BAKER BROS. ADVISORS LP - 17 Jun 2026 Form 4 Insider Report for MADRIGAL PHARMACEUTICALS, INC. (MDGL)

Reporting relationship: Director
Issuer ticker: MDGL
Reported as of: 17 Jun 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 18 Jun 2026, 16:03:45 UTC
Prior SEC filing: 15 Jun 2026
Next SEC filing: 25 Jun 2026
Source filing: View source filing
Reporting owner signature: By: Baker Bros. Advisors LP, Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing

Key filing fact

BAKER BROS. ADVISORS LP filed Form 4 for MADRIGAL PHARMACEUTICALS, INC. (MDGL) on 18 Jun 2026.

Key facts

This page summarizes BAKER BROS. ADVISORS LP's Form 4 filing for MADRIGAL PHARMACEUTICALS, INC. (MDGL).
4 reported transactions and 12 derivative rows are listed below.
Accepted by SEC: 18 Jun 2026, 16:03.

Change

Previous filing in this sequence was filed on 15 Jun 2026.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (6)

CIK 0001263508 Primary reporting owner

BAKER BROS. ADVISORS LP

Relationship: Director
Address: 860 WASHINGTON STREET, 3RD FLOOR, NEW YORK
Signature: By: Baker Bros. Advisors LP, Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing
Signature date: 18 Jun 2026

CIK 0001551139

667, L.P.

Relationship: Director
Address: 860 WASHINGTON STREET, 3RD FLOOR, NEW YORK
Signature: Baker Bros. Advisors LP, Mgmt. Co. and Inv. Adviser to 667, L.P., pursuant to authority granted by Baker Biotech Capital, L.P., GP to 667, L.P. Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing
Signature date: 18 Jun 2026

CIK 0001580575

Baker Bros. Advisors (GP) LLC

Relationship: Director
Address: 860 WASHINGTON STREET, 3RD FLOOR, NEW YORK
Signature: /s/ Julian C. Baker
Signature date: 18 Jun 2026

CIK 0001363364

Baker Brothers Life Sciences LP

Relationship: Director
Address: 860 WASHINGTON STREET, 3RD FLOOR, NEW YORK
Signature: /s/ Felix J. Baker
Signature date: 18 Jun 2026

CIK 0001087940

BAKER FELIX

Relationship: Director
Address: 860 WASHINGTON STREET, 3RD FLOOR, NEW YORK
Signature: By: Baker Bros. Advisors (GP) LLC, Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing
Signature date: 18 Jun 2026

CIK 0001087939

BAKER JULIAN

Relationship: Director
Address: 860 WASHINGTON STREET, 3RD FLOOR, NEW YORK
Signature: Baker Bros. Advisors LP, Mgmt. Co. and Inv. Adviser to BAKER BROTHERS LIFE SCIENCES, L.P., pursuant to authority granted by Baker Brothers Life Sciences Capital, L.P., GP to Baker Brothers Life Sciences, L.P., /s/ Name: Scott L. Lessing, Title: President
Signature date: 18 Jun 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.45%
Price: $0.000000^*
Shares after: 203,721
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F2, F3, F4, F5, F6, F7, F8

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.45%
Price: $0.000000^*
Shares after: 203,721
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F2, F3, F4, F5, F6, F7, F8

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.45%
Price: $0.000000^*
Shares after: 203,721
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F2, F3, F4, F5, F6, F7, F8

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.45%
Price: $0.000000^*
Shares after: 203,721
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F2, F3, F4, F5, F6, F7, F8

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.45%
Price: $0.000000^*
Shares after: 203,721
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F2, F3, F4, F5, F6, F7, F8

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.45%
Price: $0.000000^*
Shares after: 203,721
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F2, F3, F4, F5, F6, F7, F8

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.05%
Price: $0.000000^*
Shares after: 1,948,876
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F3, F4, F5, F6, F7, F8, F9

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.05%
Price: $0.000000^*
Shares after: 1,948,876
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F3, F4, F5, F6, F7, F8, F9

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.05%
Price: $0.000000^*
Shares after: 1,948,876
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F3, F4, F5, F6, F7, F8, F9

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.05%
Price: $0.000000^*
Shares after: 1,948,876
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F3, F4, F5, F6, F7, F8, F9

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.05%
Price: $0.000000^*
Shares after: 1,948,876
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F3, F4, F5, F6, F7, F8, F9

MDGL transaction

Common Stock

Award

Transaction value
Shares: +908
Change %: +0.05%
Price: $0.000000^*
Shares after: 1,948,876
Date: 17 Jun 2026
Ownership: See Footnotes
Footnotes: F1, F3, F4, F5, F6, F7, F8, F9

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F2, F3, F4, F5, F6, F7, F10

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F2, F3, F4, F5, F6, F7, F10

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F2, F3, F4, F5, F6, F7, F10

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F2, F3, F4, F5, F6, F7, F10

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F2, F3, F4, F5, F6, F7, F10

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F2, F3, F4, F5, F6, F7, F10

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F3, F4, F5, F6, F7, F9, F10

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F3, F4, F5, F6, F7, F9, F10

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F3, F4, F5, F6, F7, F9, F10

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F3, F4, F5, F6, F7, F9, F10

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F3, F4, F5, F6, F7, F9, F10

MDGL transaction Derivative

Non-Qualified Stock Options (right to buy)

Award

Transaction value
Shares: +1,532
Change %
Price: $0.000000^*
Shares after: 1,532
Date: 17 Jun 2026
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 1,532
Exercise price: $499.86
Footnotes: F3, F4, F5, F6, F7, F9, F10

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 10 footnotes

Footnote F1

Includes 454 restricted stock units (each an "RSU") payable solely in common stock ("Common Stock") granted by Madrigal Pharmaceuticals, Inc. (the "Issuer") to each of Julian C. Baker, a managing member of Baker Bros. Advisors (GP) LLC (the "Adviser GP"), and Dr. Raymond Cheong, a full-time employee of Baker Bros. Advisors LP (the "Adviser"), on June 17, 2026, pursuant to the Issuer's 2026 Stock Plan (the "2026 Plan"). The RSUs fully vest on the earlier of (i) June 17, 2027 and (ii) the date of the Issuer's annual meeting of stockholders to be held in 2027, subject to the applicable director's continuous service with the Issuer through such vesting date. Julian C. Baker and Dr. Cheong serve on the board of directors of the Issuer (the "Board") as representatives of 667, L.P. ("667") and Baker Brothers Life Sciences, L.P. ("Life Sciences", and together with 667, the "Funds") and their affiliates and control persons.

Footnote F2

After giving effect to the transactions reported herein and as a result of their ownership interest in (i) Baker Biotech Capital, L.P. and (ii) 667, Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in Common Stock reported in column 5 of Table I and the Stock Options (as defined below) reported in column 9 of Table II held directly by or held for the benefit of 667, a limited partnership of which the sole general partner is Baker Biotech Capital, L.P., a limited partnership of which the sole general partner is Baker Biotech Capital (GP), LLC, due to their interest in 667 and Baker Biotech Capital, L.P.'s right to receive an allocation of a portion of the profits from 667.

Footnote F3

Pursuant to the policies of the Adviser, Julian C. Baker and Dr. Cheong do not have a right to any of the Issuer's securities issued as compensation for their service on the Board and the Funds are entitled to an indirect proportionate pecuniary interest in such securities. The Funds each own an indirect proportionate pecuniary interest in the non-qualified stock options exercisable solely into Common Stock ("Stock Options") and RSUs. Solely as a result of their ownership interest in (i) the general partners of the Funds and (ii) the Funds, Felix J. Baker and Julian C. Baker may be deemed to have an indirect pecuniary interest in the Stock Options, RSUs and any Common Stock acquired upon the exercise of Stock Options or vesting of RSUs (i.e. no direct pecuniary interest) issued as compensation for such Board service.

Footnote F4

The Adviser serves as the investment adviser to the Funds. In connection with the services provided by the Adviser, the Adviser receives an asset-based management fee that does not confer any pecuniary interest in the securities held directly by the Funds or for the benefit of the Funds. The Adviser GP is the Adviser's sole general partner. Julian C. Baker and Felix J. Baker are managing members of the Adviser GP. The Adviser has complete and unlimited discretion and authority with respect to the investment and voting power of the securities held directly by the Funds or for the benefit of the Funds. The general partners of the Funds relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held directly by the Funds or for the benefit of the Funds.

Footnote F5

Julian C. Baker, Felix J. Baker, the Adviser GP and the Adviser disclaim beneficial ownership of the securities held directly by or held for the benefit of the Funds except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of Julian C. Baker, Felix J. Baker, the Adviser GP or the Adviser is a beneficial owner of such securities for purposes of Section 16 or any other purpose.

Footnote F6

Pursuant to the policies of the Adviser, the Adviser has voting and dispositive power over the Stock Options, RSUs and any Common Stock received as a result of the exercise of Stock Options or vesting of RSUs.

Footnote F7

The acquisitions of the RSUs and Stock Options reported on this form represent grants to each of Julian C. Baker and Dr. Cheong of 454 RSUs on Table I and 766 Stock Options on Table II. These grants, totaling 908 RSUs and 1,532 Stock Options for Julian C. Baker and Dr. Cheong in the aggregate, are reported for each of the Funds as each has an indirect pecuniary interest in such securities.

Footnote F8

Includes beneficial ownership of 3,825 shares of Common Stock received from vested RSUs each previously granted to Julian C. Baker and Dr. Cheong in their capacity as directors of the Issuer.

Footnote F9

After giving effect to the transactions reported herein and as a result of their ownership interest in (i) Baker Brothers Life Sciences Capital, L.P. and (ii) Life Sciences, Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in Common Stock reported in column 5 of Table I and the Stock Options reported in column 9 of Table II held directly by or held for the benefit of Life Sciences, a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital, L.P., a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital (GP), LLC, due to their interest in Life Sciences and Baker Brothers Life Sciences Capital, L.P.'s right to receive an allocation of a portion of the profits from Life Sciences.

Footnote F10

Includes 766 Stock Options granted by the Issuer to each of Julian C. Baker and Dr. Cheong on June 17, 2026, pursuant to the 2026 Plan. The Stock Options have a strike price of $499.86, fully vest on the earlier of (i) June 17, 2027 and (ii) the date of the Issuer's annual meeting of stockholders to be held in 2027, subject to the applicable director's continuous service with the Issuer through such vesting date, and expire 10 years from the date of grant.

SEC remarks

Julian C. Baker, a managing member of Baker Bros. Advisors (GP) LLC, and Dr. Raymond Cheong, a full-time employee of Baker Bros. Advisors LP, are directors of Madrigal Pharmaceuticals, Inc. (the "Issuer"). By virtue of their representation on the board of directors of the Issuer, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the reporting persons other than Julian C. Baker are deemed directors by deputization of the Issuer.