Pliant Therapeutics (PLRX) said late Thursday it is laying off around 45% of its workforce in a strategic restructuring targeted at preserving cash reserves while it completes late-stage clinical trials.

Pliant said it expects to complete the restructuring process by the end of Q2, as it focuses on maintaining its late-stage clinical trial execution capabilities.

The company said it expects topline data from its phase 2b/3 trial of bexotegrast in patients with idiopathic pulmonary fibrosis in Q2, and will determine its next steps afterwards.

The company anticipates to recognize about $3.6 million in total for severance and related benefits for employees laid off under the reduction in force, according to a regulatory filing.

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