The EPS beat and cash runway extension are positive, but the stock's trajectory depends entirely on PLN-101095 clinical data. Interim FORTIFY data expected in 2027 — no near-term catalysts. Monitor for any partnership or financing announcements given the $76M market cap and $172.4M cash position.
Price Chart
Executive Summary
Pliant Therapeutics reported Q1 2026 results with a net loss of $20.0M ($0.32/share), narrower than the $56.2M loss in Q1 2025, driven by lower R&D and G&A expenses after terminating the BEACON-IPF trial. The company dosed the first patient in the FORTIFY Phase 1b trial of PLN-101095 and presented encouraging updated Phase 1 data at AACR. Cash runway extends into H2 2028, but the stock remains a binary event-driven name with no approved products or revenue.
Key Financial Metrics
Key Facts
- Net loss of $20.0M in Q1 2026 vs $56.2M in Q1 2025, a 64% improvement
- EPS of -$0.32 vs consensus estimate of -$0.36 — a 11.1% beat
- Cash, cash equivalents and short-term investments of $172.4M as of March 31, 2026, sufficient into H2 2028
- First patient dosed in FORTIFY Phase 1b trial of PLN-101095 in April 2026
- Updated Phase 1 data at AACR showed deepening confirmed responses in ICI-refractory tumors
- No revenue reported — pre-revenue clinical-stage biotech
- R&D expenses fell to $13.6M from $43.4M YoY due to BEACON-IPF close-out and headcount reduction
Financial Impact
Net loss improved by $36.2M YoY to $20.0M; EPS beat consensus by $0.04
Risk Factors
- No approved products or revenue — entirely dependent on clinical trial success
- PLN-101095 is in early-stage trials (Phase 1b) with interim data not expected until 2027
- Cash burn rate: $20M/quarter implies ~2.2 years of runway, but no revenue to offset
- Historical insider selling pattern (prior cluster filings) may indicate management caution
- Only 9% analyst bullish rating — Street is skeptical
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001746473-26-000088 |
| Document: plrx-20260511.htm | 0001746473-26-000088 |
| Document: 0001746473-26-000088-index-headers.html | 0001746473-26-000088 |
| Document: 0001746473-26-000088-index.html | 0001746473-26-000088 |
| Document: 0001746473-26-000088.txt | 0001746473-26-000088 |
| 8-K Data (Synthetic) | 0001746473-26-000088 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 18, 2026 6w ago | Press Release | $1.15 $1.15 | ▼ −0.43% | ▲ +0.55% | $1.03 (−10.43%) |
May 11, 2026 20w ago | 8-K | $1.18 $1.16 | ▼ −1.69% | ▲ +0.03% | $1.03 (−12.71%) |
May 11, 2026 20w ago | Press Release | $1.18 $1.16 | ▲ +1.69% | ▼ −0.03% | $1.03 (+12.71%) |
Apr 17, 2026 23w ago | 8-K | $1.29 $1.18 | ▼ −8.53% | ▼ −12.73% | $1.03 (−20.16%) |
Apr 7, 2026 25w ago | EFFECT | $1.31 $1.19 | ▼ −9.16% | ▼ −18.94% | $1.03 (−21.37%) |
Mar 11, 2026 29w ago | 8-K | $1.41 $1.28 | ▼ −9.22% | ▼ −11.19% | $1.03 (−26.95%) |
Mar 3, 2026 30w ago | 8-K | $1.29 $1.32 | ▲ +2.33% | ▲ +6.74% | $1.03 (−20.16%) |
US Market Status
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