Madrigal Pharmaceuticals CMO and CEO Execute Large-Scale Stock Option Exercise and Share Sale Under 10b5-1 Plan

According to a January 9 filing with the U.S. Securities and Exchange Commission, Madrigal Pharmaceuticals’ Chief Scientific Officer and co-founder Rebecca Taub and Chief Executive Officer Paul A. Friedman each exercised large stock-option grants and sold significant blocks of common shares under pre-existing Rule 10b5-1 trading plans. Taub exercised 18,410 options at a $15.80 strike price and immediately sold the same number of shares at prices ranging from approximately $512 to $543, effectively monetizing her option shares. On the same day, Friedman exercised 24,520 options at the same strike price and sold his newly exercised shares together with an equal number of previously held shares—totaling 49,040 shares—at prices between $511.98 and $545.79, netting roughly $12.9 million. Both executives also executed smaller, routine option exercises and sales involving a few hundred additional shares. The filing notes that all transactions were made under the 10b5-1 plan adopted on September 10, 2025. Following these sales, Taub still holds more than 450,000 shares directly, while Friedman retains 187,164 shares. Through SQN LLC—of which they are managing members—they indirectly hold another 655,540 shares, for which they disclaim beneficial ownership beyond any pecuniary interest.

Madrigal Pharmaceuticals is a U.S. biotech company focused on developing and commercializing innovative treatments for nonalcoholic steatohepatitis (NASH), now referred to as metabolic dysfunction–associated steatohepatitis (MASH). Its lead product, Rezdiffra (resmetirom), is a liver-targeted THR-β agonist designed to address the underlying pathology of MASH, administered orally once daily. Rezdiffra received FDA approval in March 2024 for treating noncirrhotic MASH with moderate to advanced fibrosis (F2–F3) and secured conditional marketing authorization in the European Union in 2025. It is now commercially available in both regions. The company is advancing multiple Phase 3 trials—including an outcomes study in compensated MASH (F4c)—to broaden Rezdiffra’s label and fulfill requirements for full approval.

On January 9, Madrigal further bolstered its pipeline by inking a global exclusive license for Ervogastat, a Phase 2 oral DGAT-2 inhibitor, aiming to create a complementary MASH combination-therapy portfolio alongside Rezdiffra. Against a backdrop of rising sales expectations for its flagship drug, Madrigal’s stock hit an all-time intraday high of $605.86 in late 2025 and has climbed more than 90% over the past year, underscoring strong market confidence. The company is slated to present at the 44th Annual J.P. Morgan Healthcare Conference beginning January 12, where investors will be keen to hear detailed plans for further pipeline expansion and commercialization despite the recent insider share sales.