Director exercises 2,500 Madrigal (MDGL) options at $7.36

Rhea-AI Filing Summary

Madrigal Pharmaceuticals director Richard S. Levy exercised stock options for 2,500 shares of common stock. The derivative transaction converted a fully vested stock option into 2,500 common shares at a price of $7.36 per share. Following this exercise, Levy directly owns 27,697 shares of Madrigal common stock.

Insider Trade Summary

2,500 shares exercised/converted

Mixed 2 txns

Insider Levy Richard S

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	2,500	$0.00	--
Exercise	Common Stock	2,500	$7.36	$18K

Holdings After Transaction: Stock Option (Right to Buy) — 0 shares (Direct); Common Stock — 27,697 shares (Direct)

Footnotes (1)

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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).

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^*

Levy Richard S

(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)
02/23/2026

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	02/23/2026		M		2,500	A	$7.36	27,697	D

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)	$7.36	02/23/2026		M			2,500	(1)	08/11/2026	Common Stock	2,500	$0	0	D

Explanation of Responses:

1. The shares underlying this option are fully vested and exercisable.

Remarks:

	/s/ Mardi Dier, as Attorney-in-Fact	02/24/2026
	** 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.

FAQ

What insider transaction did Madrigal (MDGL) report for Richard S. Levy?

Madrigal reported that director Richard S. Levy exercised a stock option for 2,500 shares of common stock. This was recorded as a derivative exercise, converting option rights into actual shares rather than an open-market purchase or sale, and increased his directly held share count.

How many Madrigal (MDGL) shares does Richard S. Levy own after this Form 4?

After the reported transaction, Richard S. Levy directly owns 27,697 shares of Madrigal common stock. This reflects the addition of 2,500 shares received through the exercise of a fully vested stock option, as disclosed in the Form 4 insider trading report.

What was the exercise price on Richard S. Levy’s Madrigal stock option?

The exercised Madrigal stock option had an exercise price of $7.36 per share for 2,500 shares of common stock. The Form 4 describes this as an exercise or conversion of a derivative security rather than a standard market purchase transaction.

Was Richard S. Levy’s Madrigal (MDGL) Form 4 a buy or a sell?

The Form 4 shows an exercise or conversion of a stock option into 2,500 Madrigal common shares, classified as an acquisition. It does not report any sale; instead, it reflects conversion of a fully vested derivative security into directly owned stock.

What does the Form 4 footnote say about the Madrigal stock option exercised?

The footnote explains that the shares underlying the reported Madrigal stock option are fully vested and exercisable. This means Levy’s right to exercise was already earned, and the Form 4 simply records converting that existing vested option into common shares.