Pliant Therapeutics, Inc.

What they do

Pliant discovers and develops small molecule and biologic drugs that target integrins, proteins involved in cell signaling. Its lead oncology candidate, PLN-101095, is an oral dual selective inhibitor of alpha-v beta-8 and alpha-v beta-1 integrins being tested with pembrolizumab in immune checkpoint inhibitor-refractory solid tumors. The company also has a preclinical integrin-targeted drug-delivery platform aimed at delivering payloads such as siRNAs to tissues including skeletal muscle. It has no approved products and reported no revenue in 2024 or 2025.

Revenue drivers

• Product sales — No approved products; revenue was $0.00 in 2024 and 2025, so there is no commercial product revenue at present.
• PLN-101095 oncology program — Lead clinical asset in FORTIFY, a Phase 1a/1b trial that will enroll up to 102 patients across NSCLC, ccRCC and high tumor mutational burden cohorts; generates no revenue today.
• Integrin-targeted drug-delivery platform — Preclinical platform for delivering siRNAs to skeletal muscle and other tissues; proof-of-concept studies ongoing and no revenue contribution.
• Prior collaboration — Operations were previously financed partly by a collaboration with Novartis Institute for Biomedical Research, which is described as a prior collaboration with no currently reported revenue.

Recent performance

Second quarter 2026 research and development expenses were $16.7 million, compared to $32.2 million in the prior-year quarter, a decrease attributed to completing close-out of the BEACON-IPF bexotegrast study in 2025 and lower personnel costs. Net loss was $22.4 million for the three months and $42.4 million for the six months ended June 30, 2026, versus $43.3 million and $99.5 million in the comparable 2025 periods. Revenue in the most recent quarters reported through XBRL was $0.00. As of June 30, 2026, the company had $159.6 million in cash, cash equivalents, restricted cash and short-term investments, total assets of $189.9 million and total liabilities of $43.0 million.

Strategy

Pliant is prioritizing its oncology program, continuing enrollment in the FORTIFY Phase 1b expansion trial of PLN-101095 with interim data expected in 2027. It is also advancing a proprietary integrin-targeted drug-delivery platform focused initially on siRNAs for skeletal muscle and other tissues, with additional platform detail and initial treatment indications planned for the second half of 2026. The company appointed oncology drug development executives Flavia Borellini and Robert Iannone to its board, citing global oncology development and commercialization expertise. Bexotegrast close-out activities for the BEACON-IPF study were completed in 2025, reducing research and development spending. No revenue-generating product is described in the filings.

Risks

• No product revenue and recurring losses — The company had no revenue in 2024 or 2025 and an accumulated deficit of $859.4 million at December 31, 2025 and $901.8 million at June 30, 2026.
• Need for additional capital — Management states it expects to continue incurring significant losses and has historically financed operations through equity and debt financing and its prior Novartis collaboration.
• Clinical and regulatory uncertainty — PLN-101095 remains in Phase 1 development, and the filing notes risks tied to preclinical and clinical trial timing, enrollment and obtaining regulatory approvals.
• Drug pricing and healthcare reform — The 10-K describes IRA Medicare drug pricing negotiation, inflation rebates, the 2025 One Big Beautiful Bill Act orphan drug exclusion change, and most-favored-nation pricing initiatives that could increase pressure on drug pricing.

Outlook

Management points to interim data from the FORTIFY Phase 1b expansion trial of PLN-101095 expected in 2027, with enrollment described as progressing ahead of schedule. It plans to provide additional detail on the integrin-targeted drug-delivery platform, including initial treatment indications, in the second half of 2026. The company reports no revenue and expects continued significant losses, with no marketed products described in the filings.