MDGL

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · nonDerivative · entry 11

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 461,044

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $351.17 to $352.00, inclusive.

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · nonDerivative · entry 10

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 461,644

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F9 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $350.00 to $350.61, inclusive.

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · nonDerivative · entry 9

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 463,701

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001628280-25-035342 · wk-form4_1752869569.xml · derivative · entry 13

FRIEDMAN PAUL A · CIK 0001236927 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 180,080

Underlying: Common Stock · 26,176 shares

Expires 2026-07-22

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F12 · derivative.exercise_date: The shares underlying this stock option are fully vested and exercisable.

SEC source: 0001628280-25-035342 · wk-form4_1752869569.xml · nonDerivative · entry 8

FRIEDMAN PAUL A · CIK 0001236927 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 187,164

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F8 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $356.18 to $357.00, inclusive.

SEC source: 0001628280-25-035342 · wk-form4_1752869569.xml · nonDerivative · entry 7

FRIEDMAN PAUL A · CIK 0001236927 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 188,364

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $355.13 to $356.11, inclusive.

SEC source: 0001628280-25-035342 · wk-form4_1752869569.xml · nonDerivative · entry 6

FRIEDMAN PAUL A · CIK 0001236927 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 194,148

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F6 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $354.13 to $355.12, inclusive.

SEC source: 0001628280-25-035342 · wk-form4_1752869569.xml · nonDerivative · entry 5

FRIEDMAN PAUL A · CIK 0001236927 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 200,999

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F5 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $353.12 to $354.08, inclusive.

SEC source: 0001628280-25-035342 · wk-form4_1752869569.xml · nonDerivative · entry 4

FRIEDMAN PAUL A · CIK 0001236927 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 203,318

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F4 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $352.09 to $352.98, inclusive.

SEC source: 0001628280-25-035342 · wk-form4_1752869569.xml · nonDerivative · entry 3

FRIEDMAN PAUL A · CIK 0001236927 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 205,428

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F3 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $351.01 to $352.00, inclusive.

SEC source: 0001628280-25-035342 · wk-form4_1752869569.xml · nonDerivative · entry 2

FRIEDMAN PAUL A · CIK 0001236927 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 207,799

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $350.00 to $350.79, 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.

SEC source: 0001628280-25-035342 · wk-form4_1752869569.xml · nonDerivative · entry 1

FRIEDMAN PAUL A · CIK 0001236927 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 213,340

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · derivative · entry 13

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 50,120

Underlying: Common Stock · 26,444 shares

Expires 2026-07-22

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F12 · derivative.exercise_date: The shares underlying this stock option are fully vested and exercisable.

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · nonDerivative · entry 8

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 461,044

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F8 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $356.18 to $356.90, inclusive.

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · nonDerivative · entry 7

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 462,424

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $355.12 to $356.11, inclusive.

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · nonDerivative · entry 6

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 468,865

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F6 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $354.12 to $355.09, inclusive.

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · nonDerivative · entry 5

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 474,665

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F5 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $353.12 to $354.11, inclusive.

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · nonDerivative · entry 4

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 477,234

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F4 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $352.00 to $352.99, inclusive.

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · nonDerivative · entry 3

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 479,591

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F3 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $351.00 to $351.96, inclusive.

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · nonDerivative · entry 2

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 481,488

F1 · kind: These sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $350.00 to $350.85, 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.

SEC source: 0001628280-25-035340 · wk-form4_1752869497.xml · nonDerivative · entry 1

Taub Rebecca · CIK 0001423898 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 487,488

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000950170-25-089481 · ownership.xml · derivative · entry 4

BAKER BROS. ADVISORS LP · CIK 0001263508 · Director

667, L.P. · CIK 0001551139 · Director

Baker Bros. Advisors (GP) LLC · CIK 0001580575 · Director

Baker Brothers Life Sciences LP · CIK 0001363364 · Director

BAKER FELIX · CIK 0001087940 · Director

BAKER JULIAN · CIK 0001087939 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnotes

Disclosed balance after: 2,580

Underlying: Common Stock · 2,580 shares

Expires 2035-06-20

F10 · shares: Includes 1,290 Stock Options granted by the Issuer to each of Julian C. Baker and Dr. Cheong on June 20, 2025, pursuant to the 2015 Plan. The Stock Options have a strike price of $285.73, fully vest on the date of the Issuer's annual meeting of stockholders to be held in 2026, subject to the applicable director's continuous service on the Board through such vesting date, and expire 10 years from the date of grant.

F10 · derivative.exercise_date: Includes 1,290 Stock Options granted by the Issuer to each of Julian C. Baker and Dr. Cheong on June 20, 2025, pursuant to the 2015 Plan. The Stock Options have a strike price of $285.73, fully vest on the date of the Issuer's annual meeting of stockholders to be held in 2026, subject to the applicable director's continuous service on the Board through such vesting date, and expire 10 years from the date of grant.

F3 · ownership.nature: Pursuant to the policies of the Adviser, Julian C. Baker and Dr. Cheong do not have a right to any of the Issuer's securities issued as compensation for their service on the Board and the Funds are entitled to an indirect proportionate pecuniary interest in such securities. The Funds each own an indirect proportionate pecuniary interest in the non-qualified stock options exercisable solely into Common Stock ("Stock Options") and RSUs. Solely as a result of their ownership interest in (i) the general partners of the Funds and (ii) the Funds, Felix J. Baker and Julian C. Baker may be deemed to have an indirect pecuniary interest in the Stock Options, RSUs and any Common Stock acquired upon the exercise of Stock Options or vesting of RSUs (i.e. no direct pecuniary interest) issued as compensation for such Board Service.

F4 · ownership.nature: The Adviser serves as the investment adviser to the Funds. In connection with the services provided by the Adviser, the Adviser receives an asset-based management fee that does not confer any pecuniary interest in the securities held directly by the Funds or for the benefit of the Funds. The Adviser GP is the Adviser's sole general partner. Julian C. Baker and Felix J. Baker are managing members of the Adviser GP. The Adviser has complete and unlimited discretion and authority with respect to the investment and voting power of the securities held directly by the Funds or for the benefit of the Funds. The general partners of the Funds relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held directly by the Funds or for the benefit of the Funds.

F5 · ownership.nature: Julian C. Baker, Felix J. Baker, the Adviser GP and the Adviser disclaim beneficial ownership of the securities held directly by or held for the benefit of the Funds except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of Julian C. Baker, Felix J. Baker, the Adviser GP or the Adviser is a beneficial owner of such securities for purposes of Section 16 or any other purpose.

F6 · ownership.nature: Pursuant to the policies of the Adviser, the Adviser has voting and dispositive power over the Stock Options, RSUs and any Common Stock received as a result of the exercise of Stock Options or vesting of RSUs.

F7 · ownership.nature: The acquisitions of the RSUs and Stock Options reported on this form represent grants to each of Julian C. Baker and Dr. Cheong of 715 RSUs on Table I and 1,290 Stock Options on Table II. These grants, totaling 1,430 RSUs and 2,580 Stock Options for Julian C. Baker and Dr. Cheong in the aggregate, are reported for each of the Funds as each has an indirect pecuniary interest in such securities.

F9 · ownership.nature: After giving effect to the transactions reported herein and as a result of their ownership interest in (i) Baker Brothers Life Sciences Capital, L.P. and (ii) Life Sciences, Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in Common Stock reported in column 5 of Table I and the Stock Options reported in column 9 of Table II held directly by or held for the benefit of Life Sciences, a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital, L.P., a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital (GP), LLC, due to their interest in Life Sciences and Baker Brothers Life Sciences Capital, L.P.'s right to receive an allocation of a portion of the profits from Life Sciences.

SEC source: 0000950170-25-089481 · ownership.xml · derivative · entry 3

BAKER BROS. ADVISORS LP · CIK 0001263508 · Director

667, L.P. · CIK 0001551139 · Director

Baker Bros. Advisors (GP) LLC · CIK 0001580575 · Director

Baker Brothers Life Sciences LP · CIK 0001363364 · Director

BAKER FELIX · CIK 0001087940 · Director

BAKER JULIAN · CIK 0001087939 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnotes

Disclosed balance after: 2,580

Underlying: Common Stock · 2,580 shares

Expires 2035-06-20

F10 · shares: Includes 1,290 Stock Options granted by the Issuer to each of Julian C. Baker and Dr. Cheong on June 20, 2025, pursuant to the 2015 Plan. The Stock Options have a strike price of $285.73, fully vest on the date of the Issuer's annual meeting of stockholders to be held in 2026, subject to the applicable director's continuous service on the Board through such vesting date, and expire 10 years from the date of grant.

F10 · derivative.exercise_date: Includes 1,290 Stock Options granted by the Issuer to each of Julian C. Baker and Dr. Cheong on June 20, 2025, pursuant to the 2015 Plan. The Stock Options have a strike price of $285.73, fully vest on the date of the Issuer's annual meeting of stockholders to be held in 2026, subject to the applicable director's continuous service on the Board through such vesting date, and expire 10 years from the date of grant.

F2 · ownership.nature: After giving effect to the transactions reported herein and as a result of their ownership interest in (i) Baker Biotech Capital, L.P. and (ii) 667, Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in Common Stock reported in column 5 of Table I and the Stock Options (as defined below) reported in column 9 of Table II held directly by or held for the benefit of 667, a limited partnership of which the sole general partner is Baker Biotech Capital, L.P., a limited partnership of which the sole general partner is Baker Biotech Capital (GP), LLC, due to their interest in 667 and Baker Biotech Capital, L.P.'s right to receive an allocation of a portion of the profits from 667.

F3 · ownership.nature: Pursuant to the policies of the Adviser, Julian C. Baker and Dr. Cheong do not have a right to any of the Issuer's securities issued as compensation for their service on the Board and the Funds are entitled to an indirect proportionate pecuniary interest in such securities. The Funds each own an indirect proportionate pecuniary interest in the non-qualified stock options exercisable solely into Common Stock ("Stock Options") and RSUs. Solely as a result of their ownership interest in (i) the general partners of the Funds and (ii) the Funds, Felix J. Baker and Julian C. Baker may be deemed to have an indirect pecuniary interest in the Stock Options, RSUs and any Common Stock acquired upon the exercise of Stock Options or vesting of RSUs (i.e. no direct pecuniary interest) issued as compensation for such Board Service.

F4 · ownership.nature: The Adviser serves as the investment adviser to the Funds. In connection with the services provided by the Adviser, the Adviser receives an asset-based management fee that does not confer any pecuniary interest in the securities held directly by the Funds or for the benefit of the Funds. The Adviser GP is the Adviser's sole general partner. Julian C. Baker and Felix J. Baker are managing members of the Adviser GP. The Adviser has complete and unlimited discretion and authority with respect to the investment and voting power of the securities held directly by the Funds or for the benefit of the Funds. The general partners of the Funds relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held directly by the Funds or for the benefit of the Funds.

F5 · ownership.nature: Julian C. Baker, Felix J. Baker, the Adviser GP and the Adviser disclaim beneficial ownership of the securities held directly by or held for the benefit of the Funds except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of Julian C. Baker, Felix J. Baker, the Adviser GP or the Adviser is a beneficial owner of such securities for purposes of Section 16 or any other purpose.

F6 · ownership.nature: Pursuant to the policies of the Adviser, the Adviser has voting and dispositive power over the Stock Options, RSUs and any Common Stock received as a result of the exercise of Stock Options or vesting of RSUs.

F7 · ownership.nature: The acquisitions of the RSUs and Stock Options reported on this form represent grants to each of Julian C. Baker and Dr. Cheong of 715 RSUs on Table I and 1,290 Stock Options on Table II. These grants, totaling 1,430 RSUs and 2,580 Stock Options for Julian C. Baker and Dr. Cheong in the aggregate, are reported for each of the Funds as each has an indirect pecuniary interest in such securities.

SEC source: 0000950170-25-089481 · ownership.xml · nonDerivative · entry 2

BAKER BROS. ADVISORS LP · CIK 0001263508 · Director

667, L.P. · CIK 0001551139 · Director

Baker Bros. Advisors (GP) LLC · CIK 0001580575 · Director

Baker Brothers Life Sciences LP · CIK 0001363364 · Director

BAKER FELIX · CIK 0001087940 · Director

BAKER JULIAN · CIK 0001087939 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnotes

Disclosed balance after: 1,796,261

F1 · shares: Includes 715 restricted stock units (each an "RSU") payable solely in common stock ("Common Stock") granted by Madrigal Pharmaceuticals, Inc. (the "Issuer") to each of Julian C. Baker, a managing member of Baker Bros. Advisors (GP) LLC (the "Adviser GP"), and Dr. Raymond Cheong, an employee of Baker Bros. Advisors LP (the "Adviser"), on June 20, 2025, pursuant to the Issuer's Amended 2015 Stock Plan (the "2015 Plan"). The RSUs fully vest on the date of the Issuer's annual meeting of stockholders to be held in 2026, subject to the applicable director's continuous service on the board of directors of the Issuer (the "Board") through such vesting date. Julian C. Baker and Dr. Cheong serve on the Board as representatives of 667, L.P. ("667") and Baker Brothers Life Sciences, L.P. ("Life Sciences", and together with 667, the "Funds") and their affiliates and control persons.

F3 · ownership.nature: Pursuant to the policies of the Adviser, Julian C. Baker and Dr. Cheong do not have a right to any of the Issuer's securities issued as compensation for their service on the Board and the Funds are entitled to an indirect proportionate pecuniary interest in such securities. The Funds each own an indirect proportionate pecuniary interest in the non-qualified stock options exercisable solely into Common Stock ("Stock Options") and RSUs. Solely as a result of their ownership interest in (i) the general partners of the Funds and (ii) the Funds, Felix J. Baker and Julian C. Baker may be deemed to have an indirect pecuniary interest in the Stock Options, RSUs and any Common Stock acquired upon the exercise of Stock Options or vesting of RSUs (i.e. no direct pecuniary interest) issued as compensation for such Board Service.

F4 · ownership.nature: The Adviser serves as the investment adviser to the Funds. In connection with the services provided by the Adviser, the Adviser receives an asset-based management fee that does not confer any pecuniary interest in the securities held directly by the Funds or for the benefit of the Funds. The Adviser GP is the Adviser's sole general partner. Julian C. Baker and Felix J. Baker are managing members of the Adviser GP. The Adviser has complete and unlimited discretion and authority with respect to the investment and voting power of the securities held directly by the Funds or for the benefit of the Funds. The general partners of the Funds relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held directly by the Funds or for the benefit of the Funds.

F5 · ownership.nature: Julian C. Baker, Felix J. Baker, the Adviser GP and the Adviser disclaim beneficial ownership of the securities held directly by or held for the benefit of the Funds except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of Julian C. Baker, Felix J. Baker, the Adviser GP or the Adviser is a beneficial owner of such securities for purposes of Section 16 or any other purpose.

F6 · ownership.nature: Pursuant to the policies of the Adviser, the Adviser has voting and dispositive power over the Stock Options, RSUs and any Common Stock received as a result of the exercise of Stock Options or vesting of RSUs.

F7 · ownership.nature: The acquisitions of the RSUs and Stock Options reported on this form represent grants to each of Julian C. Baker and Dr. Cheong of 715 RSUs on Table I and 1,290 Stock Options on Table II. These grants, totaling 1,430 RSUs and 2,580 Stock Options for Julian C. Baker and Dr. Cheong in the aggregate, are reported for each of the Funds as each has an indirect pecuniary interest in such securities.

F8 · ownership.nature: Includes beneficial ownership of 3,110 shares of Common Stock received from vested RSUs each previously granted to Julian C. Baker and Dr. Cheong in their capacity as directors of the Issuer.

F9 · ownership.nature: After giving effect to the transactions reported herein and as a result of their ownership interest in (i) Baker Brothers Life Sciences Capital, L.P. and (ii) Life Sciences, Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in Common Stock reported in column 5 of Table I and the Stock Options reported in column 9 of Table II held directly by or held for the benefit of Life Sciences, a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital, L.P., a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital (GP), LLC, due to their interest in Life Sciences and Baker Brothers Life Sciences Capital, L.P.'s right to receive an allocation of a portion of the profits from Life Sciences.

SEC source: 0000950170-25-089481 · ownership.xml · nonDerivative · entry 1

BAKER BROS. ADVISORS LP · CIK 0001263508 · Director

667, L.P. · CIK 0001551139 · Director

Baker Bros. Advisors (GP) LLC · CIK 0001580575 · Director

Baker Brothers Life Sciences LP · CIK 0001363364 · Director

BAKER FELIX · CIK 0001087940 · Director

BAKER JULIAN · CIK 0001087939 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnotes

Disclosed balance after: 188,837

F1 · shares: Includes 715 restricted stock units (each an "RSU") payable solely in common stock ("Common Stock") granted by Madrigal Pharmaceuticals, Inc. (the "Issuer") to each of Julian C. Baker, a managing member of Baker Bros. Advisors (GP) LLC (the "Adviser GP"), and Dr. Raymond Cheong, an employee of Baker Bros. Advisors LP (the "Adviser"), on June 20, 2025, pursuant to the Issuer's Amended 2015 Stock Plan (the "2015 Plan"). The RSUs fully vest on the date of the Issuer's annual meeting of stockholders to be held in 2026, subject to the applicable director's continuous service on the board of directors of the Issuer (the "Board") through such vesting date. Julian C. Baker and Dr. Cheong serve on the Board as representatives of 667, L.P. ("667") and Baker Brothers Life Sciences, L.P. ("Life Sciences", and together with 667, the "Funds") and their affiliates and control persons.

F2 · ownership.nature: After giving effect to the transactions reported herein and as a result of their ownership interest in (i) Baker Biotech Capital, L.P. and (ii) 667, Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in Common Stock reported in column 5 of Table I and the Stock Options (as defined below) reported in column 9 of Table II held directly by or held for the benefit of 667, a limited partnership of which the sole general partner is Baker Biotech Capital, L.P., a limited partnership of which the sole general partner is Baker Biotech Capital (GP), LLC, due to their interest in 667 and Baker Biotech Capital, L.P.'s right to receive an allocation of a portion of the profits from 667.

F3 · ownership.nature: Pursuant to the policies of the Adviser, Julian C. Baker and Dr. Cheong do not have a right to any of the Issuer's securities issued as compensation for their service on the Board and the Funds are entitled to an indirect proportionate pecuniary interest in such securities. The Funds each own an indirect proportionate pecuniary interest in the non-qualified stock options exercisable solely into Common Stock ("Stock Options") and RSUs. Solely as a result of their ownership interest in (i) the general partners of the Funds and (ii) the Funds, Felix J. Baker and Julian C. Baker may be deemed to have an indirect pecuniary interest in the Stock Options, RSUs and any Common Stock acquired upon the exercise of Stock Options or vesting of RSUs (i.e. no direct pecuniary interest) issued as compensation for such Board Service.

F4 · ownership.nature: The Adviser serves as the investment adviser to the Funds. In connection with the services provided by the Adviser, the Adviser receives an asset-based management fee that does not confer any pecuniary interest in the securities held directly by the Funds or for the benefit of the Funds. The Adviser GP is the Adviser's sole general partner. Julian C. Baker and Felix J. Baker are managing members of the Adviser GP. The Adviser has complete and unlimited discretion and authority with respect to the investment and voting power of the securities held directly by the Funds or for the benefit of the Funds. The general partners of the Funds relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held directly by the Funds or for the benefit of the Funds.

F5 · ownership.nature: Julian C. Baker, Felix J. Baker, the Adviser GP and the Adviser disclaim beneficial ownership of the securities held directly by or held for the benefit of the Funds except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of Julian C. Baker, Felix J. Baker, the Adviser GP or the Adviser is a beneficial owner of such securities for purposes of Section 16 or any other purpose.

F6 · ownership.nature: Pursuant to the policies of the Adviser, the Adviser has voting and dispositive power over the Stock Options, RSUs and any Common Stock received as a result of the exercise of Stock Options or vesting of RSUs.

F7 · ownership.nature: The acquisitions of the RSUs and Stock Options reported on this form represent grants to each of Julian C. Baker and Dr. Cheong of 715 RSUs on Table I and 1,290 Stock Options on Table II. These grants, totaling 1,430 RSUs and 2,580 Stock Options for Julian C. Baker and Dr. Cheong in the aggregate, are reported for each of the Funds as each has an indirect pecuniary interest in such securities.

F8 · ownership.nature: Includes beneficial ownership of 3,110 shares of Common Stock received from vested RSUs each previously granted to Julian C. Baker and Dr. Cheong in their capacity as directors of the Issuer.

SEC source: 0001628280-25-032863 · wk-form4_1750797916.xml · derivative · entry 2

BATE KENNETH · CIK 0001210238 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,290

Underlying: Common Stock · 1,290 shares

Expires 2035-06-20

F2 · derivative.exercise_date: 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.

SEC source: 0001628280-25-032863 · wk-form4_1750797916.xml · nonDerivative · entry 1

BATE KENNETH · CIK 0001210238 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,627

F1 · kind: 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.

SEC source: 0001628280-25-032861 · wk-form4_1750797744.xml · derivative · entry 2

Levy Richard S · CIK 0001454983 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,290

Underlying: Common Stock · 1,290 shares

Expires 2035-06-20

F2 · derivative.exercise_date: 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.

SEC source: 0001628280-25-032861 · wk-form4_1750797744.xml · nonDerivative · entry 1

Levy Richard S · CIK 0001454983 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,197

F1 · kind: 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.

SEC source: 0001628280-25-032855 · wk-form4_1750797581.xml · derivative · entry 2

FOUSE JACQUALYN A · CIK 0001405288 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 366

Underlying: Common Stock · 366 shares

Expires 2035-06-20

F2 · derivative.exercise_date: 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.

SEC source: 0001628280-25-032855 · wk-form4_1750797581.xml · nonDerivative · entry 1

FOUSE JACQUALYN A · CIK 0001405288 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,097

F1 · kind: 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.

SEC source: 0001628280-25-032846 · wk-form4_1750797003.xml · derivative · entry 3

FRIEDMAN PAUL A · CIK 0001236927 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,290

Underlying: Common Stock · 1,290 shares

Expires 2035-06-20

F3 · derivative.exercise_date: 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.

SEC source: 0001628280-25-032846 · wk-form4_1750797003.xml · nonDerivative · entry 1

FRIEDMAN PAUL A · CIK 0001236927 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 187,164

F1 · kind: 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.

SEC source: 0001628280-25-032850 · wk-form4_1750797254.xml · derivative · entry 2

Daly James M · CIK 0001560782 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,290

Underlying: Common Stock · 1,290 shares

Expires 2035-06-20

F2 · derivative.exercise_date: 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.

SEC source: 0001628280-25-032850 · wk-form4_1750797254.xml · nonDerivative · entry 1

Daly James M · CIK 0001560782 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,627

F1 · kind: 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.

SEC source: 0001628280-25-026346 · wk-form4_1747434224.xml · derivative · entry 2

Soergel David · CIK 0001591475 · Chief Medical Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,839

Underlying: Common Stock · 12,839 shares

Expires 2035-05-15

F2 · derivative.exercise_date: The option vests as to 25% of the shares on the first anniversary of the date of grant (May 15, 2026) and, thereafter, 6.25% of the shares shall vest on the last day of each successive three-month period, provided the Reporting Person continues in service with the Issuer on each such date.

SEC source: 0001628280-25-026346 · wk-form4_1747434224.xml · nonDerivative · entry 1

Soergel David · CIK 0001591475 · Chief Medical Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,545

F1 · kind: Represents a grant of restricted stock units, which vest as to 25% of the shares on each of May 15, 2026, May 15, 2027, May 15, 2028 and May 15, 2029, provided the Reporting Person continues in service with the Issuer on each such date.

SEC source: 0001628280-25-017563 · wk-form4_1744405167.xml · derivative · entry 2

Levy Richard S · CIK 0001454983 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 9,470 shares

Expires 2025-06-16

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_date: The shares underlying this stock option are fully vested and exercisable

SEC source: 0001628280-25-017563 · wk-form4_1744405167.xml · nonDerivative · entry 1

Levy Richard S · CIK 0001454983 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,482

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001628280-25-012826 · wk-form4_1741983899.xml · derivative · entry 22

CRAVES FRED B · CIK 0001014095 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 7,742 shares

Expires 2025-06-16

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F16 · derivative.exercise_date: The shares underlying this stock option are fully vested and exercisable.

SEC source: 0001628280-25-012826 · wk-form4_1741983899.xml · nonDerivative · entry 16

CRAVES FRED B · CIK 0001014095 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 350,076

SEC source: 0001628280-25-012826 · wk-form4_1741983899.xml · nonDerivative · entry 15

CRAVES FRED B · CIK 0001014095 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 350,151

F12 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $329.22 to $330.20, inclusive.

SEC source: 0001628280-25-012826 · wk-form4_1741983899.xml · nonDerivative · entry 14

CRAVES FRED B · CIK 0001014095 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 351,118

F11 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $328.20 to $329.165, inclusive.

SEC source: 0001628280-25-012826 · wk-form4_1741983899.xml · nonDerivative · entry 13

CRAVES FRED B · CIK 0001014095 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 351,518

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $327.19 to $328.18, inclusive.

SEC source: 0001628280-25-012826 · wk-form4_1741983899.xml · nonDerivative · entry 12

CRAVES FRED B · CIK 0001014095 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 352,518

F9 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $325.34 to $325.955, inclusive.

SEC source: 0001628280-25-012826 · wk-form4_1741983899.xml · nonDerivative · entry 11

CRAVES FRED B · CIK 0001014095 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 353,318

F8 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $324.16 to $324.84, inclusive.

SEC source: 0001628280-25-012826 · wk-form4_1741983899.xml · nonDerivative · entry 10

CRAVES FRED B · CIK 0001014095 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 354,218

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $323.02 to $323.97, inclusive.

SEC source: 0001628280-25-012826 · wk-form4_1741983899.xml · nonDerivative · entry 9

CRAVES FRED B · CIK 0001014095 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 355,867

F6 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $322.02 to $323.00, inclusive.

SEC source: 0001628280-25-012826 · wk-form4_1741983899.xml · nonDerivative · entry 8

CRAVES FRED B · CIK 0001014095 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 357,818

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001628280-25-012826 · wk-form4_1741983899.xml · derivative · entry 21

CRAVES FRED B · CIK 0001014095 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 6,000 shares

Expires 2025-06-17

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F16 · derivative.exercise_date: The shares underlying this stock option are fully vested and exercisable.