Pliant Therapeutics Reports $210.3 Million Net Loss and Nil Revenue for 2024

Pliant Therapeutics, Inc. reported a net loss of $210.3 million for the year ended December 31, 2024, compared to a net loss of $161.3 million in 2023. Revenue was nil for 2024, a decrease of $1.6 million from the $1.6 million in revenue generated in 2023. The decrease in revenue is attributed to the termination of the Collaboration and License Agreement with Novartis in February 2023, which ended the eligibility for milestone and royalty payments. Research and development expenses increased by $41.5 million to $169.3 million in 2024, primarily due to the BEACON-IPF Phase 2b/3 clinical trial and related manufacturing activities. General and administrative expenses increased by $1.1 million to $59.1 million.

A significant development during the year was the discontinuation of the BEACON-IPF Phase 2b trial in March 2025, following recommendations from an independent data safety monitoring board and an external expert panel due to an imbalance in unadjudicated IPF-related adverse events. Despite the discontinuation, early evidence of efficacy on the forced vital capacity endpoint was observed. Pliant plans to analyze the complete data and determine next steps for bexotegrast's development. The company also appointed Delphine Imbert, Ph.D., as Chief Technical Officer in 2024. As of December 31, 2024, Pliant had 171 full-time employees, including 51 with Ph.D. or M.D. degrees.

Pliant's Phase 1 trial of PLN-101095 in solid tumors is ongoing, with interim data expected in the first quarter of 2025. The company's Phase 1-ready program, PLN-101325, for the treatment of muscular dystrophies, received clinical trial approval in Australia. Global rights to PLN-1474, previously licensed to Novartis, were returned to Pliant in 2023 following termination of the collaboration agreement. As of December 31, 2024, the company held $357.2 million in cash, cash equivalents, restricted cash, and short-term investments.

The company's financial position is largely dependent on securing additional funding to support its operations. While existing resources are projected to fund operations for the next 12 months, future capital requirements remain uncertain and depend on various factors, including clinical trial outcomes, regulatory approvals, and commercialization efforts. Pliant anticipates continuing to incur significant losses for the foreseeable future. The company's cash flow from operating activities was negative, primarily due to increased spending on research and development. Cash flow from investing activities was positive due to maturities of marketable securities exceeding purchases, while cash flow from financing activities decreased due to lower proceeds from equity offerings compared to the previous year.

Pliant's outlook is contingent upon the successful completion of ongoing clinical trials, regulatory approvals, and the commercialization of its product candidates. The company acknowledges significant risks associated with its business, including the inherent uncertainties of drug development, competition, and the need for substantial additional funding. The company's financial statements and accompanying notes provide further details on its financial performance, accounting policies, and risk factors.