2024 Q3 Form 10-Q Financial Statement

#000162828024035400 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q4
Revenue $14.64M $0.00
YoY Change
Cost Of Revenue $636.0K
YoY Change
Gross Profit $14.00M
YoY Change
Gross Profit Margin 95.66%
Selling, General & Admin $105.4M $46.54M
YoY Change 490.91% 219.68%
% of Gross Profit 753.09%
Research & Development $71.09M $70.64M
YoY Change 3.62% -0.14%
% of Gross Profit 507.72%
Depreciation & Amortization $267.0K $142.0K
YoY Change 111.9% 10.08%
% of Gross Profit 1.91%
Operating Expenses $177.2M $117.2M
YoY Change 104.95% 37.37%
Operating Profit -$162.5M -$117.2M
YoY Change 88.01% 37.37%
Interest Expense $3.656M $3.971M
YoY Change 26.03% 136.09%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$152.0M -$112.2M
YoY Change 77.12% 30.6%
Income Tax
% Of Pretax Income
Net Earnings -$152.0M -$112.2M
YoY Change 77.12% 30.6%
Net Earnings / Revenue -1038.2%
Basic Earnings Per Share -$7.10 -$5.68
Diluted Earnings Per Share -$7.10 -$5.68
COMMON SHARES
Basic Shares Outstanding 21.71M shares 21.31M shares 19.74M
Diluted Shares Outstanding 21.40M shares 19.76M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.058B $634.1M
YoY Change 254.47% 76.75%
Cash & Equivalents $494.6M $99.92M
Short-Term Investments $563.2M $534.2M
Other Short-Term Assets $3.150M
YoY Change 21.39%
Inventory $7.072M $0.00
Prepaid Expenses
Receivables $6.899M $0.00
Other Receivables
Total Short-Term Assets $1.092B $637.3M
YoY Change 261.98% 76.35%
LONG-TERM ASSETS
Property, Plant & Equipment $1.695M $1.553M
YoY Change 272.53% 158.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $8.061M $3.266M
YoY Change 830.83% 171.49%
TOTAL ASSETS
Total Short-Term Assets $1.092B $637.3M
Total Long-Term Assets $8.061M $3.266M
Total Assets $1.100B $640.5M
YoY Change 263.61% 76.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.994M $28.04M
YoY Change -48.71% 17.67%
Accrued Expenses $115.6M $89.98M
YoY Change 41.4% -1.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $125.2M $118.5M
YoY Change 25.53% 2.29%
LONG-TERM LIABILITIES
Long-Term Debt $116.6M $115.5M
YoY Change 17.49% 134.29%
Other Long-Term Liabilities $1.186M
YoY Change
Total Long-Term Liabilities $117.5M $116.7M
YoY Change 18.4% 136.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $125.2M $118.5M
Total Long-Term Liabilities $117.5M $116.7M
Total Liabilities $242.7M $235.2M
YoY Change 21.97% 42.4%
SHAREHOLDERS EQUITY
Retained Earnings -$1.636B -$1.336B
YoY Change 45.4% 38.81%
Common Stock $2.493B $1.741B
YoY Change 102.88% 50.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $857.1M $405.3M
YoY Change
Total Liabilities & Shareholders Equity $1.100B $640.5M
YoY Change 263.61% 76.67%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income -$152.0M -$112.2M
YoY Change 77.12% 30.6%
Depreciation, Depletion And Amortization $267.0K $142.0K
YoY Change 111.9% 10.08%
Cash From Operating Activities -$134.9M -$79.93M
YoY Change 79.19% 36.6%
INVESTING ACTIVITIES
Capital Expenditures $5.131M $1.036M
YoY Change 7336.23% 3472.41%
Acquisitions
YoY Change
Other Investing Activities -$117.0M -$361.1M
YoY Change 3093.2% -643.67%
Cash From Investing Activities -$122.1M -$362.1M
YoY Change 3171.65% -645.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 134.1M 479.9M
YoY Change 212.42% 81.55%
NET CHANGE
Cash From Operating Activities -134.9M -79.93M
Cash From Investing Activities -122.1M -362.1M
Cash From Financing Activities 134.1M 479.9M
Net Change In Cash -122.9M 37.86M
YoY Change 240.39% -86.09%
FREE CASH FLOW
Cash From Operating Activities -$134.9M -$79.93M
Capital Expenditures $5.131M $1.036M
Free Cash Flow -$140.1M -$80.97M
YoY Change 85.83% 38.3%

Facts In Submission

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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Bank Debt
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us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
399682000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Use of Estimates </span></div>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.
CY2024Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.02
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
mdgl Deferred Tax Assets Percentage Of Valuation Allowance
DeferredTaxAssetsPercentageOfValuationAllowance
1
us-gaap Net Income Loss
NetIncomeLoss
-299500000 usd
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1635800000 usd
CY2024Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
574000000 usd
CY2024Q2 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
85900000 usd
CY2024Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
5000000.0 usd
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
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CY2024Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
499597000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
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CY2024Q2 mdgl Cash Cash Equivalents And Short Term Investments At Cost
CashCashEquivalentsAndShortTermInvestmentsAtCost
1063162000 usd
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
5000 usd
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
373000 usd
CY2024Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
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CashAndCashEquivalentsFairValueDisclosure
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99915000 usd
CY2023Q4 mdgl Cash Cash Equivalents And Short Term Investments At Cost
CashCashEquivalentsAndShortTermInvestmentsAtCost
633663000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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476000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
8000 usd
CY2023Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
634131000 usd
CY2024Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
0 usd
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
0 usd
CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5728000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
0 usd
CY2024Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1344000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
0 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
7072000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
0 usd
CY2024Q2 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
65473000 usd
CY2023Q4 mdgl Accrued Contract Research Costs Current
AccruedContractResearchCostsCurrent
50737000 usd
CY2024Q2 mdgl Accrued Other Clinical Study Related Costs Current
AccruedOtherClinicalStudyRelatedCostsCurrent
4206000 usd
CY2023Q4 mdgl Accrued Other Clinical Study Related Costs Current
AccruedOtherClinicalStudyRelatedCostsCurrent
3724000 usd
CY2024Q2 mdgl Accrued Manufacturing And Drug Supply Current
AccruedManufacturingAndDrugSupplyCurrent
2045000 usd
CY2023Q4 mdgl Accrued Manufacturing And Drug Supply Current
AccruedManufacturingAndDrugSupplyCurrent
9705000 usd
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
21341000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
17030000 usd
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
15496000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
6814000 usd
CY2024Q2 mdgl Accrued Expenses Gross
AccruedExpensesGross
1931000 usd
CY2023Q4 mdgl Accrued Expenses Gross
AccruedExpensesGross
0 usd
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5119000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1970000 usd
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
115611000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
89980000 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
14899 shares
CY2022Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
600000 usd
CY2023Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
900000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
6400000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
12768000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
79604000 usd
CY2024Q2 mdgl Long Term Debt Maturity After Year Two
LongTermDebtMaturityAfterYearTwo
53387000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
152159000 usd
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
31007000 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
4545000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
116607000 usd
mdgl Common Stock Voting Rights Number
CommonStockVotingRightsNumber
1 vote
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2355779 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
79.94
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
148970 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
232.88
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
671947 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
73.91
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
59995 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
118.98
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1772807 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
93.76
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1323994 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
79.14
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24404000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10973000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44306000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22223000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24404000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10973000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44306000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22223000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
149100000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M2D
us-gaap Revenues
Revenues
0 usd
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1600000 usd
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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