PLRXNasdaqPharmaceutical PreparationsUS GAAP · USD

Pliant Therapeutics, Inc

Pliant Therapeutics is a U.S.-based clinical-stage biopharmaceutical company focused on discovering and developing integrin-based therapeutics. Its pipeline centers on oral and antibody drug candidates that modulate integrin biology and TGF-β signaling for oncology, fibrosis, and other disease areas.

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Revenue0.0m USD
Operating profit (EBIT)-156m USD
+31.5 %y/y
Net income-149m USD
+29.0 %y/y
Free cash flow-129m USD
+19.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-300-200-1000100m USD2020: 42 m USD2020: EBIT -42 m USD20202021: 7.6 m USD2021: EBIT -98 m USD20212022: 9.7 m USD2022: EBIT -127 m USD20222023: 1.6 m USD2023: EBIT -184 m USD20232024: 0.00 m USD2024: EBIT -228 m USD20242025: 0.00 m USD2025: EBIT -156 m USD20250.00-156
RevenueOperating profit (EBIT)

Business

Share of revenue
Oncology clinical candidate45 %

Includes PLN-101095 and related development work in solid tumors resistant to immune checkpoint inhibitors.

Fibrosis and inflammatory disease programs25 %

Includes bexotegrast and other integrin-targeted programs aimed at fibrotic and inflammatory indications.

Neuromuscular disease programs15 %

Includes PLN-101325, a monoclonal antibody program for muscular dystrophies.

Discovery platform and enabling technology15 %

Includes the integrin-binding library, screening assays, and translational tools used to generate new candidates.

Customers

Pliant does not sell commercial products today; its primary counterparties are clinical trial sites, contract research organizations, contract manufacturers, and development collaborators. If approved, its future customers would include physicians, hospitals, specialty pharmacies, and third-party payors in oncology and other specialty-care settings.

Clinical development partners

CROs, clinical sites, and CMOs that execute trials, supply materials, and support regulatory development.

Pharmaceutical collaboration partners

Biopharma partners that may help develop or commercialize programs in larger indications or outside North America.

Future oncology prescribers and payors

Oncologists, hospitals, and third-party payors that would determine uptake of PLN-101095 if approved.

Future specialty disease prescribers

Specialists treating fibrotic or neuromuscular diseases that could adopt approved pipeline therapies.

Strategy

Pliant’s strategy is to advance integrin-based drug candidates through early clinical development and use its platform to generate additional programs. It also seeks selective partnerships for larger indications and non-North American geographies, while expanding into adjacent areas such as immunology, inflammation, and oncology.

Advance PLN-101095 in solid tumorsShort term

This is the lead clinical asset and the main path to value creation.

Leverage the integrin discovery platformMedium term

The proprietary library and assays can generate multiple follow-on candidates.

Partner selectively for larger or ex-North America opportunitiesMedium term

Partnerships can add commercial and development capabilities where internal reach is limited.

Geography

Pliant is headquartered in the United States and conducts its research and development from U.S.-based operations. Its disclosures also indicate interest in partnering for geographies outside North America, while clinical development may extend to sites in other countries such as Australia.

Risks

Pliant’s business depends on successful clinical development, regulatory approval, and eventual market acceptance of highly uncertain product candidates. It also faces financing, CRO/supply-chain, competition, and healthcare-regulatory risks that are typical for clinical-stage biopharma and can materially delay or prevent commercialization.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure1Regulatory and reimbursement risk2Competitive pressure3Third-party execution and supply risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: CriticalLikelihood: High

    Lead programs are still in early trials and may not show sufficient efficacy or safety.

    ExposurePLN-101095PLN-101325Other pipeline assets
  2. Regulatory and reimbursement riskImpact: HighLikelihood: High

    Approval, pricing, coverage, and anti-kickback rules can block or limit commercialization.

    Exposure: U.S. and ex-U.S. healthcare markets

  3. Competitive pressureImpact: HighLikelihood: Medium

    Larger biopharma and biotech peers may reach approval faster or with better data.

    ExposureTGF-βIntegrinOncologyFibrosis programs
  4. Third-party execution and supply riskImpact: HighLikelihood: Medium

    Trials depend on CROs, CMOs, and external suppliers for study execution and materials.

    Exposure: Clinical operations and combination therapy supply

  5. Capital and dilution riskImpact: High

    The company has no commercial product revenue and must fund long-duration R&D.

    ExposureOngoing trial spendManufacturingCorporate overhead

Accounting

Judgemental items
Research and development expense timing

Clinical and preclinical costs are recognized as incurred, so trial cadence drives reported expense.

Impact: Quarterly operating loss volatility

Stock-based compensation

Employee and director equity awards are a recurring non-cash expense for a development-stage company.

Impact: Reported operating expenses and loss per share

Operating lease accounting

The company has a non-cancelable office and laboratory lease through 2031.

Impact: Lease liabilities and fixed cash commitments

Clinical development estimates

Accruals for CROs, CMOs, and trial services depend on estimates of work performed.

Impact: Accrued liabilities and period expense recognition

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Last updated: 24/09/2026