The announcement of a public offering and pre-funded warrants by Madrigal Pharmaceuticals is a strategic move to raise capital for its ongoing and future projects, particularly in the development of treatments for NASH. While this could dilute current shareholders' equity, the influx of funds is crucial for the company's research and development activities. The impact on the stock price could be neutral in the short term as the market balances the potential benefits of the capital raise against the dilutive effect of the new shares and warrants.