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Madrigal Pharmaceuticals Madrigal Pharmaceuticals Reports 2021 First Quarter Financial Results and Highlights May 6 , 2021 WEST CONSHOHOCKEN , Pa . , May 06 , 2021 ( GLOBE NEWSWIRE ) -- Madrigal Pharmaceuticals , Inc. ( NASDAQ : MDGL ) announced today its first quarter 2021 financial results and highlights . " We expect several important events for Madrigal to occur in 2021 , " stated Paul Friedman , M.D. , Chief Executive Officer of Madrigal . “ These include completing enrolling a sufficient number of subjects into the MAESTRO - NASH 52 - week , serial liver biopsy population , which we expect to accomplish by the end of the second quarter , to support a future application for accelerated approval to FDA ; we also expect to release topline 52 week data from the blinded arms of MAESTRO- NAFLD - 1 by the end of the year . " Dr. Friedman continued , “ As the competitive landscape has evolved in the sector , we believe Madrigal has emerged as a leader in the race to develop and commercialize a drug to treat NASH . ” Becky Taub , M.D. , Chief Medical Officer and President of Research & Development of Madrigal , stated , " We expect the open label arms of MAESTRO - NAFLD - 1 will continue to generate compelling results , including data from open label patients treated with resmetirom for 52 weeks that we hope to present at major medical conferences this year . " Dr. Taub continued , “ We are enthusiastic about the growing data set from leading researchers and clinical investigators to support generally accepted , noninvasive diagnostic approaches to identify and monitor patients with NASH and significant liver fibrosis . " Financial Results for the Three Months Ended March 31 , 2021 As of March 31 , 2021 , Madrigal had cash , cash equivalents and marketable securities of $ 307.2 million , compared to $ 284.1 million at December 31 , 2020. The increase in cash and marketable securities resulted primarily from net proceeds of $ 66.6 million from sales of common stock via the Company's at - the - market sales agreement , which were partially offset by cash used in operations of $ 43.4 million . Operating expenses were $ 53.0 million for the three month period ended March 31 , 2021 , compared to $ 38.0 million in the comparable prior year period . Research and development expenses for the three month period ended March 31 , 2021 were $ 45.8 million , compared to $ 33.4 million in the comparable prior year period . The increase is attributable primarily to additional activities related to the Phase 3 clinical trials , and an increase in head count . General and administrative expenses for the three month period ended March 31 , 2021 were $ 7.2 million , compared to $ 4.6 million in the comparable prior year period . The increase in general and administrative expenses for the latest three month period is due primarily to increases in commercial