MADRIGAL PHARMACEUTICALS, INC. MDGL
We are a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis ("MASH"), a serious liver disease with high unmet medical need that can lead to cirrhosis, liver failure, liver cancer, need for liver transplantation and premature mortality. MASH was previously known as nonalcoholic steatohepatitis ("NASH"). MASH is the leading cause of liver transplantation in women, the second leading cause of all liver transplantation in the United States and the fastest-growing indication for liver transplantation in Europe. Our medication, Rezdiffra (resmetirom), is a once-daily, oral, liver-directed thyroid hormone receptor beta ("THR-β") agonist designed to target key underlying causes of MASH. In March 2024, Rezdiffra became the first therapy approved by the FDA for patients with MASH and was commercially available in the United States beginning in April 2024. Following receipt of conditional marketing authorization ("CMA") from the European Commission ("EC"), we launched Rezdiffra in Germany in September 2025. Rezdiffra was the first medication approved by both the FDA and EC for the treatment of adults with noncirrhotic MASH with moderate to advanced liver fibrosis (F2 to F3 fibrosis). We are also evaluating Rezdiffra in patients with compensated MASH cirrhosis (consistent with F4c fibrosis) in our MAESTRO-NASH OUTCOMES trial, that, if successful, could expand the eligible patient population for Rezdiffra.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $958.4M | $180.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Cost of revenue | — | $6.2M | $0 | $0 | — | — | — | — | — | — |
| Gross profit | — | $173.9M | $0 | $0 | — | — | — | — | — | — |
| SG&A | $813.8M | $435.1M | $108.1M | $48.1M | $37.3M | $21.9M | $22.6M | $15.3M | $7.7M | $9.3M |
| Total operating expenses | $1.26B | $678.0M | $380.5M | $293.6M | $242.5M | $206.7M | $95.0M | $40.7M | $32.1M | $25.2M |
| Operating income | -$300.1M | -$497.9M | -$380.5M | -$293.6M | -$242.5M | -$206.7M | -$95.0M | -$40.7M | -$32.1M | -$25.2M |
| Interest expense | $22.3M | $14.7M | $12.7M | $4.0M | $0 | $0 | — | — | — | $1.2M |
| Pre-tax income | -$288.3M | -$465.9M | -$373.6M | -$295.2M | -$241.8M | -$202.2M | -$83.9M | -$32.8M | — | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | — |
| Net income | -$288.3M | -$465.9M | -$373.6M | -$295.2M | -$241.8M | -$202.2M | -$83.9M | -$32.8M | -$31.2M | -$26.4M |
| EPS, basic | -12.85 | -21.90 | -19.99 | -17.23 | -14.63 | -13.09 | — | — | — | — |
| EPS, diluted | -12.85 | -21.90 | -19.99 | -17.23 | -14.63 | -13.09 | -5.45 | -2.22 | -2.54 | -5.07 |
| Shares, diluted (wtd. avg.) | 22.4M | 21.3M | 18.7M | 17.1M | 16.5M | 15.4M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $198.7M | $100.0M | $99.9M | $331.5M | $36.3M | $54.0M | $46.7M | $57.4M | $148.6M | $19.1M |
| Short-term investments | $784.9M | $826.2M | $534.2M | $27.2M | $234.1M | $230.1M | $392.3M | $426.3M | $42.9M | — |
| Receivables | $134.5M | $53.8M | $0 | — | — | — | — | — | — | — |
| Inventory | $74.8M | $34.1M | $0 | — | — | — | — | — | — | — |
| Total current assets | $1.25B | $1.03B | $637.3M | $361.4M | $271.7M | $285.2M | $440.2M | $485.2M | $192.0M | $41.2M |
| Property, plant and equipment | $1.5M | $2.2M | $1.6M | $601.0K | $851.0K | $1.0M | $1.2M | $227.0K | $301.0K | $3.0K |
| Other intangibles | $7.4M | $4.7M | $0 | — | — | — | — | — | — | — |
| Total assets | $1.26B | $1.04B | $640.5M | $362.6M | $273.3M | $287.0M | $442.1M | $485.4M | $192.3M | $41.2M |
| Accounts payable | $48.9M | $43.6M | $28.0M | $23.8M | $21.4M | $1.0M | $1.2M | $2.5M | $1.9M | $762.0K |
| Total current liabilities | $310.3M | $169.3M | $118.5M | $115.9M | $76.8M | $46.6M | $25.1M | $8.4M | $10.1M | $4.8M |
| Long-term debt | $339.9M | $117.6M | $115.5M | $49.3M | $0 | — | — | — | — | — |
| Total liabilities | $656.9M | $287.9M | $235.2M | $165.2M | $77.2M | $47.0M | $25.5M | $8.4M | $10.1M | $4.8M |
| Retained earnings | -$2.09B | -$1.80B | -$1.34B | -$962.7M | -$667.3M | -$425.5M | -$223.2M | -$139.3M | -$106.5M | -$75.3M |
| Total equity | $602.7M | $754.4M | $405.3M | $197.4M | $196.1M | $240.0M | $416.6M | $477.0M | $182.3M | $36.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$189.6M | -$455.6M | -$324.2M | -$224.9M | -$183.9M | -$157.6M | -$41.6M | -$25.5M | -$22.3M | -$17.6M |
| Depreciation and amortisation | $1.5M | $1.1M | $527.0K | $467.0K | $405.0K | $471.0K | $112.0K | $96.0K | $77.0K | $156 |
| Stock-based compensation | $98.1M | $79.9M | $49.7M | $31.6M | $26.9M | $20.7M | $22.8M | $13.5M | $3.3M | $7.9M |
| Capital expenditure | $467.0K | $1.5M | $1.5M | $217.0K | $209.0K | $334.0K | $172.0K | $22.0K | $125.0K | $3.0K |
| Investing cash flow | $32.3M | -$274.4M | -$502.5M | $206.7M | -$5.1M | $159.8M | $30.7M | -$380.1M | -$22.0M | $22.0M |
| Financing cash flow | $256.0M | $735.1M | $595.1M | $313.5M | $171.2M | $5.1M | $235.0K | $314.3M | $173.8M | $14.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000352.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $180.1M | $958.4M |
| Gross profit | — | — | — | — | — | — | $0 | $0 | $173.9M | — |
| Net income | -$26.4M | -$31.2M | -$32.8M | -$83.9M | -$202.2M | -$241.8M | -$295.2M | -$373.6M | -$465.9M | -$288.3M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Item 5.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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