Intercept Pharmaceuticals (ICPT) 10-Q 11 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	INTERCEPT PHARMACEUTICALS INC
Entity Central Index Key	1270073
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Trading Symbol	icpt
Entity Common Stock, Shares Outstanding		24,072,311
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$104,366,238	$20,022,927
Investment securities, available-for-sale	297,626,140	219,700,890
Prepaid expenses and other current assets	8,392,121	6,104,017
Total current assets	410,384,499	245,827,834
Fixed assets, net	7,531,251	5,851,756
Security deposits	3,726,964	2,469,343
Total assets	421,642,714	254,148,933
Current liabilities:
Accounts payable, accrued expenses and other liabilities	16,371,058	13,459,489
Short-term portion of deferred revenue	1,781,620	1,781,620
Total current liabilities	18,152,678	15,241,109
Long-term liabilities:
Long-term portion of deferred revenue	7,571,896	8,017,301
Total liabilities	25,724,574	23,258,410
Stockholders' equity:
Common stock. 35,000,000 shares authorized; 21,415,243, and 22,706,973 shares issued and outstanding as of December 31, 2014 and March 31, 2015, respectively; par value $0.001 per share	22,707	21,415
Additional paid-in capital	904,714,141	700,354,657
Accumulated other comprehensive income (loss), net	-230,873	-283,835
Accumulated deficit	-508,587,835	-469,201,714
Total stockholders' equity	395,918,140	230,890,523
Total liabilities and stockholders' equity	$421,642,714	$254,148,933

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Common stock, authorized	35,000,000	35,000,000
Common stock, shares, issued	22,706,973	21,415,243
Common stock, shares, outstanding	22,706,973	21,415,243
Common stock, par value (in dollars per share)	$0.00	$0.00

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Licensing revenue	$1,445,405	$405,403
Costs and expenses:
Research and development	27,965,634	14,292,693
General and administrative	13,137,816	5,651,127
Total costs and expenses	41,103,450	19,943,820
Other income (expense):
Revaluation of warrants		-226,626,668
Other income, net	271,925	136,257
Total other income (expense)	271,925	-226,490,411
Net loss	($39,386,120)	($246,028,828)
Net loss per share, basic and diluted (in dollars per share)	($1.78)	($12.61)
Weighted average shares outstanding, basic and diluted (in shares)	22,171,988	19,504,748

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Comprehensive Loss:
Net loss	($39,386,120)	($246,028,828)
Unrealized holding gains (losses) arising during the period	212,618	-43,484
Reclassification for recognized gains on marketable investment securities during the period	2,367
Net unrealized gains (losses) on marketable investment securities	214,985	-43,484
Foreign currency translation adjustments	-162,023	-3,533
Total comprehensive loss	52,962	-47,017
Comprehensive loss	($39,333,158)	($246,075,845)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($39,386,120)	($246,028,828)
Adjustments to reconcile net loss to net cash used in operating activities:
Revaluation of warrants		226,626,668
Share-based compensation	9,738,093	7,435,652
Depreciation	250,359	61,661
Amortization of investment premium	883,651	551,913
Changes in:
Prepaid expenses, other current assets and security deposits	-3,545,725	-2,064,234
Accounts payable, accrued expenses, and other current liabilities	2,911,569	1,504,194
Deferred revenue	-445,405	-405,402
Net cash used in operating activities	-29,593,578	-12,318,376
Cash flows from investing activities:
Purchases of investment securities	-122,213,831	-15,723,676
Sales of investment securities	43,619,915	23,729,896
Purchases of equipment, improvements, and furniture and fixtures	-1,929,854	-299,808
Net cash provided by (used in) investing activities	-80,523,770	7,706,412
Cash flows from financing activities:
Proceeds from issuance of stock offerings, net of issuance costs	191,633,977
Costs associated with issuance of stock		-338,816
Proceeds from exercise of options	2,988,705	2,798,428
Net cash provided by financing activities	194,622,682	2,459,612
Effect of exchange rate changes	-162,023
Net (decrease) increase in cash and cash equivalents	84,343,311	-2,152,352
Cash and cash equivalents - beginning of period	20,022,927	13,363,185
Cash and cash equivalents - end of period	$104,366,238	$11,210,833

Nature_of_Business_and_Basis_o

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Nature of Business and Basis of Presentation [Abstract]
Nature of Business and Basis of Presentation
		1	Nature of Business and Basis of Presentation
	Intercept Pharmaceuticals, Inc. (“Intercept” or the “Company”), is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat chronic liver diseases with high unmet medical need. 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. In February 2015, the Company signed a lease for an office in London, United Kingdom. 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 and a wholly-owned subsidiary in the United Kingdom. Intercept was incorporated in Delaware in September 2002.
	Basis of Presentation
	All financial information presented includes the accounts of the Company’s wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited financial statements of Intercept Pharmaceuticals, Inc. included herein reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the Company’s financial position, results of operations and cash flows for the periods presented. Interim results may not be indicative of the results that may be expected for the full year. Certain information and footnote disclosures normally included in the audited financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for a broader discussion of the Company’s business and opportunities and risks inherent in such business.
	Use of Estimates
	The preparation of these financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, revenues and related disclosures. On an ongoing basis, management evaluates estimates, clinical trial accruals and share-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under circumstances. Actual results may differ from those estimates or assumptions.
	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 the results for the three months ended March 31, 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.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies
	2	Summary of Significant Accounting Policies
	The Company’s significant accounting policies are described in Note 3 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

Significant_Agreements

Significant Agreements	3 Months Ended
	Mar. 31, 2015
Significant Agreements [Abstract]
Significant Agreements
		3	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). 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. As of March 31, 2015, the Company had achieved $1.0 million of the development milestones under its collaboration agreement with Sumitomo Dainippon. 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. The Company has determined that each potential future development, regulatory and sales milestone is substantive. 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 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 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.
	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 payments made in respect  of the Korea option are being recognized ratably over this period. During the three months ended March 31, 2014 and 2015, the Company recorded revenue of approximately $405,000 and $1.4 million, respectively, in “Licensing Revenue” in its Condensed Consolidated Statement of Operations for the Company’s efforts under the agreement. All of the revenue recognized in the three months ended March 31, 2014 related to the amortization of the up-front payments under the collaboration agreement. For the three months ended March 31, 2015, $445,000 resulted from the amortization of the up-front payments under the collaboration agreement and $1.0 million resulted from the milestone achieved in the period.
	United Kingdom Lease
	On February 19, 2015, the Company entered into an underlease with Merck Sharp & Dohme Limited for the Company’s new office in the King’s Cross area of London, United Kingdom. The lease will provide the Company with approximately 6,000 rentable square feet in London for office space. The lease term is anticipated to end in June 2019.
	The annual rent is £470,608, payable quarterly. The Company is also required to pay value added tax (VAT) on the rent. The Company will be responsible for a portion of the insurance, certain service charges and taxes for the building based on the floor area rented by the Company. As security for the underlease, the Company has provided the landlord with a rent deposit in the amount of £705,912 (or approximately $1,047,150), plus applicable VAT. The amount of the deposit may be reduced to £470,608 within 30 days after April 30, 2016 if there are no outstanding payments due and there are no material breaches of the underlease that have not been unremedied in respect of which a drawdown notice has been served and has expired.

Investments

Investments	3 Months Ended
	Mar. 31, 2015
Investments [Abstract]
Investments
		4	Investments
	The following table summarizes the Company’s cash, cash equivalents and investments as of December 31, 2014 and March 31, 2015:
			As of December 31, 2014
						Gross				Gross
			Amortized Cost			Unrealized				Unrealized			Fair Value
						Gains				Losses
			(In thousands)
	Cash and cash equivalents:
	Cash and money market funds		$	20,023		$	-			$	-		$	20,023
	Investment securities:
	Commercial paper			7,995			-				-1			7,994
	Corporate debt securities			203,988			19				-282			203,725
	U.S. government and agency securities			7,998			-				-16			7,982
	Total investments			219,981			19				-299			219,701
	Total cash, cash equivalents and investments		$	240,004		$	19			$	-299		$	239,724
			As of March 31, 2015
						Gross				Gross
			Amortized Cost			Unrealized				Unrealized			Fair Value
						Gains				Losses
			(In thousands)
	Cash and cash equivalents:
	Cash and money market funds		$	104,366		$	-			$	-		$	104,366
	Investment securities:
	Commercial paper			10,495			-				-3			10,492
	Corporate debt securities			255,861			34				-127			255,768
	U.S. government and agency securities			31,334			33				-2			31,366
	Total investments			297,691			67				-132			297,626
	Total cash, cash equivalents and investments		$	402,057		$	67			$	-132		$	401,992
	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, 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		$	86,221	$	-63		$	81,561		$	-219	$	167,782	$	-282
	Commercial paper			4,994		-1			-			-		4,994		-1
	U.S. government and agency securities			-		-			4,481			-16		4,481		-16
	Total		$	91,215	$	-64		$	86,042		$	-235	$	177,257	$	-299
			As of March 31, 2015
			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		$	120,384	$	-74		$	57,790		$	-53	$	178,174	$	-127
	Commercial paper			7,493		-3			-			-		7,493		-3
	U.S. government and agency securities			-		-			4,496			-2		4,496		-2
	Total		$	127,877	$	-77		$	62,286		$	-55	$	190,163	$	-132

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Taxes [Abstract]
Income Taxes
		5	Income Taxes
	The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect for years in which the temporary differences are expected to reverse. The Company establishes a valuation allowance when it believes it is more likely than not that deferred tax assets will not be realized.
	At December 31, 2014 and March 31, 2015, the Company had available net operating loss carryforwards to reduce future taxable income of approximately $208.9 million and $240.4 million, respectively, for tax reporting purposes. These carryforwards expire between 2024 and 2035. 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 deferred tax asset of approximately $104.7 million and $121.7 million at December 31, 2014 and March 31, 2015, respectively, resulted primarily from the tax effects of net operating losses, share-based compensation and deferred revenue. 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	3 Months Ended
	Mar. 31, 2015
Warrants to Purchase Common Stock [Abstract]
Warrants to Purchase Common Stock
		6	Warrants to Purchase Common Stock
	In conjunction with various financing transactions prior to its initial public offering, the Company issued warrants to purchase the Company’s common stock. Certain of the warrants included a so-called “down round” provision that provides for a reduction in the warrant exercise price if there are subsequent issuances of additional shares of common stock for consideration per share less than the per share warrant exercise prices and the remaining warrants contain a provision that require the underlying shares to be registered upon an initial public offering (IPO). These warrants were deemed to be derivative instruments and as such, were recorded as a liability and were 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 were 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. Changes in the fair value of the common stock warrant liability from the prior period were 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 and as such no further revaluations are required.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements
		7	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 previous outstanding warrant liability was valued pursuant to the discussion in note 6 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-14
	Assets:
	Money market funds		$	21,284			$	21,284	$	-	$	-
	Available for sale securities:											-
	Commercial paper			7,994				-		7,994	$	-
	Corporate debt securities			203,725				-		203,725		-
	U.S. government and agency securities			7,982				-		7,982		-
	Total financial assets:		$	240,985			$	21,284	$	219,701	$	-
	31-Mar-15
	Assets:
	Money market funds		$	81,343			$	81,343	$	-	$	-
	Available for sale securities:
	Commercial paper			10,492				-		10,492		-
	Corporate debt securities			255,768				-		255,768		-
	U.S. government and agency securities			31,366				-		31,366		-
	Total financial assets		$	378,969			$	81,343	$	297,626	$	-
	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-14			31-Mar-15
			(In thousands)
	Due in one year or less		$	130,159		$	179,572
	Due after 1 year through 2 years			89,542			118,054
	Total investments in debt securities		$	219,701		$	297,626
	Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.
	Common Stock
	As of December 31, 2014 and March 31, 2015, the Company had 35,000,000 authorized shares of common stock, $0.001 par value per share.
	In October 2012, the Company completed the 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 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 pursuant to a registration statement on Form S-1. Net proceeds were approximately $61.2 million, after deducting underwriting discounts and commissions 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 pursuant to a registration statement on Form S-3. After underwriting discounts and commissions and 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.
	In February 2015, the Company completed a public offering of 1,150,000 shares of its common stock pursuant to a registration statement on Form S-3. After underwriting discounts and commissions and estimated offering expenses, the Company received net proceeds of approximately $191.6 million.
	In April 2015, the Company completed a public offering of 1,330,865 shares of its common stock pursuant to a registration statement on Form S-3. After estimated offering expenses, the Company received net proceeds of approximately $366.8 million. As the April 2015 financing occurred after March 31, 2015, this transaction is not reflected on the Condensed Consolidated Balance Sheet.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation [Abstract]
Stock-Based Compensation
		8	Stock-Based Compensation
	The 2012 Equity Incentive Plan (2012 Plan) became effective upon the pricing of the IPO in October 2012. At the same time, the 2003 Stock Incentive Plan (2003 Plan) was terminated and 555,843 shares available under the 2003 Plan were added to the 2012 Plan.
	The estimated fair value of the options that have been granted under the 2003 and 2012 Plans is determined utilizing the Black-Scholes option-pricing model at the date of grant. The fair value of restricted stock units (RSUs) and restricted stock awards (RSAs) that have been granted under the 2012 Plan is determined utilizing the closing stock price on the date of grant.
	The following table summarizes stock option activity during the three months ended March 31, 2015:
							Weighted
				Number of			Average
				Shares			Exercise Price
	Outstanding, December 31, 2014			1,436,055			$	75.81
	Granted			17,037			$	182.50
	Exercised			-115,274			$	25.93
	Forfeited			-48,277			$	100.14
	Outstanding, March 31, 2015			1,289,541			$	80.77
	Exercisable, March 31, 2015			676,425			$	31.59
	The following table summarizes the aggregate activities in relation to RSU and RSA activity during the three months ended March 31, 2015:
				Number of Shares		Weighted Average Fair Value			Aggregate Intrinsic Value
	Outstanding, December 31, 2014			119,348		$	133.60		$	18,618,288
	Granted			19,067		$	229.02		$	4,026,673
	Exercised			-15,610		$	101.52		$	2,495,838
	Forfeited			-3,630		$	257.43		$	1,044,364
	Outstanding, March 31, 2015			119,175		$	149.30		$	33,609,734
	As of March 31, 2015, there was $14.6 million of unrecognized compensation expense related to unvested RSUs and RSAs, which is expected to be recognized over a weighted average of 2.83 years. The weighted average remaining contract life of the non-vested shares as of March 31, 2015 is 8.76 years.
	The following table summarizes additional information about unvested RSUs and RSAs outstanding:
			Number				Intrinsic Value
			of Shares		Price		(in thousands)
	Employees and directors		105,297		$21.50 - $288.21		$	29,696
	Consultants		13,878		$21.50 - $290.98			3,914
	Outstanding at March 31, 2015		119,175				$	33,610

Net_Loss_Per_Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2015
Net Loss Per Share [Abstract]
Net Loss Per Share
		9	Net Loss Per Share
	The following table presents the historical computation of basic and diluted net loss per share:
				Three Months
				Ended March 31,
				2014		2015
			(In thousands, except share and per share amounts)
	Historical net loss per share
	Numerator:
	Net loss attributable to common stockholders		$	-246,029	$	-39,386
	Denominator:
	Weighted average shares used in calculating net loss per share - basic and diluted			19,504,748		22,171,988
	Net loss per share:
	Basic and diluted		$	-12.61	$	-1.78
	The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding:
				As of March 31,
				2014		2015
				(In thousands)
	Options			1,483		1,290
	Warrants to purchase common stock			865		-
	Restricted stock units			105		119
	Total			2,453		1,409

Litigation

Litigation	3 Months Ended
	Mar. 31, 2015
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. On August 14, 2014, the defendants filed a motion to dismiss the complaint. Oral arguments on the motion to dismiss were held on February 24, 2015. On March 4, 2015, the defendants’ motion to dismiss was denied by the Court. The defendants answered the amended complaint on April 13, 2015. The parties are currently undergoing discovery in relation to this matter.
	The lead plaintiff seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including attorneys’ fees.
	The Company believes that it has valid defenses to the claims in the lawsuit and intends to deny liability and defend itself vigorously. There can be no assurance, however, that the Company will be successful. 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.
	The Company may become subject to claims and assessments from time to time in the ordinary course of business. Such matters are subject to uncertainties and outcomes are not predictable with assurance. The Company accrues liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of March 31, 2015, the Company does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

Nature_of_Business_and_Basis_o1

Nature of Business and Basis of Presentation (Policy)	3 Months Ended
	Mar. 31, 2015
Nature of Business and Basis of Presentation [Abstract]
Nature of Business and Basis of Presentation	Intercept Pharmaceuticals, Inc. (“Intercept” or the “Company”), is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat chronic liver diseases with high unmet medical need. 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. In February 2015, the Company signed a lease for an office in London, United Kingdom. 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 and a wholly-owned subsidiary in the United Kingdom. Intercept was incorporated in Delaware in September 2002.
	Basis of Presentation
	All financial information presented includes the accounts of the Company’s wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited financial statements of Intercept Pharmaceuticals, Inc. included herein reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the Company’s financial position, results of operations and cash flows for the periods presented. Interim results may not be indicative of the results that may be expected for the full year. Certain information and footnote disclosures normally included in the audited financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for a broader discussion of the Company’s business and opportunities and risks inherent in such business.
Use of Estimates	Use of Estimates
	The preparation of these financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, revenues and related disclosures. On an ongoing basis, management evaluates estimates, clinical trial accruals and share-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under circumstances. Actual results may differ from those estimates or assumptions.
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 the results for the three months ended March 31, 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)	3 Months Ended
	Mar. 31, 2015
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, 2014 and March 31, 2015:
		As of December 31, 2014
					Gross				Gross
		Amortized Cost			Unrealized				Unrealized			Fair Value
					Gains				Losses
		(In thousands)
	Cash and cash equivalents:
	Cash and money market funds	$	20,023		$	-			$	-		$	20,023
	Investment securities:
	Commercial paper		7,995			-				-1			7,994
	Corporate debt securities		203,988			19				-282			203,725
	U.S. government and agency securities		7,998			-				-16			7,982
	Total investments		219,981			19				-299			219,701
	Total cash, cash equivalents and investments	$	240,004		$	19			$	-299		$	239,724
		As of March 31, 2015
					Gross				Gross
		Amortized Cost			Unrealized				Unrealized			Fair Value
					Gains				Losses
		(In thousands)
	Cash and cash equivalents:
	Cash and money market funds	$	104,366		$	-			$	-		$	104,366
	Investment securities:
	Commercial paper		10,495			-				-3			10,492
	Corporate debt securities		255,861			34				-127			255,768
	U.S. government and agency securities		31,334			33				-2			31,366
	Total investments		297,691			67				-132			297,626
	Total cash, cash equivalents and investments	$	402,057		$	67			$	-132		$	401,992
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:
		As of December 31, 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	$	86,221	$	-63		$	81,561		$	-219	$	167,782	$	-282
	Commercial paper		4,994		-1			-			-		4,994		-1
	U.S. government and agency securities		-		-			4,481			-16		4,481		-16
	Total	$	91,215	$	-64		$	86,042		$	-235	$	177,257	$	-299
		As of March 31, 2015
		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	$	120,384	$	-74		$	57,790		$	-53	$	178,174	$	-127
	Commercial paper		7,493		-3			-			-		7,493		-3
	U.S. government and agency securities		-		-			4,496			-2		4,496		-2
	Total	$	127,877	$	-77		$	62,286		$	-55	$	190,163	$	-132

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements [Abstract]
Fair Value, Marketable Securities 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-14
	Assets:
	Money market funds	$	21,284			$	21,284	$	-	$	-
	Available for sale securities:										-
	Commercial paper		7,994				-		7,994	$	-
	Corporate debt securities		203,725				-		203,725		-
	U.S. government and agency securities		7,982				-		7,982		-
	Total financial assets:	$	240,985			$	21,284	$	219,701	$	-
	31-Mar-15
	Assets:
	Money market funds	$	81,343			$	81,343	$	-	$	-
	Available for sale securities:
	Commercial paper		10,492				-		10,492		-
	Corporate debt securities		255,768				-		255,768		-
	U.S. government and agency securities		31,366				-		31,366		-
	Total financial assets	$	378,969			$	81,343	$	297,626	$	-
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-14			31-Mar-15
		(In thousands)
	Due in one year or less	$	130,159		$	179,572
	Due after 1 year through 2 years		89,542			118,054
	Total investments in debt securities	$	219,701		$	297,626
	Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	The following table summarizes stock option activity during the three months ended March 31, 2015:
						Weighted
			Number of			Average
			Shares			Exercise Price
	Outstanding, December 31, 2014		1,436,055			$	75.81
	Granted		17,037			$	182.50
	Exercised		-115,274			$	25.93
	Forfeited		-48,277			$	100.14
	Outstanding, March 31, 2015		1,289,541			$	80.77
	Exercisable, March 31, 2015		676,425			$	31.59
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
	The following table summarizes the aggregate activities in relation to RSU and RSA activity during the three months ended March 31, 2015:
			Number of Shares		Weighted Average Fair Value			Aggregate Intrinsic Value
	Outstanding, December 31, 2014		119,348		$	133.60		$	18,618,288
	Granted		19,067		$	229.02		$	4,026,673
	Exercised		-15,610		$	101.52		$	2,495,838
	Forfeited		-3,630		$	257.43		$	1,044,364
	Outstanding, March 31, 2015		119,175		$	149.30		$	33,609,734
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes additional information about unvested RSUs and RSAs outstanding:
		Number				Intrinsic Value
		of Shares		Price		(in thousands)
	Employees and directors	105,297		$21.50 - $288.21		$	29,696
	Consultants	13,878		$21.50 - $290.98			3,914
	Outstanding at March 31, 2015	119,175				$	33,610

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Net 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 loss per share:
			Three Months
			Ended March 31,
			2014		2015
		(In thousands, except share and per share amounts)
	Historical net loss per share
	Numerator:
	Net loss attributable to common stockholders	$	-246,029	$	-39,386
	Denominator:
	Weighted average shares used in calculating net loss per share - basic and diluted		19,504,748		22,171,988
	Net loss per share:
	Basic and diluted	$	-12.61	$	-1.78
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding:
			As of March 31,
			2014		2015
			(In thousands)
	Options		1,483		1,290
	Warrants to purchase common stock		865		-
	Restricted stock units		105		119
	Total		2,453		1,409

Nature_of_Business_and_Basis_o2

Nature of Business and Basis of Presentation (Narrative) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Immaterial error correction	immaterial corrections to the financial statements for the three months ended March 31, 2014, which are reflected in the results for the three months ended March 31, 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
Overstatement of Non Cash Sharebased Compensation Expense [Member]
Amount of the error correction	11.6
Decrease to Additional Paid-in Capital [Member]
Amount of the error correction	11.6
Decrease to Retained Earnings Accumulated Deficit [Member]
Amount of the error correction	11.6
Decrease to Research and Developement Expense [Member]
Amount of the error correction	11.6
Decrease to Net Income Loss [Member]
Amount of the error correction	11.6

Significant_Agreements_Narrati

Significant Agreements (Narrative) (Details)

3 Months Ended

3 Months Ended

1 Months Ended

1 Months Ended

Mar. 31, 2015

Feb. 19, 2015

Feb. 19, 2015

Feb. 19, 2015

Mar. 31, 2015

Mar. 31, 2014

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

United Kingdom [Member]

United Kingdom [Member]

United Kingdom [Member]

United Kingdom [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]

USD ($)

GBP (£)

Scenario, Plan [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]

Korea [Member]

Criteria One [Member]

Criteria Two [Member]

Criteria Three [Member]

Criteria Four [Member]

Criteria Five [Member]

sqft

GBP (£)

USD ($)

USD ($)

Up-front Payment [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]

Nonsoftware License Arrangement [Member]

USD ($)

USD ($)

USD ($)

Additional Regulatory Approval Receivable [Member]

Additional Regulatory Approval Receivable [Member]

Additional Regulatory Approval Receivable [Member]

Up-front Payment [Member]

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Significant Agreements [Line Items]

License agreement payment

$15,000,000

$1,000,000

Contingent arrangement receivable amount

70,000,000

200,000,000

15,000,000

10,000,000

5,000,000

5,000,000

10,000,000

20,000,000

40,000,000

120,000,000

Development milestone reached

1,000,000

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

1,400,000

405,000

Amortization of up front payment, deferred revenue

445,000

Area of real estate property

6,000

6,000

Description of lessee leasing arrangements, operating leases

annual rent is £470,608, payable quarterly. The Company is also required to pay value added tax (VAT) on the rent. The Company will be responsible for a portion of the insurance, certain service charges and taxes for the building based on the floor area rented by the Company

Rent expense

470,608

Security deposit

$1,047,150

£ 705,912

£ 470,608

Investments_Schedule_of_Availa

Investments (Schedule of Available-for-sale Securities Reconciliation) (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Investments:
Total investments, Amortized Cost	$297,691	$219,981
Total cash and cash equivalents and investments, Amortized Cost	402,057	240,004
Total investments, Gross Unrealized Gains	67	19
Total cash and cash equivalents and investments, Gross Unrealized Gains	67	19
Total investments, Gross Unrealized Losses	-132	-299
Total cash and cash equivalents and investments, Gross Unrealized Losses	-132	-299
Total investments, Fair Value	297,626	219,701
Total cash and cash equivalents and investments, Fair Value	401,992	239,724
Commercial Paper [Member]
Investments:
Total investments, Amortized Cost	10,495	7,995
Total investments, Gross Unrealized Losses	-3	-1
Total investments, Fair Value	10,492	7,994
Corporate Debt Securities [Member]
Investments:
Total investments, Amortized Cost	255,861	203,988
Total investments, Gross Unrealized Gains	34	19
Total investments, Gross Unrealized Losses	-127	-282
Total investments, Fair Value	255,768	203,725
Us Government Agencies Debt Securities [Member]
Investments:
Total investments, Amortized Cost	31,334	7,998
Total investments, Gross Unrealized Gains	33
Total investments, Gross Unrealized Losses	-2	-16
Total investments, Fair Value	31,366	7,982
Cash and Money Market Funds [Member]
Cash and cash equivalents:
Cash and Cash Equivalents, Amortized Cost	104,366	20,023
Cash and cash equivalents, Fair Value	$104,366	$20,023

Investments_Availableforsale_S

Investments (Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value) (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Total available for sale securities, Less than 12 months, Fair Value	$127,877	$91,215
Total available for sale securities Less than 12 months, Gross Unrealized Holding Losses	-77	-64
Total available for sale securities, More than 12 months, Fair Value	62,286	86,042
Total available for sale securities more than 12 months, Gross Unrealized Holding Losses	-55	-235
Available-for-sale securities, Total Fair Value	190,163	177,257
Available-for-sale securities, Total Gross Unrealized Losses	-132	-299
Corporate Debt Securities [Member]
Total available for sale securities, Less than 12 months, Fair Value	120,384	86,221
Total available for sale securities Less than 12 months, Gross Unrealized Holding Losses	-74	-63
Total available for sale securities, More than 12 months, Fair Value	57,790	81,561
Total available for sale securities more than 12 months, Gross Unrealized Holding Losses	-53	-219
Available-for-sale securities, Total Fair Value	178,174	167,782
Available-for-sale securities, Total Gross Unrealized Losses	-127	-282
Commercial Paper [Member]
Total available for sale securities, Less than 12 months, Fair Value	7,493	4,994
Total available for sale securities Less than 12 months, Gross Unrealized Holding Losses	-3	-1
Available-for-sale securities, Total Fair Value	7,493	4,994
Available-for-sale securities, Total Gross Unrealized Losses	-3	-1
Us Government Agencies Debt Securities [Member]
Total available for sale securities, More than 12 months, Fair Value	4,496	4,481
Total available for sale securities more than 12 months, Gross Unrealized Holding Losses	-2	-16
Available-for-sale securities, Total Fair Value	4,496	4,481
Available-for-sale securities, Total Gross Unrealized Losses	($2)	($16)

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Operating loss carryforwards	240.4	$208.90
Deferred tax assets, net	121.7	$104.70
Minimum [Member]
Operating loss carryforwards, expiration dates	1-Jan-24
Maximum [Member]
Operating loss carryforwards, expiration dates	31-Dec-35

Warrants_to_Purchase_Common_St1

Warrants to Purchase Common Stock (Narrative) (Details)	0 Months Ended
	Apr. 10, 2014	Mar. 31, 2014
Warrants to Purchase Common Stock [Abstract]
Warrants to purchase common stock	865,381	865,000
Conversion of warrants into common stock	834,758

Fair_Value_Measurements_Common

Fair Value Measurements (Common Stock Portion) (Narrative) (Details) (USD $)	1 Months Ended				3 Months Ended	1 Months Ended
	Feb. 28, 2015	Apr. 30, 2014	Jun. 30, 2013	Oct. 31, 2012	Mar. 31, 2015	Apr. 30, 2015	Dec. 31, 2014
Common stock, authorized					35,000,000		35,000,000
Common stock, par value (in dollars per share)					$0.00		$0.00
Stock issued during period, shares, new issues	1,150,000	1,000,000	1,989,500	5,750,000
Shares issued, price per share				$15
Proceeds from issuance initial public offering				$78,700,000
Convertible preferred stock, shares issued upon conversion				7,403,817
Proceeds from issuance of common stock	191,600,000	183,500,000	61,200,000		191,633,977
Selling Stockholders [Member]
Stock issued during period, shares, new issues		400,000
Intercept Pharmaceuticals Incorporated [Member]
Stock issued during period, shares, new issues		600,000
Subsequent Event [Member]
Stock issued during period, shares, new issues						1,330,865
Proceeds from issuance of common stock						$366,800,000

Fair_Value_Measurements_Fair_V

Fair Value Measurements (Fair Value, Marketable Securities Measured on Recurring and Nonrecurring Basis) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets:
Money market funds	$81,343	$21,284
Available for sale securities:
Commercial paper	10,492	7,982
Corporate debt securities	255,768	203,725
U.S. government and agency securities	31,366	7,994
Total financial assets:	378,969	240,985
Fair Value, Inputs, Level 1 [Member]
Assets:
Money market funds	81,343	21,284
Available for sale securities:
Total financial assets:	81,343	21,284
Fair Value, Inputs, Level 2 [Member]
Available for sale securities:
Commercial paper	10,492	7,982
Corporate debt securities	255,768	203,725
U.S. government and agency securities	31,366	7,994
Total financial assets:	$297,626	$219,701

Fair_Value_Measurements_Schedu

Fair Value Measurements (Schedule of Available for Sale Securities Debt Maturities) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Total investments in debt securities	$297,626	$219,701
Debt Securities [Member]
Due in one year or less	179,572	130,159
Due after one year through 2 years	118,054	89,542
Total investments in debt securities	$297,626	$219,701

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative) (Details) (USD $)	1 Months Ended	3 Months Ended
In Millions, except Share data, unless otherwise specified	Oct. 31, 2012	Mar. 31, 2015
Share-based comensation not yet recognized, other than options		14.6
Share-based compensation not yet recognized, period		2 years 9 months 29 days
Weighted average remaining contractual life		8 years 9 months 4 days
2003 Stock Incentive Plan [Member]
Fair value assumption method used		Black-Scholes option-pricing model
2012 Stock Plan [Member]
Additional shares available	555,843
Fair value assumption method used		Black-Scholes option-pricing model

StockBased_Compensation_Schedu

Stock-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock-Based Compensation [Abstract]
Beginning Outstanding, Number of Shares	1,436,055	1,483,000
Beginning Outstanding, Weighted Average Exercise Price	$75.81
Granted - Number of Shares	17,037
Granted - Weighted Average Exercise Price	$182.50
Exercised - Number of Shares	-115,274
Exercised - Weighted Average Exercise Price	$25.93
Forfeited - Number of Shares	-48,277
Forfeited - Weighted Average Exercise Price	$100.14
Ending Outstanding, Number of Shares	1,289,541	1,483,000
Ending Outstanding, Weighted Average Exercise Price	$80.77
Exercisable - Number of Shares	676,425
Exercisable - Weighted Average Exercise Price	$31.59

StockBased_Compensation_Schedu1

Stock-Based Compensation (Schedule of Share-based Compensation, Restricted Stock Units Award Activity) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation [Abstract]
Outstanding, December 31, 2014	119,348
Granted - Shares	19,067
Exercised - Shares	-15,610
Forfeited - Shares	-3,630
Outstanding, March 31, 2015	119,175
Outstanding - Weighted Average Grant Date Fair Value, December 31, 2014	$133.60
Granted - Weighted Average Grant Date Fair Value	$229.02
Exercised - Weighted Average Exercise Price	$101.52
Forfeited - Weighted Average Grant Date Fair Value	$257.43
Outstanding - Weighted Average Grant Date Fair Value, March 31, 2015	$149.30
Outstanding, December 31, 2014 - Aggregate Intrinsic Value	$18,618,288
Granted - Aggregate Intrinsic Value	4,026,673
Exercised - Aggregate Intrinsic Value	2,495,838
Forefeited - Aggregate Intrinsic Value	1,044,364
Outstanding, March 31, 2015 - Aggregate Intrinsic Value	$33,609,734

StockBased_Compensation_Schedu2

Stock-Based Compensation (Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Number of Shares, Outstanding	119,175	119,348
Intrinsic Value, Outstanding	$33,609,734	$18,618,288
Employees and Directors [Member]
Number of Shares, Outstanding	105,297
Intrinsic Value, Outstanding	29,696,000
Consultants [Member]
Number of Shares, Outstanding	13,878
Intrinsic Value, Outstanding	$3,914,000
Minimum [Member] | Employees and Directors [Member]
Issue Price	$21.50
Minimum [Member] | Consultants [Member]
Issue Price	$21.50
Maximum [Member] | Employees and Directors [Member]
Issue Price	$288.21
Maximum [Member] | Consultants [Member]
Issue Price	$290.98

Net_Loss_Per_Share_Schedule_of

Net Loss Per Share (Schedule of Calculation of Numerator and Denominator in Earnings Per Share) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net loss attributable to common stockholders	($39,386)	($246,029)
Denominator:
Weighted average shares outstanding, basic and diluted (in shares)	22,171,988	19,504,748
Net loss per share, basic and diluted (in dollars per share)	($1.78)	($12.61)

Net_Loss_Per_Share_Schedule_of1

Net Loss Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details)	Mar. 31, 2015	Dec. 31, 2014	Apr. 10, 2014	Mar. 31, 2014
Net Loss Per Share [Abstract]
Options	1,289,541	1,436,055		1,483,000
Warrants to purchase common stock			865,381	865,000
Restricted stock units	119,000			105,000
Total	1,409,000			2,453,000

Litigation_Narrative_Details

Litigation (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
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
Scot H. Atwood Vs Intercept Pharmaceuticals Incorporated [Member]
Loss contingency, lawsuit filing date	21-Feb-14
Loss contingency, name of plaintiff	Scot H. Atwood
Loss contingency, name of defendant	Intercept Pharmaceuticals, Inc.
Loss contingency accrual	0
George Burton Vs Intercept Pharmaceuticals Incorporated [Member]
Loss contingency, lawsuit filing date	28-Feb-14
Loss contingency, name of plaintiff	George Burton
Loss contingency, name of defendant	Intercept Pharmaceuticals, Inc.
Loss contingency accrual	0