Pliant Therapeutics (NASDAQ: PLRX) is a clinical-stage biopharmaceutical company that discovers and develops therapies targeting fibrosis and related diseases. The company generates no product revenue, funding operations entirely through equity and capital markets as it advances its pipeline through clinical trials. As of December 31, 2025, Pliant had an accumulated deficit of $859.4 million and cash, cash equivalents, restricted cash, and short-term investments of $192.4 million. Net losses were $149.3 million for the year ended December 31, 2025, and $210.3 million for the year ended December 31, 2024. The company relies on third-party contract research organizations to conduct preclinical studies and clinical trials. Its lead program, PLN-101095, is being developed for potential regulatory approval in the United States and selected foreign jurisdictions, including EU member states. Pliant was founded and is headquartered in the United States.

Revenue model

Pliant Therapeutics has no product revenue. The company is pre-commercial and finances operations through capital raises. Research and development expenses, including third-party CRO costs, employee compensation, and manufacturing of clinical supplies, constitute the primary use of capital.

Products and services

Lead product candidate: PLN-101095, targeting fibrosis-related indications and intended for regulatory submission in the United States and selected foreign markets including EU jurisdictions. Additional undisclosed preclinical and early-stage product candidates are referenced in the FY2025 10-K.

Customers and end markets

No commercial customers as of December 31, 2025. End market is treatment of fibrotic diseases. Future customers would be patients, hospitals, and payers in the United States and international markets including EU member states.

Value-chain role

Drug discovery and clinical development organization. Outsources preclinical studies and clinical trial execution to third-party contract research organizations. Does not manufacture commercial products. Intends to seek regulatory approvals before any commercial activity.

Geographic exposure

Primary operations in the United States. Clinical trials may be conducted outside the United States. Seeks regulatory approval in the United States and selected foreign jurisdictions including EU member states, where pricing is subject to governmental control and HTA Regulation applicable as of January 2025.

Source: SEC 10-K, filed 2026-03-11

Industry: Pharmaceutical Preparations Peers: Aclaris Therapeutics Inc Amphastar Pharmaceuticals, Inc. Belite Bio Inc Relmada Therapeutics Inc CinCor Pharma, Inc. Johnson & Johnson NGM BIOPHARMACEUTICALS INC