Citadel discloses 4.9% Pliant Therapeutics (PLRX) ownership stake

Rhea-AI Filing Summary

Citadel-affiliated entities and Kenneth Griffin report a significant but sub-5% passive stake in Pliant Therapeutics, Inc. They collectively may be deemed to beneficially own 3,037,695 common shares, equal to 4.9% of the company’s stock, based on 61,449,385 shares outstanding as of November 1, 2025.

The shares are held through Citadel Advisors LLC, Citadel Advisors Holdings LP, Citadel GP LLC, Citadel Securities LLC, Citadel Securities Group LP, Citadel Securities GP LLC, and related vehicles. All voting and dispositive powers are shared, and the reporting persons certify the holdings were not acquired to change or influence control of Pliant.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

PLIANT THERAPEUTICS, INC.

(Name of Issuer)

Common Stock, par value $0.0001 per share (the "Shares")

(Title of Class of Securities)

729139105

(CUSIP Number)

01/23/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 729139105

1

Names of Reporting Persons

Citadel Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,099,798.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,099,798.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,099,798.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.4 %

12

Type of Reporting Person (See Instructions)

IA, HC, OO

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 61,449,385 Shares outstanding as of November 1, 2025 (according to the issuer's Form 10-Q as filed with the Securities and Exchange Commission on November 6, 2025). Except as described in the preceding sentence, all Shares for the holdings of the reporting persons reported in this Schedule 13G are as of the opening of the market on January 30, 2026.

SCHEDULE 13G

CUSIP No. 729139105

1

Names of Reporting Persons

Citadel Advisors Holdings LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,099,798.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,099,798.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,099,798.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.4 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 729139105

1

Names of Reporting Persons

Citadel GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,099,798.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,099,798.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,099,798.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.4 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 729139105

1

Names of Reporting Persons

Citadel Securities LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 909,171.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 909,171.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

909,171.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.5 %

12

Type of Reporting Person (See Instructions)

BD, OO

SCHEDULE 13G

CUSIP No. 729139105

1

Names of Reporting Persons

Citadel Securities Group LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 937,897.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 937,897.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

937,897.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.5 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 729139105

1

Names of Reporting Persons

Citadel Securities GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 937,897.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 937,897.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

937,897.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.5 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 729139105

1

Names of Reporting Persons

Kenneth Griffin

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,037,695.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,037,695.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,037,695.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PLIANT THERAPEUTICS, INC.
(b)	Address of issuer's principal executive offices: 331 Oyster Point Blvd., South San Francisco, CA, 94080
Item 2.
(a)	Name of person filing: This Schedule 13G is being jointly filed by Citadel Advisors LLC ("Citadel Advisors"), Citadel Advisors Holdings LP ("CAH"), Citadel GP LLC ("CGP"), Citadel Securities LLC ("Citadel Securities"), Citadel Securities Group LP ("CALC4"), Citadel Securities GP LLC ("CSGP") and Mr. Kenneth Griffin (collectively with Citadel Advisors, CAH, CGP, Citadel Securities, CALC4 and CSGP, the "Reporting Persons") with respect to the Shares of the above-named issuer owned by Citadel Multi-Strategy Equities Master Fund Ltd., a Cayman Islands company ("CM"), Citadel Securities and CRBU Holdings LLC, a Delaware limited liability company ("CRBH"). Such owned Shares may include other instruments exercisable for or convertible into Shares. Citadel Advisors is the portfolio manager for CM. CAH is the sole member of Citadel Advisors. CGP is the general partner of CAH. CALC4 is the non-member manager of Citadel Securities and CRBH. CSGP is the general partner of CALC4. Mr. Griffin is the President and Chief Executive Officer of CGP, and owns a controlling interest in CGP and CSGP. The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).
(b)	Address or principal business office or, if none, residence: The address of each of the Reporting Persons is 830 Brickell Plaza, Miami, Florida 33131.
(c)	Citizenship: Each of Citadel Advisors, CGP, Citadel Securities and CSGP is organized as a limited liability company under the laws of the State of Delaware. Each of CALC4 and CAH is organized as a limited partnership under the laws of the State of Delaware. Mr. Griffin is a U.S. citizen.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share (the "Shares")
(e)	CUSIP No.: 729139105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own 2,099,798 Shares. 2. Citadel Securities LLC may be deemed to beneficially own 909,171 Shares. 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own 937,897 Shares. 4. Mr. Griffin may be deemed to beneficially own 3,037,695 Shares.
(b)	Percent of class: 1. The number of Shares that each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own constitutes 3.4% of the Shares outstanding. 2. The number of Shares that Citadel Securities LLC may be deemed to beneficially own constitutes 1.5% of the Shares outstanding. 3. The number of Shares that each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own constitutes 1.5% of the Shares outstanding. 4. The number of Shares that Mr. Griffin may be deemed to beneficially own constitutes 4.9% of the Shares outstanding.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 2. Citadel Securities LLC: 0 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 4. Mr. Griffin: 0
	(ii) Shared power to vote or to direct the vote: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 2,099,798 2. Citadel Securities LLC: 909,171 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 937,897 4. Mr. Griffin: 3,037,695
	(iii) Sole power to dispose or to direct the disposition of: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 2. Citadel Securities LLC: 0 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 4. Mr. Griffin: 0
	(iv) Shared power to dispose or to direct the disposition of: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 2,099,798 2. Citadel Securities LLC: 909,171 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 937,897 4. Mr. Griffin: 3,037,695
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Citadel Advisors LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	01/30/2026

Citadel Advisors Holdings LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	01/30/2026

Citadel GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	01/30/2026

Citadel Securities LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	01/30/2026

Citadel Securities Group LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	01/30/2026

Citadel Securities GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	01/30/2026

Kenneth Griffin

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, attorney-in-fact*
Date:	01/30/2026

Comments accompanying signature: * Seth Levy is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Advisors LLC on Schedule 13G for Allakos Inc. on October 13, 2023.

Exhibit Information

Exhibit 99.1 - Joint Filing Agreement

FAQ

What stake does Citadel report in Pliant Therapeutics (PLRX)?

Citadel-affiliated entities and Kenneth Griffin report beneficial ownership of 3,037,695 Pliant Therapeutics shares, representing 4.9% of the company’s common stock. This percentage is based on 61,449,385 shares outstanding as of November 1, 2025, per Pliant’s Form 10-Q.

Which Citadel entities are included in this Pliant Therapeutics Schedule 13G?

The filing is jointly made by Citadel Advisors LLC, Citadel Advisors Holdings LP, Citadel GP LLC, Citadel Securities LLC, Citadel Securities Group LP, Citadel Securities GP LLC, and Kenneth Griffin. These reporting persons disclose shared voting and dispositive power over Pliant Therapeutics common shares.

How many Pliant Therapeutics shares does each Citadel entity beneficially own?

Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC each may be deemed to beneficially own 2,099,798 shares. Citadel Securities LLC may be deemed to own 909,171 shares, while Citadel Securities Group LP and Citadel Securities GP LLC each may be deemed to own 937,897 shares.

What percentage of Pliant Therapeutics does Kenneth Griffin personally report?

Kenneth Griffin may be deemed to beneficially own 3,037,695 Pliant Therapeutics shares, representing 4.9% of the outstanding common stock. The filing notes he is President and Chief Executive Officer of Citadel GP LLC and owns a controlling interest in Citadel GP LLC and Citadel Securities GP LLC.

Is the Citadel position in Pliant Therapeutics intended to influence control?

The reporting persons certify the securities were not acquired and are not held for the purpose of changing or influencing control of Pliant Therapeutics. They also state the holdings are not in connection with any transaction having that purpose or effect, other than certain nomination-related activities.

When was the ownership event that triggered this Pliant Therapeutics 13G?

The date of the event requiring this Schedule 13G filing is January 23, 2026. The filing further explains that, except for the share count used for percentage calculations, holdings data are stated as of the opening of the market on January 30, 2026.