MADRIGAL PHARMACEUTICALS, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $958.4M | $180.1M | $0 | $0 | $0 |
| Cost of revenue | — | $6.2M | $0 | $0 | — |
| Selling, general & administrative | $813.8M | $435.1M | $108.1M | $48.1M | — |
| Research and development | $388.5M | $236.7M | $272.4M | $245.4M | $205.2M |
| Operating expenses | $1.3B | $678.0M | $380.5M | $293.6M | $242.5M |
| Operating income | -$300.1M | -$497.9M | -$380.5M | -$293.6M | -$242.5M |
| Interest expense | $22.3M | $14.7M | $12.7M | $4.0M | $0 |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$288.3M | -$465.9M | -$373.6M | -$295.4M | -$241.8M |
| Balance Sheet | |||||
| Cash and equivalents | $198.7M | $100.0M | $99.9M | $331.5M | $36.3M |
| Current assets | $1.2B | $1.0B | $637.3M | $361.4M | $271.7M |
| Total assets | $1.3B | $1.0B | $640.5M | $362.6M | $273.3M |
| Current liabilities | $310.3M | $169.3M | $118.5M | $115.9M | $76.8M |
| Total liabilities | $656.9M | $287.9M | $235.2M | $165.2M | $77.2M |
| Total debt | $485.8M | $143.5M | $145.8M | — | — |
| Stockholders' equity | $602.7M | $754.4M | $405.3M | $197.4M | $196.1M |
| Cash Flow Statement | |||||
| Cash from operations | -$189.6M | -$455.6M | -$324.2M | -$224.9M | -$183.9M |
| Depreciation and amortization | $1.5M | $1.1M | $527,000 | $467,000 | $405,000 |
| Stock-based compensation | $98.1M | $79.9M | $49.7M | $31.6M | $26.9M |
| Capital expenditure | $467,000 | $1.5M | $1.5M | $217,000 | $209,000 |
| Free cash flow | -$190.0M | -$457.0M | -$325.7M | -$225.1M | -$184.1M |
Shares outstanding 23.1M · Free float 81.8%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.