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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Madrigal Pharmaceuticals Inc | NASDAQ:MDGL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
5.46 | 2.59% | 216.05 | 216.06 | 218.98 | 218.1894 | 208.77 | 213.01 | 451,690 | 23:18:16 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
04-3508648
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
Four Tower Bridge
200 Barr Harbor Drive, Suite 200
West Conshohocken, Pennsylvania
|
19428
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
Common Stock, $0.0001 Par Value Per Share
|
MDGL
|
The NASDAQ Stock Market LLC
|
||
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
|||
Non-accelerated
filer
|
☐
|
Smaller reporting company
|
☐
|
|||
|
|
Emerging growth company
|
☐
|
Item
|
|
Description
|
|
Page
|
|
|
|
|
Part I. Financial Information
|
|
|
|
|
Item 1.
|
|
|
|
1
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
6
|
|
|
Item 2.
|
|
|
|
12
|
|
|
Item 3.
|
|
|
|
16
|
|
|
Item 4.
|
|
|
|
17
|
|
|
|
|
Part II. Other Information
|
|
|
|
|
Item 1.
|
|
|
|
17
|
|
|
Item 1A.
|
|
|
|
17
|
|
|
Item 2.
|
|
|
|
18
|
|
|
Item 3.
|
|
|
|
18
|
|
|
Item 4.
|
|
|
|
18
|
|
|
Item 5.
|
|
|
|
18
|
|
|
Item 6.
|
|
|
|
18
|
|
|
|
|
|
|
20
|
|
|
March 31,
2020
|
|
December 31,
2019
|
|
||||
Assets
|
|
|
|
|
|
|
||
Current assets:
|
|
|
||||||
Cash and cash equivalents
|
$ |
66,651
|
$ |
46,697
|
||||
Marketable securities
|
341,859
|
392,348
|
||||||
Prepaid expenses and other current assets
|
976
|
1,152
|
||||||
Total current assets
|
409,486
|
440,197
|
||||||
Property and equipment, net
|
1,373
|
1,184
|
||||||
Right-of-use
asset
|
598
|
675
|
||||||
Total assets
|
$ |
411,457
|
$ |
442,056
|
||||
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
||||||
Accounts payable
|
$ |
1,115
|
$ |
1,178
|
||||
Accrued expenses
|
24,269
|
23,637
|
||||||
Lease liability
|
319
|
315
|
||||||
Total current liabilities
|
25,703
|
25,130
|
||||||
Long term liabilities:
|
|
|
||||||
Lease liability
|
279
|
361
|
||||||
Total long term liabilities
|
279
|
361
|
||||||
Total liabilities
|
25,982
|
25,491
|
||||||
Stockholders’ equity:
|
|
|
||||||
Preferred stock, par value $0.0001 per share authorized: 5,000,000 shares at March 31, 2020 and December 31, 2019; 1,969,797 shares issued and outstanding at March 31, 2020 and December 31, 2019
|
—
|
—
|
||||||
Common stock, par value $0.0001 per share authorized: 200,000,000 at March 31, 2020 and December 31, 2019; 15,429,154 shares issued and outstanding at March 31, 2020 and December 31, 2019
|
2
|
2
|
||||||
Additional
paid-in-capital
|
644,413
|
639,567
|
||||||
Accumulated other comprehensive gain (loss)
|
415
|
216
|
||||||
Accumulated deficit
|
(259,355
|
) |
(223,220
|
) | ||||
Total stockholders’ equity
|
385,475
|
416,565
|
||||||
Total liabilities and stockholders’ equity
|
$ |
411,457
|
$ |
442,056
|
||||
|
Three Months Ended March 31,
|
|||||||
|
2020
|
|
2019
|
|
||||
Revenues:
|
|
|
||||||
Total revenues
|
$ |
—
|
$ |
—
|
||||
Operating expenses:
|
|
|
||||||
Research and development
|
33,400
|
12,373
|
||||||
General and administrative
|
4,605
|
5,746
|
||||||
Total operating expenses
|
38,005
|
18,119
|
||||||
Loss from operations
|
(38,005
|
) |
(18,119
|
) | ||||
Interest income
|
1,870
|
3,039
|
||||||
Net loss
|
$ |
(36,135
|
) | $ |
(15,080
|
) | ||
Net loss per common share:
|
|
|
||||||
Basic and diluted net loss per common share
|
$ |
(2.34
|
) | $ |
(0.98
|
) | ||
Basic and diluted weighted average number of common shares outstanding
|
15,429,154
|
15,364,465
|
|
Three Months Ended March 31,
|
|||||||
|
2020
|
|
2019
|
|
||||
Net Loss
|
(36,135
|
) | $ |
(15,080
|
) | |||
Other comprehensive income (loss):
|
|
|
||||||
Unrealized gain on
available-for-sale
securities
|
199
|
497
|
||||||
Comprehensive loss
|
$ |
(35,936
|
) | $ |
(14,583
|
) | ||
|
|
Preferred stock
|
|
|
Common stock
|
|
|
Additional
paid-in
Capital |
|
|
Accumulated
other comprehensive income (loss) |
|
|
Accumulated
deficit |
|
|
Total
stockholders’ equity |
|
||||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
||||||||||||||||||||
Balance at December 31, 2019
|
|
|
1,969,797
|
|
|
$
|
—
|
|
|
|
15,429,154
|
|
|
$
|
2
|
|
|
$
|
639,567
|
|
|
$
|
216
|
|
|
$
|
(223,220
|
)
|
|
$
|
416,565
|
|
Compensation expense related to stock options for services
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,846
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,846
|
|
Unrealized gain on marketable securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
199
|
|
|
|
—
|
|
|
|
199
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(36,135
|
)
|
|
|
(36,135
|
)
|
Balance at March 31, 2020
|
|
|
1,969,797
|
|
|
$
|
—
|
|
|
|
15,429,154
|
|
|
$
|
2
|
|
|
$
|
644,413
|
|
|
$
|
415
|
|
|
$
|
(259,355
|
)
|
|
$
|
385,475
|
|
Balance at December 31, 2018
|
|
|
1,969,797
|
|
|
$
|
—
|
|
|
|
15,409,023
|
|
|
$
|
2
|
|
|
$
|
616,573
|
|
|
$
|
(319
|
)
|
|
$
|
(139,272
|
)
|
|
$
|
476,984
|
|
Exercise of common stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
8,041
|
|
|
|
—
|
|
|
|
83
|
|
|
|
—
|
|
|
|
—
|
|
|
|
83
|
|
Compensation expense related to stock options for services
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,022
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,022
|
|
Unrealized gain on marketable securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
497
|
|
|
|
—
|
|
|
|
497
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(15,080
|
)
|
|
|
(15,080
|
)
|
Balance at March 31, 2019
|
|
|
1,969,797
|
|
|
$
|
—
|
|
|
|
15,417,064
|
|
|
$
|
2
|
|
|
$
|
622,678
|
|
|
$
|
178
|
|
|
$
|
(154,352
|
)
|
|
$
|
468,506
|
|
|
|
Three Months Ended
March 31, |
|
|||||
|
|
2020
|
|
|
2019
|
|
||
Cash flows from operating activities:
|
|
|
||||||
Net loss
|
$ |
(36,135
|
) | $ |
(15,080
|
) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
||||||
Stock-based compensation expense
|
4,846
|
6,022
|
||||||
Depreciation and amortization expense
|
125
|
28
|
||||||
Changes in operating assets and liabilities:
|
|
|
||||||
Prepaid expenses and other current assets
|
175
|
888
|
||||||
Accounts payable
|
(63
|
) |
1,889
|
|||||
Accrued expense
|
632
|
(179
|
) | |||||
Accrued interest, net of interest received on maturity of investments
|
(86
|
) |
(46
|
) | ||||
Net cash used in operating activities
|
(30,506
|
) |
(6,478
|
) | ||||
Cash flows from investing activities:
|
|
|
||||||
Purchases of marketable securities
|
(58,647
|
) |
(173,837
|
) | ||||
Sales and maturities of marketable securities
|
109,421
|
170,387
|
||||||
Purchases of property and equipment, net of disposals
|
(314
|
) |
(41
|
) | ||||
Net cash provided by (used in) investing activities
|
50,460
|
(3,491
|
) | |||||
Cash flows from financing activities:
|
|
|
||||||
Proceeds from the sale of related party stock and exercise of common stock options, net of transaction costs
|
|
|
—
|
|
|
|
83
|
|
Net cash provided by financing activities
|
—
|
83
|
||||||
Net increase (decrease) in cash and cash equivalents
|
19,954
|
(9,886
|
) | |||||
Cash and cash equivalents at beginning of period
|
46,697
|
57,379
|
||||||
Cash and cash equivalents at end of period
|
$ |
66,651
|
$ |
47,493
|
||||
Supplemental disclosure of cash flow information:
|
|
|
||||||
Obtaining a
right-of-use
asset in exchange for a lease liability
|
$ |
—
|
$ |
900
|
|
Three Months Ended
|
|||||||
|
|
March 31,
|
|
|||||
|
2020
|
|
2019
|
|
||||
Common stock options
|
1,728,112
|
1,367,077
|
||||||
Unvested restricted common stock
|
—
|
52,063
|
||||||
Preferred stock
|
1,969,797
|
1,969,797
|
|
March 31, 2020
|
|||||||||||||||
|
Cost
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||
gains
|
losses
|
value
|
||||||||||||||
Cash and cash equivalents:
|
|
|
|
|
||||||||||||
Cash (Level 1)
|
$ |
1,668
|
$ |
—
|
$ |
—
|
$ |
1,668
|
||||||||
Money market funds (Level 1)
|
63,532
|
—
|
—
|
63,532
|
||||||||||||
Corporate debt securities due within 3 months of date of purchase (Level 2)
|
1,451
|
—
|
—
|
1,451
|
||||||||||||
Total cash and cash equivalents
|
66,651
|
—
|
—
|
66,651
|
||||||||||||
Marketable securities:
|
|
|
|
|
||||||||||||
Corporate debt securities due within 1 year of date of purchase (Level 2)
|
320,478
|
680
|
(261
|
) |
320,897
|
|||||||||||
Corporate debt securities due within 1 to 2 years of date of purchase
(Level 2) |
20,966
|
39
|
(43
|
) |
20,962
|
|||||||||||
Total cash, cash equivalents and marketable securities
|
$ |
|
$ |
719
|
$ |
(304
|
) | $ |
|
|||||||
|
December 31, 2019
|
|||||||||||||||
|
Cost
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||
gains
|
losses
|
value
|
||||||||||||||
Cash and cash equivalents:
|
|
|
|
|
||||||||||||
Cash (Level 1)
|
$ |
1,772
|
$ |
—
|
$ |
—
|
$ |
1,772
|
||||||||
Money market funds (Level 1)
|
44,925
|
—
|
—
|
44,925
|
||||||||||||
Corporate debt securities due within 3 months of date of purchase (Level 2)
|
—
|
—
|
—
|
—
|
||||||||||||
Total cash and cash equivalents
|
46,697
|
—
|
—
|
46,697
|
||||||||||||
Marketable securities:
|
|
|
|
|
||||||||||||
Corporate debt securities due within 1 year of date of purchase (Level 2)
|
309,365
|
220
|
(40
|
) |
309,545
|
|||||||||||
Corporate debt securities due within 1 to 2 years of date of purchase
(Level 2) |
82,767
|
39
|
(3
|
) |
82,803
|
|||||||||||
Total cash, cash equivalents and marketable securities
|
$ |
|
$ |
259
|
$ |
(43
|
) | $ |
439,045
|
|||||||
|
March 31,
|
|
December 31,
|
|
||||
2020
|
|
2019
|
|
|||||
Accrued contract research costs
|
$ |
18,105
|
$ |
13,775
|
||||
Compensation and benefits
|
1,124
|
2,779
|
||||||
Professional fees
|
816
|
1,177
|
||||||
Other
|
4,224
|
5,906
|
||||||
|
$ |
24,269
|
$ |
23,637
|
||||
|
Shares
|
|
Weighted
average exercise price |
|
||||
Outstanding at January 1, 2020
|
1,461,987
|
$ |
64.67
|
|||||
Options granted
|
266,125
|
90.75
|
||||||
Outstanding at March 31, 2020
|
1,728,112
|
$ |
68.69
|
|||||
Exercisable at March 31, 2020
|
1,025,465
|
$ |
45.81
|
|
Three Months Ended March 31,
|
|||||||
|
2020
|
|
2019
|
|
||||
Stock-based compensation expense by type of award:
|
|
|
||||||
Stock options
|
$ |
4,846
|
$ |
5,901
|
||||
Restricted stock
|
—
|
121
|
||||||
Total stock-based compensation expense
|
$ |
4,846
|
$ |
6,022
|
||||
Effect of stock-based compensation expense by line item:
|
|
|
||||||
Research and development
|
$ |
2,078
|
$ |
1,877
|
||||
General and administrative
|
2,768
|
4,145
|
||||||
Total stock-based compensation expense included in net loss
|
$ |
4,846
|
$ |
6,022
|
||||
• | salaries and related expense, including stock-based compensation; |
• | external expenses paid to clinical trial sites, contract research organizations, laboratories, database software and consultants that conduct clinical trials; |
• | expenses related to development and the production of nonclinical and clinical trial supplies, including fees paid to contract manufacturers; |
• | expenses related to preclinical studies; |
• | expenses related to compliance with drug development regulatory requirements; and |
• | other allocated expenses, which include direct and allocated expenses for depreciation of equipment and other supplies. |
|
Three Months Ended March 31,
|
Increase / (Decrease)
|
||||||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|
||||||||
Research and Development Expenses
|
$ |
33,400
|
$ |
12,373
|
21,027
|
170
|
% | |||||||||
General and Administrative Expenses
|
4,605
|
5,746
|
(1,141
|
) |
(20
|
%) | ||||||||||
Interest (Income)
|
(1,870
|
) |
(3,039
|
) |
(1,169
|
) |
(38
|
%) | ||||||||
|
$ |
36,135
|
$ |
15,080
|
21,055
|
140
|
% |
|
Three Months Ended March 31,
|
|||||||
|
2020
|
|
2019
|
|
||||
Net cash used in operating activities
|
$ |
(30,506
|
) | $ |
(6,478
|
) | ||
Net cash (used in) provided by investing activities
|
50,460
|
(3,491
|
) | |||||
Net cash provided by financing activities
|
—
|
83
|
||||||
Net (decrease) increase in cash and cash equivalents
|
$ |
19,954
|
$ |
(9,886
|
) |
Exhibit
|
|
|
Incorporated by Reference
|
Filed
|
|
|||||||||||||||||||
Number
|
|
Exhibit Description
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
Herewith
|
|
||||||||||||
31.1
|
|
|
|
|
X
|
|||||||||||||||||||
31.2
|
|
|
|
|
X
|
|||||||||||||||||||
32.1**
|
|
|
|
|
X
|
|||||||||||||||||||
101.INS
|
Inline XBRL Instance Document.
|
|
|
|
|
X
|
||||||||||||||||||
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
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|
X
|
||||||||||||||||||
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
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|
X
|
||||||||||||||||||
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
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|
X
|
||||||||||||||||||
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
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|
X
|
||||||||||||||||||
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
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|
X
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104
|
Inline XBRL for the cover page of this Annual Report on Form
10-K,
included in the Exhibit 101 Inline XBRL Document Set.
|
|
|
|
|
|
* |
Certain portions of this exhibit have been redacted in accordance with Item 601(b)(10) of Regulation
S-K.
|
** | The certifications attached as Exhibit 32.1 that accompany this Quarterly Report pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, shall not be deemed “filed” by the registrant for purposes of Section 18 of the Exchange Act and are not to be incorporated by reference into any of the registrant’s filings under the Securities Act or the Exchange Act, irrespective of any general incorporation language contained in any such filing. |
|
MADRIGAL PHARMACEUTICALS, INC.
|
|||||
Date: May 7, 2020
|
By:
|
/s/ Paul A. Friedman, M.D.
|
||||
|
|
Paul A. Friedman, M.D.
|
||||
|
|
Chief Executive Officer
(Principal Executive Officer)
|
||||
Date: May 7, 2020
|
By:
|
/s/ Marc R. Schneebaum
|
||||
|
|
Marc R. Schneebaum
|
||||
|
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year Madrigal Pharmaceuticals Chart |
1 Month Madrigal Pharmaceuticals Chart |
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