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PLRX

Pliant Therapeutics, Inc.

PLRX

Pliant Therapeutics, Inc. • NASDAQ
$1.60 ▲ 1.27% (+0.02)
Market Cap $98.32 M
52w High $15.80
52w Low $1.10
Dividend Yield 0%
P/E -0.56
Volume 1.00M
Outstanding Shares 61.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $28.269M ▼ $-26.301M ▲ 0% $-0.43 ▲ $-23.082M ▲
Q2-2025 $0 $45.145M ▼ $-43.3M ▲ 0% $-0.71 ▲ $-42.044M ▲
Q1-2025 $0 $58.935M ▲ $-56.166M ▼ 0% $-0.92 ▼ $-54.919M ▼
Q4-2024 $0 $53.32M ▼ $-49.732M ▲ 0% $-0.82 ▲ $-48.44M ▲
Q3-2024 $0 $62.014M $-57.763M 0% $-0.95 $-56.354M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $241.797M ▼ $276.6M ▼ $76.294M ▼ $200.306M ▼
Q2-2025 $262.873M ▼ $299.824M ▼ $79.742M ▼ $220.082M ▼
Q1-2025 $305.645M ▼ $344.77M ▼ $87.606M ▼ $257.164M ▼
Q4-2024 $355.724M ▼ $396.949M ▼ $92.868M ▼ $304.081M ▼
Q3-2024 $404.513M $445.665M $99.843M $345.822M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-26.301M ▲ $-21.081M ▲ $27.921M ▼ $72K ▲ $6.912M ▲ $-21.081M ▲
Q2-2025 $-43.3M ▲ $-40.603M ▲ $35.487M ▼ $0 ▼ $-5.116M ▼ $-40.715M ▲
Q1-2025 $-56.166M ▼ $-48.864M ▼ $69.114M ▲ $498K ▲ $20.748M ▲ $-49.126M ▼
Q4-2024 $-49.732M ▲ $-47.662M ▼ $39.132M ▲ $102K ▼ $-8.428M ▼ $-47.871M ▼
Q3-2024 $-57.763M $-32.273M $30.96M $543K $-770K $-33.169M

Five-Year Company Overview

Income Statement

Income Statement Pliant is still essentially a pre‑revenue biotech. It has generated almost no product or collaboration revenue over the past several years, so all of its spending flows straight through to operating losses. Those losses have grown as the company has advanced and broadened its pipeline, especially around research and clinical trials. Net losses per share have been consistently negative and have deepened over time, reflecting a business that is investing heavily today with no commercial products yet to offset those costs. Financial performance is therefore driven far more by R&D decisions and trial progress than by any underlying sales engine.

Balance Sheet

Balance Sheet The balance sheet shows a typical clinical‑stage biotech profile: meaningful total assets, largely made up of cash and research-related assets, but no established base of productive, revenue‑generating assets. Cash reserves are material but not large relative to the pace of spending, meaning the company must remain attentive to funding needs. Debt is present but still modest, so the capital structure is primarily equity‑funded. Shareholders’ equity remains positive, yet it has been eroded by repeated annual losses since the IPO. Overall, the balance sheet offers some cushion for ongoing development, but it is not deep enough to ignore future financing risk.

Cash Flow

Cash Flow Pliant consistently burns cash from operations, reflecting the cost of running trials without offsetting revenue. Operating and free cash outflows have trended higher as the pipeline has advanced, while capital spending on physical assets is minimal. In practice, almost every dollar goes into people, trials, and scientific work rather than buildings or equipment. This means the company’s cash runway depends heavily on how tightly it manages R&D and overhead, and on its ability to raise new capital through equity or partnerships when needed. The business is not self‑funding and is unlikely to be so until there is a successful product on the market or sizable deal income.

Competitive Edge

Competitive Edge Scientifically, Pliant is positioned in a specialized niche: integrin‑targeted therapies aimed at controlling TGF‑β activity in fibrosis, cancer, and muscle disease. Its expertise and discovery platform give it a differentiated angle compared with more general approaches to TGF‑β or immune modulation. However, the competitive backdrop is tough. The failure and discontinuation of its former lead IPF program not only hurt credibility but also removed a more advanced asset that could have anchored the story. In oncology, it competes against many companies trying to overcome resistance to checkpoint inhibitors, including larger, better‑funded players. In muscular dystrophy, it goes up against gene therapies and established incumbents. Pliant’s approach is novel and potentially complementary, but it must demonstrate clear, clinically meaningful benefits to win share in these crowded spaces.

Innovation and R&D

Innovation and R&D Innovation remains Pliant’s core strength. The company is built around deep academic roots in integrin biology and a proprietary discovery platform designed to make tissue‑specific, finely tuned modulators of TGF‑β signaling. After the setback in IPF, management has deliberately pivoted the R&D focus toward oncology and muscular dystrophy. The oncology candidate aims to re‑sensitize tumors to immunotherapy, with early data suggesting encouraging responses at higher doses, though still at a very preliminary stage. The muscular dystrophy program uses a novel integrin‑activating antibody to stabilize muscle cells, backed by promising animal data and ready for human testing. The NASH asset returned from Novartis is a wild card: it represents optionality but also a decision point on where to commit limited R&D resources. Overall, the pipeline is innovative but early, and the technical and clinical risks remain high.

Summary

Pliant today is a high‑risk, science‑driven, pre‑commercial biotech in transition. Financially, it has no real revenue, meaningful and growing losses, and a finite—though non‑trivial—cash cushion, implying future dependence on capital markets or partnerships. Strategically, the company is rebuilding after its IPF disappointment, leaning on its integrin platform to pursue cancer and muscular dystrophy, where unmet needs are large but competition is intense. The key to its future value lies almost entirely in clinical execution: can it translate strong biology and early signals into robust, repeatable human data, while managing cash burn and funding needs? For now, Pliant represents a classic early‑stage biotech profile: significant scientific upside potential balanced by substantial development, competitive, and financing uncertainty.

NEWS

November 6, 2025 · 4:05 PM UTC

Pliant Therapeutics Provides Corporate Update and Reports Third Quarter 2025 Financial Results

Read more