BAKER BROS. ADVISORS LP - 04 Nov 2026 Form 4 Insider Report for MADRIGAL PHARMACEUTICALS, INC. (MDGL)

Reporting relationship
Director
Issuer ticker
MDGL
Reported as of
04 Nov 2026
Net transaction value
+$35,023,032
Source evidence Original filing metadata and source links for verification. 4 source fields
SEC form
4
Accepted by SEC
06 Nov 2026, 17:30:38 UTC
Prior SEC filing
02 Oct 2026
Source filing
View source filing
Reporting owner 1 detail
Reporting owner signature
By: Baker Bros. Advisors LP, Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing
Filing notes and source

Key filing fact

BAKER BROS. ADVISORS LP filed Form 4 for MADRIGAL PHARMACEUTICALS, INC. (MDGL) on 06 Nov 2026.

Key facts

  • This page summarizes BAKER BROS. ADVISORS LP's Form 4 filing for MADRIGAL PHARMACEUTICALS, INC. (MDGL).
  • 5 reported transactions and 0 derivative rows are listed below.
  • Accepted by SEC: 06 Nov 2026, 17:30.

Change

  • Previous filing in this sequence was filed on 02 Oct 2026.
  • Current net transaction value: +$35,023,032.

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
06 Nov 2026
CIK 0001580575

Baker Bros. Advisors (GP) LLC

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
06 Nov 2026
CIK 0001087940

BAKER FELIX

Relationship
Director
Address
860 WASHINGTON STREET, 3RD FLOOR, NEW YORK
Signature
/s/ Felix J. Baker
Signature date
06 Nov 2026
CIK 0001087939

BAKER JULIAN

Relationship
Director
Address
860 WASHINGTON STREET, 3RD FLOOR, NEW YORK
Signature
/s/ Julian C. Baker
Signature date
06 Nov 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
06 Nov 2026
CIK 0001363364

Baker Brothers Life Sciences LP

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
06 Nov 2026

Reported non-derivative transactions

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

MDGL transaction

Common Stock

Purchase

Transaction value
$2,050,018
Shares
+5,586
Change %
+0.29%
Price
$366.99
Shares after
1,954,462
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F5, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$2,050,018
Shares
+5,586
Change %
+0.29%
Price
$366.99
Shares after
1,954,462
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F5, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$2,050,018
Shares
+5,586
Change %
+0.29%
Price
$366.99
Shares after
1,954,462
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F5, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$2,050,018
Shares
+5,586
Change %
+0.29%
Price
$366.99
Shares after
1,954,462
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F5, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$2,050,018
Shares
+5,586
Change %
+0.29%
Price
$366.99
Shares after
1,954,462
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F5, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$2,050,018
Shares
+5,586
Change %
+0.29%
Price
$366.99
Shares after
1,954,462
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F5, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$3,710,583
Shares
+10,080
Change %
+0.52%
Price
$368.11
Shares after
1,964,542
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8, F9
MDGL transaction

Common Stock

Purchase

Transaction value
$3,710,583
Shares
+10,080
Change %
+0.52%
Price
$368.11
Shares after
1,964,542
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8, F9
MDGL transaction

Common Stock

Purchase

Transaction value
$3,710,583
Shares
+10,080
Change %
+0.52%
Price
$368.11
Shares after
1,964,542
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8, F9
MDGL transaction

Common Stock

Purchase

Transaction value
$3,710,583
Shares
+10,080
Change %
+0.52%
Price
$368.11
Shares after
1,964,542
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8, F9
MDGL transaction

Common Stock

Purchase

Transaction value
$3,710,583
Shares
+10,080
Change %
+0.52%
Price
$368.11
Shares after
1,964,542
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8, F9
MDGL transaction

Common Stock

Purchase

Transaction value
$3,710,583
Shares
+10,080
Change %
+0.52%
Price
$368.11
Shares after
1,964,542
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8, F9
MDGL transaction

Common Stock

Purchase

Transaction value
$23,134,106
Shares
+60,400
Change %
+3.1%
Price
$383.02
Shares after
2,024,942
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$23,134,106
Shares
+60,400
Change %
+3.1%
Price
$383.02
Shares after
2,024,942
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$23,134,106
Shares
+60,400
Change %
+3.1%
Price
$383.02
Shares after
2,024,942
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$23,134,106
Shares
+60,400
Change %
+3.1%
Price
$383.02
Shares after
2,024,942
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$23,134,106
Shares
+60,400
Change %
+3.1%
Price
$383.02
Shares after
2,024,942
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$23,134,106
Shares
+60,400
Change %
+3.1%
Price
$383.02
Shares after
2,024,942
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$5,335,105
Shares
+13,740
Change %
+0.68%
Price
$388.29
Shares after
2,038,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$5,335,105
Shares
+13,740
Change %
+0.68%
Price
$388.29
Shares after
2,038,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$5,335,105
Shares
+13,740
Change %
+0.68%
Price
$388.29
Shares after
2,038,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$5,335,105
Shares
+13,740
Change %
+0.68%
Price
$388.29
Shares after
2,038,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$5,335,105
Shares
+13,740
Change %
+0.68%
Price
$388.29
Shares after
2,038,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$5,335,105
Shares
+13,740
Change %
+0.68%
Price
$388.29
Shares after
2,038,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$793,220
Shares
+2,000
Change %
+0.1%
Price
$396.61
Shares after
2,040,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$793,220
Shares
+2,000
Change %
+0.1%
Price
$396.61
Shares after
2,040,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$793,220
Shares
+2,000
Change %
+0.1%
Price
$396.61
Shares after
2,040,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$793,220
Shares
+2,000
Change %
+0.1%
Price
$396.61
Shares after
2,040,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$793,220
Shares
+2,000
Change %
+0.1%
Price
$396.61
Shares after
2,040,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL transaction

Common Stock

Purchase

Transaction value
$793,220
Shares
+2,000
Change %
+0.1%
Price
$396.61
Shares after
2,040,682
Date
06 Nov 2026
Ownership
See Footnotes
Footnotes
F2, F3, F4, F6, F7, F8
MDGL holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
203,721
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F1, F2, F3, F4, F6, F7
MDGL holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
203,721
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F1, F2, F3, F4, F6, F7
MDGL holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
203,721
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F1, F2, F3, F4, F6, F7
MDGL holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
203,721
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F1, F2, F3, F4, F6, F7
MDGL holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
203,721
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F1, F2, F3, F4, F6, F7
MDGL holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
203,721
Date
04 Nov 2026
Ownership
See Footnotes
Footnotes
F1, F2, F3, F4, F6, F7
* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 9 footnotes

Footnote F1

As a result of their ownership interest in (i) Baker Biotech Capital, L.P. and (ii) 667, L.P. ("667"), Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in common stock ("Common Stock") of Madrigal Pharmaceuticals, Inc. (the "Issuer") reported in column 5 of Table I 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 F2

Baker Bros. Advisors LP (the "Adviser") serves as the investment adviser to 667 and Baker Brothers Life Sciences, L.P. ("Life Sciences", and together with 667, 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. Baker Bros. Advisors (GP) LLC (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 F3

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 F4

Includes beneficial ownership of 3,825 shares of Common Stock received from vested restricted stock units of the Issuer (each an "RSU") and 454 shares of Common Stock underlying unvested RSUs previously granted to each of Julian C. Baker, a managing member of the Adviser GP, and Dr. Raymond Cheong, a full-time employee of the Adviser, in their capacity as directors of the Issuer.

Footnote F5

The price reported in Column 4 is a weighted average price. These shares of Common Stock were traded by Life Sciences in multiple transactions at prices ranging from $366.77 to $367.17, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "Staff"), upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.

Footnote F6

Pursuant to the policies of the Adviser, the Adviser has voting and dispositive power over the non-qualified stock options exercisable solely into Common Stock ("Stock Options"), RSUs and any Common Stock received as a result of the exercise of Stock Options or vesting of RSUs.

Footnote F7

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 of directors of the Issuer 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 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 service on the board of directors of the Issuer.

Footnote F8

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 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 F9

The price reported in Column 4 is a weighted average price. These shares were traded by Life Sciences in multiple transactions at prices ranging from $367.41 to $368.30, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the Staff, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.

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.

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