Pliant Therapeutics, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Pliant Therapeutics, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial position and operational updates.</b>

AI Summary

PLIANT THERAPEUTICS, INC. (PLRX) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Pliant Therapeutics, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business address is 260 Littlefield Avenue, South San Francisco, CA 94080. The company's fiscal year ends on December 31st. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking PLIANT THERAPEUTICS, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational status of Pliant Therapeutics, Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential future performance in the pharmaceutical sector.

Risk Assessment

Risk Level: low — PLIANT THERAPEUTICS, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments based on the provided header information.

Analyst Insight

Review the detailed financial statements and management discussion within the full 10-Q filing to understand Pliant Therapeutics' performance and outlook.

Key Numbers

• 20240331 — Period of Report (CONFORMED PERIOD OF REPORT)
• 20240506 — Filed As Of Date (FILED AS OF DATE)
• 12/31 — Fiscal Year End (FISCAL YEAR END)
• 2024 Q1 — Reporting Quarter (Reporting Quarter)

Key Players & Entities

• PLIANT THERAPEUTICS, INC. (company) — FILER
• 260 LITTLEFIELD AVENUE (address) — BUSINESS ADDRESS
• SOUTH SAN FRANCISCO (location) — BUSINESS ADDRESS CITY
• CA (state) — BUSINESS ADDRESS STATE
• 94080 (zip_code) — BUSINESS ADDRESS ZIP
• 650-481-6770 (phone_number) — BUSINESS PHONE
• 001-39303 (sec_file_number) — SEC FILE NUMBER
• 20240331 (date) — CONFORMED PERIOD OF REPORT

FAQ

Industry Context

Pliant Therapeutics, Inc. operates in the pharmaceutical preparations industry, focusing on the development of novel therapeutics.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, expenses, and net income for Q1 2024.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into business performance.
3. Examine any disclosed risk factors or legal proceedings that may impact the company.

Key Dates

• 2024-03-31: Period End Date — End of the first fiscal quarter of 2024.
• 2024-05-06: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following the 10-K annual report filed previously.

Key Financial Figures

• $0.0001 — ich Registered Common Stock, par value $0.0001 per share PLRX The Nasdaq Stock Market

Filing Documents

• plrx-20240331.htm (10-Q) — 1134KB
• plrxrestatedloanagreement-.htm (EX-10.3) — 624KB
• plrx-20240331xex311.htm (EX-31.1) — 10KB
• plrx-20240331xex312.htm (EX-31.2) — 10KB
• plrx-20240331xex321.htm (EX-32.1) — 7KB
• 0001746473-24-000076.txt (&nbsp;) — 6814KB
• plrx-20240331.xsd (EX-101.SCH) — 51KB
• plrx-20240331_cal.xml (EX-101.CAL) — 57KB
• plrx-20240331_def.xml (EX-101.DEF) — 244KB
• plrx-20240331_lab.xml (EX-101.LAB) — 590KB
• plrx-20240331_pre.xml (EX-101.PRE) — 445KB
• plrx-20240331_htm.xml (XML) — 606KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II. OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 71 Item 3. Defaults Upon Senior Securities 71 Item 4. Mine Safety Disclosures 71 Item 5. Other Information 71 Item 6. Exhibits 72

Signatures

Signatures 73 2 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, or this Report, contains forward-looking statements that involve risks, uncertainties, and assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The statements contained in this Report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements are often identified by the use of words such as, but not limited to, "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements in this Report include, but are not limited to, statements about: Our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; The success, cost and timing of our product development activities and clinical trials of our lead product candidate, bexotegrast (PLN-74809), including our expectations that the implementation of BEACON-IPF as a pivotal adaptive Phase 2b/3 trial design will significantly shorten bexotegrast's late-stage development compared to standalone Phase 2b and Phase 3 trials, and our other product candidates; Our plans to initiate, recruit and enroll patients in, and conduct our clinical trials at the pace that we project; Our plans and strategy to obtain and maintain regulatory approvals of our product candidates; Our plans and strategy to obtain funding

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Condensed Financial Statements

Item 1. Condensed Financial Statements. Pliant Therapeutics, Inc. Condensed Balance Sheets (Unaudited) (In thousands, except number of shares and per share amounts) March 31, 2024 *December 31, 2023 Assets Current assets Cash and cash equivalents $ 114,297 $ 63,234 Short-term investments 368,092 431,011 Prepaid expenses and other current assets (Note 5) 7,509 11,257 Total current assets 489,898 505,502 Property and equipment, net 5,605 3,567 Operating lease right-of-use assets (Note 14) 24,228 1,211 Restricted cash 1,482 1,482 Other non-current assets 392 392 Total assets $ 521,605 $ 512,154 Liabilities and stockholders' equity Current liabilities Accounts payable $ 7,327 $ 4,531 Accrued research and development 16,423 12,456 Accrued liabilities (Note 6) 5,868 10,219 Operating lease liabilities, current (Note 14) 773 1,318 Total current liabilities 30,391 28,524 Operating lease liabilities, non-current (Note 14) 23,880 — Long-term debt (Note 7) 30,002 10,054 Total liabilities 84,273 38,578 Commitments and Contingencies (Note 13) Stockholders' equity Preferred stock, $ 0.0001 par value per share; 10,000,000 shares authorized at March 31, 2024 and December 31, 2023, and none issued or outstanding at March 31, 2024 and December 31, 2023 (Note 9) — — Common stock, $ 0.0001 par value per share; 300,000,000 shares authorized at March 31, 2024 and December 31, 2023; and 60,318,542 and 59,921,002 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively; (Note 10) 6 6 Additional paid-in capital 984,518 972,973 Accumulated deficit ( 546,703 ) ( 499,748 ) Accumulated other comprehensive (loss) gain ( 489 ) 345 Total stockholders' equity 437,332 473,576 Total liabilities and stockholders' equity $ 521,605 $ 512,154 * The condensed balance sheet as of December 31, 2023 has been derived from the audited financial statements as of that date . The accompanying notes are an integral part of these condensed financia

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View this 10-Q filing on SEC EDGAR