PLRX Gains Major Holder as Morgan Stanley Files Passive 13G

Rhea-AI Filing Summary

Morgan Stanley has filed a Schedule 13G revealing ownership of 3,737,335 Pliant Therapeutics (PLRX) common shares as of 30 Jun 2025. The stake equals 6.1 % of outstanding stock, obligating disclosure under the 5 % threshold. All voting and dispositive authority is reported as shared; the bank holds zero sole voting or disposal power, implying the position is spread across affiliated units.

The form was submitted under Rule 13d-1(b), indicating a passive investment rather than an activist intent. Morgan Stanley is classified as a “HC, CO” (parent holding company/control person). The firm certifies the shares were acquired in the ordinary course of business and not to influence control of the issuer. No other group members, transactions, or financial metrics are disclosed.

This filing adds a notable institutional holder to PLRX’s register, potentially boosting liquidity and visibility but contains no information on company fundamentals or strategy changes.

Positive

• Institutional validation: Morgan Stanley now holds 6.1 % of PLRX, adding a high-profile shareholder and potentially improving stock liquidity and visibility.

Negative

• None.

Insights

Securities Analyst

TL;DR – Morgan Stanley’s 6.1 % passive stake increases PLRX’s institutional ownership and may enhance trading liquidity.

The 13G shows that Morgan Stanley now controls 3.74 million PLRX shares, crossing the 5 % reporting threshold. Because the filing is passive (Rule 13d-1(b)), no activist campaign or strategic influence is implied. Institutional accumulation by a global bank can attract additional buy-side attention, especially for a biotech with limited coverage. While the disclosure is positive for sentiment and liquidity, it does not alter the issuer’s fundamentals or provide valuation metrics. Impact: modestly positive.

Corporate Governance Expert

TL;DR – Passive 13G limits governance impact; adds monitoring by a major financial institution.

The absence of sole voting power and the HC, CO classification confirm Morgan Stanley is not seeking control or board influence. From a governance standpoint, increased oversight by a sophisticated holder can promote best practices but carries no immediate governance pressure. No group formation or coordinating shareholders are disclosed, reducing change-of-control risk. Overall governance impact is neutral-to-positive.

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

(Title of Class of Securities)

729139105

(CUSIP Number)

06/30/2025

(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

Morgan Stanley

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 3,737,335.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,737,335.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,737,335.00

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)

6.1 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PLIANT THERAPEUTICS, INC
(b)	Address of issuer's principal executive offices: 331 OYSTER POINT BOULEVARD, SOUTH SAN FRANCISCO, CA, 94080
Item 2.
(a)	Name of person filing: Morgan Stanley
(b)	Address or principal business office or, if none, residence: 1585 Broadway, New York, NY 10036
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(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: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 6.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	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 acquired and are held in the ordinary course of business and 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. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

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.

Morgan Stanley

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	08/06/2025

FAQ

How many Pliant Therapeutics (PLRX) shares does Morgan Stanley own?

The Schedule 13G lists 3,737,335 common shares under Morgan Stanley's shared voting and dispositive power.

What percentage of PLRX’s outstanding stock does the stake represent?

Morgan Stanley’s position equals 6.1 % of Pliant Therapeutics’ outstanding common shares.

Is Morgan Stanley an activist investor in PLRX?

No. The filing was made under Rule 13d-1(b), indicating a passive investment with no intent to influence control.

Does Morgan Stanley have sole voting power over the PLRX shares?

No. The bank reports 0 sole voting or dispositive power; all authority is shared across its affiliates.

When was the ownership position effective and when was the filing signed?

The ownership date is 30 Jun 2025; the certification was signed on 06 Aug 2025.