Pliant Therapeutics (PLRX) Q2 2026 earnings summary

Executive summary

• Focus shifted to oncology after discontinuing bexotegrast in IPF due to safety concerns; lead candidate PLN-101095 is in Phase 1b for solid tumors, with strong enrollment and interim data expected in 2027.

• Strong enrollment in FORTIFY, a Phase 1b trial of PLN-101095 for ICI-refractory solid tumors, progressing ahead of schedule.

• Board expanded with two new directors with deep oncology and regulatory experience, including Flavia Borellini, Ph.D., and Robert Iannone, M.D., M.S.C.E.

• Continued advancement of integrin-targeted drug delivery platform, with further details and initial indications to be shared in the second half of 2026.

Financial highlights

• Net loss for Q2 2026 was $22.4M, a significant improvement from $43.3M in Q2 2025, reflecting lower R&D and G&A expenses after restructuring.

• R&D expenses for Q2 2026: $16.7M, down from $32.2M in Q2 2025, mainly due to program reprioritization and workforce reduction.

• G&A expenses for Q2 2026: $7.1M, down from $13.4M in Q2 2025.

• Cash, cash equivalents, and short-term investments totaled $159.6M as of June 30, 2026, expected to fund operations into the second half of 2028.

• Net loss per share (Q2 2026): $(0.36) vs. $(0.71) in Q2 2025.

Outlook and guidance

• Existing capital resources expected to fund operations into the second half of 2028.

• Interim data from the FORTIFY trial expected in 2027.

• Additional details on the integrin-targeted delivery platform and initial treatment indications to be provided in the second half of 2026.