PLIANT THERAPEUTICS, INC.

Previous wording

We are a clinical-stage biopharmaceutical company focused on discovering and developing integrin-based therapeutics. We have applied our deep understanding of integrin biology, along with our medicinal chemistry and translational medicine expertise to develop a set of proprietary tools designed to discover and de-risk product candidates quickly and efficiently.

Current wording

We are a clinical-stage biopharmaceutical company focused on discovering and developing integrin-based therapeutics. Our lead program is focused on the development of treatments for solid tumors by inhibiting integrin-mediated activation of transforming growth factor-β (TGF-β). We have applied our deep understanding of integrin biology, along with our medicinal chemistry and translational medicine expertise to develop a proprietary drug discovery platform that we believe has broad applicability across multiple areas of disease.

Previous wording

We are developing PLN-101095, a small molecule, dual selective inhibitor of integrins αvβ8 and αvβ1 for the treatment of solid tumors that are resistant to immune checkpoint inhibitors. We have completed enrollment of the fifth of five planned dose cohorts in a Phase 1 open-label, dose-escalation trial as monotherapy and in combination with pembrolizumab in patients with solid tumors that are resistant to immune checkpoint inhibitors. In March 2025, we announced interim data from this trial showing PLN-101095 was well tolerated and displayed an objective response rate of 50% in the third ascending dose cohort.

Current wording

Our wholly owned lead product candidate, PLN-101095, is an oral, small molecule, dual selective inhibitor of αvβ8 and αvβ1 integrins in development for the treatment of solid tumors. In 2025, we announced positive data from a Phase 1 open-label dose-escalation trial of PLN-101095 as monotherapy and in combination with the immunotherapy pembrolizumab in patients with solid tumors that are resistant to immune checkpoint inhibitors. We also continue to explore the full potential of our drug discovery platform consisting of a proprietary library of over 15,000 integrin binding molecules, focusing on integrin-based target-mediated drug delivery.

Previous wording

Since inception, we have had significant operating losses. Our net loss was $26.3 million and $57.8 million for the three months ended September 30, 2025 and 2024, respectively. Our net loss for the nine months ended September 30, 2025 and 2024 was $125.8 million and $160.6 million, respectively. As of September 30, 2025, we had an accumulated deficit of $835.8 million and cash, cash equivalents, and short-term investments of $243.3 million. We expect to continue to incur net losses for the foreseeable future as we:

Current wording

Since inception, we have had significant operating losses. Our net loss was $20.0 million and $56.2 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $879.4 million and cash, cash equivalents, and short-term investments of $172.4 million. We expect to continue to incur net losses for the foreseeable future as we:

Previous wording

Due to discontinuing development of bexotegrast in IPF, we expect research and development expenses to decrease in the near term as we have re-prioritized our development of product candidates that are in earlier, less capital-intensive stages of development. The process of conducting the necessary clinical research to obtain regulatory approval is costly and time-consuming, and the successful development of our product candidates is highly uncertain. As a result, we are unable to determine the duration and completion costs of our research and development projects or when and to what extent we will generate revenue from the commercialization and sale of any of our product candidates.

Current wording

Following the discontinuation of bexotegrast development, our current quarter results are reflective of the re-prioritized development pipeline and research and development expenses should be relatively consistent in the near term, increasing commensurate with the progress of our phase 1b trial. The process of conducting the necessary clinical research to obtain regulatory approval is costly and time-consuming, and the successful development of our product candidates is highly uncertain. As a result, we are unable to determine the duration and completion costs of our research and development projects or when and to what extent we will generate revenue from the commercialization and sale of any of our product candidates.

Previous wording

Research and development expenses for the three months ended September 30, 2025 decreased $29.8 million, primarily due to discontinuing development of bexotegrast in IPF and lower employee-related expenses, driven by a reduction in headcount resulting from our restructuring initiated on May 1, 2025.

Current wording

Research and development expenses for the three months ended March 31, 2026 decreased $29.9 million, primarily due to discontinuing development of bexotegrast in IPF and lower employee-related expenses, driven by a reduction in headcount resulting from our 2025 restructuring activities.

Previous wording

General and administrative expenses for the three months ended September 30, 2025 decreased $3.9 million, primarily due to a decrease in employee related costs driven by reduced headcount resulting from our restructuring initiated on May 1, 2025.

Current wording

General and administrative expenses for the three months ended March 31, 2026 decreased $7.3 million, primarily due to a decrease in employee related costs driven by reduced headcount resulting from our 2025 restructuring activities.

Previous wording

Interest and other income (expense), net decreased $2.3 million due to lower investment balances due to continued funding of operating activities.

Current wording

Interest and other income (expense), net decreased $1.8 million due to lower investment balances due to continued funding of operating activities.

Previous wording

Interest expense for the three months ended September 30, 2025 decreased $0.1 million due to changing interest rates associated with the Amended Loan Agreement.

Current wording

Interest expense for the three months ended March 31, 2026 decreased $0.8 million due to full repayment of the Amended Loan Agreement in 2025.

Previous wording

As of September 30, 2025, we had $243.3 million of cash, cash equivalents and short-term investments. Our short-term investments consist of U.S. Treasury securities, U.S. Government agency securities and highly rated, investment-grade corporate debt securities.

Current wording

As of March 31, 2026, we had $172.4 million of cash, cash equivalents and short-term investments. Our short-term investments consist of U.S. Treasury securities, U.S. Government agency securities and highly rated, investment-grade corporate debt securities.

Previous wording

During the third quarter of 2021, we entered into a Controlled Equity Offering SM Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co., as sales agent, pursuant to which we may issue and sell shares of common stock in an "at-the-market" offering. In March 2023, we filed a prospectus registering the offer and sale of up to $150.0 million of shares of common stock from time to time pursuant to the Sales Agreement. As of the date of this Report, we have not issued any shares pursuant to any at-the-market offerings, including pursuant to the Sales Agreement, but may do so at a future date.

Current wording

On March 30, 2026 we entered into a Sales Agreement with Leerink Partners LLC (the "Leerink Sales Agreement"), as sales agent, pursuant to which we may issue and sell shares of common stock in an "at-the-market" offering. On March 30, 2026 we filed a registration statement on Form S-3 (File No. 333-294737) which included an "at the market offering" prospectus covering the offering, issuance and sale of up to $50.0 million of common stock under the Leerink Sales Agreement and a base prospectus registering the offer and sale of up to $300.0 million of debt securities, common stock, preferred stock, units and/or warrants. As of the date of this Report, we have not issued any shares pursuant to any at-the-market offerings, including pursuant to the Leerink Sales Agreement, but may do so at a future date.

Previous wording

In October 2025, we completed a voluntary prepayment of our Amended Loan Agreement with Oxford for $32.4 million, representing all outstanding principal, accrued and unpaid interest, fees, costs and expenses. Upon prepayment, all obligations, covenants, debts and liabilities under the Amended Loan Agreement were satisfied and discharged in full, and the Amended Loan Agreement and all other documents entered into in connection with the Amended Loan Agreement were terminated.

Current wording

In October 2025, we completed a voluntary prepayment of our Amended Loan Agreement with Oxford for $32.4 million, representing all outstanding principal, accrued and unpaid interest, fees, costs and expenses. Upon prepayment, all obligations, covenants, debts and liabilities under the Amended Loan Agreement were satisfied and discharged in full.

Previous wording

At September 30, 2025, we have a non-cancelable operating lease for office and laboratory space for a period of seven years through March 31, 2031. Refer to Note 14 and Note 15 to our financial statements appearing elsewhere in this Report for a discussion of material obligations and commitments.

Current wording

At March 31, 2026, we have a non-cancelable operating lease for office and laboratory space through March 31, 2031. Refer to Note 14 and Note 15 to our financial statements appearing elsewhere in this Report for a discussion of material obligations and commitments.