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

Rhea-AI Summary

Pliant Therapeutics (NASDAQ:PLRX) reported Q2 2025 financial results and provided significant updates on its clinical programs. The company has discontinued development of bexotegrast in idiopathic pulmonary fibrosis (IPF) due to an unfavorable risk-benefit profile, despite early efficacy signs. Their Phase 1 oncology trial for PLN-101095 continues to progress, with data expected by year-end 2025.

Financial highlights include a reduced net loss of $43.3 million compared to $55.9 million in the prior year quarter. The company ended Q2 with $264.4 million in cash and equivalents. A strategic workforce restructuring was largely completed in Q2 2025, resulting in decreased R&D expenses of $32.2 million (down from $45.6 million) and reduced G&A expenses of $13.4 million (down from $15.0 million).

Positive

• Strong cash position of $264.4 million
• Net loss decreased by 22.5% year-over-year to $43.3 million
• Operating expenses reduced through strategic restructuring
• Phase 1 oncology trial progressing with data expected by end of 2025

Negative

• Discontinuation of bexotegrast IPF program due to unfavorable risk-benefit profile
• Workforce reduction and restructuring implemented
• IPF-related adverse events in BEACON-IPF trial

Insights

Biotechnology R&D Analyst

Pliant faces significant setback with bexotegrast discontinuation in IPF, but maintains cash runway through restructuring while advancing oncology program.

Pliant Therapeutics' Q2 2025 results reveal a major clinical setback with the discontinuation of bexotegrast for idiopathic pulmonary fibrosis (IPF). Despite early efficacy signs, the drug showed an unfavorable risk-benefit profile with IPF-related adverse events—a substantial blow to the company's pipeline since this was likely their lead program.

The company has implemented a strategic restructuring to extend its cash runway, which appears largely complete. This defensive move makes sense given the pipeline setback, as the $264.4 million cash position now needs to support remaining programs more efficiently.

On a positive note, Pliant continues to advance its oncology program with PLN-101095, an oral dual inhibitor of αvβ8 and αvβ1 integrins targeting TGF-β activation. The Phase 1 trial is progressing through dose escalation, currently in its fifth and final planned cohort at 2000 mg BID. Initial data from the two highest dose cohorts is expected by year-end, which could potentially provide a new direction for the company.

Financially, R&D expenses decreased to $32.2 million from $45.6 million in the prior-year quarter, primarily due to the BEACON-IPF trial discontinuation. G&A expenses also decreased to $13.4 million from $15.0 million, reflecting workforce reductions. The net loss improved to $43.3 million from $55.9 million.

The company is now at a critical juncture, pivoting to focus on its oncology assets while preserving its clinical development capabilities. The cash position should provide adequate runway, but investor attention will shift to the upcoming oncology data as the next potential value driver.

BEACON-IPF close out activities continue

Previously announced workforce and operational realignment largely complete

Phase 1 oncology trial on track to deliver additional data by the end of the year

SOUTH SAN FRANCISCO, Calif., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Pliant Therapeutics, Inc. (Nasdaq: PLRX), a clinical-stage biotechnology company and leader in integrin-based drug development, today provided a corporate update and reported second quarter 2025 financial results.

“While our activities in the quarter focused on the closure of BEACON-IPF and workforce realignment, we also took actions to ensure that we maintain core capabilities in support of Pliant’s next steps,” said Bernard Coulie, M.D., Ph.D., President and Chief Executive Officer of Pliant. “At the center is a deeply experienced late-stage clinical and regulatory development organization positioned to execute advanced trials. We remain committed to delivering shareholder value and look forward to providing updates in the future.”

Second Quarter and Recent Developments

Bexotegrast

• Bexotegrast development in idiopathic pulmonary fibrosis (IPF) discontinued. Following an analysis of the full safety and efficacy data from the BEACON-IPF Phase 2b/3 clinical trial, the Company has discontinued development of bexotegrast in idiopathic pulmonary fibrosis (IPF). While bexotegrast-treated patients demonstrated early signs of efficacy, the drug was shown to have an unfavorable risk-benefit profile based on IPF-related adverse events. Full results from BEACON-IPF will be submitted for future publication.
  

Oncology Program

• Phase 1 trial of PLN-101095 in solid tumors continues to enroll. PLN-101095 is an oral, small molecule, dual selective inhibitor of αvβ8 and αvβ1 integrins designed to block TGF-β activation in the tumor microenvironment. The Phase 1 open-label, dose-escalation trial of PLN-101095 trial as monotherapy and in combination with pembrolizumab is in patients with solid tumors that are resistant to immune checkpoint inhibitors. The trial is currently dosing the fifth of five planned dose cohorts, evaluating PLN-101095 at 2000 mg administered twice daily (BID). Initial data from the two highest dose cohorts of the trial is expected by the end of 2025.
  

Corporate Highlights

• In May, the Company announced a strategic restructuring of its workforce and other cost-saving measures intended to extend its cash runway. By the end of the second quarter, the restructuring was largely complete.
  

Second Quarter 2025 Financial Results

• Research and development expenses were $32.2 million as compared to $45.6 million for the prior-year quarter. The decrease was primarily driven by the discontinuation of BEACON-IPF.
• General and administrative expenses were $13.4 million as compared to $15.0 million for the prior-year quarter. The decrease was primarily due to personnel-related costs resulting from the strategic restructuring of our workforce.
• Net loss was $43.3 million as compared to $55.9 million for the prior-year quarter. The decrease was primarily attributable to the discontinuation of BEACON-IPF coupled with the decrease in personnel-related costs resulting from the strategic restructuring of our workforce.
• As of June 30, 2025, the Company had cash, cash equivalents and short-term investments of $264.4 million.

About Pliant Therapeutics, Inc.

Pliant Therapeutics is a clinical-stage biopharmaceutical company and leader in the discovery and development of integrin-based therapeutics. Pliant is conducting a Phase 1 study for 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. Pliant’s early-stage platform includes preclinical research focused on tissue-specific delivery and internalization of drug payloads utilizing integrin receptor-binding molecules. For additional information, please visit: www.PliantRx.com. Follow us on social media X, LinkedIn and Facebook.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. These statements include those regarding the close-out of the BEACON-IPF study, the anticipated timing of data from our ongoing Phase 1 trial of PLN-101095, the cost savings expected to result from our strategic restructuring and our ability to maintain core capabilities in support of Pliant’s next steps. Because such statements deal with future events and are based on our current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Pliant Therapeutics could differ materially from those described in or implied by the statements in this press release. These forward-looking statements are subject to risks and uncertainties, including those related to the development and commercialization of our product candidates, including any delays in our ongoing or planned preclinical or clinical trials, the impact of current macroeconomic, geopolitical and marketplace conditions on our business, operations, clinical supply and plans, our reliance on single-source third parties located in foreign jurisdictions, including China, for critical aspects of our development operations, the risks inherent in the drug development process, the risks regarding the accuracy of our estimates of expenses and timing of development, our capital requirements and the need for additional financing, including the availability of additional term loans under our loan facility, and our ability to obtain and maintain intellectual property protection for our product candidates. These and additional risks are discussed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the period ended June 30, 2025 which we are filing with the SEC today, available on the SEC's website at www.sec.gov. Unless otherwise noted, Pliant is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

Investor and Media Contact:

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

Pliant Therapeutics, Inc.
Condensed Statements of Operations
(Unaudited)
(In thousands, except number of shares and per share amounts)
	Three Months Ended June 30,
	2025				2024
Operating expenses:
Research and development	$	(32,198	)		$	(45,617	)
General and administrative		(13,394	)			(15,022	)
Total operating expenses		(45,592	)			(60,639	)
Loss from operations		(45,592	)			(60,639	)
Interest and other income (expense), net		3,101				5,653
Interest expense		(809	)			(868	)
Net loss	$	(43,300	)		$	(55,854	)
Net loss per share - basic and diluted	$	(0.71	)		$	(0.92	)
Shares used in computing net loss per share - basic and diluted		61,386,183				60,382,796

Pliant Therapeutics, Inc.
Condensed Balance Sheets
(Unaudited)
(In thousands)
	June 30, 2025				December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	86,820			$	71,188
Short-term investments		176,053				284,536
Prepaid expenses and other current assets		4,571				6,540
Total current assets		267,444				362,264
Property and equipment, net		4,892				5,525
Operating lease right-of-use assets		25,615				27,243
Restricted cash		1,482				1,482
Other non-current assets		391				435
Total assets	$	299,824			$	396,949
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	1,384			$	5,960
Accrued research and development		10,790				14,363
Accrued liabilities		7,192				12,353
Operating lease liabilities, current		1,225				542
Total current liabilities		20,591				33,218
Operating lease liabilities, non-current		28,791				29,439
Long-term debt		30,360				30,211
Total liabilities		79,742				92,868
Stockholders’ equity
Preferred stock		—				—
Common stock		6				6
Additional paid-in capital		1,029,595				1,013,806
Accumulated deficit		(809,518	)			(710,052	)
Accumulated other comprehensive gain		(1	)			321
Total stockholders’ equity		220,082				304,081
Total liabilities and stockholders’ equity	$	299,824			$	396,949

FAQ

Why did Pliant Therapeutics (PLRX) discontinue the bexotegrast IPF program?

Pliant discontinued bexotegrast in IPF due to an unfavorable risk-benefit profile, specifically related to IPF-related adverse events, despite showing early signs of efficacy.

What is the cash position of Pliant Therapeutics (PLRX) as of Q2 2025?

Pliant reported $264.4 million in cash, cash equivalents and short-term investments as of June 30, 2025.

What are the Q2 2025 financial results for Pliant Therapeutics (PLRX)?

Pliant reported a net loss of $43.3 million, with R&D expenses of $32.2 million and G&A expenses of $13.4 million, showing significant reductions from the prior year.

What is the status of Pliant Therapeutics' PLN-101095 oncology trial?

The Phase 1 trial is currently dosing the fifth of five planned dose cohorts, evaluating PLN-101095 at 2000 mg BID, with initial data from the highest dose cohorts expected by the end of 2025.

How has Pliant's workforce restructuring affected the company?

The strategic restructuring, largely completed in Q2 2025, has reduced operating expenses, with R&D expenses decreasing from $45.6M to $32.2M and G&A expenses dropping from $15.0M to $13.4M year-over-year.