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• Vertex Pharmaceuticals, but singularly focused on developing innovative therapies for fibrotic diseases (e.g., organ scarring).
• Imagine the R&D lab of a major pharmaceutical company like Pfizer or Merck, but as an independent biotech entirely dedicated to developing drugs for organ scarring diseases.

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• PLN-74809 (bekiradlimab): An investigational oral small-molecule designed to inhibit αvß6 and αvß1 integrins, currently in development for Idiopathic Pulmonary Fibrosis (IPF) and other fibrotic diseases.
• PLN-1474: An investigational oral small-molecule selective inhibitor of αvß1 integrin being developed for the treatment of Primary Sclerosing Cholangitis (PSC) associated with liver fibrosis.
• PLN-1010: A preclinical investigational oral small-molecule selective inhibitor of αvß8 integrin, targeting late-stage solid tumors characterized by high TGF-β activity.

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Pliant Therapeutics (PLRX) is a clinical-stage biotechnology company focused on developing therapies for fibrotic diseases. As such, it does not currently generate revenue from product sales to individuals. Its revenue primarily comes from collaboration agreements and grants.

Based on their public filings, the major entities contributing to Pliant Therapeutics' revenue through collaborations and grants are:

• Novartis Pharma AG: A major global pharmaceutical company, a subsidiary of Novartis AG (NYSE: NVS). Pliant Therapeutics has a collaboration and license agreement with Novartis Pharma AG.
• Cystic Fibrosis Foundation: A non-profit organization that funds research and development efforts for cystic fibrosis.

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Bernard Coulie, M.D., Ph.D. President and Chief Executive Officer

Dr. Bernard Coulie brings over 15 years of senior leadership and drug development expertise to Pliant Therapeutics, which he co-founded in 2016. He previously served as CEO, Chief Medical Officer, and Co-Founder of ActoGeniX, a company that was acquired by Intrexon Corporation in February 2015. At ActoGeniX, Dr. Coulie was instrumental in advancing its technology platform through Phase 2 studies. Prior to that, he held various roles in drug discovery and clinical development at Johnson & Johnson Pharmaceutical Research and Development Europe, where he was a Therapeutic Area Leader for Internal Medicine. Dr. Coulie began his career as a Staff Physician at Mayo Clinic and also served as an Assistant Professor at Mayo Medical School.

Keith Cummings, M.D., MBA Chief Financial Officer

Dr. Keith Cummings has nearly 15 years of experience in healthcare and financial services. He joined Pliant Therapeutics in December 2018 from Citigroup Global Markets, where he was a Director in the Investment Banking Healthcare Group, focusing on West Coast small- and mid-cap life sciences companies. At Citigroup, Dr. Cummings specialized in public and private capital raising and mergers and acquisitions (M&A) transactions for leading life sciences companies. Before his time at Citigroup, he worked in the Investment Banking Division at Lehman Brothers and Barclays in New York. Dr. Cummings holds an M.D. from Duke University School of Medicine and an MBA from the Fuqua School of Business.

Éric Lefebvre, M.D. Chief Medical Officer

As Chief Medical Officer, Dr. Éric Lefebvre is responsible for Pliant's clinical development strategy. Before joining Pliant, Dr. Lefebvre was the Head of Clinical Research and Development for non-alcoholic steatohepatitis (NASH) at Allergan, where he advanced cenicriviroc into Phase 3 trials. He previously served as Chief Medical Officer at Tobira Therapeutics, a company focused on liver disease, inflammation, fibrosis, and HIV therapies, which was acquired by Allergan in 2016. Dr. Lefebvre also spent a decade at Janssen Pharmaceuticals, leading global clinical development, global medical affairs, and commercialization for HIV and hepatitis C treatments.

Delphine Imbert, Ph.D. Chief Technical Officer

Dr. Delphine Imbert is the Chief Technical Officer at Pliant Therapeutics, Inc. In this role, she leads the company's technical operations and strategy, overseeing key aspects of drug development and manufacturing, including process development, analytical sciences, and formulation.

S. Mishima Gerhart Chief Regulatory Officer

S. Mishima Gerhart serves as the Chief Regulatory Officer at Pliant Therapeutics.

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The key risks to Pliant Therapeutics (PLRX) are primarily concentrated around its clinical development pipeline, financial viability, and the inherent challenges within the biotechnology sector.

1. Clinical Trial Failures and Product Development Risk

   The most significant risk to Pliant Therapeutics is the inherent uncertainty and high failure rate associated with clinical trials and drug development. This was prominently highlighted by the discontinuation of the BEACON-IPF Phase 2b/3 clinical trial for bexotegrast, its lead product candidate for idiopathic pulmonary fibrosis (IPF). The trial was terminated due to an unfavorable risk-benefit profile, with bexotegrast-treated patients showing an increased risk of IPF disease progression, respiratory-related hospitalization, and mortality. This setback led to a substantial drop in the company's stock price and analyst downgrades, underscoring the critical dependence of biopharmaceutical companies on the successful development and regulatory approval of their drug candidates.

2. Financial Position and Need for Additional Capital

   Pliant Therapeutics is currently operating without significant revenue and has been incurring ongoing net losses. The company is unprofitable and is not projected to achieve profitability within the next three years. While Pliant Therapeutics reported a healthy cash position, it is actively burning through its cash reserves due to extensive research and development expenses. The discontinuation of the bexotegrast trial, a significant investment, further exacerbates the need for additional financing to fund its remaining pipeline programs and ongoing operations. The ability to raise future capital is critical for the company's long-term sustainability and continued drug development.

3. Concentrated Pipeline and Intense Competition

   With the discontinuation of bexotegrast for IPF, Pliant's pipeline becomes more concentrated on its remaining candidates, such as PLN-1474 (for liver fibrosis associated with NASH, partnered with Novartis) and PLN-101095 (for solid tumors). The success of these few remaining programs is paramount for the company's future. Furthermore, Pliant Therapeutics operates in a highly competitive biopharmaceutical industry, facing numerous companies that may discover, develop, or commercialize products more successfully or earlier than Pliant.

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The progression of Bristol Myers Squibb’s (BMS) investigational therapy BMS-986020 for Idiopathic Pulmonary Fibrosis (IPF) represents a clear emerging threat. BMS-986020, an LPA1 receptor antagonist, is currently in Phase 3 clinical trials (AURORA-1 and AURORA-2) for IPF. It has previously demonstrated positive results in its Phase 2 trial, showing a reduction in the rate of decline of forced vital capacity (FVC) with a favorable safety profile. Given that Pliant Therapeutics' lead asset, bemaritug (PLN-74809), is also an investigational therapy for IPF, but currently in Phase 2b, the potential market entry of a highly effective and well-tolerated late-stage competitor like BMS-986020 could significantly limit bemaritug's future market share and commercial potential by setting a new standard of care ahead of Pliant's drug reaching the market.

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Pliant Therapeutics (PLRX) is a clinical-stage biopharmaceutical company focusing on treatments for fibrotic diseases and solid tumors. The company's pipeline includes several investigational therapies; however, the development of bexotegrast for Idiopathic Pulmonary Fibrosis (IPF) was discontinued in August 2025 due to an unfavorable risk-benefit profile. The addressable market sizes for their main product candidates in development are as follows:

• Bexotegrast (PLN-74809) for Primary Sclerosing Cholangitis (PSC): The global primary sclerosing cholangitis market was valued at approximately USD 174.9 million in 2024 and is projected to reach USD 370.8 million by 2033, exhibiting a compound annual growth rate (CAGR) of 7.8% from 2025 to 2033. Another estimate indicates the global PSC market size was approximately USD 800 million in 2019 and is projected to reach approximately USD 3.6 billion by 2032, with a CAGR of 12%. The 7 major markets (7MM) for primary sclerosing cholangitis, which include the United States, EU4 (Italy, Spain, France, and Germany), the United Kingdom, and Japan, reached USD 111.9 million in 2024 and are expected to reach USD 207.3 million by 2035, growing at a CAGR of 5.76% from 2025 to 2035. The United States alone accounts for approximately 30,000 diagnosed prevalent cases of PSC in 2022.
• PLN-1474 for NASH (Non-alcoholic Steatohepatitis) with Liver Fibrosis: No specific addressable market size for PLN-1474 for NASH with liver fibrosis was identified in the provided search results.
• PLN-101095 for Solid Tumors: No specific addressable market size for PLN-101095 for solid tumors was identified in the provided search results.
• PLN-101325 for Muscular Dystrophies: No specific addressable market size for PLN-101325 for muscular dystrophies was identified in the provided search results.

Given the information found, the market sizes for PLN-1474, PLN-101095, and PLN-101325 could not be identified.

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Expected Drivers of Future Revenue Growth for Pliant Therapeutics (PLRX)

• Advancement and Potential Market Approval of Bexotegrast for Primary Sclerosing Cholangitis (PSC): Pliant Therapeutics is progressing with the development of bexotegrast, an oral, small-molecule, dual selective inhibitor, for the treatment of primary sclerosing cholangitis (PSC), a chronic liver disease. The company has aligned with the U.S. Food and Drug Administration (FDA) on a 52-week Phase 2b study utilizing non-invasive endpoints. Earlier 24-week Phase 2a data showed promising results, including improvements in liver stiffness and a statistically significant reduction in alkaline phosphatase (ALP). Successful progression through clinical trials and eventual market approval would represent a significant new product launch and a key driver of future revenue.
• Progression and Potential Launch of PLN-101095 for Solid Tumors: The company is advancing its Phase 1 oncology trial for PLN-101095, an oral, small molecule, dual selective inhibitor designed to block TGF-β activation in the tumor microenvironment. The trial is actively enrolling patients in multiple cohorts, and preliminary data was anticipated in late 2024 or early 2025, with interim data expected in the first quarter of 2025. Positive data and subsequent progression into later-stage trials could lead to a new product launch in the oncology market, driving future revenue growth.
• Expansion of the Pipeline and New Product Candidates for Fibrotic Diseases: Pliant Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of novel therapeutics for fibrotic diseases. While specific timelines for additional new candidates reaching market within 2-3 years are not detailed, the company's core strategy involves continually advancing its pipeline. The ongoing research and development efforts, and the potential to bring additional new compounds or expanded indications for existing compounds (such as PLN-101325 for applications beyond muscular dystrophies) to market, form the fundamental basis for generating future revenue as the company currently reports minimal to zero revenue.

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• Pliant Therapeutics completed its Initial Public Offering (IPO) in June 2020, issuing 10,350,000 shares of common stock at $16.00 per share, which generated approximately $165.6 million in gross proceeds.
• In conjunction with the IPO, Pliant sold an additional 625,000 shares of common stock in a private placement at $16.00 per share to Novartis Institutes for BioMedical Research, Inc.
• The company established a 2020 Employee Stock Purchase Plan (ESPP) in June 2020, with the number of reserved shares automatically increasing annually.

• In March 2020, Pliant Therapeutics secured $100 million in a Series C financing round, with Novartis leading the investment, alongside new investors including Redmile Group, Farallon Capital Management, Cormorant Asset Management, Surveyor Capital (a Citadel company), and Logos Capital.
• Pliant has raised a total of $207 million in funding across three rounds.

• Pliant Therapeutics has not made any investments or acquisitions to date.

• Pliant Therapeutics' loan agreement with Oxford Finance imposes restrictions on its ability to make certain investments, acquisitions, and capital expenditures.
• The company's primary capital allocation has been directed towards funding research and development programs, evidenced by significant net losses since inception.
• In October 2025, Pliant completed a voluntary prepayment of all outstanding principal and associated costs under its loan agreement with Oxford Finance LLC, strengthening its financial position.