$MDGL
Madrigal Pharmaceuticals Inc

2022 Q4 Form 10-Q Financial Statement

#000119312522276468 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.56M $12.14M $8.287M
YoY Change 24.29% 46.51% 50.67%
% of Gross Profit
Research & Development $70.74M $68.27M $54.87M
YoY Change 33.76% 24.42% 2.95%
% of Gross Profit
Depreciation & Amortization $129.0K $121.0K $97.00K
YoY Change 21.7% 24.74% -19.17%
% of Gross Profit
Operating Expenses $85.30M $80.41M $63.16M
YoY Change 32.04% 27.31% 7.41%
Operating Profit -$85.30M -$80.41M -$63.16M
YoY Change 32.04% 27.31%
Interest Expense $1.682M $1.502M $60.00K
YoY Change 3134.62% 2403.33% -92.5%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change
Pretax Income -$85.91M -$81.20M -$63.10M
YoY Change 33.08% 28.68% 8.79%
Income Tax
% Of Pretax Income
Net Earnings -$85.91M -$81.20M -$63.10M
YoY Change 33.08% 28.68% 8.79%
Net Earnings / Revenue
Basic Earnings Per Share -$4.98 -$4.75 -$3.79
Diluted Earnings Per Share -$4.98 -$4.75 -$3.792M
COMMON SHARES
Basic Shares Outstanding 17.10M 17.10M 16.64M
Diluted Shares Outstanding 17.24M 17.10M 16.64M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $358.8M $153.2M $299.1M
YoY Change 32.71% -48.79% -10.94%
Cash & Equivalents $331.5M $59.34M $47.06M
Short-Term Investments $27.23M $93.85M $250.0M
Other Short-Term Assets $2.595M $3.920M $3.812M
YoY Change 93.95% 2.83% 124.24%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $361.4M $157.1M $303.0M
YoY Change 33.01% -48.14% -10.26%
LONG-TERM ASSETS
Property, Plant & Equipment $601.0K $701.0K $1.741M
YoY Change -29.38% -59.74% -12.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.203M $1.532M $1.741M
YoY Change -27.0% -12.0% -12.95%
TOTAL ASSETS
Total Short-Term Assets $361.4M $157.1M $303.0M
Total Long-Term Assets $1.203M $1.532M $1.741M
Total Assets $362.6M $158.6M $304.7M
YoY Change 32.65% -47.93% -10.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.83M $18.56M $10.42M
YoY Change 11.46% 78.17% 65.37%
Accrued Expenses $91.46M $79.60M $58.91M
YoY Change 66.15% 35.12% 36.68%
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 $115.9M $98.92M $69.33M
YoY Change 50.83% 42.69% 40.33%
LONG-TERM LIABILITIES
Long-Term Debt $49.29M $48.98M $0.00
YoY Change
Other Long-Term Liabilities $0.00 $71.00K $491.0K
YoY Change -100.0% -85.54% -1.8%
Total Long-Term Liabilities $49.29M $49.05M $491.0K
YoY Change 12636.18% 9890.63% -1.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.9M $98.92M $69.33M
Total Long-Term Liabilities $49.29M $49.05M $491.0K
Total Liabilities $165.2M $148.0M $69.82M
YoY Change 113.9% 111.95% 39.91%
SHAREHOLDERS EQUITY
Retained Earnings -$962.7M -$876.8M
YoY Change 44.27%
Common Stock $1.160B $887.7M
YoY Change 34.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $197.4M $10.67M $234.9M
YoY Change
Total Liabilities & Shareholders Equity $362.6M $158.6M $304.7M
YoY Change 32.65% -47.93% -10.28%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$85.91M -$81.20M -$63.10M
YoY Change 33.08% 28.68% 8.79%
Depreciation, Depletion And Amortization $129.0K $121.0K $97.00K
YoY Change 21.7% 24.74% -19.17%
Cash From Operating Activities -$58.51M -$59.07M -$45.56M
YoY Change 21.78% 29.66% -4.79%
INVESTING ACTIVITIES
Capital Expenditures $29.00K -$33.00K -$50.00K
YoY Change -125.66% -34.0%
Acquisitions
YoY Change
Other Investing Activities $66.42M $65.17M $40.14M
YoY Change 321.53% 62.35% -57.63%
Cash From Investing Activities $66.39M $65.14M $40.09M
YoY Change 324.39% 62.47% -57.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $21.10M
YoY Change 5928.29%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 264.3M 0.000 21.10M
YoY Change 1255.37% -100.0% 5928.29%
NET CHANGE
Cash From Operating Activities -58.51M -59.07M -45.56M
Cash From Investing Activities 66.39M 65.14M 40.09M
Cash From Financing Activities 264.3M 0.000 21.10M
Net Change In Cash 272.2M 6.068M 15.63M
YoY Change -2209.33% -61.19% -66.91%
FREE CASH FLOW
Cash From Operating Activities -$58.51M -$59.07M -$45.56M
Capital Expenditures $29.00K -$33.00K -$50.00K
Free Cash Flow -$58.54M -$59.04M -$45.51M
YoY Change 22.12% 29.73% -4.9%

Facts In Submission

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24550000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
13279000
mdgl Increase Decrease In Accrued Interest Net Of Interest Received
IncreaseDecreaseInAccruedInterestNetOfInterestReceived
-419000
mdgl Increase Decrease In Accrued Interest Net Of Interest Received
IncreaseDecreaseInAccruedInterestNetOfInterestReceived
734000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-166342000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-135866000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
130693000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
339371000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
271180000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
318769000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
188000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
96000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
140299000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-20698000
mdgl Proceeds From Issuance Or Sale Of Equity Net
ProceedsFromIssuanceOrSaleOfEquityNet
0
mdgl Proceeds From Issuance Or Sale Of Equity Net
ProceedsFromIssuanceOrSaleOfEquityNet
151249000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
485000
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
151734000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
23071000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-4830000
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
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
59340000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49174000
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="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Use of Estimates </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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></div>
mdgl Deferred Tax Assets Percentage Of Valuation Allowance
DeferredTaxAssetsPercentageOfValuationAllowance
1
us-gaap Net Income Loss
NetIncomeLoss
-209400000
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-876800000
CY2022Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
153200000
CY2022Q3 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Gains
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedGains
0
CY2022Q3 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Losses
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedLosses
237000
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
CY2022Q3 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
60548000
CY2021Q4 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
38349000
CY2022Q3 mdgl Accrued Other Clinical Study Related Costs Current
AccruedOtherClinicalStudyRelatedCostsCurrent
8084000
CY2021Q4 mdgl Accrued Other Clinical Study Related Costs Current
AccruedOtherClinicalStudyRelatedCostsCurrent
3957000
CY2022Q3 mdgl Accrued Compensation And Benefits Current
AccruedCompensationAndBenefitsCurrent
5049000
CY2021Q4 mdgl Accrued Compensation And Benefits Current
AccruedCompensationAndBenefitsCurrent
6769000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2855000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2455000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3062000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3518000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
79598000
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
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
50000000
CY2022Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.102
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1267000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
5171000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
10043000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
51378000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
67859000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
15184000
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
3692000
CY2022Q3 us-gaap Loans Payable Current
LoansPayableCurrent
48983000
mdgl Common Stock Voting Rights Number
CommonStockVotingRightsNumber
1
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1087126
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8122000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6241000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23543000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20517000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8122000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6241000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23543000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20517000
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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