Piotroski F-score
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1 check could not be answered: a figure either filed year needs is missing, not evidence either way.
MDGL reported revenue of $958.4M and net income of −$288.28M in FY2025.
| Fiscal year | Revenue | Net income |
|---|---|---|
| 2025 | $958.4M | −$288.28M |
| 2024 | $180.13M | −$465.89M |
| 2023 | $0 | −$373.63M |
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Also filed under Biotechnology, ranked by how closely they sit beside MDGL.
The assistant answers from what MDGL has actually filed: 11 annual reports filed with the SEC, 200 Form 4 filings from the last year and 3 funds that hold it. Every figure in a reply links to the filing it came from, so an answer can be checked rather than believed.
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Cash flow breakdown
What the business generated, and where it went
Operating cash flow
−$189.55M 2025
Cash generated by the business itself
Free cash flow
−$190.02M 2025
Operating cash flow minus capital expenditure
Capital expenditure
$467K 2025
Spending on property, plant and equipment
MDGL generated −$189.55M of operating cash flow. Each figure below is what it did with that, as reported on the same statement.
Reinvested in the business
A non-cash cost, added back above
As reported in the company's own annual filings.
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | −$189.55M | −$455.57M | −$324.23M | −$224.86M | −$183.92M | −$157.56M | −$41.62M | −$25.51M | −$22.32M | −$17.61M | - |
| Capital expenditure | $467K | $1.46M | $1.48M | $217K | $209K | $334K | $172K | $22K | $125K | $3K | $505K |
Financial statements
Every figure below is this company’s, as filed. Measure draws them: 11 years and 38 quarters plotted to scale, on the income statement, balance sheet and cash flow, plus the ratio and estimate sections this page does not carry.
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As reported in the company's own annual filings.
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $958.4M | $180.13M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | - | $147K |
| Cost of revenue | - | $6.23M | $0 | $0 | - | - | - | - | - | - | - |
| Gross profit | - | $173.9M | - | - | - | - | - | - | - | - | - |
| Research and development | $388.53M | $236.72M | $272.35M | $245.44M | $205.16M | $184.81M | $72.32M | $25.39M | $24.39M | $15.93M | $49.41M |
| Selling, general and administrative | - | - | $108.15M | $48.13M | $37.32M | $21.86M | $22.65M | $15.29M | $7.67M | $9.29M | $11.68M |
| Operating income | −$300.1M | −$497.88M | −$380.5M | −$293.57M | −$242.48M | −$206.67M | −$94.97M | −$40.68M | −$32.06M | −$25.22M | −$60.94M |
| Net income | −$288.28M | −$465.89M | −$373.63M | −$295.35M | −$241.85M | −$202.24M | −$83.95M | −$32.81M | −$31.15M | −$26.39M | - |
| Diluted EPS | - | - | - | - | -$14.63 | -$13.09 | -$5.45 | -$2.22 | -$2.54 | -$5.07 | -$1.06 |
| Diluted shares | 22.43M | 21.27M | 18.69M | 17.14M | 16.54M | 15.45M | - | - | - | - | - |
| Gross margin | - | 96.54% | - | - | - | - | - | - | - | - | - |
| Operating margin | −31.31% | −276.39% | - | - | - | - | - | - | - | - | −41456.46% |
| Net margin | −30.08% | −258.64% | - | - | - | - | - | - | - | - | - |
Total assets
Plotted to scale onMeasure
Total liabilities
Plotted to scale onMeasure
Shareholder equity
Plotted to scale onMeasure
Cash
Plotted to scale onMeasure
Current assets
Plotted to scale onMeasure
Current liabilities
Plotted to scale onMeasure
As reported in the company's own annual filings.
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $1.26B | $1.04B | $640.55M | $362.57M | $273.33M | $287M | $442.06M | $485.43M | $192.31M | $41.21M | $103.02M |
| Current assets | $1.25B | $1.03B | $637.28M | $361.37M | $271.68M | $285.16M | $440.2M | $485.2M | $192.01M | $41.21M | $101.39M |
Derived from SEC XBRL filings. Not investment advice.
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See all 11 filed years plotted, not just read
Every annual statement MDGL has filed is on this page as figures. Drawn to scale, a trend over the whole record is something you can see rather than something you have to add up.
The charts, to scaleMeasure
Catch a turn before the year confirms it
Revenue, margins and cash flow quarter by quarter, where a change in direction shows up first.
Quarterly statementsMeasure
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Why a margin moved, where the cash went: answered from MDGL's own statements, not a guess.
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| Free cash flow | −$190.02M | −$457.03M | −$325.71M | −$225.07M | −$184.13M | −$157.9M | −$41.8M | −$25.53M | −$22.44M | −$17.61M | - |
|---|
| Stock-based compensation | $98.13M | $79.88M | $49.74M | $31.63M | $26.87M | $20.73M | $22.76M | $13.49M | $3.25M | $7.93M | $3.32M |
|---|
| Buybacks | - | - | - | - | - | - | - | - | - | - | $32K |
|---|
| Cash | $198.69M | $100.02M | $99.92M | $331.55M | $36.27M | $54M | $46.7M | $57.38M | $148.63M | $19.15M | $81.51M |
|---|
| Short-term investments | $784.87M | $826.23M | $534.22M | $27.23M | $234.08M | $230.15M | $392.35M | $426.34M | $42.9M | - | - |
|---|
| Total liabilities | $656.9M | $287.86M | $235.21M | $165.18M | $77.23M | $47.03M | $25.49M | $8.44M | $10.05M | $4.8M | $27.95M |
|---|
| Current liabilities | $310.29M | $169.28M | $118.55M | $115.89M | $76.84M | $46.56M | $25.13M | $8.44M | $10.05M | $4.8M | $23.49M |
|---|
| Total debt | $339.88M | $117.57M | $115.48M | $49.29M | $0 | - | - | - | - | - | - |
|---|
| Shareholder equity | $602.69M | $754.38M | $405.33M | $197.39M | $196.11M | $239.97M | $416.57M | $476.98M | $182.26M | $36.41M | $75.07M |
|---|