plrx-20240331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-39303

PLIANT THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware						47-4272481
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)
260 Littlefield Avenue
South San Francisco, CA						94080
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (650) 481-6770

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on which Registered
Common Stock, par value $0.0001 per share	PLRX	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 1, 2024, the registrant had 60,325,832 shares of common stock, $0.0001 par value per share, outstanding.

Table of Contents


PART I.	FINANCIAL INFORMATION	6

Item 1.	Condensed Financial Statements (Unaudited)	6
	Condensed Balance Sheets	6
	Condensed Statements of Operations and Comprehensive Loss	7
	Condensed Statements of Stockholders’ Equity	8
	Condensed Statements of Cash Flows	10
	Notes to Condensed Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26

PART II.	OTHER INFORMATION	26

Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
Item 3.	Defaults Upon Senior Securities	71
Item 4.	Mine Safety Disclosures	71
Item 5.	Other Information	71
Item 6.	Exhibits	72
Signatures		73

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, or this Report, contains forward-looking statements that involve risks, uncertainties, and assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The statements contained in this Report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements in this Report include, but are not limited to, statements about:

•Our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

•The success, cost and timing of our product development activities and clinical trials of our lead product candidate, bexotegrast (PLN-74809), including our expectations that the implementation of BEACON-IPF as a pivotal adaptive Phase 2b/3 trial design will significantly shorten bexotegrast’s late-stage development compared to standalone Phase 2b and Phase 3 trials, and our other product candidates;

•Our plans to initiate, recruit and enroll patients in, and conduct our clinical trials at the pace that we project;

•Our plans and strategy to obtain and maintain regulatory approvals of our product candidates;

•Our plans and strategy to obtain funding for our operations, including funding necessary to complete further development and, upon successful development, if approved, commercialize any of our product candidates;

•The effect and impact of new, existing and proposed laws and regulations;

•The potential benefit of orphan drug and Fast Track designations for bexotegrast;

•Our ability to compete with companies currently marketing or engaged in the development of treatments for fibrosis;

•Our plans and strategy regarding obtaining and maintaining intellectual property protection for our product candidates and the duration of such protection;

•Our plans and strategy regarding the manufacture of our product candidates for clinical trials and for commercial use, if approved;

•Our dependence on future collaborators for developing, obtaining regulatory approval for and commercializing product candidates in the collaboration;

•Our receipt and timing of any milestone payments or royalties under any future research collaboration or license agreements or arrangements;

•Our plans and strategy regarding the commercialization of any products that are approved for marketing and our ability to establish adequate pricing in the U.S. and international markets;

•The size and growth potential of the markets for our product candidates, and our ability to serve those markets, either alone or in combination with others;

•Our ability to attract and retain qualified employees and key personnel;

•Our expectations regarding government and third-party payor coverage and reimbursement; and

•Our expectations of obtaining a positive health technology assessment recommending our products.

These statements are based on the beliefs and assumptions of our management, which are in turn based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results and timing expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled “Risk Factors” included under Part II, Item 1A in this Report. Furthermore, such forward-looking statements speak only as of the date of this Report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

SUMMARY OF RISKS ASSOCIATED WITH OUR BUSINESS

Our business involves significant risks, some of which are summarized below. The summary risk factors listed below should be read together with the text of the full risk factors discussed in "Part II, Item 1A - Risk Factors" in this Report. You should carefully consider the risks described below, as well as the other information in this Report, including our financial statements and the related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” as well as in other documents that we file with the Securities and Exchange Commission, or the SEC. The occurrence of any of the events or developments described in this Report could have a material adverse effect on our business, financial condition, results of operations, growth prospects and stock price. In such an event, the market price of our common stock could decline. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations and the market price of our common stock.

Risks Related to Our Financial Position and Need for Additional Capital

•We have incurred significant net losses since inception, and we expect to continue to incur significant net losses for the foreseeable future.

•We will require substantial additional capital to finance our operations. If we are unable to raise such capital when needed, or on acceptable terms, we may be forced to delay, reduce and/or eliminate one or more of our research and drug development programs, future commercialization efforts or other operations.

Risks Related to Research and Development and the Biopharmaceutical Industry

•We have a limited operating history, which may make it difficult to evaluate our prospects and likelihood of success.

•Our business is highly dependent on the success of our lead product candidate, bexotegrast and any other product candidates that we advance into the clinic. All of our product candidates will require significant additional preclinical and clinical development before we may be able to seek regulatory approval for and launch a product commercially.

•Our approach to drug discovery and development in the area of fibrotic diseases is unproven and may not result in marketable products.

•Clinical development involves a lengthy, complex, and expensive process, with an uncertain outcome to support either a marketing authorization or positive pricing and reimbursement decisions.

•We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of bexotegrast or any other product candidates.

•We may fail to obtain and maintain certain regulatory exclusivities and orphan designations in some jurisdictions and therefore fail to secure orphan exclusivity or other exclusivity extensions in those jurisdictions.

•Our ongoing and future clinical trials may reveal significant adverse events or unexpected drug-drug interactions not seen in our preclinical studies and may result in a safety profile that could delay or prevent regulatory approval or market acceptance of any of our product candidates.

•If we encounter difficulties enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.

•We face substantial competition, which may result in others discovering, developing, or commercializing products before or more successfully than us.

•We may fail to secure an appropriate reimbursement price or a positive health technology assessment.

•The timelines of our clinical trials and the overall costs to conduct and complete the clinical trials may be adversely impacted due to disruptions caused by marketplace conditions, including the effects of health epidemics and pandemics, such as COVID-19, or other geopolitical conditions.

Risks Related to Our Intellectual Property

•Our success depends in part on our ability to obtain patent term extensions and to protect our intellectual property. It is difficult and costly to protect our proprietary rights and technology, and we may not be able to ensure their protection.

•Our collaborators may assert ownership or commercial rights to inventions they develop from research we support, or that we develop from our use of the tissue samples or other biological materials which they provide to us, or otherwise arising from the collaboration.

Risks Related to Our Reliance on Third Parties

•We rely on third parties to conduct certain aspects of our preclinical studies and clinical trials and for tissue samples and other materials required for our research and development activities.

•We rely on single-source third party suppliers located in foreign jurisdictions, including China, to manufacture our drug candidates. An interruption in this supply, caused by a business interruption or geopolitical events, could materially disrupt our research and development activities.

•If we are unable to enter into new collaborations, or if these collaborations are not successful, our business could be adversely affected.

Risks Related to Managing Our Business and Operations

•The effects of health epidemics and pandemics, such as COVID-19 could adversely impact our business, including our preclinical studies and clinical trials.

•Our loss of key management personnel, or our failure to recruit additional highly skilled personnel, will impair our ability to develop current product candidates or identify and develop new product candidates, could result in loss of markets or market share and could make us less competitive.

•Effective December 31, 2023, we became a large accelerated filer and no longer qualify as a smaller reporting company, which will increase our costs and demands on management.

PART I—FINANCIAL INFORMATION

Item 1. Condensed Financial Statements.

Pliant Therapeutics, Inc.

Condensed Balance Sheets

(Unaudited)

(In thousands, except number of shares and per share amounts)


	March 31, 2024		*December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	114,297	$	63,234
Short-term investments	368,092		431,011
Prepaid expenses and other current assets (Note 5)	7,509		11,257
Total current assets	489,898		505,502
Property and equipment, net	5,605		3,567
Operating lease right-of-use assets (Note 14)	24,228		1,211
Restricted cash	1,482		1,482
Other non-current assets	392		392
Total assets	$	521,605	$	512,154
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	7,327	$	4,531
Accrued research and development	16,423		12,456
Accrued liabilities (Note 6)	5,868		10,219
Operating lease liabilities, current (Note 14)	773		1,318
Total current liabilities	30,391		28,524
Operating lease liabilities, non-current (Note 14)	23,880		—
Long-term debt (Note 7)	30,002		10,054
Total liabilities	84,273		38,578
Commitments and Contingencies (Note 13)
Stockholders’ equity
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized at March 31, 2024 and December 31, 2023, and none issued or outstanding at March 31, 2024 and December 31, 2023 (Note 9)	—		—
Common stock, $0.0001 par value per share; 300,000,000 shares authorized at March 31, 2024 and December 31, 2023; and 60,318,542 and 59,921,002 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively; (Note 10)	6		6
Additional paid-in capital	984,518		972,973
Accumulated deficit	(546,703)		(499,748)
Accumulated other comprehensive (loss) gain	(489)		345
Total stockholders’ equity	437,332		473,576
Total liabilities and stockholders’ equity	$	521,605	$	512,154

*The condensed balance sheet as of December 31, 2023 has been derived from the audited financial statements as of that date.

The accompanying notes are an integral part of these condensed financial statements

Pliant Therapeutics, Inc.

Condensed Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except number of shares and per share amounts)


	Three Months Ended March 31,
	2024		2023
Revenue	$	—	$	1,332
Operating expenses:
Research and development	(37,146)		(29,273)
General and administrative	(15,246)		(14,154)
Total operating expenses	(52,392)		(43,427)
Loss from operations	(52,392)		(42,095)
Interest and other income (expense), net	5,882		4,858
Interest expense	(445)		(311)
Net loss	$	(46,955)	$	(37,548)
Net loss per share - basic and diluted	$	(0.78)	$	(0.67)
Shares used in computing net loss per share - basic and diluted	60,180,921		56,057,603
Comprehensive loss:
Net loss	$	(46,955)	$	(37,548)
Net unrealized (loss) gain on short-term investments	(834)		627
Total other comprehensive (loss) gain	(834)		627
Comprehensive loss	$	(47,789)	$	(36,921)

The accompanying notes are an integral part of these condensed financial statements.

Pliant Therapeutics, Inc.

Condensed Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except number of shares and per share amounts)


				Additional Paid-In Capital		Accumulated Other Comprehensive Gain/(Loss)		Accumulated Deficit		Total Stockholders’ Equity
	Common Stock
	Shares	Amount
Balance at December 31, 2023	59,921,002	$	6	$	972,973	$	345	$	(499,748)	$	473,576
Issuance of common stock under benefit plans	397,540	—		1,879		—		—		1,879
Stock-based compensation expense	—	—		9,666		—		—		9,666
Net unrealized loss on short-term investments	—	—		—		(834)		—		(834)
Net loss	—	—		—		—		(46,955)		(46,955)
Balance at March 31, 2024	60,318,542	$	6	$	984,518	$	(489)	$	(546,703)	$	437,332

The accompanying notes are an integral part of these condensed financial statements.

Pliant Therapeutics, Inc.

Condensed Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except number of shares and per share amounts)


				Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Equity
	Common Stock
	Shares	Amount
Balance at December 31, 2022	48,941,254	$	5	$	653,707	$	(1,958)	$	(338,412)	$	313,342
Common stock issued in a public offering, net of offering expenses	9,583,334	1		269,914		—		—		269,915
Issuance of common stock under benefit plans	454,314	—		3,661		—		—		3,661
Stock-based compensation expense	—	—		11,923		—		—		11,923
Net unrealized gain on short-term investments	—	—		—		627		—		627
Net loss	—	—		—		—		(37,548)		(37,548)
Balance at March 31, 2023	58,978,902	$	6	$	939,205	$	(1,331)	$	(375,960)	$	561,920

The accompanying notes are an integral part of these condensed financial statements.

Pliant Therapeutics, Inc.

Condensed Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In thousands)	2024		2023
Cash flows from operating activities
Net loss	$	(46,955)	$	(37,548)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	513		452
Stock-based compensation expense	9,666		11,923
Non-cash operating lease expense	681		609
Net amortization (accretion) on short-term investments and debt	1,091		(2,584)
Changes in operating assets and liabilities:
Accounts receivable	—		(1,314)
Prepaid expenses and other current assets	3,749		(476)
Accounts payable	2,257		(144)
Accrued liabilities	(910)		(538)
Operating lease liabilities	(363)		(656)
Net cash used in operating activities	(30,271)		(30,276)
Cash flows from investing activities
Purchase of short-term investments	(52,375)		(276,620)
Maturity of short-term investments	113,413		102,575
Purchase of property and equipment	(1,492)		(163)
Net cash used in (provided by) investing activities	59,546		(174,208)
Cash flows from financing activities
Proceeds from issuances of common stock under benefit plans	1,879		3,661
Proceeds from term loan, net	19,909		—
Payment of offering costs	—		(586)
Proceeds from sale of common stock in a public offering	—		270,251
Net cash provided by financing activities	21,788		273,326
Net increase in cash and cash equivalents	51,063		68,842
Cash and cash equivalents and restricted cash at beginning of period	64,716		33,685
Cash, cash equivalents and restricted cash at end of period	$	115,779	$	102,527
Supplemental disclosures of cash flow information:
Cash paid for interest	$	501	$	282
Reconciliation of cash, cash equivalents, and restricted cash reported in the balance sheets
Cash and cash equivalents	$	114,297	$	102,527
Restricted cash	1,482		—
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	115,779	$	102,527
Supplemental disclosures of noncash investing and financing activities:
Net unrealized (loss) gain on short-term investments	$	(834)	$	636
Purchase of property and equipment in accounts payable and accrued liabilities	$	1,059	$	—
Supplemental disclosures of cash flow information related to leases:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	23,698	$	—

The accompanying notes are an integral part of these condensed financial statements.

Pliant Therapeutics, Inc.

Notes to Condensed Financial Statements

(Unaudited)

1. Organization and Description of Business

Pliant Therapeutics, Inc. (the “Company” or "Pliant" or “we” or “our” or “us”) is a late stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis with an initial focus on treating fibrosis by inhibiting integrin-mediated activation of TGF-ß. Fibrosis refers to the abnormal thickening and scarring of connective tissue due to the production and deposition of excess collagen in the extra-cellular matrix. Fibrosis can occur in many different tissues including lung, liver, kidney, muscle, skin and the GI tract, and often causes severe and debilitating disease leading to organ failure. The Company is located in South San Francisco, California, and was incorporated in the state of Delaware in June 2015.

Public Offering

In January 2023, the Company completed a public offering of 9,583,334 shares of common stock, including the exercise in full of the underwriters' option to purchase 1,250,000 additional shares of common stock. The shares were offered at a price of $30.00 per share, resulting in aggregate proceeds of approximately $269.8 million, net of underwriting discounts, commissions and offering expenses payable by us.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”), for interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the unaudited interim condensed financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of the Company's financial information. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other interim period or for any other future year.

The financial information included herein should be read in conjunction with the audited financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 27, 2024 (the “2023 10-K”).

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses as well as the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, stock-based compensation expense, operating lease right-of-use (“ROU”) assets and liabilities, accruals and prepayments for research and development costs, income taxes and uncertain tax positions. The Company assesses estimates on an ongoing basis, however, actual results could materially differ from those estimates.

Significant Accounting Policies

There have been no significant changes to the accounting policies during the three months ended March 31, 2024, as compared to the significant accounting policies described in Note 2 of the "Notes to the Financial Statements" in the Company's audited financial statements included in its 2023 10-K.

Recently Announced Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis, and early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures and will adopt the ASU for its 2024 10-K.

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The Company is currently evaluating the impact of this standard on its disclosures and will adopt the ASU for its 2025 10-K.

3. Financial Instruments

The Company’s short-term investments consist of U.S. Treasury securities, U.S. government agency securities and highly rated, investment-grade corporate debt securities with original maturities beyond three months at the date of purchase. The Company has classified and accounted for its short-term investments as available-for-sale securities as the Company may sell these securities at any time even prior to maturity and such investments represent cash available for current operations. As a result, short-term investments may include securities with maturities beyond twelve months that are classified within current assets in the Balance Sheets. The Company’s short-term investments classified as available-for-sale are carried at fair market value with unrealized gains or losses recognized in the statements of operations and comprehensive loss.

The Company’s cash equivalent Money Market Funds are classified as Level 1 in the fair value hierarchy because they are valued using quoted active market prices. The fair value of the Company’s U.S. Treasury securities, U.S. government agency securities and corporate debt securities are classified as Level 2 because they are valued using observable inputs to quoted market prices other than Level 1 prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency and include U.S. government agency securities, U.S. Treasury securities and corporate debt securities.

There were no assets or liabilities recorded at fair value to the condensed balance sheets using Level 3 inputs as of March 31, 2024 and as of December 31, 2023.

The following tables show the Company’s Money Market Funds, U.S. Treasury securities, U.S. government agency securities and corporate debt securities by significant investment category as of March 31, 2024 and December 31, 2023 (in thousands):


		As of March 31, 2024								As of December 31, 2023
		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Money Market Funds	Level 1	$	66,387	$	—	$	—	$	66,387	$	57,241	$	—	$	—	$	57,241
U.S. Treasury securities	Level 2	23,493		—		(17)		23,476		27,250		46		(8)		27,288
U.S. Government agency securities	Level 2	122,121		107		(234)		121,994		133,655		563		(132)		134,086
Corporate debt securities	Level 2	239,912		43		(389)		239,566		269,761		213		(337)		269,637
Total financial assets		$	451,913	$	150	$	(640)	$	451,423	$	487,907	$	822	$	(477)	$	488,252


	As of March 31, 2024								As of December 31, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Classified as:
Cash equivalents	$	83,336	$	—	$	(5)	$	83,331	$	57,241	$	—	$	—	$	57,241
Short-term investments	368,577		150		(635)		368,092		430,666		822		(477)		431,011
Total	$	451,913	$	150	$	(640)	$	451,423	$	487,907	$	822	$	(477)	$	488,252

The Company may sell certain of its short-term securities prior to their stated maturities for reasons including, but not limited to, managing liquidity, credit risk, duration and asset allocation.

There were no liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. The Company evaluates transfers between levels at the end of each reporting period and there have been no transfers between fair value measurement levels during the three months ended March 31, 2024. In addition, there were no assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2024 and December 31, 2023.

The Company records interest income, accretion income and amortization expense on Money Market Funds and U.S. Treasury, U.S. government agency and corporate debt securities to interest and other income (expense), net in its condensed statement of operations and comprehensive loss.

4. Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	As of March 31, 2024	As of December 31, 2023
Laboratory equipment	10,423	10,410
Leasehold improvements	1,964	1,663

SEC Form 10-Q filed by Pliant Therapeutics Inc.