0001746473-22-000027 | 10-Q | XBRL Viewer

Redeemable Convertible Preferred StockUnder the Company’s Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”), the Company is authorized to issue two classes of shares: preferred and common stock. The preferred stock may be issued in series, and the Company’s board of directors is authorized to determine the rights, preferences, and terms of each series. These rights preferences and terms could include dividend rights, conversion rights, voting rights, terms of redemptions, liquidation preferences and sinking fund terms. As of June 30, 2022 and December 31, 2021, the Company was authorized to issue 10,000,000 shares of preferred stock and there was no outstanding preferred stock as of June 30, 2022 and December 31, 2021.

Common Stock Fair Market Value Percentage

plrx_CommonStockFairMarketValuePercentage

85.00%

Other Losses

plrx_OtherLosses

$ 443,000

Other Losses

plrx_OtherLosses

529,000

Base Rent Abated Amount

plrx_BaseRentAbatedAmount

$ 200,000

Period Of Base Rent Abatement

plrx_PeriodOfBaseRentAbatement

2 months

Accrued Research And Development Expenses, Current

plrx_AccruedResearchAndDevelopmentExpensesCurrent

$ 13,094,000

Accrued Research And Development Expenses, Current

plrx_AccruedResearchAndDevelopmentExpensesCurrent

$ 5,868,000

Debt Instrument, Number Of Tranches

plrx_DebtInstrumentNumberOfTranches

Payments Of Deferred Offering Costs

plrx_PaymentsOfDeferredOfferingCosts

$ 75,000

Payments Of Deferred Offering Costs

plrx_PaymentsOfDeferredOfferingCosts

$ 179,000

Prepaid Expenses And Other Current Assets [Text Block]

plrx_PrepaidExpensesAndOtherCurrentAssetsTextBlock

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of June 30, 2022	As of December 31, 2021
Prepaid research and development	2,448	2,819
Prepaid insurance	849	2,585
Prepaid licenses	1,028	819
Interest receivable	320	385
Other	212	156
Total prepaid expenses and other current assets	4,857	6,764

Collaboration And License Agreement Integrin Research Targets Amount

plrx_CollaborationAndLicenseAgreementIntegrinResearchTargetsAmount

$ 416,000,000.0

Collaboration And License Agreement Integrin Research Targets Amount, Remaining

plrx_CollaborationAndLicenseAgreementIntegrinResearchTargetsAmountRemaining

387,000,000.0

Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Fair Value

plrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodFairValue

100,000

Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Fair Value

plrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodFairValue

500,000

Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Fair Value

plrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodFairValue

$ 100,000

Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Repurchases Weighted Average Grant Date Fair Value

plrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsRepurchasesWeightedAverageGrantDateFairValue

$ 0

Lease Term Extension Notice Period

plrx_LeaseTermExtensionNoticePeriod

12 months

Lease Term Extension Notice Period

plrx_LeaseTermExtensionNoticePeriod

9 months

Share Based Compensation Arrangement By Share Based Payment Award Percent Of Estimated Fair Value Of Shares

plrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentOfEstimatedFairValueOfShares

100.00%

Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Repurchases In Period

plrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsRepurchasesInPeriod

Share-Based Compensation Arrangement By Share-Based Payment Award, Target Shares

plrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardTargetShares

709,064

Schedule Of Prepaid Expenses And Other Current Assets [Table Text Block]

plrx_ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of June 30, 2022	As of December 31, 2021
Prepaid research and development	2,448	2,819
Prepaid insurance	849	2,585
Prepaid licenses	1,028	819
Interest receivable	320	385
Other	212	156
Total prepaid expenses and other current assets	4,857	6,764

Share Based Compensation Options Under Plan May Be Granted For Periods

plrx_ShareBasedCompensationOptionsUnderPlanMayBeGrantedForPeriods

10 years

Share Based Compensation Options Under Plan May Be Granted For Periods

plrx_ShareBasedCompensationOptionsUnderPlanMayBeGrantedForPeriods

10 years

Prepaid Licenses, Current

plrx_PrepaidLicensesCurrent

$ 1,028,000

Prepaid Licenses, Current

plrx_PrepaidLicensesCurrent

$ 819,000

Schedule Of Common Stock Reserved For Future Issuance Table [Table Text Block]

plrx_ScheduleOfCommonStockReservedForFutureIssuanceTableTableTextBlock

Shares reserved for future issuance


	As of June 30, 2022	As of December 31, 2021
Exercises of outstanding stock option awards	5,420,264	3,620,180
Shares of common stock available for future grants under the 2020 Equity Incentive Plan	4,155,190	4,234,213
Shares of common stock available for future issuance under the 2020 ESPP	922,725	613,098
Total shares reserved for future issuance	10,498,179	8,467,491

Share Based Compensation Arrangement By Share Based Payment Award Exercise Price With Purchase Price Of Common Stock Percentage Of Estimated Grant Date Fair Value For Shareholders

plrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisePriceWithPurchasePriceOfCommonStockPercentageOfEstimatedGrantDateFairValueForShareholders

10.00%

Share Based Compensation Arrangement By Share Based Payment Award Exercise Price With Purchase Price Of Common Stock Percentage Of Estimated Grant Date Fair Value For Shareholders

plrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisePriceWithPurchasePriceOfCommonStockPercentageOfEstimatedGrantDateFairValueForShareholders

110.00%

Share Based Compensation Arrangement By Share Based Payment Award Exercise Price With Purchase Price Of Common Stock Percentage Of Estimated Grant Date Fair Value For Shareholders

plrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisePriceWithPurchasePriceOfCommonStockPercentageOfEstimatedGrantDateFairValueForShareholders

10.00%

Share Based Compensation Arrangement By Share Based Payment Award Exercise Price With Purchase Price Of Common Stock Percentage Of Estimated Grant Date Fair Value For Shareholders

plrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisePriceWithPurchasePriceOfCommonStockPercentageOfEstimatedGrantDateFairValueForShareholders

110.00%

Assets And Liabilities, Lessee [Table Text Block]

plrx_AssetsAndLiabilitiesLesseeTableTextBlock

The weighted-average remaining lease terms and discount rates related to the Company's operating leases were as follows:


						As of June 30, 2022
Weighted-average remaining lease term (in years)						2.90
Weighted-average discount rate						7.9%

Long-Term Debt, Maturity, after Year Four

plrx_LongTermDebtMaturityAfterYearFour

$ 4,545,000

Prepaid Research And Development, Current

plrx_PrepaidResearchAndDevelopmentCurrent

2,448,000

Prepaid Research And Development, Current

plrx_PrepaidResearchAndDevelopmentCurrent

2,819,000

Reclassification Of Restricted Stock Awards From Liabilities To Common Stock Upon Vesting

plrx_ReclassificationOfRestrictedStockAwardsFromLiabilitiesToCommonStockUponVesting

1,000

Reclassification Of Restricted Stock Awards From Liabilities To Common Stock Upon Vesting

plrx_ReclassificationOfRestrictedStockAwardsFromLiabilitiesToCommonStockUponVesting

$ 5,000

Number Of Classes Of Stock Authorized

plrx_NumberOfClassesOfStockAuthorized

Debt Instrument, Amount Available After Tranche One

plrx_DebtInstrumentAmountAvailableAfterTrancheOne

$ 75,000,000

Employee Stock Purchase Plan Offering Period

plrx_EmployeeStockPurchasePlanOfferingPeriod

6 months

Number Of Integrin Research Targets

plrx_NumberOfIntegrinResearchTargets

Proceeds From Upfront Non Refundable License Fee

plrx_ProceedsFromUpfrontNonRefundableLicenseFee

$ 50,000,000.0

Leased Space Under Non Cancellable Operating Lease

plrx_LeasedSpaceUnderNonCancellableOperatingLease

32,974

Contractual Arrangements Cancellation Period

plrx_ContractualArrangementsCancellationPeriod

30 days

Valuation Allowance As Percentage On Deferred Tax Assets

plrx_ValuationAllowanceAsPercentageOnDeferredTaxAssets

100.00%

Debt Draw, Tranche One [Member]

Debt Instrument, Tranche One Amount Undrawn

plrx_DebtInstrumentTrancheOneAmountUndrawn

$ 15,000,000

Regent of the University of California License Agreement (the "UC Agreement")	6 Months Ended
	Jun. 30, 2022
License Agreements [Abstract]
Regent of the University of California License Agreement (the "UC Agreement")	Regents of the University of California License Agreement (the "UC Agreement") In 2015, we entered into the UC Agreement to obtain an exclusive, worldwide license relating to the use of certain patents and technology relating to αvß1 compound in fibrosis indications. Pursuant to the UC Agreement, we made a $2.4 million milestone payment upon the close of our initial public offering in June 2020. Subsequently, we determined the licensed technology was no longer relevant to the development of our product candidates and, therefore, we exercised our right to terminate the UC Agreement which became effective in the first quarter of 2021. No further obligations or financial commitments survive the termination.

Regent of the University of California License Agreement (the "UC Agreement") (Details) $ in Millions	1 Months Ended
	Jun. 30, 2020 USD ($)
License Agreements [Line Items]
Milestone and annual royalty paid	$ 2.4

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Notes to Financial Statements Regent of the University of California License Agreement (the "UC Agreement") Notes Details Regent of the University of California License Agreement (the "UC Agreement") (Details) Uncategorized Uncategorized Items - plrx-20220630_htm.xml All Reports