Assembly Biosciences Reports Fourth Quarter and Year End 2023 Financial Results and Recent Highlights

March 28, 2024

SOUTH SAN FRANCISCO, Calif., March 28, 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 fourth quarter and year ended December 31, 2023.

“Our progress in 2023 demonstrated our capacity to drive our expanded antiviral pipeline forward and our commitment to individuals suffering from life-impacting viral diseases,” said Jason Okazaki, chief executive officer and president of Assembly Bio. “With our long-term partnership in place with Gilead and the addition of Dr. Anuj Gaggar to our management team as CMO, we are well-positioned to make critical progress clinically across multiple programs in 2024 and look forward to sharing preliminary data on 5366 and 4334 later this year.”

Fourth Quarter 2023 and Recent Highlights

Anticipated Milestones and Events

By mid-year 2024:

Q3 2024:

By the end of 2024:

First half 2025:

Fourth Quarter 2023 and Year End 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)
    As of December 31,
      2023       2022  
Current assets        
Cash and cash equivalents   $ 19,841     $ 52,418  
Marketable securities     110,406       39,192  
Accounts receivable from collaboration     43       944  
Prepaid expenses and other current assets     3,497       4,413  
Total current assets     133,787       96,967  
Property and equipment, net     385       743  
Operating lease right-of-use assets     2,339       3,195  
Other assets     312       889  
Total assets   $ 136,823     $ 101,794  
Current liabilities        
Accounts payable   $ 461     $ 2,493  
Accrued research and development expenses     885       3,122  
Other accrued expenses     5,744       7,317  
Deferred revenue - short-term ($30,915 and $− to a related party)     30,915        
Operating lease liabilities - short-term     1,220       3,364  
Total current liabilities     39,225       16,296  
Deferred revenue - long-term ($55,379 and $− to a related party)     55,379       2,733  
Operating lease liabilities - long-term     1,122       101  
Total liabilities     95,726       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 December 31, 2023 and December 31, 2022; 5,482,752 and 4,074,552 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively     5       4  
Additional paid-in capital     826,921       807,983  
Accumulated other comprehensive loss     (81 )     (803 )
Accumulated deficit     (785,748 )     (724,520 )
Total stockholders' equity     41,097       82,664  
Total liabilities and stockholders' equity   $ 136,823     $ 101,794  

(In thousands except for share and per share amounts)
    Year Ended December 31,
      2023       2022  
Collaboration revenue ($4,430 and $− from a related party)   $ 7,163     $  
Operating expenses        
Research and development     48,900       69,980  
General and administrative     22,909       24,134  
Total operating expenses     71,809       94,114  
Loss from operations     (64,646 )     (94,114 )
Other income        
Interest and other income, net     3,451       1,022  
Total other income     3,451       1,022  
Loss before income taxes     (61,195 )     (93,092 )
Income tax expense     (33 )      
Net loss   $ (61,228 )   $ (93,092 )
Other comprehensive loss        
Unrealized gain (loss) on marketable securities     722       (384 )
Comprehensive loss   $ (60,506 )   $ (93,476 )
Net loss per share, basic and diluted   $ (13.38 )   $ (23.08 )
Weighted average common shares outstanding, basic and diluted     4,577,371       4,034,105  

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