Madrigal Pharmaceuticals Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-288.28	-465.89	-373.63	-295.35	-241.85
Depreciation & Amortization	4.72	1.1	0.53	0.47	0.41
Other Amortization	1.6	2.09	2.41	0.8	-
Stock-Based Compensation	98.13	79.88	49.74	31.63	26.87
Other Operating Activities	2.78	-0.4	-	-	-
Change in Accounts Receivable	-80.65	-53.82	-	-	-
Change in Inventory	-36.98	-34.07	-	-	-
Change in Accounts Payable	5.28	15.56	4.21	2.45	20.36
Change in Other Net Operating Assets	103.86	-0.01	-7.49	35.15	10.29
Operating Cash Flow	-189.55	-455.57	-324.23	-224.86	-183.92
Capital Expenditures	-0.47	-1.46	-1.48	-0.22	-0.21
Sale (Purchase) of Intangibles	-3	-5	-	-	-
Investment in Securities	35.79	-267.92	-501.04	206.9	-4.85
Investing Cash Flow	32.32	-274.39	-502.52	206.69	-5.06
Long-Term Debt Issued	350	-	65	50	-
Total Debt Issued	350	-	65	50	-
Long-Term Debt Repaid	-121.66	-	-	-	-
Net Debt Issued (Repaid)	228.34	-	65	50	-
Issuance of Common Stock	38.06	735.06	530.48	264.34	171.24
Other Financing Activities	-10.41	-	-0.36	-0.89	-
Financing Cash Flow	255.98	735.06	595.12	313.45	171.24
Foreign Exchange Rate Adjustments	0.01	-	-	-	-
Net Cash Flow	98.76	5.1	-231.63	295.28	-17.74
Free Cash Flow	-190.02	-457.03	-325.71	-225.07	-184.13
Free Cash Flow Margin	-19.83%	-253.72%	-	-	-
Free Cash Flow Per Share	-8.47	-21.48	-17.43	-13.13	-11.13
Levered Free Cash Flow	-115.08	-296.99	-192.38	-115.68	-94.62
Unlevered Free Cash Flow	-102.74	-289.91	-186.85	-114	-94.62
Change in Working Capital	-8.5	-72.35	-3.28	37.6	30.65

Source: S&P Global Market Intelligence. Standard template. Financial Sources.