PAUL A. FRIEDMAN - 10 Dec 2025 Form 4 Insider Report for MADRIGAL PHARMACEUTICALS, INC. (MDGL)

Role
Director
Signature
/s/ Mardi Dier, as Attorney-in-Fact
Issuer symbol
MDGL
Transactions as of
10 Dec 2025
Transactions value $
-$13,302,318
Form type
4
Filing time
12 Dec 2025, 16:40:31 UTC
Previous filing
13 Aug 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
FRIEDMAN PAUL A Director C/O MADRIGAL PHARMACEUTICALS, INC., 200 BARR HARBOR DRIVE, SUITE 400, WEST CONSHOHOCKEN /s/ Mardi Dier, as Attorney-in-Fact 12 Dec 2025 0001236927

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MDGL Common Stock Options Exercise $392K +24.8K +13.25% $15.80 212K 10 Dec 2025 Direct
transaction MDGL Common Stock Sale -$342K -624 -0.29% $547.75 211K 10 Dec 2025 Direct F1, F2
transaction MDGL Common Stock Sale -$293K -535 -0.25% $548.51 211K 10 Dec 2025 Direct F1, F3
transaction MDGL Common Stock Sale -$225K -409 -0.19% $549.99 210K 10 Dec 2025 Direct F1, F4
transaction MDGL Common Stock Sale -$2.38M -4.32K -2.05% $550.93 206K 10 Dec 2025 Direct F1, F5
transaction MDGL Common Stock Sale -$3.97M -7.19K -3.49% $551.67 199K 10 Dec 2025 Direct F1, F6
transaction MDGL Common Stock Sale -$3.06M -5.53K -2.78% $552.74 193K 10 Dec 2025 Direct F1, F7
transaction MDGL Common Stock Sale -$2.77M -5K -2.59% $553.83 188K 10 Dec 2025 Direct F1, F8
transaction MDGL Common Stock Sale -$571K -1.03K -0.55% $555.00 187K 10 Dec 2025 Direct F1, F9
transaction MDGL Common Stock Sale -$88.9K -160 -0.09% $555.39 187K 10 Dec 2025 Direct F1
holding MDGL Common Stock 656K 10 Dec 2025 By SQN LLC F10

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction MDGL Stock Option (Right to Buy) Options Exercise $0 -24.8K -50% $0.00 24.8K 10 Dec 2025 Common Stock 24.8K $15.80 Direct F11
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 10, 2025.
F2 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $547.17 to $548.13, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote and the footnotes below.
F3 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $548.17 to $549.08, inclusive.
F4 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $549.27 to $550.23, inclusive.
F5 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $550.28 to $551.26, inclusive.
F6 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $551.28 to $552.26, inclusive.
F7 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $552.28 to $553.27, inclusive.
F8 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $553.28 to $554.27, inclusive.
F9 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $554.39 to $555.31, inclusive.
F10 The Reporting Person and his spouse are each managing members of SQN, LLC. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, if any, and the inclusion of these shares in this report shall not be deemed an admission of the beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.
F11 The shares underlying this stock option are fully vested and exercisable.