S&P 500 cuts losses as Nvidia climbs ahead of results
SOUTH SAN FRANCISCO - Pliant Therapeutics, Inc. (NASDAQ:PLRX) reported fourth quarter earnings that beat analyst estimates, sending shares up 6.5% in after-hours trading. The clinical-stage biotechnology company posted a narrower-than-expected loss per share of $0.82, compared to analyst estimates of a $0.99 loss.
The company, which focuses on developing novel therapeutics for fibrotic diseases, announced the discontinuation of its BEACON-IPF Phase 2b trial for bexotegrast following recommendations from an independent data safety monitoring board and an outside expert panel. The decision came after an imbalance in unadjudicated IPF-related adverse events was observed between treatment and placebo groups, although early evidence of efficacy on the forced vital capacity endpoint was noted.
Research and development expenses for the quarter increased to $38.8 million from $33.2 million in the prior-year period, primarily due to costs associated with the BEACON-IPF trial. General and administrative expenses rose slightly to $14.5 million from $13.9 million YoY.
Pliant’s net loss widened to $49.7 million compared to $41.1 million in the same quarter last year, attributed to higher operating expenses and reduced interest income on short-term investments.
"While the discontinuation of BEACON-IPF is disappointing, we remain committed to analyzing the complete data set to evaluate next steps for bexotegrast’s development," said Bernard Coulie, M.D., Ph.D., President and CEO of Pliant Therapeutics.
The company reported a strong cash position of $357.2 million as of December 31, 2024, which it expects to fund operations for at least the next 12 months.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.