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Jun 30, 2020
Madrigal Q2 2020 Earnings Report
Madrigal reported second quarter results, focusing on clinical trial progress and financial position.
Key Takeaways
Madrigal Pharmaceuticals reported its second quarter 2020 financial results. The company's focus remained on completing enrollment for its Phase 3 MAESTRO clinical trials. Madrigal had cash, cash equivalents, and marketable securities of $384.4 million as of June 30, 2020.
Madrigal is focused on completing enrollment of Phase 3 MAESTRO clinical trials.
MAESTRO-NAFLD-1 enrollment is expected to be completed by the end of 2020.
Screening for MAESTRO-NASH was negatively impacted by temporary closures of liver biopsy facilities.
NASDAQ upgraded Madrigal’s common stock listing to the Global Select Market.
Madrigal
Madrigal
Forward Guidance
Madrigal anticipates completing enrollment for MAESTRO-NAFLD-1 by the end of 2020 and expects to report data from an open label 100 mg arm of MAESTRO-NAFLD-1 by the end of this year.
Positive Outlook
- Completion of enrollment for MAESTRO-NAFLD-1 is anticipated by the end of 2020.
- Data from an open label 100 mg arm of MAESTRO-NAFLD-1 expected by the end of this year.
- Flexible processes at clinical sites to allow patients to continue participating in Phase 3 NASH studies.
- Screening and new enrollment are again underway.
- Multiple mitigation strategies to increase patient recruitment rates.
Challenges Ahead
- Completion of targeted enrollment for the serial liver biopsy portion of MAESTRO-NASH may be delayed past the end of 2020 by a few months.
- Screening for MAESTRO-NASH was negatively impacted for some months by temporary closures of liver biopsy facilities.
- The global coronavirus pandemic has presented significant challenges to the entire pharmaceutical industry in the conduct of clinical studies in 2020.
- The pandemic remains unpredictable.
- Enrollment uncertainties due to COVID-19.