Pliant Therapeutics Provides Corporate Update and Reports Third Quarter 2026 Financial Results

Rhea-AI Summary

Pliant Therapeutics (Nasdaq: PLRX) reported a narrower third-quarter 2026 net loss as development of its oncology and drug-delivery programs continued. Net loss was $24.377 million, or $0.39 per share, versus $26.301 million, or $0.43 per share, a year earlier. General and administrative expenses fell to $7.810 million from $10.331 million; research and development expenses were approximately unchanged at $17.9 million.

Pliant said FORTIFY enrollment was ahead of schedule, with interim data expected in 2027. The Phase 1b expansion evaluates PLN-101095 with pembrolizumab in checkpoint-inhibitor-resistant cancers. Its RNA delivery platform showed more than 75% target gene knockdown at eight weeks in non-human primates. Pliant plans initial programs in neuromuscular diseases and rare cardiomyopathies and expects funding to support operations to mid-2028.

13 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter net loss narrowed to $24.377 million from $26.301 million a year earlier.
• Moderate pointFORTIFY enrollment is ahead of schedule, Pliant said; interim data are expected in 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Pliant expects available funding to support operations to mid-2028.
• Minor pointThird-quarter loss per share narrowed to $0.39 from $0.43 a year earlier.
• Minor pointThird-quarter administrative expenses fell to $7.810 million from $10.331 million a year earlier.

8 minor points

• Minor pointNine-month net loss narrowed to $66.788 million from $125.767 million a year earlier.
• Minor pointNine-month loss per share narrowed to $1.08 from $2.05 a year earlier.
• Minor pointNine-month research expenses fell to $48.243 million from $93.572 million a year earlier.
• Minor pointNine-month administrative expenses fell to $23.133 million from $39.224 million a year earlier.
• Minor pointInterest expense was zero for both third-quarter and nine-month 2026, versus $815,000 and $2.423 million, respectively.
• Minor pointPhase 1 biomarkers showed early immune activation associated with subsequent clinical response after pembrolizumab initiation.
• Minor pointRNA delivery studies showed >75% target gene knockdown at eight weeks in non-human primates.
• Minor point. Forward-looking: it has not happened yet and may not happen.Pliant plans to accelerate development of initial programs targeting neuromuscular diseases and rare cardiomyopathies.

Negative

• Moderate pointCash and equivalents fell to $26.568 million September 30, 2026, from $45.445 million December 31, 2025.
• Minor pointShort-term investments fell to $114.516 million September 30, 2026, from $145.499 million December 31, 2025.
• Minor pointThird-quarter interest and other income, net, fell to $1.365 million from $2.783 million a year earlier.
• Minor pointNine-month interest and other income, net, fell to $4.588 million from $9.452 million a year earlier.

News Explained

The release reports Phase 1 biomarker data from the ongoing FORTIFY trial: early immune-activation biomarkers during PLN-101095 monotherapy were associated with subsequent clinical response after pembrolizumab began.

Key Figures

R&D expenses: $17.9 million General and administrative expenses: $7.8 million vs. $10.3 million Net loss: $24.4 million vs. $26.3 million +5 more

R&D expenses

$17.9 million

Third quarter 2026 and prior-year quarter

General and administrative expenses

$7.8 million vs. $10.3 million

Third quarter 2026 vs. prior-year quarter

Net loss

$24.4 million vs. $26.3 million

Third quarter 2026 vs. prior-year quarter

Cash and short-term investments

$142.6 million

As of September 30, 2026; expected to fund operations to mid-2028

FORTIFY enrollment

Up to 102 patients

Phase 1b indication expansion trial

PLN-101095 dose

1,000 mg twice daily

Monotherapy before pembrolizumab is added

Interim data

Expected in 2027

FORTIFY

Target gene knockdown

>75% at eight weeks

Non-human primate studies

Previous Earnings Reports

2 past events · Latest: Aug 11

Same Type 2 events

1. Aug 11

   Q2 earnings results

   24h Move

   +3.9%

   FORTIFY enrollment, biomarker updates and cash runway into the second half of 2028

2. Nov 06

   Q3 earnings results

   24h Move

   +4.6%

   PLN-101095 trial enrollment completed; reported quarterly expenses, net loss and cash

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

pharmacokinetics, siRNA, RNAi, nsclc, +1 more

5 terms

pharmacokinetics medical

"safety, tolerability, pharmacokinetics, and preliminary evidence of antitumor activity"

Pharmacokinetics is the study of how a substance, such as a drug or chemical, moves through and is processed by the body over time. It tracks how it is absorbed, distributed, broken down, and eventually eliminated. For investors, understanding pharmacokinetics helps gauge the effectiveness, safety, and potential risks of new medications or treatments, which can influence a company’s success and valuation in the healthcare industry.

siRNA medical

"successful selective delivery of siRNA payloads to extrahepatic tissues"

Small interfering RNA (siRNA) is a short strand of genetic material that binds to and destroys the messenger RNA that carries instructions for making a specific protein, effectively switching that gene off. Investors care because siRNA is a platform for precise medicines: successful trials or approvals can create high-value drugs, while delivery challenges, manufacturing complexity, patent positions and regulatory risk can sharply affect a biotech company's prospects.

RNAi medical

"integrin-mediated delivery platform for cell- and tissue-selective extrahepatic delivery"

RNAi, short for RNA interference, is a natural cellular process that acts like a mute button for specific genes by using small RNA molecules to stop a target gene from producing its protein. For investors, RNAi matters because it is the underlying mechanism behind a class of precision medicines that can silence disease-causing genes, offering high potential returns but also scientific, regulatory and manufacturing risks unique to novel drug platforms.

nsclc medical

"non-small cell lung cancer (NSCLC)"

NSCLC stands for non-small cell lung cancer, which is the most common type of lung cancer. It develops in the lungs and can spread to other parts of the body, making it serious but often treatable if caught early. Understanding NSCLC helps people recognize the importance of lung health and early detection.

ccRCC medical

"clear cell renal cell carcinoma (ccRCC)"

Clear cell renal cell carcinoma is the most common form of kidney cancer, named for the pale-looking cells seen under a microscope; it starts in the filtering units of the kidney and can spread to other organs. Investors watch it because the disease defines a specific market for diagnostics, drugs and clinical trials—like a product category in tech—and trial results, approvals or safety issues can materially affect companies developing treatments and their valuations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

FORTIFY, a Phase 1b indication expansion trial of PLN-101095, continues strong enrollment 

Pliant’s proprietary selective, targeted, integrin-mediated delivery platform
demonstrates encouraging initial preclinical results

Strengthened leadership team with appointments of David Raben, M.D., as Chief Medical Officer and Craig Blanchette, Ph.D., as Senior Vice President, Research (RNAi)

SOUTH SAN FRANCISCO, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) -- Pliant Therapeutics, Inc. (Nasdaq: PLRX), a clinical-stage biotechnology company focused on the discovery and development of integrin-based therapeutics, today provided a corporate update and reported third quarter 2026 financial results.

“The third quarter reflected continued strong execution across the Organization, including robust FORTIFY enrollment and compelling proof-of-concept data generated from our integrin-mediated drug delivery platform,” said Bernard Coulie, M.D., Ph.D., President and Chief Executive Officer of Pliant. “FORTIFY continues to enroll ahead of schedule, with a number of European sites onboarded during the quarter. In addition, we continue to explore the potential of our proprietary drug delivery platform with cross-species preclinical data demonstrating successful selective delivery of siRNA payloads to extrahepatic tissues. With emerging data continuing to inform our next steps, potential therapeutic applications and paths forward, we will provide a comprehensive overview of the program in the coming months.”

Oncology Program
PLN-101095 is an oral, small molecule, dual selective inhibitor of αvβ8 and αvβ1 integrins designed to overcome checkpoint resistance by blocking TGF-β activation in the tumor microenvironment. Pliant is currently conducting FORTIFY, a Phase 1a/1b open-label, dose-escalation and indication expansion trial (NCT06270706), to evaluate the safety, tolerability, pharmacokinetics, and preliminary evidence of antitumor activity of PLN-101095, in combination with pembrolizumab, in patients with immune checkpoint inhibitor (ICI)-refractory advanced or metastatic solid tumors.

• Strong enrollment continues in FORTIFY, a Phase 1b indication expansion trial. FORTIFY will enroll up to 102 patients across three cohorts including non-small cell lung cancer (NSCLC), clear cell renal cell carcinoma (ccRCC) and tumors with high tumor mutational burden. Patients are treated for 14 days with PLN-101095 dosed at 1,000 mg twice daily as monotherapy, after which pembrolizumab is added as combination therapy. Enrollment remains strong, progressing ahead of schedule with active sites in the United States and Spain with additional countries onboarding in the next several months. Interim data is expected in 2027.
  
  
• Presentations at Annual Meeting of the Society for Immunotherapy of Cancer (SITC) highlight PLN-101095 Phase 1 biomarker data and mechanism of action.
  
  • Researchers from Pliant presented new biomarker data from the Phase 1 trial showing that early induction of immune activation biomarkers during PLN-101095 monotherapy was associated with subsequent clinical response following pembrolizumab initiation. These findings support the hypothesis that TGF-β pathway inhibition promotes immune activation, T-cell recruitment into the tumor microenvironment, and enhanced cytotoxic effector function.
  • Researchers from the National Cancer Institute presented data demonstrating that the blockade of integrins αvβ8 and αvβ1 in combination with anti-PD-1 reduced TGF-β signaling leading to modulation of fibroblastic cell populations in the tumor microenvironment and increased infiltration and activation of cytotoxic CD8+ T cells. This resulted in an improvement in anti-tumor activity and survival.
    
    

Selective, Targeted, Integrin-mediated Delivery Platform
Utilizing our fully annotated library of 15,000+ integrin binding molecules, as well as our biological knowledge of cell-specific integrin receptor expression, Pliant has created a selective, targeted integrin-mediated delivery platform for cell- and tissue-selective extrahepatic delivery of drug payloads, including RNAi. The platform has broad applicability across multiple disease areas utilizing a variety of drug payloads.

• Tissue Specificity, Potency and Durability – Pliant has initiated multiple RNAi delivery programs targeting specific tissues through unique integrin expression profiles. The most advanced compounds to date selectively target skeletal and skeletal/cardiac muscle, respectively. In non-human primate studies, we have observed >75% target gene knockdown at eight weeks while avoiding liver and other non-targeted tissues. 
  
  
• Plug-and-Play Compatibility – Pliant's integrin-directed small molecule delivery compounds can be loaded with RNAi payloads directed at any gene of interest. This allows a single compound to serve as the basis for rapid development of tissue-specific therapies to a broad array of indications. Additionally, while initial efforts are directed at RNAi, the platform is potentially capable of delivering a variety of therapeutic payloads. 
  
  
• Initial Indications – Based on early findings showing the successful selective delivery of Pliant’s skeletal and cardiac muscle compounds, the Company plans to accelerate development with initial therapeutic programs focused in areas of high unmet need including neuromuscular diseases and rare cardiomyopathies where gene suppression modalities show promise.
  
  

Pliant plans to share additional details regarding muscle and cardiac, as well as other RNAi programs, including detailed preclinical data and specific indication and gene targets for development over the coming months.

A presentation on the platform, including preclinical data, titled "Pliant’s Selective Targeted Integrin-Mediated Drug Delivery Platform" can be found in the "Investors & Media" section of Pliant's website at www.PliantRx.com.

Corporate Highlights

• Appointment of David Raben, M.D., as Chief Medical Officer. Dr. Raben is a leader in targeted immuno-oncology drug development and brings three decades of academic and biopharmaceutical oncology expertise. Most recently, Dr Raben served as Chief Medical Officer at Bicara Therapeutics.
• Appointment of Craig Blanchette, Ph.D., as Senior Vice President, Research (RNAi). Dr. Blanchette is a recognized leader in RNAi drug discovery with a track record of advancing novel delivery platforms and therapeutics. Dr. Blanchette brings more than two decades of drug discovery and development expertise, having most recently served as Chief Scientific Officer at Switch Therapeutics.
  
  

Third Quarter 2026 Financial Results

• Research and development expenses were $17.9 million in the current and prior-year quarter. Expenses remained consistent as increased spending on PLN-101095 development in the current period was offset by decreased costs resulting from the termination of bexotegrast development in IPF and reduced personnel-related expenses, including stock based compensation, driven by decreased headcount compared to prior year.
• General and administrative expenses were $7.8 million, as compared to $10.3 million for the prior-year quarter. The decrease was primarily due to personnel-related expenses, including stock-based compensation, driven by decreased headcount compared to prior year.
• Net loss was $24.4 million as compared to $26.3 million for the prior-year quarter. The decrease was primarily due to lower operating expenses following the termination of bexotegrast development in IPF in 2025 and decreased personnel-related expenses, including stock-based compensation, driven by reduced headcount compared to prior year.
• As of September 30, 2026, the Company had cash, cash equivalents and short-term investments of $142.6 million which the Company expects to be sufficient to fund operations to mid-2028.
  
  

About Pliant Therapeutics, Inc.
Pliant Therapeutics is a clinical-stage biopharmaceutical company focused on the discovery and development of integrin-based therapeutics. Pliant’s lead program is PLN-101095, a small molecule, dual-selective inhibitor of αvß8 and αvß1 integrins, that is being developed for the treatment of ICI-refractory advanced or metastatic solid tumors. PLN-101095 is being investigated in FORTIFY, a Phase 1a/1b indication expansion trial, enrolling patients with NSCLC, tumors with high tumor mutational burden or clear cell renal cell carcinoma. Pliant’s preclinical research is focused on tissue-specific delivery and internalization of drug payloads utilizing integrin receptor-binding molecules with programs focused on delivering siRNAs to skeletal muscle cells, adipocytes, as well as other tissue types.

For additional information, please visit: www.PliantRx.com. Follow Pliant on social media at 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 express or implied statements regarding ongoing clinical trial development of PLN-101095, including timing of enrollment and data; the potential benefits of PLN-101095; and Pliant’s plans for the continued development of PLN-101095; and plans for its integrin-based drug delivery platform, including timing of additional details, including initial treatment indications; among others. Because such statements deal with future events and are based on Pliant’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Pliant could differ materially from those described in or implied by the statements in this press release. These risks and uncertainties, including those related to the development and commercialization of Pliant’s product candidates, including any delays in Pliant’s ongoing or planned preclinical studies or clinical trials, the impact of current macroeconomic, geopolitical and marketplace conditions on Pliant’s business, operations, clinical supply and plans, Pliant’s reliance on single-source third parties located in foreign jurisdictions, including China, for critical aspects of Pliant development operations, the risks inherent in the drug development process, the risks regarding the accuracy of Pliant’s estimates of expenses and timing of development, its capital requirements and the sufficiency of its cash to support Pliant’s planned operations, and Pliant’s ability to obtain and maintain intellectual property protection for Pliant’s product candidates. These and additional risks are discussed in the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in Pliant’s Quarterly Report on Form 10-Q for the period ended September 30, 2026, which Pliant is filing with the Securities and Exchange Commission (SEC) today, and which will be available on the SEC's website at www.sec.gov, as well as other risks or uncertainties set forth in Pliant’s future SEC filings. 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 September 30, 2026								Nine Months Ended September 30, 2026
		2026				2025				2026				2025
Operating expenses:
Research and development	$	(17,932	)		$	(17,938	)		$	(48,243	)		$	(93,572	)
General and administrative		(7,810	)			(10,331	)			(23,133	)			(39,224	)
Total operating expenses		(25,742	)			(28,269	)			(71,376	)			(132,796	)
Loss from operations		(25,742	)			(28,269	)			(71,376	)			(132,796	)
Interest and other income (expense), net		1,365				2,783				4,588				9,452
Interest expense		—				(815	)			—				(2,423	)
Net loss	$	(24,377	)		$	(26,301	)		$	(66,788	)		$	(125,767	)
Net loss per share - basic and diluted	$	(0.39	)		$	(0.43	)		$	(1.08	)		$	(2.05	)
Shares used in computing net loss per share - basic and diluted		61,943,959				61,406,475				61,889,401				61,339,118

Pliant Therapeutics, Inc.
Condensed Balance Sheets
(Unaudited)
(In thousands)
	September 30,				December 31,
	2026				2025
Assets
Current assets
Cash and cash equivalents	$	26,568			$	45,445
Short-term investments		114,516				145,499
Prepaid expenses and other current assets		2,725				4,464
Property and equipment held for sale		400				1,040
Total current assets		144,209				196,448
Property and equipment, net		2,183				2,940
Operating lease right-of-use assets		21,435				23,966
Restricted cash		1,482				1,482
Other non-current assets		568				392
Total assets	$	169,877			$	225,228
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	3,067			$	480
Accrued research and development		8,002				4,804
Accrued liabilities		4,397				9,634
Lease liabilities, current		2,455				1,447
Total current liabilities		17,921				16,365
Lease liabilities, non-current		25,324				27,658
Total liabilities		43,245				44,023
Commitments and Contingencies
Stockholders’ equity
Preferred stock		—				—
Common stock		6				6
Additional paid-in capital		1,053,340				1,040,610
Accumulated deficit		(926,184	)			(859,396	)
Accumulated other comprehensive loss		(530	)			(15	)
Total stockholders’ equity		126,632				181,205
Total liabilities and stockholders’ equity	$	169,877			$	225,228

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Pliant Therapeutics’ third-quarter 2026 financial results?

Pliant reported a $24.377 million net loss, or $0.39 per share, compared with $26.301 million, or $0.43 per share, a year earlier. General and administrative expenses declined to $7.810 million from $10.331 million.

When does Pliant expect interim results from the FORTIFY cancer trial?

Pliant expects interim FORTIFY data in 2027. The company said enrollment in the Phase 1b indication expansion was progressing ahead of schedule.

Which patients and treatment regimen are included in Pliant’s FORTIFY expansion trial?

FORTIFY will enroll up to 102 patients across cohorts with non-small cell lung cancer, clear cell renal cell carcinoma, and tumors with high tumor mutational burden. Patients receive PLN-101095 at 1,000 mg twice daily alone for 14 days before pembrolizumab is added. The trial addresses advanced or metastatic cancers resistant to immune checkpoint inhibitors.

What additional RNA delivery program information does Pliant plan to share?

Pliant plans to share detailed preclinical data and specific indication and gene targets over the coming months. The planned updates cover muscle and cardiac programs, as well as other RNA interference programs, which aim to suppress targeted genes.