Pliant Therapeutics, Inc. (PLRX): Business Model Canvas [Dec-2025 Updated]

You're digging into Pliant Therapeutics, Inc. (PLRX) right now, likely trying to make sense of the pivot after the bexotegrast disappointment in IPF. Honestly, the business model is now the textbook definition of a clinical-stage biotech: high-risk, high-reward, with zero product sales. We see the financial reality clearly in the Q3 2025 numbers: they are burning through cash-spending $17.9 million on R&D alone-but they still hold $243.3 million in the bank after cutting staff by approximately 45% last May. This canvas breaks down exactly how Pliant Therapeutics, Inc. (PLRX) is betting its remaining capital on the oncology program, PLN-101095, and the PSC trial, so stick around to see the full structure of this make-or-break strategy.

Pliant Therapeutics, Inc. (PLRX) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Pliant Therapeutics, Inc. relies on to advance its pipeline, which is critical since the company is pre-revenue from product sales. These alliances provide capital, clinical infrastructure, and regulatory validation.

The company's structure involves several key external players, from Big Pharma to specialized finance groups. Here's a breakdown of those relationships as of late 2025.

Pliant Therapeutics, Inc. has structured its business model around significant external collaborations to fund and execute its development programs. The most concrete financial partnership data relates to past agreements that are still impacting current operations.

The Novartis agreement, initiated in October 2019, involved Pliant Therapeutics, Inc. receiving a worldwide exclusive license fee of $50 million for PLN-1474, plus $30 million in equity commitments. Pliant was eligible for milestone payments up to $416 million plus tiered royalties. For context on current revenue impact, collaboration revenues under this agreement decreased in the first quarter of 2025 compared to the prior year.

The co-development effort with Merck & Co. Inc. using pembrolizumab for PLN-101095 is showing early signals. Interim data released on December 4, 2025, showed that across the three highest dose cohorts, 60% of secondary refractory patients demonstrated stable disease or tumor reduction. The median time on treatment for the responding patients was 15 months as of November 30, 2025.

Pliant Therapeutics, Inc. has also managed its debt financing actively. On October 14, 2025, the company completed a voluntary prepayment of $32.4 million, which settled all outstanding obligations under the Loan Agreement with Oxford Finance LLC. That initial agreement allowed for term loans up to $150 million, though only $30 million was ultimately borrowed.

Regulatory partnerships are key for Pliant Therapeutics, Inc.'s fibrosis program. Specifically, bexotegrast (PLN-74809) for Idiopathic Pulmonary Fibrosis (IPF) has secured two important designations from the U.S. Food and Drug Administration (FDA):

• Fast Track Designation
• Orphan Drug Designation

Clinical execution relies on external sites. Pliant Therapeutics, Inc. is conducting global multi-center studies, such as the Phase 1 trial for PLN-101095, which requires coordination with numerous clinical trial sites and investigators worldwide to gather data, like the interim results reported in December 2025.

Finance: draft 13-week cash view by Friday.

Pliant Therapeutics, Inc. (PLRX) - Canvas Business Model: Key Activities

You're focusing on the core actions Pliant Therapeutics, Inc. is taking right now to manage its pipeline and finances, which is critical given the recent shifts in strategy. Here's a breakdown of the main activities as of late 2025, grounded in the latest numbers.

Advancing the PLN-101095 oncology program into Phase 1b expansion in 2026.

• PLN-101095 is the fourth clinical-stage drug candidate from Pliant Therapeutics' integrin-based drug development platform.
• Interim data from the Phase 1 trial, in combination with pembrolizumab, showed one confirmed complete response and three partial responses among 10 secondary ICI refractory patients in the three highest dose cohorts.
• The median time on treatment for responding patients reached 15 months as of November 30, 2025.
• 60% of secondary refractory patients demonstrated stable disease or tumor reduction.
• Pliant Therapeutics plans to initiate a Phase 1b indication expansion trial assessing NSCLC and other tumor types in 2026.

Executing the Phase 2 INTEGRIS-PSC trial for bexotegrast in Primary Sclerosing Cholangitis.

The Phase 2 INTEGRIS-PSC trial data, which was the source of funding for Pliant Therapeutics, Inc., showed a favorable safety profile for bexotegrast for up to 40 weeks of treatment. The trial involved 117 participants receiving bexotegrast or placebo.

Numerically less pharmacodynamic progression was observed in ELF score, PRO-C3, and MRI assessments at Week 12 compared with placebo. The total number of participants receiving active drug was 87.

Maintaining the proprietary integrin-based drug discovery platform.

• The company's current cash position supports planned operations through 2028.
• Research and development expenses for the second quarter of 2025 were $32.2 million, compared to $45.6 million for the prior-year quarter.
• General and administrative expenses were $13.4 million for Q2 2025, down from $15.0 million for the prior-year quarter.
• The company had cash, cash equivalents, and short-term investments of $264.4 million as of June 30, 2025.

Managing the close-out and data analysis of the discontinued BEACON-IPF trial.

Development of bexotegrast for IPF was discontinued following the full efficacy and safety data analysis of the BEACON-IPF Phase 2b/3 trial, which indicated an unfavorable risk-benefit profile. The trial involved about 360 IPF patients.

• The trial was discontinued in March 2025 following an imbalance in IPF-related adverse events.
• Subjects treated by the therapy had an average time to disease progression of 33 weeks.
• At week 12, the 160mg and 320mg therapy groups showed improvements in forced vital capacity (FVC) decline of 72mL and 46mL, respectively, against placebo.
• At week 24, the improvements in FVC decline were 58mL and 8mL for the 160mg and 320mg groups, respectively.
• Pliant Therapeutics plans to submit the full outcomes from the BEACON-IPF trial for future publication.

Implementing the May 2025 strategic workforce reduction of approximately 45%.

This strategic move was announced on May 1, 2025, to minimize costs and preserve cash reserves, with the restructuring expected to be substantially complete by the end of the second quarter of 2025. Pliant Therapeutics had 171 full-time employees as of December 31, 2024, meaning the cuts could affect about 77 employees.

• The workforce reduction is anticipated to result in approximately $3.6 million in severance and related benefits costs.
• The company maintained a current ratio of 10.91 as of May 2025.
• The net loss for 2024 was $210.3 million.

Pliant Therapeutics, Inc. (PLRX) - Canvas Business Model: Key Resources

You're looking at the core assets Pliant Therapeutics, Inc. (PLRX) is leaning on right now to drive its clinical pipeline forward. These aren't just line items; they are the foundation for their next value inflection points.

Financial Capital and Liquidity

The immediate resource strength comes from the balance sheet. As of the close of the third quarter on September 30, 2025, Pliant Therapeutics, Inc. held $243.3 million in cash, cash equivalents, and short-term investments. This liquidity position is critical, especially following the strategic realignment announced in May 2025. This cash position supports ongoing development activities and provides runway. The company also voluntarily prepaid outstanding amounts under its Oxford Finance loan in October 2025, reducing debt-related obligations. That's a clean balance sheet move. It's a solid resource base for a company at this stage.

Proprietary Scientific Assets and Intellectual Property

The most valuable resources are the proprietary compounds themselves, built upon the company's integrin-based platform. These include:

• Bexotegrast (PLN-74809): An oral, small molecule, dual selective inhibitor of $\alpha_v\beta_6$ and $\alpha_v\beta_1$ integrins.
• PLN-101095: An oral, small molecule, dual-selective inhibitor of $\alpha_v\beta_8$ and $\alpha_v\beta_1$ integrins, currently being tested in a Phase 1 trial for solid tumors.

The platform is protected by an extensive intellectual property (IP) portfolio covering the integrin-based technology. While the exact number of patents isn't public knowledge, the company explicitly notes its reliance on its ability to obtain and maintain this IP protection for its product candidates. This IP is the moat around their core technology.

Regulatory Designations and Clinical Status

Pliant Therapeutics, Inc. has secured important regulatory advantages for bexotegrast, which serve as key resources for potential future commercialization and development focus. The development of bexotegrast in Idiopathic Pulmonary Fibrosis (IPF) was discontinued following the BEACON-IPF trial, but the focus remains on Primary Sclerosing Cholangitis (PSC).

The key designations for bexotegrast in PSC include:

These designations streamline development and offer market exclusivity incentives, which is a significant resource when moving a drug toward late-stage trials.

Human Capital and Expertise

The human resource is a specialized team focused on clinical execution. Following a strategic realignment in May 2025, which included an approximately 45% reduction in workforce, the remaining team is leaner and focused. As of October 2025, Pliant Therapeutics, Inc. had approximately 135 employees across North America, Europe, and Asia. This team includes specialized leadership, such as a Chief Regulatory Officer and Head of Quality, essential for navigating late-stage clinical and regulatory pathways. This restructuring was explicitly done to extend the cash runway to support execution of clinical trials, including any late-stage ones. That focused team is now a critical, cost-optimized resource.

Finance: draft 13-week cash view by Friday.

Pliant Therapeutics, Inc. (PLRX) - Canvas Business Model: Value Propositions

You're looking at the core value Pliant Therapeutics, Inc. (PLRX) offers across its pipeline, which is heavily focused on integrin-based therapeutics for high-need areas. The value is grounded in novel mechanisms and clinical signals, supported by a financial structure positioned for execution.

Novel oral, small molecule therapy (PLN-101095) for ICI-refractory solid tumors.

PLN-101095, an oral, small molecule, dual selective inhibitor of $\alpha v\beta 8$ and $\alpha v\beta 1$ integrins, is showing anti-tumor activity in patients who have not responded to immune checkpoint inhibitors (ICIs). As of November 30th, 2025, interim data from the Phase 1 trial showed:

• One confirmed Complete Response (CR) and three Partial Responses (PR) across the three highest dose cohorts out of 10 secondary ICI refractory patients evaluated.
• 60% of these secondary refractory patients demonstrated stable disease or tumor reduction.
• Responding patients exhibited large increases, specifically 4- to 13-fold versus baseline, in plasma interferon gamma (IFN-γ) after a 14-day monotherapy run-in.
• The median time on treatment for these responders was 15 months.

This positions PLN-101095 as a potential option where current standards fail, with plans to accelerate development via a Phase 1b indication expansion trial starting in 2026.

Potential to stabilize or improve liver fibrosis markers in Primary Sclerosing Cholangitis (PSC).

While development for Idiopathic Pulmonary Fibrosis (IPF) was discontinued, Pliant Therapeutics, Inc. (PLRX) is assessing potential next steps for bexotegrast, which could include new indications such as liver diseases. The underlying science for this class of drug has been validated:

Addressing high unmet medical needs in rare fibrotic diseases and advanced cancers.

Pliant Therapeutics, Inc. (PLRX) targets patient populations with limited or no effective options. For advanced cancers, the value is in overcoming resistance to immune checkpoint inhibitors. For fibrotic diseases, the company is looking to pivot following the discontinuation of the IPF program, aiming at other fibrotic conditions like liver diseases. The company's financial position supports this focus:

• Cash, cash equivalents, and short-term investments were $243.3 million as of September 30, 2025.
• This strong cash position is noted to support planned operations through 2028.
• The Q3 2025 net loss was $26.3 million, a reduction from $57.8 million in the prior year period, reflecting cost management.

Demonstrated antifibrotic mechanism of action through PET imaging data.

The mechanism of action for the discontinued bexotegrast was scientifically validated. Results from a Phase 2a positron emission tomography (PET) imaging trial were published in the American Journal of Respiratory and Critical Care Medicine (AJRCCM). This publication reviewed positive results showing the drug's effect on collagen deposition in the lungs of 10 IPF patients.

Potential for a first-in-class treatment for muscular dystrophies (PLN-101325).

PLN-101325 is being developed as a monoclonal antibody agonist of integrin $\alpha 7\beta 1$ for muscular dystrophies. This program has advanced to a point where Pliant Therapeutics, Inc. (PLRX) has received regulatory clearance for a Phase 1 study, with a Clinical Trial Approval (CTA) open in Australia.

Finance: review Q4 2025 cash burn projections by next Tuesday.

Pliant Therapeutics, Inc. (PLRX) - Canvas Business Model: Customer Relationships

For Pliant Therapeutics, Inc. (PLRX), customer relationships are segmented across three primary groups: the scientific/clinical community (KOLs and investigators), the investment community, and patient advocacy organizations relevant to their pipeline candidates.

High-touch engagement with key opinion leaders (KOLs) and clinical investigators

Engagement with the clinical community centers on validating the integrin platform and managing the transition following the BEACON-IPF trial. While the development of bexotegrast in idiopathic pulmonary fibrosis (IPF) was discontinued in Q2 2025 due to an unfavorable risk-benefit profile, the commitment to scientific transparency remains. Full results from the global, multinational BEACON-IPF Phase 2b/3 clinical trial are slated for future publication, and close-out activities were expected to be completed in the fourth quarter of 2025. This commitment to sharing data, even from a discontinued program, serves to maintain credibility with investigators. Furthermore, the ongoing Phase 1 trial for PLN-101095 in solid tumors, which completed enrollment across all five dose cohorts by the third quarter of 2025, requires close collaboration with oncology investigators. The company presented research at ATS in May 2025, including an Oral Presentation on 'Characterizing the antifibrotic activity of bexotegrast on distinct fibroblast populations in PCLS from multiple ILD subtypes,' demonstrating continued scientific dialogue with the pulmonology community.

Investor relations and public communications to manage shareholder expectations post-IPF setback

Investor communication has been focused on navigating the significant shift following the August 7, 2025, announcement of the bexotegrast IPF discontinuation. Management, led by CEO Bernard Coulie, M.D., Ph.D., immediately pivoted to emphasizing the advancement of the oncology program and the maintenance of core capabilities. Following a strategic realignment in May 2025 that included an approximately 45% reduction in workforce, the company provided regular updates to manage the cash runway, which stood at $264.4 million in cash, cash equivalents, and short-term investments as of June 30, 2025, decreasing to $243.3 million by September 30, 2025. The commitment to shareholders was explicitly stated: 'We remain committed to delivering shareholder value and look forward to providing updates in the future,' following the Q2 2025 results. The focus for the remainder of 2025 was on delivering data from the PLN-101095 trial by year-end.

Direct communication with patient advocacy groups for rare diseases

Pliant Therapeutics, Inc. is developing PLN-101325, a monoclonal antibody agonist of integrin $\alpha_7\beta_1$, specifically targeting muscular dystrophies, which falls under the rare disease category. While specific partnership metrics for Pliant Therapeutics, Inc. are not public, the operational necessity for such engagement is clear, as patient advocacy groups (PAGs) are increasingly vital partners. For PAGs serving diseases without an approved therapy, 51% reported no clinical trials in progress at the time of a recent industry survey, highlighting the need for industry collaboration to initiate trials. Furthermore, 79% of surveyed PAGs reported research engagement in some capacity, including registries and clinical trials, underscoring that active participation from these groups is essential for trial success and enrollment. For Pliant Therapeutics, Inc., engaging these groups is critical to support the Phase 1 study of PLN-101325.

Scientific publications to validate the integrin platform and drug mechanism

Validation of the core integrin platform is driven by peer-reviewed publications and conference presentations. The company has published results from a Phase 2a positron emission tomography (PET) imaging trial in the American Journal of Respiratory and Critical Care Medicine (AJRCCM). The platform itself is supported by a proprietary library of over 15,000 integrin binding molecules. The oncology program's interim data, released in December 2025, further validates the mechanism, showing that responders in the PLN-101095 trial had 4- to 13-fold increases in plasma IFN-$\gamma$ after a 14-day monotherapy run-in. The platform's broad applicability is also highlighted by its use in developing PLN-101095 (dual selective inhibitor of $\alpha_v\beta_8$ and $\alpha_v\beta_1$) and PLN-101325 (agonist of integrin $\alpha_7\beta_1$).

Here is a summary of key quantitative data points relevant to these relationships:

You'll want Finance to track the burn rate closely against the $243.3 million cash position at the end of Q3 2025, especially given the shift in R&D focus post-IPF. Operations: confirm the final BEACON-IPF close-out is complete by the end of Q4 2025 as planned.

Pliant Therapeutics, Inc. (PLRX) - Canvas Business Model: Channels

You're looking at how Pliant Therapeutics, Inc. gets its science and potential products to the relevant stakeholders-from clinical sites to potential partners and, eventually, patients. The channels are heavily weighted toward research and external partnerships right now, which makes sense given the late-stage clinical focus.

Global clinical trial networks for patient enrollment and drug testing

Pliant Therapeutics, Inc. relies on established clinical trial infrastructure to test its integrin-based candidates. While the BEACON-IPF Phase 2b/3 trial, which evaluated bexotegrast, was a global effort, it involved approximately 360 patients across 262 international sites before its discontinuation. Currently, the channel focus is on the oncology program, specifically the Phase 1 dose-escalation trial for PLN-101095 in solid tumors resistant to immune checkpoint inhibitors. This trial has completed enrollment of all five planned dose cohorts. In the earlier stages of this trial, 16 patients with nine different tumour types were enrolled across five dosing groups to test various regimens, such as 1,000 mg BID (twice daily) for six subjects and 2,000 mg BID for three patients. The company is positioned to execute advanced trials, maintaining a deeply experienced late-stage clinical and regulatory development organization.

Here's a snapshot of the recent clinical trial channel activity:

Scientific and medical conferences (e.g., AASLD) to present clinical data

Presenting data at key scientific venues is a primary channel for validating science and engaging the medical community. Pliant Therapeutics, Inc. presented at the American Thoracic Society (ATS) 2025 International Conference in May 2025. This included a featured oral presentation and three scientific posters covering bexotegrast and biomarker analysis in Interstitial Lung Disease (ILD) subtypes. The company makes these presentations available on its website under the Publications section.

• ATS 2025 Conference attendance: May 16-21, 2025.
• Number of scientific posters presented at ATS 2025: Three.
• Data presented included evaluation of bexotegrast in human precision-cut lung slices (PCLS).

Licensing and collaboration agreements (e.g., Novartis) for non-core assets or territories

External partnerships serve as a crucial channel for advancing non-core assets or leveraging global reach for specific indications. The strategic collaboration and license agreement with Novartis for PLN-1474 (for NASH-related liver fibrosis) and up to three additional integrin targets, originally signed in October 2019, is a prime example. Pliant completed the Phase 1 development for PLN-1474, after which Novartis assumed all future development, manufacturing, and commercialization.

The financial structure of this channel included:

• Initial payment from Novartis: $80 million (upfront payment and equity investment commitments).
• Total potential milestone payments: Up to $416 million.
• Royalty structure: Tiered royalties on product sales ranging from the mid-single digits to low double digits.

This structure allowed Pliant Therapeutics, Inc. to fund R&D activities related to the deal while transferring late-stage risk and commercialization responsibility externally.

Future specialty pharmacy and direct-to-physician sales channels post-approval

For Pliant Therapeutics, Inc.'s current pipeline assets, particularly PLN-101095 in oncology, the commercial channel strategy is still in the planning phase, contingent on successful later-stage data. The company is accelerating development of PLN-101095 with the initiation of a Phase 1b indication expansion trial planned for 2026. The company's current financial position, with cash, cash equivalents, and short-term investments reported at $243.3 million as of September 30, 2025, supports planned operations through 2028. This runway is intended to support execution of clinical trials, including any late-stage trials, following a workforce realignment that reduced personnel by approximately 45% in May 2025. The actual structure for specialty pharmacy or direct-to-physician sales for an approved oncology product would be determined after positive data from the planned 2026 expansion trial and subsequent Phase 3 studies.

Pliant Therapeutics, Inc. (PLRX) - Canvas Business Model: Customer Segments

Oncology patients with advanced solid tumors resistant to immune checkpoint inhibitors.

This segment is targeted by the investigational drug PLN-101095, which is being evaluated in combination with pembrolizumab for patients refractory to immune checkpoint inhibitors (ICI). Interim data from the Phase 1 dose escalation trial showed antitumor activity in this heavily pretreated population. Across the three highest dose cohorts, there were four responders out of the 10 secondary ICI refractory patients. Specifically, 60% of secondary refractory patients demonstrated stable disease or tumor reduction. The median time on treatment in these patients was 15 months, as of November 30th, 2025. Clinical responses were observed in patients with cholangiocarcinoma, melanoma, head and neck squamous cell carcinoma, and non-small cell lung cancer (NSCLC). Final data from this trial, including the two highest dose cohorts, is expected by the end of 2025.

Patients diagnosed with Primary Sclerosing Cholangitis (PSC).

PSC is a rare, progressive liver disease. The estimated patient population is over 100,000 patients worldwide and more than 30,000 patients in the United States. Currently, there are no FDA or EMA-approved therapies for patients with PSC. Pliant Therapeutics evaluated bexotegrast in the INTEGRIS-PSC Phase 2a trial. The 320 mg dose cohort enrolled 27 patients in the active arm and 9 patients in the placebo arm. Pliant Therapeutics had a cash position of $243.3 million as of September 30, 2025, to support ongoing pipeline advancement.

Patients with muscular dystrophies (future segment for PLN-101325).

PLN-101325 targets $\alpha7\beta1$ integrin, a receptor upregulated in Duchenne muscular dystrophy (DMD) and other forms of muscular dystrophy. This therapy is Phase 1 ready with a Clinical Trial Approval (CTA) open in Australia. Preclinical data in mouse models showed improved diaphragm strength and function, addressing a leading cause of death in muscular dystrophy patients. Pliant Therapeutics reported a net loss of $26.3 million in Q3 2025, with a strategic restructuring involving a ~45% workforce reduction to extend cash runway for future clinical execution.

Specialist physicians: oncologists, hepatologists, and rare disease experts.

The specialist physician segment is defined by their practice focus on the target indications:

• Oncologists treating advanced solid tumors.
• Hepatologists managing Primary Sclerosing Cholangitis.
• Rare disease experts focused on muscular dystrophies.

The company's cash, cash equivalents and short-term investments were $264.4 million as of June 30, 2025, supporting the clinical development necessary to engage these specialists.

Pliant Therapeutics, Inc. (PLRX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Pliant Therapeutics, Inc. (PLRX) operations as of late 2025. The structure is heavily weighted toward R&D, which is typical for a clinical-stage biopharma, but the recent strategic moves have clearly tightened the burn rate.

The most dominant expense category is Research and Development (R&D). For the third quarter of 2025, R&D expenses were reported at $17.9 million. This figure reflects a significant step-down from the prior-year quarter's $47.8 million, largely because the company is winding down the BEACON-IPF trial for bexotegrast. Still, this R&D spend supports the ongoing advancement of other pipeline assets.

General and Administrative (G&A) costs followed R&D as the next largest component. In Q3 2025, G&A totaled $10.3 million, down from $14.3 million in the prior-year quarter. This reduction signals the direct impact of the May 2025 strategic realignment.

Here's a quick look at those key operating expenses for the quarter:

Personnel costs saw a major adjustment following the May 2025 strategic realignment. That restructuring involved a reduction of approximately 45% of Pliant Therapeutics, Inc.'s current workforce. This action was specifically designed to minimize costs and preserve cash reserves, which stood at $243.3 million as of September 30, 2025, extending the cash runway.

Beyond the direct personnel and trial costs, the cost structure necessarily includes ongoing operational expenditures essential for maintaining the company's platform and future optionality. These include:

• Intellectual property maintenance fees for core patents.
• Legal fees associated with ongoing corporate and clinical matters.
• Manufacturing costs for clinical trial materials for active programs like PLN-101095.
• Site costs and vendor management for the ongoing Phase 1 trial in solid tumors.

The costs for clinical trial execution and manufacturing of drug candidates remain significant, even with the BEACON-IPF wind-down. The focus has shifted to executing the Phase 1 trial of PLN-101095, which completed enrollment, meaning future costs will be tied to data analysis and potential subsequent trial planning, rather than large-scale patient enrollment and drug supply for the discontinued IPF program.

To be fair, the October prepayment of outstanding amounts under the Oxford Finance loan agreement also impacts the balance sheet and future cash flow, reducing debt-related obligations, which is a form of future cost management.

Pliant Therapeutics, Inc. (PLRX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side for Pliant Therapeutics, Inc. (PLRX) as of late 2025. Honestly, for a clinical-stage company, the revenue streams are almost entirely non-product related right now, which is typical.

Zero product revenue is the reality, as Pliant Therapeutics, Inc. is still deep in clinical development and has not achieved regulatory approval for any therapeutic candidate. Reported revenue was zero for Q3 2025, consistent with analyst expectations.

The current, tangible income comes from the balance sheet. You see interest and other income generated from their cash reserves. For the third quarter of 2025, this totaled approximately $2.8 million.

This cash position, as of September 30, 2025, stood at $243.3 million in cash, cash equivalents, and short-term investments. That cash is what generates the interest income you see.

The next layer of revenue is tied up in the success of their partnerships, specifically the one with Novartis. These are milestone payments from existing strategic collaborations. The agreement for PLN-1474, which has already transitioned to Novartis after Phase 1 completion, allows Pliant Therapeutics, Inc. to earn milestone payments up to $416 million upon the achievement of specified development, regulatory, and commercial milestones. Also, under the 2019 collaboration, Pliant Therapeutics, Inc. received a $4 million milestone payment for advancing another integrin target into development.

Here's a quick look at the structure of that key Novartis deal:

Also, you have to factor in the future potential royalties from licensed candidates like PLN-1474. Upon commercialization, Pliant Therapeutics, Inc. is eligible for tiered royalties ranging from the mid-single digit to low double-digit percentages on product sales.

Finally, the big, long-term, high-risk stream is future product sales revenue. This is entirely contingent on successful regulatory approval and market launch for their pipeline assets, such as PLN-101095 in solid tumors or PLN-101325 for muscular dystrophies.

The current revenue-generating activities can be summarized:

• Zero product sales revenue as clinical-stage.
• Interest income from cash reserves, totaling $2.8 million in Q3 2025.
• Potential milestone payments from the Novartis collaboration.
• Future tiered royalties on licensed assets.
• Contingent future revenue from pipeline product sales.

Finance: draft 13-week cash view by Friday.