Madrigal Pharmaceuticals, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Madrigal Pharmaceuticals, Inc. filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

MADRIGAL PHARMACEUTICALS, INC. (MDGL) filed a Annual Report (10-K) with the SEC on February 28, 2024. Madrigal Pharmaceuticals, Inc. reported its 2023 fiscal year results on February 28, 2024. The company's principal executive offices are located at 200 Barr Harbor Drive, Suite 400, West Conshohocken, PA 19428. Madrigal Pharmaceuticals, Inc. was formerly known as Synta Pharmaceuticals Corp. until August 15, 2001. The company operates within the Pharmaceutical Preparations industry, SIC code 2834. The filing is a 10-K annual report for the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking MADRIGAL PHARMACEUTICALS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Madrigal Pharmaceuticals' financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its current standing and future prospects. As a key regulatory filing, this 10-K offers insights into the company's operations, risks, and financial position, which are vital for understanding its market competitiveness and potential growth in the pharmaceutical sector.

Risk Assessment

Risk Level: low — MADRIGAL PHARMACEUTICALS, INC. shows low risk based on this filing. The risk is low as the filing is a standard annual report (10-K) and does not contain immediate, significant negative news or disclosures that would drastically alter the company's risk profile based solely on the header information.

Analyst Insight

Review the full 10-K filing to understand Madrigal Pharmaceuticals' detailed financial performance, operational strategies, and risk factors for fiscal year 2023.

Key Numbers

• 20231231 — Fiscal Year End (Period of report)
• 20240228 — Filing Date (Date of filing)
• 001-33277 — SEC File Number (SEC file number)
• 24690071 — Film Number (Film number)

Key Players & Entities

• MADRIGAL PHARMACEUTICALS, INC. (company) — Filer name
• MDGL (company) — Ticker symbol
• 200 BARR HARBOR DRIVE, SUITE 400 (company) — Business address
• WEST CONSHOHOCKEN (company) — Business address city
• PA (company) — Business address state
• 19428 (company) — Business address zip
• SYNTA PHARMACEUTICALS CORP (company) — Former company name
• 2834 (company) — Standard Industrial Classification

FAQ

Industry Context

Madrigal Pharmaceuticals operates in the pharmaceutical preparations industry, focusing on the development and commercialization of novel therapeutics.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements, including revenue, net income, and balance sheet information.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing Madrigal Pharmaceuticals.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for management's perspective on the company's performance and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial header information for the 2023 10-K filing; comparative data from the previous filing (2022 10-K) would be found within the document itself.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 Par Value Per Share MDGL The NASDAQ St
• $500.0 million — 23. We received gross proceeds totaling $500.0 million. Our net proceeds were $472.0 million,
• $472.0 m — g $500.0 million. Our net proceeds were $472.0 million, after deducting fees and commiss

Filing Documents

• mdgl-20231231.htm (10-K) — 1598KB
• a10ormofindemnificationagr.htm (EX-10.20) — 105KB
• a2312023madrigalconsentlet.htm (EX-23.1) — 2KB
• a20231231-ex311.htm (EX-31.1) — 10KB
• a20231231-ex312.htm (EX-31.2) — 10KB
• a20231231-ex321.htm (EX-32.1) — 6KB
• a971mdglclawbackpolicy.htm (EX-97.1) — 24KB
• mdgl-20231231_g1.jpg (GRAPHIC) — 128KB
• 0001628280-24-007376.txt (&nbsp;) — 7108KB
• mdgl-20231231.xsd (EX-101.SCH) — 41KB
• mdgl-20231231_cal.xml (EX-101.CAL) — 60KB
• mdgl-20231231_def.xml (EX-101.DEF) — 168KB
• mdgl-20231231_lab.xml (EX-101.LAB) — 612KB
• mdgl-20231231_pre.xml (EX-101.PRE) — 381KB
• mdgl-20231231_htm.xml (XML) — 753KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 53 Item 1C. Cybersecurity 53 Item 2.

Properties

Properties 54 Item 3.

Legal Proceedings

Legal Proceedings 54 Item 4. Mine Safety Disclosures 54 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 55 Item 6. [Reserved] 56 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 66 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 66 Item 9A.

Controls and Procedures

Controls and Procedures 66 Item 9B. Other Information 67 PART III Item 10. Directors, Executive Officers and Corporate Governance 69 Item 11.

Executive Compensation

Executive Compensation 69 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 69 Item 13. Certain Relationships and Related Transactions and Director Independence 69 Item 14. Principal Accountant Fees and Services 69 PART IV Item 15. Exhibits and Financial Statement Schedules 70 Item 16. Form 10-K Summary 72

Signatures

Signatures 73 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K for the fiscal year ended December 31, 2023 includes "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are based on our beliefs and assumptions and on information currently available to us, but are subject to factors beyond our control Forward-looking statements: reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events; include all statements that are not historical facts; and can be identified by terms such as "accelerate," "achieve," "allow," "anticipates," "appear," "be," "believes," "can," "continue," "could," "demonstrates," "design," "estimates," "expectation," "expects," "forecasts," "future," "goal," "help," "hopeful," "inform," "informed," "intends," "may," "might," "on track," "planned," "planning," "plans," "positions," "potential," "powers," "predicts," "predictive," "projects," "seeks," "should," "will," "will achieve," "will be," "would" or similar expressions and the negatives of those terms. In particular, forward-looking statements contained in or incorporated by reference to this Annual Report relate to, among other things, Anticipated or estimated future results, including the risks and uncertainties associated with our future operating performance and financial position, Our possible or assumed future results of operations and expenses, business strategies and plans (including ex-U.S. launch/partnering plans), capital needs and financing plans, including incurrence of indebtedness and compliance with debt covenants under the Loan and Security Agreement with Hercules Capital, Inc., as agent and lender, market trends, market sizing, competitive position, industry environment and potential growth opportunities, among other things, Our ability to delay certain research activities

Business

Item 1. Business References in this Annual Report on Form 10-K to Madrigal, the Company, we, our and us refer to Madrigal Pharmaceuticals, Inc. "Madrigal" is a registered trademark of Madrigal Pharmaceuticals, Inc. in the U.S. and/or other countries. Other trademarks or service marks appearing in this report may be trademarks or service marks of other owners. Executive Overview We are a clinical-stage biopharmaceutical company pursuing novel therapeutics for nonalcoholic steatohepatitis, or NASH, a liver disease with high unmet medical need. Our lead candidate, resmetirom, is a once-daily, oral, liver-directed thyroid hormone receptor- (THR-) agonist designed to target key underlying causes of NASH. NASH Disease State Overview. NASH is a more advanced form of nonalcoholic fatty liver disease (NAFLD). NAFLD has become the most common liver disease in the United States and other developed countries and is characterized by an accumulation of fat in the liver with no other apparent causes. NASH can progress to cirrhosis or liver failure, require liver transplantation and can also result in liver cancer. NASH is the leading cause of liver transplants in the U.S. for women, and is expected to soon be the leading cause of liver transplants overall. Additionally, patients with NASH, especially those with more advanced metabolic risk factors (hypertension, concomitant type 2 diabetes), are at increased risk for adverse cardiovascular events and increased morbidity and mortality. Once patients progress to NASH with significant fibrosis (consistent with fibrosis stages 2 and 3), the risk of adverse liver outcomes increases substantially. NASH is also known as "metabolic dysfunction-associated steatohepatitis (MASH)" following a change in disease nomenclature introduced by hepatology medical societies in 2023. Our Patient Focus. Madrigal estimates that approximately 1.5 million patients have been diagnosed with NASH in the U.S., of which approximately 525,000 have NASH wi

View Full Filing

View this 10-K filing on SEC EDGAR