MDGL Stock — Madrigal Pharmaceuticals Inc.: Cash, EV, Pipeline

Share price

$531.52

Market cap

$12,280.3M

Cash

$838.8M

Enterprise value

$11,782.3M

Balance sheet

Cash	$838.8M
Debt	$340.8M
Net cash	$498.0M
Enterprise value	$11,782.3M
Basic shares	23.1M shares
Fully diluted shares	28.5M shares
Fully diluted market cap	$15,135.6M
Cash per share	$36.31

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23	Resmetirom	Phase 3	NASH; Cirrhosis, Liver	2027
Apr 12 - May 24	Resmetirom	Phase 3	Non-Alcoholic Fatty Liver Disease	2027
Feb 12 - Mar 25	MGL-3196	Phase 3	NASH - Nonalcoholic Steatohepatitis	2027
Sep 12 - Oct 24	Resmetirom	Phase 2	MASH - Metabolic Dysfunction-Associated Steatohepatitis	2027
Aug 12 - Sep 23	Resmetirom	Phase 2	MASH; MASH - Metabolic Dysfunction-Associated Steatohepatitis	2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Rezdiffra

Approved · Active Modality: oral small molecule (liver-directed THR-beta agonist)

Aliases resmetirom

Target THR-beta

Partnerships F. Hoffmann-La Roche AG: sole and exclusive license to develop and commercialize resmetirom; FDA-approval ($5M) and EC-approval ($3M) milestones paid; tiered single-digit royalty on net sales

Indications

Noncirrhotic MASH with moderate to advanced fibrosis (F2-F3) (Approved)
Compensated MASH cirrhosis (F4c) (Phase 3)

Catalysts

— 2027
— 2028

Status note FDA accelerated approval March 2024; EC conditional marketing authorization August 2025 (Germany launch September 2025); UK MHRA authorization June 2026.

MGL-2086

Phase 1 · Active Modality: oral small molecule (GLP-1 receptor agonist)

Aliases SYH2086

Target GLP-1 receptor

Partnerships CSPC Pharmaceutical Group Limited: exclusive global license (July 2025); $120M upfront; up to $2.0B in milestones

Indications

MASH (Phase 1)

Status note Phase 1 single-ascending dose trial in healthy volunteers initiated June 2026.

Ervogastat

Phase 2 · Active Modality: oral small molecule (DGAT-2 inhibitor)

Target DGAT-2

Partnerships Pfizer: exclusive global license (December 2025); $50M upfront; up to $70M in development/regulatory milestones; low-double digit royalties. License also covers two additional early-stage MASH assets

Indications

MASH (Phase 2)

Status note Phase 2 oral DGAT-2 inhibitor.

MGL-0795

Phase 1 · Active Modality: GalNAc-conjugated siRNA

Aliases ARO-PNPLA3

Target PNPLA3

Partnerships Arrowhead Pharmaceuticals: exclusive global license (May 2026); $25M upfront; up to $975M in milestones; high-single digit to mid-teens royalties

Indications

MASH (PNPLA3 I148M carriers) (Phase 1)

Status note Clinical-stage siRNA targeting a genetically validated driver of MASH. Company will consult FDA on design of a Phase 2 combination trial with resmetirom.

Undisclosed siRNA programs

Preclinical · Active Modality: siRNA

Partnerships Ribocure: license agreement covering siRNA candidates; first candidate nominated for clinical development July 2026

Indications

MASH (Preclinical)

Status note Six siRNA programs plus additional preclinical MASH candidates.

Per-asset detail extracted from the 10-Q filed 2026-07-30. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Resmetirom
Lead indication	NASH
Lead phase	Phase 3
Active trials	6

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05500222	Phase 3	Active, not recruiting	Sponsor	MDGL	—	NASH; Cirrhosis, Liver	2027
NCT04951219	Phase 3	Active, not recruiting	Sponsor	MDGL	—	Non-Alcoholic Fatty Liver Disease	2027
NCT03900429	Phase 3	Active, not recruiting	Sponsor	MDGL	—	NASH - Nonalcoholic Steatohepatitis	2027
NCT07335601	Phase 2	Recruiting	Sponsor	MDGL	—	MASH - Metabolic Dysfunction-Associated Steatohepatitis	2027
NCT07763015	Phase 2	Recruiting	Sponsor	MDGL	—	MASH; MASH - Metabolic Dysfunction-Associated Steatohepatitis	2027
NCT07541469	Not disclosed	Recruiting	Sponsor	MDGL	—	MASH - Metabolic Dysfunction-Associated Steatohepatitis	2027

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Madrigal Pharmaceuticals, Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	2,143,131	+1,430	5.77%	2026-08-14
RTW Investments	1,993,687	no change	9.14%	2026-08-14
Sphera Biotech	17,419	+8,379	1.34%	2026-08-14
ADAR1 Capital Management	895	no change	0.02%	2026-08-14
Logos Global Management	0	-85,000	0.00%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

MDGL — Madrigal Pharmaceuticals Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders