MADRIGAL PHARMACEUTICALS, INC.
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $958.4M | $180.1M | $0 | $0 | $0 |
| Operating income | -$300.1M | -$497.9M | -$380.5M | -$293.6M | -$242.5M |
| Operating expenses | $1.3B | $678.0M | $380.5M | $293.6M | $242.5M |
| Cost of revenue | — | $6.2M | $0 | $0 | — |
| Cash from operations | -$189.6M | -$455.6M | -$324.2M | -$224.9M | -$183.9M |
| Capital expenditure | $467,000 | $1.5M | $1.5M | $217,000 | $209,000 |
| Free cash flow | -$190.0M | -$457.0M | -$325.7M | -$225.1M | -$184.1M |
| Total assets | $1.3B | $1.0B | $640.5M | $362.6M | $273.3M |
| Total liabilities | $656.9M | $287.9M | $235.2M | $165.2M | $77.2M |
| Total debt | $485.8M | $143.5M | $145.8M | — | — |
Shares outstanding 23.1M · Free float 81.8%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.