Assembly Biosciences Reports Fourth Quarter and Year End 2019 Financial Results

March 04, 2020

SOUTH SAN FRANCISCO, Calif., March 04, 2020 (GLOBE NEWSWIRE) -- Assembly Biosciences, Inc. (NASDAQ: ASMB), a clinical-stage biotechnology company developing innovative therapeutics targeting hepatitis B virus (HBV) and diseases associated with the microbiome, today reported financial results and recent highlights for the fourth quarter and year ended December 31, 2019. 

“We closed out 2019 with exciting Phase 2 data from our HBV core inhibitor program at AASLD, where ABI-H0731 showed superior antiviral activity to nucleos(t)ide therapy alone as well as significant declines in pgRNA that we believe are reflective of decreases in cccDNA levels. With these encouraging findings and input from our investigators, we are finalizing  plans to this year begin transitioning patients meeting certain criteria off 731+Nrtl therapy in the ongoing extension study, to observe if viral suppression can be sustained,” said John McHutchison, AO, MD, Chief Executive Officer and President. “Importantly, we begin 2020 well-resourced to advance our strategy and pipeline. During the fourth quarter we further strengthened our senior leadership team with the appointments of our Chief Financial Officer, our Chief Medical Officer and our Senior Vice President of Regulatory Affairs. With our experienced and dedicated team and a strong  balance sheet following our successful December equity offering, we are well positioned to move our  lead HBV candidate toward registration studies, to advance our second generation HBV candidate into Phase 2,  and to further progress our microbiome program. We are also pleased to note that abstracts from both our HBV and microbiome therapeutic programs will be featured in presentations at medical meetings during the second quarter of 2020.”

Fourth Quarter 2019 and Recent Highlights

Upcoming Milestones
HBV Program

Microbiome Program

Fourth Quarter 2019 and Year End Financial Results

About Assembly Biosciences
Assembly Biosciences, Inc. is a clinical-stage biotechnology company developing innovative therapeutics targeting hepatitis B virus (HBV) and diseases associated with the microbiome. The HBV program is focused on advancing a new class of potent, oral core inhibitors that have the potential to increase cure rates for chronically infected patients. The microbiome program is developing novel oral live microbial biotherapeutic candidates with Assembly’s fully integrated platform, including a robust process for strain identification and selection, GMP manufacturing expertise and targeted delivery to the lower gastrointestinal tract with the GEMICEL® technology. For more information, visit

Forward-Looking Statements
The information in this press release contains forward-looking statements regarding future events, including statements about the timing of data from our clinical studies involving our HBV and Microbiome therapeutic product candidates, the initiation of clinical studies for our HBV product candidates,  the presentation of Microbiome non-clinical data at scientific conferences, adequacy of our financial resources  and  projected cash runway. Certain forward-looking statements may be identified by reference to a future period or by use of forward-looking terminology such as “expected,” “planned,” “projected,” “upcoming” and “will.” 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. These risks and uncertainties include, among others: the components, timing, cost and results of clinical trials and other development activities involving our product candidates; whether our cash resources will be sufficient to fund continuing operations for the periods and/or trials.  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, 2019 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.
Lauren Glaser
(415) 521-3828 

Assembly Biosciences, Inc. 
Balance Sheet 
For the Period Ended December 31, 2019 
(In thousands except for share amounts and par value)
    As of December 31,
      2019       2018  
Current assets        
Cash and cash equivalents   $ 46,732     $ 41,471  
Marketable securities     227,311       176,609  
Accounts receivable from collaboration     3,374       2,430  
Prepaid expenses and other current assets     5,363       1,992  
Total current assets     282,780       222,502  
Property and equipment, net     1,830       557  
Operating lease right-of-use assets     11,975        
Other assets     1,684       3,348  
Indefinite-lived intangible asset     29,000       29,000  
Goodwill     12,638       12,638  
Total assets   $ 339,907     $ 268,045  
Current liabilities        
Accounts payable   $ 1,731     $ 3,693  
Accrued clinical expenses     4,826       3,561  
Other accrued expenses     8,286       6,118  
Deferred revenue - short-term     6,411       5,100  
Operating lease liabilities - short-term     3,186        
Total current liabilities     24,440       18,472  
Deferred rent           108  
Deferred tax liabilities     2,531       3,252  
Deferred revenue - long-term     30,637       35,560  
Operating lease liabilities - long-term     9,082        
Total liabilities     66,690       57,392  
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; 100,000,000 shares authorized as of December 31, 2019 and 2018; 32,558,307 and 25,495,425 shares issued and outstanding as of December 31, 2019 and 2018, respectively     32       25  
Additional paid-in capital     712,807       552,762  
Accumulated other comprehensive loss     (201 )     (347 )
Accumulated deficit     (439,421 )     (341,787 )
Total stockholders' equity     273,217       210,653  
Total liabilities and stockholders' equity   $ 339,907     $ 268,045  
Assembly Biosciences, Inc. 
Income Statement 
For the Period Ended December 31, 2019 
(In thousands except for share and per share amounts)
  Year ended December 31,
    2019       2018       2017  
Collaboration revenue $ 15,963     $ 14,804     $ 9,019  
Operating expenses:          
Research and development   85,757       72,741       44,225  
General and administrative   32,919       34,798       17,021  
Total operating expenses   118,676       107,539       61,246  
Loss from operations   (102,713 )     (92,735 )     (52,227 )
Other income (expenses)          
Interest and other income   4,300       3,083       983  
Other income (expense), net   5             (615 )
Total other income   4,305       3,083       368  
Loss before income taxes   (98,408 )     (89,652 )     (51,859 )
Income tax benefit (expense)   774       (1,099 )     9,050  
Net loss $ (97,634 )   $ (90,751 )   $ (42,809 )
Other comprehensive (loss) income          
Unrealized gain on marketable securities, net of tax   146       45       209  
Comprehensive loss $ (97,488 )   $ (90,706 )   $ (42,600 )
Net loss per share, basic and diluted $ (3.72 )   $ (3.98 )   $ (2.41 )
Weighted average common shares outstanding, basic and diluted   26,258,790       22,801,644       17,750,380  



Source: Assembly Biosciences, Inc.

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