MDGL insiders sold 153,648 shares via 10b5-1; proposed $46.4M sale disclosed

Rhea-AI Filing Summary

Madrigal Pharmaceuticals (MDGL) filed a Form 144 reporting a proposed sale of 129,172 shares of Common stock to be effected through Morgan Stanley Smith Barney LLC on NASDAQ with an aggregate market value of $46,372,748. The shares were acquired by the filer through the exercise of stock options on 08/13/2025 and payment was in cash.

The filing also lists multiple recent Rule 10b5-1 sales by two insiders, Rebecca Taub and Paul A. Friedman, showing combined sales of 153,648 shares in the past three months that generated approximately $54,457,408 in gross proceeds. The form includes the standard representation that the seller does not possess undisclosed material adverse information.

Positive

• None.

Negative

• Planned sale of 129,172 shares acquired by option exercise with an aggregate market value of $46,372,748 to be sold via Morgan Stanley on NASDAQ.
• Multiple 10b5-1 insider sales totaling 153,648 shares in the past three months, generating approximately $54,457,408 in gross proceeds (Rebecca Taub and Paul A. Friedman combined).

Insights

Securities Analyst

TL;DR: Routine Form 144 for an insider sale by option exercise; multiple recent 10b5-1 sales generated sizable gross proceeds.

The filing documents a planned sale of 129,172 shares acquired by exercise of options on 08/13/2025, to be sold through Morgan Stanley on NASDAQ for an aggregate market value of $46,372,748. The record of recent 10b5-1 transactions shows combined insider sales of 153,648 shares producing roughly $54.46M in gross proceeds over the past three months. These are factual disclosures of executed and proposed sales under Rule 144 and 10b5-1; they reflect liquidity events by insiders rather than operating results.

Corporate Governance Expert

TL;DR: Disclosure follows standard Rule 144 and 10b5-1 formats with the usual certification about non-public material information.

The Form 144 identifies the seller, broker (Morgan Stanley Smith Barney LLC Executive Financial Services), the class of security, and the acquisition method (exercise of stock options) with cash payment. The document also details multiple 10b5-1 sales by named insiders with itemized dates, amounts, and gross proceeds. The filing contains the typical representation that the filer does not possess material undisclosed information, consistent with regulatory requirements for these notices.

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	129172	46372748.00	22289014	08/13/2025	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	08/13/2025	Exercise of Stock Options	Issuer			129172	08/13/2025	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	08/12/2025	43263	15388280.18
10b5-1 Sales for PAUL A FRIEDMAN Four Tower Bridge 200 Barr Harbor Drive, Suite 200 West Conshohocken PA 19428	Common	08/12/2025	43605	15509467.87
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 does the Form 144 for Madrigal Pharmaceuticals (MDGL) disclose?

The form reports a proposed sale of 129,172 shares of Common stock to be sold through Morgan Stanley on NASDAQ with an aggregate market value of $46,372,748.

How were the 129,172 shares acquired according to the filing?

The shares were acquired on 08/13/2025 by the exercise of stock options and payment was made in cash.

Who executed recent 10b5-1 sales and what were the totals?

The filing lists 10b5-1 sales by Rebecca Taub (76,564 shares) and Paul A. Friedman (77,084 shares), combined 153,648 shares, generating about $54,457,408 in gross proceeds.

Through which broker will the proposed sale be executed?

The proposed sale lists Morgan Stanley Smith Barney LLC Executive Financial Services as the broker and indicates the sale will be on NASDAQ.

Does the filer certify possession of undisclosed material information?

The Form 144 includes the standard representation that the person selling the securities does not know any material adverse information about the issuer that has not been publicly disclosed.