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[Form 4] Madrigal Pharmaceuticals, Inc. Insider Trading Activity

Filing Impact
(Low)
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(Neutral)
Form Type
4
Rhea-AI Filing Summary

Madrigal Pharmaceuticals Director Paul A. Friedman received new equity compensation on June 20, 2025, consisting of:

  • 715 restricted stock units (RSUs) granted at $0, vesting at the 2026 annual stockholder meeting
  • 1,290 stock options with strike price of $285.73, fully vesting at the 2026 annual stockholder meeting

Following these transactions, Friedman directly owns 187,164 common shares and indirectly holds 655,540 shares through SQN LLC, where he and his spouse serve as managing members. The indirect holdings include a disclaimer of beneficial ownership except for his pecuniary interest. The equity grants appear to be part of standard director compensation, with vesting tied to continued service through the next annual meeting.

Paul A. Friedman, Direttore di Madrigal Pharmaceuticals, ha ricevuto una nuova compensazione azionaria il 20 giugno 2025, composta da:

  • 715 unità di azioni vincolate (RSU) assegnate al prezzo di $0, con maturazione prevista per l'assemblea annuale degli azionisti del 2026
  • 1.290 opzioni su azioni con prezzo di esercizio di $285,73, che maturano completamente all'assemblea annuale del 2026

Dopo queste operazioni, Friedman possiede direttamente 187.164 azioni ordinarie e detiene indirettamente 655.540 azioni tramite SQN LLC, dove lui e il coniuge ricoprono il ruolo di membri gestori. Le partecipazioni indirette includono una rinuncia alla titolarità effettiva, fatta eccezione per il suo interesse patrimoniale. Le assegnazioni azionarie sembrano far parte della normale compensazione per i direttori, con la maturazione legata alla continuità del servizio fino alla prossima assemblea annuale.

Paul A. Friedman, Director de Madrigal Pharmaceuticals, recibió una nueva compensación en acciones el 20 de junio de 2025, que consiste en:

  • 715 unidades restringidas de acciones (RSU) otorgadas a $0, con adquisición de derechos en la reunión anual de accionistas de 2026
  • 1,290 opciones sobre acciones con precio de ejercicio de $285.73, que se consolidan completamente en la reunión anual de 2026

Luego de estas transacciones, Friedman posee directamente 187,164 acciones comunes y mantiene indirectamente 655,540 acciones a través de SQN LLC, donde él y su cónyuge actúan como miembros administradores. Las tenencias indirectas incluyen una renuncia a la propiedad beneficiaria excepto por su interés pecuniario. Las concesiones de acciones parecen formar parte de la compensación estándar para directores, con la adquisición condicionada a la continuidad del servicio hasta la próxima reunión anual.

Paul A. Friedmanµç� Madrigal Pharmaceuticalsì� ì´ì‚¬ë¡œì„œ 2025ë…� 6ì›� 20ì¼ì— 다ìŒê³� ê°™ì€ ì‹ ê·œ ì£¼ì‹ ë³´ìƒì� 받았습니ë‹�:

  • 715ê°œì˜ ì œí•œ ì£¼ì‹ ë‹¨ìœ„(RSU)ê°€ $0ì—� 부여ë˜ì—ˆìœ¼ë©�, 2026ë…� ì—°ë¡€ 주주ì´íšŒì—서 완전íž� ì·¨ë“ë©ë‹ˆë‹�
  • 1,290ê°œì˜ ì£¼ì‹ ë§¤ìˆ˜ 옵션ì� 행사가 $285.73ë¡� 부여ë˜ì—ˆìœ¼ë©�, 2026ë…� ì—°ë¡€ 주주ì´íšŒì—서 ì „ë©´ ì·¨ë“ë©ë‹ˆë‹�

ì� 거래 ì´í›„ Friedmanì€ ì§ì ‘ì ìœ¼ë¡� 187,164ì£¼ì˜ ë³´í†µì£�ë¥� 보유하고 있으ë©�, ë°°ìš°ìžì™€ 함께 ê´€ë¦� 멤버ë¡� 있µç” SQN LLCë¥� 통해 655,540ì£�ë¥� ê°„ì ‘ 보유하고 있습니다. ê°„ì ‘ 보유 주ì‹ì€ 금전ì � ì´í•´ê´€ê³� 외엵ç� 실질ì � ì†Œìœ ê¶Œì„ ë¶€ì¸í•˜µç� ë‚´ìš©ì� í¬í•¨í•©ë‹ˆë‹�. ì� ì£¼ì‹ ë³´ìƒì€ ì¼ë°˜ì ì¸ ì´ì‚¬ ë³´ìƒ íŒ¨í‚¤ì§€ì� ì¼ë¶€ë¡� ë³´ì´ë©�, ì·¨ë“ ì¡°ê±´ì€ ë‹¤ìŒ ì—°ë¡€ ì´íšŒê¹Œì§€ì� 근무 ì§€ì†ì— ì—°ë™ë˜ì–´ 있습니다.

Paul A. Friedman, directeur de Madrigal Pharmaceuticals, a reçu une nouvelle rémunération en actions le 20 juin 2025, comprenant :

  • 715 unités d'actions restreintes (RSU) attribuées à 0 $, avec acquisition lors de l'assemblée annuelle des actionnaires de 2026
  • 1 290 options d'achat d'actions avec un prix d'exercice de 285,73 $, acquises intégralement lors de l'assemblée annuelle de 2026

À la suite de ces opérations, Friedman détient directement 187 164 actions ordinaires et possède indirectement 655 540 actions via SQN LLC, où lui et son conjoint sont membres gestionnaires. Les participations indirectes incluent une renonciation à la propriété bénéficiaire, à l'exception de son intérêt pécuniaire. Ces attributions d'actions semblent faire partie d'une rémunération standard pour les administrateurs, avec une acquisition conditionnée à la poursuite du service jusqu'à la prochaine assemblée annuelle.

Paul A. Friedman, Direktor von Madrigal Pharmaceuticals, erhielt am 20. Juni 2025 eine neue Aktienvergütung, bestehend aus:

  • 715 Restricted Stock Units (RSUs) zum Preis von 0 $, mit Vesting bei der Hauptversammlung 2026
  • 1.290 Aktienoptionen mit einem Ausübungspreis von 285,73 $, die vollständig bei der Hauptversammlung 2026 vesten

Nach diesen Transaktionen besitzt Friedman direkt 187.164 Stammaktien und hält indirekt 655.540 Aktien über SQN LLC, bei der er und sein Ehepartner als geschäftsführende Mitglieder tätig sind. Die indirekten Beteiligungen beinhalten eine Verzichtserklärung auf wirtschaftliches Eigentum mit Ausnahme seines finanziellen Interesses. Die Aktienzuteilungen scheinen Teil der üblichen Vergütung für Direktoren zu sein, wobei das Vesting an die Fortsetzung seiner Tätigkeit bis zur nächsten Hauptversammlung gebunden ist.

Positive
  • None.
Negative
  • None.

Paul A. Friedman, Direttore di Madrigal Pharmaceuticals, ha ricevuto una nuova compensazione azionaria il 20 giugno 2025, composta da:

  • 715 unità di azioni vincolate (RSU) assegnate al prezzo di $0, con maturazione prevista per l'assemblea annuale degli azionisti del 2026
  • 1.290 opzioni su azioni con prezzo di esercizio di $285,73, che maturano completamente all'assemblea annuale del 2026

Dopo queste operazioni, Friedman possiede direttamente 187.164 azioni ordinarie e detiene indirettamente 655.540 azioni tramite SQN LLC, dove lui e il coniuge ricoprono il ruolo di membri gestori. Le partecipazioni indirette includono una rinuncia alla titolarità effettiva, fatta eccezione per il suo interesse patrimoniale. Le assegnazioni azionarie sembrano far parte della normale compensazione per i direttori, con la maturazione legata alla continuità del servizio fino alla prossima assemblea annuale.

Paul A. Friedman, Director de Madrigal Pharmaceuticals, recibió una nueva compensación en acciones el 20 de junio de 2025, que consiste en:

  • 715 unidades restringidas de acciones (RSU) otorgadas a $0, con adquisición de derechos en la reunión anual de accionistas de 2026
  • 1,290 opciones sobre acciones con precio de ejercicio de $285.73, que se consolidan completamente en la reunión anual de 2026

Luego de estas transacciones, Friedman posee directamente 187,164 acciones comunes y mantiene indirectamente 655,540 acciones a través de SQN LLC, donde él y su cónyuge actúan como miembros administradores. Las tenencias indirectas incluyen una renuncia a la propiedad beneficiaria excepto por su interés pecuniario. Las concesiones de acciones parecen formar parte de la compensación estándar para directores, con la adquisición condicionada a la continuidad del servicio hasta la próxima reunión anual.

Paul A. Friedmanµç� Madrigal Pharmaceuticalsì� ì´ì‚¬ë¡œì„œ 2025ë…� 6ì›� 20ì¼ì— 다ìŒê³� ê°™ì€ ì‹ ê·œ ì£¼ì‹ ë³´ìƒì� 받았습니ë‹�:

  • 715ê°œì˜ ì œí•œ ì£¼ì‹ ë‹¨ìœ„(RSU)ê°€ $0ì—� 부여ë˜ì—ˆìœ¼ë©�, 2026ë…� ì—°ë¡€ 주주ì´íšŒì—서 완전íž� ì·¨ë“ë©ë‹ˆë‹�
  • 1,290ê°œì˜ ì£¼ì‹ ë§¤ìˆ˜ 옵션ì� 행사가 $285.73ë¡� 부여ë˜ì—ˆìœ¼ë©�, 2026ë…� ì—°ë¡€ 주주ì´íšŒì—서 ì „ë©´ ì·¨ë“ë©ë‹ˆë‹�

ì� 거래 ì´í›„ Friedmanì€ ì§ì ‘ì ìœ¼ë¡� 187,164ì£¼ì˜ ë³´í†µì£�ë¥� 보유하고 있으ë©�, ë°°ìš°ìžì™€ 함께 ê´€ë¦� 멤버ë¡� 있µç” SQN LLCë¥� 통해 655,540ì£�ë¥� ê°„ì ‘ 보유하고 있습니다. ê°„ì ‘ 보유 주ì‹ì€ 금전ì � ì´í•´ê´€ê³� 외엵ç� 실질ì � ì†Œìœ ê¶Œì„ ë¶€ì¸í•˜µç� ë‚´ìš©ì� í¬í•¨í•©ë‹ˆë‹�. ì� ì£¼ì‹ ë³´ìƒì€ ì¼ë°˜ì ì¸ ì´ì‚¬ ë³´ìƒ íŒ¨í‚¤ì§€ì� ì¼ë¶€ë¡� ë³´ì´ë©�, ì·¨ë“ ì¡°ê±´ì€ ë‹¤ìŒ ì—°ë¡€ ì´íšŒê¹Œì§€ì� 근무 ì§€ì†ì— ì—°ë™ë˜ì–´ 있습니다.

Paul A. Friedman, directeur de Madrigal Pharmaceuticals, a reçu une nouvelle rémunération en actions le 20 juin 2025, comprenant :

  • 715 unités d'actions restreintes (RSU) attribuées à 0 $, avec acquisition lors de l'assemblée annuelle des actionnaires de 2026
  • 1 290 options d'achat d'actions avec un prix d'exercice de 285,73 $, acquises intégralement lors de l'assemblée annuelle de 2026

À la suite de ces opérations, Friedman détient directement 187 164 actions ordinaires et possède indirectement 655 540 actions via SQN LLC, où lui et son conjoint sont membres gestionnaires. Les participations indirectes incluent une renonciation à la propriété bénéficiaire, à l'exception de son intérêt pécuniaire. Ces attributions d'actions semblent faire partie d'une rémunération standard pour les administrateurs, avec une acquisition conditionnée à la poursuite du service jusqu'à la prochaine assemblée annuelle.

Paul A. Friedman, Direktor von Madrigal Pharmaceuticals, erhielt am 20. Juni 2025 eine neue Aktienvergütung, bestehend aus:

  • 715 Restricted Stock Units (RSUs) zum Preis von 0 $, mit Vesting bei der Hauptversammlung 2026
  • 1.290 Aktienoptionen mit einem Ausübungspreis von 285,73 $, die vollständig bei der Hauptversammlung 2026 vesten

Nach diesen Transaktionen besitzt Friedman direkt 187.164 Stammaktien und hält indirekt 655.540 Aktien über SQN LLC, bei der er und sein Ehepartner als geschäftsführende Mitglieder tätig sind. Die indirekten Beteiligungen beinhalten eine Verzichtserklärung auf wirtschaftliches Eigentum mit Ausnahme seines finanziellen Interesses. Die Aktienzuteilungen scheinen Teil der üblichen Vergütung für Direktoren zu sein, wobei das Vesting an die Fortsetzung seiner Tätigkeit bis zur nächsten Hauptversammlung gebunden ist.

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*
FRIEDMAN PAUL A

(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)
06/20/2025
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 06/20/2025 A(1) 715 A $0 187,164 D
Common Stock 655,540 I By SQN LLC(2)
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) $285.73 06/20/2025 A 1,290 (3) 06/20/2035 Common Stock 1,290 $0 1,290 D
Explanation of Responses:
1. Represents a grant of restricted stock units, which vest on the date of the Issuer's annual meeting of stockholders to be held in 2026, provided the Reporting Person continues in service with the Issuer on such date.
2. 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.
3. The option vests as to 100% of underlying shares on the date of the Issuer's annual meeting of stockholders to be held in 2026, provided that the Reporting Person continues to serve as a director of the Issuer until such date.
Remarks:
/s/ Mardi Dier, as Attorney-in-Fact 06/24/2025
** 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.

FAQ

How many shares of MDGL stock did Paul Friedman acquire on June 20, 2025?

On June 20, 2025, Paul Friedman acquired 715 shares of MDGL common stock in the form of restricted stock units (RSUs) and 1,290 stock options with an exercise price of $285.73.

What is the vesting schedule for MDGL director Paul Friedman's new stock grants?

Both the restricted stock units and stock options will vest 100% on the date of Madrigal Pharmaceuticals' annual meeting of stockholders to be held in 2026, contingent on Friedman continuing to serve as a director until that date.

How many MDGL shares does Paul Friedman own directly after the June 2025 grants?

Following the reported transactions, Paul Friedman directly owns 187,164 shares of MDGL common stock, plus 1,290 unvested stock options.

What is Paul Friedman's indirect ownership of MDGL stock through SQN LLC?

Paul Friedman has indirect beneficial ownership of 655,540 shares of MDGL through SQN LLC, where he and his spouse serve as managing members. However, he disclaims beneficial ownership except for his pecuniary interest.

What is the exercise price and expiration date of MDGL stock options granted to Paul Friedman?

The stock options were granted with an exercise price of $285.73 per share and will expire on June 20, 2035, ten years from the grant date.
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Biotechnology
Pharmaceutical Preparations
United States
WEST CONSHOHOCKEN