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PLIANT THERAPEUTICS, INC. (PLRX)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 narrowed losses materially: net loss $26.3M and EPS −$0.43, improving from −$0.95 in Q3 2024, driven by discontinuation of BEACON‑IPF and lower personnel costs from restructuring .
  • EPS beat Wall Street consensus as reported by S&P Global: actual −$0.43 vs consensus −$0.52419*; revenue remained non-material for the quarter, with consensus at $0.0* .
  • Oncology program progressed: Phase 1 PLN‑101095 completed enrollment; data from the two highest dose cohorts expected by end of 2025; BEACON‑IPF close-out to be completed in Q4 2025 .
  • Balance sheet stable with cash, cash equivalents and short-term investments of $243.3M at quarter-end and voluntary prepayment of Oxford Finance loan in October, reducing debt-related obligations .

What Went Well and What Went Wrong

What Went Well

  • Operating discipline: R&D fell to $17.9M (from $47.8M YoY) and G&A to $10.3M (from $14.3M YoY), tightening OpEx post restructuring and BEACON‑IPF wind-down .
  • Pipeline execution: “Phase 1 open-label trial of PLN‑101095 in solid tumors has completed enrollment… Data from the trial… is expected by the end of 2025,” said CEO Bernard Coulie .
  • Liquidity and liability management: $243.3M in cash and short-term investments; voluntary prepayment of outstanding amounts under the Oxford Finance loan agreement in October .

What Went Wrong

  • Clinical setback: Development of bexotegrast in IPF discontinued due to an unfavorable risk‑benefit profile identified in BEACON‑IPF (increased risk of disease progression events vs placebo) .
  • Continued losses: Net loss remains significant at $26.3M despite improvement, reflecting the absence of product revenue and ongoing development costs .
  • Workforce realignment: ~45% workforce reduction and cost actions, while beneficial to runway, underscore transition-related operational strain .

Financial Results

Sequential P&L (Quarterly)

MetricQ1 2025Q2 2025Q3 2025
Research and Development ($USD Millions)$43.436 $32.198 $17.938
General and Administrative ($USD Millions)$15.499 $13.394 $10.331
Total Operating Expenses ($USD Millions)$58.935 $45.592 $28.269
Net Loss ($USD Millions)$56.166 $43.300 $26.301
Net Loss per Share ($)$(0.92) $(0.71) $(0.43)
Interest & Other Income (Expense), net ($USD Millions)$3.568 $3.101 $2.783
Interest Expense ($USD Millions)$0.799 $0.809 $0.815

YoY Comparison (Q3 2024 vs Q3 2025)

MetricQ3 2024Q3 2025
Research and Development ($USD Millions)$47.754 $17.938
General and Administrative ($USD Millions)$14.260 $10.331
Total Operating Expenses ($USD Millions)$62.014 $28.269
Net Loss ($USD Millions)$57.763 $26.301
Net Loss per Share ($)$(0.95) $(0.43)
Interest & Other Income (Expense), net ($USD Millions)$5.128 $2.783
Interest Expense ($USD Millions)$0.877 $0.815

Balance Sheet Snapshot (Chronological)

MetricDec 31 2024Mar 31 2025Jun 30 2025Sep 30 2025
Cash & Cash Equivalents ($USD Millions)$71.188 $91.936 $86.820 $93.732
Short-term Investments ($USD Millions)$284.536 $213.709 $176.053 $148.065
Total Current Assets ($USD Millions)$362.264 $311.191 $267.444 $245.588
Long-term Debt ($USD Millions)$30.211 $30.284 $30.360 $30.439
Total Stockholders’ Equity ($USD Millions)$304.081 $257.164 $220.082 $200.306
Accounts Payable ($USD Millions)$5.960 $5.622 $1.384 $0.485
Accrued R&D ($USD Millions)$14.363 $14.381 $10.790 $7.779

Estimates vs Actuals (S&P Global vs Reported)

MetricQ1 2025Q2 2025Q3 2025
EPS Consensus Mean ($)−0.74688*−0.67719*−0.52419*
EPS Actual ($)$(0.92) $(0.71) $(0.43)
Revenue Consensus Mean ($USD Millions)0.00*0.00*0.00*
Revenue Actual ($USD Millions)n/a (not disclosed in release) n/a (not disclosed in release) n/a (not disclosed in release)

Estimates marked with * retrieved from S&P Global.

Segment Breakdown

  • Not applicable; the company does not report operating segments in earnings materials .

KPIs

KPIQ1 2025Q2 2025Q3 2025
Cash, Cash Equivalents + ST Investments ($USD Millions)$307.1 $264.4 $243.3
Shares Used in Computing EPS61,222,676 61,386,183 61,406,475
PLN‑101095 Trial StatusEnrolling cohort 4 (1000 mg TID) Dosing cohort 5 (2000 mg BID) Completed enrollment; data expected by end 2025
BEACON‑IPF StatusClose-out; topline expected Q2 2025 Development in IPF discontinued Close-out activities to complete in Q4 2025

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
PLN‑101095 Phase 1 data timing2025Initial data from first 3 cohorts disclosed; enrolling cohort 4; more data expected later in 2025 Enrollment completed; data including two highest dose cohorts expected by end of 2025 Raised specificity/timing
BEACON‑IPF program2025Topline close‑out data expected Q2 2025 Development in IPF discontinued; close‑out activities to complete in Q4 2025; full results to be submitted for publication Strategic pivot / discontinued
Operating structure / cash runway2025~45% workforce reduction announced to extend runway; substantial completion by Q2 2025 Cost actions reflected in lower OpEx; runway implied by $243.3M liquidity; voluntary loan prepayment in Oct Maintained discipline; improved liability profile
Financial guidance (Revenue/Margins/OpEx)2025No formal numeric financial guidance provided No formal numeric financial guidance provided Maintained

Earnings Call Themes & Trends

Note: No Q3 2025 conference call transcript available; MarketBeat lists “Conference Call Date: N/A” .

TopicPrevious Mentions (Q1 2025)Previous Mentions (Q2 2025)Current Period (Q3 2025)Trend
Oncology/PLN‑101095Interim data: confirmed partial responses; enrolling cohort 4 Dosing cohort 5; initial data from top cohorts expected by year-end Enrollment completed; data expected by end‑2025 Execution progressing to readout
BEACON‑IPFClose‑out underway; topline Q2 2025 Development in IPF discontinued post full data analysis Close‑out completion in Q4 2025; results to be published Program exited; wrap-up
Restructuring/OpEx45% workforce reduction to extend runway Restructuring largely complete Lower OpEx realized; continued savings Cost base down
Liquidity/Financing$307.1M liquidity at Q1 end $264.4M at Q2 end $243.3M at Q3 end; voluntary loan prepayment Liquidity drawdown consistent with OpEx; lower debt burden
Regulatory/Legal & Supply Chain risk languageForward‑looking risk language (China reliance, macro) Similar risk language Similar risk language Unchanged disclosure tone

Management Commentary

  • “During the third quarter, our team continued to advance our portfolio while winding down activities surrounding the BEACON‑IPF trial. Looking ahead, we continue to evaluate a range of opportunities to create shareholder value.” — Bernard Coulie, M.D., Ph.D., President & CEO .
  • Q1 setup emphasized oncology progress and near-term BEACON topline: “Initial data… demonstrated antitumor activity… confirmed partial responses… teams working diligently to close out the global BEACON‑IPF trial” .
  • Corporate execution: confirmation of voluntary loan prepayment in October under Oxford Finance facility .

Q&A Highlights

  • No Q3 2025 earnings call transcript or conference call details were available (“Conference Call Date: N/A”) .
  • Guidance clarifications were delivered via the earnings press release (timelines for PLN‑101095 readout and BEACON close‑out) .

Estimates Context

  • EPS beat: −$0.43 actual vs −$0.52419 consensus*, reflecting sharper OpEx reductions post BEACON termination and restructuring savings .
  • Revenue: consensus $0.0* and actual not disclosed in the release, consistent with development-stage profile .
  • Estimate trajectory improved intra-year (consensus became less negative from Q1 to Q3), suggesting analysts adjusted to lower burn post strategic pivot; further revisions will hinge on oncology data by end‑2025 and full BEACON publication plans .

Estimates marked with * retrieved from S&P Global.

Key Takeaways for Investors

  • Cost base reset is flowing through P&L: sequential OpEx and EPS improvements position PLRX to potentially surprise less negatively while awaiting oncology readout .
  • Near-term catalyst: PLN‑101095 Phase 1 data (including top-dose cohorts) by end‑2025; any durable responses and safety profile will drive sentiment and funding optionality .
  • BEACON exit reduces clinical risk and spend; publication of full results can close that chapter and refocus narrative on oncology and early platform assets .
  • Liquidity remains adequate ($243.3M), and voluntary loan prepayment simplifies capital structure ahead of key data events .
  • No formal financial guidance; investors should model continued low/no revenue and monitor OpEx discipline and trial timelines as principal drivers .
  • Trading implications: EPS beat vs consensus and clearer path to oncology data are supportive near term; stock likely reacts to incremental clinical signals rather than financials given stage .
  • Medium-term thesis: Value creation hinges on demonstrating clinically meaningful activity for PLN‑101095 and advancing the integrin platform; strategic partnering may become a lever post-readout .