Pliant Therapeutics, Inc. (PLRX) Bundle
A Brief History of Pliant Therapeutics, Inc.
Pliant Therapeutics, Inc. has focused on developing therapies for fibrotic diseases. Established with a commitment to innovation, the company has made significant strides in its research and development efforts. However, it has faced challenges, particularly regarding financial performance and collaborations.
Financial Performance Overview
As of September 30, 2024, Pliant recorded a net loss of $57.8 million for the third quarter, compared to a net loss of $41.5 million for the same period in 2023. The total net loss for the nine months ended September 30, 2024, was $160.6 million, up from $120.2 million in the prior year.
| Period | Net Loss (in millions) |
|---|---|
| Q3 2024 | $57.8 |
| Q3 2023 | $41.5 |
| 9 Months 2024 | $160.6 |
| 9 Months 2023 | $120.2 |
Operating Expenses
For the nine months ending September 30, 2024, Pliant's total operating expenses were $175.0 million, which includes research and development (R&D) expenses of $130.5 million and general and administrative expenses of $44.5 million. This represents an increase in R&D expenses from $94.6 million in 2023.
| Expense Type | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Research and Development | $130.5 | $94.6 |
| General and Administrative | $44.5 | $44.1 |
| Total Operating Expenses | $175.0 | $138.7 |
Cash Position and Financial Health
As of September 30, 2024, Pliant had cash, cash equivalents, and short-term investments totaling $406.0 million. The company has an accumulated deficit of $660.3 million, indicating the ongoing financial challenges faced since its inception.
Collaboration Agreements
Pliant's revenue has primarily stemmed from its collaboration with Novartis, initiated in 2019. This agreement included an upfront license fee of $50 million for the development of PLN-1474. However, this collaboration was terminated in April 2023, leading to a significant decline in expected future revenues.
Research and Development Focus
Pliant is engaged in the development of several product candidates, with a notable focus on bexotegrast, currently in Phase 2b/3 trials for idiopathic pulmonary fibrosis (IPF). The company is investing heavily in R&D, with expected expenses to rise as they progress through clinical trials.
| Product Candidate | Stage | Focus Area |
|---|---|---|
| Bexotegrast | Phase 2b/3 | Idiopathic Pulmonary Fibrosis |
| PLN-101095 | Phase 1 | Solid Tumors |
| PLN-101325 | Preclinical | Muscular Dystrophies |
Debt Obligations
Pliant has also entered into loan agreements to fund its operations. As of September 30, 2024, the company had an outstanding principal amount of $30.0 million under its term loan agreements. The loans accrue interest at a floating rate, with substantial repayments due starting in 2028.
| Year | Debt Repayment (in millions) |
|---|---|
| 2028 | $20.0 |
| 2029 | $10.0 |
Pliant Therapeutics continues to navigate a challenging landscape as it seeks to advance its pipeline and achieve long-term financial stability. With a robust focus on R&D, the company aims to overcome its current financial hurdles and deliver innovative therapies to the market.
A Who Owns Pliant Therapeutics, Inc. (PLRX)
Ownership Structure
As of September 30, 2024, Pliant Therapeutics, Inc. (PLRX) had a total of 60,849,503 shares of common stock outstanding. The ownership is comprised of institutional investors, individual shareholders, and company insiders.
Major Shareholders
The following table summarizes the major shareholders of Pliant Therapeutics as of September 30, 2024:
| Shareholder | Type | Shares Owned | Ownership Percentage |
|---|---|---|---|
| BlackRock, Inc. | Institutional | 4,500,000 | 7.41% |
| Vanguard Group, Inc. | Institutional | 3,800,000 | 6.24% |
| State Street Corporation | Institutional | 3,200,000 | 5.26% |
| FMR LLC (Fidelity) | Institutional | 2,900,000 | 4.77% |
| Company Insiders (Total) | Insider | 2,000,000 | 3.29% |
Institutional Ownership
Institutional investors hold a significant portion of Pliant Therapeutics' shares. As of September 30, 2024, approximately 45% of the outstanding shares were held by institutional investors.
Insider Ownership
The total insider ownership includes shares held by executives and board members, accounting for roughly 3.29% of the total shares outstanding. This reflects the commitment of the management team to the company’s long-term success.
Recent Stock Performance
The stock price of Pliant Therapeutics has experienced fluctuations in the market. As of September 30, 2024, the stock was trading at approximately $6.00 per share, which reflects a decline compared to its previous highs. The company's market capitalization was approximately $365 million based on the outstanding shares.
Financial Overview
For the three months ended September 30, 2024, Pliant reported a net loss of $57.8 million. The total accumulated deficit as of September 30, 2024, stood at $660.3 million. Cash, cash equivalents, and short-term investments totaled $406 million, indicating a need for continued funding to sustain operations and research activities.
Stock-Based Compensation
The company has issued stock options and restricted stock units (RSUs) as part of its compensation strategy:
| Type | Outstanding Shares | Weighted Average Exercise Price | Vesting Period |
|---|---|---|---|
| Stock Options | 8,255,321 | $17.38 | 7.68 years |
| Restricted Stock Units | 951,127 | $24.25 | 3 years |
As of September 30, 2024, the company had $47.2 million of unrecognized compensation costs related to stock options, expected to be recognized over a weighted-average period of 2.6 years.
Future Outlook
Pliant Therapeutics is focused on advancing its clinical development programs and will require substantial capital to continue these efforts. The company plans to leverage its existing cash reserves and may seek additional funding through equity or debt financing as necessary.
Pliant Therapeutics, Inc. (PLRX) Mission Statement
Corporate Overview
Pliant Therapeutics, Inc. is a late-stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis. The company's mission is to deliver innovative medicines that significantly improve the lives of patients suffering from fibrotic diseases.
Core Mission Elements
- Focus on fibrosis treatment through integrin-mediated activation of TGF-β inhibition.
- Committed to advancing clinical development of product candidates.
- Devoted to research and development to discover new therapeutic options.
Financial Performance
As of September 30, 2024, Pliant Therapeutics reported significant financial metrics reflecting its ongoing investment in research and development:
| Financial Metric | Value (in thousands) |
|---|---|
| Net Loss (Q3 2024) | $57,763 |
| Net Loss (Q3 2023) | $41,487 |
| Net Loss (Nine Months Ended September 30, 2024) | $160,572 |
| Net Loss (Nine Months Ended September 30, 2023) | $120,227 |
| Cash, Cash Equivalents, and Short-term Investments | $406,000 |
| Accumulated Deficit | $660,320 |
| Total Stockholders’ Equity | $345,822 |
Research and Development Focus
Pliant Therapeutics concentrates its research efforts on several key product candidates:
- Bexotegrast (PLN-74809): An oral small molecule dual-selective inhibitor of αvβ6 and αvβ1 integrins.
- PLN-101095: A small molecule dual-selective inhibitor of integrins αvβ8 and αvβ1, currently in Phase 1 trials.
Operational Goals
The company aims to:
- Complete clinical trials for lead product candidates.
- Obtain regulatory approvals for new therapies.
- Expand its operational capabilities to support research and commercialization efforts.
Recent Developments
In January 2023, Pliant received FDA clearance for the investigational new drug application for PLN-101095, indicating progress in its clinical development pipeline.
Future Projections
Pliant anticipates continued net losses as it invests heavily in research and development, projecting a significant increase in operational expenses in the upcoming years to support its clinical trials and product development initiatives.
How Pliant Therapeutics, Inc. (PLRX) Works
Company Overview
Pliant Therapeutics, Inc. is a biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis and related diseases. The company's lead product candidate, bexotegrast (PLN-74809), is an oral, small molecule, dual selective inhibitor of αvβ6 and αvβ1 integrins. It is primarily being developed for idiopathic pulmonary fibrosis (IPF) and primary sclerosing cholangitis (PSC).
Financial Performance
As of September 30, 2024, Pliant Therapeutics reported a net loss of $57.8 million for the three months ended September 30, 2024, compared to a net loss of $41.5 million for the same period in 2023. For the nine months ended September 30, 2024, the net loss was $160.6 million, up from $120.2 million in the previous year. The accumulated deficit stood at $660.3 million.
| Period | Net Loss (in thousands) | Accumulated Deficit (in thousands) |
|---|---|---|
| Three Months Ended September 30, 2024 | $57,763 | $660,320 |
| Three Months Ended September 30, 2023 | $41,487 | $602,557 |
| Nine Months Ended September 30, 2024 | $160,572 | $660,320 |
| Nine Months Ended September 30, 2023 | $120,227 | $602,557 |
Revenue Streams
Pliant has not generated any revenue from product sales as of 2024. Previously, revenue was derived from a collaboration and license agreement with Novartis, which was terminated in April 2023. The company received an upfront payment of $50 million and an additional $29 million upon achieving specific milestones under this agreement.
Operating Expenses
Operating expenses for the three months ended September 30, 2024, totaled $62.0 million, compared to $47.7 million for the same period in 2023. For the nine months ended September 30, 2024, total operating expenses reached $175.0 million, up from $138.7 million in 2023. The primary components of these expenses are research and development (R&D) and general and administrative (G&A) costs.
| Expense Type | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Research and Development | $47,754 | $32,339 | $130,517 | $94,614 |
| General and Administrative | $14,260 | $15,346 | $44,528 | $44,074 |
| Total Operating Expenses | $62,014 | $47,685 | $175,045 | $138,688 |
Research and Development Focus
Pliant's R&D expenses increased significantly due to ongoing clinical trials. The BEACON-IPF trial, a Phase 2b/3 study of bexotegrast for IPF, is a major focus. The company has also initiated a Phase 1 trial for PLN-101095, aimed at treating solid tumors.
Cash Position and Future Outlook
As of September 30, 2024, Pliant Therapeutics reported cash, cash equivalents, and short-term investments totaling $406.0 million. The company anticipates that these funds will support its operations for the next 12 months while continuing to incur net losses.
| Cash Position (in thousands) | Amount |
|---|---|
| Cash, Cash Equivalents, and Short-Term Investments | $406,000 |
Stockholder Equity
As of September 30, 2024, Pliant Therapeutics had total stockholders’ equity of $345.8 million, with 60,849,503 shares outstanding.
| Component | Value (in thousands) |
|---|---|
| Total Stockholders’ Equity | $345,822 |
| Shares Outstanding | 60,849,503 |
Future Financing Needs
Pliant Therapeutics will require substantial additional funding to maintain its operations and support its clinical development programs. The company is exploring various options for financing, including potential collaborations and capital raises.
How Pliant Therapeutics, Inc. (PLRX) Makes Money
Revenue Sources
Pliant Therapeutics, Inc. has not generated revenue from product sales as of 2024. The company previously derived revenue from a Collaboration and License Agreement with Novartis, which included an upfront license fee payment of $50 million and milestone payments totaling $29 million. However, this agreement was terminated in February 2023, resulting in the cessation of milestone and royalty payments.
As of the three months ended September 30, 2024, Pliant reported no revenues, a decrease from $1.58 million in the same period of 2023. The termination of the Novartis Agreement has led to a significant impact on their revenue stream, and no new contracts have been established to replace this income.
Operating Expenses
Pliant's operating expenses are primarily composed of research and development (R&D) costs, which are expected to continue increasing as the company advances its clinical programs. For the three months ended September 30, 2024, total operating expenses were $62.01 million, up from $47.69 million in the same period of 2023. The breakdown of these expenses is as follows:
| Expense Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development | 47,754 | 32,339 | 15,415 |
| General and Administrative | 14,260 | 15,346 | (1,086) |
| Total Operating Expenses | 62,014 | 47,685 | 14,329 |
Research and Development Expenses
R&D expenses for the nine months ended September 30, 2024, reached $130.52 million, compared to $94.61 million for the same period in 2023. The increase is largely attributed to expenses related to the BEACON-IPF trial, a Phase 2b/3 study of bexotegrast in patients with idiopathic pulmonary fibrosis (IPF). The detailed components of R&D expenses for the nine months ending September 30, 2024 are as follows:
| R&D Expense Category | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Employee-related expenses | 37,068 | 35,119 | 1,949 |
| Outside and consulting services | 12,576 | 11,399 | 1,177 |
| Clinical trials expenses | 64,487 | 36,132 | 28,355 |
| Depreciation of lab equipment | 4,490 | 4,230 | 260 |
| Facilities and other allocated expenses | 11,889 | 7,666 | 4,223 |
| Technology and IP licenses | 7 | 68 | (61) |
| Total R&D Expenses | 130,517 | 94,614 | 35,903 |
Interest and Other Income
Pliant reported interest and other income (expense), net of $5.13 million for Q3 2024, a decrease compared to $6.52 million for Q3 2023. Interest expense increased to $877,000 for Q3 2024 from $317,000 in Q3 2023, reflecting additional borrowings under the Amended Loan Agreement.
Net Loss
The net loss for Pliant for the three months ended September 30, 2024, was $57.76 million, compared to a net loss of $41.49 million for the same period in 2023. For the nine months ended September 30, 2024, the net loss was $160.57 million, up from $120.23 million in the prior year.
Liquidity and Capital Resources
As of September 30, 2024, Pliant had cash, cash equivalents, and short-term investments totaling $406 million. The company has entered into an Amended Loan Agreement allowing for borrowings of up to $150 million, with a current outstanding balance of $30.14 million.
The following table summarizes Pliant's cash position and outstanding debt as of September 30, 2024:
| Category | Amount (in thousands) |
|---|---|
| Cash, Cash Equivalents, and Short-term Investments | 406,000 |
| Outstanding Debt | 30,139 |
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Resources:
- Pliant Therapeutics, Inc. (PLRX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Pliant Therapeutics, Inc. (PLRX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Pliant Therapeutics, Inc. (PLRX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.