2022 Q3 Form 10-Q Financial Statement

#000119312522211757 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.14M $11.77M $9.658M
YoY Change 46.51% 16.46% 34.14%
% of Gross Profit
Research & Development $68.27M $58.50M $47.93M
YoY Change 24.42% 13.3% 4.65%
% of Gross Profit
Depreciation & Amortization $121.0K $110.0K $107.0K
YoY Change 24.74% 19.57% -2.73%
% of Gross Profit
Operating Expenses $80.41M $70.27M $57.59M
YoY Change 27.31% 13.82% 8.65%
Operating Profit -$80.41M -$70.27M -$57.59M
YoY Change 27.31% 13.82% 8.7%
Interest Expense $1.502M $780.0K $69.00K
YoY Change 2403.33% -65.5%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0%
Pretax Income -$81.20M -$70.73M -$57.52M
YoY Change 28.68% 14.73% 9.56%
Income Tax
% Of Pretax Income
Net Earnings -$81.20M -$70.73M -$57.52M
YoY Change 28.68% 14.73% 9.46%
Net Earnings / Revenue
Basic Earnings Per Share -$4.75 -$4.14 -$3.36
Diluted Earnings Per Share -$4.75 -$4.14 -$3.363M
COMMON SHARES
Basic Shares Outstanding 17.10M 17.10M 17.10M
Diluted Shares Outstanding 17.10M 17.10M 17.10M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.2M $211.8M $220.0M
YoY Change -48.79% -34.61% -28.4%
Cash & Equivalents $59.34M $53.27M $40.04M
Short-Term Investments $93.85M $158.5M $177.7M
Other Short-Term Assets $3.920M $2.780M $1.217M
YoY Change 2.83% 25.17% 52.13%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $157.1M $214.5M $221.2M
YoY Change -48.14% -34.2% -28.19%
LONG-TERM ASSETS
Property, Plant & Equipment $701.0K $789.0K $1.492M
YoY Change -59.74% -58.21% -12.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.532M $1.846M $1.492M
YoY Change -12.0% -2.22% -12.24%
TOTAL ASSETS
Total Short-Term Assets $157.1M $214.5M $221.2M
Total Long-Term Assets $1.532M $1.846M $1.492M
Total Assets $158.6M $216.4M $222.7M
YoY Change -47.93% -34.02% -28.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.56M $11.29M $22.78M
YoY Change 78.17% 958.48% 417.73%
Accrued Expenses $79.60M $71.84M $53.86M
YoY Change 35.12% 29.1% 21.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $98.92M $84.01M $76.64M
YoY Change 42.69% 48.14% 57.04%
LONG-TERM LIABILITIES
Long-Term Debt $48.98M $48.67M $0.00
YoY Change
Other Long-Term Liabilities $71.00K $178.0K $283.0K
YoY Change -85.54% -70.03% -29.25%
Total Long-Term Liabilities $49.05M $48.85M $283.0K
YoY Change 9890.63% 8123.57% -29.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.92M $84.01M $76.64M
Total Long-Term Liabilities $49.05M $48.85M $283.0K
Total Liabilities $148.0M $132.9M $76.92M
YoY Change 111.95% 131.85% 56.34%
SHAREHOLDERS EQUITY
Retained Earnings -$876.8M -$795.6M
YoY Change
Common Stock $887.7M $879.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.67M $83.54M $145.7M
YoY Change
Total Liabilities & Shareholders Equity $158.6M $216.4M $222.7M
YoY Change -47.93% -34.02% -28.1%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$81.20M -$70.73M -$57.52M
YoY Change 28.68% 14.73% 9.46%
Depreciation, Depletion And Amortization $121.0K $110.0K $107.0K
YoY Change 24.74% 19.57% -2.73%
Cash From Operating Activities -$59.07M -$57.36M -$49.91M
YoY Change 29.66% 22.35% 14.93%
INVESTING ACTIVITIES
Capital Expenditures -$33.00K -$103.0K -$52.00K
YoY Change -34.0% 1616.67% 30.0%
Acquisitions
YoY Change
Other Investing Activities $65.17M $19.34M $55.98M
YoY Change 62.35% -170.78% -267.5%
Cash From Investing Activities $65.14M $19.24M $55.93M
YoY Change 62.47% -170.39% -267.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 49.11M 0.000
YoY Change -100.0% -22.71% -100.0%
NET CHANGE
Cash From Operating Activities -59.07M -57.36M -49.91M
Cash From Investing Activities 65.14M 19.24M 55.93M
Cash From Financing Activities 0.000 49.11M 0.000
Net Change In Cash 6.068M 10.99M 6.013M
YoY Change -61.19% -203.06% -161.36%
FREE CASH FLOW
Cash From Operating Activities -$59.07M -$57.36M -$49.91M
Capital Expenditures -$33.00K -$103.0K -$52.00K
Free Cash Flow -$59.04M -$57.26M -$49.86M
YoY Change 29.73% 22.15% 14.91%

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ProceedsFromIssuanceOrSaleOfEquityNet
0
mdgl Proceeds From Issuance Or Sale Of Equity Net
ProceedsFromIssuanceOrSaleOfEquityNet
130157000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
478000
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
50000000
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
0
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
886000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
49114000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
130635000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
17003000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-20464000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36269000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54004000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
53272000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33540000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
583000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
376000
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, and the reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. </div>
mdgl Deferred Tax Assets Percentage Of Valuation Allowance
DeferredTaxAssetsPercentageOfValuationAllowance
1
CY2021Q4 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
38349000
CY2022Q2 mdgl Accrued Other Clinical Study Related Costs Current
AccruedOtherClinicalStudyRelatedCostsCurrent
4369000
us-gaap Net Income Loss
NetIncomeLoss
-128200000
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-795600000
CY2022Q2 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Gains
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedGains
1000
CY2022Q2 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Losses
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedLosses
448000
CY2021Q4 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Gains
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedGains
6000
CY2021Q4 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Losses
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedLosses
86000
CY2022Q2 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
57288000
CY2021Q4 mdgl Accrued Other Clinical Study Related Costs Current
AccruedOtherClinicalStudyRelatedCostsCurrent
3957000
CY2022Q2 mdgl Accrued Compensation And Benefits Current
AccruedCompensationAndBenefitsCurrent
3577000
CY2021Q4 mdgl Accrued Compensation And Benefits Current
AccruedCompensationAndBenefitsCurrent
6769000
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3959000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2455000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2643000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3518000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
71836000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
55048000
CY2022Q2 mdgl Percenatge Of Term Charges On Aggregate Principal Amount
PercenatgeOfTermChargesOnAggregatePrincipalAmount
0.0535
CY2022Q2 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
14899
CY2022Q2 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
600000
CY2022Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
50000000
CY2022Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.087
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2196000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
4410000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
9338000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
50782000
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
66726000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
14051000
CY2022Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
4005000
CY2022Q2 us-gaap Loans Payable Current
LoansPayableCurrent
48670000
mdgl Common Stock Voting Rights Number
CommonStockVotingRightsNumber
1
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1087126
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7944000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8179000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15421000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14275000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7944000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8179000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15421000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14275000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0

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