PLIANT THERAPEUTICS (PLRX) reprices Lily Cheung stock options at $1.33

Rhea-AI Filing Summary

PLIANT THERAPEUTICS, INC. granted its Chief Human Resource Officer, Lily Cheung, a series of repriced stock options as part of a board-approved option repricing effective April 17, 2026. Existing options covering 123,000, 52,000 and 51,750 shares of common stock, previously struck at $21.935, $17.44 and $11.14 per share, were surrendered back to the company and replaced with new options over the same share amounts at an exercise price of $1.33 per share, the closing price on the effective date.

All other terms of the options, including vesting under the company’s 2020 Stock Option and Incentive Plan, remain unchanged. The repriced options can revert to their original exercise prices if exercised during a defined Retention Period or if Cheung’s employment ends under certain conditions, and a prior expiration date has been corrected to January 19, 2033.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Cheung Lily

Role Chief Human Resource Officer

Type	Security	Shares	Price	Value
Disposition	Stock Option (Right to Buy)	123,000	$0.00	--
Grant/Award	Stock Option (Right to Buy)	123,000	$0.00	--
Disposition	Stock Option (Right to Buy)	52,000	$0.00	--
Grant/Award	Stock Option (Right to Buy)	52,000	$0.00	--
Disposition	Stock Option (Right to Buy)	51,750	$0.00	--
Grant/Award	Stock Option (Right to Buy)	51,750	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 0 shares (Direct)

Footnotes (1)

1. On April 15, 2026, the Issuer's board of directors approved an option repricing (the "Repricing"), effective April 17, 2026 (the "Effective Date"), for all stock options granted on or before March 1, 2025 to the Issuer's current employees, including the Reporting Person. All of the other terms of the options remain unchanged. The stock option award was issued pursuant to the Issuer's 2020 Stock Option and Incentive Plan, as amended (the "2020 Plan") and becomes exercisable in accordance with the vesting schedule specified in the award agreement and as previously reported on the Reporting Person's applicable Form 4, subject to the Reporting Person's continued service to the Issuer as of the applicable vesting date. The expiration date has been updated from the Form 4 originally filed on January 23, 2023 from January 18, 2033 to the correct expiration date of January 19, 2033. The closing price per share of the Issuer's common stock on the Effective Date. Under the terms of the Repricing, a repriced stock option award will revert to its original exercise price if exercised during the Retention Period. The "Retention Period" commenced on the Effective Date and ends on the earliest of the following: (i) the eighteen-month anniversary of the Effective Date; (ii) the consummation of a Sale Event (as defined by the 2020 Plan); and (iii) the Reporting Person's (a) termination without cause (as defined in the Reporting Person's severance plan) or due to a reduction in force, (b) death or termination due to disability, or (c) resignation from service for good reason (as defined in the Reporting Person's severance plan). The repriced options will also revert to its original exercise price if the Reporting Person (i) is terminated for cause (as defined in the Reporting Person's severance plan) or (ii) resigns prior to the end of the Retention Period, except for good reason (as defined in the Reporting Person's severance plan).

Key Figures

Repriced exercise price: $1.33 per share Original exercise price tranche 1: $21.935 per share Original exercise price tranche 2: $17.44 per share +5 more

8 metrics

Repriced exercise price $1.33 per share Closing price on April 17, 2026; new option strike under repricing

Original exercise price tranche 1 $21.935 per share Prior option strike on 123,000-share award before repricing

Original exercise price tranche 2 $17.44 per share Prior option strike on 52,000-share award before repricing

Original exercise price tranche 3 $11.14 per share Prior option strike on 51,750-share award before repricing

Option shares tranche 1 123,000 shares Common stock underlying repriced option expiring January 19, 2033

Option shares tranche 2 52,000 shares Common stock underlying repriced option expiring January 23, 2034

Option shares tranche 3 51,750 shares Common stock underlying repriced option expiring January 23, 2035

Retention Period length 18 months Measured from April 17, 2026 effective date of option repricing

Key Terms

option repricing, Retention Period, Sale Event, 2020 Stock Option and Incentive Plan, +1 more

5 terms

option repricing financial

"On April 15, 2026, the Issuer's board of directors approved an option repricing"

Retention Period financial

"The "Retention Period" commenced on the Effective Date and ends on the earliest of the following"

Sale Event financial

"ends on the earliest of the following: (i) the eighteen-month anniversary of the Effective Date; (ii) the consummation of a Sale Event"

2020 Stock Option and Incentive Plan financial

"The stock option award was issued pursuant to the Issuer's 2020 Stock Option and Incentive Plan, as amended"

disposition to issuer financial

"transaction_code_description": "Disposition to issuer""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cheung Lily

(Last) (First) (Middle)

C/O PLIANT THERAPEUTICS, INC.

331 OYSTER POINT BOULEVARD

(Street)

SOUTH SAN FRANCISCO CALIFORNIA 94080

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
PLIANT THERAPEUTICS, INC. [ PLRX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Human Resource Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$21.935	04/17/2026		D(1)			123,000	(2)	01/19/2033(3)	Common Stock	123,000	$0	0	D
Stock Option (Right to Buy)	$1.33(4)(5)	04/17/2026		A(1)		123,000		(2)	01/19/2033(3)	Common Stock	123,000	$0	123,000	D
Stock Option (Right to Buy)	$17.44	04/17/2026		D(1)			52,000	(2)	01/23/2034	Common Stock	52,000	$0	0	D
Stock Option (Right to Buy)	$1.33(4)(5)	04/17/2026		A(1)		52,000		(2)	01/23/2034	Common Stock	52,000	$0	52,000	D
Stock Option (Right to Buy)	$11.14	04/17/2026		D(1)			51,750	(2)	01/23/2035	Common Stock	51,750	$0	0	D
Stock Option (Right to Buy)	$1.33(4)(5)	04/17/2026		A(1)		51,750		(2)	01/23/2035	Common Stock	51,750	$0	51,750	D

Explanation of Responses:

1. On April 15, 2026, the Issuer's board of directors approved an option repricing (the "Repricing"), effective April 17, 2026 (the "Effective Date"), for all stock options granted on or before March 1, 2025 to the Issuer's current employees, including the Reporting Person. All of the other terms of the options remain unchanged.

2. The stock option award was issued pursuant to the Issuer's 2020 Stock Option and Incentive Plan, as amended (the "2020 Plan") and becomes exercisable in accordance with the vesting schedule specified in the award agreement and as previously reported on the Reporting Person's applicable Form 4, subject to the Reporting Person's continued service to the Issuer as of the applicable vesting date.

3. The expiration date has been updated from the Form 4 originally filed on January 23, 2023 from January 18, 2033 to the correct expiration date of January 19, 2033.

4. The closing price per share of the Issuer's common stock on the Effective Date. Under the terms of the Repricing, a repriced stock option award will revert to its original exercise price if exercised during the Retention Period. The "Retention Period" commenced on the Effective Date and ends on the earliest of the following: (i) the eighteen-month anniversary of the Effective Date; (ii) the consummation of a Sale Event (as defined by the 2020 Plan); and (iii) the Reporting Person's (a) termination without cause (as defined in the Reporting Person's severance plan) or due to a reduction in force, (b) death or termination due to disability, or (c) resignation from service for good reason (as defined in the Reporting Person's severance plan).

5. The repriced options will also revert to its original exercise price if the Reporting Person (i) is terminated for cause (as defined in the Reporting Person's severance plan) or (ii) resigns prior to the end of the Retention Period, except for good reason (as defined in the Reporting Person's severance plan).

Remarks:

	/s/ Jennifer Woo, attorney-in-fact	04/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did PLIANT THERAPEUTICS (PLRX) disclose about Lily Cheung’s options?

PLIANT THERAPEUTICS disclosed that Chief Human Resource Officer Lily Cheung exchanged several existing stock options for new options. The new grants keep the same share amounts but reset the exercise price to $1.33 per share, reflecting an option repricing approved by the board.

How many PLRX shares are covered by Lily Cheung’s repriced stock options?

The filing shows option awards covering 123,000, 52,000 and 51,750 shares of PLIANT THERAPEUTICS common stock. Each new option grant replaces a prior option over the same number of shares but with a lower exercise price of $1.33 per share after the repricing.

What are the new and old exercise prices for Lily Cheung’s PLRX options?

The new exercise price is $1.33 per share, equal to the closing price on the effective date. The surrendered options had higher exercise prices of $21.935, $17.44 and $11.14 per share, and were replaced one-for-one under the company’s option repricing program.

Do Lily Cheung’s repriced PLRX options keep their original vesting terms?

Yes. The filing states the stock option awards were issued under the 2020 Stock Option and Incentive Plan and remain subject to the original vesting schedule. Vesting continues as previously reported, conditioned on Cheung’s continued service with PLIANT THERAPEUTICS through each applicable vesting date.

What is the Retention Period mentioned in the PLRX option repricing?

The Retention Period begins on April 17, 2026 and ends on the earliest of the eighteen-month anniversary, a defined Sale Event, or certain employment events. If the repriced options are exercised during this period, they can revert to their original higher exercise prices under the plan terms.

Under what conditions can Lily Cheung’s repriced PLRX options revert to original prices?

The options can revert to their original exercise prices if exercised during the Retention Period or if Cheung is terminated for cause or resigns before that period ends, other than for specified good reason. These reversion features are designed into the repricing framework approved by the board.