Madrigal (MDGL) 10b5-1 insider sales show multimillion proceeds in July–Aug 2025

Rhea-AI Filing Summary

Madrigal Pharmaceuticals (MDGL) filed a Form 144 reporting a proposed sale of 43,263 common shares through Morgan Stanley Smith Barney, with an aggregate market value of $15,120,418.50 and 22,289,014 shares outstanding. The filing states the shares were acquired and are to be sold on 08/12/2025 following an exercise of stock options, with payment in cash. The notice also lists multiple recent 10b5-1 insider sales by Rebecca Taub and Paul A. Friedman in July–August 2025, including large transactions on 07/16/2025. Several identifying fields for the filer/issuer in the provided form appear blank.

Positive

• Form 144 filed providing public disclosure of the proposed sale of 43,263 shares
• Broker identified as Morgan Stanley Smith Barney LLC, giving execution routing details
• Securities were acquired by exercise of stock options and payment was in cash on the stated date

Negative

• Multiple sizeable 10b5-1 insider sales in the past three months, including Rebecca Taub: 26,444 shares for $9,347,062.51 on 07/16/2025
• Multiple sizeable 10b5-1 insider sales in the past three months, including Paul A. Friedman: 26,176 shares for $9,252,542.95 on 07/16/2025
• Several filer/issuer identifying fields in the provided form appear blank, limiting immediate verification from this document alone

Insights

Securities Analyst

TL;DR: Multiple scheduled insider sales disclosed; Form 144 shows a proposed sale of 43,263 shares valued at $15.12M.

The filing documents a straightforward Form 144 notice for the proposed public sale of 43,263 common shares via Morgan Stanley Smith Barney with a stated market value of $15,120,418.50. The shares were acquired and are to be sold on 08/12/2025 via exercise of stock options and paid in cash. The form also enumerates several 10b5-1 plan sales by named insiders in July–August 2025, producing multi-million dollar gross proceeds. This is disclosure of insider liquidity rather than an operational update.

Corporate Governance Expert

TL;DR: Disclosure includes multiple insider 10b5-1 sales and required certifications, though some filer/issuer fields are blank.

The notice includes the statutory signature and representation language and identifies the broker and transaction details. It documents acquisition by option exercise and lists recent 10b5-1 sales by Rebecca Taub and Paul A. Friedman with exact dates and proceeds. The form as provided omits certain filer/issuer identification entries, which should be complete for full transparency in public filings.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	43263	15120418.50	22289014	08/12/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	08/12/2025	Exercise of Stock Options	Issuer			43263	08/12/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for REBECCA TAUB Four Tower Bridge 200 Barr Harbor Drive, Suite 200 West Conshohocken PA 19428	Common	08/11/2025	3200	1120752.96
10b5-1 Sales for PAUL A FRIEDMAN Four Tower Bridge 200 Barr Harbor Drive, Suite 200 West Conshohocken PA 19428	Common	08/11/2025	3203	1121917.27
10b5-1 Sales for REBECCA TAUB Four Tower Bridge 200 Barr Harbor Drive, Suite 200 West Conshohocken PA 19428	Common	07/18/2025	1000	350005.00
10b5-1 Sales for PAUL A FRIEDMAN Four Tower Bridge 200 Barr Harbor Drive, Suite 200 West Conshohocken PA 19428	Common	07/18/2025	1400	490043.96
10b5-1 Sales for REBECCA TAUB Four Tower Bridge 200 Barr Harbor Drive, Suite 200 West Conshohocken PA 19428	Common	07/17/2025	2657	931034.70
10b5-1 Sales for PAUL A FRIEDMAN Four Tower Bridge 200 Barr Harbor Drive, Suite 200 West Conshohocken PA 19428	Common	07/17/2025	2700	946300.96
10b5-1 Sales for REBECCA TAUB Four Tower Bridge 200 Barr Harbor Drive, Suite 200 West Conshohocken PA 19428	Common	07/16/2025	26444	9347062.51
10b5-1 Sales for PAUL A FRIEDMAN Four Tower Bridge 200 Barr Harbor Drive, Suite 200 West Conshohocken PA 19428	Common	07/16/2025	26176	9252542.95

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did Madrigal (MDGL) report on this Form 144?

The filing reports a proposed sale of 43,263 common shares with an aggregate market value of $15,120,418.50, and states 22,289,014 shares outstanding. The approximate sale date is 08/12/2025.

Who is the broker handling the proposed sale?

The broker is listed as Morgan Stanley Smith Barney LLC, Executive Financial Services, 1 New York Plaza 8th Floor, New York NY 10004.

How were the securities acquired?

The securities were acquired on 08/12/2025 by exercise of stock options, and the filing states payment was made in cash on that date.

Have insiders sold shares recently under 10b5-1 plans?

Yes. The filing lists multiple 10b5-1 sales by Rebecca Taub and Paul A. Friedman in July–August 2025, including large transactions on 07/16/2025 and sales on 07/17, 07/18, and 08/11/2025 with multi-million dollar gross proceeds.

Are there any missing details in the provided filing?

Yes. Certain filer and issuer identification fields in the provided form (for example, Filer CIK and filer name) appear blank in the document content supplied.