[Form 4] MADRIGAL PHARMACEUTICALS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Madrigal Pharmaceuticals director Paul A. Friedman reported an option exercise and small share sale. On January 9, 2026, he exercised a stock option for 280 shares of common stock at $15.80 per share, then sold 280 shares of common stock at a weighted average price of $551.2414 per share under a pre-arranged Rule 10b5-1 trading plan adopted on September 10, 2025.

After these transactions, he directly owned 187,164 shares of Madrigal common stock. The filing also notes 655,540 shares held indirectly through SQN LLC, an entity for which he and his spouse are managing members, with a disclaimer that he only benefits to the extent of his pecuniary interest.

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
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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^*

FRIEDMAN PAUL A

(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		280	A	$15.8	187,444	D
Common Stock	01/09/2026		S(1)		280	D	$551.2414(2)	187,164	D
Common Stock								655,540	I	By SQN LLC(3)

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			280	(4)	03/02/2027	Common Stock	280	$0	0	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 $551.24 to $551.25, 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 range set forth in this footnote.

3. The Reporting Person and his spouse are each managing members of SQN, LLC. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his 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.

4. 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.

FAQ

What insider transaction did Madrigal (MDGL) disclose in this Form 4?

The Form 4 reports that director Paul A. Friedman exercised a stock option for 280 shares at $15.80 per share and sold 280 shares of Madrigal common stock at a weighted average price of $551.2414 per share on January 9, 2026.

Was the MDGL insider sale made under a Rule 10b5-1 trading plan?

Yes. The filing states that the sales were effected pursuant to a Rule 10b5-1 trading plan adopted by Paul A. Friedman on September 10, 2025.

How many Madrigal (MDGL) shares does Paul A. Friedman own after the reported transactions?

Following the reported transactions, Paul A. Friedman directly owned 187,164 shares of Madrigal common stock and had an additional 655,540 shares reported as indirectly held through SQN LLC.

What is the nature of Paul A. Friedman’s indirect ownership in MDGL through SQN LLC?

The filing notes that Paul A. Friedman and his spouse are managing members of SQN LLC. He disclaims beneficial ownership of the shares held by SQN LLC except to the extent of his pecuniary interest.

What happened to the stock option reported in the Madrigal (MDGL) Form 4?

The Form 4 shows a stock option for 280 shares of Madrigal common stock with an exercise price of $15.80. On January 9, 2026, it was exercised in full, leaving 0 derivative securities of that option reported as beneficially owned afterward.

Over what price range were the MDGL shares sold in this insider transaction?

The filing explains that the $551.2414 figure is a weighted average; the 280 shares were sold in multiple trades at prices ranging from $551.24 to $551.25 per share.