Shares of Trupanion, Inc. (Nasdaq: TRUP) experienced a significant surge of over 10% in after-hours trading as the company revealed positive updates on its rate filing approval status in California and New York.

The company received approvals for rate increases of 12% in California and 18% in New York, bringing the total approved rates to approximately 21% and 25%, respectively, in the past seven months.

These key state approvals are expected to result in pricing actions of 19.7% and 21.6% flowing through Trupanion's book by the end of August and September 2023, respectively.

The company also reaffirmed its commitment to achieving positive free cash flow in the fourth quarter of 2023.

In after-hours, $TRUP is currently trading at $23.69, reflecting a notable increase of $3.13 or 15.22%.

In other news, Intercept Pharmaceuticals, Inc. (Nasdaq: ICPT) said that it has received a Complete Response Letter (CRL) from the FDA regarding its New Drug Application (NDA) for obeticholic acid (OCA) in the treatment of pre-cirrhotic fibrosis due to nonalcoholic steatohepatitis (NASH). 

The FDA stated that the NDA cannot be approved in its current form, requiring successful completion of the REGENERATE study's long-term outcomes phase for resubmission. 

In response, Intercept will discontinue NASH-related investment and focus on rare and serious liver diseases. 

$ICPT was trading at $10.85, down $0.70 (6.06%) in after-hours, following the announcement

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