PLIANT THERAPEUTICS, INC. 8-K

What Happened
Pliant Therapeutics, Inc. (PLRX) announced in an 8-K that it entered into a Sales Agreement with Leerink Partners LLC to conduct an at-the-market (ATM) offering allowing sales of up to $50.0 million of its common stock. The company also terminated its Controlled Equity Offering℠ Sales Agreement dated July 2, 2021 with Cantor Fitzgerald & Co., effective March 27, 2026; the company stated there are no termination penalties and no shares were previously sold under the 2021 agreement.

Key Details

• New sales agent: Leerink Partners LLC for the 2026 Sales Agreement (ATM offering).
• Offering size: up to $50.0 million aggregate offering price of common stock.
• Termination: the 2021 Sales Agreement with Cantor Fitzgerald & Co. was terminated effective March 27, 2026.
• No penalties and no prior share sales occurred under the 2021 Sales Agreement.

Why It Matters
This filing formalizes a new capital-raising tool: the ATM program gives Pliant flexibility to sell shares into the market over time up to $50.0M, which can be used for working capital, operations, or other corporate needs. For investors, an ATM offering can lead to dilution if and when shares are sold; the termination of the 2021 agreement simply removes the prior vehicle (with no penalty and no prior utilization). Monitor future company disclosures for actual sales under the new ATM program and any related impact on outstanding shares or financial position.