Madrigal Pharmaceuticals, Inc.
MDGL- Exchange
- Nasdaq
- Industry
- Pharmaceutical Preparations
- SEC CIK
- 0001157601
In the last 90 days, Madrigal Pharmaceuticals, Inc. insiders filed 1 open-market purchase and 3 sales; 416 institutions reported holding it in 13F filings for Q2 2026, worth $12.7B in total; no superinvestor holds it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 5, 2026, 12:12 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Net loss for FY2025: $288.3M (30.1% of revenue).
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K/A | 10-K |
| Reported | Feb 19, 2026 | Jan 13, 2025 | Feb 28, 2024 | Feb 23, 2023 | Feb 24, 2022 |
| Revenue | $958.4M | $180.1M | $0 | $0 | $0 |
| Cost of revenue | – | $6.23M | – | – | – |
| Operating expenses | $1.26B | – | $380.5M | $293.6M | $242.5M |
| Research and development | $388.5M | $236.7M | $272.4M | $245.4M | $205.2M |
| Selling, general and administrative | $813.8M | $435.1M | $108.1M | $48.1M | $37.3M |
| Operating income | -$300.1M | -$497.9M | -$380.5M | -$293.6M | -$242.5M |
| Interest expense | – | – | $12.7M | $3.96M | – |
| Income tax | $0 | $0 | $0 | $0 | – |
| Net income | -$288.3M | -$465.9M | -$373.6M | -$295.4M | -$241.8M |
| EPS, basic | $-12.85 | $-21.90 | $-19.99 | $-17.23 | – |
| EPS, diluted | $-12.85 | $-21.90 | $-19.99 | $-17.23 | – |
| Weighted shares, basic | 22.4M | 21.3M | 18.7M | 17.1M | – |
| Weighted shares, diluted | 22.4M | 21.3M | 18.7M | 17.1M | – |
| Margins and growth | |||||
| Operating margin | -31.3% | -276.4% | – | – | – |
| Net margin | -30.1% | -258.6% | – | – | – |
| Revenue growth, year over year | +432.1% | – | – | – | – |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K/A | 10-K |
| Reported | Feb 19, 2026 | Jan 13, 2025 | Feb 28, 2024 | Feb 23, 2023 | Feb 24, 2022 |
| Cash and equivalents | $198.7M | $100.0M | $99.9M | $331.5M | $36.3M |
| Accounts receivable | $134.5M | $53.8M | – | – | – |
| Inventory | $74.8M | $34.1M | – | – | – |
| Total current assets | $1.25B | $1.03B | $637.3M | $361.4M | $271.7M |
| Property, plant and equipment | $1.50M | $2.19M | $1.55M | $601.0K | $851.0K |
| Intangible assets | $7.38M | $4.73M | – | – | – |
| Total assets | $1.26B | $1.04B | $640.5M | $362.6M | $273.3M |
| Accounts payable | $48.9M | $43.6M | $28.0M | $23.8M | $21.4M |
| Total current liabilities | $310.3M | $169.3M | $118.5M | $115.9M | $76.8M |
| Long-term debt | $339.9M | $117.6M | $115.5M | $49.3M | – |
| Total liabilities | $656.9M | $287.9M | $235.2M | $165.2M | $77.2M |
| Shareholders' equity | $602.7M | $754.4M | $405.3M | $197.4M | $196.1M |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K/A | 10-K |
| Reported | Feb 19, 2026 | Jan 13, 2025 | Feb 28, 2024 | Feb 23, 2023 | Feb 24, 2022 |
| Operating cash flow | -$189.6M | -$455.6M | -$324.2M | -$224.9M | -$183.9M |
| Capital expenditures | $467.0K | $1.46M | $1.48M | $217.0K | $209.0K |
| Free cash flow | -$190.0M | -$457.0M | -$325.7M | -$225.1M | -$184.1M |
| Depreciation and amortization | $1.51M | $1.10M | $527.0K | $467.0K | $405.0K |
| Stock-based compensation | $98.1M | $79.9M | $49.7M | $31.6M | $26.9M |
| Investing cash flow | $32.3M | -$274.4M | -$502.5M | $206.7M | -$5.05M |
| Financing cash flow | $256.0M | $735.1M | $595.1M | $313.5M | $171.2M |
| Net change in cash | $98.8M | $5.10M | -$231.6M | – | – |
| Ratio | |||||
| Stock-based compensation, % of revenue | 10.2% | 44.3% | – | – | – |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 29, 2026 | 23.2M | +2.3% | SEC |
| Jul 27, 2026 | 23.1M | +3.7% | SEC |
| May 1, 2026 | 23.1M | +3.8% | SEC |
| Feb 12, 2026 | 22.9M | +3.9% | SEC |
| Oct 30, 2025 | 22.7M | +4.1% | SEC |
| Aug 1, 2025 | 22.3M | +2.7% | SEC |
| Apr 28, 2025 | 22.2M | +4.2% | SEC |
| Feb 21, 2025 | 22.1M | +11.0% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.