$MDGL
MADRIGAL PHARMACEUTICALS, INC.

2023 Q4 Form 10-Q Financial Statement

#000119312523270803 Filed on November 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $46.54M $27.60M
YoY Change 219.68% 127.33%
% of Gross Profit
Research & Development $70.64M $70.95M
YoY Change -0.14% 3.93%
% of Gross Profit
Depreciation & Amortization $142.0K $140.0K
YoY Change 10.08% 15.7%
% of Gross Profit
Operating Expenses $117.2M $98.53M
YoY Change 37.37% 22.54%
Operating Profit -$117.2M -$98.53M
YoY Change 37.37% 22.54%
Interest Expense $3.971M $3.504M
YoY Change 136.09% 133.29%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$112.2M -$98.70M
YoY Change 30.6% 21.56%
Income Tax
% Of Pretax Income
Net Earnings -$112.2M -$98.74M
YoY Change 30.6% 21.61%
Net Earnings / Revenue
Basic Earnings Per Share -$5.68 -$5.34
Diluted Earnings Per Share -$5.68 -$5.34
COMMON SHARES
Basic Shares Outstanding 19.74M 18.47M
Diluted Shares Outstanding 19.76M shares 18.48M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $634.1M $232.4M
YoY Change 76.75% 51.67%
Cash & Equivalents $99.92M $62.06M
Short-Term Investments $534.2M $170.3M
Other Short-Term Assets $3.150M $3.100M
YoY Change 21.39% -20.92%
Inventory $0.00
Prepaid Expenses
Receivables $0.00
Other Receivables
Total Short-Term Assets $637.3M $235.5M
YoY Change 76.35% 49.87%
LONG-TERM ASSETS
Property, Plant & Equipment $1.553M $659.0K
YoY Change 158.4% -5.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.266M $2.495M
YoY Change 171.49% 62.86%
TOTAL ASSETS
Total Short-Term Assets $637.3M $235.5M
Total Long-Term Assets $3.266M $2.495M
Total Assets $640.5M $238.0M
YoY Change 76.67% 50.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.04M $16.54M
YoY Change 17.67% -10.88%
Accrued Expenses $89.98M $82.61M
YoY Change -1.62% 3.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $118.5M $99.67M
YoY Change 2.29% 0.75%
LONG-TERM LIABILITIES
Long-Term Debt $115.5M $114.7M
YoY Change 134.29% 134.22%
Other Long-Term Liabilities $1.186M $1.300M
YoY Change 1730.99%
Total Long-Term Liabilities $116.7M $116.1M
YoY Change 136.7% 136.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $118.5M $99.67M
Total Long-Term Liabilities $116.7M $116.1M
Total Liabilities $235.2M $215.7M
YoY Change 42.4% 45.78%
SHAREHOLDERS EQUITY
Retained Earnings -$1.336B -$1.224B
YoY Change 38.81% 39.61%
Common Stock $1.741B $1.246B
YoY Change 50.09% 40.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $405.3M $22.25M
YoY Change
Total Liabilities & Shareholders Equity $640.5M $238.0M
YoY Change 76.67% 50.0%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$112.2M -$98.74M
YoY Change 30.6% 21.61%
Depreciation, Depletion And Amortization $142.0K $140.0K
YoY Change 10.08% 15.7%
Cash From Operating Activities -$79.93M -$84.92M
YoY Change 36.6% 43.76%
INVESTING ACTIVITIES
Capital Expenditures $1.036M $340.0K
YoY Change 3472.41% -1130.3%
Acquisitions
YoY Change
Other Investing Activities -$361.1M $50.54M
YoY Change -643.67% -22.45%
Cash From Investing Activities -$362.1M $50.20M
YoY Change -645.47% -22.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 479.9M 19.58M
YoY Change 81.55%
NET CHANGE
Cash From Operating Activities -79.93M -84.92M
Cash From Investing Activities -362.1M 50.20M
Cash From Financing Activities 479.9M 19.58M
Net Change In Cash 37.86M -15.14M
YoY Change -86.09% -349.51%
FREE CASH FLOW
Cash From Operating Activities -$79.93M -$84.92M
Capital Expenditures $1.036M $340.0K
Free Cash Flow -$80.97M -$85.26M
YoY Change 38.3% 44.42%

Facts In Submission

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dei Document Period End Date
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2023-09-30
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
MADRIGAL PHARMACEUTICALS, INC.
dei Entity Tax Identification Number
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EntityAddressAddressLine1
Four Tower Bridge
dei Entity Address Address Line2
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200 Barr Harbor Drive, Suite 200
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dei Security12b Title
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
219595000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
443000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
188000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-140397000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
140299000
mdgl Proceeds From Issuance Or Sale Of Equity Net
ProceedsFromIssuanceOrSaleOfEquityNet
24484000
mdgl Proceeds From Issuance Or Sale Of Equity Net
ProceedsFromIssuanceOrSaleOfEquityNet
0
mdgl Proceeds From The Sale Of Related Party Stock And Exercise Of Common Stock Options Net Of Transaction Costs
ProceedsFromTheSaleOfRelatedPartyStockAndExerciseOfCommonStockOptionsNetOfTransactionCosts
26079000
mdgl Proceeds From The Sale Of Related Party Stock And Exercise Of Common Stock Options Net Of Transaction Costs
ProceedsFromTheSaleOfRelatedPartyStockAndExerciseOfCommonStockOptionsNetOfTransactionCosts
0
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
65000000
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
50000000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
363000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
886000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
115200000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
49114000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-269494000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
23071000
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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62055000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
59340000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1628000
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>
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
79604000
mdgl Deferred Tax Assets Percentage Of Valuation Allowance
DeferredTaxAssetsPercentageOfValuationAllowance
1
us-gaap Net Income Loss
NetIncomeLoss
-261400000
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1224100000
CY2023Q3 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Gains
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedGains
9000
CY2023Q3 mdgl Cash And Cash Equivalents And Available For Sale Securities Gross Unrealized Losses
CashAndCashEquivalentsAndAvailableForSaleSecuritiesGrossUnrealizedLosses
51000
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
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
53388000
CY2023Q3 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
54479000
CY2022Q4 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
53119000
CY2023Q3 mdgl Accrued Other Clinical Study Related Costs Current
AccruedOtherClinicalStudyRelatedCostsCurrent
3433000
CY2022Q4 mdgl Accrued Other Clinical Study Related Costs Current
AccruedOtherClinicalStudyRelatedCostsCurrent
6582000
CY2023Q3 mdgl Accrued Manufacturing And Drug Supply Current
AccruedManufacturingAndDrugSupplyCurrent
5030000
CY2022Q4 mdgl Accrued Manufacturing And Drug Supply Current
AccruedManufacturingAndDrugSupplyCurrent
11262000
CY2023Q3 mdgl Accrued Compensation And Benefits Current
AccruedCompensationAndBenefitsCurrent
9963000
CY2022Q4 mdgl Accrued Compensation And Benefits Current
AccruedCompensationAndBenefitsCurrent
14864000
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
8478000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4867000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1227000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
767000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
82610000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
91461000
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
CY2023Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
115000000
CY2023Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.1095
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3096000
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
12802000
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
148890000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
27737000
CY2023Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
6426000
CY2023Q3 us-gaap Loans Payable Current
LoansPayableCurrent
114727000
mdgl Common Stock Voting Rights Number
CommonStockVotingRightsNumber
1
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12660000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8122000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
34883000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23543000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12660000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8122000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
34883000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23543000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0
CY2023Q3 mdgl Lease Expiration
LeaseExpiration
November 2026
CY2023Q3 mdgl Increase Decrease In Right Of Use Asset And Lease Liabilities
IncreaseDecreaseInRightOfUseAssetAndLeaseLiabilities
1600000

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