Madrigal Pharmaceuticals Files Q3 2024 10-Q Report

Ticker: MDGL · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 1157601

Sentiment: neutral

Topics: 10-Q, quarterly-report, filing-compliance

Related Tickers: MDGL

TL;DR

MDGL filed its 10-Q for Q3 2024. All good on filings.

AI Summary

Madrigal Pharmaceuticals, Inc. filed its quarterly report for the period ending September 30, 2024. The company is incorporated in Delaware and headquartered in West Conshohocken, Pennsylvania. Its common stock trades on The NASDAQ Stock Market LLC under the symbol MDGL. Madrigal has confirmed it has filed all required reports for the preceding 12 months and has been subject to such filing requirements for the past 90 days.

Why It Matters

This filing provides investors with an update on Madrigal Pharmaceuticals' financial and operational status as of September 30, 2024, crucial for assessing the company's performance and future prospects.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain any immediate red flags or significant new risks.

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-Q filing?

The Form 10-Q is a quarterly report filed by Madrigal Pharmaceuticals, Inc. pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2024.

What is Madrigal Pharmaceuticals' stock ticker symbol and where is it traded?

Madrigal Pharmaceuticals, Inc.'s common stock trades under the symbol MDGL on The NASDAQ Stock Market LLC.

In which state was Madrigal Pharmaceuticals, Inc. incorporated?

Madrigal Pharmaceuticals, Inc. was incorporated in Delaware.

Has Madrigal Pharmaceuticals filed all required reports for the preceding 12 months?

Yes, Madrigal Pharmaceuticals has indicated by check mark that it has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

What is the address of Madrigal Pharmaceuticals' principal executive offices?

The address of Madrigal Pharmaceuticals, Inc.'s principal executive offices is Four Tower Bridge, 200 Barr Harbor Drive, Suite 200, West Conshohocken, Pennsylvania 19428.

Filing Stats: 4,653 words · 19 min read · ~16 pages · Grade level 17.1 · Accepted 2024-10-31 09:02:50

Key Financial Figures

Filing Documents

Financial Information

Part I. Financial Information 3 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited): 3 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36

Other Information

Part II. Other Information 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39

Signatures

Signatures 42 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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 232,684 $ 99,915 Restricted cash 5,000 — Marketable securities 765,943 534,216 Trade receivables, net 30,463 — Inventory 8,715 — Prepaid expenses and other current assets 20,861 3,150 Total current assets 1,063,666 637,281 Property and equipment, net 2,268 1,553 Intangible assets, net 4,819 — Right-of-use asset 2,512 1,713 Total assets $ 1,073,265 $ 640,547 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 45,966 $ 28,041 Accrued liabilities 131,003 89,980 Lease liability 878 527 Total current liabilities 177,847 118,548 Long term liabilities: Loan payable, net of discount 117,087 115,480 Lease liability 1,176 1,186 Total long term liabilities 118,263 116,666 Total liabilities 296,110 235,214 Stockholders' equity: Preferred stock, par value $ 0.0001 per share authorized: 5,000,000 shares at September 30, 2024 and December 31, 2023; 2,369,797 and 2,369,797 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively — — Common stock, par value $ 0.0001 per share authorized: 200,000,000 at September 30, 2024 and December 31, 2023; 21,806,436 and 19,875,427 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 2 2 Additional paid-in-capital 2,518,648 1,741,153 Accumulated other comprehensive income 1,271 468 Accumulated deficit ( 1,742,766 ) ( 1,336,290 ) Total stockholders' equity 777,155 405,333 Total liabilities and stockholders' equity $ 1,073,265 $ 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, exc

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