$MDGL
Madrigal Pharmaceuticals Inc

2023 Q3 Form 10-Q Financial Statement

#000119312523205535 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $27.60M $17.85M
YoY Change 127.33% 51.56%
% of Gross Profit
Research & Development $70.95M $68.61M
YoY Change 3.93% 17.28%
% of Gross Profit
Depreciation & Amortization $140.0K $126.0K
YoY Change 15.7% 14.55%
% of Gross Profit
Operating Expenses $98.53M $86.45M
YoY Change 22.54% 23.02%
Operating Profit -$98.53M -$86.45M
YoY Change 22.54% 23.02%
Interest Expense $3.504M $2.901M
YoY Change 133.29% 271.92%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$98.70M -$85.80M
YoY Change 21.56% 21.31%
Income Tax
% Of Pretax Income
Net Earnings -$98.74M -$85.80M
YoY Change 21.61% 21.31%
Net Earnings / Revenue
Basic Earnings Per Share -$5.34 -$4.69
Diluted Earnings Per Share -$5.34 -$4.69
COMMON SHARES
Basic Shares Outstanding 18.47M 18.29M
Diluted Shares Outstanding 18.48M 18.31M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $232.4M $298.4M
YoY Change 51.67% 40.92%
Cash & Equivalents $62.06M $77.20M
Short-Term Investments $170.3M $221.2M
Other Short-Term Assets $3.100M $3.200M
YoY Change -20.92% 15.11%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $235.5M $301.6M
YoY Change 49.87% 40.57%
LONG-TERM ASSETS
Property, Plant & Equipment $659.0K $455.0K
YoY Change -5.99% -42.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.495M $866.0K
YoY Change 62.86% -53.09%
TOTAL ASSETS
Total Short-Term Assets $235.5M $301.6M
Total Long-Term Assets $2.495M $866.0K
Total Assets $238.0M $302.5M
YoY Change 50.0% 39.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.54M $17.53M
YoY Change -10.88% 55.25%
Accrued Expenses $82.61M $81.76M
YoY Change 3.78% 13.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $99.67M $99.71M
YoY Change 0.75% 18.68%
LONG-TERM LIABILITIES
Long-Term Debt $114.7M $99.25M
YoY Change 134.22% 103.92%
Other Long-Term Liabilities $1.300M
YoY Change 1730.99%
Total Long-Term Liabilities $116.1M $99.25M
YoY Change 136.58% 103.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.67M $99.71M
Total Long-Term Liabilities $116.1M $99.25M
Total Liabilities $215.7M $199.0M
YoY Change 45.78% 49.75%
SHAREHOLDERS EQUITY
Retained Earnings -$1.224B -$1.125B
YoY Change 39.61% 41.4%
Common Stock $1.246B $1.229B
YoY Change 40.41% 39.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.25M $103.5M
YoY Change
Total Liabilities & Shareholders Equity $238.0M $302.5M
YoY Change 50.0% 39.77%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$98.74M -$85.80M
YoY Change 21.61% 21.31%
Depreciation, Depletion And Amortization $140.0K $126.0K
YoY Change 15.7% 14.55%
Cash From Operating Activities -$84.92M -$75.31M
YoY Change 43.76% 31.29%
INVESTING ACTIVITIES
Capital Expenditures $340.0K $69.00K
YoY Change -1130.3% -166.99%
Acquisitions
YoY Change
Other Investing Activities $50.54M -$3.663M
YoY Change -22.45% -118.94%
Cash From Investing Activities $50.20M -$3.732M
YoY Change -22.93% -119.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.58M 42.93M
YoY Change -12.59%
NET CHANGE
Cash From Operating Activities -84.92M -75.31M
Cash From Investing Activities 50.20M -3.732M
Cash From Financing Activities 19.58M 42.93M
Net Change In Cash -15.14M -36.11M
YoY Change -349.51% -428.59%
FREE CASH FLOW
Cash From Operating Activities -$84.92M -$75.31M
Capital Expenditures $340.0K $69.00K
Free Cash Flow -$85.26M -$75.38M
YoY Change 44.42% 31.65%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-254353000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
17003000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
331549000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36269000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
77196000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
53272000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
583000
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>
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
81761000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
91461000
mdgl Deferred Tax Assets Percentage Of Valuation Allowance
DeferredTaxAssetsPercentageOfValuationAllowance
1
us-gaap Net Income Loss
NetIncomeLoss
-162700000
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1125000000
CY2023Q2 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Gains
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedGains
19000
CY2023Q2 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Losses
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedLosses
108000
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
CY2023Q2 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
58050000
CY2022Q4 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
53119000
CY2023Q2 mdgl Accrued Other Clinical Study Related Costs Current
AccruedOtherClinicalStudyRelatedCostsCurrent
3605000
CY2022Q4 mdgl Accrued Other Clinical Study Related Costs Current
AccruedOtherClinicalStudyRelatedCostsCurrent
6582000
CY2023Q2 mdgl Accrued Manufacturing And Drug Supply Current
AccruedManufacturingAndDrugSupplyCurrent
3556000
CY2022Q4 mdgl Accrued Manufacturing And Drug Supply Current
AccruedManufacturingAndDrugSupplyCurrent
11262000
CY2023Q2 mdgl Accrued Compensation And Benefits Current
AccruedCompensationAndBenefitsCurrent
5453000
CY2022Q4 mdgl Accrued Compensation And Benefits Current
AccruedCompensationAndBenefitsCurrent
14864000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
9494000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4867000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1603000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
767000
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
CY2023Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
100000000
CY2023Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.107
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
5372000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
10878000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
69044000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
46363000
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
131657000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
26307000
CY2023Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
6101000
CY2023Q2 us-gaap Loans Payable Current
LoansPayableCurrent
99249000
mdgl Common Stock Voting Rights Number
CommonStockVotingRightsNumber
1
CY2023Q2 mdgl Share Based Compensation Arrangement By Share Based Payment Award Restricted Stock Units And Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockUnitsAndOptionsOutstandingNumber
2805840
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10973000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7944000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22223000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15421000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10973000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7944000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22223000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15421000
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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