Assembly Biosciences Reports First Quarter 2024 Financial Results and Recent Highlights

May 08, 2024

SOUTH SAN FRANCISCO, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- Assembly Biosciences, Inc. (Nasdaq: ASMB), a biotechnology company developing innovative therapeutics targeting serious viral diseases, today reported financial results and recent highlights for the first quarter ended March 31, 2024.

“We are pleased that we now have regulatory clearance to initiate trials evaluating our promising investigational therapies ABI-5366 and ABI-4334 and look forward to sharing interim data from these studies later this year,” said Jason Okazaki, chief executive officer and president of Assembly Bio. “These clearances are a significant step toward our goal of reaching key clinical inflection points for multiple programs in our antiviral pipeline by year end. Our continued clinical progress reflects the strength and agility of our highly experienced team and our singular focus of improving treatment options for those living with serious viral diseases.”

First Quarter 2024 and Recent Highlights

Anticipated 2024 Milestones

      First Quarter 2024 Financial Results

The investigational products and investigational product candidates referenced here have not been approved anywhere globally, and their safety and efficacy have not been established.

About Assembly Biosciences
Assembly Biosciences is a biotechnology company dedicated to the development of innovative small-molecule 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

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 realize the potential benefits of its collaboration with Gilead Sciences, Inc., including all financial aspects of the collaboration and equity investments; Assembly Bio’s ability to initiate and complete clinical studies involving its therapeutic product candidates, including studies contemplated by Assembly Bio’s collaboration with Gilead, in the currently anticipated timeframes or at all; 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. 


Investor and Corporate: 
Shannon Ryan 
SVP, Investor Relations, Corporate Affairs and Alliance Management 
(415) 738-2992

Sam Brown Inc.  
Hannah Hurdle  
(805) 338-4752 

(In thousands except for share amounts and par value)  
    March 31,   December 31,  
    2024   2023  
Current assets          
Cash and cash equivalents   $ 18,749     $ 19,841    
Marketable securities     94,227       110,406    
Accounts receivable from collaboration     43       43    
Prepaid expenses and other current assets     4,149       3,497    
Total current assets     117,168       133,787    
Property and equipment, net     367       385    
Operating lease right-of-use assets     2,036       2,339    
Other assets     312       312    
Total assets   $                 119,883     $               136,823    
Current liabilities          
Accounts payable   $ 727     $ 461    
Accrued research and development expenses     2,059       885    
Other accrued expenses     2,051       5,744    
Deferred revenue from a related party - short-term     32,771       30,915    
Operating lease liabilities - short-term     1,145       1,220    
Total current liabilities     38,753       39,225    
Deferred revenue from a related party - long-term     47,738       55,379    
Operating lease liabilities - long-term     791       1,122    
Total liabilities     87,282       95,726    
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, 2024 and December 31, 2023; 5,482,752 shares issued and outstanding as of March 31, 2024 and December 31, 2023     5       5    
Additional paid-in capital     827,660       826,921    
Accumulated other comprehensive loss     (239 )     (81 )  
Accumulated deficit     (794,825 )     (785,748 )  
Total stockholders' equity     32,601       41,097    
Total liabilities and stockholders' equity   $                 119,883     $               136,823    


(In thousands except for share and per share amounts)  
    Three Months Ended March 31,  
    2024   2023  
Collaboration revenue from a related party   $ 5,785     $    
Operating expenses          
Research and development     11,879       14,547    
General and administrative     4,635       5,012    
Total operating expenses     16,514       19,559    
Loss from operations     (10,729 )     (19,559 )  
Other income          
Interest and other income, net     1,652       609    
Total other income     1,652       609    
Net loss   $                   (9,077 )   $                 (18,950 )  
Other comprehensive loss          
Unrealized (loss) gain on marketable securities     (158 )     290    
Comprehensive loss   $                   (9,235 )   $                 (18,660 )  
Net loss per share, basic and diluted   $ (1.66 )   $ (4.46 )  
Weighted average common shares outstanding, basic and diluted     5,483,313       4,251,037    

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