The company has lowered 2023 non-GAAP adjusted operating expense guidance to $350 million to $370 million. This guidance includes expenses to wind down the REGENERATE study and stop all other NASH-related activity, as well as estimated charges of approximately $16 million relating to the planned workforce reduction in 2023. The company expects the majority of restructuring costs to be incurred during the third quarter of 2023. Intercept reiterated its full-year 2023 Ocaliva net sales guidance of $310 million to $340 million, as compared to 2022 Ocaliva U.S. net sales of $285.7 million. As of March 31, 2023, Intercept had cash, cash equivalents, restricted cash, and investment debt securities available for sale of $435.2 million. As previously disclosed, the company will use available cash to settle $110 million of convertible notes on or around July 1, 2023.
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