Assembly Biosciences Reports First Quarter 2023 Financial Results and Recent Highlights


May 04, 2023

SOUTH SAN FRANCISCO, Calif., May 04, 2023 (GLOBE NEWSWIRE) -- Assembly Biosciences, Inc. (Nasdaq: ASMB), a biotechnology company developing innovative antiviral therapeutics targeting serious viral diseases, today reported financial results and recent highlights for the first quarter ended March 31, 2023.

“Thanks to the depth and breadth of our team’s virology drug development expertise, we were thrilled to nominate the first development candidate from our expanded virology pipeline, 5366, during the first quarter,” said Jason Okazaki, chief executive officer and president of Assembly Bio. “With 5366 targeting high-recurrence genital herpes expected to enter the clinic in the first half of 2024 and nomination of a second pipeline candidate anticipated later this year, we look forward to advancing these new programs that are designed to address significant unmet medical needs with the potential for shorter paths to reaching key inflection points and clinical proof of concept.”

“With respect to our core inhibitors, we reported promising additional clinical data for 4334 and made the strategic decision to evaluate partnering options for our core inhibitor portfolio,” continued Mr. Okazaki. “We believe partnering the core inhibitors will enable opportunities for further clinical development aimed at achieving a functional cure for HBV, including through combination approaches. It also allows our teams to focus on accelerating 5366 and other compounds in our expanded virology portfolio, which offer us greater potential to have a near-term impact for patients and stockholders.”

First Quarter 2023 and Recent Highlights

Anticipated Milestones and Events

Upcoming Conferences

First Quarter 2023 Financial Results

About Assembly Biosciences
Assembly Biosciences is a biotechnology company dedicated to the development of innovative small molecule antiviral therapeutics designed to change the path of serious viral diseases and improve the lives of patients worldwide. Led by an accomplished team of leaders in virologic drug development, Assembly Bio is committed to improving outcomes for patients struggling with the serious, chronic impacts of herpesvirus, hepatitis B virus (HBV) and hepatitis delta virus (HDV) infections. For more information, visit assemblybio.com. 

Forward-Looking Statements
The information in this press release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to materially differ. These risks and uncertainties include: Assembly Bio’s ability to maintain financial resources necessary to continue its clinical studies and fund business operations; Assembly Bio’s ability to initiate and complete clinical studies involving its therapeutic product candidates, including studies contemplated by Assembly Bio’s collaboration agreements, in the currently anticipated timeframes; safety and efficacy data from clinical or nonclinical studies may not warrant further development of Assembly Bio’s product candidates; clinical and nonclinical data presented at conferences may not differentiate Assembly Bio’s product candidates from other companies’ candidates; results of nonclinical studies may not be representative of disease behavior in a clinical setting and may not be predictive of the outcomes of clinical studies; and other risks identified from time to time in Assembly Bio’s reports filed with the U.S. Securities and Exchange Commission (the SEC). You are urged to consider statements that include the words may, will, would, could, should, might, believes, hopes, estimates, projects, potential, expects, plans, anticipates, intends, continues, forecast, designed, goal or the negative of those words or other comparable words to be uncertain and forward-looking. Assembly Bio 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. More information about Assembly Bio’s risks and uncertainties are more fully detailed under the heading “Risk Factors” in Assembly Bio’s filings with the SEC, including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Except as required by law, Assembly Bio assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts
Investor and Corporate: 
Shannon Ryan 
SVP, Investor Relations, Corporate Affairs and Alliance Management 
(415) 738-2992 
sryan@assemblybio.com

Media: 
Sam Brown Inc.
Hannah Hurdle
(805) 338-4752
ASMBMedia@sambrown.com

 
ASSEMBLY BIOSCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except for share amounts and par value)
         
    March 31,   December 31,
    2023   2022
    (Unaudited)    
ASSETS        
Current assets        
Cash and cash equivalents   $ 43,482     $ 52,418  
Marketable securities     29,534       39,192  
Accounts receivable from collaboration     717       944  
Prepaid expenses and other current assets     6,011       4,413  
Total current assets     79,744       96,967  
         
Property and equipment, net     619       743  
Operating lease right-of-use (ROU) assets     2,419       3,195  
Other assets     334       889  
Total assets   $ 83,116     $ 101,794  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities        
Accounts payable   $ 1,224     $ 2,493  
Accrued research and development expenses     3,046       3,122  
Other accrued expenses     3,154       7,317  
Operating lease liabilities - short-term     2,546       3,364  
Total current liabilities     9,970       16,296  
         
Deferred revenue     2,733       2,733  
Operating lease liabilities - long-term     80       101  
Total liabilities     12,783       19,130  
         
Commitments and contingencies        
         
Stockholders' equity        
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding     —       —  
Common stock, $0.001 par value; 150,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 52,015,268 and 48,894,973 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively     52       49  
Additional paid-in capital     814,264       807,938  
Accumulated other comprehensive loss     (513 )     (803 )
Accumulated deficit     (743,470 )     (724,560 )
Total stockholders' equity     70,333       82,624  
Total liabilities and stockholders' equity   $ 83,116     $ 101,794  
         

ASSEMBLY BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands except for share and per share amounts)
(Unaudited)
         
    Three Months Ended March 31,
    2023   2022
Operating expenses        
Research and development   $ 14,547     $ 17,205  
General and administrative     5,012       5,957  
Total operating expenses     19,559       23,162  
Loss from operations     (19,559 )     (23,162 )
         
Other income        
Interest and other income, net     609       71  
Total other income     609       71  
Net loss   $ (18,950 )   $ (23,091 )
         
Other comprehensive loss        
Unrealized gain (loss) on marketable securities     290       (489 )
Comprehensive loss   $ (18,660 )   $ (23,580 )
         
Net loss per share, basic and diluted   $ (0.37 )   $ (0.48 )
Weighted average common shares outstanding, basic and diluted     51,012,450       48,123,930  

 



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