PLRX: Highlights from the RBC Healthcare Conference

研报英文原文证据摘录

PLRX: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global

Healthcare Research)

Kevin Meli, Ph.D. (Senior Associate)

Nevin Varghese, Ph.D. (Analyst)

May 19, 2026

Pliant Therapeutics, Inc.

Highlights from the RBC Healthcare Conference

NASDAQ: PLRX | USD 1.15 | Sector Perform | Speculative Risk | Price Target USD 2.00

Sentiment: Neutral

Bernard Coulie, President & CEO, presented and sounded confident on the potential for both oncology and integrin, where

both progams are moving along after the company's revamp, though need for clearer de-risking datapoints to justify further

development, in our view, is likely to keep stock rangebound. We remain Sector Perform, Spec. Risk, with a $2.00 PT.

• Recent AACR updates showed good tolerability (except mild to moderate rash) for '095, with avg duration of therapy at 19mo.

• The ph.Ib expansion first patient enrolled was announced a couple of weeks ago and add'l pts have been enrolled since. 1000mg

BID had shown activity in ph.Ia.

• The rationale for expanding into NSCLC (60/40 TMB-H/non-TMB-H) was 2 responses seen in the ph.Ia in the 3 initial NSCLC pts;

ccRCC expansion basis relies on this tumor type having a highly inflamed TME - could be prototype for other tumor types, and

SRRK (not covered) published latent TGFb with an ORR >20% in RCC. 3/4 responses in their ph.I were TMB-H, justifying expansion

into this basket of tumor subtypes in ph.Ib.

• Data expected in 2027 from the ph.Ib dose expansion - rationale for monotherapy activity is the interferon-gamma level increases

seen, suggesting pembro rechallenge should not be the only reason for the observed responses; in addition ctDNA level data