Pliant Therapeutics (NASDAQ: PLRX) CFO swaps options for $1.33 exercise grants
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
PLIANT THERAPEUTICS, INC. Chief Financial Officer Keith Lamont Cummings reported an option repricing approved by the board on April 17, 2026. Existing stock options granted on or before March 1, 2025 were cancelled and replaced, share-for-share, with new options at an exercise price of $1.33 per share.
The repriced options keep their original vesting schedules and updated expiration dates as previously reported. During a defined Retention Period starting April 17, 2026, any repriced option exercised will revert to its original higher exercise price, and the options can also revert if certain termination or resignation conditions occur.
Positive
- None.
Negative
- None.
Insights
Routine option repricing for PLRX CFO with no net share change.
The CFO exchanged multiple existing stock option grants for new options with a lower $1.33 exercise price on a one-for-one basis. Each disposition to the issuer of an old grant was matched by an equal-sized new grant, leaving the number of option shares unchanged.
The repricing applies to options originally granted on or before March 1, 2025 and keeps prior vesting terms. Footnotes state options can revert to their original exercise price if exercised or if specific employment events occur during the Retention Period starting on April 17, 2026, making this a compensation structure change rather than a cash transaction.
Insider Trade Summary
14 transactions reported
Mixed
14 txns
Insider
Cummings Keith Lamont
Role
Chief Financial Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Stock Option (Right to Buy) | 76,047 | $0.00 | -- |
| Grant/Award | Stock Option (Right to Buy) | 76,047 | $0.00 | -- |
| Disposition | Stock Option (Right to Buy) | 18,198 | $0.00 | -- |
| Grant/Award | Stock Option (Right to Buy) | 18,198 | $0.00 | -- |
| Disposition | Stock Option (Right to Buy) | 74,250 | $0.00 | -- |
| Grant/Award | Stock Option (Right to Buy) | 74,250 | $0.00 | -- |
| Disposition | Stock Option (Right to Buy) | 124,000 | $0.00 | -- |
| Grant/Award | Stock Option (Right to Buy) | 124,000 | $0.00 | -- |
| Disposition | Stock Option (Right to Buy) | 76,200 | $0.00 | -- |
| Grant/Award | Stock Option (Right to Buy) | 76,200 | $0.00 | -- |
| Disposition | Stock Option (Right to Buy) | 110,500 | $0.00 | -- |
| Grant/Award | Stock Option (Right to Buy) | 110,500 | $0.00 | -- |
| Disposition | Stock Option (Right to Buy) | 113,300 | $0.00 | -- |
| Grant/Award | Stock Option (Right to Buy) | 113,300 | $0.00 | -- |
Holdings After Transaction:
Stock Option (Right to Buy) — 0 shares (Direct)
Footnotes (1)
- On April 17, 2026, the Issuer's board of directors approved an option repricing (the "Repricing"), effective April 17, 2026 (the "Effective Date"), for all stock options granted on or before March 1, 2025 to the Issuer's current employees, including the Reporting Person. All of the other terms of the options remain unchanged. The stock option award was issued pursuant to the Issuer's 2015 Equity Incentive Plan, as amended (the "2015 Plan"), or the Issuer's 2020 Stock Option and Incentive Plan, as amended (the "2020 Plan"), as applicable, and becomes exercisable in accordance with the vesting schedule specified in the award agreement and as previously reported on the Reporting Person's applicable Form 3 or Form 4, subject to the Reporting Person's continued service to the Issuer as of the applicable vesting date. The expiration date has been updated from the Form 3 originally filed on June 2, 2020 from January 23, 2029 to the correct expiration date of January 24, 2029. The closing price per share of the Issuer's common stock on the Effective Date. Under the terms of the Repricing, a repriced stock option award will revert to its original exercise price if exercised during the Retention Period. The "Retention Period" commenced on the Effective Date and ends on the earliest of the following: (i) the eighteen-month anniversary of the Effective Date; (ii) the consummation of a Corporate Transaction (as defined by the 2015 Plan) or a Sale Event (as defined by the 2020 Plan); and (iii) the Reporting Person's (a) termination without cause (as defined in the Reporting Person's severance plan) or due to a reduction in force, (b) death or termination due to disability, or (c) resignation from service for good reason (as defined in the Reporting Person's severance plan). The repriced options will also revert to its original exercise price if the Reporting Person (i) is terminated for cause (as defined in the Reporting Person's severance Plan) or (ii) resigns prior to the end of the Retention Period, except for good reason (as defined in the Reporting Person's severance plan). The expiration date has been updated from the Form 3 originally filed on June 2, 2020 from March 30, 2030 to the correct expiration date of March 31, 2030. The expiration date has been updated from the Form 4 originally filed on January 26, 2021 from January 22, 2031 to the correct expiration date of January 23, 2031. The expiration date has been updated from the Form 4 originally filed on February 2, 2022 from January 25, 2032 to the correct expiration date of January 26, 2032. The expiration date has been updated from the Form 4 originally filed on January 27, 2023 from January 24, 2033 to the correct expiration date of January 25, 2033.
Key Figures
Repriced block 1: 76,047 options at $1.33
Repriced block 2: 18,198 options at $1.33
Repriced block 3: 74,250 options at $1.33
+4 more
7 metrics
Repriced block 1
76,047 options at $1.33
Exercise price after repricing; expiration January 24, 2029
Repriced block 2
18,198 options at $1.33
Exercise price after repricing; expiration March 31, 2030
Repriced block 3
74,250 options at $1.33
Exercise price after repricing; expiration January 23, 2031
Repriced block 4
124,000 options at $1.33
Exercise price after repricing; expiration January 26, 2032
Repriced block 5
76,200 options at $1.33
Exercise price after repricing; expiration January 25, 2033
Repriced block 6
110,500 options at $1.33
Exercise price after repricing; expiration January 23, 2034
Repriced block 7
113,300 options at $1.33
Exercise price after repricing; expiration January 23, 2035
Key Terms
option repricing, Retention Period, Corporate Transaction, Sale Event, +2 more
6 terms
option repricing financial
"On April 17, 2026, the Issuer's board of directors approved an option repricing"
Retention Period financial
"The "Retention Period" commenced on the Effective Date and ends on the earliest of the following"
Corporate Transaction financial
"the consummation of a Corporate Transaction (as defined by the 2015 Plan)"
Sale Event financial
"or a Sale Event (as defined by the 2020 Plan)"
2015 Equity Incentive Plan financial
"The stock option award was issued pursuant to the Issuer's 2015 Equity Incentive Plan, as amended"
2020 Stock Option and Incentive Plan financial
"or the Issuer's 2020 Stock Option and Incentive Plan, as amended"
FAQ
What did PLIANT THERAPEUTICS (PLRX) CFO report in this Form 4?
The CFO reported an option repricing where existing stock options were cancelled and replaced one-for-one with new options. The new awards carry a reduced exercise price of $1.33 per share while preserving prior vesting terms and updated expiration dates, subject to Retention Period conditions.
How many PLIANT THERAPEUTICS (PLRX) options were repriced for the CFO?
The filing shows multiple option blocks repriced, including grants of 76,047, 18,198, 74,250 and 124,000 options, each cancelled and regranted at $1.33. Several additional blocks between 76,200 and 113,300 options were treated similarly, with no change in total option share counts reported.
What is the new exercise price for the PLRX CFO repriced options?
Each repriced stock option held by the CFO now has an exercise price of $1.33 per share. This new price replaces prior higher exercise prices such as $2.08, $6.22, $11.86, $17.44 and $34.65, while maintaining the existing vesting schedules.
What is the Retention Period mentioned in the PLRX CFO option repricing?
The Retention Period began on April 17, 2026, the effective date of the repricing. It ends on the earliest of eighteen months after that date, completion of a defined Corporate Transaction or Sale Event, or specified termination, disability, death, or qualifying resignation events under the CFO’s severance arrangements.
Can the PLRX CFO repriced options revert to their original exercise price?
Yes. Footnotes state repriced options revert to their original higher exercise price if exercised during the Retention Period. They also revert if the CFO is terminated for cause or resigns before the Retention Period ends, except when leaving for contractually defined good reason or certain other qualifying events.
Were vesting terms changed in the PLRX CFO option repricing?
No. The filing explains that all other terms of the options remain unchanged. The repriced awards continue to vest under the schedules specified in their original award agreements, as previously reported in earlier Forms 3 and 4, contingent on the CFO’s continued service with the company.