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Madrigal Pharmaceuticals (MDGL) director Taub in 10b5-1 sales filing

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Madrigal Pharmaceuticals director Rebecca Taub reported an insider transaction involving stock options and common shares of Madrigal Pharmaceuticals, Inc. (MDGL) dated 01/09/2026. She exercised a stock option for 18,410 shares of common stock at an exercise price of $15.8 per share and acquired the same number of common shares.

On the same date, she then sold Madrigal common stock in numerous open-market transactions under a Rule 10b5-1 trading plan, at weighted-average prices disclosed in ranges from $511.71 to $539.44 per share. After these trades, she held 455,589 shares of common stock directly and 655,540 shares indirectly through SQN, LLC, where she and her spouse are managing members, while disclaiming beneficial ownership beyond any pecuniary interest.

Positive

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Negative

  • None.
Insider Taub Rebecca
Role Director
Sold 18,410 shs ($9.62M)
Type Security Shares Price Value
Exercise Stock Option (Right to Buy) 18,410 $0.00 --
Exercise Common Stock 18,410 $15.80 $291K
Sale Common Stock 960 $512.0179 $492K
Sale Common Stock 960 $513.1196 $493K
Sale Common Stock 937 $514.6291 $482K
Sale Common Stock 1,578 $515.8228 $814K
Sale Common Stock 521 $516.8085 $269K
Sale Common Stock 2,044 $517.8415 $1.06M
Sale Common Stock 970 $518.6658 $503K
Sale Common Stock 539 $519.8879 $280K
Sale Common Stock 440 $521.1112 $229K
Sale Common Stock 588 $521.9535 $307K
Sale Common Stock 732 $522.9817 $383K
Sale Common Stock 1,335 $524.062 $700K
Sale Common Stock 1,489 $525.1196 $782K
Sale Common Stock 913 $526.0475 $480K
Sale Common Stock 1,135 $526.9523 $598K
Sale Common Stock 465 $528.1562 $246K
Sale Common Stock 554 $529.2813 $293K
Sale Common Stock 256 $530.4525 $136K
Sale Common Stock 30 $531.05 $16K
Sale Common Stock 40 $532.50 $21K
Sale Common Stock 271 $534.1751 $145K
Sale Common Stock 89 $534.9324 $48K
Sale Common Stock 299 $535.8041 $160K
Sale Common Stock 385 $536.8832 $207K
Sale Common Stock 40 $537.84 $22K
Sale Common Stock 400 $539.264 $216K
Sale Common Stock 40 $540.26 $22K
Sale Common Stock 400 $542.72 $217K
holding Common Stock -- -- --
Holdings After Transaction: Stock Option (Right to Buy) — 240 shares (Direct); Common Stock — 473,999 shares (Direct); Common Stock — 655,540 shares (Indirect, By SQN, LLC)
Footnotes (1)
  1. These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 10, 2025. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $511.71 to $512.56, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote and the footnotes below. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $513.00 to $513.58, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $514.32 to $515.25, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $515.32 to $516.29, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $516.32 to $517.26, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $517.36 to $518.35, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $518.39 to $519.29, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $519.45 to $520.38, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $520.46 to $521.45, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $521.50 to $522.49, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $522.51 to $523.47, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $523.59 to $524.58, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $524.59 to $525.56, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $525.59 to $526.55, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $526.63 to $527.58, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $527.71 to $528.52, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $528.72 to $529.69, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $529.97 to $530.63, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $533.60 to $534.57, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $534.60 to $534.99, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $535.62 to $536.32, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $536.64 to $537.30, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $539.00 to $539.44, inclusive. The Reporting Person and her spouse are each managing members of SQN, LLC. The Reporting Person disclaims beneficial ownership of these securities except to the extent of her pecuniary interest therein, if any, and the inclusion of these shares in this report shall not be deemed an admission of the beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose. The shares underlying this stock option are fully vested and exercisable.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Taub Rebecca
(Last) (First) (Middle)
C/O MADRIGAL PHARMACEUTICALS, INC.
200 BARR HARBOR DRIVE, SUITE 400
(Street)
WEST CONSHOHOCKEN PA 19428
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
MADRIGAL PHARMACEUTICALS, INC. [ MDGL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
01/09/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/09/2026 M 18,410 A $15.8 473,999 D
Common Stock 01/09/2026 S(1) 960 D $512.0179(2) 473,039 D
Common Stock 01/09/2026 S(1) 960 D $513.1196(3) 472,079 D
Common Stock 01/09/2026 S(1) 937 D $514.6291(4) 471,142 D
Common Stock 01/09/2026 S(1) 1,578 D $515.8228(5) 469,564 D
Common Stock 01/09/2026 S(1) 521 D $516.8085(6) 469,043 D
Common Stock 01/09/2026 S(1) 2,044 D $517.8415(7) 466,999 D
Common Stock 01/09/2026 S(1) 970 D $518.6658(8) 466,029 D
Common Stock 01/09/2026 S(1) 539 D $519.8879(9) 465,490 D
Common Stock 01/09/2026 S(1) 440 D $521.1112(10) 465,050 D
Common Stock 01/09/2026 S(1) 588 D $521.9535(11) 464,462 D
Common Stock 01/09/2026 S(1) 732 D $522.9817(12) 463,730 D
Common Stock 01/09/2026 S(1) 1,335 D $524.062(13) 462,395 D
Common Stock 01/09/2026 S(1) 1,489 D $525.1196(14) 460,906 D
Common Stock 01/09/2026 S(1) 913 D $526.0475(15) 459,993 D
Common Stock 01/09/2026 S(1) 1,135 D $526.9523(16) 458,858 D
Common Stock 01/09/2026 S(1) 465 D $528.1562(17) 458,393 D
Common Stock 01/09/2026 S(1) 554 D $529.2813(18) 457,839 D
Common Stock 01/09/2026 S(1) 256 D $530.4525(19) 457,583 D
Common Stock 01/09/2026 S(1) 30 D $531.05 457,553 D
Common Stock 01/09/2026 S(1) 40 D $532.5 457,513 D
Common Stock 01/09/2026 S(1) 271 D $534.1751(20) 457,242 D
Common Stock 01/09/2026 S(1) 89 D $534.9324(21) 457,153 D
Common Stock 01/09/2026 S(1) 299 D $535.8041(22) 456,854 D
Common Stock 01/09/2026 S(1) 385 D $536.8832(23) 456,469 D
Common Stock 01/09/2026 S(1) 40 D $537.84 456,429 D
Common Stock 01/09/2026 S(1) 400 D $539.264(24) 456,029 D
Common Stock 01/09/2026 S(1) 40 D $540.26 455,989 D
Common Stock 01/09/2026 S(1) 400 D $542.72 455,589 D
Common Stock 655,540 I By SQN, LLC(25)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $15.8 01/09/2026 M 18,410 (26) 03/02/2027 Common Stock 18,410 $0 240 D
Explanation of Responses:
1. These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 10, 2025.
2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $511.71 to $512.56, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote and the footnotes below.
3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $513.00 to $513.58, inclusive.
4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $514.32 to $515.25, inclusive.
5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $515.32 to $516.29, inclusive.
6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $516.32 to $517.26, inclusive.
7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $517.36 to $518.35, inclusive.
8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $518.39 to $519.29, inclusive.
9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $519.45 to $520.38, inclusive.
10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $520.46 to $521.45, inclusive.
11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $521.50 to $522.49, inclusive.
12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $522.51 to $523.47, inclusive.
13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $523.59 to $524.58, inclusive.
14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $524.59 to $525.56, inclusive.
15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $525.59 to $526.55, inclusive.
16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $526.63 to $527.58, inclusive.
17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $527.71 to $528.52, inclusive.
18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $528.72 to $529.69, inclusive.
19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $529.97 to $530.63, inclusive.
20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $533.60 to $534.57, inclusive.
21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $534.60 to $534.99, inclusive.
22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $535.62 to $536.32, inclusive.
23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $536.64 to $537.30, inclusive.
24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $539.00 to $539.44, inclusive.
25. The Reporting Person and her spouse are each managing members of SQN, LLC. The Reporting Person disclaims beneficial ownership of these securities except to the extent of her pecuniary interest therein, if any, and the inclusion of these shares in this report shall not be deemed an admission of the beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.
26. The shares underlying this stock option are fully vested and exercisable.
Remarks:
/s/ Mardi Dier, as Attorney-in-Fact 01/13/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

Who is the insider trading Madrigal Pharmaceuticals (MDGL) shares in this Form 4?

The Form 4 reports transactions by Rebecca Taub, who is identified as a director of Madrigal Pharmaceuticals, Inc. and is the sole reporting person on the filing.

What stock option transaction did Rebecca Taub report for Madrigal Pharmaceuticals (MDGL)?

Rebecca Taub reported exercising a stock option (right to buy) covering 18,410 shares of Madrigal common stock at an exercise price of $15.8 per share on 01/09/2026, with the underlying shares fully vested and exercisable.

What common stock sales by Rebecca Taub are disclosed for Madrigal Pharmaceuticals (MDGL)?

The Form 4 lists multiple open-market sales of common stock on 01/09/2026, each coded S, at weighted-average prices with ranges including $511.71–$512.56, $513.00–$513.58, and up to $539.00–$539.44 per share, as detailed in the footnotes.

Were the Madrigal Pharmaceuticals (MDGL) share sales by Rebecca Taub under a Rule 10b5-1 plan?

Yes. A footnote states that the sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 10, 2025.

How many Madrigal Pharmaceuticals (MDGL) shares does Rebecca Taub hold after the reported transactions?

Following the transactions on 01/09/2026, Rebecca Taub held 455,589 shares of Madrigal common stock directly and 655,540 shares indirectly through SQN, LLC, as reported in the holdings lines.

What is SQN, LLCs role in the Madrigal Pharmaceuticals (MDGL) holdings reported on this Form 4?

The filing reports 655,540 shares of Madrigal common stock held indirectly "By SQN, LLC". A footnote explains that the reporting person and her spouse are managing members of SQN, LLC and that she disclaims beneficial ownership of these securities except to the extent of any pecuniary interest.

How are the weighted-average sale prices explained in the Madrigal Pharmaceuticals (MDGL) Form 4?

Multiple footnotes explain that the prices shown for the sales are weighted-average prices and that the shares were sold in multiple transactions within specified price ranges. The reporting person undertakes to provide full information on the number of shares sold at each price within those ranges upon request.