Every 10-Q that Madrigal Pharmaceuticals, Inc. (MDGL) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MDGL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MDGL filings page.
Madrigal Pharmaceuticals reported continued commercial ramp of Rezdiffra for MASH. Net product revenue reached $364.3 million in Q2 2026 and $675.6 million for the first half of 2026, up from $212.8 million and $350.1 million a year earlier, respectively. The company still posted a net loss of $57.9 million for Q2 and $152.3 million for the first half, driven by higher cost of sales, research and development, and selling, general and administrative expenses, including rising stock-based compensation.
At June 30, 2026, Madrigal held $838.9 million in cash, cash equivalents, restricted cash and marketable securities and carried a $350 million senior secured term loan bearing interest at 8.45%, with a covenant requiring at least $100 million of unrestricted cash. Management expects existing liquid resources to fund operations for more than one year. The company recorded a $10.4 million inventory write-down and continues to invest heavily in MASH pipeline expansion through large global licensing deals (CSPC, Pfizer, Ribocure, Arrowhead) while advancing the MAESTRO-NASH outcomes programs intended to support full approvals and broader Rezdiffra indications.
Madrigal Pharmaceuticals reported strong early commercialization of Rezdiffra in its quarterly results while remaining loss-making. For the three months ended March 31, 2026, product revenue, net reached $311.3 million, up from $137.3 million a year earlier, driven by U.S. and initial European launches.
Total operating expenses rose to $404.1 million, reflecting higher research and development spending of $108.7 million and selling, general and administrative costs of $268.5 million to support commercialization and pipeline growth. The company recorded a net loss of $94.4 million, or $3.25 per share, compared with a $73.2 million loss in the prior-year quarter.
Madrigal ended the period with $817.9 million in cash, cash equivalents, restricted cash and marketable securities and $350.0 million of outstanding principal under its term loan facility. The company expanded its MASH-focused pipeline through licensing deals for a GLP‑1 agonist, a DGAT‑2 inhibitor and multiple siRNA programs targeting genetic drivers of disease.
Madrigal Pharmaceuticals (MDGL) reported a sharp commercial ramp for Rezdiffra as product revenue reached $287.3 million in Q3 2025, up from $62.2 million a year ago. For the nine months ended September 30, 2025, product revenue totaled $637.3 million versus $76.8 million in 2024.
The company posted a net loss of $114.2 million for Q3 and $229.7 million year-to-date, reflecting higher selling, general and administrative expenses tied to commercialization and increased R&D. Liquidity remained strong with cash, cash equivalents and marketable securities of $1.11 billion, while long‑term debt rose after funding a $350.0 million initial term loan under a new credit facility that provides up to $500.0 million in commitments and requires at least $100.0 million of unrestricted cash. Accrued liabilities include a $117.3 million CSPC license upfront expense accrued and paid in October.
Rezdiffra received European Commission approval in August 2025 and launched in Germany in September, adding an early ex‑U.S. foothold alongside U.S. sales.
Madrigal Pharmaceuticals’ Q2-25 10-Q shows the company’s first full quarter of Rezdiffra commercialization driving a dramatic top-line inflection. Net product revenue reached $212.8 m for the quarter and $350.1 m YTD, versus $14.6 m in the prior-year periods. Cost of sales was only $13.6 m YTD, yielding a gross margin above 96%, but heavy commercial scale-up spending pushed operating expenses to $476.6 m (up 45% YoY). Consequently, the H1 operating loss narrowed to $126.5 m from $314.6 m, with a GAAP net loss of $115.5 m (-$5.22/sh).
Cash, cash equivalents and marketable securities totalled $802.0 m at 30 Jun 25, down modestly from $931.3 m at year-end after $136 m operating cash burn and $212 m net investment inflow. Inventory rose to $63.5 m as launch stock builds. Accounts receivable increased to $79.2 m, and gross-to-net reserves expanded to $52.3 m, reflecting payer rebates and copay assistance.
Liabilities were $319.4 m, including $118.4 m outstanding on the Hercules loan. Post-quarter, Madrigal replaced this facility with a new $350 m initial draw (up to $500 m total) Blue Owl secured term loan maturing 2030, subject to a $100 m minimum cash covenant.
22.29 m shares were outstanding on 1 Aug 25. Management emphasises ongoing U.S. launch execution, EU regulatory progress, and outcome trials needed for full Rezdiffra approval and label expansion.