Item 5. Market for Registrant’s Common Equity
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities.
Market Information
Our common stock has traded on the Nasdaq stock market under the symbol “MDGL” since July 25, 2016. Prior to July 25, 2016, our common stock was traded on the Nasdaq stock market under the symbol “SNTA.”
Holders
As of February 21, 2022, there were approximately 32 holders of record of our common stock. This number does not include “street name” or beneficial holders, whose shares are held of record by banks, brokers, financial institutions and other nominees. In addition, we had two holders of record who owned shares of our Series A Convertible Preferred Stock.
Dividends
We have not paid any cash dividends on our common stock. We currently intend to retain all available funds and any future earnings to fund the development and expansion of our business, and we do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay cash dividends will be at the discretion of our board of directors and will depend on our financial condition, results of operations, contractual restrictions, capital requirements, and other factors that our board of directors deems relevant.
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Stock Performance Graph
The graph set forth below compares the cumulative total stockholder return on our common stock between January 1, 2017 and December 31, 2021, with the cumulative total return of (a) the Nasdaq Biotechnology Index and (b) the Nasdaq Composite Index, over the same period. This graph assumes the investment of $100 on January 1, 2017 in our common stock, the Nasdaq Biotechnology Index and the Nasdaq Composite Index and assumes the reinvestment of dividends, if any.
The comparisons shown in the graph below are based upon historical data. We caution that the stock price performance shown in the graph below is not necessarily indicative of, nor is it intended to forecast, the potential future performance of our common stock.
The above Stock Performance Graph and related information shall not be deemed to be “soliciting material” or to be “filed” with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that we specifically request that such information be treated as soliciting material or specifically incorporate it by reference into a filing.
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Item 6.
Selected Financial Data
The statements of operations data for the years ended December 31, 2021, 2020 and 2019 and the balance sheet data as of December 31, 2021 and 2020 have been derived from our audited financial statements included elsewhere in this Annual Report on Form 10-K.
The statements of operations data for the year ended December 31, 2018 and 2017 and the balance sheet data as of December 31, 2019, 2018 and 2017 have been derived from our audited financial statements not included in this Annual Report on Form 10-K.
The following selected financial data should be read in conjunction with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and financial statements and related notes to those statements included elsewhere in this Annual Report on Form 10-K.
Years Ended December 31,
2021
2020
2019
2018
2017
(in thousands, except per share amounts)
Consolidated Statements of Operations Data:
Revenues:
Total revenues
$
—
$
—
$
—
$
—
$
—
Operating expenses:
Research and development
205,164
184,809
72,324
25,389
24,390
General and administrative
37,318
21,864
22,648
15,293
7,672
Total operating expenses
242,482
206,673
94,972
40,682
32,062
Loss from operations
(242,482
)
(206,673
)
(94,972
)
(40,682
)
(32,062
)
Interest income (expense), net
363
4,329
11,024
7,671
558
Other income
273
100
—
200
350
Net loss
$
(241,846
)
$
(202,244
)
$
(83,948
)
$
(32,811
)
$
(31,154
)
Net loss per common share:
Basic and diluted net loss per common share
$
(14.63
)
$
(13.09
)
$
(5.45
)
$
(2.22
)
$
(2.54
)
Basic and diluted weighted average number of common shares outstanding
16,535,188
15,446,638
15,394,659
14,796,712
12,244,939
Years Ended December 31,
2021
2020
2019
2018
2017
(in thousands)
Consolidated Balance Sheet Data:
Cash, cash equivalents and marketable securities
$
270,346
$
284,149
$
439,045
$
483,718
$
191,527
Total assets
273,332
286,995
442,056
485,428
192,313
Total liabilities
77,225
47,025
25,491
8,444
10,054
Accumulated deficit
(667,310
)
(425,464
)
(223,220
)
(139,272
)
(106,461
)
Total stockholders’ equity
$
196,107
$
239,970
$
416,565
$
476,984
$
182,259
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.