MDGL insider ownership: who sold, why, and what they still hold

What stands out

Kenneth Bate sold $8.0M of stock with no disclosed trading plan. The filings don't state a reason.Largest such sale, Nov 5, 2025

A share of stake is shown for 0 of the 9 officers and directors who sold. 14 are left out

Left out: Rebecca Taub, Paul Friedman, William Sibold, Richard Levy, Carole Huntsman, Mardi Dier, Shannon Kelley, David Soergel, Kenneth Bate, James Daly, Jacqualyn Fouse, Daniel Brennan, Rita Thakkar and John Reed (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Paul Friedman

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$26.7MDisclosed plan

Rebecca Taub

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$21.7M92% planned, 8% to cover taxes

William Sibold

President and CEO, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$10.5M60% planned, 40% to cover taxes

Kenneth Bate

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$8.0MNo plan disclosed

Richard Levy

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$7.4MDisclosed plan

All 9 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 14, 2026 to Oct 13, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Sep 11, 2026William Sibold sold 5.2K shares ($2.8M) under a disclosed trading plan.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
William Sibold President and CEO, Director	5,221	$542.39	n/a	n/a	Sep 11, 2026	Sep 11, 2026

Outside holders, reported separately

BAKER BROS. ADVISORS LP reported no open-market sales in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the Madrigal Pharmaceuticals, Inc. CEO selling stock?

Yes. William Sibold sold 20K shares ($10.5M) in the past 12 months, 60% of it under a trading plan disclosed in the filings.

Why are Madrigal Pharmaceuticals, Inc. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 81% of sales by value ran under 10b5-1 trading plans disclosed in the filings, 9% were to cover taxes and 10% had no disclosed plan. A trading plan schedules sales in advance.

Are any Madrigal Pharmaceuticals, Inc. insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold9 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Paul Friedman Director	$26.7M 50K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Rebecca Taub Director	$21.7M 41K shares	Not confirmed share of stake is being verified. Why	92% under a disclosed plan, 8% to cover taxes
William Sibold President and CEO, Director	$10.5M 20K shares	Not confirmed share of stake is being verified. Why	60% under a disclosed plan, 40% to cover taxes
Kenneth Bate Director	$8.0M 17K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Richard Levy Director	$7.4M 14K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Mardi Dier EVP and CFO	$3.8M 7.3K shares	Not confirmed share of stake is being verified. Why	87% under a disclosed plan, 13% to cover taxes
Carole Huntsman Chief Commercial Officer	$1.7M 3.3K shares	Not confirmed share of stake is being verified. Why	89% under a disclosed plan, 11% to cover taxes
David Soergel Chief Medical Officer	$952K 1.9K shares	Not confirmed share of stake is being verified. Why	54% under a disclosed plan, 46% to cover taxes
Shannon Kelley General Counsel	$842K 1.7K shares	Not confirmed share of stake is being verified. Why	41% under a disclosed plan, 59% to cover taxes

Outside holder, reported separately: BAKER BROS. ADVISORS LP (an outside shareholder, not part of management). No open-market sales reported in the period. Latest filing

The full ownership picture0 of 14 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 13, 2025

Sold

Held Oct 13, 2026

Still held

Rebecca Taub

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Rebecca Taub are complete.

Director

n/a

−41K

n/a

Vesting, gifts, unvested awards and holding lines for Rebecca Taub

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Rebecca Taub are complete; balances and unit counts will be added when the check is finished.

−5.5Kgifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
8,718	$229.00	Jan 23, 2031	$2.8M
7,381	$347.28	Mar 5, 2035	$1.5M
766	$499.86	Jun 17, 2036	$36K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

Paul Friedman

Director

n/a

−50K

n/a

Vesting, gifts, unvested awards and holding lines for Paul Friedman

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Paul Friedman are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,105	$280.04	Jun 25, 2031	$294K
1,290	$285.73	Jun 20, 2035	$336K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

William Sibold

President and CEO, Director

n/a

−20K

n/a

Vesting, gifts, unvested awards and holding lines for William Sibold

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for William Sibold are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
18,459	$229.00	Jan 23, 2031	$5.9M
22,009	$347.28	Mar 5, 2035	$4.4M
18,743	$434.80	Mar 4, 2036	$2.1M

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

Richard Levy

Director

n/a

−14K

n/a

Vesting, gifts, unvested awards and holding lines for Richard Levy

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Richard Levy are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,105	$280.04	Jun 25, 2031	$294K
1,290	$285.73	Jun 20, 2035	$336K
766	$499.86	Jun 17, 2036	$36K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

Carole Huntsman

Chief Commercial Officer

n/a

−3.3K

n/a

Vesting, gifts, unvested awards and holding lines for Carole Huntsman

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Carole Huntsman are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,077	$190.05	Nov 20, 2033	$3.6M
5,483	$229.00	Jan 23, 2031	$1.7M
5,703	$347.28	Mar 5, 2035	$1.1M
4,986	$434.80	Mar 4, 2036	$556K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

Mardi Dier

EVP and CFO

n/a

−7.3K

n/a

Vesting, gifts, unvested awards and holding lines for Mardi Dier

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Mardi Dier are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
9,180	$251.63	Mar 1, 2034	$2.7M
6,374	$347.28	Mar 5, 2035	$1.3M
6,519	$434.80	Mar 4, 2036	$727K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

Shannon Kelley

General Counsel

n/a

−1.7K

n/a

Vesting, gifts, unvested awards and holding lines for Shannon Kelley

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Shannon Kelley are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
4,169	$243.92	Jan 16, 2034	$1.3M
7,820	$244.50	Aug 15, 2034	$2.4M
5,368	$347.28	Mar 5, 2035	$1.1M
5,022	$434.80	Mar 4, 2036	$560K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

David Soergel

Chief Medical Officer

n/a

−1.9K

n/a

Vesting, gifts, unvested awards and holding lines for David Soergel

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for David Soergel are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
12,839	$291.82	May 15, 2035	$3.3M
5,467	$434.80	Mar 4, 2036	$610K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

Kenneth Bate

Director

n/a

−17K

n/a

Vesting, gifts, unvested awards and holding lines for Kenneth Bate

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Kenneth Bate are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,290	$285.73	Jun 20, 2035	$336K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

James Daly

Director

n/a

Vesting, gifts, unvested awards and holding lines for James Daly

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for James Daly are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,105	$280.04	Jun 25, 2031	$294K
1,290	$285.73	Jun 20, 2035	$336K
766	$499.86	Jun 17, 2036	$36K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

Jacqualyn Fouse

Director

n/a

Vesting, gifts, unvested awards and holding lines for Jacqualyn Fouse

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jacqualyn Fouse are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,579	$329.16	Mar 10, 2035	$343K
366	$285.73	Jun 20, 2035	$95K
766	$499.86	Jun 17, 2036	$36K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

Daniel Brennan

Director

n/a

Vesting, gifts, unvested awards and holding lines for Daniel Brennan

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Daniel Brennan are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,705	$302.17	Aug 1, 2035	$416K
681	$499.86	Jun 17, 2036	$32K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

Rita Thakkar

Chief Accounting Officer

n/a

Vesting, gifts, unvested awards and holding lines for Rita Thakkar

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Rita Thakkar are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,826	$495.88	Jan 15, 2036	$92K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

John Reed

Director

n/a

Vesting, gifts, unvested awards and holding lines for John Reed

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for John Reed are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,078	$507.56	Aug 15, 2036	$42K

Estimate: options held × ($546.38 − strike price), using the most recent insider trade price on Form 4 (Sep 11, 2026), not a market close.

Holdings and share of stake for Madrigal Pharmaceuticals, Inc. are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$81.5M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $81.5M across 154,983 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $66.0M · 81%

19%

The lighter segment is sales with no plan disclosed in the filing ($15.5M), including tax-related sales outside a plan.

No plan disclosed · $8.0M

Sales with no 10b5-1 plan and no tax reference in the filing. $8.0M of it is Kenneth Bate. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Kenneth Bate, Nov 5, 2025

Taxes

$12.0M of sales (14.7%) cite tax obligations in their footnotes, $4.5M of them also under a plan. Example: William Sibold, Sep 9, 2026

Charitable gifts · 5.5K shares

Gifts the filings describe as charitable. Gifts are not sales and are not included in the sale totals.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Paul Friedman Director	50K	$26.7M	100%	33%	Dec 10, 2025 to Jan 9, 2026
Rebecca Taub Director	41K	$21.7M	92%	27%	Dec 10, 2025 to Mar 6, 2026
William Sibold President and CEO, Director	20K	$10.5M	60%	13%	Dec 4, 2025 to Sep 11, 2026
Kenneth Bate Director	17K	$8.0M	0%	10%	Nov 5, 2025 to Nov 5, 2025
Richard Levy Director	14K	$7.4M	100%	9%	Nov 13, 2025 to May 22, 2026
Mardi Dier EVP and CFO	7.3K	$3.8M	87%	5%	Dec 2, 2025 to Mar 6, 2026
Carole Huntsman Chief Commercial Officer	3.3K	$1.7M	89%	2%	Nov 21, 2025 to Mar 6, 2026
David Soergel Chief Medical Officer	1.9K	$952K	54%	1%	May 18, 2026 to Jun 1, 2026
Shannon Kelley General Counsel	1.7K	$842K	41%	1%	Jan 20, 2026 to Aug 17, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$13.5M	$5.5M	$0	$8.0M
Dec 2025	$27.8M	$26.4M	$1.4M	$0
Jan 2026	$25.7M	$23.5M	$2.2M	$0
Feb 2026	$0	$0	$0	$0
Mar 2026	$2.6M	$854K	$1.8M	$0
Apr 2026	$0	$0	$0	$0
May 2026	$3.4M	$2.9M	$435K	$0
Jun 2026	$517K	$517K	$0	$0
Jul 2026	$1.4M	$0	$1.4M	$0
Aug 2026	$342K	$0	$342K	$0
Sep 2026	$6.2M	$6.2M	$0	$0
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

In line with the past 5 years. 9 insiders sold; the average is 5 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 13, 2026 Latest 12 months	155K	9	$81.5M
Oct 13, 2025 1 year earlier	403K	11	$144M
Oct 13, 2024 2 years earlier	304K	9	$73.9M
Oct 14, 2023 3 years earlier	82K	4	$23.1M
Oct 14, 2022 4 years earlier	0	0	$0
Oct 14, 2021 5 years earlier	0	0	$0

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty14 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Madrigal Pharmaceuticals, Inc. are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology562 filings on record, 41 filed in the 12-month period, and how we read them

All 562 Forms 3, 4 and 5 on record for Madrigal Pharmaceuticals, Inc. (SEC CIK 1157601), filed from Feb 5, 2007 to Sep 11, 2026; 41 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 13, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (36)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Fred Craves	Mar 14, 2025	382,286 shares, last reported balance as of Mar 13, 2025
Fred Craves	Mar 14, 2025	7,852,778 shares, last reported balance as of Mar 13, 2025
Robert Waltermire	Mar 7, 2025	5,789 shares, last reported balance as of Mar 5, 2025
Brian Lynch	Jan 25, 2024	18,221 shares, last reported balance as of Jan 23, 2024
Alex Howarth	Jan 25, 2024	18,737 shares, last reported balance as of Jan 23, 2024
Remy Sukhija	Jan 18, 2023	15,001 shares, last reported balance as of Jan 16, 2023
Keith Gollust	Jun 21, 2022	2,115,933 shares, last reported balance as of Dec 14, 2015
David Milligan	Jun 21, 2022	No balance on record
BAY CITY CAPITAL LLC	Dec 7, 2021	2,431,162 shares, last reported balance as of Dec 3, 2021
Marc Schneebaum	Feb 23, 2021	41,668 shares, last reported balance as of Jun 11, 2018
Wendy Rieder	Jul 22, 2016	17,730 shares, last reported balance as of Jul 22, 2016
Chen Schor	Jul 22, 2016	37,178 shares, last reported balance as of Jul 22, 2016
Scott Morenstein	Jan 5, 2016	17,857 shares, last reported balance as of Jan 1, 2016
Bruce Kovner	Dec 8, 2015	22,337,805 shares, last reported balance as of Dec 8, 2015
Vojo Vukovic	Oct 6, 2015	35,249 shares, last reported balance as of Jun 5, 2013
William Reardon	Jul 6, 2015	49,392 shares, last reported balance as of Jul 1, 2015
Robert Wilson	Jul 6, 2015	760,936 shares, last reported balance as of Jul 1, 2015
Donald Kufe	Jul 6, 2015	25,748 shares, last reported balance as of Jul 1, 2013
Arthur McMahon	Mar 4, 2015	12,829 shares, last reported balance as of Jan 3, 2014
Anne Whitaker	Mar 4, 2015	500,000 shares, last reported balance as of Sep 2, 2014
Keith Ehrlich	Mar 5, 2014	17,573 shares, last reported balance as of Mar 1, 2012
Safi Bahcall	Feb 13, 2014	2,818,885 shares, last reported balance as of Nov 13, 2013
Amar Singh	Feb 13, 2014	15,161 shares, last reported balance as of Dec 2, 2013
Steven Bernitz	Dec 20, 2013	25,000 shares, last reported balance as of Dec 18, 2013
Sumant Ramachandra	Mar 13, 2013	75,000 shares, last reported balance as of Mar 11, 2013
Keizo Koya	Mar 8, 2012	12,999 shares, last reported balance as of Mar 1, 2012
Lan Chen	Feb 14, 2012	6,142,288 shares, last reported balance as of Dec 6, 2011
Michael Bailey	Aug 6, 2010	29,627 shares, last reported balance as of Aug 5, 2010
Jeremy Chadwick	Mar 3, 2010	23,761 shares, last reported balance as of Mar 1, 2010
Lin Chen	Feb 12, 2010	5,991,757 shares, last reported balance as of Dec 31, 2009
Eric Jacobson	Apr 14, 2009	25,300 shares, last reported balance as of Feb 9, 2007
James Barsoum	Apr 14, 2009	40,000 shares, last reported balance as of Feb 5, 2007
Martin Williams	Feb 29, 2008	No balance on record
Judah Folkman	Jul 3, 2007	7,676 shares, last reported balance as of Jun 30, 2007
CxSynta LLC	Feb 13, 2007	7,761,716 shares, last reported balance as of Feb 9, 2007
Raymond Cheong		No balance on record

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

Madrigal Pharmaceuticals, Inc. insiders sold $81.5M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Recent activity

Outside holders, reported separately

Common questions

Is the Madrigal Pharmaceuticals, Inc. CEO selling stock?

Why are Madrigal Pharmaceuticals, Inc. insiders selling?

Are any Madrigal Pharmaceuticals, Inc. insiders buying?

The evidence

No plan disclosed · $8.0M

Taxes

Charitable gifts · 5.5K shares

Sales by month