Workflow
Madrigal Pharmaceuticals(MDGL) - 2024 Q3 - Quarterly Results
MDGLMadrigal Pharmaceuticals(MDGL)2024-10-31 11:05

Financial Performance - Third-quarter 2024 net sales reached 62.2million,withnoproductsalesrecognizedinthesameperiodlastyear[7]−ProductrevenueforQ32024reached62.2 million, with no product sales recognized in the same period last year[7] - Product revenue for Q3 2024 reached 62.175 million, compared to 0inQ32023[17]−NetlossforQ32024was0 in Q3 2023[17] - Net loss for Q3 2024 was 106.964 million, compared to a net loss of 98.740millioninQ32023,indicatinga8.898.740 million in Q3 2023, indicating a 8.8% increase in losses[17] - Basic and diluted net loss per common share for Q3 2024 was (4.92), compared to (5.34)inQ32023[17]OperatingExpenses−Third−quarter2024operatingexpenseswere(5.34) in Q3 2023[17] Operating Expenses - Third-quarter 2024 operating expenses were 178.5 million, up from 98.5millionintheprioryear[8]−TotaloperatingexpensesforQ32024were98.5 million in the prior year[8] - Total operating expenses for Q3 2024 were 178.479 million, up from 98.534millioninQ32023,representinganincreaseof80.998.534 million in Q3 2023, representing an increase of 80.9%[17] - Research and development expenses decreased to 68.7 million from 71.0millionyear−over−year[8]−ResearchanddevelopmentexpensesforQ32024were71.0 million year-over-year[8] - Research and development expenses for Q3 2024 were 68.742 million, slightly down from 70.951millioninQ32023[17]CashandAssets−Cash,cashequivalents,restrictedcash,andmarketablesecuritiestotaled70.951 million in Q3 2023[17] Cash and Assets - Cash, cash equivalents, restricted cash, and marketable securities totaled 1.0 billion as of September 30, 2024, compared to 634.1millionattheendof2023[8]−Cash,cashequivalents,andmarketablesecuritiesincreasedto634.1 million at the end of 2023[8] - Cash, cash equivalents, and marketable securities increased to 1.003 billion as of September 30, 2024, up from 634.131millionattheendof2023[18]−Totalassetsincreasedto634.131 million at the end of 2023[18] - Total assets increased to 1.073 billion as of September 30, 2024, from 640.547millionattheendof2023,markingagrowthof77.6640.547 million at the end of 2023, marking a growth of 77.6%[18] - Stockholders' equity rose to 777.155 million as of September 30, 2024, compared to 405.333millionattheendof2023,reflectingagrowthof92.0405.333 million at the end of 2023, reflecting a growth of 92.0%[18] - Current liabilities increased to 177.847 million as of September 30, 2024, from 118.548millionattheendof2023[18]InterestIncome−Interestincomeincreasedto118.548 million at the end of 2023[18] Interest Income - Interest income increased to 13.0 million in Q3 2024, up from 3.3millioninthesameperiodlastyear[8]−InterestincomeforQ32024was3.3 million in the same period last year[8] - Interest income for Q3 2024 was 13.019 million, significantly up from $3.298 million in Q3 2023[17] Product Development and Market Coverage - Over 80% of commercial lives in the U.S. are now covered for Rezdifra, achieving the coverage goal one quarter ahead of schedule[3] - Less than 5% of Rezdifra-covered lives require biopsy, utilizing noninvasive tests instead[3] - Completed enrollment in the MAESTRO-NASH OUTCOMES trial, which could lead to full approval for Rezdifra in compensated NASH/MASH cirrhosis patients[4] - Positive health-related quality of life data from the Phase 3 MAESTRO-NASH trial was published, showing significant improvements for patients treated with Rezdifra[5] - Madrigal plans to commercialize Rezdifra in Europe pending a positive decision from the EMA, expected mid-2025[6]