Sec Form 13D Filing - BAY CITY CAPITAL LLC filing for MADRIGAL PHARMACEUTICALS INC. (MDGL) - 2023-12-13

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

 

 

Madrigal Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock, Par Value $0.0001 Per Share

(Title of Class of Securities)

558868105

(CUSIP Number)

Susan Vuong

Chief Financial Officer

Bay City Capital LLC

1000 4th Street, Suite 500

San Rafael, CA 94901

(415) 321-9236

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

December 7, 2023

(Date of Event Which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ☐

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See section 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a person’s initial filing on this form with respect to subject class of securities, and for any subsequent amendment containing information which would alter disclosures in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 558868105

 

  1.    

  Names of Reporting Persons

 

  Fred B. Craves

  2.  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3.  

  SEC Use Only

 

  4.  

  Source of Funds (See Instructions)

 

  OO

  5.  

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or Place of Organization

 

  United States

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7.     

  Sole Voting Power

 

  566,383

     8.   

  Shared Voting Power

 

  1,261

     9.   

  Sole Dispositive Power

 

  566,383

   10.   

  Shared Dispositive Power

 

  1,261

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  567,644

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13.  

  Percent of Class Represented by Amount in Row (11)

 

  2.9%

14.  

  Type of Reporting Person (See Instructions)

 

  IN


CUSIP No. 558868105    

 

  1.    

  Names of Reporting Persons

 

  Bay City Capital LLC

  2.  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3.  

  SEC Use Only

 

  4.  

  Source of Funds (See Instructions)

 

  OO

  5.  

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7.     

  Sole Voting Power

 

  0

     8.   

  Shared Voting Power

 

  1,261

     9.   

  Sole Dispositive Power

 

  0

   10.   

  Shared Dispositive Power

 

  1,261

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  1,261

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13.  

  Percent of Class Represented by Amount in Row (11)

 

  0%

14.  

  Type of Reporting Person (See Instructions)

 

  OO


CUSIP No. 558868105

 

  1.    

  Names of Reporting Persons

 

  Bay City Capital Management IV LLC

  2.  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3.  

  SEC Use Only

 

  4.  

  Source of Funds (See Instructions)

 

  OO

  5.  

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7.     

  Sole Voting Power

 

  0

     8.   

  Shared Voting Power

 

  0

     9.   

  Sole Dispositive Power

 

  0

   10.   

  Shared Dispositive Power

 

  0

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  0

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13.  

  Percent of Class Represented by Amount in Row (11)

 

  0%

14.  

  Type of Reporting Person (See Instructions)

 

  OO


CUSIP No. 558868105

 

  1.    

  Names of Reporting Persons

 

  Bay City Capital Fund IV, L.P.

  2.  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☐

 

  3.  

  SEC Use Only

 

  4.  

  Source of Funds (See Instructions)

 

  OO

  5.  

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7.     

  Sole Voting Power

 

  0

     8.   

  Shared Voting Power

 

  0

     9.   

  Sole Dispositive Power

 

  0

   10.   

  Shared Dispositive Power

 

  0

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  0

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13.  

  Percent of Class Represented by Amount in Row (11)

 

  0%

14.  

  Type of Reporting Person (See Instructions)

 

  PN


EXPLANATORY NOTE

This Amendment No. 6 (“Amendment No. 6”) relates to the shares of common stock, par value $0.0001 per share (“Common Stock”), of Madrigal Pharmaceuticals, Inc., a Delaware corporation (the “Issuer”). This Amendment No. 6 amends and supplements the statement on Schedule 13D originally filed with the United States Securities and Exchange Commission on July 29, 2016 (as amended to date, the “Statement”). All capitalized terms used and not expressly defined herein have the respective meanings ascribed to such terms in the Statement.

Item 3. Source and Amount of Funds or Other Consideration

Item 3 of the Statement is amended and supplemented by inserting the following information:

On June 16, 2022, Dr. Craves received options to purchase 9,470 shares of Common Stock from the Issuer as compensation for his service as a director of the Issuer. The options vested as to 100% of underlying shares of Common Stock on June 16, 2023.

Item 4. Purpose of Transaction

Item 4 of the Statement is amended and supplemented by inserting the following information:

On December 7, 2023, Fund IV and BCC made in-kind transfers, without the payment of any consideration, of 1,510,521 shares and 46,073 shares, respectively, of Common Stock to their partners and employees.

Item 5. Interest in Securities of the Issuer.

Item 5 of the Statement is amended and restated in its entirety as follows:

(a) – (b)

The following sets forth, as of the date of this Amendment No. 6, the aggregate number of shares and percentage of Common Stock beneficially owned by each of the Reporting Persons, as well as the number of shares of Common Stock as to which each Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition of as of the date hereof, based on 19,742,646 shares of Common Stock outstanding as of November 1, 2023.

 

Reporting Person

   Amount
beneficially
owned
     Percent
of class
    Sole power
to vote or
to direct
the vote
     Shared
power to
vote or to
direct the
vote
     Sole
power to
dispose or
to direct
the
disposition
     Shared
power to
dispose or
to direct
the
disposition
 

Fred B. Craves, Ph.D. (1)

     567,644        2.9     566,383        1,261        566,383        1,261  

BCC

     1,261        0     0        1,261        0        1,261  

Management IV

     0        0     0        0        0        0  

Fund IV

     0        0     0        0        0        0  

 

(1)

The shares reported in the table above include: (i) 1,261 shares of Common Stock held of record by BCC; (ii) 413,362 shares of Common Stock held of record by Dr. Craves; (iii) 77,959 shares of Common Stock issuable upon exercise of stock options held by Dr. Craves that are exercisable within 60 days of the date hereof; (iv) 57,062 shares of Common Stock held by Dr. Craves through a grantor retained annuity trust and (v) 18,000 shares of Common Stock held by Dr. Craves through the Craves Family Foundation. Dr. Craves is the sole member of BCC, which is the manager of Management IV, which is the general partner of Fund IV. By virtue of these relationships, each of the foregoing entities and Dr. Craves may be deemed to share beneficial ownership of the shares reported herein. Each of them disclaims any such beneficial ownership.


(c) Except as reported in Item 4 above, none of the Reporting Persons has effected any transactions in the Common Stock during the past sixty days.

(d) None.

(e) As of December 7, 2023, each of the Reporting Persons ceased to be the beneficial owner of more than five percent of the Common Stock.


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Date: December 13, 2023

/s/ Fred Craves

Fred Craves, Managing Director
Bay City Capital LLC

for himself and for Bay City Capital LLC, for and on behalf of Bay City Capital Management IV LLC in its capacity as manager thereof, and for and on behalf of Bay City Capital Fund IV, L.P. in its capacity as manager of Bay City Capital Management IV LLC, the general partner of Bay City Capital Fund IV, L.P.