Pliant Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Pliant Therapeutics (PLRX) has granted stock options to its newly appointed Chief Technical Officer, Delphine Imbert, Ph.D., as part of her employment package. The grant includes options to purchase 275,000 shares of common stock at an exercise price of $11.07 per share, matching the company's closing price on January 21, 2025.

The options will vest over a 4-year period, with 25% vesting after the first year and the remaining shares vesting monthly at a rate of 1/48th over the subsequent 36 months, contingent on continued employment. The options have a 10-year term and are subject to the Company's 2022 Inducement Plan terms.

Positive

• Strengthening of executive team with appointment of new Chief Technical Officer
• Implementation of performance-based compensation structure aligned with long-term company growth

Negative

• Potential future dilution of existing shareholders from 275,000 new stock options

SOUTH SAN FRANCISCO, Calif., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Pliant Therapeutics, Inc. (Nasdaq: PLRX), today announced that on January 21, 2025, it granted stock options to purchase an aggregate of 275,000 shares of common stock upon vesting to Delphine Imbert, Ph.D., the Company’s newly appointed Chief Technical Officer, as a material inducement to her employment.

The stock options that were granted are subject to an exercise price of $11.07 per share, which is equal to the closing price of the Company’s common stock on January 21, 2025, and will vest over 4 years, with 25% of the shares underlying the employee’s option vesting on the one-year anniversary of the grant date and the remaining shares thereafter vesting in monthly installments at a rate of 1/48^th of the shares underlying such stock options over the subsequent 36 months, subject to the respective employee’s continued service with the Company. The stock options have a 10-year term. This award is subject to the terms and conditions of the Company's 2022 Inducement Plan.

About Pliant Therapeutics, Inc.

Pliant Therapeutics is a late-stage biopharmaceutical company and leader in the discovery and development of novel therapeutics for the treatment of fibrotic diseases. Pliant's lead product candidate, bexotegrast (PLN-74809), is an oral, small molecule, dual selective inhibitor of α_vß6 and α_vß₁ integrins that is in development in the lead indication for the treatment of idiopathic pulmonary fibrosis, or IPF. Bexotegrast has received Fast Track Designation and Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) and Orphan Drug Designation from the European Medicines Agency in IPF. Pliant has initiated BEACON-IPF, an adaptive Phase 2b/3 trial of bexotegrast in IPF. Pliant is conducting a Phase 1 study for its third clinical program, PLN-101095, a small molecule, dual-selective inhibitor of α_vß₈ and α_vß₁ integrins, that is being developed for the treatment of solid tumors. In addition, Pliant has received regulatory clearance for the conduct of a Phase 1 study of PLN-101325, a monoclonal antibody agonist of integrin α₇β₁ targeting muscular dystrophies.

For additional information, please visit: www.PliantRx.com. Follow us on social media X, LinkedIn, and Facebook.

Investor and Media Contact:

Christopher Keenan
Vice President, Investor Relations and Corporate Communications
Pliant Therapeutics, Inc.
ir@pliantrx.com

FAQ

How many stock options did Pliant Therapeutics (PLRX) grant to its new CTO?

Pliant Therapeutics granted 275,000 stock options to its new Chief Technical Officer, Delphine Imbert, Ph.D.

What is the exercise price for PLRX's newly granted stock options?

The exercise price for the stock options is $11.07 per share, equal to PLRX's closing price on January 21, 2025.

What is the vesting schedule for PLRX's new stock options grant?

The options vest over 4 years, with 25% vesting after one year and the remainder vesting monthly at 1/48th over the next 36 months.

How long is the term of PLRX's newly granted stock options?

The stock options have a 10-year term.