MADRIGAL PHARMACEUTICALS, INC.
Business
Madrigal Pharmaceuticals is a biopharmaceutical company focused on developing novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease. The company's FDA-approved product, Rezdiffra (resmetirom), is a once-daily oral liver-directed thyroid hormone receptor beta agonist launched in the US in April 2024 and in Germany in September 2025. Madrigal operates as a single-product commercial company building a pipeline including oral GLP-1 receptor agonist, DGAT-2 inhibitor, and siRNA programs designed to complement or combine with Rezdiffra. The company distributes through specialty pharmacy networks in the US and Europe.
Summary from 10-K filed 2026-02-19
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Product revenue, net | 958 | 180 | 0 | 0 | — | |
| Cost of sales | 56 | 6 | 0 | — | — | |
| Research and development | 389 | 237 | 272 | 245 | 205 | |
| Selling, general and administrative | 814 | 435 | 108 | 48 | — | |
| Total operating expenses | 1,259 | 678 | 380 | 294 | 242 | |
| Loss from operations | −300 | −498 | −380 | −294 | −242 | |
| Interest income | 37 | 47 | 20 | 2 | 363,000 | |
| Interest expense | −22 | −15 | −13 | −4 | — | |
| Loss on extinguishment of debt | −3 | 0 | 0 | — | — | |
| Other expense, net | −463,000 | 0 | 0 | — | — | |
| Net loss | −288 | −466 | −374 | −295 | −242 | |
| Basic net loss per common share (in dollars per share) | −12.85 | −21.9 | −19.99 | −17.23 | −14.63 | |
| Diluted net loss per common share (in dollars per share) | −12.85 | −21.9 | −19.99 | −17.23 | −14.63 | |
| Basic weighted average number of common shares outstanding (in shares) | 22 | 21 | 19 | 17 | 17 | |
| Diluted weighted average number of common shares outstanding (in shares) | 22 | 21 | 19 | 17 | 17 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 199 | 100 | 100 | 332 | 36 | |
| Restricted cash | 5 | 5 | 0 | — | — | |
| Marketable securities | 785 | 826 | 534 | 27 | 234 | |
| Trade receivables, net | 134 | 54 | 0 | — | — | |
| Inventory | 75 | 34 | 0 | — | — | |
| Prepaid expenses and other current assets | 48 | 14 | 3 | 3 | 1 | |
| Total current assets | 1,246 | 1,033 | 637 | 361 | 272 | |
| Property and equipment, net | 1 | 2 | 2 | 601,000 | 851,000 | |
| Intangible assets, net | 7 | 5 | 0 | — | — | |
| Right-of-use asset | 5 | 2 | 2 | 602,000 | 797,000 | |
| Total assets | 1,260 | 1,042 | 641 | 363 | 273 | |
| Accounts payable | 49 | 44 | 28 | 24 | 21 | |
| Accrued liabilities | 260 | 125 | 90 | 91 | 55 | |
| Lease liabilities | 1 | 983,000 | 527,000 | 602,000 | 410,000 | |
| Total current liabilities | 310 | 169 | 119 | 116 | 77 | |
| Loan payable, net of discount | 340 | 118 | 115 | 49 | 0 | |
| Lease liabilities | 7 | 1 | 1 | 0 | 387,000 | |
| Total long term liabilities | 347 | 119 | 117 | 49 | 387,000 | |
| Total liabilities | 657 | 288 | 235 | 165 | 77 | |
| Preferred stock, par value $0.0001 per share authorized: 5,000,000 shares at December 31, 2025 and December 31, 2024; 2,369,797 shares issued and outstanding at December 31, 2025 and December 31, 2024 | 0 | 0 | 0 | 0 | — | |
| Common stock, par value $0.0001 per share authorized: 200,000,000 at December 31, 2025 and December 31, 2024; 22,842,073 and 22,004,679 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |
| Additional paid-in-capital | 2,692 | 2,556 | 1,741 | 1,160 | 863 | |
| Accumulated other comprehensive income | 873,000 | 468,000 | 468,000 | −32,000 | −80,000 | |
| Accumulated deficit | −2,091 | −1,802 | −1,336 | −963 | −667 | |
| Total stockholders equity | 603 | 754 | 405 | 197 | 196 | |
| Total liabilities and stockholders equity | 1,260 | 1,042 | 641 | 363 | 273 | |
| Preferred stock, outstanding (in shares) | 2 | 2 | 2 | 2 | 2 | |
| Preferred stock, issued (in shares) | 2 | 2 | 2 | 2 | 2 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net loss | −288 | −466 | −374 | −295 | −242 | |
| Stock-based compensation expense | 98 | 80 | 50 | 32 | 27 | |
| Depreciation and amortization expense | 2 | 1 | 527,000 | 467,000 | 405,000 | |
| Amortization of debt issuance costs and discount | 2 | 2 | 2 | 797,000 | 0 | |
| Amortization and interest accretion related to operating leases | 3 | −400,000 | 0 | 0 | — | |
| Trade receivables, net | −81 | −54 | 0 | 0 | — | |
| Inventory | −37 | −34 | 0 | 0 | — | |
| Prepaid expenses and other current assets | −34 | −11 | −555,000 | −1 | −325,000 | |
| Accounts payable | 5 | 16 | 4 | 2 | 20 | |
| Accrued liabilities | 132 | 35 | −1 | 36 | 10 | |
| Accrued interest, net of interest received on maturity of investments | 6 | −24 | −5 | −3,000 | 787,000 | |
| Net cash used in operating activities | −190 | −456 | −324 | −225 | −184 | |
| Purchases of marketable securities | −1,048 | −1,131 | −834 | −143 | −394 | |
| Sales and maturities of marketable securities | 1,083 | 863 | 333 | 350 | 389 | |
| Acquisition of intangible asset | −3 | −5 | 0 | 0 | — | |
| Purchases of property and equipment, net of disposals | −467,000 | −1 | −1 | −217,000 | −209,000 | |
| Net cash provided by (used in) investing activities | 32 | −274 | −503 | 207 | −5 | |
| Proceeds from issuance of debt | 350 | 0 | 65 | — | — | |
| Payment of debt issuance costs | −10 | 0 | −363,000 | −886,000 | 0 | |
| Repayment of debt | −122 | 0 | 0 | — | — | |
| Net cash provided by financing activities | 256 | 735 | 595 | 313 | 171 | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 13,000 | 0 | 0 | — | — | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 99 | 5 | −232 | 295 | −18 | |
| Obtaining a right-of-use asset in exchange for a lease liability | 4 | 1 | 2 | 583,000 | 376,000 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is MADRIGAL PHARMACEUTICALS, INC.'s CIK number?
MADRIGAL PHARMACEUTICALS, INC.'s SEC CIK number is 0001157601 (1157601). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find MADRIGAL PHARMACEUTICALS, INC.'s SEC filings?
All of MADRIGAL PHARMACEUTICALS, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did MADRIGAL PHARMACEUTICALS, INC. last report earnings?
MADRIGAL PHARMACEUTICALS, INC. (MDGL) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-030896). This is MADRIGAL PHARMACEUTICALS, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is MADRIGAL PHARMACEUTICALS, INC.'s most recent earnings 8-K?
MADRIGAL PHARMACEUTICALS, INC.'s latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0001628280-26-030896. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
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