PLIANT THERAPEUTICS, INC. (PLRX)·Q1 2025 Earnings Summary

Executive Summary

• Q1 2025 delivered a wider loss per share of $0.92 versus Wall Street consensus of $0.75, a miss driven by elevated R&D tied to BEACON-IPF close-out activities; net loss was $56.2M and total operating expenses were $58.9M . EPS consensus was -$0.7469*, with 9 estimates; revenue consensus was $0*, consistent with the company reporting no product revenue .
• Cash, cash equivalents and short-term investments were $307.1M at March 31, 2025, down from $357.2M at year-end and $406.0M at Q3, reflecting burn and portfolio repositioning; management announced a ~45% workforce reduction to extend runway and support late-stage clinical execution .
• BEACON-IPF: formal close-out is ongoing with topline data targeted in Q2 2025 following the March discontinuation; later on June 27, PLRX announced discontinuation of bexotegrast development in IPF after full data review showed an unfavorable risk-benefit profile .
• Oncology: interim Phase 1 data for PLN-101095 plus pembrolizumab showed confirmed partial responses in 3/6 patients at the 1000 mg BID dose and was generally well tolerated; the fourth cohort (1000 mg TID) is enrolling, providing a potential near-term catalyst .

What Went Well and What Went Wrong

What Went Well

• Oncologic signal: “confirmed partial responses” in NSCLC, cholangiocarcinoma, and melanoma at 1000 mg BID with 74%, 48%, and 42% tumor reductions, respectively, and favorable tolerability; Cohort 4 (1000 mg TID) now enrolling .
• Operational discipline: Strategic realignment (~45% workforce reduction) to extend cash runway and preserve late-stage execution capability; management underscored focus and flexibility to deliver for patients .
• Scientific validation: Publication of PET imaging Phase 2a IPF trial in AJRCCM reaffirmed antifibrotic mechanism and target engagement evidence for bexotegrast .

What Went Wrong

• EPS miss vs consensus due to higher R&D from BEACON-IPF close-out and employee-related costs; diluted EPS was $(0.92) vs consensus $(0.75)* and prior-year $(0.78) .
• BEACON-IPF risk signal: trial discontinued in March after DSMB and expert panel recommendations citing imbalance in IPF-related adverse events; later full data review led to stopping IPF development in June .
• Cash decline: liquid resources fell from $406.0M (Q3) to $357.2M (Q4) to $307.1M (Q1), reflecting operating burn and program transition, increasing dependence on disciplined spending .

Financial Results

EPS vs Prior Year and Prior Quarter

Actual vs Consensus (Q1 2025)

Operating Expenses and Net Loss

Liquidity Progression

Note: Margin analysis not applicable due to absence of product revenue in reported periods .

Guidance Changes

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was available in our document catalog; themes below reflect management commentary from press releases.

Management Commentary

• “Our teams have been working diligently to close out the global BEACON-IPF trial with the goal of announcing topline data in the second quarter” — Bernard Coulie, M.D., Ph.D., President & CEO .
• “Interim Phase 1 data... showed confirmed partial responses... PLN-101095 was generally well tolerated... [trial] currently enrolling the fourth cohort (1000 mg TID)” .
• “Today’s actions, while difficult, provide us the flexibility to prepare for, and execute on our mission to make a difference in the lives of patients” — Bernard Coulie on restructuring .

Q&A Highlights

• No Q1 2025 earnings call transcript was available; therefore, Q&A themes and any guidance clarifications from a call could not be assessed from primary sources. We will update if a transcript is published [ListDocuments returned none for earnings-call-transcript].

Estimates Context

• EPS: Actual $(0.92) vs consensus $(0.7469)* — bold miss driven by higher R&D to accelerate BEACON-IPF close-out and increased employee-related expenses; 9 EPS estimates contributed to consensus .
• Revenue: Consensus $0.000* was aligned with the company’s absence of product revenue disclosure for Q1 2025 .
• Implication: Street models should update near-term EPS to reflect higher OpEx and restructuring timing; oncology probability of success may modestly improve given partial responses, but IPF discontinuation removes a prior value driver .
  Values retrieved from S&P Global.*

Key Takeaways for Investors

• EPS miss was primarily cost-driven; expect near-term estimate revisions to reflect close-out costs and restructuring impacts on OpEx trajectory .
• The IPF program’s discontinuation after full BEACON-IPF data analysis (June 27) materially changes the pipeline mix; oncology PLN-101095 becomes the primary near-term clinical catalyst .
• Interim oncology responses provide clinically meaningful signal across multiple tumor types; continued enrollment (cohort 4) supports potential further efficacy readouts in 2025 .
• Liquidity remains substantial at $307.1M, with actions to extend runway; monitor quarterly burn and any financing strategy changes given pipeline shift .
• Expect narrative transition from IPF to oncology and platform applications; watch for additional translational publications (e.g., AJRCCM) to underpin mechanism credibility .
• Near-term stock reaction catalysts: topline BEACON-IPF close-out communication (completed post-Q1), oncology cohort updates, and specifics on runway extension milestones .
• Risk factors center on clinical trial outcomes, balance of R&D spend vs runway, and legal/shareholder activity noted in Q1 press wires; maintain position sizing discipline accordingly .

Notes and sources: Q1 2025 8-K earnings press release and financials ; May 1 restructuring press release ; May 8 corporate update press release ; Q4 2024 results (Mar 3) ; Q3 2024 results (Nov 7) ; June 27 BEACIPF update .