Restructuring

9 Months Ended

Sep. 30, 2023

12. Restructuring

Restructuring

On June 23, 2023, the Company announced the adoption of a workforce reduction and expense reduction plan (the “Restructuring Plan”), including a workforce reduction of approximately one third, and discontinuance of NASH-related investment. The intent of the Restructuring Plan is to strengthen the Company’s focus on the treatment of rare and serious liver diseases, and significantly reduce operating expenses. The Restructuring Plan was implemented during the third quarter of 2023 and is expected to be substantially completed by the end of 2023.

For the three and nine months ended September 30, 2023, restructuring activities resulted in expenses of $6.3 million, which were comprised entirely of severance and other employee benefit costs.

The following table displays a rollforward of the changes to the accrued balances as of September 30, 2023:


		Severance and Related Costs
	(in thousands)
Accrued balance at December 31, 2022	$	—
Charges incurred		6,260
Cash payments made		(649)
Other reserve adjustments		—
Accrued balance at September 30, 2023	$	5,611

INTERCEPT PHARMACEUTICALS, INC. 10-Q