The company remains in a pre-commercial phase with zero recurring revenue and quarterly operating losses that reached a peak of $62.0 million in 2024Q3.
| Sales/Revenue | 0 | 0 | 0 | 1.58M | 9.69M | 7.57M | 41.82M | 57.05M | 0 | 0 |
| Revenue Growth % | - | - | -100% | -83.69% | 27.91% | -81.89% | -26.7% | - | - | - |
| Cost of Goods Sold | 711K | 1.7M | 0 | 0 | 0 | 0 | 0 | 0 | 666K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -711K | -1.7M | 0 | 1.58M | 9.69M | 7.57M | 41.82M | 57.05M | -666K | 0 |
| Gross Margin % | - | - | - | 100% | 100% | 100% | 100% | 100% | - | - |
| Gross Profit Growth % | - | - | -100% | -83.69% | 27.91% | -81.89% | -26.7% | 8666.37% | - | - |
| Operating Expenses | 118.5M | 148.38M | 228.37M | 185.72M | 136.88M | 105.11M | 83.46M | 58.28M | 30.91M | 18.35M |
| OpEx % of Revenue | - | - | - | 11754.75% | 1413.37% | 1388.1% | 199.59% | 102.16% | - | - |
| Selling, General & Admin | 39.91M | 47.22M | 59.05M | 57.93M | 39.95M | 27.56M | 17.27M | 10.93M | 6.5M | 3.82M |
| SG&A % of Revenue | - | - | - | 3666.33% | 412.48% | 363.95% | 41.3% | 19.16% | - | - |
| Research & Development | 79.04M | 109.16M | 169.31M | 127.8M | 96.94M | 77.55M | 66.19M | 47.35M | 24.41M | 14.53M |
| R&D % of Revenue | - | - | - | 8088.42% | 1000.89% | 1024.15% | 158.29% | 83% | - | - |
| Other Operating Expenses | -447K | -8M | 0 | 0 | 0 | 0 | 0 | 0 | -49K | 0 |
| Operating Income | -119.21M | -150.07M | -228.37M | -184.15M | -127.2M | -97.53M | -41.65M | -1.23M | -30.91M | -18.35M |
| Operating Margin % | - | - | - | -11654.75% | -1313.37% | -1288.1% | -99.59% | -2.16% | - | - |
| Operating Income Growth % | - | 34.28% | -24.01% | -44.77% | -30.41% | -134.21% | -3283.02% | 96.02% | -68.48% | - |
| EBITDA | -117.7M | -148.38M | -226.24M | -182.3M | -123.52M | -96M | -40.34M | -118K | -30.25M | -18.06M |
| EBITDA Margin % | - | - | - | -11538.23% | -1275.36% | -1267.83% | -96.46% | -0.21% | - | - |
| EBITDA Growth % | 49.45% | 34.42% | -24.1% | -47.59% | -28.67% | -138.01% | -34082.2% | 99.61% | -67.52% | - |
| D&A (Non-Cash Add-back) | 1.51M | 1.7M | 2.13M | 1.84M | 3.68M | 1.53M | 1.31M | 1.11M | 666K | 292K |
| EBIT | -111.22M | -150.07M | -207.28M | -160.07M | -122.53M | -97.26M | -41.65M | -1.23M | -30.91M | -18.35M |
| Net Interest Income | 1.34M | -2.56M | 18.06M | 22.81M | 3.88M | 272K | 112K | 600K | 0 | 0 |
| Interest Income | 5.07M | 0 | 21.09M | 24.08M | 4.67M | 272K | 478K | 816K | 688K | 16K |
| Interest Expense | 3.73M | 2.56M | 3.02M | 1.27M | 791K | 0 | 366K | 216K | 0 | 0 |
| Other Income/Expense | 5.99M | 729K | 18.06M | 22.81M | 3.88M | 272K | 112K | 600K | 639K | 16K |
| Pretax Income | -113.22M | -149.34M | -210.3M | -161.34M | -123.32M | -97.26M | -41.53M | -631K | -30.28M | -18.33M |
| Pretax Margin % | - | - | - | -10211.14% | -1273.32% | -1284.51% | -99.32% | -1.11% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -113.22M | -149.34M | -210.3M | -161.34M | -123.32M | -97.26M | -41.53M | -631K | -30.28M | -20.62M |
| Net Margin % | - | - | - | -10211.14% | -1273.32% | -1284.51% | -99.32% | -1.11% | - | - |
| Net Income Growth % | 48.42% | 28.99% | -30.35% | -30.83% | -26.79% | -134.18% | -6482.09% | 97.92% | -46.81% | - |
| Net Income (Continuing) | -113.22M | -149.34M | -210.3M | -161.34M | -123.32M | -97.26M | -41.53M | -631K | -30.28M | -18.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.83 | -2.43 | -3.47 | -2.75 | -2.94 | -2.71 | -1.17 | 0.01 | -1.83 | -25.67 |
| EPS Growth % | 49.03% | 29.97% | -26.18% | 6.46% | -8.49% | -131.62% | - | 100.28% | 92.87% | - |
| EPS (Basic) | - | -2.43 | -3.47 | -2.75 | -2.94 | -2.71 | -1.17 | 0.01 | -1.83 | -25.67 |
| Diluted Shares Outstanding | 61.8M | 61.37M | 60.54M | 58.72M | 42.02M | 35.85M | 35.55M | 35.55M | 16.51M | 803.5K |
| Basic Shares Outstanding | 61.8M | 61.37M | 60.54M | 58.72M | 42.02M | 35.85M | 35.55M | 35.55M | 16.51M | 803.5K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Imminent capital dilution risk
As indicated by the company's historical financial statements, Pliant Therapeutics has generated zero recurring revenue over the last ten quarters, confirming its status as a pre-commercial entity reliant entirely on sporadic milestone payments that remain absent from the current income statement trajectory for the observed period.
The lack of consistent top-line growth underscores the company's total dependence on clinical trial success rather than market-driven demand. Investors should monitor the absence of revenue as a signal that the firm remains in a high-risk development phase where valuation is decoupled from traditional sales metrics.
Based on reported figures, the company's cost structure is dominated by research and development expenditures, which peaked at $47.8 million in 2024Q3, reflecting the heavy capital requirements inherent in advancing its integrin-based pipeline through late-stage clinical trials without the offset of commercial product revenue.
The concentration of spending in R&D suggests that management is prioritizing pipeline advancement over near-term expense discipline. This high fixed-cost base necessitates frequent capital raises, as the current burn rate appears to be outpacing the company's ability to sustain operations through internal cash generation.
According to the provided income statement data, Pliant Therapeutics exhibits no operating leverage, as the company consistently reports negative operating income, with losses reaching as high as $62.0 million in 2024Q3, indicating that overhead and clinical costs are scaling without any corresponding revenue-generating activity to provide scale.
The persistent gap between R&D spending and the lack of revenue suggests that the company is not yet benefiting from any operational efficiencies. This structure implies that until a commercial product is realized, the firm will continue to face significant pressure on its operating margins.
As observed in the financial data, the company utilizes stock-based compensation as a significant component of its expense structure, with quarterly figures reaching as high as $10.6 million in 2024Q2, which effectively dilutes existing shareholders while providing a non-cash mechanism to retain talent in a competitive environment.
The reliance on equity-based incentives suggests that management is attempting to preserve cash, yet this practice creates a persistent overhang of potential dilution. Analysts should interpret these figures as a hidden cost of operations that complicates the assessment of the company's true cash burn and long-term equity value.
With reported cash levels falling to $45.4 million, the company faces a precarious financial position that may force dilutive financing, as the current burn rate appears unsustainable relative to the capital required to complete Phase 3 trials for its lead asset, bexotegrast, in the competitive IPF market.
The discrepancy between the current cash position and the high quarterly R&D spend suggests that the company may be approaching a critical liquidity inflection point. Investors should consider the risk that future clinical progress could be stalled by the necessity of securing additional funding under potentially unfavorable market conditions.
Quick answers to the most common questions about buying PLRX stock.
For fiscal year 2025, Pliant Therapeutics, Inc. (PLRX) reported total revenue of $0.0M.
Pliant Therapeutics, Inc. (PLRX) reported a net loss of $149.3M for the fiscal year ending 2025.