Assembly Biosciences Announces First Quarter 2018 Financial Results

May 07, 2018

INDIANAPOLIS and SAN FRANCISCO, May 07, 2018 (GLOBE NEWSWIRE) -- Assembly Biosciences, Inc. (NASDAQ:ASMB), a clinical-stage biotechnology company advancing a new class of oral therapeutics for the treatment of hepatitis B virus (HBV) infection and novel oral synthetic live biotherapeutics for disorders associated with the microbiome, today reported financial results for the first quarter ended March 31, 2018.

“Thanks to the strength of our science, product platforms and our talented and growing team, we’ve had a very strong start to 2018 and are on target to continue to execute on our plan to achieve our goals this year and beyond,” said Derek Small, president and chief executive officer. “Last month at the European Association for the Study of the Liver (EASL) conference, we reported positive interim Phase 1b data for ABI-H0731 our lead Core protein Allosteric Modifier (CpAM), and we are excited to be hosting our first investor and analyst day in June where we will be sharing details about our upcoming two Phase 2a studies. Our microbiome program also continues to make significant progress internally and in collaboration with Allergan.”

Recent Highlights

Upcoming Milestones and Events

First Quarter Financial Results

About Assembly Biosciences
Assembly Biosciences, Inc. is a clinical-stage public biotechnology company developing two innovative platform programs: an HBV program advancing a new class of oral therapeutics for the treatment of hepatitis B virus (HBV) infection and a microbiome program developing novel oral synthetic live biotherapeutics for disorders associated with the microbiome. Assembly’s HBV-cure program is advancing multiple drug candidates with the aim of increasing cure rates in patients with chronic HBV. TAssembly's microbiome program consists of a fully integrated platform that includes a robust strain identification and selection process, methods for strain isolation and growth under current Good Manufacturing Practices and a patented delivery system, GEMICEL®, which allows for targeted oral delivery of live biologic and conventional therapies to the lower gastrointestinal tract. For more information, visit

Forward-Looking Statements
The information in this press release contains forward-looking statements regarding future events, including statements about the clinical and therapeutic potential of ABI-H0731 and Assembly’s development programs, the results of earlier nonclinical studies and clinical trials may not be predictive of future clinical trial results, the initiation, progress and results of Assembly’s ongoing and planned clinical studies and the timing of these events and our estimates and projections regarding expenses, use of cash, cash equivalents and marketable securities, future revenue, capital requirements and financing requirements. Certain forward-looking statements may be identified by reference to a future period or periods or by use of forward-looking terminology such as “expected,” “anticipated,” “designed” or “developing.”  Assembly intends such forward-looking statements to be covered by the safe harbor provisions contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. More information about the risks and uncertainties faced by Assembly are more fully detailed under the heading “Risk Factors” in Assembly's Annual Report on Form 10-K for the year ended December 31, 2017 and Assembly’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 each filed with the Securities and Exchange Commission. Except as required by law, Assembly assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

  Assembly Biosciences, Inc.        
  Condensed Consolidated Balance Sheets March 31,   December 31,  
      2018       2017    
  Current assets        
  Cash and cash equivalents $ 66,926,630     $ 82,033,209    
  Marketable securities, at fair value   42,232,348       37,914,482    
  Accounts receivable from collaboration   2,263,556       2,273,421    
  Prepaid expenses and other current assets   1,803,066       897,400    
  Total current assets   113,225,600       123,118,512    
  Long-term assets        
  Marketable securities, at fair value   -       3,347,213    
  Property, plant and equipment, net   731,500       860,026    
  Security deposits   425,592       339,558    
  Intangible assets   29,000,000       29,000,000    
  Goodwill   12,638,136       12,638,136    
  Total long-term assets   42,795,228       46,184,933    
  Total assets $    156,020,828     $    169,303,445    
  Current liabilities        
  Accounts payable $ 2,372,874     $ 2,123,939    
  Accrued expenses   4,647,472       6,139,000    
  Deferred revenue - short-term   5,159,587       5,229,227    
  Total current liabilities   12,179,933       13,492,166    
  Long-term liabilities        
  Deferred tax liabilities   2,135,802       2,135,802    
  Deferred revenue - long-term   39,323,844       40,555,708    
  Total long-term liabilities   41,459,646       42,691,510    
  Total liabilities     53,639,579         56,183,676    
  Commitments and contingencies        
  Stockholders' equity        
  Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding   -       -    
  Common stock, $0.001 par value; 50,000,000 shares authorized; 20,386,736 and 20,137,974 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively   20,387       20,138    
  Additional paid-in capital   370,104,986       364,528,037    
  Accumulated other comprehensive loss   (459,350 )     (392,391 )  
  Accumulated deficit   (267,284,774 )     (251,036,015 )  
  Total stockholders' equity   102,381,249       113,119,769    
  Total liabilities and stockholders' equity $    156,020,828     $    169,303,445    


  Assembly Biosciences, Inc.          
  Condensed Consolidated Statements of Operations and Comprehensive Loss          
      Three Months Ended March 31,  
        2018       2017    
  Collaboration revenue   $ 3,565,060     $ 684,369    
   Operating expenses:           
  Research and development     14,541,174       10,573,739    
  General and administrative     5,696,035       4,040,459    
  Total operating expenses     20,237,209       14,614,198    
   Loss from operations        (16,672,149 )       (13,929,829 )  
  Other income (expenses)          
  Interest and other income     446,406       136,484    
  Realized loss from marketable securities     (23,016 )     (137,248 )  
  Total other income (expense)     423,390       (764 )  
   Net loss   $    (16,248,759 )   $    (13,930,593 )  
   Other comprehensive (loss) income           
  Unrealized loss recognized in accumulated other comprehensive loss before reclassification     (89,975 )     (61,156 )  
  Reclassification adjustment of unrealized loss included in net loss     23,016       137,248    
   Comprehensive loss    $    (16,315,718 )   $    (13,854,501 )  
  Net loss per share, basic and diluted   $ (0.80 )   $ (0.81 )  
  Weighted average common shares outstanding, basic and diluted     20,231,804       17,268,280    

Assembly Biosciences, Inc.                                                                      

Lauren Glaser                                                     
(415) 521-3828          

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Source: Assembly Biosciences

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