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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $364.25M | $311.34M | $321.08M | $287.27M | $212.80M | $137.25M | $103.32M | $62.18M |
| Cost of revenue | $0 | $26.85M | $0 | $0 | $0 | $4.51M | $0 | $0 |
| Gross profit | $364.25M | $284.49M | $321.08M | $287.27M | $212.80M | $132.74M | $103.32M | $62.18M |
| Gross margin | 100.0% | 91.4% | 100.0% | 100.0% | 100.0% | 96.7% | 100.0% | 100.0% |
| Research and development | $91.18M | $108.69M | $116.27M | $174.00M | $54.08M | $44.17M | $25.65M | $68.74M |
| Selling, general and administrative | $289.38M | $268.52M | $239.98M | $209.12M | $196.86M | $167.88M | $141.22M | $107.59M |
| Operating expenses | $420.56M | $377.21M | $380.69M | $401.24M | $260.00M | $212.05M | $170.32M | $178.48M |
| Operating income | −$56.31M | −$92.72M | −$59.61M | −$113.98M | −$47.20M | −$79.31M | −$67.00M | −$116.30M |
| Operating margin | -15.5% | -29.8% | -18.6% | -39.7% | -22.2% | -57.8% | -64.8% | -187.1% |
| EBITDA | −$55.93M | −$92.34M | −$59.22M | −$113.62M | −$46.83M | −$78.93M | −$66.63M | −$116.01M |
| Interest income | $7.10M | $8.24M | $9.46M | $10.31M | $8.23M | $9.37M | $11.08M | $13.02M |
| Interest expense | −$7.94M | −$7.82M | −$8.30M | −$7.45M | −$3.26M | −$3.30M | −$3.50M | −$3.68M |
| Income before taxes | −$57.94M | −$94.39M | −$58.58M | −$114.19M | −$42.28M | −$73.24M | −$59.42M | −$106.96M |
| Net income | −$57.94M | −$94.39M | −$58.58M | −$114.19M | −$42.28M | −$73.24M | −$59.42M | −$106.96M |
| Net margin | -15.9% | -30.3% | -18.2% | -39.8% | -19.9% | -53.4% | -57.5% | -172.0% |
| EPS, basic | −$1.99 | −$3.25 | −$5.36 | −$5.08 | −$1.50 | −$2.61 | −$2.71 | −$4.92 |
| EPS, diluted | −$1.99 | −$3.25 | −$5.36 | −$5.08 | −$1.50 | −$2.61 | −$2.71 | −$4.92 |
| Diluted shares | 29.15M | 29.03M | 10.94M | 22.48M | 28.23M | 28.09M | 21.94M | 21.75M |
Figures describe Madrigal Pharmaceuticals shares, not any token. As of Jul 30, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.