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PLIANT THERAPEUTICS, INC. (PLRX)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 was a transitional quarter as PLRX discontinued bexotegrast in IPF, completed most workforce realignment, and reaffirmed oncology focus; GAAP net loss improved to $43.3M and EPS to $(0.71) vs prior year $(55.9)M and $(0.92) .
  • EPS modestly missed Wall Street consensus by ~$0.03 (actual $(0.71) vs consensus $(0.677)); revenue remained $0, consistent with expectations .
  • Liquidity remained strong with $264.4M in cash, cash equivalents and short-term investments at quarter-end, supporting ongoing Phase 1 oncology and early-stage programs .
  • Near-term catalyst: initial data from the two highest dose cohorts of PLN-101095 by year-end 2025; medium-term narrative centers on oncology execution and clarity on publication of BEACON-IPF results .

What Went Well and What Went Wrong

What Went Well

  • Cost actions took hold: Total operating expenses fell to $45.6M from $60.6M YoY as BEACON close-out and restructuring reduced R&D and G&A .
  • Improved loss profile: Net loss narrowed to $43.3M vs $55.9M YoY; diluted EPS improved to $(0.71) vs $(0.92) YoY .
  • Management reaffirmed capabilities post-reset: “At the center is a deeply experienced late-stage clinical and regulatory development organization positioned to execute advanced trials” — CEO Bernard Coulie .

What Went Wrong

  • Program discontinuation: After full BEACON-IPF data review, bexotegrast in IPF was discontinued due to an unfavorable risk-benefit profile despite early signs of efficacy .
  • Interest income drifted lower QoQ ($3.1M vs $3.6M in Q1), modestly pressuring EPS despite opex reductions .
  • Strategic restructuring underscores narrower near-term pipeline focus, raising investor questions about timeline to oncology value inflection .

Financial Results

P&L and EPS vs prior quarters and consensus

MetricQ4 2024Q1 2025Q2 2025Q2 2025 Consensus
Revenue ($USD)$0 $0 $0 $0.0*
Total Operating Expenses ($USD Millions)$53.3 $58.9 $45.6 N/A
Net Loss ($USD Millions)$49.7 $56.2 $43.3 N/A
Diluted EPS ($USD)$(0.82) $(0.92) $(0.71) $(0.677)*
Note: Values retrieved from S&P Global.*

Operating Expense Breakdown (YoY)

MetricQ2 2024Q2 2025
Research & Development ($USD Millions)$45.6 $32.2
General & Administrative ($USD Millions)$15.0 $13.4
Total Operating Expenses ($USD Millions)$60.6 $45.6
Interest & Other Income, net ($USD Millions)$5.65 $3.10
Net Loss ($USD Millions)$55.9 $43.3
Diluted EPS ($USD)$(0.92) $(0.71)

Liquidity

MetricQ4 2024Q1 2025Q2 2025
Cash, Cash Equivalents & Short-term Investments ($USD Millions)$357.2 $307.1 $264.4

KPIs (Clinical/Operational)

KPIQ4 2024Q1 2025Q2 2025
BEACON-IPF statusDSMB/expert panel recommended discontinuation Topline data expected in Q2 2025; close-out ongoing Program discontinued after full data review; publication planned
PLN-101095 (Oncology) dose statusDosing 4th of 5 cohorts Interim combo data: 3/6 confirmed partial responses at 1000 mg BID (74%, 48%, 42% tumor reductions) Dosing 5th cohort at 2000 mg BID; initial data from highest dose cohorts expected by YE 2025
Workforce realignment—Announced ~45% reduction on 5/1 Largely complete by quarter end

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
BEACON-IPF developmentN/ATopline data expected Q2 2025; evaluate next steps Development in IPF discontinued; full results to be submitted for publication Discontinued
PLN-101095 initial data timing2025Interim data (first three cohorts) shared Q1 2025 Initial data from two highest dose cohorts by end of 2025 Updated/maintained timeline
Workforce/cost actionsQ2 2025~45% workforce reduction announced; expected completion by Q2 Restructuring largely complete; focus on maintaining late-stage capabilities Maintained/completed
Financial guidance (revenue, margins)2025None providedNone providedMaintained (no financial guidance)

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not available in the document set searched; themes below reflect press releases and 8-Ks .

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2025)Trend
IPF program (bexotegrast)DSMB/expert panel-led discontinuation; early FVC signals Development in IPF discontinued after full risk-benefit review; publication planned Program shut-down; shift to oncology
Oncology execution (PLN-101095)Dosing 4th cohort; interim PRs in resistant tumors Dosing 5th cohort (2000 mg BID); initial data expected by YE 2025 Advancing dose escalation; data timing set
Cost discipline/cash runwayNo specific %~45% workforce reduction announced; extend runway Realignment largely complete; opex down YoY
Regulatory/legal/defenseRights plan adoption (Mar 13) No new updates in Q2 materialsStable
Interest income$4.4M (Q4) $3.6M (Q1) $3.1M (Q2)

Management Commentary

  • CEO tone on transition and capabilities: “While our activities in the quarter focused on the closure of BEACON-IPF and workforce realignment, we also took actions to ensure that we maintain core capabilities… [with] a deeply experienced late-stage clinical and regulatory development organization positioned to execute advanced trials.” — Bernard Coulie, M.D., Ph.D. .
  • Commitment to shareholder value and updates: “We remain committed to delivering shareholder value and look forward to providing updates in the future.” — Bernard Coulie .
  • On BEACON-IPF decision: “Although the decision to discontinue bexotegrast in IPF is disappointing… we believe it is the right decision to protect patient safety.” — Bernard Coulie .

Q&A Highlights

  • A Q2 2025 earnings call transcript was not available from our document sources; no Q&A details to report [ListDocuments result].

Estimates Context

  • EPS vs consensus: Q2 2025 actual $(0.71) vs consensus $(0.677) → modest miss of ~$0.03*, alongside lower interest income QoQ ($3.1M vs $3.6M in Q1) .
  • Revenue vs consensus: Actual $0 vs consensus $0.0*; in line with expectations for a clinical-stage biotech.
    Note: Values retrieved from S&P Global.*

Key Takeaways for Investors

  • The IPF asset reset is complete; future value creation hinges on oncology (PLN-101095) execution and data by year-end 2025 .
  • Cost structure is lower post-realignment; opex dropped materially YoY, improving loss profile despite modest EPS miss vs consensus .
  • Liquidity of $264.4M supports ongoing trials and platform work; monitor interest income trends as a secondary driver of quarterly EPS volatility .
  • Upcoming clinical readouts (highest dose cohorts in PLN-101095) are the primary stock catalysts in H2’25; publication of BEACON-IPF could clarify residual scientific narrative .
  • No financial guidance provided; focus on operational milestones and timeline adherence rather than near-term revenue/margin metrics .
  • Watch for additional restructuring benefits flowing through G&A and R&D, and any partnering activity to extend runway or accelerate oncology development .