MADRIGAL PHARMACEUTICALS, INC.

Listed Company

MDGLCIK 0001157601NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$958.40M

Net Income

$-288.30M

Total Assets

$1.26B

Equity

$602.69M

Shares Out

22.94M

Op. Cash Flow

$-189.55M

Business

Madrigal Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing therapies for metabolic dysfunction-associated steatohepatitis (MASH). Its primary product is Rezdiffra (resmetirom), a once-daily oral, liver-directed THR-β agonist approved by the FDA for adults with noncirrhotic MASH with moderate to advanced fibrosis, with ongoing trials to broaden indications. Core activities include clinical development, regulatory strategy, manufacturing partnerships and commercialization. The company currently distributes Rezdiffra via U.S. specialty pharmacy networks and is pursuing regulatory approval and country-by-country launches in Europe and other markets.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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

As of · In millions, except per-share amounts

Concept	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

Year Ended · In millions, except per-share amounts

Concept	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

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