Liquidity is rapidly eroding, as evidenced by a cash balance that plummeted to $22.2 million in 2026Q1, down from $114.3 million in 2024Q1.
| Cash from Operations | -98.7M | -128.34M | -155.5M | -116.36M | -94.63M | -75.44M | -37.27M | -2.75M | -28.33M | -16.92M |
| Operating CF Margin % | - | - | - | -7364.62% | -977.09% | -996.34% | -89.13% | -4.82% | - | - |
| Operating CF Growth % | 168.37% | 17.47% | -33.64% | -22.96% | -25.43% | -102.42% | -1255.31% | 90.29% | -67.38% | - |
| Net Income | -113.22M | -149.34M | -210.3M | -161.34M | -123.32M | -97.26M | -41.53M | -631K | -30.28M | -18.33M |
| Depreciation & Amortization | 1.51M | 1.7M | 2.13M | 1.84M | 1.82M | 1.53M | 1.31M | 1.11M | 666K | 292K |
| Stock-Based Compensation | 10.9M | 26.23M | 37.63M | 44.48M | 22.6M | 10.44M | 3.9M | 1.83M | 228K | 33K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.2M | 0 | 0 |
| Other Non-Cash Items | 18.67M | 9.02M | 5.96M | -2.6M | 52K | 2.93M | 266K | 12.2M | 1.05M | 191K |
| Working Capital Changes | -16.57M | -15.94M | 9.09M | 1.25M | 4.22M | 6.92M | -1.21M | -5.06M | 1.05M | 893K |
| Change in Receivables | 0 | 0 | 0 | 1.98M | 15K | 7.28M | -2.23M | -7.05M | -250K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 113K | 3.2M | 0 | 0 |
| Change in Payables | -5.26M | -5.48M | 1.43M | 2.97M | -1.35M | 891K | 922K | -1.25M | 760K | 0 |
| Cash from Investing | 61.08M | 134.29M | 140.34M | -127.01M | -150.2M | 73.7M | -210.87M | -17.93M | -2.32M | -1.41M |
| Capital Expenditures | 44K | -374K | -3.85M | -921K | -1.76M | -1.95M | -1.53M | -964K | -2.32M | -1.41M |
| CapEx % of Revenue | - | - | - | 58.29% | 18.17% | 25.79% | 3.66% | 1.69% | - | - |
| Acquisitions | 102K | 155K | 0 | 0 | 148.44M | -75.65M | 209.33M | 254K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1K | 0 | 0 | 0 | -148.44M | 75.65M | -209.33M | -254K | 0 | 0 |
| Cash from Financing | -32.12M | -31.7M | 23.12M | 274.4M | 226.85M | 2.53M | 213.21M | 45.54M | 87.35M | 20.01M |
| Debt Issued (Net) | -32.27M | -32.27M | 19.91M | 0 | 10M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 146K | 570K | 3.21M | 269.4M | 215.64M | 2.98M | 213.21M | 48.12M | 0 | -12K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12K |
| Other Financing | 0 | 0 | 0 | 5M | 1.21M | -457K | 0 | -2.58M | 87.35M | 20.02M |
| Net Change in Cash | -69.75M | -25.74M | 7.95M | 31.03M | -17.98M | 783K | -34.92M | 24.86M | 56.7M | 1.68M |
| Free Cash Flow | -98.81M | -128.71M | -159.35M | -117.28M | -96.39M | -77.4M | -38.8M | -3.71M | -30.65M | -18.33M |
| FCF Margin % | - | - | - | -7422.91% | -995.26% | -1022.13% | -92.79% | -6.51% | - | - |
| FCF Growth % | 44.08% | 19.23% | -35.87% | -21.67% | -24.54% | -99.46% | -944.78% | 87.88% | -67.23% | - |
| FCF per Share | -1.60 | -2.10 | -2.63 | -2.00 | -2.29 | -2.16 | -1.09 | -0.10 | -1.86 | -22.81 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.86x | 0.74x | 0.72x | 0.77x | 0.78x | 0.90x | 4.36x | 0.94x | 0.82x |
| Interest Paid | 1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent capital dilution risk
According to the provided cash flow statements, PLRX consistently reports an OCF/NI ratio ranging between 0.56 and 0.96, indicating that the company's cash burn is closely tethered to its accounting losses rather than being mitigated by significant non-cash adjustments or working capital inflows.
The tight correlation between net income and operating cash flow suggests that the company lacks meaningful non-cash revenue recognition or deferred liability benefits to cushion its operational losses. Investors should monitor this relationship, as the absence of a widening gap implies that the cash burn is driven entirely by core R&D spending rather than accounting volatility.
As reported in financial statements, PLRX has maintained a persistent negative free cash flow trajectory, with quarterly outflows reaching as high as $49.1 million in 2025Q1, reflecting the heavy capital requirements of its clinical-stage pipeline and the lack of any offsetting commercial revenue streams.
The consistent negative FCF trajectory underscores the company's total reliance on external financing to sustain its clinical trial operations. This trend appears to be intensifying as the company progresses through later-stage trials, suggesting that the cash runway may be significantly shorter than historical averages might imply.
Based on the reported quarterly data, working capital changes have fluctuated significantly, including a notable $14.2 million inflow in 2024Q3, which temporarily masked the underlying operational cash burn and warrants caution when assessing the company's true recurring cash requirements for its clinical development programs.
These erratic swings in working capital suggest that the company's cash position is sensitive to the timing of milestone-related payments or vendor settlements rather than stable operational efficiency. Analysts should look past these periodic inflows to focus on the underlying structural burn rate, which remains deeply negative.
Data from recent filings reveals that PLRX utilizes stock-based compensation as a primary tool for talent retention, with quarterly expenses peaking at $10.6 million in 2024Q2, effectively shifting the cost of operations from cash outflows to long-term shareholder dilution.
While this non-cash expense preserves immediate liquidity, it represents a significant hidden cost that will likely impact future earnings per share and shareholder equity. Investors should consider whether the current level of dilution is commensurate with the clinical progress achieved, as this practice may obscure the true economic cost of the company's R&D efforts.
Quick answers to the most common questions about buying PLRX stock.
Pliant Therapeutics, Inc. (PLRX) generated $-128.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pliant Therapeutics, Inc. (PLRX) reported negative free cash flow of $128.7M in 2025, indicating capital requirements exceeded cash from operations.
Pliant Therapeutics, Inc. (PLRX) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.