10-Q · May 11, 2026
Pliant Therapeutics reported a significant reduction in net loss for Q1 2026 at $20 million, down from $56.2 million in the same quarter last year, reflecting better cost management particularly in R&D expenses, which…
Earnings analysis · 10-Q
PLRX earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Pliant remains an early-stage biotechnology company with no disclosed revenue, gross margin, operating margin or current-quarter EPS in the supplied filing text. Although quarterly and six-month net losses improved to…
Read full summary
Pliant remains an early-stage biotechnology company with no disclosed revenue, gross margin, operating margin or current-quarter EPS in the supplied filing text. Although quarterly and six-month net losses improved to $22.4 million and $42.4 million from $43.3 million and $99.5 million in the comparable 2025 periods, the company reported an accumulated deficit of $901.8 million and expects to require additional capital for clinical development. Liquidity was $159.6 million as of June 30, 2026, which management expects to support operations for the next 12 months and beyond, but the newly emphasized WuXi/BIOSECURE supply-chain exposure adds execution risk.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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$159.6M Cash Runway
Cash, cash equivalents, restricted cash and short-term investments totaled $159.6 million as of June 30, 2026. Management expects this balance to fund anticipated operating expenses and capital expenditures for the next 12 months and beyond.
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Losses Improved Year Over Year
Net loss was $22.4 million for the three months ended June 30, 2026, compared with $43.3 million in the prior-year quarter; six-month net loss was $42.4 million versus $99.5 million in the prior-year period.
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Effective Disclosure Controls
Management concluded that disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2026, with no changes in internal controls during the quarter that materially affected or were reasonably likely to materially affect financial reporting.
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Limited Investment Rate Exposure
The investment portfolio totaled $159.6 million and consisted of bank deposits, money market funds and short-term securities; management states that an immediate 100-basis-point interest-rate change would not materially affect fair value.
What to watch
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WuXi/BIOSECURE Supply-Chain Risk
The filing states that WuXi was added to the Department of Defense's Section 1260H list in June 2026 and is expected to be included on the OMB's initial biotechnology companies of concern list due no later than December 2026. A required supplier transition could involve significant cost, operational complexity and delays, although a 5-year grace period may apply.
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Ongoing Losses and Financing Need
The company reported a $22.4 million quarterly net loss, a $42.4 million six-month net loss and an accumulated deficit of $901.8 million as of June 30, 2026. Management says additional capital will be required to complete clinical development of PLN-101095 and other programs.
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Capital Access and Dilution Risk
The filing states that existing resources are expected to fund operations for the next 12 months and beyond, but future capital requirements may vary significantly and additional funding may not be available on acceptable terms or at all. The company also has an at-the-market facility allowing up to $50.0 million of common stock sales under the Leerink Sales Agreement.
Management's outlook
No quantitative revenue or EPS guidance was provided in the filing. Management states existing cash, cash equivalents and short-term investments are expected to fund anticipated operating expenses and capital expenditures for the next 12 months and beyond, but additional capital will be required to complete clinical development of PLN-101095 and other programs.
Earlier filings 4
10-K · March 3, 2025
Pliant Therapeutics (PLRX) is a late‑stage fibrosis-focused biotech whose lead small‑molecule bexotegrast program produced positive Phase 2a INTEGRIS data (320 mg showed durable FVC benefit and at Week 24 reduced FVC…
10-Q · August 7, 2024
Pliant reported no revenue for the quarter (Revenue $—) and a widening net loss of $55,854 thousand (net loss per share $(0.92)) for the three months ended June 30, 2024, versus a net loss of $41,192 thousand ($(0.70)…
10-K · February 27, 2024
Pliant Therapeutics’ 2023 Form 10-K emphasizes clinical progress: positive Phase 2a data for bexotegrast in IPF and PSC (notably the 320 mg IPF cohort) and ongoing Phase 2b BEACON‑IPF (~270 patients). The company…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.