Pliant Therapeutics Q3 net loss narrows on lower expenses
Overview
US biopharma firm's Q3 net loss narrowed yr/yr due to lower operating expenses
Research and development expenses were stable, while G&A costs declined from last year
Company reported strong FORTIFY trial enrollment and progress in integrin-mediated delivery platform
Outlook
Company expects continued strong enrollment in FORTIFY Phase 1b trial, with more sites onboarding
Pliant plans to accelerate development of RNAi delivery programs for neuromuscular diseases and cardiomyopathies
Company to provide additional details on RNAi programs and preclinical data in coming months
Result Drivers
FORTIFY ENROLLMENT - Co said enrollment in the FORTIFY Phase 1b trial for PLN-101095 continued ahead of schedule, with additional European sites onboarded
DRUG DELIVERY PLATFORM - Co reported encouraging preclinical results from its integrin-mediated delivery platform, including selective RNAi delivery to muscle tissues
LOWER OPERATING EXPENSES - Co attributed lower operating expenses to termination of bexotegrast development in IPF and reduced personnel-related costs from decreased headcount
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Loss | $24.38 mln | ||
Q3 Operating Expenses | -$25.74 mln | ||
Q3 Operating Income | -$25.74 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the pharmaceuticals peer group is "buy."
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)