Madrigal Pharmaceuticals reported $431.27 million in revenue for Q3 2026.

Item 6.

Exhibits

47

Signatures

49

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this "Quarterly Report") includes "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are based on our beliefs and assumptions and on information currently available to us, but are subject to factors beyond our control. Forward-looking statements: reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events; include all statements that are not historical facts; and can be identified by terms such as "accelerate," "achieve," "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "goal," "believes," "estimates," "positions," "predictive," "projects," "predicts," "intends," "potential," "continue," "seeks" and similar expressions and the negatives of those terms. In particular, forward-looking statements contained in this Quarterly Report relate to, among other things:

• our ability to successfully commercialize Rezdiffra, our only approved product, for the treatment of metabolic dysfunction-associated steatohepatitis ("MASH") with moderate to advanced liver fibrosis (consistent with stages F2 to F3 fibrosis);

• our ability to obtain and maintain full approval for Rezdiffra from the U.S. Food and Drug Administration (the "FDA") and the European Medicines Agency;

• our ability to successfully, or in a timely manner, report positive results from our outcomes trials;

• our ability to obtain and maintain regulatory approval to expand Rezdiffra's indication to a broader MASH patient population;

• our expectations regarding the degree of market acceptance of Rezdiffra by physicians, patients, third-party payors and others in the healthcare community, our ability to obtain and maintain adequate reimbursement from government and third-party payors for Rezdiffra or acceptable pr

Item 1. Financial Statements.

MADRIGAL PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in thousands, except share and per share amounts)

September 30,

2026 December 31,

2025

Assets

Current assets:

Cash and cash equivalents $ 514,642 $ 198,693

Restricted cash

Trade receivables, net

227,377 134,476

Inventory

122,589 74,841

Prepaid expenses and other current assets 75,372 47,804

Intangible assets, net

7,091 7,381

Operating lease right-of-use assets 12,847 4,939

Other noncurrent assets

13,383 —

Total assets $ 1,434,389 $ 1,259,589

Liabilities and Stockholders' Equity

Current liabilities:

Long term liabilities:

Loan payable, net of discount 341,275 339,881

Operating lease liabilities, net of current portion 11,929 6,731

— —

Accumulated other comprehensive (loss) income ( 1,729 ) 873

Total liabilities and stockholders' equity $ 1,434,389 $ 1,259,589

See accompanying notes to unaudited condensed consolidated financial statements.

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MADRIGAL PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STA