Madrigal Pharmaceuticals Files Q2 2024 10-Q
Ticker: MDGL · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1157601
Sentiment: neutral
Topics: 10-Q, financials, pharmaceuticals
TL;DR
Madrigal Pharma dropped its Q2 10-Q. Check financials.
AI Summary
Madrigal Pharmaceuticals, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year. Key financial data and operational updates are detailed within the filing.
Why It Matters
This filing provides investors with the latest financial performance and operational status of Madrigal Pharmaceuticals, crucial for understanding the company's trajectory in the pharmaceutical sector.
Risk Assessment
Risk Level: medium — As a pharmaceutical company, Madrigal faces inherent risks related to drug development, regulatory approvals, and market competition.
Key Numbers
- 2024-06-30 — Period End Date (This is the end date for the reporting period covered by the 10-Q.)
- 2024-08-07 — Filing Date (This is the date the 10-Q was officially filed with the SEC.)
Key Players & Entities
- MADRIGAL PHARMACEUTICALS, INC. (company) — Filer
- SYNTA PHARMACEUTICALS CORP (company) — Former Company Name
- 20240630 (date) — Period of Report
- 20240807 (date) — Filing Date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 7, 2024.
What was Madrigal Pharmaceuticals' former company name?
Madrigal Pharmaceuticals' former company name was SYNTA PHARMACEUTICALS CORP.
What is the Standard Industrial Classification for Madrigal Pharmaceuticals?
The Standard Industrial Classification for Madrigal Pharmaceuticals is PHARMACEUTICAL PREPARATIONS [2834].
In which state was Madrigal Pharmaceuticals incorporated?
Madrigal Pharmaceuticals was incorporated in Delaware (DE).
Filing Stats: 4,608 words · 18 min read · ~15 pages · Grade level 16.2 · Accepted 2024-08-07 08:58:48
Key Financial Figures
- $0.0001 — ge on which registered Common Stock, $0.0001 Par Value Per Share MDGL The NASDAQ St
Filing Documents
- mdgl-20240630.htm (10-Q) — 900KB
- mdgl-20240630xex311.htm (EX-31.1) — 10KB
- mdgl-20240630xex312.htm (EX-31.2) — 10KB
- mdgl-20240630xex321.htm (EX-32.1) — 6KB
- 0001628280-24-035400.txt ( ) — 5171KB
- mdgl-20240630.xsd (EX-101.SCH) — 39KB
- mdgl-20240630_cal.xml (EX-101.CAL) — 51KB
- mdgl-20240630_def.xml (EX-101.DEF) — 182KB
- mdgl-20240630_lab.xml (EX-101.LAB) — 514KB
- mdgl-20240630_pre.xml (EX-101.PRE) — 353KB
- mdgl-20240630_htm.xml (XML) — 578KB
Financial Information
Part I. Financial Information 3 Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited): 3 Condensed Consolidated Balance Sheets at June 30 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30 , 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 9 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.
Controls and Procedures
Controls and Procedures 34
Other Information
Part II. Other Information 35 Item 1.
Legal Proceedings
Legal Proceedings 35 Item 1A.
Risk Factors
Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37
Signatures
Signatures 39 2 Table of Contents
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION Item1. Financial Statements. MADRIGAL PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 494,597 $ 99,915 Restricted cash 5,000 — Marketable securities 563,197 534,216 Trade receivables, net 6,899 — Inventory 7,072 — Prepaid expenses and other current assets 14,963 3,150 Total current assets 1,091,728 637,281 Property and equipment, net 1,695 1,553 Intangible assets, net 4,910 — Right-of-use asset 1,456 1,713 Total assets $ 1,099,789 $ 640,547 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 8,994 $ 28,041 Accrued expenses 115,611 89,980 Lease liability 557 527 Total current liabilities 125,162 118,548 Long term liabilities: Loan payable, net of discount 116,607 115,480 Lease liability 900 1,186 Total long term liabilities 117,507 116,666 Total liabilities 242,669 235,214 Stockholders' equity: Preferred stock, par value $ 0.0001 per share authorized: 5,000,000 shares at June 30, 2024 and December 31, 2023; 2,369,797 and 2,369,797 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively — — Common stock, par value $ 0.0001 per share authorized: 200,000,000 at June 30, 2024 and December 31, 2023; 21,700,893 and 19,875,427 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 2 2 Additional paid-in-capital 2,493,288 1,741,153 Accumulated other comprehensive income (loss) ( 368 ) 468 Accumulated deficit ( 1,635,802 ) ( 1,336,290 ) Total stockholders' equity 857,120 405,333 Total liabilities and stockholders' equity $ 1,099,789 $ 640,547 See accompanying notes to condensed consolidated financial statements. 3 Table of Contents MADRIGAL PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in thousands, except share and per share