MADRIGAL PHARMACEUTICALS, INC.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
MDGL$432.60-0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(288,284) | $(465,892) | $(373,630) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Stock-based compensation expense | 98,130 | 79,880 | 49,735 |
| Depreciation and amortization expense | 1,506 | 1,096 | 527 |
| Amortization of debt issuance costs and discount | 1,604 | 2,089 | 2,414 |
| Amortization and interest accretion related to operating leases | 3,210 | (400) | — |
| Loss on extinguishment of debt | 2,779 | — | — |
| Changes in operating assets and liabilities: | |||
| Trade receivables, net | (80,654) | (53,822) | — |
| Inventory | (36,978) | (34,068) | — |
| Prepaid expenses and other current assets | (34,018) | (10,636) | (555) |
| Accounts payable | 5,279 | 15,558 | 4,210 |
| Accrued liabilities | 131,902 | 34,715 | (1,481) |
| Accrued interest, net of interest received on maturity of investments | 5,971 | (24,092) | (5,450) |
| Net cash used in operating activities | (189,553) | (455,572) | (324,230) |
| Cash flows from investing activities: | |||
| Purchases of marketable securities | (1,047,510) | (1,131,207) | (834,439) |
| Sales and maturities of marketable securities | 1,083,297 | 863,283 | 333,398 |
| Acquisition of intangible asset | (3,000) | (5,000) | — |
| Purchases of property and equipment, net of disposals | (467) | (1,462) | (1,479) |
| Net cash provided by (used in) investing activities | 32,320 | (274,386) | (502,520) |
| Cash flows from financing activities: | |||
| Proceeds from issuances of stock, excluding related parties, net of transaction costs | — | 397,487 | 260,187 |
| Proceeds from related parties - warrants, exercise of common stock options, net of transaction costs | 38,055 | 337,575 | 270,292 |
| Proceeds from issuance of debt | 350,000 | — | 65,000 |
| Payment of debt issuance costs | (10,407) | — | (363) |
| Repayment of debt | (121,664) | — | — |
| Net cash provided by financing activities | 255,984 | 735,062 | 595,116 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 13 | — | — |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 98,764 | 5,104 | (231,634) |
| Cash, cash equivalents, and restricted cash at beginning of period | 105,019 | 99,915 | 331,549 |
| Cash, cash equivalents, and restricted cash at end of period | $203,783 | $105,019 | $99,915 |
| Supplemental disclosure of cash flow information: | |||
| Obtaining a right-of-use asset in exchange for a lease liability | $3,982 | $1,330 | $1,628 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.