STOCK TITAN
  1. Home
  2. Sec-filings
  3. MDGL
  4. [Form 4] MADRIGAL PHARMACEUTICALS, INC. Insider Trading Activity

[Form 4] MADRIGAL PHARMACEUTICALS, INC. Insider Trading Activity

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Madrigal Pharmaceuticals (MDGL) director reported option exercises and share sales. On 11/05/2025, the insider exercised stock options for 5,470 shares at $9.45, 10,000 shares at $303.79, and 1,105 shares at $280.04 (all fully vested). The insider then sold multiple blocks of common stock, with weighted-average sale prices ranging from about $480.2397 to $490.9817, as detailed in footnotes. After these transactions, the insider directly beneficially owned 2,627 shares.

Positive

  • None.

Negative

  • None.

Insights

Routine Form 4: option exercises followed by open-market sales.

The filing lists option exercises for 5,470 shares at $9.45, 10,000 shares at $303.79, and 1,105 shares at $280.04 on 11/05/2025, all from fully vested options. Subsequent sales occurred in multiple tranches with weighted-average prices in the $480–$491 range.

This is an administrative disclosure of personal trading activity, not an operational event. Post-transaction direct holdings are 2,627 shares. Actual market impact depends on trade size versus daily volume and broader market conditions.

Insider BATE KENNETH
Role Director
Sold 16,575 shs ($8.03M)
Type Security Shares Price Value
Exercise Stock Option (Right to Buy) 5,470 $0.00 --
Exercise Stock Option (Right to Buy) 10,000 $0.00 --
Exercise Stock Option (Right to Buy) 1,105 $0.00 --
Exercise Common Stock 5,470 $9.45 $52K
Exercise Common Stock 10,000 $303.79 $3.04M
Exercise Common Stock 1,105 $280.04 $309K
Sale Common Stock 1,763 $480.2397 $847K
Sale Common Stock 3,259 $481.1276 $1.57M
Sale Common Stock 1,284 $482.4122 $619K
Sale Common Stock 2,069 $483.4074 $1.00M
Sale Common Stock 1,931 $484.7773 $936K
Sale Common Stock 1,008 $485.5368 $489K
Sale Common Stock 827 $486.7347 $403K
Sale Common Stock 2,775 $487.494 $1.35M
Sale Common Stock 696 $489.094 $340K
Sale Common Stock 933 $489.9455 $457K
Sale Common Stock 30 $490.9817 $15K
Holdings After Transaction: Stock Option (Right to Buy) — 0 shares (Direct); Common Stock — 8,097 shares (Direct)
Footnotes (1)
  1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $479.66 to $480.64, 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $480.71 to $481.68, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $481.84 to $482.71, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $483.00 to $483.92, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $484.02 to $485.015, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $485.10 to $486.04, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $486.10 to $486.99, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $487.13 to $488.09, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $488.74 to $489.49, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $489.74 to $490.7125, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $490.7625 to $491.42, inclusive. The shares underlying this option are fully vested and exercisable.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a 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). See Instruction 10.
1. Name and Address of Reporting Person*
BATE KENNETH
(Last) (First) (Middle)
C/O MADRIGAL PHARMACEUTICALS, INC.
200 BARR HARBOR DRIVE, SUITE 400
(Street)
WEST CONSHOHOCKEN PA 19428
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
MADRIGAL PHARMACEUTICALS, INC. [ MDGL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
11/05/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/05/2025 M 5,470 A $9.45 8,097 D
Common Stock 11/05/2025 M 10,000 A $303.79 18,097 D
Common Stock 11/05/2025 M 1,105 A $280.04 19,202 D
Common Stock 11/05/2025 S 1,763 D $480.2397(1) 17,439 D
Common Stock 11/05/2025 S 3,259 D $481.1276(2) 14,180 D
Common Stock 11/05/2025 S 1,284 D $482.4122(3) 12,896 D
Common Stock 11/05/2025 S 2,069 D $483.4074(4) 10,827 D
Common Stock 11/05/2025 S 1,931 D $484.7773(5) 8,896 D
Common Stock 11/05/2025 S 1,008 D $485.5368(6) 7,888 D
Common Stock 11/05/2025 S 827 D $486.7347(7) 7,061 D
Common Stock 11/05/2025 S 2,775 D $487.494(8) 4,286 D
Common Stock 11/05/2025 S 696 D $489.094(9) 3,590 D
Common Stock 11/05/2025 S 933 D $489.9455(10) 2,657 D
Common Stock 11/05/2025 S 30 D $490.9817(11) 2,627 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $9.45 11/05/2025 M 5,470 (12) 07/22/2026 Common Stock 5,470 $0 0 D
Stock Option (Right to Buy) $303.79 11/05/2025 M 10,000 (12) 06/19/2028 Common Stock 10,000 $0 0 D
Stock Option (Right to Buy) $280.04 11/05/2025 M 1,105 (12) 06/25/2031 Common Stock 1,105 $0 0 D
Explanation of Responses:
1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $479.66 to $480.64, 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.
2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $480.71 to $481.68, inclusive.
3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $481.84 to $482.71, inclusive.
4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $483.00 to $483.92, inclusive.
5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $484.02 to $485.015, inclusive.
6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $485.10 to $486.04, inclusive.
7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $486.10 to $486.99, inclusive.
8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $487.13 to $488.09, inclusive.
9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $488.74 to $489.49, inclusive.
10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $489.74 to $490.7125, inclusive.
11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $490.7625 to $491.42, inclusive.
12. The shares underlying this option are fully vested and exercisable.
Remarks:
/s/ Mardi Dier, as Attorney-in-Fact 11/07/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did MDGL’s director report on the Form 4 dated 11/05/2025?

Option exercises and subsequent open‑market sales, with direct holdings ending at 2,627 shares.

How many MDGL options were exercised and at what prices?

Options for 5,470 at $9.45, 10,000 at $303.79, and 1,105 at $280.04 were exercised.

What prices were MDGL shares sold for in the reported transactions?

Weighted‑average prices ranged from approximately $480.2397 to $490.9817, with detailed ranges in footnotes.

Were the options exercised by the MDGL director vested?

Yes. The filing states the shares underlying each option were fully vested and exercisable.

What is the MDGL director’s share ownership after the transactions?

The director beneficially owned 2,627 shares directly after the reported trades.

What do the weighted‑average price footnotes indicate?

Shares were sold in multiple trades within stated price ranges; the insider can provide exact amounts upon request.