1

Corporate PresentationJune 2017

2

Safe Harbor & Disclaimer Statement

This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These "forward-

looking statements" are based on management's current expectations of future events and are subject to a number of important risks and

uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements.

These risks and uncertainties include, but are not limited to: Intercept's ability to successfully commercialize Ocaliva® (obeticholic acid) in PBC, and

Intercept's ability to maintain its regulatory approval of Ocaliva in PBC in the United States and the European Union; the initiation, cost, timing,

progress and results of Intercept's development activities, preclinical studies and clinical trials; the timing of and Intercept's ability to obtain and

maintain regulatory approval of OCA in PBC and in indications other than PBC and any other product candidates it may develop such as INT-767;

conditions that may be imposed by regulatory authorities on Intercept's marketing approvals for its product candidates such as the need for clinical

outcomes data (and not just results based on achievement of a surrogate endpoint), and any related restrictions, limitations, and/or warnings in the

label of any approved product candidates; Intercept's plans to research, develop and commercialize its product candidates; Intercept's ability to obtain

and maintain intellectual property protection for its product candidates; Intercept's ability to successfully commercialize OCA in indications other than

PBC and its other product candidates; the size and growth of the markets for Intercept's product candidates and its ability to serve those markets; the

rate and degree of market acceptance of any of Intercept's products, which may be affected by the reimbursement that it may receive for its products

from payors; the success of competing drugs that are or become available; the election by Intercept's collaborators to pursue research, development

and commercialization activities; Intercept's ability to attract collaborators with development, regulatory and commercialization expertise; regulatory

developments in the United States and other countries; the performance of third-party suppliers and manufacturers; Intercept's need for and ability to

obtain additional financing; Intercept's estimates regarding expenses, future revenues and capital requirements and the accuracy thereof; Intercept's

use of cash, short-term investments and the proceeds from the offering; Intercept's ability to attract and retain key scientific or management

personnel; and other factors discussed under the heading "Risk Factors" contained in Intercept’s Annual Report, Quarterly Reports and other filings

with the Securities and Exchange Commission. All information in this presentation is as of the date hereof, and Intercept undertakes no duty to update

this information unless required by law.

This presentation presents adjusted operating expense, which is a non-GAAP measure, both on a historical and projected basis. Adjusted operating

expense should be considered in addition to, but not as a substitute for, operating expense that Intercept prepares and announces in accordance with

GAAP. Intercept excludes certain items from adjusted operating expense, such as the one-time net expense of $45.0 million for the proposed

settlement of the purported securities class action lawsuit, stock-based compensation and depreciation, that management does not believe affect

Intercept's basic operations and that do not meet the GAAP definition of unusual or nonrecurring items.

3

Building a Specialty Focused Business in Progressive Non-Viral Liver Diseases

Novel therapeutic approach in

progressive non-viral liver diseases

OCA is an approved, first in class farnesoid X receptor (FXR) agonist that is active in the liver and

gut, with an extensive safety database (>1,600 clinical trial subjects, >675 patient years of exposure)

Worldwide rights (outside of Japan, China and Korea)

Patent terms projected to expire at various times through 2033

PBC:

Ocaliva® for Primary Biliary

Cholangitis

Indication for the treatment of PBC in adults with an inadequate response to UDCA, or as

monotherapy in adults unable to tolerate UDCA

$20.6M in 1Q 2017 world-wide net sales

Steady growth expected; solid long-term market opportunity to make Ocaliva standard of care for

second line treatment

COBALT Phase 4 confirmatory outcomes trial ongoing

NASH:

Significant Market Opportunity

Breakthrough therapy designation from FDA for NASH w/ liver fibrosis

Phase 3 REGENERATE trial - Announced complete enrollment of interim analysis cohort in May

2017; Data expected in 1H 2019

Phase 2 CONTROL trial readout in mid-2017

Broad NASH clinical development program planned

Significant Upside from Further OCA

Indications and Pipeline

Phase 2 AESOP trial in primary sclerosing cholangitis (PSC) readout in mid-2017

OCA in development for additional non-viral, progressive liver diseases

INT-767 Phase 1 recently completed, Phase 2 in NASH w/ liver fibrosis expected to start in 2H 2017

4

Pipeline Focused on Progressive Liver Diseases with High Unmet Need

Own worldwide rights to all programs (except Japan, China & Korea for OCA)

Preclinical Phase 1 Phase 3Phase 2 ApprovedProduct / Population

INT-777 (TGR5 Agonist)

NASH w/ fibrosis

INT-767 (Dual FXR / TGR5 Agonist)

Primary Biliary Cholangitis (PBC)

Nonalcoholic Steatohepatitis (NASH)

Primary Sclerosing Cholangitis (PSC)

Biliary Atresia

OCA (FXR Agonist)

5

Key Recent and Upcoming 2017 Milestones

PBC

WW Ocaliva net sales $20.6M 1Q 2017

Continue enrollment of Phase 4 COBALT trial 2017

NASH

Complete enrollment of interim analysis cohort in Phase 3

REGENERATE trialMay 2017

Report Phase 2 CONTROL results Mid-2017

Initiate Phase 3 OCA cirrhosis trial 2H 2017

Initiate INT-767 Phase 2 trial 2H 2017

PSC Report Phase 2 AESOP results Mid-2017

6

The PBC Opportunity

7

Primary Biliary Cholangitis (PBC) Overview

NATURAL HISTORY:

Increased ALP is observed early in the disease

Hepatocellular damage marked by increases in AST, ALT, GGT

Elevation of bilirubin occurs with advanced disease

PREVALENCE:

Disease of women (10:1)

1 in 1,000 women >40 years old

DIAGNOSIS:

Non-invasive diagnosis (blood test)

Elevated alkaline phosphatase (ALP) & anti-mitochondrial antibody (AMA)

Pruritus (itching) and fatigue are signature symptoms

CholestasisHepato-

cellular

damageFibrosis Cirrhosis

HealthyLiver

CirrhoticLiver

8

Ocaliva Was Approved in May 2016

Granted accelerated approval in

PBC in combination with

ursodeoxycholic (UDCA) in adults

with an inadequate response to

UDCA or as monotherapy in adults

unable to tolerate UDCA

Approval based on a reduction in

alkaline phosphatase (ALP)

Launched June 2016

9

~19,000 PBC Patients In U.S. Initial Launch Focus

130k

55k 50k 47k

30k

15k 4k

47%1

91%

93%2

64%

33%

0.04%

1. Access to healthcare assumed in calculation at 88.6%

2. 8% of patients under treater care are intolerant or discontinued due to failure on UCDA. 85% of patients under treater care are currently treated with UDC

3. UDCA discontinue patients represent 9% of patients who are either UDCA treated or UDCA intolerant or discontinue

ICPT Market Research

9%3

Estimates based on FYE2016

Prevalence Diagnosed Under treater care UDCA Treated /

UDCA discontinue

intolerance or failure

UDCA treated

uncontrolled

(ALP > ULN)

UDCA treated

uncontrolled

(ALP > 1.67)

UDCA discontinue

tolerability / failure

Launch focusing on patients

matching POISE criteria

10

1Q Ocaliva Commercial Update

*Source IMS; $ in millions

Weekly U.S. Ocaliva Prescription Data*

TR

x

0

50

100

150

200

250

300

350

400

450

1/2017 2/20176/2016 4/20173/201711/20169/20168/20167/2016 5/201712/201610/2016 6/2017

$4.7

$13.4

$19.8

$0.1

$20.6

1Q 20174Q 2016

$13.4

3Q 2016

$4.7

2Q 2016

ex-U.S. Sales

U.S. Sales

11

We’ve Made Significant Progress on the U.S. Launch

In the first 9 months of launch we accomplished:

– Good traction with high-decile physicians

– Increased education and awareness overall by hosting >350 PBC disease and branded

speaker programs, reaching > 3000 physicians and office staff

– Achieved >282 million lives covered with average time from Rx to drug to patients ~3 weeks

Now that we are entering the next phase of launch, we plan to focus beyond our high decile

physicians:

– Expanding our efforts to reach deeper into our target list

– Recognizing that while these physicians represent a larger portion of overall market, they

will require greater disease education

11

We expect steady quarter over quarter growth

12

We Are Making Good Progress for Ocaliva Internationally

Revenues

– $0.8M in 1Q 2017 sales

– Ex-U.S. to contribute modestly to Ocaliva sales in 2017

• Germany & France key early access markets

Pricing & Reimbursement

– We have made good progress in Europe & Canada

– Rapid reimbursement decision by NICE within four months of EMA approval

• Formal publication of the guidance in April

EASL 2017

– New EASL treatment guidelines published; Ocaliva recommended as second line therapy

12

13

The NASH Opportunity

14

NASH: A Worldwide Health Issue

1: Wree, A. et al. Nat. Rev. Gastroenterol. Hepatol. 10, 627–636 (2013)

2: Wong et al. Hepatology 2014; 59(6):2188-95

3: Tateishi et al. J of Gastroenterology. June 2014

Changes in the lifestyle and diet of the global population are fuelling a worldwide surge in

obesity and the increasing prevalence of NAFLD/NASH

NASH linked to increased dietary consumption of fructose and PUFAs1

NASH expected to become the leading cause of liver transplant by 20201

Growing NASH-related HCC among liver transplants (8% in 2008 to 14% in 2012)2,

with up to 40% of HCC in non-cirrhotic patients3,4

4: Dyson et al. J. Hepatology 2014; 60(1):110-7

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Broad and Comprehensive NASH Clinical Plan for OCA

Trial Description Status

Ph

ase 3 REGENERATE Efficacy & Safety in NASH w/ Fibrosis

Completed enrollment of interim

analysis cohort in May 2017

Cirrhosis Program Efficacy & Safety in NASH w/ Cirrhosis Initiate in 2H 2017

Ph

as

e 2

Un

derw

ay/

Pla

nn

ed CONTROL OCA & Statin Effects on LDL and Lipid Metabolism Data in mid-2017

Pediatric NASH Efficacy & Safety in Pediatric NASH Patients In planning

NASH Registry In planning

Ph

as

e2

co

mp

lete

d

FLINT Efficacy & Safety in Non-Cirrhotic NASHTetri et al. The Lancet 2015; 385:

956-65

Japanese NASH Efficacy & Safety in Japanese NASH PatientsConducted by Sumitomo Dainippon

Pharma

Diabetes/NAFLD Diabetes + NAFLD Euglycemic ClampMudaliar et al, Gastroenterology 2013;

145:574-82

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Liver Fibrosis: Associated with Long-term Outcomes

1: Angulo et al, Gastroenterology 2015;

2: Retrospective analysis of 619 patients diagnosed with NAFLD over median follow-up of 12.6 years

Liver Fibrosis, But No Other Histologic Features, Associates With Long-term

Outcomes of Patients With Nonalcoholic Fatty Liver Disease

Paul Angulo, MD, David E. Kleiner, MD, PhD, Sanne Dam-Larsen, MD, PhD, Leon

A. Adams, MBBS, PhD, Einar S. Bjornsson, MD, Phunchai Charatcharoenwitthaya,

MD, Peter R. Mills, MD, Jill C. Keach, Heather D. Lafferty, MB, ChB, Alisha Stahler,

Svanhildur Haflidadottir, MD, Flemming Bendtsen, MD, PhD

10.9x

3.8x2.9x 2.6x

1.9x 1.6x

0.3x0

2

4

6

8

10

12

FibrosisStage 4

FibrosisStage 3

FibrosisStage 2

Current Smoker FibrosisStage 1

Diabetes Statin Use

Hazard Ratio of Death or Liver Transplant1,2

17

OCA is the FXR Agonist That Has Met Primary and Key Secondary Histologic

Endpoints in a Well-Controlled Phase 2 Trial

17

43%

21%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

OCA Placebo

>1 Stage Fibrosis Improvement

w/o Worsening of NASH* (Stage 2 or 3 Fibrosis)2

p=0.0059n=58 n=58

35%

19%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

OCA Placebo

Primary Analysis

> 1 Stage Fibrosis Improvement

p=0.004n=102 n=98

1: Data from FLINT trial published online in Tetri et al. The Lancet and Supplementary Appendix on November 7, 2014; All p-values compared to placebo.

2. Post-hoc analysis

*Defined as no increase in hepatocellular ballooning or lobular inflammation

Phase 2 FLINT1 trial included 200 paired biopsies over 72 weeks– Primary endpoint met: decrease in the NAS of at least two points with no increase in the fibrosis score

– OCA improved all components of NASH, including fibrosis, steatosis, inflammation & ballooning

– OCA was generally well tolerated based on safety and tolerability data

A significantly greater proportion of OCA patients achieved an improvement of at least one fibrosis stage in both the primary analysis and a post-hoc analysis of FLINT in a REGENERATE-matched patient cohort

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REGENERATE: Randomized Global Phase 3 Trial to Evaluate the Impact on NASH with Fibrosis of

Obeticholic Acid Treatment

Placebo

OCA 10 mg

OCA 25 mg

End of Study

72 week Interim

Analysis

Primary endpoints:

• Fibrosis Improvement with no

worsening of NASH

OR

• NASH Resolution2 with no

worsening of fibrosis

Event-Driven

Final Analysis*

~350

sites

~2,000

patients

Interim histology analysis at 72 weeks in 750 patients planned to serve as basis for filing for approval

Announced complete enrollment in May 2017; Data expected in 1H 2019

*EOS endpoint: Occurrence of pre-specified number of clinical events

Entry Criteria1:• Biopsy-confirmed NASH

• Fibrosis stage 2 or stage 3

1Exploratory group of NASH patients with stage 1 liver fibrosis with comorbid risk factors (defined as diabetes, obesity or active liver inflammation (ALT >1.5X ULN)) will also be enrolled, but not included in the

primary endpoint analyses2Hepatocyte ballooning score of 0 & residual or no inflammation (“objective definition”)

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Phase 2 CONTROL Trial : Combination of OCA And Statins for Monitoring of Lipids

Placebo

OCA 10 mg

OCA 25 mg

Baseline lipid

profile

OCA 5 mg

OCA 10 mg

OCA 25 mg

2-year Open Label Extension Study

Week

16

Atorvastatin

10mg

Atorvastatin

20mg

Titrated

Atorvastatin Statin Use per EU/US Guidelines

• Evaluate the impact of varying doses of OCA on LDL and lipid metabolism

• Evaluate the impact of low doses of statin therapy to modulate LDL in

combination with OCA treatment

• Data expected mid-2017

N=80

20

The PSC Opportunity

21

Primary Sclerosing Cholangitis (PSC): Overview

PSC is an autoimmune cholestatic liver disease

PSC is a significant market opportunity

Estimated prevalence in U.S. ~40,0001

Typically more complicated & aggressive than PBC2

~75% of PSC patients have IBD, principally ulcerative colitis3

Biliary obstructions & infections

Cholangiocarcinoma & liver cancer

Orphan indication with high unmet need: no approved treatment

UDCA often used, although not recommended by AASLD4

Regulatory pathway to be determined

1: ICPT Market Research

2: Robbins and Cotran pathological basis of disease

3: Bambha et al. Gastroenterology 2003; 125:1364-1369

4: Chapman et al. Hepatology 2010; 51:660-678

EPIDEMIOLOGY:

DISEASE COURSE:

TREATMENT:

Hirschfield, et al; The Lancet. June 2013

22

Phase 2 AESOP Trial: Assessment of Efficacy and Safety of OCA in PSC

22

Placebo

OCA 5 mg

Randomization

OCA 1.5 mgOCA 3 mg

OCA 10 mg

Week 12

Titration

Week 24

Screening

< 30 days

from Day 0

Open label

LTSE

• ~75 patients

• Proof of principle study, second cholestatic disease

• Primary endpoints: change from baseline in ALP; safety

• Data expected mid-2017

23

First Quarter 2017 Financial Results

23

Quarter Ended

3/31/20172017 Guidance

Net Product Revenue $20.6

Gross : Net 10-15% 10-15%

COGs De minimis De minimis

Interest Expense $7.2 ~$30.0

GAAP Operating Expense $105.0

Adjusted Operating Expense1 $90.1 $380 - $420

Cash Position $608.0

1Excludes non-cash items such as stock-based compensation and other non-cash items; see reconciliation table on slide 23All values in millions

24

Reconciliation Table

24

Three Months Ended

March 31

2017 2016

Total operating expense

(GAAP)$105.0 $127.8

Adjustments:

Stock based compensation 14.1 10.2

Depreciation 0.8 0.7

Litigation settlement - 45.0

Adjusted operating expense $90.1 $71.9

All values in millions

25

Appendix

26

Appendix: NASH

27

Updated REGENERATE Phase 3 Trial Design

27

Interim Analysis End of Study

NPrimary

Endpoints1

Definition of

NASH ResolutionInclusion

Treatment

Arms

Treatment

DurationN Primary Endpoint

Treatment

Duration

Current Study

Design

~750

Fibrosis

improvement

OR NASH

resolution

Hepatocyte

ballooning score

of 0 & residual

or no

inflammation2

Biopsy

proven

NASH3 with

fibrosis stage

2 or 34

OCA 10mg

OCA 25mg

Placebo

72 weeks ~2,000

Occurrence of

pre-specified

number of

clinical events

comprising a

composite

outcomes

endpoint

Event

driven

1Primary endpoints defined as fibrosis improvement with no worsening of NASH OR NASH resolution with no worsening of fibrosis2“Objective definition” of NASH resolution3Central pathologist assessment of definite NASH and NAFLD Activity Score (NAS) > 4 4NASH patients with stage 1 liver fibrosis with comorbid risk factors (defined as diabetes, obesity or active liver inflammation (ALT >1.5X ULN)) also being enrolled as an exploratory cohort

28

NAFLD: Progression to NASH w/ Fibrosis

1: McPherson et al, Journal of Hep, 2015;

2: 108 patients had serial biopsies (mean 6.4 years to repeat biopsy): 27 patients with baseline NAFLD and 81 patients with baseline NASH

44%37%

22%

0%

10%

20%

30%

40%

50%

DevelopedNASH

Developed NASH + Fibrosis

DevelopedNASH w/ Stage 3

Fibrosis

NAFLD: Progression to NASH2

10% 9%

35%

0%

10%

20%

30%

40%

50%

NASH: Progression to Cirrhosis2

F1 F2 F3

Over an average follow-up period of ~6 years1,2:

Evidence of NAFLD progression from steatosis to fibrosing-

steatohepatitis using paired biopsies: implications for prognosis

and clinical management

Stuart McPherson, Tim Hardy, Elsbeth Henderson, Alastair D. Burt, Christopher P. Day, Quentin M. Anstee

29

35%

17%15%

2%

19%

5%

18%

5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

OCA

Pbo

Fibrosis Improvement and Progression

N=102 N=98

P=0.004

1: Data from FLINT trial published online in Tetri et al. The Lancet and Supplementary Appendix on November 7, 2014.

2: All p-values compared to placebo. P-values calculated with the Cochran-Mantel-Haenszel test, stratified by clinic and diabetes status.

Improvement in Fibrosis

> 1-stage

Improvement

Intercept Subgroup Analyses

N=92 N=83

P=0.0018

Fibrosis

Resolution

Fibrosis Progression

N=67 N=68

Not. sig.

Progressed to

Bridging

N=101 N=97

Not. sig.

Progressed to

Cirrhosis

30

22%19%

13%

8%

0%

5%

10%

15%

20%

25%

All Completers All Completers with Definite or Borderline NASHat Baseline

% of Patients w/ NASH Resolution OCA

Pbo

NASH Resolution: Baseline NASH-Only Analysis

P=0.0832,

Not. sig. P=0.0278

N=94 N=87N=102 N=98

~20% of FLINT patients did not have definite NASH at baseline

Post-hoc analysis excluding patients without baseline NASH demonstrates significant response vs.

placebo on NASH resolution

1: Data from FLINT study published online in Tetri et al. The Lancet and Supplementary Appendix on November 7, 2014. Of FLINT patients assessed for secondary endpoints, 10% (19/200) did not have definite/borderline-NASH at baseline

2: All p-values compared to placebo. P-values calculated with the Cochran-Mantel-Haenszel test, stratified by clinic and diabetes status.

Intercept Subgroup Analysis

31

45%

61%

53%

46%

35%

22%

12%

21%

38%35%

31%

19%

13% 13%

0%

10%

20%

30%

40%

50%

60%

70%

Primary Endpoint Steatosis LobularInflammation

Ballooning Fibrosis NASH resolution PortalInflammation

% of Patients w/ Improvement OCA Pbo

FLINT: Primary and Secondary Histological Endpoints

P=0.0002 P=0.001 P=0.006 P=0.03 P=0.004 not. sig.

1: Data from Tetri et al. The Lancet. Published online November 7, 2014.

2: All p-values compared to placebo. P-values calculated with the Cochran-Mantel-Haenszel test, stratified by clinic and diabetes status.

not. sig.

32

Appendix: PBC

33

Interconnect® – Our Personalized Patient Support Program

Interconnect financial assistance

programs includes:

– A $0 copay program for patients with

commercial insurance.

– Access to Ocaliva at no cost for

eligible uninsured or underinsured

patients.

Interconnect can also help refer

patients with Medicare or Medicaid to

an independent non-profit

organization that provides financial

assistance to PBC patients

MD

Prescribes

OCALIVA for PBC

Interconnect

Support Services

Patient

Specialty

Pharmacy

Network

•Conduct Benefit

Investigation

•Assist with appeals

•Administer financial

assistance programs

•Patient education

•Compliance and

persistency

• Confirm coverage

• Distribute product

• Report data

Care Coordinator -

Single Point of Contact

34

Global PBC Opportunity

130k116k

55k 50k 47k30k

15k

112k112k

55k48k 46k

29k

15k

290k276k

134k119k

112k

72k

37k

US EU5 Canada ANZ ROE

Global Prevalence / OCA Candidate Assumptions

US ROW

Prevalence (rate / ~2016 pop.)1,2 0.04% 0.035%

Access to healthcare3,4 89.6% 100%

PBC Diagnostic rate (2016) 5 47% 49%

Under treater care5 91% 88%

Treated w/ UDCA6 85.0%

UDCA discontinue – Intolerant/failure5 8.0%

Inadequate responder ALP ≥ULN5,6 71.0%

Adequate responder ALP <ULN5,6 29.0%

1: Kim et al. J. Gastroenterology. 2000; 119(6):1631-6

2: CDA Epidemiology Research

3: US Census Bureau 2015

*: Does not include intolerant patients

4: OCED Health Data 2014

5: Intercept Market Research

6: Lammers el al Gastroenterology. 2014 Dec;147(6):1338-1349 Estimates based on FYE2016

Prevalence Access Diagnosed Under treater care UDCA Treated /

UDCA discontinue

intolerance or failure

UDCA treated

uncontrolled*

(ALP > ULN)

UDCA treated

uncontrolled*

(ALP > 1.67)

35

Appendix: FXR

36

In Animal Models, OCA Activation of FXR has Shown Anti-Fibrotic

Effects in the Liver

36

OCA activation of FXR has anti-fibrotic effects in multiple animal models of chronic liver, intestinal and

renal diseases and has demonstrated the ability to reverse fibrosis in a rat model of toxic cirrhosis1-6

Effects of OCA on Fibrosis in TAA Rats6

Representative macroscopic and microscopic (Sirius red stain with subsequent image analysis) illustration of a vehicle- vs. OCA-treated rat

Vehicle OCA

1. Albanis E, Alvarez CE, Pruzanski M, et al. Hepatology. 2005. Oct;42(4):605A-606A. 2. Vignozzi L, Morelli A, Filippi S, et al. J Sex Med. 2011 Jan;8(1):57-77. 3. Morelli A, Comeglio P, Filippi S, et al. Journal of Steroid Biochemistry and

Molecular Biology 2012;132:80-92. 4. Wang XX, Jiang T, Shen Y, et al. American Journal of Physiology-Renal Physiology 2009;297:F1587-F96. 5. Wang XX, Jiang T, Shen Y, et al. Diabetes. 2010;59:2916-27. 6. Verbeke L, Mannaerts I,

Schierwagen R, et al. Sci Rep. 2016 Sep 16;6:33453.

37

Is There a Rationale for the Therapeutic Potential of FGF19 in

Non-viral Liver Diseases?

37

Fibroblast growth factor 19 (FGF19) is an ileal

protein hormone that plays a role in governing

bile acid homeostasis and metabolic processes

The primary source of endocrine FGF19 is the

ileum, where FGF19 expression is controlled

through FXR activation

– Bile acids released into the intestine after a meal

bind to and activate FXR and thereby induce

expression of FGF19

The therapeutic potential of FGF19 has been

explored in PBC

– This compound did not advance to Phase 31

To date, no investigational compounds with an

FGF19-driven mechanism of action have

demonstrated efficacy in patients with NASH

1. NGM press release. March 2015.