$MDGL
Madrigal Pharmaceuticals Inc

2023 Q2 Form 10-Q Financial Statement

#000119312523138863 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $17.85M $16.18M $9.658M
YoY Change 51.56% 67.55% 34.14%
% of Gross Profit
Research & Development $68.61M $62.15M $47.93M
YoY Change 17.28% 29.68% 4.65%
% of Gross Profit
Depreciation & Amortization $126.0K $124.0K $107.0K
YoY Change 14.55% 15.89% -2.73%
% of Gross Profit
Operating Expenses $86.45M $78.34M $57.59M
YoY Change 23.02% 36.03% 8.65%
Operating Profit -$86.45M -$78.34M -$57.59M
YoY Change 23.02% 36.03% 8.7%
Interest Expense $2.901M $2.336M $69.00K
YoY Change 271.92% 3285.51% -65.5%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$85.80M -$76.90M -$57.52M
YoY Change 21.31% 33.69% 9.56%
Income Tax
% Of Pretax Income
Net Earnings -$85.80M -$76.90M -$57.52M
YoY Change 21.31% 33.7% 9.46%
Net Earnings / Revenue
Basic Earnings Per Share -$4.69 -$4.23 -$3.36
Diluted Earnings Per Share -$4.69 -$4.23 -$3.363M
COMMON SHARES
Basic Shares Outstanding 18.29M 18.14M 17.10M
Diluted Shares Outstanding 18.31M 18.19M 17.10M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $298.4M $329.5M $220.0M
YoY Change 40.92% 49.79% -28.4%
Cash & Equivalents $77.20M $113.3M $40.04M
Short-Term Investments $221.2M $216.2M $177.7M
Other Short-Term Assets $3.200M $1.807M $1.217M
YoY Change 15.11% 48.48% 52.13%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $301.6M $331.3M $221.2M
YoY Change 40.57% 49.79% -28.19%
LONG-TERM ASSETS
Property, Plant & Equipment $455.0K $512.0K $1.492M
YoY Change -42.33% -65.68% -12.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $866.0K $1.165M $1.492M
YoY Change -53.09% -21.92% -12.24%
TOTAL ASSETS
Total Short-Term Assets $301.6M $331.3M $221.2M
Total Long-Term Assets $866.0K $1.165M $1.492M
Total Assets $302.5M $332.4M $222.7M
YoY Change 39.77% 49.31% -28.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.53M $12.13M $22.78M
YoY Change 55.25% -46.76% 417.73%
Accrued Expenses $81.76M $85.57M $53.86M
YoY Change 13.82% 58.88% 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 $99.71M $98.35M $76.64M
YoY Change 18.68% 28.33% 57.04%
LONG-TERM LIABILITIES
Long-Term Debt $99.25M $83.97M $0.00
YoY Change 103.92%
Other Long-Term Liabilities $283.0K
YoY Change -29.25%
Total Long-Term Liabilities $99.25M $83.97M $283.0K
YoY Change 103.18% 29569.61% -29.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.71M $98.35M $76.64M
Total Long-Term Liabilities $99.25M $83.97M $283.0K
Total Liabilities $199.0M $182.3M $76.92M
YoY Change 49.75% 137.02% 56.34%
SHAREHOLDERS EQUITY
Retained Earnings -$1.125B -$1.040B
YoY Change 41.4%
Common Stock $1.229B $1.190B
YoY Change 39.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $103.5M $150.1M $145.7M
YoY Change
Total Liabilities & Shareholders Equity $302.5M $332.4M $222.7M
YoY Change 39.77% 49.31% -28.1%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$85.80M -$76.90M -$57.52M
YoY Change 21.31% 33.7% 9.46%
Depreciation, Depletion And Amortization $126.0K $124.0K $107.0K
YoY Change 14.55% 15.89% -2.73%
Cash From Operating Activities -$75.31M -$84.07M -$49.91M
YoY Change 31.29% 68.43% 14.93%
INVESTING ACTIVITIES
Capital Expenditures $69.00K $35.00K -$52.00K
YoY Change -166.99% -167.31% 30.0%
Acquisitions
YoY Change
Other Investing Activities -$3.663M -$186.8M $55.98M
YoY Change -118.94% -433.75% -267.5%
Cash From Investing Activities -$3.732M -$186.9M $55.93M
YoY Change -119.4% -434.13% -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 42.93M 52.69M 0.000
YoY Change -12.59% -100.0%
NET CHANGE
Cash From Operating Activities -75.31M -84.07M -49.91M
Cash From Investing Activities -3.732M -186.9M 55.93M
Cash From Financing Activities 42.93M 52.69M 0.000
Net Change In Cash -36.11M -218.2M 6.013M
YoY Change -428.59% -3729.49% -161.36%
FREE CASH FLOW
Cash From Operating Activities -$75.31M -$84.07M -$49.91M
Capital Expenditures $69.00K $35.00K -$52.00K
Free Cash Flow -$75.38M -$84.10M -$49.86M
YoY Change 31.65% 68.67% 14.91%

Facts In Submission

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<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>
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CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4741000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4867000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2000000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
767000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
85567000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
91461000
CY2022Q2 mdgl Percenatge Of Term Charges On Aggregate Principal Amount
PercenatgeOfTermChargesOnAggregatePrincipalAmount
0.0535
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-76900000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1040000000
CY2023Q1 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Gains
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedGains
10000
CY2023Q1 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Losses
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedLosses
96000
CY2022Q4 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Gains
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedGains
7000
CY2022Q4 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Losses
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedLosses
39000
CY2023Q1 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
57984000
CY2022Q4 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
53119000
CY2023Q1 mdgl Accrued Other Clinical Study Related Costs Current
AccruedOtherClinicalStudyRelatedCostsCurrent
6638000
CY2022Q2 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
14899
CY2022Q2 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
600000
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
85000000
CY2023Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.1045
CY2023Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
24149000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
5582000
CY2023Q1 us-gaap Loans Payable Current
LoansPayableCurrent
83965000
CY2023Q1 mdgl Common Stock Voting Rights Number
CommonStockVotingRightsNumber
1
CY2023Q1 mdgl Share Based Compensation Arrangement By Share Based Payment Award Restricted Stock Units And Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockUnitsAndOptionsOutstandingNumber
2875723
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
6772000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9031000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
58537000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
39356000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
113696000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11250000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7477000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11250000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7477000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0

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d431523d10q.htm Edgar Link pending
d431523dex311.htm Edgar Link pending
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mdgl-20230331.xsd Edgar Link pending
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