MDGL Stock — Madrigal Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

We are a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (“MASH”), a serious liver disease with high unmet medical need that can lead to cirrhosis, liver failure, liver cancer, need for liver transplantation and premature mortality.

Source: 10-K FY2025 via SEC EDGAR

Share price

$399.63

Market cap

$9,283.2M

Cash

$961.0M

Enterprise value

$8,663.5M

Balance sheet

Cash	$961.0M
Debt	$341.3M
Net cash	$619.7M
Enterprise value	$8,663.5M
Basic shares	23.2M shares
Fully diluted shares	31.8M shares
Fully diluted market cap	$12,725.5M
Cash per share	$41.37
Quarterly burn	+$23.3M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

23.1M

Pre-funded warrants

3.6M

Options

1.0M

RSUs

1.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

2.4M

ESPP reserve

0.5M

FDSO

31.8M

Cap table as of 2026-07-27.

Price history

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Next catalyst

Resmetirom · Jan 12 - Feb 23 in 9 wks · Phase 3 · NASH; Cirrhosis, Liver

Recently reported

Rezdiffra Phase 3 Mixed · 2026-10-06

MAESTRO-NASH · mash - metabolic dysfunction-associated steatohepatitis

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23 in 9 wks	Resmetirom	Phase 3	NASH; Cirrhosis, Liver	2027 Est. Jul 2, 2027 · guidance midpoint
Apr 12 - May 24 in 5 mo	Resmetirom	Phase 3	Non-Alcoholic Fatty Liver Disease	2027 Est. Jul 2, 2027 · guidance midpoint
Feb 12 - Mar 25 in 15 mo	MGL-3196	Phase 3	NASH - Nonalcoholic Steatohepatitis	2027 Est. Jul 2, 2027 · guidance midpoint
Sep 12 - Oct 24 in 22 mo	Resmetirom	Phase 2	MASH - Metabolic Dysfunction-Associated Steatohepatitis	2027 Est. Jul 2, 2027 · guidance midpoint
Aug 12 - Sep 23 in 34 mo	Resmetirom	Phase 2	MASH; MASH - Metabolic Dysfunction-Associated Steatohepatitis	2027 Est. Jul 2, 2027 · guidance midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Rezdiffra

Approved · Active Modality: oral small molecule (liver-directed THR-beta agonist)

Aliases resmetirom

Target THR-beta

Partnerships F. Hoffmann-La Roche AG: sole and exclusive license to develop and commercialize resmetirom; FDA-approval ($5M) and EC-approval ($3M) milestones paid; tiered single-digit royalty on net sales

Indications

Noncirrhotic MASH with moderate to advanced fibrosis (F2-F3) (Approved)
Compensated MASH cirrhosis (F4c) (Phase 3)

Catalysts

— 2027
— 2028

Status note FDA accelerated approval March 2024; EC conditional marketing authorization August 2025 (Germany launch September 2025); UK MHRA authorization June 2026.

MGL-2086

Phase 1 · Active Modality: oral small molecule (GLP-1 receptor agonist)

Aliases SYH2086

Target GLP-1 receptor

Partnerships CSPC Pharmaceutical Group Limited: exclusive global license (July 2025); $120M upfront; up to $2.0B in milestones

Indications

MASH (Phase 1)

Status note Phase 1 single-ascending dose trial in healthy volunteers initiated June 2026.

Ervogastat

Phase 2 · Active Modality: oral small molecule (DGAT-2 inhibitor)

Target DGAT-2

Partnerships Pfizer: exclusive global license (December 2025); $50M upfront; up to $70M in development/regulatory milestones; low-double digit royalties. License also covers two additional early-stage MASH assets

Indications

MASH (Phase 2)

Status note Phase 2 oral DGAT-2 inhibitor.

MGL-0795

Phase 1 · Active Modality: GalNAc-conjugated siRNA

Aliases ARO-PNPLA3

Target PNPLA3

Partnerships Arrowhead Pharmaceuticals: exclusive global license (May 2026); $25M upfront; up to $975M in milestones; high-single digit to mid-teens royalties

Indications

MASH (PNPLA3 I148M carriers) (Phase 1)

Status note Clinical-stage siRNA targeting a genetically validated driver of MASH. Company will consult FDA on design of a Phase 2 combination trial with resmetirom.

Undisclosed siRNA programs

Preclinical · Active Modality: siRNA

Partnerships Ribocure: license agreement covering siRNA candidates; first candidate nominated for clinical development July 2026

Indications

MASH (Preclinical)

Status note Six siRNA programs plus additional preclinical MASH candidates.

Per-asset detail extracted from the 10-Q filed 2026-07-30. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Rezdiffra
Lead indication	MASH - Metabolic Dysfunction-Associated Steatohepatitis
Lead phase	Phase 4
Active trials	6

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05500222	Phase 3	Active, not recruiting	Sponsor	MDGL	—	NASH; Cirrhosis, Liver	2027 Est. Jul 2, 2027 · guidance midpoint
NCT04951219	Phase 3	Active, not recruiting	Sponsor	MDGL	—	Non-Alcoholic Fatty Liver Disease	2027 Est. Jul 2, 2027 · guidance midpoint
NCT03900429	Phase 3	Active, not recruiting	Sponsor	MDGL	—	NASH - Nonalcoholic Steatohepatitis	2027 Est. Jul 2, 2027 · guidance midpoint
NCT07335601	Phase 2	Recruiting	Sponsor	MDGL	—	MASH - Metabolic Dysfunction-Associated Steatohepatitis	2027 Est. Jul 2, 2027 · guidance midpoint
NCT07763015	Phase 2	Recruiting	Sponsor	MDGL	—	MASH; MASH - Metabolic Dysfunction-Associated Steatohepatitis	2027 Est. Jul 2, 2027 · guidance midpoint
NCT07541469	Not disclosed	Recruiting	Sponsor	MDGL	—	MASH - Metabolic Dysfunction-Associated Steatohepatitis	2027 Est. Dec 31, 2027 · PCD + 6 wks (Dec 31-Dec 31)

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Madrigal Pharmaceuticals, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	2,143,131	+1,430	5.77%	2026-08-14
RTW Investments	1,993,687	no change	9.14%	2026-08-14
Avoro Capital Advisors	1,833,333	+15,152	8.84%	2026-08-14
Sphera Biotech	17,419	+8,379	1.34%	2026-08-14
ADAR1 Capital Management	895	no change	0.02%	2026-08-14
Logos Global Management	0	-85,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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MDGL — Madrigal Pharmaceuticals Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

MDGL — Madrigal Pharmaceuticals Inc.