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Mar 31
Pliant Therapeutics Q1 2025 Earnings Report
Pliant Therapeutics reported a net loss of $56.166 million for Q1 2025, with a basic and diluted net loss per share of $0.92. The company's total assets were $344.770 million.
Key Takeaways
Pliant Therapeutics, Inc. reported a net loss of $56.166 million for the three months ended March 31, 2025, compared to a net loss of $46.955 million for the same period in 2024. The loss from operations increased to $58.935 million from $52.392 million in the prior year. The company's cash and cash equivalents decreased to $91.936 million from $71.188 million at the end of 2024, and total assets were $344.770 million.
Net loss increased to $56.166 million in Q1 2025 from $46.955 million in Q1 2024.
Research and development expenses increased by $6.290 million, primarily due to close-out activities for BEACON-IPF and employee-related expenses.
The company discontinued the BEACON-IPF Phase 2b trial due to an imbalance in safety events, but topline data is still expected in Q2 2025.
The company announced a strategic workforce reduction of approximately 45% on May 1, 2025, expecting to recognize $3.6 million in severance and related benefits.
Pliant Therapeutics
Pliant Therapeutics
Forward Guidance
Pliant Therapeutics expects to continue incurring significant net losses for the foreseeable future due to ongoing research and development activities. The company anticipates a decrease in research and development expenses in the near term due to the discontinuation of the BEACON-IPF trial, with a re-prioritization of earlier-stage development programs. General and administrative expenses are expected to remain relatively consistent.
Positive Outlook
- Plans to analyze complete data from the BEACON-IPF trial to evaluate next steps for bexotegrast's development.
- Interim Phase 1 data from PLN-101095 and pembrolizumab demonstrated antitumor activity with confirmed partial responses.
- PLN-101325 is Phase 1-ready for muscular dystrophies and has received clinical trial approval in Australia.
- Strategic realignment of workforce and operations is underway to extend cash runway and support clinical trials.
- Existing cash, cash equivalents, and short-term investments are believed to be sufficient to fund anticipated operating expenses and capital expenditure requirements for the next 12 months and beyond.
Challenges Ahead
- Expects to continue to incur significant net losses for the foreseeable future.
- Will require substantial additional capital to fund operations, which may be difficult to obtain on acceptable terms.
- Discontinuation of the BEACON-IPF Phase 2b trial due to an imbalance in safety events.
- Future capital requirements and the period for which existing resources will support operations may vary significantly from expectations.
- The discontinuation of the BEACON-IPF trial may intensify the risk of being unable to access capital on favorable terms.