# EDGAR Filing Document

**Accession Number:** 0001270073
**File Stem:** 0001104659-23-036695
**Filing Date:** 2023-3
**Character Count:** 190348
**Document Hash:** 915f80a18198d2614e267977ce861bea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-036695.hdr.sgml**: 20230324

**ACCESSION NUMBER**: 0001104659-23-036695

**CONFORMED SUBMISSION TYPE**: 424B5

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230324

**DATE AS OF CHANGE**: 20230324

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTERCEPT PHARMACEUTICALS, INC.
- **CENTRAL INDEX KEY:** 0001270073
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 223868459
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B5
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270844
- **FILM NUMBER:** 23760731

**BUSINESS ADDRESS:**
- **STREET 1:** 305 MADISON AVENUE
- **CITY:** MORRISTOWN
- **STATE:** NJ
- **ZIP:** 07960
- **BUSINESS PHONE:** 646-747-1000

**MAIL ADDRESS:**
- **STREET 1:** 305 MADISON AVENUE
- **CITY:** MORRISTOWN
- **STATE:** NJ
- **ZIP:** 07960

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTERCEPT PHARMACEUTICALS INC
- **DATE OF NAME CHANGE:** 20031113

**Filed Pursuant to Rule 424(b)(5)**

**Registration Statement No.: 333-270844**

**PROSPECTUS SUPPLEMENT to the Prospectus dated March 24, 2023**

![](tm2310363d2_424b5img001.jpg)

**UP TO $100,000,000**

**COMMON STOCK**

We have entered into a Sales Agreement with Cowen and Company, LLC, or Cowen, relating to shares of our common stock, par value $0.001 per share, offered by this prospectus supplement and the accompanying prospectus. In accordance with the terms of the Sales Agreement, we may offer and sell shares of our common stock having an aggregate offering price of up to $100,000,000 from time to time through Cowen, acting as sales agent or principal.

Our common stock is listed on The Nasdaq Global Select Market under the symbol "ICPT." The last reported sales price of our common stock on The Nasdaq Global Select Market on March 22, 2023 was $13.59 per share.

**Investing in our common stock involves a high degree of risk. See "Risk Factors" beginning on page S-10 of this prospectus supplement, as well as in the documents incorporated or deemed to be incorporated by reference into this prospectus supplement and the accompanying prospectus, for a discussion of the factors you should carefully consider before deciding to purchase our common stock.**

Sales of our common stock, if any, under this prospectus supplement and the accompanying prospectus may be made in sales deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or the Securities Act. Cowen is not required to sell any specific number or dollar amount of securities, but will act as a sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between Cowen and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.

The compensation to Cowen for sales of common stock sold pursuant to the Sales Agreement will be up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. In connection with the sale of the common stock on our behalf, Cowen will be deemed to be an "underwriter" within the meaning of the Securities Act, and the compensation to Cowen will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to Cowen with respect to certain liabilities, including liabilities under the Securities Act or the Securities Exchange Act of 1934, as amended, or the Exchange Act. See section titled "Plan of Distribution" on page S-16 of this prospectus supplement.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

_____________

**TD Cowen**

_____________

The date of this prospectus supplement is March 24, 2023.

**TABLE OF CONTENTS**

**Prospectus Supplement**

**<u>Page</u>**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS SUPPLEMENT](#s_001) | [S-1](#s_001) |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#s_002) | [S-2](#s_002) |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#s_003) | [S-4](#s_003) |
| [PROSPECTUS SUPPLEMENT SUMMARY](#s_004) | [S-7](#s_004) |
| [RISK FACTORS](#s_005) | [S-10](#s_005) |
| [Risks Related to Our Common Stock and this Offering](#s_006) | [S-10](#s_006) |
| [USE OF PROCEEDS](#s_007) | [S-14](#s_007) |
| [DILUTION](#s_008) | [S-15](#s_008) |
| [PLAN OF DISTRIBUTION](#s_009) | [s-16](#s_009) |
| [LEGAL MATTERS](#s_010) | [s-17](#s_010) |
| [EXPERTS](#s_011) | [s-17](#s_011) |

---

**Prospectus**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#Pros_001) | [1](#Pros_001) |
| [RISK FACTORS](#Pros_002) | [2](#Pros_002) |
| [WHERE YOU CAN FIND MORE INFORMATION](#Pros_003) | [3](#Pros_003) |
| [INCORPORATION BY REFERENCE](#Pros_004) | [4](#Pros_004) |
| [FORWARD-LOOKING STATEMENTS](#Pros_005) | [5](#Pros_005) |
| [INTERCEPT PHARMACEUTICALS, INC.](#Pros_006) | [6](#Pros_006) |
| [USE OF PROCEEDS](#Pros_007) | [7](#Pros_007) |
| [DESCRIPTION OF DEBT SECURITIES](#Pros_009) | [9](#Pros_009) |
| [DESCRIPTION OF CAPITAL STOCK](#Pros_010) | [17](#Pros_010) |
| [DESCRIPTION OF DEPOSITARY SHARES](#Pros_011) | [24](#Pros_011) |
| [DESCRIPTION OF PURCHASE CONTRACTS AND PURCHASE UNITS](#Pros_012) | [27](#Pros_012) |
| [DESCRIPTION OF WARRANTS](#Pros_013) | [28](#Pros_013) |
| [FORMS OF SECURITIES](#Pros_014) | [29](#Pros_014) |
| [PLAN OF DISTRIBUTION](#Pros_017) | [31](#Pros_017) |
| [LEGAL MATTERS](#Pros_015) | [34](#Pros_015) |
| [EXPERTS](#Pros_016) | [34](#Pros_016) |

---

**We are responsible for the information contained and incorporated by reference in this prospectus supplement, in any accompanying prospectus, and in any related free writing prospectus we prepare or authorize. We have not authorized anyone to give you any other information, and we take no responsibility for any other information that others may give you. If you are in a jurisdiction where offers to sell, or solicitations of offers to purchase, the securities offered by this documentation are unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this document does not extend to you. The information contained in this document speaks only as of the date of this document, unless the information specifically indicates that another date applies. Our business, financial condition, results of operations and prospects may have changed since those dates.**

**ABOUT THIS PROSPECTUS SUPPLEMENT**

This prospectus supplement is part of an automatic shelf registration statement that we filed on Form S-3ASR with the Securities and Exchange Commission, or SEC, as a "well-known seasoned issuer" as defined in Rule 405 under the Securities Act, using a "shelf" registration process. Under this shelf registration process, we may, from time to time, sell any combination of the securities described in the above-referenced registration statement. This prospectus supplement, together with the accompanying prospectus and the documents incorporated by reference therein and herein, includes all material information relating to this offering.

This prospectus supplement relates to the offering of our common stock. Before buying any of the common stock that we are offering, we urge you to carefully read this prospectus supplement and the accompanying prospectus, together with the information incorporated by reference as described under the headings "Where You Can Find More Information" and "Incorporation of Certain Information by Reference" in this prospectus supplement, and any accompanying prospectus or free writing prospectus that we have authorized for use in connection with this offering. These documents contain important information that you should consider when making your investment decision. This prospectus supplement is deemed a prospectus supplement to the base prospectus contained in the registration statement of which this prospectus supplement forms a part.

This prospectus supplement describes the terms of this offering of common stock and also adds to and updates information contained in the documents incorporated by reference into the accompanying prospectus. To the extent there is a conflict between the information contained in this prospectus supplement, on the one hand, and the information contained in any document incorporated by reference into this prospectus supplement and the accompanying prospectus, on the other hand, you should rely on the information in this prospectus supplement. If any statement in one of these documents is inconsistent with a statement in another document having a later date — for example, a document incorporated by reference into this prospectus supplement — the statement in the document having the later date modifies or supersedes the earlier statement.

We have not, and Cowen has not, authorized anyone to provide you with information in addition to or different from that contained in this prospectus supplement, the accompanying prospectus and any related free writing prospectus. We and Cowen take no responsibility for, and can provide no assurances as to the reliability of, any information not contained in this prospectus supplement, the accompanying prospectus or any related free writing prospectus that we may authorize to be provided to you. This prospectus supplement is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. You should assume that the information in this prospectus supplement, the accompanying prospectus or any related free writing prospectus is accurate only as of the date on the front of the document and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus supplement, the accompanying prospectus or any related free writing prospectus, or any sale of a security.

We are offering to sell, and seeking offers to buy, shares of common stock only in jurisdictions where offers and sales are permitted. The distribution of this prospectus supplement and the offering of the common stock in certain jurisdictions may be restricted by law. Persons outside the United States who come into possession of this prospectus supplement must inform themselves about, and observe any restrictions relating to, the offering of the common stock and the distribution of this prospectus supplement outside the United States. This prospectus supplement does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered by this prospectus supplement by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation.

This prospectus supplement contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus supplement and the accompanying prospectus are a part, and you may obtain copies of those documents as described below under the heading "Where You Can Find More Information".

*Unless otherwise stated, all references in this prospectus supplement or the accompanying prospectus to "we," "our," "us," the "Company" and similar designations refer, collectively, to Intercept Pharmaceuticals, Inc., a Delaware corporation, and its consolidated subsidiaries.*

**WHERE YOU CAN FIND MORE INFORMATION**

We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet at the SEC's website at www.sec.gov. Copies of certain information filed by us with the SEC are also available on our website at http://www.interceptpharma.com. Our website is not a part of this prospectus supplement and is not incorporated by reference in this prospectus supplement.

This prospectus supplement is part of a registration statement we filed with the SEC. This prospectus supplement omits some information contained in the registration statement in accordance with SEC rules and regulations. You should review the information and exhibits in the registration statement for further information on us and our consolidated subsidiaries and the securities we are offering. Statements in this prospectus supplement concerning any document we filed as an exhibit to the registration statement or that we otherwise filed with the SEC are not intended to be comprehensive and are qualified by reference to these filings. You should review the complete document to evaluate these statements. You can obtain a copy of the registration statement from the SEC at the address listed above or from the SEC's website.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to incorporate by reference much of the information we file with the SEC, which means that we can disclose important information to you by referring you to those publicly available documents. The information that we incorporate by reference in this prospectus supplement is considered to be part of this prospectus supplement. Because we are incorporating by reference future filings with the SEC, this prospectus supplement is continually updated and those future filings may modify or supersede some of the information included or incorporated in this prospectus supplement. This means that you must look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this prospectus supplement or in any document previously incorporated by reference have been modified or superseded. This prospectus supplement incorporates by reference the documents listed below (File No. 001-35668) and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act (in each case, other than those documents or the portions of those documents not deemed to be filed) until the offering of the securities under the registration statement is terminated or completed:

&nbsp;&nbsp;&nbsp;&nbsp;• [Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 2, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000155837023002693/icpt-20221231x10k.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;• The information specifically incorporated by reference into our [Annual Report on Form 10-K for the fiscal year ended December 31, 2021](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000155837022002666/icpt-20211231x10k.htm) from our [definitive proxy statement (other than information furnished rather than filed) for the 2022 Annual Meeting of Stockholders, which was filed with the SEC on May 2, 2022](https://www.sec.gov/Archives/edgar/data/1270073/000110465922054654/tm2213541-1_def14a.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;• Current Reports on Form 8-K which were filed with the SEC on [January 17, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000110465923004061/tm233511d1_8k.htm) ; [January 25, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000110465923006379/tm234321d1_8k.htm) ; [February 2, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000110465923009984/tm235341d1_8k.htm) ; [February 21, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000110465923023549/tm237282d1_8k.htm) ; and [February 27, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000110465923025652/tm237891d1_8k.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;• The description of our common stock contained in our registration statement on [Form 8-A, filed with the SEC on September 27, 2012](https://www.sec.gov/Archives/edgar/data/1270073/000114420412053077/v324424_8a12b.htm) , including any amendments or reports filed for the purpose of updating such description.

Notwithstanding the foregoing, unless specifically stated to the contrary, information that we furnish (and that is not deemed "filed" with the SEC) under Items 2.02 and 7.01 of any Current Report on Form 8-K, including the related exhibits under Item 9.01, is not incorporated by reference into this prospectus supplement or the registration statement of which this prospectus supplement is a part.

Any statement contained in a document that is incorporated by reference will be modified or superseded for all purposes to the extent that a statement contained in this prospectus supplement, or in any other document that is subsequently filed with the SEC and incorporated by reference into this prospectus supplement, modifies or is contrary to that previous statement. Any statement so modified or superseded will not be deemed a part of this prospectus supplement, except as so modified or superseded. Since information that we later file with the SEC will update and supersede previously incorporated information, you should look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this prospectus supplement or in any documents previously incorporated by reference have been modified or superseded.

You may request a copy of these filings, at no cost, by contacting us, either orally or in writing, at the following address:

Intercept Pharmaceuticals, Inc.

305 Madison Avenue

Morristown, New Jersey 07960

Attn: Investor Relations

Phone: (646) 747-1000

You may also access these documents, free of charge on the SEC's website at www.sec.gov or on our website at http://www.interceptpharma.com. Information contained on our website is not incorporated by reference into this prospectus supplement and you should not consider any information on, or that can be accessed from, our website as part of this prospectus supplement.

This prospectus supplement is part of a registration statement we filed with the SEC. We have incorporated exhibits into the registration statement. You should read the exhibits carefully for provisions that may be important to you.

You should rely only on the information incorporated by reference or provided in this prospectus supplement. We have not authorized anyone to provide you with different information. We are not making an offer of these securities in any state where the offer is not permitted. You should not assume that the information in this prospectus supplement or in the documents incorporated by reference is accurate as of any date other than the date on the front of this prospectus supplement or those documents.

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus supplement, the accompanying prospectus and the information incorporated by reference herein and therein contain statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements, other than statements of historical facts, contained or incorporated by reference in this prospectus supplement are forward-looking statements. In some cases, you can identify forward-looking statements by words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "possible," "potential," "predict," "project," "seek," "should," "target," "will," "would," or the negative of these words or other comparable terminology, although not all forward-looking statements contain these identifying words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates, and we undertake no obligation to update any forward-looking statement except as required by law. These forward-looking statements are based on estimates and assumptions by our management that, although believed to be reasonable, are inherently uncertain and subject to a number of risks.

The following represent some, but not necessarily all, of the factors that could cause actual results to differ materially from historical results or those anticipated or predicted by our forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the success of our existing business and operations, including our approved product, Ocaliva (obeticholic acid or OCA) for primary
biliary cholangitis, or PBC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully commercialize Ocaliva for PBC and, if approved, OCA for nonalcoholic steatohepatitis, or NASH;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our regulatory approval of Ocaliva for PBC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to timely and cost-effectively file for and obtain regulatory approval of our product candidates on an accelerated basis
or at all, including OCA for liver fibrosis due to NASH;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to address the issues raised by the U.S. Food and Drug Administration, or the FDA, in the complete response letter, or
CRL, received in June 2020 with respect to OCA for NASH;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any advisory committee recommendation or dispute resolution determination that our product candidates, including OCA for liver fibrosis
due to NASH, should not be approved or approved only under certain conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any future determination that the regulatory applications and subsequent information we submit for our product candidates, including
OCA for liver fibrosis due to NASH, do not contain adequate clinical or other data or meet applicable regulatory requirements for approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the progress, timing, and results of our REGENERATE clinical trial, including the safety and efficacy of OCA for liver fibrosis due
to NASH, and the use of a consensus panel approach to histology reads;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our pre-submission meeting with the FDA in July 2022 in which we reviewed with the FDA the planned content and the timing of the submission
of our NDA for OCA for liver fibrosis due to NASH;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our resubmission of an NDA to the FDA for OCA for liver fibrosis due to NASH, and the potential timing, review, acceptance, and approval
of the NDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conditions that may be imposed by regulatory authorities on our marketing approvals for our products and product candidates, including
OCA for liver fibrosis due to NASH, such as the need for clinical outcomes data (and not just results based on achievement of a surrogate
endpoint), any risk mitigation programs such as a Risk Evaluation and Mitigation Strategies, or REMS, program, and any related restrictions,
limitations and/or warnings contained in the label of any of our products or product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any potential side effects associated with Ocaliva for PBC, OCA for liver fibrosis due to NASH or our other product candidates that
could delay or prevent approval, require that an approved product be taken off the market, require the inclusion of safety warnings or
precautions, or otherwise limit the sale of such product or product candidate, including in connection with our update to the Ocaliva
prescribing information in May 2021 contraindicating Ocaliva for patients with PBC and decompensated cirrhosis, a prior decompensation
event, or compensated cirrhosis with evidence of portal hypertension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the initiation, timing, cost, conduct, progress and results of our research and development activities, preclinical studies and clinical
trials, including any issues, delays or failures in identifying patients, enrolling patients, treating patients, retaining patients, meeting
specific endpoints, or completing and timely reporting the results of our NASH or PBC clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcomes of interactions with regulators, including the FDA, regarding our clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to establish and maintain relationships with, and the performance of, third-party manufacturers, contract research organizations
and other vendors upon whom we are substantially dependent for, among other things, the manufacture and supply of our products, including
Ocaliva for PBC and, if approved, OCA for liver fibrosis due to NASH, and our clinical trial activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to identify, develop and successfully commercialize our products and product candidates, including our ability to successfully
launch OCA for liver fibrosis due to NASH, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain and maintain intellectual property protection for our products and product candidates, including our ability
to cost-effectively file, prosecute, defend and enforce any patent claims or other intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the size and growth of the markets for our products and product candidates and our ability to serve those markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the degree of market acceptance of Ocaliva for PBC and, if approved, OCA for liver fibrosis due to NASH or our other product candidates
among physicians, patients and healthcare payors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of adequate coverage and reimbursement from governmental and private healthcare payors for our products, including
Ocaliva for PBC and, if approved, OCA for liver fibrosis due to NASH, and our ability to obtain adequate pricing for such products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to establish and maintain effective sales, marketing and distribution capabilities, either directly or through collaborations
with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from existing drugs or new drugs that become available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract and retain key personnel to manage our business effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to prevent or defend against system failures or security or data breaches due to cyber-attacks, or cyber intrusions, including
ransomware, phishing attacks and other malicious intrusions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with data protection laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs and outcomes relating to any disputes, governmental inquiries or investigations, regulatory proceedings, legal proceedings or
litigation, including any securities, intellectual property, employment, product liability or other litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our collaborators' election to pursue research, development and commercialization activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to establish and maintain relationships with collaborators with development, regulatory and commercialization expertise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our need for and ability to generate or obtain additional financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our estimates regarding future expenses, revenues and capital requirements and the accuracy thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our use of cash, cash equivalents and short-term investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to acquire, license and invest in businesses, technologies, product candidates and products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage the growth of our operations, infrastructure, personnel, systems and controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain and maintain adequate insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continuing threats from COVID-19, including additional waves of infections, and their impacts including quarantines and other government
actions; delays relating to our regulatory applications; disruptions relating to our ongoing clinical trials or involving our contract
research organizations, study sites or other clinical partners; disruptions relating to our supply chain or involving our third-party
manufacturers, distributors or other distribution partners; and facility closures or other restrictions; and the impact of the foregoing
on our results of operations and financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of general economic, industry, market, regulatory or political conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how we use the funds received from the sale of our ex-U.S. business to Advanz Pharma and its affiliates, or, collectively, Advanz;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disagreements or legal, operational, or other business problems arising from our ongoing relationship with Advanz, including the licensing
of the ex-U.S. rights to Ocaliva for PBC and, if approved, OCA for NASH, our operational separation from our former ex-U.S. commercial
operations, and our agreement to supply Advanz with OCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected tax, regulatory, litigation, or other liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether we receive any future earn-outs or royalties under the transaction documents with Advanz; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the other risks and uncertainties identified under the captions "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and elsewhere in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2022, as filed with the SEC on March 2, 2023, and in our other periodic filings filed with the SEC.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein, particularly in the "Risk Factors" section beginning on page S-10 of this prospectus supplement and on page 35 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC on March 2, 2023, that could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make or enter into.

You should read this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein, as well as the documents that we have filed as exhibits to the registration statement of which this prospectus supplement forms a part, completely and with the understanding that our actual future results, performance or achievements may be materially different from what we expect. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

This prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein also contain estimates, projections and other information concerning our industry, our business and the markets for certain diseases, including data regarding the estimated size of those markets, and the incidence and prevalence of certain medical conditions. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources.

**PROSPECTUS SUPPLEMENT SUMMARY**

*This summary highlights certain information about us, this offering and selected information contained elsewhere in or incorporated by reference into this prospectus supplement. This summary is not complete and does not contain all of the information that you should consider before deciding whether to invest in our common stock. For a more complete understanding of our company and this offering, we encourage you to read and consider carefully the more detailed information in this prospectus supplement, including the information incorporated by reference in this prospectus supplement, and the information included in the accompanying prospectus or any free writing prospectus that we have authorized for use in connection with this offering, including the information under the heading "Risk Factors" in this prospectus supplement on page S-10 and in the documents incorporated by reference into this prospectus supplement.*

**Overview**

We are a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive, non-viral liver diseases with high unmet medical need utilizing our proprietary bile acid chemistry. Our first marketed product, Ocaliva®, obeticholic acid or OCA, is a farnesoid X receptor, or FXR, agonist approved in the United States and several other jurisdictions for the treatment of primary biliary cholangitis, or PBC, in combination with ursodeoxycholic acid, or UDCA, in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA.

In addition to commercializing OCA for PBC under the Ocaliva brand name, we are also currently developing OCA for additional indications, including nonalcoholic steatohepatitis, or NASH. We are also developing product candidates in various stages of clinical and preclinical development. We believe that OCA and our other product candidates have the potential to treat orphan and other more prevalent liver diseases such as NASH for which there are currently limited therapeutic options.

**Our Strategy**

Our objective is to develop and commercialize novel therapeutics for the treatment of progressive non-viral liver diseases with high unmet medical need. The key elements of our strategy are to:

&nbsp;&nbsp;&nbsp;&nbsp;• *Further strengthen our foundational PBC business.* We intend to further strengthen our foundational
PBC business through expanding the market for Ocaliva for eligible patients by increasing Ocaliva's market penetration. In addition,
we continue to work to execute our post-marketing regulatory commitments and generate new data with respect to Ocaliva.

&nbsp;&nbsp;&nbsp;&nbsp;• *Execute our clinical and regulatory goals and timelines.* We remain focused on progressing our
development program in pre-cirrhotic liver fibrosis due to NASH, including continuing our Phase 3 REGENERATE study through clinical outcomes,
and pursuing regulatory approval. We also plan to advance our studies evaluating bezafibrate in combination with OCA for PBC.

&nbsp;&nbsp;&nbsp;&nbsp;• *Expand our portfolio and pipeline.* We intend to identify additional opportunities to acquire,
partner on, or in-license new products and to develop OCA and our other product candidates, alone or in combination, in non-viral liver
diseases. In addition, we intend to continue to advance the development of our INT-787 compound, which is an FXR agonist. We are currently
evaluating INT-787 in a Phase 2a clinical trial.

&nbsp;&nbsp;&nbsp;&nbsp;• *Improve our operational and financial foundation.* We intend to maintain a strong and experienced
leadership team to help to continue to drive Intercept's growth and development while prudently managing our expenses and cash position.

&nbsp;&nbsp;&nbsp;&nbsp;• *Expand and protect our intellectual property.* We intend to continue to expand and aggressively
prosecute our intellectual property in the area of bile acid chemistry and therapeutics with the objective of maintaining a valuable intellectual
property portfolio and to vigorously defend and enforce our intellectual property rights protecting Ocaliva.

**Company Information**

We were incorporated in Delaware in September 2002. Our mailing address and principal executive offices are located at 305 Madison Avenue, Morristown, New Jersey 07960, and our telephone number is (646) 747-1000. We maintain an Internet website at the following address: http://www.interceptpharma.com. The information on, or that can be accessed through, our website does not constitute part of this prospectus supplement or the accompanying prospectus, and you should not rely on any such information in making the decision whether to purchase our common stock. Our common stock trades on The Nasdaq Global Select Market under the symbol "ICPT".

The trademarks, trade names and services marks appearing in this prospectus supplement and the accompanying prospectus are the property of their respective owners. Solely for convenience, the trademarks and trade names in this prospectus supplement may be referred to without the® and™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**THE OFFERING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**THE OFFERING** |
| **Common stock offered by us** | &nbsp;&nbsp;&nbsp;&nbsp;Shares of our common stock having an aggregate offering price of up to $100.0 million |
| **Common stock to be outstanding following this**<br> **offering** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Up to 48,881,688 shares (as more fully described in the notes following this table), assuming sales of 7,358,351 shares of our common stock in this offering at an offering price of $13.59 per share, which was the last reported sale price of our common stock on The Nasdaq Global Select Market on March 22, 2023. The actual number of shares issued will vary depending on the sales price under this offering. |
| **Manner of offering** | &nbsp;&nbsp;&nbsp;&nbsp;"At the market offering" that may be made from time to time on The Nasdaq Global Select Market or other existing trading market for our common stock through our sales agent, Cowen. See "Plan of Distribution" on page S-16 of this prospectus supplement. |
| **Use of proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;We intend to use the net proceeds from the sale of securities offered under this prospectus supplement primarily for general corporate purposes, which may include working capital and capital expenditures, expenses related to research, clinical development and commercial efforts, general and administrative expenses, and potential acquisitions of, or investments in, companies, technologies, products or assets that complement our business. See "Use of Proceeds" on page S-14 of this prospectus supplement for additional information. |
| **Risk factors** | &nbsp;&nbsp;&nbsp;&nbsp;Investing in our common stock involves risks. See "Risk Factors" beginning on page S-10 of this prospectus supplement and other information included or incorporated by reference into this prospectus supplement and the accompanying prospectus for a discussion of the factors you should carefully consider before deciding to invest in our securities. |
| **Nasdaq Global Select Market symbol** | &nbsp;&nbsp;&nbsp;&nbsp;"ICPT" |

---

The number of shares of common stock shown above to be outstanding after this offering is based on 41,523,337 shares outstanding as of December 31, 2022, and excludes as of that date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,087,151 shares of our common stock issuable upon the exercise of stock options outstanding as of December
31, 2022, at a weighted average exercise price of $43.51 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,200,271 shares of our common stock issuable upon the vesting and settlement of restricted stock units
(including performance restricted stock units calculated at maximum potential vesting) outstanding as of December 31, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• up to 8,749,495 shares of our common stock issuable upon conversion of our convertible notes outstanding
as of December 31, 2022.

In addition, unless we specifically state otherwise, all information in this prospectus supplement assumes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise of outstanding stock options after December 31, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no vesting of restricted stock units after December 31, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no conversion of convertible notes after December 31, 2022.

**RISK FACTORS**

*Investing in our common stock involves significant risks. In addition to the other information contained in this prospectus supplement, the accompanying prospectus and in the documents that we have incorporated by reference, you should carefully consider the risks discussed below and under the heading "Risk Factors" in our [Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 2, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000155837023002693/icpt-20221231x10k.htm), as updated by our subsequent filings under the Exchange Act, before making a decision about investing in our common stock. Such risks and uncertainties and those discussed below are not the only ones facing us. Additional risks and uncertainties not presently known to us, or that we currently see as immaterial, may also harm our business. If any of these risks occur, our business, financial condition and operating results could be harmed, the trading price of our common stock could decline and you could lose part or all of your investment.*

**Risks Related to Our Common Stock and this Offering**

***Our stock price has been and may in the future be volatile, which may affect the price at which you could sell the common stock and could also cause holders of our common stock to incur substantial losses.***

The market price of our common stock has been, and is likely to continue to be, highly volatile and could be subject to wide fluctuations in response to various factors, some of which are beyond our control. Since our initial public offering in October 2012, the price of our common stock on The Nasdaq Global Select Market has ranged from $10.81 per share to $497.00 per share. In addition to the other factors discussed under the heading "Risk Factors" and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 2, 2023, as updated by our subsequent filings under the Exchange Act, the factors that may result in wide fluctuations in the price of our common stock include any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delay, failure or receipt of regulatory approval for our product candidates, including OCA for liver
fibrosis due to NASH;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delay, failure or receipt of additional marketing authorizations for Ocaliva or our product candidates,
including OCA for liver fibrosis due to NASH, in our target markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to successfully commercialize our approved products, or our inability to
maintain regulatory approval for Ocaliva or our other approved products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clinical trial failure, including any such failure resulting from issues, delays
or difficulties in identifying patients, enrolling patients, treating patients, retaining patients, meeting specific endpoints in the
jurisdictions in which we intend to seek approval or completing and timely reporting the results of our clinical trials, such as our NASH
and PBC trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of COVID-19 and related public health safety measures and business closures and disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to obtain additional funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delay in filing an investigational new drug application, NDA, MAA or comparable
submission for any of our product candidates, and any adverse development or perceived adverse development with respect to the regulatory
review of any such submission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential side effects associated with Ocaliva for PBC, OCA for liver fibrosis due to NASH or our other
product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to obtain adequate product supply of Ocaliva, OCA for liver fibrosis due to NASH or any of
our other product candidates or the inability to do so at acceptable prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• results of clinical trials of our competitors' products and product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory or advisory committee actions or recommendations with respect to our
products or product candidates, including Ocaliva or OCA for liver fibrosis due to NASH, or our competitors' products or product
candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws or regulations applicable to our products or product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to meet or exceed financial projections or guidance we may provide to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to meet or exceed the estimates and projections of the investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our financial condition and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated changes in our growth rate relative to our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our competitors' operating results or changes in their growth rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from existing products or new products that may emerge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us, our collaborators or our competitors of significant acquisitions, strategic collaborations,
joint ventures, collaborations or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuance of new or updated research or reports by securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the valuation of companies perceived by investors to be comparable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• share price and volume fluctuations attributable to inconsistent trading volume levels of our shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key management or scientific personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disputes or other developments related to proprietary rights, including patents, litigation matters
and our ability to obtain or maintain patent protection for our technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcement or expectation of additional financing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disputes, governmental inquiries or investigations, legal proceedings or litigation, including any securities,
intellectual property, employment, product liability or other litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of our common stock by us, our insiders or our other stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to adopt appropriate information security systems, including any systems
that may be required to prevent or defend against system failures or security or security or data breaches due to cyber-attacks, or cyber
intrusions, including ransomware, phishing attacks and other malicious intrusions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with data protection laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market conditions for biopharmaceutical stocks in general; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic, industry, market and political conditions.

Furthermore, stock markets in general and the market for biotechnology companies in particular have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating performance of those companies. A number of factors, including global health catastrophes (e.g., COVID-19), general economic, political and market conditions, recessions, interest rate changes or international currency fluctuations may negatively impact the market price of our securities, regardless of our actual operating performance. In the past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. In the past, we have been subject to this type of litigation, which could result in substantial costs and divert our management's attention from other business concerns, which could seriously harm our business. As a result of this volatility, you could incur substantial losses.

***We have broad discretion in how we use the proceeds of this offering, as well as our existing cash, cash equivalents and investments, and may not use them effectively, which could affect our results of operations and cause our stock price to decline.***

We will have considerable discretion in the application of the net proceeds of this offering, including for any of the purposes described in the section entitled "Use of Proceeds," as well as our existing cash, cash equivalents and investments, and you will be relying on the judgment of our management regarding such application. You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. As a result, investors will be relying upon management's judgment with only limited information about our specific intentions for the use of the balance of the net proceeds of this offering. We may use the net proceeds for purposes that do not yield a significant return or any return at all for our stockholders. In addition, pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value or that is exposed to other risks, such as illiquidity or counterparty risk when depositing with or investing with or through a financial institution, particularly for balances in excess of federal deposit insurance limits.

***Ownership in our common stock is highly concentrated and your ability to influence corporate matters may be limited as a result.***

Our executive officers, directors and stockholders who own more than 5% of our outstanding common stock together beneficially own a significant percentage of our common stock based on reports filed with the SEC. If these stockholders were to choose to act together, they would be able to significantly influence matters submitted to our stockholders for approval, including the election of directors and approval of any merger, consolidation, sale of all or substantially all of our assets or other business combination or reorganization, as well as our management and affairs. This concentration of voting power could delay or prevent an acquisition of us on terms that other securityholders may desire. The interests of this group of stockholders may not always coincide with your interests or the interests of other securityholders and they may act in a manner that advances their best interests and not necessarily those of other securityholders, including seeking a premium value for their common stock, and might affect the market price of our common stock.

***If you purchase our common stock in this offering, you will incur immediate and substantial dilution in the book value of your shares.***

The offering price per share in this offering may exceed the as adjusted net tangible book value per share of our common stock outstanding prior to this offering. Assuming that an aggregate of 7,358,351 shares of our common stock are sold at a price of $13.59 per share, the last reported sale price of our common stock on The Nasdaq Global Select Market on March 22, 2023, for aggregate gross proceeds of $100.0 million, and after deducting commissions and estimated offering expenses payable by us, you will experience immediate dilution of $9.69 per share based on the difference between our as adjusted net tangible book value per share as of December 31, 2022 after giving effect to this offering and the assumed offering price.

This dilution is primarily due to the losses that we have incurred over time, which have lowered our net book equity, and the intangible nature of our research and development spending and intellectual property assets. In addition, as of December 31, 2022, options to purchase 2,087,151 shares of our common stock at a weighted average exercise price of $43.51 per share were outstanding, and 1,200,271 shares of our common stock would become issuable upon the vesting and settlement of restricted stock units (including performance restricted stock units calculated at maximum potential vesting) outstanding as of such date. Each restricted stock unit represents a contingent right to receive one share of our common stock. The exercise of any of these options and the vesting and settlement of any of these restricted stock units would result in additional dilution. Furthermore, any future conversions of our convertible notes will dilute existing shareholders to the extent that we elect to deliver shares of our common stock (or a combination of cash and shares of our common stock) in connection therewith. As a result of the dilution to investors purchasing shares in this offering, investors may receive significantly less than the assumed purchase price paid in this offering, if anything, in the event of our liquidation. Further, because we may seek to raise additional capital to fund our future activities, we may in the future sell substantial amounts of common stock or securities convertible into or exchangeable for common stock.

These future issuances of common stock or common stock-related securities, together with the vesting and exercise of outstanding options, the vesting and settlement of outstanding restricted stock units and any additional shares issued in connection with acquisitions, if any, may result in further dilution. For a further description of the dilution that you will experience immediately after this offering, see "Dilution."

***Sales of a substantial number of shares of our common stock in the public market could cause our stock price to fall.***

Sales of a substantial number of shares of our common stock in the public market or the perception that these sales might occur could depress the market price of our common stock and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict the effect that sales may have on the prevailing market price of our common stock.

In addition, the sale of substantial amounts of our common stock could adversely impact its price. As of December 31, 2022, 41,523,337 shares of our common stock were outstanding, excluding options to purchase 2,087,151 shares of our common stock, of which 1,210,357 were exercisable as of that date, 1,200,271 shares of our common stock issuable upon the vesting and settlement of restricted stock units (including performance restricted stock units calculated at maximum potential vesting) outstanding as of that date, and up to 8,749,495 shares of our common stock issuable upon conversion of our convertible notes outstanding as of December 31, 2022. The sale or the availability for sale of a large number of shares of our common stock in the public market could cause the price of our common stock to decline.

***The actual number of shares we will issue under the Sales Agreement, at any one time or in total, is uncertain.***

Subject to certain limitations in the Sales Agreement and compliance with applicable law, we have the discretion to deliver a placement notice to Cowen at any time throughout the term of the Sales Agreement. The number of shares that are sold by Cowen after delivering a placement notice will fluctuate based on the market price of the shares of common stock during the sales period and limits we set with Cowen. Because the price per share of each share sold will fluctuate based on the market price of our common stock during the sales period, it is not possible at this stage to predict the number of shares that will be ultimately issued.

***The common stock offered hereby will be sold in "at the market offerings," and investors who buy shares at different times will likely pay different prices.***

Investors who purchase shares in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold, and there is no minimum or maximum sales price. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices they paid.

***The market price of our common stock may be adversely affected by market conditions affecting the stock markets in general, including price and trading fluctuations on The Nasdaq Global Select Market.***

Market conditions may result in volatility in the level of, and fluctuations in, market prices of stocks generally and, in turn, our common stock and sales of substantial amounts of our common stock in the market, in each case being unrelated or disproportionate to changes in our operating performance. Concerns over global stability and economic conditions in the U.S. and abroad have contributed to the extreme volatility of the markets, which may have an effect on the market price of our common stock.

**USE OF PROCEEDS**

We may offer and sell shares of our common stock having aggregate gross sales proceeds of up to $100,000,000 (before deducting sales agent commissions and expenses). Because there is no minimum offering amount required as a condition to close this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time.

We anticipate that we will use the net proceeds to us from this offering primarily for general corporate purposes, which may include working capital and capital expenditures, expenses related to research, clinical development and commercial efforts, general and administrative expenses, and potential acquisitions of, or investments in, companies, technologies, products or assets that complement our business.

This expected use of the net proceeds from this offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors, including the progress of our development efforts, the status of and results from non-clinical studies and ongoing clinical trials or any clinical trials we may commence in the future, the scope and results of our regulatory activities, the nature and scope of our commercial activities and future products, the success of our current or future collaborations, partnerships and license arrangements, and any unforeseen cash needs. As a result, our management will retain broad discretion over the allocation of the net proceeds from this offering.

Pending our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation investments, including short-term, investment-grade, interest-bearing instruments and U.S. government securities.

**DILUTION**

If you invest in our common stock in this offering, your ownership interest will be diluted to the extent of the difference between the price per share of our common stock in this offering and the as adjusted net tangible book value per share of our common stock immediately after this offering.

As of December 31, 2022, we had net tangible book value of approximately $93.1 million, or $2.24 per share of our common stock, based upon 41,523,337 shares of our common stock outstanding as of that date. Historical net tangible book value per share is equal to our total tangible assets, less total liabilities, divided by the number of outstanding shares of our common stock. Dilution in net tangible book value per share represents the difference between the amount per share paid by purchasers of shares of common stock in this offering and the net tangible book value per share of our common stock immediately after this offering.

After giving effect to the assumed sale of 7,358,351 shares of common stock in this offering at an assumed offering price of $13.59 per share, the last reported sale price of our common stock on The Nasdaq Global Select Market on March 22, 2023, and after deducting commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of December 31, 2022 would have been approximately $190.6 million, or approximately $3.90 per share of common stock. This represents an immediate increase in as adjusted net tangible book value of $1.66 per share to our existing stockholders and an immediate dilution of $9.69 per share to investors participating in this offering.

Dilution per share to new investors is determined by subtracting net tangible book value per share after this offering from the assumed offering price per share paid by new investors. The following table illustrates this per share dilution:

---

| | | |
|:---|:---|:---|
| Assumed offering price per share |  | $13.59 |
| Historical net tangible book value per share as of December 31, 2022 | $2.24 |  |
| Increase in net tangible book value per share attributable to new investors | <u>$1.66</u> |  |
| As adjusted net tangible book value per share after this offering |  | <u>$3.90</u> |
| Dilution per share to new investors |  | $9.69 |

---

The as adjusted information is illustrative only and will adjust based on the actual offering price, the actual number of shares sold and other terms of the offering determined at the time shares of our common stock are sold pursuant to this prospectus supplement. The as adjusted information assumes that all of our common stock in the aggregate amount of $100.0 million is sold at the assumed offering price of $13.59 per share, the last reported sale price of our common stock on The Nasdaq Global Select Market on March 22, 2023. The shares sold in this offering, if any, will be sold from time to time at various prices. The foregoing table and discussion is based on 41,523,337 shares of common stock outstanding as of December 31, 2022, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,087,151 shares of common stock issuable upon the exercise of stock options outstanding as of December
31, 2022, at a weighted average exercise price of $43.51 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,200,271 shares of our common stock issuable upon the vesting and settlement of restricted stock units
(including performance restricted stock units calculated at maximum potential vesting) outstanding as of December 31, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• up to 8,749,495 shares of our common stock issuable upon conversion of our convertible notes outstanding
as of December 31, 2022.

The table above assumes for illustrative purposes that an aggregate of 7,358,351 shares of our common stock are sold during the term of the sales agreement with Cowen at a price of $13.59 per share, the last reported sale price of our common stock on The Nasdaq Global Select Market on March 22, 2023, for aggregate gross proceeds of approximately $100.0 million.

To the extent that any options are vested and exercised or any restricted stock units are vested and settled, new options or restricted stock units are issued under our equity incentive plans, or we otherwise issue additional shares of common stock in the future (including shares issued in connection with acquisitions), there will be further dilution to new investors.

In addition, we may choose to raise additional capital due to market conditions or strategic considerations, even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.

**PLAN OF DISTRIBUTION**

We have entered into a sales agreement with Cowen, under which we may issue and sell from time to time up to $100,000,000 of our common stock through or to Cowen as our sales agent or principal. Sales of our common stock, if any, will be made at market prices by any method that is deemed to be an "at the market offering" as defined in Rule 415 under the Securities Act.

Cowen will offer our common stock subject to the terms and conditions of the sales agreement on a daily basis or as otherwise agreed upon by us and Cowen. We will designate the maximum amount of common stock to be sold through Cowen on a daily basis or otherwise determine such maximum amount together with Cowen. Subject to the terms and conditions of the sales agreement, Cowen will use its commercially reasonable efforts to sell on our behalf all of the shares of common stock requested to be sold by us. We may instruct Cowen not to sell common stock if the sales cannot be effected at or above the price designated by us in any such instruction. Cowen or we may suspend the offering of our common stock being made through Cowen under the sales agreement upon proper notice to the other party. Cowen and we each have the right, by giving written notice as specified in the sales agreement, to terminate the sales agreement in each party's sole discretion at any time.

The aggregate compensation payable to Cowen as sales agent equals up to 3.0% of the gross sales price of the shares sold through it pursuant to the sales agreement. We have also agreed to reimburse Cowen for certain of their expenses, including up to an amount of $75,000 for reasonable legal fees and disbursements. We estimate that the total expenses of the offering payable by us, excluding commissions payable to Cowen under the sales agreement, will be approximately $515,000.

The remaining sales proceeds, after deducting any expenses payable by us and any transaction fees imposed by any governmental, regulatory, or self-regulatory organization in connection with the sales, will equal our net proceeds for the sale of such common stock.

Cowen will provide written confirmation to us following the close of trading on The Nasdaq Global Select Market on each day in which common stock is sold through it as sales agent under the sales agreement. Each confirmation will include the number of shares of common stock sold through it as sales agent on that day, the volume weighted average price of the shares sold, the percentage of the daily trading volume and the net proceeds to us.

We will report at least quarterly the number of shares of common stock sold through Cowen under the sales agreement, the net proceeds to us and the compensation paid by us to Cowen in connection with the sales of common stock.

Until May 28, 2024, settlement for sales of common stock will occur, unless the parties agree otherwise, on the second business day that is also a trading day following the date on which any sales were made in return for payment of the net proceeds to us. After May 28, 2024, settlement for sales of common stock will occur, unless the parties agree otherwise, on the first business day that is also a trading day following the date on which any sales were made in return for payment of the net proceeds to us. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.

In connection with the sales of our common stock on our behalf, Cowen will be deemed to be an "underwriter" within the meaning of the Securities Act, and the compensation paid to Cowen will be deemed to be underwriting commissions or discounts. We have agreed in the sales agreement to provide indemnification and contribution to Cowen against certain liabilities, including liabilities under the Securities Act. As sales agent, Cowen will not engage in any transactions that stabilize our common stock.

Our common stock is listed on The Nasdaq Global Select Market and trades under the symbol "ICPT." The transfer agent of our common stock is VStock Transfer, LLC.

Cowen and/or its affiliates have provided, and/or may in the future provide, various investment banking and other financial services for us for which services they have received and/or, may in the future receive, customary fees.

**LEGAL MATTERS**

Certain legal matters in connection with this offering will be passed upon for us by DLA Piper LLP (US), Short Hills, New Jersey. Cowen is being represented in this offering by Davis Polk & Wardwell LLP, New York, New York.

**EXPERTS**

The consolidated financial statements of Intercept Pharmaceuticals, Inc. and management's assessment of the effectiveness of internal control over financial reporting as of December 31, 2022, have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon on the authority of such firm as experts in accounting and auditing. To the extent that KPMG LLP audits and reports on the financial statements of Intercept Pharmaceuticals, Inc. issued at future dates, and consents to the use of its report thereon, such financial statements will also be incorporated by reference in the registration statement in reliance upon its report and said authority.

**PROSPECTUS**

**INTERCEPT PHARMACEUTICALS, INC.**

**Debt Securities**

**Common Stock**

**Preferred Stock**

**Depositary Shares**

**Purchase Contracts**

**Purchase Units**

**Warrants**

We may offer and sell from time to time, in one or more offerings and on terms that we will determine at the time of each offering, debt securities, shares of common stock, shares of preferred stock, depositary shares, purchase contracts, purchase units, or warrants to purchase debt securities, common stock, preferred stock or depositary shares. This prospectus describes the general terms of these securities and the general manner in which these securities will be offered.

We will provide the specific terms of these securities in supplements to this prospectus. The prospectus supplements will also describe the specific manner in which these securities will be offered and may also supplement, update or amend information contained in this document. This prospectus may be used to offer shares of our common stock for the account of persons other than us, whom we refer to in this prospectus as selling stockholders. You should read this prospectus and any applicable prospectus supplement carefully before you invest.

We or any selling stockholders may offer these securities in amounts, at prices and on terms determined at the time of offering. The securities may be sold directly to you, through agents, or through underwriters and dealers. If agents, underwriters or dealers are used to sell the securities, we will name them and describe their compensation in a prospectus supplement. Unless otherwise set forth in a prospectus supplement, we will not receive any proceeds from the sale of common stock by any selling stockholders.

Our common stock trades on The Nasdaq Global Select Market under the symbol "ICPT." On March 22, 2023, the last reported sale price of our common stock on The Nasdaq Global Select Market was $13.59 per share. We recommend that you obtain current market quotations for our common stock prior to making an investment decision.

**Investing in these securities involves significant risks. See "Risk Factors" included in any accompanying prospectus supplement and in the documents incorporated by reference in this prospectus for a discussion of the factors you should carefully consider before deciding to purchase these securities.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

The date of this prospectus is March 24, 2023

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#Pros_001) | [1](#Pros_001) |
| [RISK FACTORS](#Pros_002) | [2](#Pros_002) |
| [WHERE YOU CAN FIND MORE INFORMATION](#Pros_003) | [3](#Pros_003) |
| [INCORPORATION BY REFERENCE](#Pros_004) | [4](#Pros_004) |
| [FORWARD-LOOKING STATEMENTS](#Pros_005) | [5](#Pros_005) |
| [INTERCEPT PHARMACEUTICALS, INC.](#Pros_006) | [6](#Pros_006) |
| [USE OF PROCEEDS](#Pros_007) | [7](#Pros_007) |
| [DESCRIPTION OF DEBT SECURITIES](#Pros_009) | [9](#Pros_009) |
| [DESCRIPTION OF CAPITAL STOCK](#Pros_010) | [17](#Pros_010) |
| [DESCRIPTION OF DEPOSITARY SHARES](#Pros_011) | [24](#Pros_011) |
| [DESCRIPTION OF PURCHASE CONTRACTS AND PURCHASE UNITS](#Pros_012) | [27](#Pros_012) |
| [DESCRIPTION OF WARRANTS](#Pros_013) | [28](#Pros_013) |
| [FORMS OF SECURITIES](#Pros_014) | [29](#Pros_014) |
| [PLAN OF DISTRIBUTION](#Pros_017) | [31](#Pros_017) |
| [LEGAL MATTERS](#Pros_015) | [34](#Pros_015) |
| [EXPERTS](#Pros_016) | [34](#Pros_016) |

---

i

**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, which we refer to herein as the SEC, utilizing a "shelf" registration process. Under this shelf registration process, we may from time to time sell any combination of the securities described in this prospectus in one or more offerings, and selling stockholders may from time to time sell shares of common stock described in this prospectus in one or more offerings.

This prospectus provides you with a general description of the securities we or selling stockholders may offer. Each time we or selling stockholders sell securities, we will provide one or more prospectus supplements that will contain specific information about the terms of the offering. The prospectus supplement may also add, update or change information contained in this prospectus. You should read both this prospectus and the accompanying prospectus supplement together with the additional information described under the heading "Where You Can Find More Information" beginning on page 3 of this prospectus.

We have not authorized anyone to provide you with information different from that contained in this prospectus, any accompanying prospectus supplement or in any related free writing prospectus filed by us with the SEC. We do not take any responsibility for, and cannot provide any assurance as to the reliability of, any information other than the information in this prospectus, any accompanying prospectus supplement or in any related free writing prospectus filed by us with the SEC. This prospectus and any accompanying prospectus supplement do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities described in this prospectus or such prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. You should assume that the information appearing in this prospectus, any prospectus supplement, the documents incorporated by reference and any related free writing prospectus is accurate only as of their respective dates. Our business, financial condition, results of operations and prospects may have changed materially since those dates.

Unless the context otherwise indicates, references in this prospectus to "we," "our," "us" and "the Company" refer, collectively, to Intercept Pharmaceuticals, Inc., a Delaware corporation, and its consolidated subsidiaries.

**RISK FACTORS**

Investing in our securities involves significant risks. You should carefully consider the risks and uncertainties described in this prospectus and any accompanying prospectus supplement, including the risk factors set forth in our filings with the SEC that are incorporated by reference herein, including the risk factors in our [Annual Report on Form 10-K for the fiscal year ended December 31, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000155837023002693/icpt-20221231x10k.htm) and in our subsequent periodic and current reports filed with the SEC, before making an investment decision pursuant to this prospectus and any accompanying prospectus supplement relating to a specific offering.

Our business, financial condition and results of operations could be materially and adversely affected by any or all of these risks or by additional risks and uncertainties not presently known to us or that we currently deem immaterial that may adversely affect us in the future.

**WHERE YOU CAN FIND MORE INFORMATION**

We file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information regarding issuers, including us, that file electronically with the SEC. You may obtain documents that we file with the SEC at *http://www.sec.gov*. Copies of certain information filed by us with the SEC are also available on our website at *http://www.interceptpharma.com*. Our website is not a part of this prospectus and is not incorporated by reference in this prospectus. You may also read and copy any document we file at the SEC's Public Reference Room, 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the Public Reference Room.

This prospectus is part of a registration statement we filed with the SEC. This prospectus omits some information contained in the registration statement in accordance with SEC rules and regulations. You should review the information and exhibits in the registration statement for further information on us and our consolidated subsidiaries and the securities we are offering. Statements in this prospectus concerning any document we filed as an exhibit to the registration statement or that we otherwise filed with the SEC are not intended to be comprehensive and are qualified by reference to these filings. You should review the complete document to evaluate these statements.

**INCORPORATION BY REFERENCE**

The SEC allows us to incorporate by reference in this prospectus much of the information we file with the SEC, which means that we can disclose important information to you by referring you to those publicly available documents. The information that we incorporate by reference in this prospectus is considered to be part of this prospectus. Because we are incorporating by reference future filings with the SEC, this prospectus is continually updated and those future filings may modify or supersede some of the information included or incorporated in this prospectus. This means that you must look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this prospectus or in any document previously incorporated by reference have been modified or superseded. This prospectus incorporates by reference the documents listed below (File No. 001-35668) and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, which we refer to herein as the Exchange Act, (in each case, other than those documents or the portions of those documents not deemed to be filed) until the offering of the securities under the registration statement is terminated or completed:

&nbsp;&nbsp;&nbsp;&nbsp;· [Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on March 2, 2023;](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000155837023002693/icpt-20221231x10k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;· The information specifically
 incorporated by reference into our [Annual Report on Form 10-K for the fiscal year ended December 31, 2021](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000155837022002666/icpt-20211231x10k.htm) from [our definitive proxy statement (other than information furnished rather than filed) for the 2022 Annual Meeting of Stockholders filed with the SEC on May 2, 2022;](https://www.sec.gov/Archives/edgar/data/1270073/000110465922054654/tm2213541-1_def14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;· Current Reports on
 Form 8-K filed on [January 17, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000110465923004061/tm233511d1_8k.htm) ; [January 25, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000110465923006379/tm234321d1_8k.htm) ; [February 2, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000110465923009984/tm235341d1_8k.htm) ; [February 21, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000110465923023549/tm237282d1_8k.htm) ; and [February 27, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000110465923025652/tm237891d1_8k.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;· The description of
 our common stock contained in our registration statement on [Form 8-A filed on September 27, 2012](https://www.sec.gov/Archives/edgar/data/1270073/000114420412053077/v324424_8a12b.htm) , including any amendments or reports filed for the purpose of updating such description.

You may request a copy of these filings, at no cost, by writing or telephoning us at the following address or phone number:

Intercept Pharmaceuticals, Inc.

305 Madison Avenue

Morristown, NJ 07960

Attn: Investor Relations

Phone: (646) 747-1000

**FORWARD-LOOKING STATEMENTS**

This prospectus and the information incorporated by reference in this prospectus include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, which we refer to herein as the Securities Act, and Section 21E of the Exchange Act. All statements other than statements of historical facts contained or incorporated by reference herein, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "potential," "will," "would," "could," "should," "continue," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We cannot guarantee that we actually will achieve the plans, intentions or expectations expressed or implied in our forward-looking statements. There are a number of important factors that could cause actual results, levels of activity, performance or events to differ materially from those expressed or implied in the forward-looking statements we make. These include the factors set forth under the caption "Risk Factors" in Part I, Item 1A of our [Annual Report on Form 10-K for the fiscal year ended December 31, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000155837023002693/icpt-20221231x10k.htm), as may be updated in our subsequent periodic and current reports filed with the SEC. Although we may elect to update forward-looking statements in the future, we specifically disclaim any obligation to do so, even if our estimates change, and readers should not rely on those forward-looking statements as representing our views as of any date subsequent to the date of this prospectus.

**INTERCEPT PHARMACEUTICALS, INC.**

We are a biopharmaceutical company founded in 2002 and focused on the development and commercialization of novel therapeutics to treat progressive, non-viral liver diseases with high unmet medical need utilizing our proprietary bile acid chemistry. Our first marketed product, Ocaliva®, obeticholic acid or OCA, is a farnesoid X receptor, or FXR, agonist approved in the United States and several other jurisdictions for the treatment of primary biliary cholangitis, or PBC, in combination with ursodeoxycholic acid, or UDCA, in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA.

In addition to commercializing OCA for PBC under the Ocaliva brand name, we are also currently developing OCA for additional indications, including nonalcoholic steatohepatitis, or NASH. We are also developing product candidates in various stages of clinical and preclinical development. We believe that OCA and our other product candidates have the potential to treat orphan and other more prevalent liver diseases such as NASH for which there are currently limited therapeutic options.

Our principal executive offices are located at 305 Madison Avenue, Morristown, NJ 07960, and our telephone number is (646) 747-1000.

**USE OF PROCEEDS**

We intend to use the net proceeds from the sale of any securities offered under this prospectus for general corporate purposes unless otherwise indicated in the applicable prospectus supplement. General corporate purposes may include the acquisition of products, technologies or businesses, repayment and refinancing of debt, working capital and capital expenditures. We may temporarily invest the net proceeds in investment-grade, interest-bearing securities until they are used for their stated purpose. We have not determined the amount of net proceeds to be used specifically for such purposes. As a result, management will retain broad discretion over the allocation of net proceeds.

Unless otherwise set forth in a prospectus supplement, we will not receive any proceeds from the sale of common stock by any selling stockholders.

**SELLING STOCKHOLDERS**

In addition to covering the offering of the securities by us, this prospectus covers the offering for resale of common stock by selling stockholders. Information about selling stockholders, if any, will be set forth in a prospectus supplement, in an amendment to the registration statement of which this prospectus is a part or in other filings we make with the SEC under the Exchange Act, which are incorporated by reference.

**DESCRIPTION OF DEBT SECURITIES**

We may offer debt securities which may be senior or subordinated. We refer to the senior debt securities and the subordinated debt securities collectively herein as debt securities. The following description summarizes the general terms and provisions of such debt securities that may be offered. We will describe the specific terms of the debt securities and the extent, if any, to which the general provisions summarized below apply to any series of debt securities in the prospectus supplement relating to the series and any applicable free writing prospectus that we authorize to be delivered. In addition to any debt securities we may offer hereby, we currently have other outstanding debt securities. Please see our SEC filings for more information. When we refer to "the Company," "we," "our," and "us" in this section, we mean Intercept Pharmaceuticals, Inc. excluding, unless the context otherwise requires or as otherwise expressly stated, our subsidiaries.

We may issue senior debt securities from time to time, in one or more series under a senior indenture to be entered into between us and a senior trustee to be named in a prospectus supplement, which we refer to herein as the senior trustee. We may issue subordinated debt securities from time to time, in one or more series under a subordinated indenture to be entered into between us and a subordinated trustee to be named in a prospectus supplement, which we refer to herein as the subordinated trustee. The forms of senior indenture and subordinated indenture are filed as exhibits to the registration statement of which this prospectus forms a part. Together, the senior indenture and the subordinated indenture are referred to as the indentures and, together, the senior trustee and the subordinated trustee are referred to herein as the trustees. This prospectus briefly outlines some of the provisions of the indentures. The following summary of the material provisions of the indentures is qualified in its entirety by the provisions of the indentures, including definitions of certain terms used in the indentures. Wherever we refer to particular sections or defined terms of the indentures, those sections or defined terms are incorporated by reference in this prospectus or the applicable prospectus supplement. You should review the indentures that are filed as exhibits to the registration statement of which this prospectus forms a part for additional information. Our issuance of debt securities is subject to the covenants in our existing debt securities, such as limitations on issuance of secured debt and limitations on certain restricted payments (such as dividends and restricted debt payments).

**General**

Our debt securities may consist of senior debt securities or subordinated debt securities, each of which may or may not be secured. The senior debt securities will constitute our unsubordinated general obligations. The subordinated debt securities will constitute our subordinated general obligations and will be junior in right of payment to our senior indebtedness (including senior debt securities), as described under the heading "— Certain Terms of the Subordinated Debt Securities — Subordination."

The debt securities will be our unsecured obligations unless otherwise specified in the applicable prospectus supplement. Any secured debt or other secured obligations will be effectively senior to the debt securities to the extent of the value of the assets securing such debt or other obligations.

The applicable prospectus supplement and any free writing prospectus will include any additional or different terms of the debt securities of any series being offered, including the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;· the title and type
 of the debt securities;

· whether the debt securities will be senior or subordinated debt
 securities, and, with respect to debt securities issued under the subordinated indenture,
 the terms on which they are subordinated;

· the aggregate principal amount of the debt securities;

· the price or prices at which we will sell the debt securities;

· the maturity date or dates of the debt securities and the right,
 if any, to extend such date or dates;

· the rate or rates, if any, per year, at which the debt securities
 will bear interest, or the method of determining such rate or rates;

&nbsp;&nbsp;&nbsp;&nbsp;· the date or dates
 from which such interest will accrue, the interest payment dates on which such interest will
 be payable or the manner of determination of such interest payment dates and the related
 record dates;

· the right, if any, to extend the interest payment periods and
 the duration of that extension;

· the manner of paying principal and interest and the place or places
 where principal and interest will be payable;

· provisions for a sinking fund, purchase fund or other analogous
 fund, if any;

· any redemption dates, prices, obligations and restrictions on
 the debt securities;

· the currency, currencies or currency units in which the debt securities
 will be denominated and the currency, currencies or currency units in which principal and
 interest, if any, on the debt securities may be payable;

· any conversion or exchange features of the debt securities;

· whether and upon what terms the debt securities may be defeased;

· any events of default or covenants in addition to or in lieu of
 those set forth in the indenture;

· whether the debt securities will be issued in definitive or global
 form or in definitive form only upon satisfaction of certain conditions;

· whether the series of debt securities will be guaranteed as to
 payment or performance;

· if the debt securities of the series or, if applicable, any guarantees
 will be secured by any collateral and, if so, a general description of the collateral and
 the terms and provisions of such collateral security, pledge or other agreements; and

· any other material terms of the debt securities.

The applicable prospectus supplement will also describe any applicable material U.S. federal income tax consequences.

When we refer to "principal" in this section with reference to the debt securities, we are also referring to "premium," if any.

Except as restricted by covenant, we may from time to time, without notice to or the consent of the holders of any series of debt securities, create and issue further debt securities of any such series ranking equally with the debt securities of such series in all respects. Such further debt securities may be consolidated and form a single series with the debt securities of such series and have the same terms as to status, redemption or otherwise as the debt securities of such series.

You may present debt securities for exchange and you may present debt securities for transfer in the manner, at the places and subject to the restrictions set forth in the debt securities and the applicable prospectus supplement. We will provide you those services without charge, although you may have to pay any tax or other governmental charge payable in connection with any exchange or transfer, as set forth in the indenture.

Debt securities may bear interest at a fixed rate or a floating rate. Debt securities bearing no interest or interest at a rate that at the time of issuance is below the prevailing market rate (original issue discount securities) may be sold at a discount below their stated principal amount.

We may issue debt securities with the principal amount payable on any principal payment date, or the amount of interest payable on any interest payment date, to be determined by reference to one or more currency exchange rates, securities or baskets of securities, commodity prices or indices. You may receive a payment of principal on any principal payment date, or a payment of interest on any interest payment date, that is greater than or less than the amount of principal or interest otherwise payable on such dates, depending on the value on such dates of the applicable currency, security or basket of securities, commodity or index. Information as to the methods for determining the amount of principal or interest payable on any date, the currencies, securities or baskets of securities, commodities or indices to which the amount payable on such date is linked shall be set forth in the indenture.

**Certain Terms of the Senior Debt Securities**

*Covenants.* Unless we indicate otherwise in a prospectus supplement, the senior debt securities will not contain any financial or restrictive covenants, including covenants restricting either us or any of our subsidiaries from incurring, issuing, assuming or guaranteeing any indebtedness secured by a lien on any of our or our subsidiaries' property or capital stock, or restricting either us or any of our subsidiaries from entering into sale and leaseback transactions.

*Consolidation, Merger and Sale of Assets.* Unless we indicate otherwise in a prospectus supplement, we may not consolidate with or merge into any other person, in a transaction in which we are not the surviving corporation, or convey, transfer or lease our properties and assets substantially as an entirety to any person, in either case, unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the successor entity,
 if any, is a U.S. corporation, limited liability company, partnership or trust (subject to
 certain exceptions provided for in the senior indenture);

&nbsp;&nbsp;&nbsp;&nbsp;· the successor entity
 assumes our obligations on the senior debt securities and under the senior indenture;

&nbsp;&nbsp;&nbsp;&nbsp;· immediately after
 giving effect to the transaction, no default or event of default shall have occurred and
 be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;· certain other conditions
 are met.

*No Protection in the Event of a Change in Control.* Unless we indicate otherwise in a prospectus supplement with respect to a particular series of senior debt securities, the senior debt securities will not contain any provisions that may afford holders of the senior debt securities protection in the event we have a change in control or in the event of a highly leveraged transaction (whether or not such transaction results in a change in control).

*Events of Default.* Unless we indicate otherwise in a prospectus supplement with respect to a particular series of senior debt securities, the following are events of default under the senior indenture for any series of senior debt securities:

&nbsp;&nbsp;&nbsp;&nbsp;· failure to pay interest
 on any senior debt securities of such series when due and payable, if that default continues
 for a period of 90 days (or such other period as may be specified for such series);

&nbsp;&nbsp;&nbsp;&nbsp;· failure to pay principal
 on the senior debt securities of such series when due and payable whether at maturity, upon
 redemption, by declaration or otherwise (and, if specified for such series, the continuance
 of such failure for a specified period);

&nbsp;&nbsp;&nbsp;&nbsp;· default in the performance
 of or breach of any of our covenants or agreements in the senior indenture applicable to
 senior debt securities of such series, other than a covenant breach which is specifically
 dealt with elsewhere in the senior indenture, and that default or breach continues for a
 period of 90 days after we receive written notice from the trustee or from the holders of
 25% or more in aggregate principal amount of the senior debt securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;· certain events of
 bankruptcy or insolvency, whether or not voluntary; and

&nbsp;&nbsp;&nbsp;&nbsp;· any other event of
 default provided for in such series of senior debt securities as may be specified in the
 applicable prospectus supplement.

Unless we indicate otherwise in a prospectus supplement, the default by us under any other debt, including any other series of debt securities, is not a default under the senior indenture.

If an event of default other than an event of default specified in the fourth bullet point above occurs with respect to a series of senior debt securities and is continuing under the senior indenture, then, and in each such case, either the trustee or the holders of not less than 25% in aggregate principal amount of such series then outstanding under the senior indenture (each such series voting as a separate class) by written notice to us and to the trustee, if such notice is given by the holders, may, and the trustee at the request of such holders shall, declare the principal amount of and accrued interest on such series of senior debt securities to be immediately due and payable, and upon this declaration, the same shall become immediately due and payable.

If an event of default specified in the fourth bullet point above occurs with respect to us and is continuing, the entire principal amount of and accrued interest, if any, on each series of senior debt securities then outstanding shall become immediately due and payable.

Unless otherwise specified in the prospectus supplement relating to a series of senior debt securities originally issued at a discount, the amount due upon acceleration shall include only the original issue price of the senior debt securities, the amount of original issue discount accrued to the date of acceleration and accrued interest, if any.

Upon certain conditions, declarations of acceleration may be rescinded and annulled and past defaults may be waived by the holders of a majority in aggregate principal amount of all the senior debt securities of such series affected by the default, each series voting as a separate class. Furthermore, prior to a declaration of acceleration and subject to various provisions in the senior indenture, the holders of a majority in aggregate principal amount of a series of senior debt securities, by notice to the trustee, may waive an existing default or event of default with respect to such senior debt securities and its consequences, except a default in the payment of principal of or interest on such senior debt securities or in respect of a covenant or provision of the senior indenture which cannot be modified or amended without the consent of the holders of each such senior debt security. Upon any such waiver, such default shall cease to exist, and any event of default with respect to such senior debt securities shall be deemed to have been cured, for every purpose of the senior indenture; but no such waiver shall extend to any subsequent or other default or event of default or impair any right consequent thereto. For information as to the waiver of defaults, see "— Modification and Waiver."

The holders of a majority in aggregate principal amount of a series of senior debt securities may direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to such senior debt securities. However, the trustee may refuse to follow any direction that conflicts with law or the senior indenture, that may involve the trustee in personal liability or that the trustee determines in good faith may be unduly prejudicial to the rights of holders of such series of senior debt securities not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction received from holders of such series of senior debt securities. A holder may not pursue any remedy with respect to the senior indenture or any series of senior debt securities unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the holder gives the
 trustee written notice of a continuing event of default;

&nbsp;&nbsp;&nbsp;&nbsp;· the holders of at
 least 25% in aggregate principal amount of such series of senior debt securities make a written
 request to the trustee to pursue the remedy in respect of such event of default;

&nbsp;&nbsp;&nbsp;&nbsp;· the requesting holder
 or holders offer the trustee indemnity satisfactory to the trustee against any costs, liability
 or expense;

&nbsp;&nbsp;&nbsp;&nbsp;· the trustee does not
 comply with the request within 60 days after receipt of the request and the offer of indemnity;
 and

&nbsp;&nbsp;&nbsp;&nbsp;· during such 60-day
 period, the holders of a majority in aggregate principal amount of such series of senior
 debt securities do not give the trustee a direction that is inconsistent with the request.

These limitations, however, do not apply to the right of any holder of a senior debt security to receive payment of the principal of and interest, if any, on such senior debt security in accordance with the terms of such debt security, or to bring suit for the enforcement of any such payment in accordance with the terms of such debt security, on or after the due date for the senior debt securities, which right shall not be impaired or affected without the consent of the holder.

The senior indenture requires certain of our officers to certify, on or before a fixed date in each year in which any senior debt security is outstanding, as to their knowledge of our compliance with all covenants, agreements and conditions under the senior indenture.

*Satisfaction and Discharge*. We can satisfy and discharge our obligations to holders of any series of senior debt securities if:

&nbsp;&nbsp;&nbsp;&nbsp;· we pay or cause to
 be paid, as and when due and payable, the principal of and any interest on all senior debt
 securities of such series outstanding under the senior indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;· all senior debt securities
 of such series have become due and payable or will become due and payable within one year
 (or are to be called for redemption within one year) and we deposit in trust a combination
 of cash and U.S. government or U.S. government agency obligations that will generate enough
 cash to make interest, principal and any other payments on the debt securities of that series
 on their various due dates.

Under current U.S. federal income tax law, the deposit and our legal release from the senior debt securities would be treated as a taxable event, and beneficial owners of such debt securities would generally recognize any gain or loss on such senior debt securities. Purchasers of the senior debt securities should consult their own advisers with respect to the tax consequences to them of such deposit and discharge, including the applicability and effect of tax laws other than the U.S. federal income tax law.

*Defeasance.* Unless the applicable prospectus supplement provides otherwise, the following discussion of legal defeasance and discharge and covenant defeasance will apply to any senior series of senior debt securities issued under the indentures.

*Legal Defeasance*. We can legally release ourselves from any payment or other obligations on the senior debt securities of any series (called "legal defeasance") if certain conditions are met, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;· We deposit in trust
 for your benefit and the benefit of all other direct holders of the senior debt securities
 of the same series a combination of cash and U.S. government or U.S. government agency obligations
 that will generate enough cash to make interest, principal and any other payments on the
 senior debt securities of that series on their various due dates.

&nbsp;&nbsp;&nbsp;&nbsp;· There is a change
 in current U.S. federal income tax law or an IRS ruling that lets us make the above deposit
 without causing you to be taxed on the senior debt securities any differently than if we
 did not make the deposit and instead repaid the senior debt securities ourselves when due.

&nbsp;&nbsp;&nbsp;&nbsp;· We deliver to the
 trustee a legal opinion of our counsel confirming the tax law change or ruling described
 above.

If we ever did accomplish legal defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look to us for repayment in the event of any shortfall.

*Covenant Defeasance*. Without any change of current U.S. federal tax law, we can make the same type of deposit described above and be released from some of the covenants in the senior debt securities (called "covenant defeasance"). In that event, you would lose the protection of those covenants but would gain the protection of having money and securities set aside in trust to repay the debt senior securities. In order to achieve covenant defeasance, we must do the following (among other things):

&nbsp;&nbsp;&nbsp;&nbsp;· We must deposit in
 trust for your benefit and the benefit of all other direct holders of the senior debt securities
 of the same series a combination of cash and U.S. government or U.S. government agency obligations
 that will generate enough cash to make interest, principal and any other payments on the
 senior debt securities of that series on their various due dates.

&nbsp;&nbsp;&nbsp;&nbsp;· We must deliver to
 the trustee a legal opinion of our counsel confirming that under current U.S. federal income
 tax law we may make the above deposit without causing you to be taxed on the senior debt
 securities any differently than if we did not make the deposit and instead repaid the debt
 securities ourselves when due.

If we accomplish covenant defeasance, you can still look to us for repayment of the senior debt securities if there were a shortfall in the trust deposit. In fact, if one of the events of default occurred (such as our bankruptcy) and the debt securities become immediately due and payable, there may be such a shortfall. Depending on the events causing the default, you may not be able to obtain payment of the shortfall.

*Modification and Waiver.* We and the trustee may amend or supplement the senior indenture or the senior debt securities without the consent of any holder:

&nbsp;&nbsp;&nbsp;&nbsp;· to convey, transfer,
 assign, mortgage or pledge any assets as security for the senior debt securities of one or
 more series;

&nbsp;&nbsp;&nbsp;&nbsp;· to evidence the succession
 of a corporation, limited liability company, partnership or trust to us, and the assumption
 by such successor of our covenants, agreements and obligations under the senior indenture;

&nbsp;&nbsp;&nbsp;&nbsp;· to add to our covenants
 such new covenants, restrictions, conditions or provisions for the protection of the holders,
 and to make the occurrence, or the occurrence and continuance, of a default in any such additional
 covenants, restrictions, conditions or provisions an event of default;

&nbsp;&nbsp;&nbsp;&nbsp;· to cure any ambiguity,
 defect or inconsistency in the senior indenture or in any supplemental indenture or to conform
 the senior indenture or the senior debt securities to the description of senior debt securities
 of such series set forth in this prospectus or any applicable prospectus supplement;

&nbsp;&nbsp;&nbsp;&nbsp;· to provide for or
 add guarantors with respect to the senior debt securities of any series;

&nbsp;&nbsp;&nbsp;&nbsp;· to establish the form
 or forms or terms of the senior debt securities as permitted by the senior indenture;

&nbsp;&nbsp;&nbsp;&nbsp;· to evidence and provide
 for the acceptance of appointment under the senior indenture by a successor trustee, or to
 make such changes as shall be necessary to provide for or facilitate the administration of
 the trusts in the senior indenture by more than one trustee;

&nbsp;&nbsp;&nbsp;&nbsp;· to add to, delete
 from or revise the conditions, limitations and restrictions on the authorized amount, terms,
 purposes of issue, authentication and delivery of any series of senior debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· to make any change
 to the senior debt securities of any series so long as no senior debt securities of such
 series are outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;· to make any change
 that does not adversely affect the rights of any holder in any material respect.

Other amendments and modifications of the senior indenture or the senior debt securities issued may be made, and our compliance with any provision of the senior indenture with respect to any series of senior debt securities may be waived, with the consent of the holders of a majority of the aggregate principal amount of the outstanding senior debt securities of all series affected by the amendment or modification (voting together as a single class); provided, however, that each affected holder must consent to any modification, amendment or waiver that:

&nbsp;&nbsp;&nbsp;&nbsp;· extends the final
 maturity of any senior debt securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;· reduces the principal
 amount of any senior debt securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;· reduces the rate or
 extends the time of payment of interest on any senior debt securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;· reduces the amount
 payable upon the redemption of any senior debt securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;· changes the currency
 of payment of principal of or interest on any senior debt securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;· reduces the principal
 amount of original issue discount securities payable upon acceleration of maturity or the
 amount provable in bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;· waives a default in
 the payment of principal of or interest on the senior debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· changes the provisions
 relating to the waiver of past defaults or changes or impairs the right of holders to receive
 payment or to institute suit for the enforcement of any payment or conversion of any senior
 debt securities of such series on or after the due date therefor;

&nbsp;&nbsp;&nbsp;&nbsp;· modifies any of the
 provisions of these restrictions on amendments and modifications, except to increase any
 required percentage or to provide that certain other provisions cannot be modified or waived
 without the consent of the holder of each senior debt security of such series affected by
 the modification; or

&nbsp;&nbsp;&nbsp;&nbsp;· reduces the above-stated
 percentage of outstanding senior debt securities of such series whose holders must consent
 to a supplemental indenture or to modify or amend or to waive certain provisions of or defaults
 under the senior indenture.

It shall not be necessary for the holders to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if the holders' consent approves the substance thereof. After an amendment, supplement or waiver of the senior indenture in accordance with the provisions described in this section becomes effective, the trustee must give to the holders affected thereby certain notice briefly describing the amendment, supplement or waiver. Any failure by the trustee to give such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplemental indenture or waiver.

*No Personal Liability of Incorporators, Stockholders, Officers, Directors.* The senior indenture provides that no recourse shall be had under any obligation, covenant or agreement of ours in the senior indenture or any supplemental indenture, or in any of the senior debt securities or because of the creation of any indebtedness represented thereby, against any of our incorporators, stockholders, officers or directors, past, present or future, or of any predecessor or successor entity thereof under any law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. Each holder, by accepting the senior debt securities, waives and releases all such liability.

*Concerning the Trustee.* The senior indenture provides that, except during the continuance of an event of default, the trustee will not be liable except for the performance of such duties as are specifically set forth in the senior indenture. If an event of default has occurred and is continuing, the trustee will exercise such rights and powers vested in it under the senior indenture and will use the same degree of care and skill in its exercise as a prudent person would exercise under the circumstances in the conduct of such person's own affairs.

The senior indenture and the provisions of the Trust Indenture Act of 1939, which we refer to herein as the Trust Indenture Act, incorporated by reference therein contain limitations on the rights of the trustee thereunder, should it become a creditor of ours or any of our subsidiaries, to obtain payment of claims in certain cases or to realize on certain property received by it in respect of any such claims, as security or otherwise. The trustee is permitted to engage in other transactions, *provided* that if it acquires any conflicting interest (as defined in the Trust Indenture Act), it must eliminate such conflict or resign.

We may have normal banking relationships with the senior trustee in the ordinary course of business.

*Unclaimed Funds.* All funds deposited with the trustee or any paying agent for the payment of principal, premium, interest or additional amounts in respect of the senior debt securities that remain unclaimed for two years after the date upon which such principal, premium or interest became due and payable will be repaid to us. Thereafter, any right of any holder of senior debt securities to such funds shall be enforceable only against us, and the trustee and paying agents will have no liability therefor.

*Governing Law.* The senior indenture and the senior debt securities will be governed by, and construed in accordance with, the internal laws of the State of New York.

**Certain Terms of the Subordinated Debt Securities**

Other than the terms of the subordinated indenture and subordinated debt securities relating to subordination or otherwise as described in the prospectus supplement relating to a particular series of subordinated debt securities, the terms of the subordinated indenture and subordinated debt securities are identical in all material respects to the terms of the senior indenture and senior debt securities.

Additional or different subordination terms may be specified in the prospectus supplement applicable to a particular series.

*Subordination.* The indebtedness evidenced by the subordinated debt securities is subordinate to the prior payment in full of all of our senior indebtedness, as defined in the subordinated indenture. During the continuance beyond any applicable grace period of any default in the payment of principal, premium, interest or any other payment due on any of our senior indebtedness, we may not make any payment of principal of or interest on the subordinated debt securities (except for certain sinking fund payments). In addition, upon any payment or distribution of our assets upon any dissolution, winding-up, liquidation or reorganization, the payment of the principal of and interest on the subordinated debt securities will be subordinated to the extent provided in the subordinated indenture in right of payment to the prior payment in full of all our senior indebtedness. Because of this subordination, if we dissolve or otherwise liquidate, holders of our subordinated debt securities may receive less, ratably, than holders of our senior indebtedness. The subordination provisions do not prevent the occurrence of an event of default under the subordinated indenture.

The term "senior indebtedness" of a person means with respect to such person the principal of, premium, if any, interest on, and any other payment due pursuant to any of the following, whether outstanding on the date of the subordinated indenture or incurred by that person in the future:

&nbsp;&nbsp;&nbsp;&nbsp;· all of the indebtedness
 of that person for money borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;· all of the indebtedness
 of that person evidenced by notes, debentures, bonds or other securities sold by that person
 for money;

&nbsp;&nbsp;&nbsp;&nbsp;· all of the lease obligations
 which are capitalized on the books of that person in accordance with generally accepted accounting
 principles;

&nbsp;&nbsp;&nbsp;&nbsp;· all indebtedness of
 others of the kinds described in the first two bullet points above and all lease obligations
 of others of the kind described in the third bullet point above that the person, in any manner,
 assumes or guarantees or that the person in effect guarantees through an agreement to purchase,
 whether that agreement is contingent or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;· all renewals, extensions
 or refundings of indebtedness of the kinds described in the first, second or fourth bullet
 point above and all renewals or extensions of leases of the kinds described in the third
 or fourth bullet point above;

unless, in the case of any particular indebtedness, renewal, extension or refunding, the instrument creating or evidencing it or the assumption or guarantee relating to it expressly provides that such indebtedness, renewal, extension or refunding is not superior in right of payment to the subordinated debt securities. Our senior debt securities constitute senior indebtedness for purposes of the subordinated debt indenture.

**DESCRIPTION OF CAPITAL STOCK**

The following description of our capital stock is intended as a summary only. This description is based upon, and is qualified by reference to, our restated certificate of incorporation, as amended, which we refer to herein as or our restated certificate of incorporation, our restated bylaws and applicable provisions of Delaware corporate law. This summary is not complete. You should read our restated certificate of incorporation and restated bylaws, which are filed as exhibits to the registration statement of which this prospectus forms a part, for the provisions that are important to you.

Our authorized capital stock consists of 90,000,000 shares of common stock, $0.001 par value per share, and 5,000,000 shares of preferred stock, $0.001 par value per share. As of December 31, 2022, 41,523,337 shares of common stock were outstanding, and no shares of preferred stock were outstanding. In addition, as of December 31, 2022, we also had outstanding options to purchase 2,087,151 shares of our common stock and restricted stock units (including performance restricted stock units calculated at maximum potential vesting) to purchase 1,200,271 shares of our common stock.

**Common Stock**

*Annual Meeting.* Annual meetings of our stockholders are held on the date designated in accordance with our restated bylaws. Written notice must be mailed to each stockholder entitled to vote not less than ten nor more than 60 days before the date of the meeting. The presence in person or by proxy of the holders of record of a majority of our issued and outstanding shares entitled to vote at such meeting constitutes a quorum for the transaction of business at meetings of the stockholders. Special meetings of the stockholders may be called for any purpose only by our board of directors pursuant to a resolution adopted by a majority of the total number of directors. Except as may be otherwise provided by applicable law, our restated certificate of incorporation or our restated bylaws, all elections shall be decided by a plurality, and all other questions shall be decided by a majority, of the votes cast by stockholders entitled to vote thereon at a duly held meeting of stockholders at which a quorum is present.

*Voting Rights*. Holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders and do not have cumulative voting rights.

*Dividends*. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by our board of directors out of funds legally available for dividend payments.

*Liquidation and Dissolution*. In the event of any liquidation, dissolution or winding-up of our affairs, holders of common stock will be entitled to share ratably in any of our assets remaining after payment or provision for payment of all of our debts and obligations and after liquidation payments to holders of outstanding shares of preferred stock, if any.

*Other Rights*. The holders of common stock have no preferences or rights of conversion or exchange, or pre-emptive or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock.

*Transfer Agent and Registrar*. VStock Transfer, LLC is transfer agent and registrar for the common stock.

*The Nasdaq Global Select Market*. Our common stock is listed on The Nasdaq Global Select Market under the symbol "ICPT."

**Preferred Stock**

As of December 31, 2022, no shares of preferred stock were outstanding. Other terms of any series of preferred stock will be described in the prospectus supplement relating to that series of preferred stock. The terms of any series of preferred stock may differ from the terms described below. Certain provisions of the preferred stock described below and in any applicable prospectus supplement are not complete.

We are authorized to issue "blank check" preferred stock, which may be issued in one or more series upon authorization of our board of directors. Our board of directors is authorized to fix the designation of the series, the number of authorized shares of the series, dividend rights and terms, conversion rights, voting rights, redemption rights and terms, liquidation preferences and any other rights, powers, preferences and limitations applicable to each series of preferred stock. The authorized shares of our preferred stock are available for issuance without further action by our stockholders, unless such action is required by applicable law or the rules of any stock exchange on which our securities may be listed. If the approval of our stockholders is not required for the issuance of shares of our preferred stock, our board may determine not to seek stockholder approval. The specific terms of any series of preferred stock offered pursuant to this prospectus will be described in the prospectus supplement relating to that series of preferred stock.

A series of our preferred stock could, depending on the terms of such series, impede the completion of a merger, tender offer or other takeover attempt. Our board of directors will make any determination to issue such shares based upon its judgment as to the best interests of our common stockholders and the company as a whole. Our directors, in so acting, could issue preferred stock having terms that could discourage an acquisition attempt through which an acquirer may be able to change the composition of our board of directors, including a tender offer or other transaction that some, or a majority, of our common stockholders might believe to be in their best interests or in which common stockholders might receive a premium for their stock over the then-current market price of the stock.

The preferred stock has the terms described below unless otherwise provided in the prospectus supplement relating to a particular series of preferred stock. You should read the prospectus supplement relating to the particular series of preferred stock being offered for specific terms, including:

&nbsp;&nbsp;&nbsp;&nbsp;· the designation and
 stated value per share of the preferred stock and the number of shares offered;

&nbsp;&nbsp;&nbsp;&nbsp;· the amount of liquidation
 preference per share;

&nbsp;&nbsp;&nbsp;&nbsp;· the price at which
 the preferred stock will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;· the dividend rate,
 or method of calculation of dividends, the dates on which dividends will be payable, whether
 dividends will be cumulative or noncumulative and, if cumulative, the dates from which dividends
 will commence to accumulate;

&nbsp;&nbsp;&nbsp;&nbsp;· any redemption or
 sinking fund provisions;

&nbsp;&nbsp;&nbsp;&nbsp;· if other than the
 currency of the United States, the currency or currencies including composite currencies
 in which the preferred stock is denominated and/or in which payments will or may be payable;

&nbsp;&nbsp;&nbsp;&nbsp;· any conversion provisions;

&nbsp;&nbsp;&nbsp;&nbsp;· whether we have elected
 to offer depositary shares as described below under "Description of Depositary Shares;"
 and

&nbsp;&nbsp;&nbsp;&nbsp;· any other rights,
 preferences, privileges, limitations and restrictions on the preferred stock.

The preferred stock will, when issued, be fully paid and nonassessable. Unless otherwise specified in the prospectus supplement, each series of preferred stock will rank equally as to dividends and liquidation rights in all respects with each other series of preferred stock. The rights of holders of shares of each series of preferred stock will be subordinate to those of our general creditors.

As described under "Description of Depositary Shares," we may, at our option, with respect to any series of preferred stock, elect to offer fractional interests in shares of preferred stock, and provide for the issuance of depositary receipts representing depositary shares, each of which will represent a fractional interest in a share of the series of preferred stock. The fractional interest will be specified in the prospectus supplement relating to a particular series of preferred stock.

*Rank*. Unless otherwise specified in the prospectus supplement, the preferred stock will, with respect to dividend rights and rights upon our liquidation, dissolution or winding up of our affairs, rank:

&nbsp;&nbsp;&nbsp;&nbsp;· senior to our common
 stock and to all equity securities ranking junior to such preferred stock with respect to
 dividend rights or rights upon our liquidation, dissolution or winding up of our affairs;

&nbsp;&nbsp;&nbsp;&nbsp;· on a parity with all
 equity securities issued by us, the terms of which specifically provide that such equity
 securities rank on a parity with the preferred stock with respect to dividend rights or rights
 upon our liquidation, dissolution or winding up of our affairs; and

&nbsp;&nbsp;&nbsp;&nbsp;· junior to all equity
 securities issued by us, the terms of which specifically provide that such equity securities
 rank senior to the preferred stock with respect to dividend rights or rights upon our liquidation,
 dissolution or winding up of our affairs.

The term "equity securities" does not include convertible debt securities.

*Dividends*. Holders of the preferred stock of each series will be entitled to receive, when, as and if declared by our board of directors, cash dividends at such rates and on such dates described in the prospectus supplement. Different series of preferred stock may be entitled to dividends at different rates or based on different methods of calculation. The dividend rate may be fixed or variable or both. Dividends will be payable to the holders of record as they appear on our stock books on record dates fixed by our board of directors, as specified in the applicable prospectus supplement.

Dividends on any series of preferred stock may be cumulative or noncumulative, as described in the applicable prospectus supplement. If our board of directors does not declare a dividend payable on a dividend payment date on any series of noncumulative preferred stock, then the holders of that noncumulative preferred stock will have no right to receive a dividend for that dividend payment date, and we will have no obligation to pay the dividend accrued for that period, whether or not dividends on that series are declared payable on any future dividend payment dates. Dividends on any series of cumulative preferred stock will accrue from the date we initially issue shares of such series or such other date specified in the applicable prospectus supplement.

No dividends may be declared or paid or funds set apart for the payment of any dividends on any parity securities unless full dividends have been paid or set apart for payment on the preferred stock. If full dividends are not paid, the preferred stock will share dividends pro rata with the parity securities.

No dividends may be declared or paid or funds set apart for the payment of dividends on any junior securities unless full dividends for all dividend periods terminating on or prior to the date of the declaration or payment will have been paid or declared and a sum sufficient for the payment set apart for payment on the preferred stock.

*Liquidation Preference*. Upon any voluntary or involuntary liquidation, dissolution or winding up of our affairs, then, before we make any distribution or payment to the holders of any common stock or any other class or series of our capital stock ranking junior to the preferred stock in the distribution of assets upon any liquidation, dissolution or winding up of our affairs, the holders of each series of preferred stock shall be entitled to receive out of assets legally available for distribution to stockholders, liquidating distributions in the amount of the liquidation preference per share set forth in the prospectus supplement, plus any accrued and unpaid dividends thereon. Such dividends will not include any accumulation in respect of unpaid noncumulative dividends for prior dividend periods. Unless otherwise specified in the prospectus supplement, after payment of the full amount of their liquidating distributions, the holders of preferred stock will have no right or claim to any of our remaining assets. Upon any such voluntary or involuntary liquidation, dissolution or winding up, if our available assets are insufficient to pay the amount of the liquidating distributions on all outstanding preferred stock and the corresponding amounts payable on all other classes or series of our capital stock ranking on parity with the preferred stock and all other such classes or series of shares of capital stock ranking on parity with the preferred stock in the distribution of assets, then the holders of the preferred stock and all other such classes or series of capital stock will share ratably in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be entitled.

Upon any such liquidation, dissolution or winding up and if we have made liquidating distributions in full to all holders of preferred stock, we will distribute our remaining assets among the holders of any other classes or series of capital stock ranking junior to the preferred stock according to their respective rights and preferences and, in each case, according to their respective number of shares. For such purposes, our consolidation or merger with or into any other corporation, trust or entity, or the sale, lease or conveyance of all or substantially all of our property or assets will not be deemed to constitute a liquidation, dissolution or winding up of our affairs.

Redemption. If so provided in the applicable prospectus supplement, the preferred stock will be subject to mandatory redemption or redemption at our option, as a whole or in part, in each case upon the terms, at the times and at the redemption prices set forth in such prospectus supplement.

The prospectus supplement relating to a series of preferred stock that is subject to mandatory redemption will specify the number of shares of preferred stock that shall be redeemed by us in each year commencing after a date to be specified, at a redemption price per share to be specified, together with an amount equal to all accrued and unpaid dividends thereon to the date of redemption. Unless the shares have a cumulative dividend, such accrued dividends will not include any accumulation in respect of unpaid dividends for prior dividend periods. We may pay the redemption price in cash or other property, as specified in the applicable prospectus supplement. If the redemption price for preferred stock of any series is payable only from the net proceeds of the issuance of shares of our capital stock, the terms of such preferred stock may provide that, if no such shares of our capital stock shall have been issued or to the extent the net proceeds from any issuance are insufficient to pay in full the aggregate redemption price then due, such preferred stock shall automatically and mandatorily be converted into the applicable shares of our capital stock pursuant to conversion provisions specified in the applicable prospectus supplement. Notwithstanding the foregoing, we will not redeem any preferred stock of a series unless:

&nbsp;&nbsp;&nbsp;&nbsp;· if that series of
 preferred stock has a cumulative dividend, we have declared and paid or contemporaneously
 declare and pay or set aside funds to pay full cumulative dividends on the preferred stock
 for all past dividend periods and the then current dividend period; or

&nbsp;&nbsp;&nbsp;&nbsp;· if such series of
 preferred stock does not have a cumulative dividend, we have declared and paid or contemporaneously
 declare and pay or set aside funds to pay full dividends for the then current dividend period.

In addition, we will not acquire any preferred stock of a series unless:

&nbsp;&nbsp;&nbsp;&nbsp;· if that series of
 preferred stock has a cumulative dividend, we have declared and paid or contemporaneously
 declare and pay or set aside funds to pay full cumulative dividends on all outstanding shares
 of such series of preferred stock for all past dividend periods and the then current dividend
 period; or

&nbsp;&nbsp;&nbsp;&nbsp;· if that series of
 preferred stock does not have a cumulative dividend, we have declared and paid or contemporaneously
 declare and pay or set aside funds to pay full dividends on the preferred stock of such series
 for the then current dividend period.

However, at any time we may purchase or acquire preferred stock of that series (1) in the open market, (2) pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding preferred stock of such series, (3) pursuant to privately negotiated purchase or exchange offer or (4) by conversion into or exchange for shares of our capital stock ranking junior to the preferred stock of such series as to dividends and upon liquidation.

If fewer than all of the outstanding shares of preferred stock of any series are to be redeemed, we will determine the number of shares that may be redeemed pro rata from the holders of record of such shares in proportion to the number of such shares held or for which redemption is requested by such holder or by any other equitable manner that we determine. Such determination will reflect adjustments to avoid redemption of fractional shares.

Unless otherwise specified in the prospectus supplement, we will mail notice of redemption at least 30 days but not more than 60 days before the redemption date to each holder of record of preferred stock to be redeemed at the address shown on our stock transfer books. Each notice shall state:

&nbsp;&nbsp;&nbsp;&nbsp;· the redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;· the number of shares
 and series of preferred stock to be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;· the redemption price;

&nbsp;&nbsp;&nbsp;&nbsp;· the place or places
 where certificates for such preferred stock are to be surrendered for payment of the redemption
 price;

&nbsp;&nbsp;&nbsp;&nbsp;· that dividends on
 the shares to be redeemed will cease to accrue on such redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;· the date on which
 the holder's conversion rights, if any, as to such shares shall terminate; and

&nbsp;&nbsp;&nbsp;&nbsp;· the specific number
 of shares to be redeemed from each such holder if fewer than all the shares of any series
 are to be redeemed.

If notice of redemption has been given and we have set aside the funds necessary for such redemption in trust for the benefit of the holders of any shares called for redemption, then from and after the redemption date, dividends will cease to accrue on such shares, and all rights of the holders of such shares will terminate, except the right to receive the redemption price.

*Voting Rights*. Holders of preferred stock will not have any voting rights, except as required by law or as indicated in the applicable prospectus supplement.

Unless otherwise provided for under the terms of any series of preferred stock, no consent or vote of the holders of shares of preferred stock or any series thereof shall be required for any amendment to our restated certificate of incorporation that would increase the number of authorized shares of preferred stock or the number of authorized shares of any series thereof or decrease the number of authorized shares of preferred stock or the number of authorized shares of any series thereof (but not below the number of authorized shares of preferred stock or such series, as the case may be, then outstanding).

*Conversion Rights*. The terms and conditions, if any, upon which any series of preferred stock is convertible into our common stock will be set forth in the applicable prospectus supplement relating thereto. Such terms will include the number of shares of common stock into which the shares of preferred stock are convertible, the conversion price, rate or manner of calculation thereof, the conversion period, provisions as to whether conversion will be at our option or at the option of the holders of the preferred stock, the events requiring an adjustment of the conversion price and provisions affecting conversion in the event of redemption.

*Transfer Agent and Registrar*. The transfer agent and registrar for the preferred stock will be set forth in the applicable prospectus supplement.

**Effects of Authorized but Unissued Stock**

We have shares of common stock and preferred stock available for future issuance without stockholder approval, subject to any limitations imposed by the listing standards of The Nasdaq Global Select Market. We may utilize these additional shares for a variety of corporate purposes, including for future public offerings to raise additional capital, or facilitate corporate acquisitions or for payment as a dividend on our capital stock. The existence of unissued and unreserved common stock and preferred stock may enable our board of directors to issue shares to persons friendly to current management or to issue preferred stock with terms that could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a controlling interest in our company by means of a merger, tender offer, proxy contest or otherwise. In addition, if we issue preferred stock, the issuance could adversely affect the voting power of holders of common stock, and the likelihood that such holders will receive dividend payments and payments upon liquidation.

**Anti-Takeover Effects of Delaware Law and Our Restated Certificate of Incorporation and Restated Bylaws**

The provisions of Delaware law and our restated certificate of incorporation and restated bylaws could discourage or make it more difficult to accomplish a proxy contest or other change in our management or the acquisition of control by a holder of a substantial amount of our voting stock. It is possible that these provisions could make it more difficult to accomplish, or could deter, transactions that stockholders may otherwise consider to be in their best interests or in our best interests. These provisions are intended to enhance the likelihood of continuity and stability in the composition of our board of directors and in the policies formulated by the board of directors and to discourage certain types of transactions that may involve an actual or threatened change of our control. These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal and to discourage certain tactics that may be used in proxy fights. Such provisions also may have the effect of preventing changes in our management.

*Delaware Business Combination Statute*. We are subject to the anti-takeover provisions of Section 203 of the Delaware General Corporation Law, which we refer to herein as the DGCL. With some exceptions, Section 203 of the DGCL prohibits a publicly-held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the business combination is, or the transaction in which the person became an interested stockholder was, approved by the board of directors and the holders of at least two-thirds of the outstanding voting stock of the corporation. The shares held by the interested stockholder are not counted as outstanding when calculating the two-thirds of the outstanding voting stock needed for approval. For purposes of Section 203 of the DGCL, a "business combination" is defined broadly to include a merger, asset sale or other transaction resulting in a financial benefit to the interested stockholder, and, subject to certain exceptions, an "interested stockholder" is a person who, together with his or her affiliates and associates, owns, or within three years prior, did own, 15% or more of the corporation's outstanding voting stock.

*Advance Notice Provisions for Stockholder Proposals and Stockholder Nominations of Directors*. Our restated bylaws provide that, for nominations to the board of directors or for other business to be properly brought by a stockholder before a meeting of stockholders, a stockholder must first have given timely notice of the proposal in writing to our secretary. For an annual meeting, a stockholder's notice generally must be delivered not less than 90 days nor more than 120 days prior to the first anniversary of the previous year's annual meeting date; *provided*, that if the date of the annual meeting is more than 30 days before or more than 30 days after the anniversary of the previous year's annual meeting date, such stockholder's notice must be delivered not earlier than the close of business on the 120<sup>th</sup> day prior to such annual meeting and not later than the close of business on the later of the 90<sup>th</sup> day prior to such annual meeting or the close of business on the 10<sup>th</sup> day following the day on which public announcement of the date of such meeting is first made by us. For a special meeting, the notice must generally be delivered not earlier than the 90<sup>th</sup> day prior to the meeting and not later than the later of (1) the 60<sup>th</sup> day prior to the meeting or (2) the 10<sup>th</sup> day following the day on which public announcement of the meeting is first made. Detailed requirements as to the form of the notice and information required in the notice are specified in the restated bylaws. If it is determined that business was not properly brought before a meeting in accordance with our bylaws provisions, such business will not be conducted at the meeting.

*Special Meetings of Stockholders*. Special meetings of the stockholders may be called only by our board of directors pursuant to a resolution adopted by a majority of the total number of directors.

*No Stockholder Action by Written Consent*. Any action to be effected by our stockholders must be effected at a duly called annual or special meeting of the stockholders provided, however, our restated certificate of incorporation provides that if any one stockholder, together with its affiliates, collectively holds a majority of the voting power of the then-outstanding shares of our capital stock, action may be taken without a meeting and vote, through the written consent of holders of the requisite number of votes necessary to authorize or take such action at a meeting.

*Board of Directors*. We do not have a classified board of directors. All of our directors are elected annually. The number of directors comprising our board of directors is fixed from time to time by the board of directors.

*Removal of Directors by Stockholders*. Our restated bylaws provide that our directors may be removed with or without cause by the affirmative vote of the holders of a majority of the votes that all our stockholders would be entitled to cast in an annual election of directors, and our restated certificate of incorporation and restated bylaws provide that any vacancy on our board of directors, including a vacancy resulting from an increase in the size of our board of directors, may be filled only by vote of a majority of our directors then in office.

*Super Majority Stockholder Vote Required for Certain Actions*. The DGCL provides generally that the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation's certificate of incorporation or bylaws, unless the corporation's certificate of incorporation or bylaws, as the case may be, requires a greater percentage. Our restated certificate of incorporation requires the affirmative vote of the holders of at least 80% of our outstanding voting stock to amend or repeal any of the provisions discussed in this section of the prospectus entitled "Anti-Takeover Effects of Delaware Law and Our Restated Certificate of Incorporation and Restated Bylaws." This 80% stockholder vote would be in addition to any separate class vote that might in the future be required pursuant to the terms of any preferred stock that might then be outstanding. The affirmative vote of at least 80% of our outstanding voting stock is also required for any amendment to, or repeal of, our restated bylaws by the stockholders. Our restated bylaws may be amended or repealed by a simple majority vote of the board of directors.

**Directors' Liability**

Pursuant to our restated bylaws, we indemnify our directors and our executive officers to the fullest extent permitted by law so that they will be free from undue concern about personal liability in connection with their service to us. We have also purchased a policy of directors' and officers' liability insurance that insures our directors and officers against the cost of defense, settlement or payment of a judgment under certain circumstances.

**DESCRIPTION OF DEPOSITARY SHARES**

**General**

We may, at our option, elect to offer fractional shares of preferred stock, which we call depositary shares, rather than full shares of preferred stock. If we do, we will issue to the public receipts, called depositary receipts, for depositary shares, each of which will represent a fraction, to be described in the applicable prospectus supplement, of a share of a particular series of preferred stock.

Unless otherwise provided in the prospectus supplement, each owner of a depositary share will be entitled, in proportion to the applicable fractional interest in a share of preferred stock represented by the depositary share, to all the rights and preferences of the preferred stock represented by the depositary share. Those rights include dividend, voting, redemption, conversion and liquidation rights.

The shares of preferred stock underlying the depositary shares will be deposited with a bank or trust company selected by us to act as depositary under a deposit agreement between us, the depositary and the holders of the depositary receipts. The depositary will be the transfer agent, registrar and dividend disbursing agent for the depositary shares.

The depositary shares will be evidenced by depositary receipts issued pursuant to the deposit agreement. Holders of depositary receipts agree to be bound by the deposit agreement, which requires holders to take certain actions such as filing proof of residence and paying certain charges.

The summary of terms of the depositary shares contained in this prospectus is not a complete description of the terms of the depositary shares. You should refer to the form of the deposit agreement, our restated certificate of incorporation and the certificate of designation for the applicable series of preferred stock that are, or will be, filed with the SEC.

**Dividends and Other Distributions**

The depositary will distribute all cash dividends or other cash distributions, if any, received in respect of the preferred stock underlying the depositary shares to the record holders of depositary shares in proportion to the numbers of depositary shares owned by those holders on the relevant record date. The relevant record date for depositary shares will be the same date as the record date for the underlying preferred stock.

If there is a distribution other than in cash, the depositary will distribute property (including securities) received by it to the record holders of depositary shares, unless the depositary determines that it is not feasible to make the distribution. If this occurs, the depositary may, with our approval, adopt another method for the distribution, including selling the property and distributing the net proceeds from the sale to the holders.

**Liquidation Preference**

If a series of preferred stock underlying the depositary shares has a liquidation preference, in the event of the voluntary or involuntary liquidation, dissolution or winding up of us, holders of depositary shares will be entitled to receive the fraction of the liquidation preference accorded each share of the applicable series of preferred stock, as set forth in the applicable prospectus supplement.

**Withdrawal of Stock**

Unless the related depositary shares have been previously called for redemption, upon surrender of the depositary receipts at the office of the depositary, the holder of the depositary shares will be entitled to delivery, at the office of the depositary to or upon his or her order, of the number of whole shares of the preferred stock and any money or other property represented by the depositary shares. If the depositary receipts delivered by the holder evidence a number of depositary shares in excess of the number of depositary shares representing the number of whole shares of preferred stock to be withdrawn, the depositary will deliver to the holder at the same time a new depositary receipt evidencing the excess number of depositary shares. In no event will the depositary deliver fractional shares of preferred stock upon surrender of depositary receipts. Holders of preferred stock thus withdrawn may not thereafter deposit those shares under the deposit agreement or receive depositary receipts evidencing depositary shares therefor.

**Redemption of Depositary Shares**

Whenever we redeem shares of preferred stock held by the depositary, the depositary will redeem as of the same redemption date the number of depositary shares representing shares of the preferred stock so redeemed, so long as we have paid in full to the depositary the redemption price of the preferred stock to be redeemed plus an amount equal to any accumulated and unpaid dividends on the preferred stock to the date fixed for redemption. The redemption price per depositary share will be equal to the redemption price and any other amounts per share payable on the preferred stock multiplied by the fraction of a share of preferred stock represented by one depositary share. If less than all the depositary shares are to be redeemed, the depositary shares to be redeemed will be selected by lot or pro rata or by any other equitable method as may be determined by the depositary.

After the date fixed for redemption, depositary shares called for redemption will no longer be deemed to be outstanding and all rights of the holders of depositary shares will cease, except the right to receive the monies payable upon redemption and any money or other property to which the holders of the depositary shares were entitled upon redemption upon surrender to the depositary of the depositary receipts evidencing the depositary shares.

**Voting the Preferred Stock**

Upon receipt of notice of any meeting at which the holders of the preferred stock are entitled to vote, the depositary will mail the information contained in the notice of meeting to the record holders of the depositary receipts relating to that preferred stock. The record date for the depositary receipts relating to the preferred stock will be the same date as the record date for the preferred stock. Each record holder of the depositary shares on the record date will be entitled to instruct the depositary as to the exercise of the voting rights pertaining to the number of shares of preferred stock represented by that holder's depositary shares. The depositary will endeavor, insofar as practicable, to vote the number of shares of preferred stock represented by the depositary shares in accordance with those instructions, and we will agree to take all action that may be deemed necessary by the depositary in order to enable the depositary to do so. The depositary will not vote any shares of preferred stock except to the extent it receives specific instructions from the holders of depositary shares representing that number of shares of preferred stock.

**Charges of Depositary**

We will pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. We will pay charges of the depositary in connection with the initial deposit of the preferred stock and any redemption of the preferred stock. Holders of depositary receipts will pay transfer, income and other taxes and governmental charges and such other charges (including those in connection with the receipt and distribution of dividends, the sale or exercise of rights, the withdrawal of the preferred stock and the transferring, splitting or grouping of depositary receipts) as are expressly provided in the deposit agreement to be for their accounts. If these charges have not been paid by the holders of depositary receipts, the depositary may refuse to transfer depositary shares, withhold dividends and distributions and sell the depositary shares evidenced by the depositary receipt.

**Amendment and Termination of the Deposit Agreement**

The form of depositary receipt evidencing the depositary shares and any provision of the deposit agreement may be amended by agreement between us and the depositary. However, any amendment that materially and adversely alters the rights of the holders of depositary shares, other than fee changes, will not be effective unless the amendment has been approved by the holders of a majority of the outstanding depositary shares. The deposit agreement may be terminated by the depositary or us only if:

&nbsp;&nbsp;&nbsp;&nbsp;· all outstanding depositary
 shares have been redeemed; or

&nbsp;&nbsp;&nbsp;&nbsp;· there has been a final
 distribution of the preferred stock in connection with our dissolution and such distribution
 has been made to all the holders of depositary shares.

**Resignation and Removal of Depositary**

The depositary may resign at any time by delivering to us notice of its election to do so, and we may remove the depositary at any time. Any resignation or removal of the depositary will take effect upon our appointment of a successor depositary and its acceptance of such appointment. The successor depositary must be appointed within 60 days after delivery of the notice of resignation or removal and must be a bank or trust company having its principal office in the United States and having the requisite combined capital and surplus as set forth in the applicable agreement.

**Notices**

The depositary will forward to holders of depositary receipts all notices, reports and other communications, including proxy solicitation materials received from us, that are delivered to the depositary and that we are required to furnish to the holders of the preferred stock. In addition, the depositary will make available for inspection by holders of depositary receipts at the principal office of the depositary, and at such other places as it may from time to time deem advisable, any reports and communications we deliver to the depositary as the holder of preferred stock.

**Limitation of Liability**

Neither we nor the depositary will be liable if either we or it is prevented or delayed by law or any circumstance beyond its control in performing its obligations. Our obligations and those of the depositary will be limited to performance in good faith of our and their duties thereunder. We and the depositary will not be obligated to prosecute or defend any legal proceeding in respect of any depositary shares or preferred stock unless satisfactory indemnity is furnished. We and the depositary may rely upon written advice of counsel or accountants, on information provided by persons presenting preferred stock for deposit, holders of depositary receipts or other persons believed to be competent to give such information and on documents believed to be genuine and to have been signed or presented by the proper party or parties.

**DESCRIPTION OF PURCHASE CONTRACTS AND PURCHASE UNITS**

We may issue purchase contracts, including contracts obligating holders to purchase from or sell to us, and obligating us to sell to or purchase from the holders, a specified number of shares of our common stock, preferred stock or depositary shares at a future date or dates, which we refer to in this prospectus as purchase contracts. The price per share of common stock, preferred stock or depositary shares and the number of shares of each may be fixed at the time the purchase contracts are issued or may be determined by reference to a specific formula set forth in the purchase contracts. The purchase contracts may be issued separately or as part of units, often known as purchase units, consisting of one or more purchase contracts and beneficial interests in debt securities or any other securities described in the applicable prospectus supplement or any combination of the foregoing, securing the holders' obligations to purchase the common stock, preferred stock or depositary shares under the purchase contracts.

The purchase contracts may require us to make periodic payments to the holders of the purchase units or vice versa, and these payments may be unsecured or prefunded on some basis. The purchase contracts may require holders to secure their obligations under those contracts in a specified manner, including pledging their interest in another purchase contract.

The applicable prospectus supplement will describe the terms of the purchase contracts and purchase units, including, if applicable, collateral or depositary arrangements.

**DESCRIPTION OF WARRANTS**

We may issue warrants to purchase debt securities, common stock, preferred stock or depositary shares. We may offer warrants separately or together with one or more additional warrants, debt securities, common stock, preferred stock or depositary shares, or any combination of those securities in the form of units, as described in the applicable prospectus supplement. If we issue warrants as part of a unit, the accompanying prospectus supplement will specify whether those warrants may be separated from the other securities in the unit prior to the expiration date of the warrants. The applicable prospectus supplement will also describe the following terms of any warrants:

&nbsp;&nbsp;&nbsp;&nbsp;· the specific designation
 and aggregate number of, and the offering price at which we will issue, the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· the currency or currency
 units in which the offering price, if any, and the exercise price are payable;

&nbsp;&nbsp;&nbsp;&nbsp;· the date on which
 the right to exercise the warrants will begin and the date on which that right will expire
 or, if you may not continuously exercise the warrants throughout that period, the specific
 date or dates on which you may exercise the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the warrants
 are to be sold separately or with other securities as parts of units;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the warrants
 will be issued in definitive or global form or in any combination of these forms, although,
 in any case, the form of a warrant included in a unit will correspond to the form of the
 unit and of any security included in that unit;

&nbsp;&nbsp;&nbsp;&nbsp;· any applicable material
 U.S. federal income tax consequences;

&nbsp;&nbsp;&nbsp;&nbsp;· the identity of the
 warrant agent for the warrants and of any other depositaries, execution or paying agents,
 transfer agents, registrars or other agents;

&nbsp;&nbsp;&nbsp;&nbsp;· the proposed listing,
 if any, of the warrants or any securities purchasable upon exercise of the warrants on any
 securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;· the designation and
 terms of any equity securities purchasable upon exercise of the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· the designation, aggregate
 principal amount, currency and terms of any debt securities that may be purchased upon exercise
 of the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the
 designation and terms of the debt securities, common stock, preferred stock or depositary
 shares with which the warrants are issued and, the number of warrants issued with each security;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the
 date from and after which any warrants issued as part of a unit and the related debt securities,
 common stock, preferred stock or depositary shares will be separately transferable;

&nbsp;&nbsp;&nbsp;&nbsp;· the number of shares
 of common stock, the number of shares of preferred stock or the number of depositary shares
 purchasable upon exercise of a warrant and the price at which those shares may be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the
 minimum or maximum amount of the warrants that may be exercised at any one time;

&nbsp;&nbsp;&nbsp;&nbsp;· information with respect
 to book-entry procedures, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· the antidilution provisions
 of, and other provisions for changes to or adjustment in the exercise price of, the warrants,
 if any;

&nbsp;&nbsp;&nbsp;&nbsp;· any redemption or
 call provisions; and

&nbsp;&nbsp;&nbsp;&nbsp;· any additional terms
 of the warrants, including terms, procedures and limitations relating to the exchange or
 exercise of the warrants.

**FORMS OF SECURITIES**

Each debt security, depositary share, purchase contract, purchase unit and warrant will be represented either by a certificate issued in definitive form to a particular investor or by one or more global securities representing the entire issuance of securities. Unless the applicable prospectus supplement provides otherwise, certificated securities will be issued in definitive form and global securities will be issued in registered form. Definitive securities name you or your nominee as the owner of the security, and in order to transfer or exchange these securities or to receive payments other than interest or other interim payments, you or your nominee must physically deliver the securities to the trustee, registrar, paying agent or other agent, as applicable. Global securities name a depositary or its nominee as the owner of the debt securities, depositary shares, purchase contracts, purchase units or warrants represented by these global securities. The depositary maintains a computerized system that will reflect each investor's beneficial ownership of the securities through an account maintained by the investor with its broker/dealer, bank, trust company or other representative, as we explain more fully below.

**Registered Global Securities**

We may issue the registered debt securities, depositary shares, purchase contracts, purchase units and warrants in the form of one or more fully registered global securities that will be deposited with a depositary or its nominee identified in the applicable prospectus supplement and registered in the name of that depositary or nominee. In those cases, one or more registered global securities will be issued in a denomination or aggregate denominations equal to the portion of the aggregate principal or face amount of the securities to be represented by registered global securities. Unless and until it is exchanged in whole for securities in definitive registered form, a registered global security may not be transferred except as a whole by and among the depositary for the registered global security, the nominees of the depositary or any successors of the depositary or those nominees.

If not described below, any specific terms of the depositary arrangement with respect to any securities to be represented by a registered global security will be described in the prospectus supplement relating to those securities. We anticipate that the following provisions will apply to all depositary arrangements.

Ownership of beneficial interests in a registered global security will be limited to persons, called participants, that have accounts with the depositary or persons that may hold interests through participants. Upon the issuance of a registered global security, the depositary will credit, on its book-entry registration and transfer system, the participants' accounts with the respective principal or face amounts of the securities beneficially owned by the participants. Any dealers, underwriters or agents participating in the distribution of the securities will designate the accounts to be credited. Ownership of beneficial interests in a registered global security will be shown on, and the transfer of ownership interests will be effected only through, records maintained by the depositary, with respect to interests of participants, and on the records of participants, with respect to interests of persons holding through participants. The laws of some states may require that some purchasers of securities take physical delivery of these securities in definitive form. These laws may impair your ability to own, transfer or pledge beneficial interests in registered global securities.

So long as the depositary, or its nominee, is the registered owner of a registered global security, that depositary or its nominee, as the case may be, will be considered the sole owner or holder of the securities represented by the registered global security for all purposes under the applicable indenture, deposit agreement, purchase contract, warrant agreement or purchase unit agreement.

Except as described below, owners of beneficial interests in a registered global security will not be entitled to have the securities represented by the registered global security registered in their names, will not receive or be entitled to receive physical delivery of the securities in definitive form and will not be considered the owners or holders of the securities under the applicable indenture, deposit agreement, purchase contract, purchase unit agreement or warrant agreement. Accordingly, each person owning a beneficial interest in a registered global security must rely on the procedures of the depositary for that registered global security and, if that person is not a participant, on the procedures of the participant through which the person owns its interest, to exercise any rights of a holder under the applicable indenture, deposit agreement, purchase contract, purchase unit agreement or warrant agreement. We understand that under existing industry practices, if we request any action of holders or if an owner of a beneficial interest in a registered global security desires to give or take any action that a holder is entitled to give or take under the applicable indenture, deposit agreement, purchase contract, purchase unit agreement or warrant agreement, the depositary for the registered global security would authorize the participants holding the relevant beneficial interests to give or take that action, and the participants would authorize beneficial owners owning through them to give or take that action or would otherwise act upon the instructions of beneficial owners holding through them.

Principal, premium, if any, and interest payments on debt securities, and any payments to holders with respect to depositary shares, warrants, purchase agreements or purchase units, represented by a registered global security registered in the name of a depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner of the registered global security. None of us, the trustees, the warrant agents, the unit agents or any other agent of ours, agent of the trustees or agent of the warrant agents or unit agents will have any responsibility or liability for any aspect of the records relating to payments made on account of beneficial ownership interests in the registered global security or for maintaining, supervising or reviewing any records relating to those beneficial ownership interests.

We expect that the depositary for any of the securities represented by a registered global security, upon receipt of any payment to holders of principal, premium, interest or other distribution of underlying securities or other property on that registered global security, will immediately credit participants' accounts in amounts proportionate to their respective beneficial interests in that registered global security as shown on the records of the depositary. We also expect that payments by participants to owners of beneficial interests in a registered global security held through participants will be governed by standing customer instructions and customary practices, as is now the case with the securities held for the accounts of customers or registered in "street name," and will be the responsibility of those participants.

If the depositary for any of the securities represented by a registered global security is at any time unwilling or unable to continue as depositary or ceases to be a clearing agency registered under the Exchange Act, and a successor depositary registered as a clearing agency under the Exchange Act is not appointed by us within 90 days, we will issue securities in definitive form in exchange for the registered global security that had been held by the depositary. Any securities issued in definitive form in exchange for a registered global security will be registered in the name or names that the depositary gives to the relevant trustee, warrant agent, unit agent or other relevant agent of ours or theirs. It is expected that the depositary's instructions will be based upon directions received by the depositary from participants with respect to ownership of beneficial interests in the registered global security that had been held by the depositary.

**PLAN OF DISTRIBUTION**

We or a selling stockholder may sell securities:

&nbsp;&nbsp;&nbsp;&nbsp;· to or through underwriters,
 brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;· through agents;

&nbsp;&nbsp;&nbsp;&nbsp;· directly to one or
 more purchasers in negotiated sales or competitively bid transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· through one or more
 at-the-market offerings;

&nbsp;&nbsp;&nbsp;&nbsp;· through a block trade
 in which the broker or dealer engaged to handle the block trade will attempt to sell the
 securities as agent, but may position and resell a portion of the block as principal to facilitate
 the transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;· through a combination
 of any of the above methods of sale.

In addition, we may issue securities as a dividend or distribution or in a subscription rights offering to our existing security holders.

We or any selling stockholder may directly solicit offers to purchase securities, or agents may be designated to solicit such offers. We will, in the prospectus supplement relating to such offering, name any agent that could be viewed as an underwriter under the Securities Act, and describe any commissions that we must pay. Any such agent will be acting on a best efforts basis for the period of its appointment or, if indicated in the applicable prospectus supplement, on a firm commitment basis. This prospectus may be used in connection with any offering of our securities through any of these methods or other methods described in the applicable prospectus supplement.

The distribution of the securities may be effected from time to time in one or more transactions:

&nbsp;&nbsp;&nbsp;&nbsp;· at a fixed price,
 or prices, which may be changed from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;· at market prices prevailing
 at the time of sale;

&nbsp;&nbsp;&nbsp;&nbsp;· at prices related
 to such prevailing market prices; or

&nbsp;&nbsp;&nbsp;&nbsp;· at negotiated prices.

Each prospectus supplement will describe the method of distribution of the securities and any applicable restrictions.

The prospectus supplement with respect to the securities of a particular series will describe the terms of the offering of the securities, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;· the name of the agent
 or any underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;· the public offering
 or purchase price;

&nbsp;&nbsp;&nbsp;&nbsp;· any discounts and
 commissions to be allowed or paid to the agent or underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;· all other items constituting
 underwriting compensation;

&nbsp;&nbsp;&nbsp;&nbsp;· any discounts and
 commissions to be allowed or paid to dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;· any exchanges on which
 the securities will be listed.

If any underwriters or agents are utilized in the sale of the securities in respect of which this prospectus is delivered, we will enter into an underwriting agreement or other agreement with them at the time of sale to them, and we will set forth in the prospectus supplement relating to such offering the names of the underwriters or agents and the terms of the related agreement with them.

If a dealer is utilized in the sale of the securities in respect of which this prospectus is delivered, we or any selling stockholder will sell such securities to the dealer, as principal. The dealer may then resell such securities to the public at varying prices to be determined by such dealer at the time of resale.

If we offer securities in a subscription rights offering to our existing security holders, we may enter into a standby underwriting agreement with dealers, acting as standby underwriters. We may pay the standby underwriters a commitment fee for the securities they commit to purchase on a standby basis. If we do not enter into a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription rights offering for us.

Remarketing firms, agents, underwriters, dealers and other persons may be entitled under agreements which they may enter into with us to indemnification by us against certain civil liabilities, including liabilities under the Securities Act, and may be customers of, engage in transactions with or perform services for us in the ordinary course of business.

We may pay expenses incurred with respect to the registration of the shares of common stock owned by any selling stockholders.

If so indicated in the applicable prospectus supplement, we or any selling stockholder will authorize underwriters or other persons acting as our or their agents to solicit offers by certain institutions to purchase securities from us or them pursuant to delayed delivery contracts providing for payment and delivery on the date stated in the prospectus supplement. Each contract will be for an amount not less than, and the aggregate amount of securities sold pursuant to such contracts shall not be less nor more than, the respective amounts stated in the prospectus supplement. Institutions with whom the contracts, when authorized, may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and other institutions, but shall in all cases be subject to our approval. Delayed delivery contracts will not be subject to any conditions except that:

&nbsp;&nbsp;&nbsp;&nbsp;· the purchase by an
 institution of the securities covered under that contract shall not at the time of delivery
 be prohibited under the laws of the jurisdiction to which that institution is subject; and

&nbsp;&nbsp;&nbsp;&nbsp;· if the securities
 are also being sold to underwriters acting as principals for their own account, the underwriters
 shall have purchased such securities not sold for delayed delivery. The underwriters and
 other persons acting as our agents will not have any responsibility in respect of the validity
 or performance of delayed delivery contracts.

Certain agents, underwriters and dealers, and their associates and affiliates may be customers of, have borrowing relationships with, engage in other transactions with, or perform services, including investment banking services, for us or one or more of our respective affiliates or any selling stockholder in the ordinary course of business.

In order to facilitate the offering of the securities, any underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the securities or any other securities the prices of which may be used to determine payments on such securities. Specifically, any underwriters may overallot in connection with the offering, creating a short position for their own accounts. In addition, to cover overallotments or to stabilize the price of the securities or of any such other securities, the underwriters may bid for, and purchase, the securities or any such other securities in the open market. Finally, in any offering of the securities through a syndicate of underwriters, the underwriting syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing the securities in the offering if the syndicate repurchases previously distributed securities in transactions to cover syndicate short positions, in stabilization transactions or otherwise. Any of these activities may stabilize or maintain the market price of the securities above independent market levels. Any such underwriters are not required to engage in these activities and may end any of these activities at any time.

Until May 28, 2024, under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. After May 28, 2024, per the SEC's amendments to Rule 15c6-1, trades in the secondary market will generally be required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Until May 28, 2024, the applicable prospectus supplement may provide that the original issue date for your securities may be more than two scheduled business days after the trade date for your securities. After May 28, 2024, the applicable prospectus supplement may provide that the original issue date for your securities may be more than one scheduled business day after the trade date for your securities. Accordingly, in such cases, if you wish to trade securities on any date prior to the second or first business day, as applicable, before the original issue date for your securities, you will be required, by virtue of the fact that your securities initially are expected to settle in more than two or one, as applicable, scheduled business days after the trade date for your securities, to make alternative settlement arrangements to prevent a failed settlement.

To comply with the securities laws of some states, if applicable, the securities may be sold in such jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the securities may not be sold unless they have been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.

The securities may be new issues of securities and may have no established trading market. The securities may or may not be listed on a national securities exchange. We can make no assurance as to the liquidity of or the existence of trading markets for any of the securities.

**LEGAL MATTERS**

Unless the applicable prospectus supplement indicates otherwise, the validity of the securities in respect of which this prospectus is being delivered will be passed upon by DLA Piper LLP (US), Short Hills, NJ.

**EXPERTS**

The consolidated financial statements of Intercept Pharmaceuticals, Inc. included in our [Annual Report on Form 10-K for the fiscal year ended December 31, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1270073/000155837023002693/icpt-20221231x10k.htm), and management's assessment of the effectiveness of internal control over financial reporting as of December 31, 2022, have been incorporated by reference herein and in the registration statement in reliance upon the reports of KPMG LLP, an independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting.

**INTERCEPT PHARMACEUTICALS, INC.** 

**Debt Securities**

**Common Stock**

**Preferred Stock**

**Depositary Shares**

**Purchase Contracts**

**Purchase Units**

**Warrants**

**<u>PROSPECTUS</u>**

**March 24, 2023**

**Up to $100,000,000**

![](tm2310363d2_424b5img001.jpg)

**Common Stock**

___________________

**PROSPECTUS SUPPLEMENT**

___________________

___________________

**TD Cowen**

_____________

March 24, 2023

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**424(b)(5)**

(Form Type)

**Intercept Pharmaceutical, Inc.** 

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security<br> Type** | **Security Class Title** | **Fee <br> Calculation <br> or Carry<br> Forward <br> Rule** | **Amount<br> Registered** | **Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit** | **Maximum<br> Aggregate<br> Offering<br> Price<sup>(1)</sup>** | **Fee Rate** | **Amount of<br> Registration<br> Fee** | **Carry<br> Forward<br> Form Type** | **Carry<br> Forward File<br> Number** | **Carry<br> Forward Initial<br> effective date** | **Filing Fee<br> Previously<br> Paid In<br> Connection<br> with Unsold<br> Securities to<br> be Carried<br> Forward** |
| Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities |
| Fees to Be Paid | Equity | Common Stock, par value $0.001 per share | Rule 457(o) and Rule 457(r) | $100000000 | N/A | $100000000 | $0.0001102 | $11020 |  |  |  |  |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |  |  |  |
| Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Total Offering Amount | Total Offering Amount | Total Offering Amount | Total Offering Amount | Total Offering Amount | $100000000 |  | $11020 |  |  |  |  |
|  | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  |  |  |  |  |
|  | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  | $— |  |  |  |  |
|  | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  | $11020 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The proposed maximum aggregate offering price is being used to calculate the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended.

<u>Table 2: Fee Offset Claims and Sources</u>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Registrant <br> or Filer <br> Name | Form <br> or <br> Filing <br> Type | File <br> Number | Initial <br> Filing <br> Date | Filing <br> Date | Fee<br> Offset <br> Claimed | Security <br> Type <br> Associated <br> with Fee <br> Offset <br> Claimed | Security <br> Title <br> Associated <br> with Fee <br> Offset <br> Claimed | Unsold <br> Securities <br> Associated <br> with Fee <br> Offset <br> Claimed | Unsold <br> Aggregate <br> Offering <br> Amount <br> Associated <br> with Fee <br> Offset <br> Claimed | Fee<br> Paid <br> with<br> Fee <br> Offset <br> Source |
| Rule 457(b) and 0-11(a)(2) | Rule 457(b) and 0-11(a)(2) | Rule 457(b) and 0-11(a)(2) | Rule 457(b) and 0-11(a)(2) | Rule 457(b) and 0-11(a)(2) | Rule 457(b) and 0-11(a)(2) | Rule 457(b) and 0-11(a)(2) | Rule 457(b) and 0-11(a)(2) | Rule 457(b) and 0-11(a)(2) | Rule 457(b) and 0-11(a)(2) | Rule 457(b) and 0-11(a)(2) | Rule 457(b) and 0-11(a)(2) |
| Fee Offset Claims |  |  |  |  |  |  |  |  |  |  |  |
| Fee Offset Sources |  |  |  |  |  |  |  |  |  |  |  |
| Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) |
| Fee Offset Claims |  |  |  |  |  |  |  |  |  |  |  |
| Fee Offset Sources |  |  |  |  |  |  |  |  |  |  |  |

---