Madrigal director exercises 4,000 stock options

Madrigal Pharmaceuticals director Richard S. Levy reported an option exercise and share acquisition.

Rhea-AI Filing Summary

Madrigal Pharmaceuticals director Richard S. Levy reported an option exercise and share acquisition. On January 26, 2026, he exercised a stock option for 4,000 shares of Madrigal common stock at an exercise price of $16.46 per share. The option was fully vested and exercisable. Following this transaction, Levy directly owns 25,197 shares of Madrigal common stock, and the reported stock option position was reduced to 0 derivative securities.

Insider Trade Summary

4,000 shares exercised/converted

Exercise 2 txns

Insider Levy Richard S

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	4,000	$0.00	$0.00
Exercise	Common Stock	4,000	$16.46	$66K

Holdings After Transaction: Stock Option (Right to Buy) — 0 contracts (Direct); Common Stock — 25,197 shares (Direct)

Footnotes (1)

1. F1. The shares underlying this option are fully vested and exercisable.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who is the insider in the MDGL Form 4 filing?

The insider is Richard S. Levy, a director of Madrigal Pharmaceuticals, Inc. who filed a Form 4 reporting his transactions in the company’s securities.

What transaction did Richard S. Levy report in Madrigal (MDGL) stock?

Richard S. Levy reported exercising a stock option, acquiring 4,000 shares of Madrigal common stock at an exercise price of $16.46 per share.

How many Madrigal (MDGL) shares does Richard S. Levy own after the transaction?

After the reported transaction, Richard S. Levy directly owns 25,197 shares of Madrigal Pharmaceuticals common stock.

What happened to the stock option position reported by Richard S. Levy?

The reported Stock Option (Right to Buy) covering 4,000 shares was exercised on January 26, 2026, leaving 0 derivative securities beneficially owned afterward.

Were the Madrigal (MDGL) options fully vested when exercised by Richard S. Levy?

Yes. The filing states that the shares underlying this option are fully vested and exercisable at the time of the transaction.

Is Richard S. Levy’s ownership in Madrigal (MDGL) direct or indirect?

The Form 4 indicates that Richard S. Levy’s reported holdings of 25,197 common shares are held with direct (D) ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 01/26/2026 - 06:02 PM Learn about SEC filing dates

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)
01/26/2026

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	01/26/2026		M		4,000	A	$16.46	25,197	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)	$16.46	01/26/2026		M			4,000	(1)	06/29/2027	Common Stock	4,000	$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	01/26/2026
	** 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.