Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-11

Madrigal Pharmaceuticals (MDGL)

CEO Bill Sibold was paid $19,206,341 in fiscal year 2025, ↑ up 57.2% from fiscal year 2024, the 88th percentile of its disclosed peer group (SEC filing 0001308179-26-000352 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$19,206,341 ↑
Bill Sibold total, FY2025
88th
CEO pay percentile vs peers
47:1
CEO-to-median pay ratio
97.13%
Say-on-pay support, latest vote

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MDGL's next annual pay disclosure, estimated April 27, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Bill Sibold$918,531$0$12,297,850$4,537,146$1,438,814$0$14,000$19,206,341
President and Chief Executive Officer
David Soergel418,18275,0005,911,8092,201,587584,100009,190,678
Executive Vice President and Chief Medical Officer
Rebecca Taub617,50004,124,3821,521,590604,544006,868,016
Senior Scientific and Medical Advisor and Former President, Research & Development and Chief Medical Officer
Mardi Dier566,04203,561,5391,313,997554,165089,3466,085,089
Executive Vice President and Chief Financial Officer
Carole Huntsman540,31303,186,9371,175,671528,97609,8395,441,736
Executive Vice President and Chief Commercial Officer
Shannon Kelley535,16702,999,6361,106,611523,938014,0005,179,352
Executive Vice President and Chief Legal Counsel

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Bill Sibold$19,206,341$12,214,250$32,268,400↑ +6,992,091
David Soergel9,190,678———
Rebecca Taub6,868,0165,967,2066,928,008↑ +900,810
Mardi Dier6,085,0898,751,912—↓ −2,666,823
Carole Huntsman5,441,7363,949,4413,142,354↑ +1,492,295
Shannon Kelley5,179,3524,673,764—↑ +505,588

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against MDGL
21 companies name MDGL as a compensation peer

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01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Carole HuntsmanCCO$5,441,736
David SoergelEVP$9,190,678
Rebecca TaubExecutive$6,868,016
Bill SiboldCEO$19,206,341
Mardi DierCFO$6,085,089
Shannon KelleyGeneral Counsel$5,179,352
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Daniel J. BrennanIndependent Director$613,097
Fred B. Craves, Ph.DFormer director (through FY2025)$39,375
Jacqualyn A. Fouse, Ph.DIndependent Director$761,744
James M. DalyIndependent Director$477,022
Julian C. BakerChair of the Board$503,397
Kenneth M. BateFormer director (through FY2025)$488,397
Paul A. Friedman, M.DDirector$469,147
Raymond Cheong, M.D., Ph.DIndependent Director$494,897
Richard S. Levy, M.DIndependent Director$494,897
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
David SoergelChief Medical Officer2026-05-18D844$516$435,420CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D8052041,598CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D343515176,532CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D4051320,519CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D15151077,064CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D782519405,669CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D1,497518774,835CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D723517373,694CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D657516338,961CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D439513224,988CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D610511311,952CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D320508162,637CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D4050720,267CommonForm 4 ↗
David SoergelChief Medical Officer2026-06-01D1,042496516,561CommonForm 4 ↗
Dividend-equivalent accruals2026-06-17—6,809——6 insiders, 7 accrual rows
BAKER BROS. ADVISORS LPDirector2026-06-17A90800CommonForm 4 ↗
BAKER BROS. ADVISORS LPDirector2026-06-17A90800CommonForm 4 ↗
Rebecca TaubDirector2026-06-17A45400CommonForm 4 ↗
Jacqualyn A. FouseDirector2026-06-17A45400CommonForm 4 ↗
Daniel J. BrennanDirector2026-06-17A40400CommonForm 4 ↗
James M. DalyDirector2026-06-17A45400CommonForm 4 ↗
Richard S. LevyDirector2026-06-17A45400CommonForm 4 ↗
Bill SiboldDirector2026-07-17D50,00000Derivative, Class A CommonForm 4 ↗
Bill SiboldDirector2026-07-17A50,000——CommonForm 4 ↗
Bill SiboldDirector2026-07-20D1551551CommonForm 4 ↗
Bill SiboldDirector2026-07-20D275546150,070CommonForm 4 ↗
Bill SiboldDirector2026-07-20D11054459,817CommonForm 4 ↗
Bill SiboldDirector2026-07-20D14054375,984CommonForm 4 ↗
Bill SiboldDirector2026-07-20D269547147,164CommonForm 4 ↗
Bill SiboldDirector2026-07-20D280555155,414CommonForm 4 ↗
Bill SiboldDirector2026-07-20D15355084,152CommonForm 4 ↗
Bill SiboldDirector2026-07-20D4754925,797CommonForm 4 ↗
Bill SiboldDirector2026-07-20D680548372,435CommonForm 4 ↗
Bill SiboldDirector2026-07-20D545545296,869CommonForm 4 ↗
Dividend-equivalent accruals2026-08-15—1,078——1 insider, 1 accrual row
John C. ReedDirector2026-08-15A64700CommonForm 4 ↗
Shannon KelleyGeneral Counsel2026-08-17D664515341,940CommonForm 4 ↗
Bill SiboldDirector2026-09-09D362542196,079CommonForm 4 ↗
Bill SiboldDirector2026-09-09D505540272,796CommonForm 4 ↗
Bill SiboldDirector2026-09-09D644535344,715CommonForm 4 ↗
Bill SiboldDirector2026-09-09D396534211,542CommonForm 4 ↗
Bill SiboldDirector2026-09-09D520538279,914CommonForm 4 ↗
Bill SiboldDirector2026-09-09D13152869,152CommonForm 4 ↗
Bill SiboldDirector2026-09-09D16054386,808CommonForm 4 ↗
Bill SiboldDirector2026-09-09D215539115,891CommonForm 4 ↗
Bill SiboldDirector2026-09-09D640537343,791CommonForm 4 ↗
Bill SiboldDirector2026-09-09D1,040536557,557CommonForm 4 ↗
Bill SiboldDirector2026-09-09D512533272,944CommonForm 4 ↗
Bill SiboldDirector2026-09-09D368532195,772CommonForm 4 ↗
Bill SiboldDirector2026-09-09D522530276,781CommonForm 4 ↗
Bill SiboldDirector2026-09-09D347529183,656CommonForm 4 ↗
Bill SiboldDirector2026-09-11D12054665,565CommonForm 4 ↗
Bill SiboldDirector2026-09-11D761545414,616CommonForm 4 ↗
Bill SiboldDirector2026-09-11D16053886,019CommonForm 4 ↗
Bill SiboldDirector2026-09-11D218536116,836CommonForm 4 ↗
Bill SiboldDirector2026-09-11D10653456,611CommonForm 4 ↗
Bill SiboldDirector2026-09-11D6053331,985CommonForm 4 ↗
Bill SiboldDirector2026-09-11D1,539544837,253CommonForm 4 ↗
Bill SiboldDirector2026-09-11D1,202543652,209CommonForm 4 ↗
Bill SiboldDirector2026-09-11D368542199,324CommonForm 4 ↗
Bill SiboldDirector2026-09-11D687541371,382CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 67 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
David SoergelChief Medical Officer2026-05-18D844$516$435,420CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D8052041,598CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D343515176,532CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D4051320,519CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D15151077,064CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D782519405,669CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D1,497518774,835CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D723517373,694CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D657516338,961CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D439513224,988CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D610511311,952CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D320508162,637CommonForm 4 ↗
Richard S. LevyDirector2026-05-22D4050720,267CommonForm 4 ↗
David SoergelChief Medical Officer2026-06-01D1,042496516,561CommonForm 4 ↗
BAKER BROS. ADVISORS LPDirector2026-06-17A1,53200Derivative, Class A CommonForm 4 ↗
BAKER BROS. ADVISORS LPDirector2026-06-17A90800CommonForm 4 ↗
BAKER BROS. ADVISORS LPDirector2026-06-17A90800CommonForm 4 ↗
James M. DalyDirector2026-06-17A76600Derivative, Class A CommonForm 4 ↗
Rebecca TaubDirector2026-06-17A45400CommonForm 4 ↗
BAKER BROS. ADVISORS LPDirector2026-06-17A1,53200Derivative, Class A CommonForm 4 ↗
Jacqualyn A. FouseDirector2026-06-17A45400CommonForm 4 ↗
Richard S. LevyDirector2026-06-17A76600Derivative, Class A CommonForm 4 ↗
Daniel J. BrennanDirector2026-06-17A68100Derivative, Class A CommonForm 4 ↗
Daniel J. BrennanDirector2026-06-17A40400CommonForm 4 ↗
James M. DalyDirector2026-06-17A45400CommonForm 4 ↗
Jacqualyn A. FouseDirector2026-06-17A76600Derivative, Class A CommonForm 4 ↗
Richard S. LevyDirector2026-06-17A45400CommonForm 4 ↗
Rebecca TaubDirector2026-06-17A76600Derivative, Class A CommonForm 4 ↗
Bill SiboldDirector2026-07-17D50,00000Derivative, Class A CommonForm 4 ↗
Bill SiboldDirector2026-07-17A50,000——CommonForm 4 ↗
Bill SiboldDirector2026-07-20D1551551CommonForm 4 ↗
Bill SiboldDirector2026-07-20D275546150,070CommonForm 4 ↗
Bill SiboldDirector2026-07-20D11054459,817CommonForm 4 ↗
Bill SiboldDirector2026-07-20D14054375,984CommonForm 4 ↗
Bill SiboldDirector2026-07-20D269547147,164CommonForm 4 ↗
Bill SiboldDirector2026-07-20D280555155,414CommonForm 4 ↗
Bill SiboldDirector2026-07-20D15355084,152CommonForm 4 ↗
Bill SiboldDirector2026-07-20D4754925,797CommonForm 4 ↗
Bill SiboldDirector2026-07-20D680548372,435CommonForm 4 ↗
Bill SiboldDirector2026-07-20D545545296,869CommonForm 4 ↗
John C. ReedDirector2026-08-15A1,07800Derivative, Class A CommonForm 4 ↗
John C. ReedDirector2026-08-15A64700CommonForm 4 ↗
Shannon KelleyGeneral Counsel2026-08-17D664515341,940CommonForm 4 ↗
Bill SiboldDirector2026-09-09D362542196,079CommonForm 4 ↗
Bill SiboldDirector2026-09-09D505540272,796CommonForm 4 ↗
Bill SiboldDirector2026-09-09D644535344,715CommonForm 4 ↗
Bill SiboldDirector2026-09-09D396534211,542CommonForm 4 ↗
Bill SiboldDirector2026-09-09D520538279,914CommonForm 4 ↗
Bill SiboldDirector2026-09-09D13152869,152CommonForm 4 ↗
Bill SiboldDirector2026-09-09D16054386,808CommonForm 4 ↗
Bill SiboldDirector2026-09-09D215539115,891CommonForm 4 ↗
Bill SiboldDirector2026-09-09D640537343,791CommonForm 4 ↗
Bill SiboldDirector2026-09-09D1,040536557,557CommonForm 4 ↗
Bill SiboldDirector2026-09-09D512533272,944CommonForm 4 ↗
Bill SiboldDirector2026-09-09D368532195,772CommonForm 4 ↗
Bill SiboldDirector2026-09-09D522530276,781CommonForm 4 ↗
Bill SiboldDirector2026-09-09D347529183,656CommonForm 4 ↗
Bill SiboldDirector2026-09-11D12054665,565CommonForm 4 ↗
Bill SiboldDirector2026-09-11D761545414,616CommonForm 4 ↗
Bill SiboldDirector2026-09-11D16053886,019CommonForm 4 ↗
Bill SiboldDirector2026-09-11D218536116,836CommonForm 4 ↗
Bill SiboldDirector2026-09-11D10653456,611CommonForm 4 ↗
Bill SiboldDirector2026-09-11D6053331,985CommonForm 4 ↗
Bill SiboldDirector2026-09-11D1,539544837,253CommonForm 4 ↗
Bill SiboldDirector2026-09-11D1,202543652,209CommonForm 4 ↗
Bill SiboldDirector2026-09-11D368542199,324CommonForm 4 ↗
Bill SiboldDirector2026-09-11D687541371,382CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
David SoergelPSU2025-05-153,7727,545—15,090$3,710,027
Shannon KelleyPSU2025-03-051,5933,187—6,3741,892,855
Bill SiboldPSU2025-03-056,53313,066—26,1327,760,289
Bill SiboldRSU2025-03-05——13,066—4,537,560
Mardi DierPSU2025-03-051,8923,784—7,5682,247,431
Mardi DierRSU2025-03-05——3,784—1,314,108
Shannon KelleyRSU2025-03-05——3,187—1,106,781
Rebecca TaubPSU2025-03-052,1914,382—8,7642,602,601
Carole HuntsmanPSU2025-03-051,6933,386—6,7722,011,047
Rebecca TaubRSU2025-03-05——4,382—1,521,781
David SoergelRSU2025-05-15——7,545—2,201,782
Carole HuntsmanRSU2025-03-05——3,386—1,175,890
Carole HuntsmanOPTION2025-03-05——5,703—1,175,671
David SoergelOPTION2025-05-15——12,839—2,201,587
Bill SiboldOPTION2025-03-05——22,009—4,537,146
Mardi DierOPTION2025-03-05——6,374—1,313,997
Shannon KelleyOPTION2025-03-05——5,368—1,106,611
Rebecca TaubOPTION2025-03-05——7,381—1,521,590
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
David Soergel$2,201,782$3,710,027$2,201,58745.7%
Shannon Kelley1,106,7811,892,8551,106,61146.1%
Bill Sibold4,537,5607,760,2894,537,14646.1%
Mardi Dier1,314,1082,247,4311,313,99746.1%
Rebecca Taub1,521,7812,602,6011,521,59046.1%
Carole Huntsman1,175,8902,011,0471,175,67146.1%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
David SoergelPSU15,090—$8,787,511
Rebecca TaubRSU4,382—2,551,814
Shannon KelleyRSU2,075—1,208,356
Rebecca TaubPSU8,764—5,103,628
Carole HuntsmanRSU3,917—2,281,026
Mardi DierRSU6,656—3,876,055
Shannon KelleyRSU3,187—1,855,918
Rebecca TaubPSU11,572—6,738,838
Bill SiboldPSU26,132—15,217,709
Bill SiboldRSU13,066—7,608,854
Mardi DierPSU7,568—4,407,149
Bill SiboldPSU24,500—14,267,330
Rebecca TaubRSU4,339—2,526,773
Mardi DierRSU3,784—2,203,575
Carole HuntsmanRSU2,729—1,589,206
Bill SiboldRSU9,187—5,349,958
Rebecca TaubOption4,904229—
Rebecca TaubOption7,381347.28—
Bill SiboldOption22,009347.28—
Bill SiboldOption10,383229—
David SoergelOption12,839291.82—
Mardi DierOption7,511251.63—
Carole HuntsmanOption5,038190.05—
Shannon KelleyOption5,376244.5—
Rebecca TaubOption3,84487.09—
Carole HuntsmanOption5,703347.28—
Shannon KelleyOption2,345243.92—
Bill SiboldRSU25,000—14,558,500
Mardi DierPSU17,750—10,336,535
Rebecca TaubRSU10,000—5,823,400
David SoergelRSU7,545—4,393,755
Carole HuntsmanPSU7,278—4,238,271
Shannon KelleyPSU6,374—3,711,835
Carole HuntsmanRSU3,386—1,971,803
Carole HuntsmanOption3,084229—
Bill SiboldPSU50,000—29,117,000
Carole HuntsmanPSU6,772—3,943,606
Shannon KelleyRSU3,911—2,277,532
Mardi DierOption6,374347.28—
Shannon KelleyOption5,368347.28—
05

Incentive-plan design — the Compensation Discussion & Analysis

The primary objectives of our compensation program are to: Enable us to attract and retain highly qualified executives with extensive industry, business or scientific experience by providing a competitive compensation package that includes long-term incentives that provide significant retentive value; Reward our executives for our success in achieving annual operational goals and realization of our long-term strategic objectives; and Align the interests of our executives with those of our stockholders.

CEO STI target (% of salary)80%
CEO LTI target (% of salary)—
Independent consultantCompensia
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1719,000,895561,05829,03197.13%Passed
20252025-06-2018,720,175208,91121,81798.9%Passed
20242024-06-2515,585,020781,21211,52295.23%Passed
20232023-06-1513,908,736940,30216,13093.67%Passed
20222022-06-1511,637,547111,93216,75599.05%Passed
20212021-06-1713,492,590230,9878,48298.32%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1797.13%a
20252025-06-2098.9%b
20242024-06-2595.23%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the results of this vote.”.

b. Approved under the standard stated in the filing — “Abstentions are not considered votes cast on Proposal 2 and will have no effect on the results of this vote.”.

c. Approved under the standard stated in the filing — “Abstentions are not considered votes cast on Proposal 2 and will have no effect on the results of this vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)47 : 1
CEO total compensation$19,206,341
Median employee compensation$403,403
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Jacqualyn A. Fouse, Ph.DIndependent · Audit · Compensation · Nominating/Governance · Newly elected$56,792$704,952$0$0$0$761,744
Daniel J. BrennanIndependent · Audit (Chair) · Newly elected28,646584,451000613,097
Julian C. BakerIndependent · Board Chair · Nominating/Governance (Chair)94,000409,397000503,397
Richard S. Levy, M.DIndependent · Compensation (Chair) · Science and Technology · Nominating/Governance85,500409,397000494,897
Raymond Cheong, M.D., Ph.DIndependent · Compensation · Science and Technology (Chair) · Nominating/Governance85,500409,397000494,897
Kenneth M. BateIndependent · Compensation · Departed during FY79,000409,397000488,397
James M. DalyIndependent · Audit · Nominating/Governance67,625409,397000477,022
Paul A. Friedman, M.DNot independent · Science and Technology · Not standing for re-election59,750409,397000469,147
Fred B. Craves, Ph.DIndependent · Compensation · Departed during FY39,375—00039,375
Bill SiboldEmployee director000—00
Rebecca Taub, M.DEmployee director000—00
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$409,397
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)24,500 / 20,000 / 10,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$596,188
Equity awards (grant-date value)$3,745,785
All other compensation$0
Total cost of the board$4,341,973

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Madrigal Pharmaceuticals names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Madrigal Pharmaceuticals.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Exelixis2025Michael Morrissey$1,306,040$30,539,552$0$1,382,591$33,239,183
2Madrigal Pharmaceuticals2025Bill Sibold918,53112,297,8504,537,1461,438,81419,206,341
3Alnylam Pharmaceuticals2025Yvonne Greenstreet1,404,2005,512,5004,363,3803,562,50014,867,600
4Insmed2025William Lewis854,5502,999,9409,000,0331,495,46314,467,393
5Ionis Pharmaceuticals2025Brett Monia1,051,7768,444,8381,438,105013,350,777
6Cytokinetics2025Robert Blum853,0695,150,0195,095,918772,71511,881,456
7Apellis Pharmaceuticals2024Cedric Francois793,1934,779,8324,787,768010,957,451
8Intra-Cellular Therapies2023Sharon Mates891,6537,749,9840010,086,413
9CRISPR Therapeutics AG2025Samarth Kulkarni768,6223,474,9002,768,862659,0937,678,477

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Madrigal Pharmaceuticals195%PSU 33 · RSU 33 · Options 33Yes — Relative TSR vs Nasdaq Biotechnology IndexCompensia
Alnylam Pharmaceuticals200%PSU 50 · RSU 25 · Option 25NoPay Governance
Apellis Pharmaceuticals90.74%RSU 50 · PSU 50not disclosedPay Governance
CRISPR Therapeutics AGnot disclosednot disclosednot disclosedAlpine Rewards, LLC
Cytokinetics120%RSU 50 · Options 50not disclosedAon Human Capital Solutions
Exelixis105%PSU 50 · RSU 50Yes — 2025 Relative TSR GoalAon
Insmed175%Options 75 · RSU 25NoWillis Towers Watson (WTW)
Intra-Cellular Therapiesnot disclosedRSU 75 · PRSU 25Yes — Total Stockholder Return (TSR) of Company stock relative to the TSR of companies in the Nasdaq Biotechnology IndexAon Consulting, Inc.
Ionis Pharmaceuticalsnot disclosedPRSU 40 · Option 30 · RSU 30Yes — Relative TSRAon

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Madrigal Pharmaceuticals in fiscal 2025?
As disclosed, Bill Sibold (President and Chief Executive Officer) was the highest-paid executive at Madrigal Pharmaceuticals in fiscal 2025, with total compensation of $19,206,341.
How does Madrigal Pharmaceuticals's chief executive pay compare to its disclosed peer group?
As disclosed, Bill Sibold's total compensation ranked at the 88th percentile of Madrigal Pharmaceuticals's disclosed peer group.
What is Madrigal Pharmaceuticals's CEO-to-median employee pay ratio?
As disclosed, Madrigal Pharmaceuticals's CEO-to-median employee pay ratio was 47:1.
How did shareholders vote on Madrigal Pharmaceuticals's executive compensation?
As disclosed, 97.13% of shareholders supported Madrigal Pharmaceuticals's executive compensation in the latest say-on-pay vote.
How much does Madrigal Pharmaceuticals spend in total on board compensation for fiscal 2025?
As disclosed, Madrigal Pharmaceuticals reported total board compensation of $4,341,973 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Bill SiboldDEF 14A2026-04-280001308179-26-000352Section “Summary Compensation Table” · page 47. As printed: 19,206,341. Filing ↗machine: r2 · c24 · span 791942–791952
2Section 01, David SoergelDEF 14A2026-04-280001308179-26-000352Section “Summary Compensation Table” · page 47. As printed: 9,190,678. Filing ↗machine: r7 · c24 · span 806633–806642
3Section 01, Rebecca TaubDEF 14A2026-04-280001308179-26-000352Section “Summary Compensation Table” · page 47. As printed: 6,868,016. Filing ↗machine: t115 · r13 · c14 · span 824649–824658
4Section 01, Mardi DierDEF 14A2026-04-280001308179-26-000352Section “Summary Compensation Table” · page 47. As printed: 6,085,089. Filing ↗machine: r5 · c24 · span 800611–800620
5Section 01, Carole HuntsmanDEF 14A2026-04-280001308179-26-000352Section “Summary Compensation Table” · page 47. As printed: 5,441,736. Filing ↗machine: r8 · c24 · span 809935–809944
6Section 01, Shannon KelleyDEF 14A2026-04-280001308179-26-000352Section “Summary Compensation Table” · page 47. As printed: 5,179,352. Filing ↗machine: r11 · c24 · span 818596–818605
7Section 03, David Soergel PSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r6 · c1 · span 745520–745525
8Section 03, Shannon Kelley PSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r8 · c1 · span 753389–753394
9Section 03, Bill Sibold PSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r4 · c1 · span 737510–737516
10Section 03, Bill Sibold RSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r4 · c1 · span 737510–737516
11Section 03, Mardi Dier PSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r5 · c1 · span 741403–741408
12Section 03, Mardi Dier RSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r5 · c1 · span 741403–741408
13Section 03, Shannon Kelley RSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r8 · c1 · span 753389–753394
14Section 03, Rebecca Taub PSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r9 · c1 · span 757396–757401
15Section 03, Carole Huntsman PSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r7 · c1 · span 749450–749455
16Section 03, Rebecca Taub RSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r9 · c1 · span 757396–757401
17Section 03, David Soergel RSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r6 · c1 · span 745520–745525
18Section 03, Carole Huntsman RSUDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r7 · c1 · span 749450–749455
19Section 03, Carole Huntsman OPTIONDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r7 · c8 · span 750492–750497
20Section 03, David Soergel OPTIONDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r6 · c8 · span 746562–746568
21Section 03, Bill Sibold OPTIONDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r4 · c8 · span 738539–738545
22Section 03, Mardi Dier OPTIONDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r5 · c8 · span 742445–742450
23Section 03, Shannon Kelley OPTIONDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r8 · c8 · span 754431–754436
24Section 03, Rebecca Taub OPTIONDEF 14A2026-04-280001308179-26-000352Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r9 · c8 · span 758662–758667
25Section 07, pay ratioDEF 14A2026-04-280001308179-26-000352Section “CEO Pay Ratio”. As printed: 47 : 1. Filing ↗machine: span 1064390–1064394
26Section 08, Jacqualyn A. Fouse, Ph.DDEF 14A2026-04-280001308179-26-000352Section “Director Compensation”. As printed: 761,744. Filing ↗machine: t146 · r8 · c7 · span 1274278–1274520
27Section 08, Daniel J. BrennanDEF 14A2026-04-280001308179-26-000352Section “Director Compensation”. As printed: 613,097. Filing ↗machine: t146 · r4 · c7 · span 1267243–1267485
28Section 08, Julian C. BakerDEF 14A2026-04-280001308179-26-000352Section “Director Compensation”. As printed: 503,397. Filing ↗machine: t146 · r2 · c7 · span 1263567–1263807
29Section 08, Richard S. Levy, M.DDEF 14A2026-04-280001308179-26-000352Section “Director Compensation”. As printed: 494,897. Filing ↗machine: t146 · r10 · c7 · span 1277847–1278121
30Section 08, Raymond Cheong, M.D., Ph.DDEF 14A2026-04-280001308179-26-000352Section “Director Compensation”. As printed: 494,897. Filing ↗machine: t146 · r5 · c7 · span 1268921–1269163
31Section 08, Kenneth M. BateDEF 14A2026-04-280001308179-26-000352Section “Director Compensation”. As printed: 488,397. Filing ↗machine: t146 · r3 · c7 · span 1265402–1265644
32Section 08, James M. DalyDEF 14A2026-04-280001308179-26-000352Section “Director Compensation”. As printed: 477,022. Filing ↗machine: t146 · r7 · c7 · span 1272429–1272671
33Section 08, Paul A. Friedman, M.DDEF 14A2026-04-280001308179-26-000352Section “Director Compensation”. As printed: 469,147. Filing ↗machine: t146 · r9 · c7 · span 1275951–1276193
34Section 08, Fred B. Craves, Ph.DDEF 14A2026-04-280001308179-26-000352Section “Director Compensation”. As printed: 39,375. Filing ↗machine: t146 · r6 · c1 · span 1269827–1269952
35Section 08, Bill SiboldDEF 14A2026-04-280001308179-26-000352Section “Director Compensation”. As printed: 0. Filing ↗
36Section 08, Rebecca Taub, M.DDEF 14A2026-04-280001308179-26-000352Section “Director Compensation”. As printed: 0. Filing ↗
37Section 02, David Soergel 2026-05-18Form 42026-05-180001628280-26-036078Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Richard S. Levy 2026-05-22Form 42026-05-220001628280-26-037830Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, David Soergel 2026-06-01Form 42026-06-010001628280-26-039653Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, BAKER BROS. ADVISORS LP 2026-06-17Form 42026-06-180001193125-26-275800Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, BAKER BROS. ADVISORS LP 2026-06-17Form 42026-06-180001193125-26-275800Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, BAKER BROS. ADVISORS LP 2026-06-17Form 42026-06-180001193125-26-275800Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, James M. Daly 2026-06-17Form 42026-06-180001628280-26-044307Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Rebecca Taub 2026-06-17Form 42026-06-180001628280-26-044346Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, BAKER BROS. ADVISORS LP 2026-06-17Form 42026-06-180001193125-26-275800Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Jacqualyn A. Fouse 2026-06-17Form 42026-06-180001628280-26-044325Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Richard S. Levy 2026-06-17Form 42026-06-180001628280-26-044340Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Daniel J. Brennan 2026-06-17Form 42026-06-180001628280-26-044290Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Daniel J. Brennan 2026-06-17Form 42026-06-180001628280-26-044290Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, James M. Daly 2026-06-17Form 42026-06-180001628280-26-044307Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Jacqualyn A. Fouse 2026-06-17Form 42026-06-180001628280-26-044325Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Richard S. Levy 2026-06-17Form 42026-06-180001628280-26-044340Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Rebecca Taub 2026-06-17Form 42026-06-180001628280-26-044346Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Bill Sibold 2026-07-17Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Bill Sibold 2026-07-17Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Bill Sibold 2026-07-20Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Bill Sibold 2026-07-20Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Bill Sibold 2026-07-20Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Bill Sibold 2026-07-20Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Bill Sibold 2026-07-20Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Bill Sibold 2026-07-20Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Bill Sibold 2026-07-20Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Bill Sibold 2026-07-20Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Bill Sibold 2026-07-20Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Bill Sibold 2026-07-20Form 42026-07-200001628280-26-048919Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, John C. Reed 2026-08-15Form 42026-08-180001628280-26-057751Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, John C. Reed 2026-08-15Form 42026-08-180001628280-26-057751Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Shannon Kelley 2026-08-17Form 42026-08-200001628280-26-058256Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
90Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
91Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
92Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
93Section 02, Bill Sibold 2026-09-09Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
94Section 02, Bill Sibold 2026-09-11Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
95Section 02, Bill Sibold 2026-09-11Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
96Section 02, Bill Sibold 2026-09-11Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
97Section 02, Bill Sibold 2026-09-11Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
98Section 02, Bill Sibold 2026-09-11Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
99Section 02, Bill Sibold 2026-09-11Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
100Section 02, Bill Sibold 2026-09-11Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
101Section 02, Bill Sibold 2026-09-11Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
102Section 02, Bill Sibold 2026-09-11Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
103Section 02, Bill Sibold 2026-09-11Form 42026-09-110001628280-26-061581Insider equity transaction reported since the proxy statement. Filing ↗
104Section 06, 2026 voteForm 8-K2026-06-170001104659-26-075130Item 5.07 · say-on-pay result. As reported: 97.13% (votes for as printed: 19,000,895). Filing ↗
105Section 06, 2025 voteForm 8-K2025-06-200001628280-25-032358Item 5.07 · say-on-pay result. As reported: 98.9% (votes for as printed: 18,720,175). Filing ↗
106Section 06, 2024 voteForm 8-K2024-06-270001193125-24-170634Item 5.07 · say-on-pay result. As reported: 95.23% (votes for as printed: 15,585,020). Filing ↗
107Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
108Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
109Section 09b board cost (computed)Computed——Cash 596,188 + equity 3,745,785 + all other 0 = 4,341,973, summed across the director compensation table rows.machine: formula: Σ = 4,341,973
110Exelixis, Section 10b CEO totalDEF 14A2026-04-150000939767-26-000046CEO total compensation as printed in Exelixis's own proxy. As printed: 33,239,183. Filing ↗machine: r2 · c10 · span 2655516–2655526
111Madrigal Pharmaceuticals (subject), Section 10b CEO totalDEF 14A2026-04-280001308179-26-000352CEO total compensation as printed in Madrigal Pharmaceuticals's own proxy. As printed: 19,206,341. Filing ↗machine: r2 · c24 · span 791942–791952
112Alnylam Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-060001628280-26-023923CEO total compensation as printed in Alnylam Pharmaceuticals's own proxy. As printed: 14,867,600. Filing ↗machine: span 1294691–1294701
113Insmed, Section 10b CEO totalDEF 14A2026-04-010001104506-26-000022CEO total compensation as printed in Insmed's own proxy. As printed: 14,467,393. Filing ↗machine: r4 · c51 · span 912553–912563
114Ionis Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-230001140361-26-016388CEO total compensation as printed in Ionis Pharmaceuticals's own proxy. As printed: 13,350,777. Filing ↗
115Cytokinetics, Section 10b CEO totalDEF 14A2026-04-170001140361-26-015364CEO total compensation as printed in Cytokinetics's own proxy. As printed: 11,881,456. Filing ↗machine: r2 · c25 · span 777093–777103
116Apellis Pharmaceuticals, Section 10b CEO totalDEF 14A2025-04-230000950170-25-056966CEO total compensation as printed in Apellis Pharmaceuticals's own proxy. As printed: 10,957,451. Filing ↗machine: r2 · c25 · span 951555–951565
117Intra-Cellular Therapies, Section 10b CEO totalDEF 14A2024-04-290001628280-24-018986CEO total compensation as printed in Intra-Cellular Therapies's own proxy. As printed: 10,086,413. Filing ↗machine: r2 · c39 · span 440593–440603
118CRISPR Therapeutics AG, Section 10b CEO totalDEF 14A2026-04-210001193125-26-165158CEO total compensation as printed in CRISPR Therapeutics AG's own proxy. As printed: 7,678,477. Filing ↗machine: r2 · c25 · span 821649–821658
119Section 10a, Alnylam Pharmaceuticals reciprocityDEF 14A—0001628280-26-023923Alnylam Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Madrigal Pharmaceuticals. Filing ↗
120Section 10a, Insmed reciprocityDEF 14A—0001104506-26-000022Insmed's most recent proxy was read; its disclosed peer group does not include Madrigal Pharmaceuticals. Filing ↗
121Section 10a, Ionis Pharmaceuticals reciprocityDEF 14A—0001140361-26-016388Ionis Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Madrigal Pharmaceuticals. Filing ↗
122Section 10a, CRISPR Therapeutics AG reciprocityDEF 14A—0001193125-26-165158CRISPR Therapeutics AG's most recent proxy was read; its disclosed peer group does not include Madrigal Pharmaceuticals. Filing ↗
123Section 10a, Apellis Pharmaceuticals reciprocityDEF 14A—0000950170-25-056966Apellis Pharmaceuticals names Madrigal Pharmaceuticals in its own disclosed peer group (read from its most recent proxy). Filing ↗
124Section 10a, Intra-Cellular Therapies reciprocityDEF 14A—0001628280-24-018986Intra-Cellular Therapies's most recent proxy was read; its disclosed peer group does not include Madrigal Pharmaceuticals. Filing ↗
125Section 10a, Exelixis reciprocityDEF 14A—0000939767-26-000046Exelixis's most recent proxy was read; its disclosed peer group does not include Madrigal Pharmaceuticals. Filing ↗
126Section 10a, Cytokinetics reciprocityDEF 14A—0001140361-26-015364Cytokinetics names Madrigal Pharmaceuticals in its own disclosed peer group (read from its most recent proxy). Filing ↗

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