (Fair Value, Liabilities Measured on Recurring Basis) (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2014
		Fair Value, Inputs, Level 3 [Member]
Balance at December 30, 2013	$50,112,137	$50,112,000
Net losses recognized in earnings	'	170,832,000
Exercises	'	-220,944,000
Balance at June 30, 2014	$50,112,137	'

Fair_Value_Measurements_Schedu

Fair Value Measurements (Schedule of Available for Sale Securities Debt Maturities) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Total investments in debt securities	$254,069	$131,469
Debt Securities [Member]	'	'
Due in one year or less	123,805	56,044
Due after one year through 2 years	130,264	75,425
Total investments in debt securities	$254,069	$131,469

Stockholders_Equity_and_Prefer1

Stockholders' Equity and Preferred Stock) (Narrative) (Details) (USD $)	1 Months Ended			6 Months Ended			1 Months Ended
	Apr. 30, 2014	Jun. 30, 2013	Oct. 31, 2012	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Apr. 30, 2014	Apr. 30, 2014	Jul. 17, 2014
							Selling Stockholders [Member]	Intercept Pharmaceuticals Incorporated [Member]	Subsequent Event [Member]
Development stage entities, equity issuance, date	30-Apr-14	30-Jun-13	31-Oct-12	'	'	'	'	'	'
Development stage entities, stock issued, shares, issued for cash	1,000,000	1,989,500	5,750,000	'	'	'	400,000	600,000	'
Development stage entities, equity issuance, per share amount	$320	$33.01	$15	'	'	'	'	'	'
Proceeds from issuance of common stock	$183,500,000	$61,200,000	'	$183,545,563	$61,379,263	'	'	'	'
Proceeds from issuance initial public offering	'	'	$78,700,000	'	'	'	'	'	'
Shares issuable upon conversion of preferred stock	'	'	7,403,817	'	'	'	'	'	'
Common stock, authorized	'	'	'	25,000,000	'	25,000,000	'	'	35,000,000
Common stock, par value (in dollars per share)	'	'	'	$0.00	'	$0.00	'	'	'
Preferred stock, authorized	'	'	'	5,000,000	'	'	'	'	'
Preferred stock, par or stated value per share	'	'	'	$0.00	'	'	'	'	'

ShareBased_Compensation_Narrat

Share-Based Compensation (Narrative) (Details) (USD $)	6 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	1 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2013	Apr. 30, 2014	Jun. 30, 2014
	Restricted Stock [Member]	Restricted Stock Award [Member]	Restricted Stock Award [Member]	Restricted Stock Unit [Member]	Restricted Stock Unit [Member]	Performance-Based Options [Member]	Performance-Based Options [Member]
Allocated share-based compensation expense	'	$1,000,000	$1,700,000	$300,000	$1,100,000	'	$0
Granted - shares	31,892	31,892	'	'	'	57,063	'
Share-based compensation arrangement by share-based payment award, award vesting period	'	'	'4 years	'	'	'	'

ShareBased_Compensation_Schedu

Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Share-based compensation	$3,795,000	$1,890,000	$11,230,262	$3,497,452
General and Administrative Expense [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Share-based compensation	2,322,000	981,000	3,821,000	1,926,000
Research and Development Expense [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Share-based compensation	$1,473,000	$909,000	$7,409,000	$1,571,000

ShareBased_Compensation_Schedu1

Share-Based Compensation (Schedule of Share-Based Compensation, Stock Options, Activity) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Share-Based Compensation [Abstract]	'
Beginning outstanding, number of shares	1,524,837
Beginning outstanding, weighted average exercise price	$21.32
Granted - number of shares	217,836
Granted - weighted average exercise price	$256.36
Exercised - number of shares	-284,997
Exercised - weighted average exercise price	$15.23
Forfeited - number of shares	-3,029
Forfeited - weighted average exercise price	$21.50
Ending outstanding, number of shares	1,454,647
Ending outstanding, weighted average exercise price	$57.71
Exercisable - number of shares	722,183
Exercisable - weighted average exercise price	$14.32

ShareBased_Compensation_Schedu2

Share-Based Compensation (Schedule of Share-Based Compensation, Restricted Stock Units and Restricted Stock Awards Activity) (Details) (Restricted Stock [Member], USD $)	6 Months Ended
	Jun. 30, 2014
Restricted Stock [Member]	'
Outstanding, December 31, 2013	121,069
Outstanding - weighted average exercise price, December 31, 2013	$25.30
Granted - shares	31,892
Granted - weighted average exercise price	$257.23
Exercised - shares	-37,473
Exercised - weighted average exercise price	$34.29
Outstanding, June 30, 2014	115,488
Outstanding - weighted average exercise price, June 30, 2014	$97.20

Net_Income_Loss_Per_Share_Sche

Net Income (Loss) Per Share (Schedule of Calculation of Numerator and Denominator in Earnings Per Share) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator:	'	'	'	'
Net income (loss) attributable to common stockholders	$33,470	($13,477)	($212,559)	($23,687)
Denominator:	'	'	'	'
Weighted average shares used in calculating net income (loss) per share - basic	20,965,094	16,970,519	20,238,955	16,765,464
Dilutive effect of equity incentive plans' shares	1,239,840	'	'	'
Weighted average shares used in calculating net income (loss) per share - dilutive	22,204,934	16,970,519	20,238,955	16,765,464
Net income (loss) per share:	'	'	'	'
Basic	$1.60	($0.79)	($10.50)	($1.41)
Diluted	$1.51	($0.79)	($10.50)	($1.41)

Net_Income_Loss_Per_Share_Sche1

Net Income (Loss) Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net Income (Loss) Per Share [Abstract]	'	'	'	'
Options	182	1,717	1,455	1,717
Warrants to purchase common stock	'	911	'	911
Restricted stock units	'	144	84	144
Total	182	2,772	1,539	2,772

Litigation_Details

Litigation (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Scot H. Atwood vs Intercept Pharmaceuticals Inc [Member]	'
Loss Contingencies [Line Items]	'
Loss contingency, lawsuit filing date	'February 21, 2014
Loss contingency, name of plaintiff	'Scot H. Atwood
Loss contingency, name of defendant	'Intercept Pharmaceuticals, Inc.
Loss contingency, domicile of litigation	'United States District Court for the Southern District of New York
Loss contingency, allegations	'The lawsuits allege that the Company made material misrepresentations and/or omissions of material fact in its public disclosures during the period from January 9, 2014 to January 10, 2014, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The alleged improper disclosures relate to the Company's January 9, 2014 announcement that the FLINT trial had been stopped early based on a pre-defined interim efficacy analysis. Specifically, the lawsuits claim that the January 9, 2014 announcement was misleading because it did not contain information regarding certain lipid abnormalities seen in the FLINT trial in OCA-treated patients compared to placebo.
Loss contingency accrual	$0
George Burton vs Intercept Pharmaceuticals Inc [Member]	'
Loss Contingencies [Line Items]	'
Loss contingency, lawsuit filing date	'February 28, 2014
Loss contingency, name of plaintiff	'George Burton
Loss contingency, name of defendant	'Intercept Pharmaceuticals, Inc.
Loss contingency accrual	$0