PLRX · Pliant Therapeutics, Inc.

Pliant Therapeutics delivered a markedly improved financial profile in Q1 2026, with net loss shrinking to $20.0 million from $56.2 million year-over-year, primarily due to sharp cuts in operating expenses following the 2025 termination of bexotegrast development in IPF. R&D expenses fell 69% to $13.6 million, reflecting completion of BEACON-IPF close-out activities and reduced personnel costs from lower headcount, including stock-based compensation. G&A expenses declined 47% to $8.2 million on similar headcount-driven savings. CEO Bernard Coulie highlighted the team's execution in advancing the oncology program ahead of schedule, with first patient dosing in the FORTIFY Phase 1b trial of PLN-101095 in April. This trial targets NSCLC, clear cell renal cell carcinoma, and high tumor mutational burden tumors, with patients receiving 1,000 mg twice daily monotherapy for 14 days before adding pembrolizumab; interim data expected in 2027. Updated Phase 1 data presented at AACR 2026 showed promising anti-tumor activity in heavily pretreated, ICI-refractory patients, including one confirmed complete response, two partial responses, and one unconfirmed partial response across cholangiocarcinoma, NSCLC, melanoma, and head and neck cancer. Responders exhibited significant IFN-γ increases post-monotherapy, sustained at Week 10, alongside elevated PD-L1, correlating with better ICI outcomes. PLN-101095 was well-tolerated and featured in AACR's Highlights Plenary. Balance sheet remains solid with $172.4 million in cash, cash equivalents, and short-term investments as of March 31, 2026, funding operations into H2 2028. Preclinical work continues on the integrin-targeted delivery platform for siRNAs to skeletal muscle and other tissues.