Madrigal Pharmaceuticals(MDGL) - 2024 Q3 - Quarterly Results

Financial Performance - Third-quarter 2024 net sales reached $62.2 million, with no product sales recognized in the same period last year[7] - Product revenue for Q3 2024 reached $62.175 million, compared to $0 in Q3 2023[17] - Net loss for Q3 2024 was $106.964 million, compared to a net loss of $98.740 million in Q3 2023, indicating a 8.8% increase in losses[17] - Basic and diluted net loss per common share for Q3 2024 was $(4.92), compared to $(5.34) in Q3 2023[17] Operating Expenses - Third-quarter 2024 operating expenses were $178.5 million, up from $98.5 million in the prior year[8] - Total operating expenses for Q3 2024 were $178.479 million, up from $98.534 million in Q3 2023, representing an increase of 80.9%[17] - Research and development expenses decreased to $68.7 million from $71.0 million year-over-year[8] - Research and development expenses for Q3 2024 were $68.742 million, slightly down from $70.951 million in Q3 2023[17] Cash and Assets - Cash, cash equivalents, restricted cash, and marketable securities totaled $1.0 billion as of September 30, 2024, compared to $634.1 million at the end of 2023[8] - Cash, cash equivalents, and marketable securities increased to $1.003 billion as of September 30, 2024, up from $634.131 million at the end of 2023[18] - Total assets increased to $1.073 billion as of September 30, 2024, from $640.547 million at the end of 2023, marking a growth of 77.6%[18] - Stockholders' equity rose to $777.155 million as of September 30, 2024, compared to $405.333 million at the end of 2023, reflecting a growth of 92.0%[18] - Current liabilities increased to $177.847 million as of September 30, 2024, from $118.548 million at the end of 2023[18] Interest Income - Interest income increased to $13.0 million in Q3 2024, up from $3.3 million in the same period last year[8] - Interest income for Q3 2024 was $13.019 million, significantly up from $3.298 million in Q3 2023[17] Product Development and Market Coverage - Over 80% of commercial lives in the U.S. are now covered for Rezdifra, achieving the coverage goal one quarter ahead of schedule[3] - Less than 5% of Rezdifra-covered lives require biopsy, utilizing noninvasive tests instead[3] - Completed enrollment in the MAESTRO-NASH OUTCOMES trial, which could lead to full approval for Rezdifra in compensated NASH/MASH cirrhosis patients[4] - Positive health-related quality of life data from the Phase 3 MAESTRO-NASH trial was published, showing significant improvements for patients treated with Rezdifra[5] - Madrigal plans to commercialize Rezdifra in Europe pending a positive decision from the EMA, expected mid-2025[6]