1Q26 Reports: Ph1b FORTIFY Progressing with Interim Data Expected in 2027

研报英文原文证据摘录

1Q26 Reports: Ph1b FORTIFY Progressing with Interim Data Expected in 2027

C O M PA N Y N O T E

M a y 1 1 , 2 0 2 6

Pliant Therapeutics (PLRX) Overweight

CONCLUSION PRICE: US$1.22

PLRX reported 1Q26 highlighting continued progress with PLN-101095 (dual of αvβ8/αvβ1 TARGET: US$3.00

integrin inhibitor), where the Ph1b FORTIFY expansion study (NCT06270706) is actively Our $3 price target is based on PLRX's cash

enrolling and dosing. Specifically, recognize that this Ph1b is an open-label, single dose per share.

study with three cohorts encompassing NSCLC, clear cell renal cell carcinoma and a subset

of tumors with high tumor mutational burden (selected based on the Ph1 data). Specifically, Yasmeen Rahimi, Ph.D.

Sr. Research Analyst, Piper Sandler & Co.

the most recent data showed that in a highly pre-treated patient population, PLN-101095 646 819-3586, yasmeen.rahimi@psc.com

drove anti-tumor activity (in combination with pembrolizumab) with n=1 confirmed overall Emma Nesson

complete response, n=2 confirmed overall partial responses (including n=1 complete Research Analyst, Piper Sandler & Co.

response of baseline target lesions), and n=1 unconfirmed partial response. Having said 212 284-9348, emma.nesson@psc.com

all that, with the Ph1b FORTIFY expansion cohort progressing, mgmt anticipates having an Liam Hiester

interim data readout in 2027, which we believe will represent a stock-moving event. Lastly, Research Analyst, Piper Sandler & Co.

PLRX ended 1Q26 with $172.4M in cash, providing runway into 2H28. 646 656-5259, liam.hiester@psc.com

Dominic Lorenzi

Research Analyst, Piper Sandler & Co.• PLRX dosed the first patient in PLN-101095's Ph1b FORTIFY per the April 646 951-0692, dominic.lorenzi@psc.com

announcement with interim on-track for 2027.